SiTime Corporation (NASDAQ:SITM) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 05:00 pm ET


SiTime Corporation (NASDAQ:SITM) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to SiTime's First Quarter 2020 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, Wednesday, May 6, 2020.

I would now like to turn the call over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead.

Leanne Sievers

Good afternoon, and welcome to SiTime's First Quarter 2020 Financial Results Conference Call. On the call from SiTime are Rajesh Vashist, Chief Executive Officer; and Art Chadwick, Chief Financial Officer.

Before we begin, I'd like to point out that during the course of this call, the Company may make forward-looking statements regarding expected future results including financial position, strategy and plans, future operations, the timing market, the impact of COVID-19, the Company's outlook and the guidance as well as other areas of discussion. It is not possible for the Company's management to predict all risks nor can the Company assess the impact of all factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.

In light of these risks, uncertainties and assumptions, the forward-looking events discussed during this call may not occur, and actual results may differ materially and adversely from those anticipated or applied. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The Company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform these statements to actual results or to changes in the Company's expectations. For more detailed information on risks associated with our business, we refer you to the risk factors described in our 10-K filing which we filed with the SEC on March 2, 2020.

Also during this call, we will refer to certain non-GAAP financial measures, which we consider to be an important measure of the company performance. These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to measures of financial performance prepared in accordance with U.S. GAAP. The only difference between GAAP and non-GAAP results is stock-based compensation expense. But please refer to the press release issued today for a detailed reconciliation between our GAAP and non-GAAP financial results.

I'd now like to turn the call over to Rajesh. Please go ahead.

Rajesh Vashist

Thank you, Leanne. Good afternoon, and thank you, everyone, for joining us on today's call, especially in what has become an unprecedented time for the world. Recapping our first quarter, we delivered solid results with both revenue and EPS that were above our original guidance. Revenue of $21.7 million reflected the expected seasonality of mobile, IoT and consumer markets, while achieving a year-over-year growth of 47%.

Turning to how SiTime is doing in the COVID-19 pandemic, our actions, as you can imagine, have been focused on the safety and well-being of our employees worldwide. But we've also successfully transitioned to working from home with high productivity and morale