The following is a summary of the SiTime Corporation (SITM) Q4 2023 Earnings Call Transcript:

Financial Performance:

• SiTime Corporation reported a full-year 2023 revenue of $144 million, a drop of 49% from fiscal '22.

• Total non-GAAP operating expenses for the year reduced by $1.5 million to $107.6 million with operational cash flow reported at $8.1 million.

• In Q4, the company showed revenue of $42.4 million, up 19% sequentially, with Non-GAAP gross margins slightly up at 58.3%.

• The company recorded a non-GAAP net income of $5.5 million, which translates to $0.24 per share.

• SiTime projects revenue of around $31 to $33 million for the Q1 of 2024, with non-GAAP earnings per share expected to be in the loss range of $0.12 to $0.17.

Business Progress:

• The company expanded its market through differentiated products, leading to strong average selling prices and increased design wins.

• SiTime acquired Aura Semiconductor's clocking products, and the customer response has been positive.

• Engagement with key cloud service providers and AI server suppliers solidly contributes to growth in data center and communication segments.

• Increasing involvement in AI-related infrastructure improvements is evident, and there's positive interaction around their new Endura Epoch OCXO product for the aerospace defense markets.

• For 2024, SiTime anticipates sequential growth, targeting 30% annual growth, primarily driven by the data center segment.

More details: SiTime IR

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