CEVA, Inc. Announces First Quarter 2018 Financial Results

 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts



Quarter ended


March 31,


2018

2017


Unaudited

Unaudited

GAAP net income (loss)

(2,182)

4,107

Equity-based compensation expense included in cost of revenues

157

91

Equity-based compensation expense included in research and development expenses

1,269

871

Equity-based compensation expense included in sales and marketing expenses

454

289

Equity-based compensation expense included in general and administrative expenses

891

698

Income tax benefit related to equity-based compensation expenses

(129)

(115)

Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies                   

359

309

Non-GAAP net income

$  819

$  6,250




GAAP weighted-average number of Common Stock used in computation of diluted net income (loss) per share (in thousands)

22,148

22,187

Weighted-average number of shares related to outstanding  stock-based awards (in thousands)

968

362




Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands )

23,116

22,549







GAAP diluted earnings (loss) per share

($  0.10)

$  0.19

Equity-based compensation expense, net of taxes

$  0.12

$  0.08

Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies                   

$  0.02

$  0.01

Non-GAAP diluted earnings per share

$  0.04

$  0.28




 

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(U.S. Dollars in thousands)



March 31,

December 31,


2018

2017 (*)


Unaudited

Unaudited

ASSETS



Current assets:



Cash and cash equivalents

$        18,382

$        21,739

Marketable securities and short term bank deposits

118,481

117,096

Trade receivables, net

13,902

14,480

Accrued revenue

9,425

2,014

Prepaid expenses and other current assets

4,136

3,747

Total current assets

164,326

159,076

Long-term assets:



Bank deposits

45,967

44,518

Severance pay fund

9,086

8,910

Deferred tax assets

4,085

3,643

Property and equipment, net

6,805

6,926

Goodwill

46,612

46,612

Intangible assets, net

3,583

1,742

Other long term assets

6,078

5,385

Total assets

$        286,542

$        276,812


LIABILITIES AND STOC KHOLDERS' EQUITY


Current liabilities:



Trade payables

$           499

$           392

Deferred revenues

4,973

4,399

Accrued expenses and other payables

18,071

18,004

Total current liabilities

23,543

22,795




Long-term liabilities:



Accrued severance pay

9,784

9,347

Accrued Liabilities

400

-

Total liabilities

33,727

32,142




Stockholders' equity:



Common stock:

22

22

Additional paid in-capital

217,923

217,417

Treasury stock

(24,146)

(26,056)

Accumulated other comprehensive loss

(1,188)

(586)

Retained earnings

60,204

53,873

Total stockholders' equity

252,815

244,670

Total liabilities and stockholders' equity

$   286,542

$   276,812


(*) Derived from audited financial statements


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