CEVA, Inc. Announces Fourth Quarter and Year End 2018 Financial Results

Non-GAAP net income and diluted earnings per share for 2018 were $12.1 million and $0.53, respectively, also representing a decrease of 54% and 55%, respectively, over $26.6 million and $1.17 reported for 2017. Non-GAAP net income and diluted earnings per share for 2018 excluded (a) equity-based compensation expense, net of taxes, of $9.7 million, (b) the impact of the amortization of acquired intangibles of $1.2 million associated with the acquisition of RivieraWaves and NB-IoT technologies, and (c) revaluation of investment in other company, net of taxes of $0.7 million. Non-GAAP net income and diluted earnings per share for 2017 excluded (a) equity-based compensation expense, net of taxes, of $8.4 million, and (b) the impact of the amortization of acquired intangibles of $1.2 million associated with the acquisition of RivieraWaves.

Yaniv Arieli, Chief Financial Officer of CEVA, stated: "In 2018, we continued to execute on our stock buyback program in the fourth quarter, purchasing approximately 129,000 shares of our common stock for an aggregate consideration of approximately $3 million. This brought our total stock repurchase for the year to approximately 656,000 shares for approximately $20 million. As of December 31, 2018, our cash and cash equivalent balances, marketable securities and bank deposits totaled $168 million, with no debt."

CEVA Conference Call
On February 13, 2019 CEVA management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers: 

  • U.S. Participants: Dial 1-844-435-0316 (Access Code: CEVA)
  • International Participants: Dial +1-412-317-6365 (Access Code: CEVA)

The conference call will also be available live via webcast at the following link: https://www.webcaster4.com/Webcast/Page/984/28990. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 10127731) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on February 20, 2019. The replay will also be available at CEVA's web site www.ceva-dsp.com.

About CEVA, Inc.
CEVA is the leading licensor of signal processing platforms and artificial intelligence processors for a smarter, connected world. We partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, industrial and IoT. Our ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and cellular IoT (NB-IoT and Cat-M1) enabled devices, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. For artificial intelligence, we offer a family of AI processors capable of handling the complete gamut of neural network workloads, on-device. For connectivity, we offer the industry's most widely adopted IPs for Bluetooth (low energy and dual mode) and Wi-Fi (Wi-Fi 4 (802.11n), Wi-Fi 5 (802.11ac) and Wi-Fi 6 (802.11ax) up to 4x4). Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook, LinkedIn and Instagram.

Forward Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions.  Forward-looking statements include Mr. Wertheizer's statements about CEVA's licensing agreements forming the foundation for significant market share expansion and royalty revenue growth in the coming years, the elevated inventories in handsets to add to the usual seasonal weakness in near-term royalties, expectation of  continued expansion at our non-handset and base station customers, along with a recovery in handsets in the later part of the year, as well as the belief that CEVA is on track to more than double its royalty revenue business in 2022. The risks, uncertainties and assumptions that could cause differing CEVA results  include: the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our success in penetrating new markets, including in non-baseband markets, and maintaining our market position in existing markets; our ability to diversify the company's royalty streams, the ability of products incorporating our technologies to achieve market acceptance, the speed and extent of the expansion of the 4G, 5G and LTE networks, the maturation of the IoT market, the effect of intense industry competition and consolidation, global chip market trends, the possibility that markets for CEVA's technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to our business, including, but not limited to, those that are described from time to time in our SEC filings.  CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

CEVA, INC. AND ITS SUBSIDIARIES


CONSOLIDATED STATEMENTS OF INCOME – U.S. GAAP

U.S. dollars in thousands, except per share data



Three months ended

Year ended


December 31,

December


2018

2017

2018

2017


Unaudited

Revenues:





Licensing and related revenues

$  10,539

$  9,006

$    40,446

$    42,899

Royalties

10,862

12,595

37,431

44,608






Total revenues

21,401

21,601

77,877

87,507






Cost of revenues

1,985

1,923

7,951

6,953






Gross profit

19,416

19,678

69,926

80,554






Operating expenses:





Research and development, net

11,999

9,972

47,755

40,385

Sales and marketing

2,859

3,150

12,161

12,572

General and administrative

2,161

3,100

10,354

10,488

Amortization of intangible assets

225

309

901

1,236






Total operating expenses

17,244

16,531

71,171

64,681






Operating income (loss)

2,172

3,147

(1,245)

15,873

Financial  income, net

883

879

3,418

3,026

Revaluation of investment in other company 

(870)


(870)







Income  before taxes on income

2,185

4,026

1,303

18,899

 Income taxes (benefit) 

(118)

863

729

1,871






Net income

$2,303

$3,163

$574

$17,028






Basic net income per share

$0.11

$0.14

$0.03

$0.78

Diluted  net income per share

$0.10

$0.14

$0.03

$0.75

Weighted-average number of Common Stock used in computation of net income  per share (in thousands):





Basic

21,863

22,017

22,034

21,771

Diluted

22,197

22,801

22,503

22,561

 

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