Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures U.S. Dollars in thousands, except per share amounts | |||||
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| Three months ended | Nine months ended | |||
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| September 30 | September 30 | |||
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| 2019 | 2018 | 2019 | 2018 | |
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| Unaudited | ||||
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GAAP net income (loss) | $775 | $2,543 | ($3,034) | ($1,729) | |
Equity-based compensation expense included in cost of revenue |
168 |
155 |
464 |
480 | |
Equity-based compensation expense included in research and development expenses |
1,494 |
1,246 |
4,314 |
3,874 | |
Equity-based compensation expense included in sales and marketing expenses |
362 |
369 |
1,112 |
1,246 | |
Equity-based compensation expense included in general and administrative expenses |
728 |
697 |
1,957 |
2,483 | |
Income tax benefit related to equity-based compensation expenses | (129) | (118) | (473) | (400) | |
Amortization of intangible assets related to acquisitions of RivieraWaves and Hillcrest Labs business, investments in NB-IoT and Immervision technologies, and deal costs and write off of an acquired lease related the Hillcrest Labs transaction | 1,680 | 303 | 2,258 | 937 | |
Non-GAAP net income | $5,078 | $5,195 | $6,598 | $6,891 | |
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GAAP weighted-average number of Common Stock used in computation of diluted net income (loss) per share (in thousands) | 2,404 |
22,428 |
21,936 | 22,091 | |
Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 489 | 390 | 850 | 897 | |
Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands ) | 22,893 | 22,818 | 22,786 | 22,988 | |
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GAAP diluted earnings (loss) per share | 0.03 | $0.11 | ($0.14) | ($0.08) | |
Equity-based compensation expense, net of taxes | $0.12 | $0.11 | $0.32 | $0.34 | |
Amortization of intangible assets related to acquisitions of RivieraWaves and Hillcrest Labs business, investments in NB-IoT and Immervision technologies, and deal costs and write off of an acquired lease related the Hillcrest Labs transaction | $0.07 | $0.01 | $0.11 | $0.04 | |
Non-GAAP diluted earnings per share | $0.22 | $0.23 | $0.29 | $0.30 | |
CEVA, INC. AND ITS SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (U.S. Dollars in thousands) | ||
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| September 30, | December 31, |
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| 2019 | 2018 (*) |
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| Unaudited | Unaudited |
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents | $ 14,851 | $ 22,260 |
| Marketable securities and short term bank deposits | 127,453 | 123,608 |
| Trade receivables, net | 7,967 | 9,971 |
| Unbilled receivables | 18,846 | 16,185 |
| Prepaid expenses and other current assets | 5,682 | 5,264 |
| Total current assets | 174,799 | 177,288 |
| Long-term assets: |
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| Bank deposits | 5,330 | 21,864 |
| Severance pay fund | 9,732 | 9,026 |
| Deferred tax assets, net | 10,891 | 5,924 |
| Property and equipment, net | 7,891 | 7,344 |
| Operating lease right-of-use assets | 10,688 | — |
| Goodwill | 51,070 | 46,612 |
| Intangible assets, net | 17,353 | 2,700 |
| Other long term assets | 6,171 | 6,505 |
| Total assets | $ 293,925 | $ 277,263 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY | ||
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| Current liabilities: |
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| Trade payables | $ 1,319 | $ 632 |
| Deferred revenues | 4,766 | 3,593 |
| Accrued expenses and other payables | 17,167 | 17,527 |
| Operating lease liabilities | 2,442 | — |
| Total current liabilities | 25,694 | 21,752 |
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| Long-term liabilities: |
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| Accrued severance pay | 10,447 | 9,632 |
| Operating lease liabilities | 7,879 | — |
| Other accrued liabilities | 545 | — |
| Total liabilities | 44,565 | 31,384 |
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| Stockholders' equity: |
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| Common stock: | 22 | 22 |
| Additional paid in-capital | 225,483 | 223,250 |
| Treasury stock | (35,492) | (39,132) |
| Accumulated other comprehensive loss | (22) | (1,114) |
| Retained earnings | 59,369 | 62,853 |
| Total stockholders' equity | 249,360 | 245,879 |
| Total liabilities and stockholders' equity | $ 293,925 | $ 277,263 |
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| (*) Derived from audited financial statements |
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SOURCE CEVA, Inc.
| Contact: |
| Company Name: CEVA, Inc.
Yaniv Arieli, CEVA, Inc., CFO Phone: +1.650.417.7941, yaniv.arieli@ceva-dsp.com, Richard Kingston, CEVA, Inc., VP Market Intelligence, Investor & Public Relations Phone: +1.650.417.7976, richard.kingston@ceva-dsp.com Web: http://www.ceva-dsp.com Financial data for CEVA, Inc. |
