SiTime Corp. Q4 FY2024 earnings call

• SiTime is the leader in precision timing, with Q4 2024 revenue growing 61% year-over-year and full-year 2024 growth at 41%. All customer segments had double-digit growth, with CED having triple-digit growth.
• Since Q2 2023, 10 new platforms with 40 products have been introduced, with ASPs ranging from $1 to over $200.
• In Q4 2024, revenue was $68.1 million, up 61% YOY and 18% sequentially. Non-GAAP gross margin was 58.8%.
• For Q1 2025, expected revenue is $53 million to $55 million, with gross margins approximately 57% and non-GAAP EPS in the range of $0.09 to $0.13 per share.

For Q4 2024, revenue by segment: Communications, Enterprise, and Datacenter: $24.8 million, 37% of sales, up 156% year-over-year. Automotive, Industrial, and Aerospace: $20.5 million, 30% of sales, up 32% year-over-year. Mobile, IoT, and Consumer: $22.8 million, 33% of sales, up 33% year-over-year, with sales to the largest end customer totaling $16.4 million or 24% of sales.

• Q1 2025 revenue expected to be $53 million to $55 million, a 64% year-over-year increase at the midpoint.
• Q1 2025 gross margins approximately 57%.
• Long-term target of 25% to 30% growth in 2025-2026 is expected, driven by the breadth of the market and new products.

Q: Tore Svanberg asks about bookings by segments and growth strength in 2025.

A: Rajesh Vashist states most growth in 2025 will come from the Communications, Enterprise, and Datacenter (CED) portion, with other segments also growing but not to the same extent.

Q: Quinn Bolton asks about long-term growth and gross margin.

A: Rajesh Vashist is confident in hitting the 25%-30% growth target, and Beth Howe explains the gross margin step down is due to seasonality and ramping new products not yet fully matured.

Q: Suji Desilva asks about bookings and Aura acquisition.

A: Rajesh Vashist says bookings are solid across sectors, and Aura products are contributing to revenue with higher margins and are expected to continue growing.

Q: Chris Caso asks about OpEx and auto business in China.

A: Beth Howe says operating expenses will grow slower than revenue, and Rajesh Vashist talks about SiTime's position in China auto with about 30%-40% of automotive business coming from China.

Q: Tore Svanberg asks about largest customer and Aura margin.

A: Rajesh Vashist says to wait and see on the largest customer, and Beth Howe states Aura products are generating revenue with higher margins than the corporate average.