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| December 31, |
| December 31, |
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| 2021 | 2020 | 2021 | 2020 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
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GAAP Operating Income (loss) | $1,556 | $2,407 | $3,508 | $(763) |
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Equity-based compensation expense included in cost of revenues | 309 | 166 | 818 | 639 |
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Equity-based compensation expense included in research and development expenses | 1,852 | 1,759 | 7,287 | 6,874 |
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Equity-based compensation expense included in sales and marketing expenses | 441 | 542 | 1,626 | 2,038 |
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Equity-based compensation expense included in general and administrative expenses | 946 | 1,099 | 3,324 | 4,085 |
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Amortization of intangible assets related to acquisition of Intrinsix in 2021
| 1,614 | 760 | 4,260 | 3,047 |
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Costs associated with the Intrinsix acquisition | 342 | - | 1,730 | - |
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Purchase price allocation (PPA) for the Intrinsix acquisition | 180 |
| 180 |
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Total non-GAAP Operating Income | $7,240 | $6,733 | $22,733 | $15,920 |
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CEVA, INC. AND ITS SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(U.S. Dollars in thousands) | ||
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| December 31, | December 31, |
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| 2021 | 2020 (*) |
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| Unaudited | Unaudited |
ASSETS |
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| Current assets: |
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| Cash and cash equivalents | $ 33,153 | $ 21,143 |
| Marketable securities and short-term bank deposits | 121,708 | 108,987 |
| Trade receivables, net | 14,644 | 14,765 |
| Unbilled receivables | 12,805 | 16,459 |
| Prepaid expenses and other current assets | 6,670 | 6,205 |
| Total current assets | 188,980 | 167,559 |
| Long-term assets: |
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| Bank deposits | - | 29,529 |
| Severance pay fund | 10,175 | 10,535 |
| Deferred tax assets, net | 15,850 | 10,826 |
| Property and equipment, net | 6,765 | 7,586 |
| Operating lease right-of-use assets | 8,827 | 9,052 |
| Goodwill | 74,777 | 51,070 |
| Intangible assets, net | 14,607 | 10,836 |
| Other long-term assets | 8,678 | 9,959 |
| Total assets | $ 328,659 | $ 306,952 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY | ||
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| Current liabilities: |
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| Trade payables | $ 1,464 | $ 894 |
| Deferred revenues | 8,661 | 2,434 |
| Accrued expenses and other payables | 22,041 | 21,883 |
| Operating lease liabilities | 3,274 | 2,969 |
| Total current liabilities | 35,440 | 28,180 |
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| Long-term liabilities: |
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| Accrued severance pay | 10,551 | 11,226 |
| Operating lease liabilities | 5,130 | 5,772 |
| Other accrued liabilities | 806 | 885 |
| Total liabilities | 51,927 | 46,063 |
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| Stockholders' equity: |
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| Common stock | 23 | 22 |
| Additional paid in-capital | 235,386 | 233,172 |
| Treasury stock | (13,790) | (30,133) |
| Accumulated other comprehensive income (loss) | (372) | 478 |
| Retained earnings | 55,485 | 57,350 |
| Total stockholders' equity | 276,732 | 260,889 |
| Total liabilities and stockholders' equity | $ 328,659 | $ 306,952 |
| (*) Derived from audited financial statements |
