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

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

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



Three months ended

Year ended


December 31

December


2018

2017

2018

2017


Unaudited






GAAP net income

$2,303

$3,163

$574

$17,028

Equity-based compensation expense included in cost of revenue

108

129

588

459

Equity-based compensation expense included in research and development expenses

1,267

1,005

5,141

3,839

Equity-based compensation expense included in sales and marketing expenses

341

388

1,587

1,428

Equity-based compensation expense included in general and administrative expenses

568

825

3,051

2,967

Income tax benefit related to equity-based compensation expenses

(312)

(71)

(712)

(339)

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

304

309

1,241

1,236

Revaluation of investment in other company, net of taxes

670


670


Non-GAAP net income

$5,249

$5,748

$12,140

$26,618







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

22,197

22,801

22,503

22,561



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

404

228

388

283

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

22,601

23,029

22,891

22,844






GAAP diluted net income per share

$0.10

$0.14

$0.03

$0.75

Equity-based compensation expense, net of taxes

$0.09

$0.10

$0.42

$0.37

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

$0.01

$0.01

$0.05

$0.05

Revaluation of investment in other company, net of taxes

$0.03


$0.03


Non-GAAP diluted net income per share

$0.23

$0.25

$0.53

$1.17

 

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(U.S. Dollars in thousands)


December 31,

December 31,


2018

2017 (*)


Unaudited

Unaudited 

ASSETS



Current assets:



Cash and cash equivalents

$           22,260

$        21,739

Marketable securities and short term bank deposits

123,608

117,096

Trade receivables

9,971

14,480

Accrued revenues

16,185

2,014

Prepaid expenses and other current assets

5,264

3,747

Total current assets

177,288

159,076

Long-term assets:



Bank deposits

21,864

44,518

Severance pay fund

9,026

8,910

Deferred tax assets

5,924

3,643

Property and equipment, net

7,344

6,926

Goodwill

46,612

46,612

Intangible assets, net

2,700

1,742

Other long term assets

6,505

5,385

Total assets

$        277,263

$        276,812


LIABILITIES AND STOC KHOLDERS' EQUITY


Current liabilities:



Trade payables

$           632

$           392

Deferred revenues

3,593

4,399

Accrued expenses and other payables

17,527

18,004

Total current liabilities

21,752

22,795




Long-term liabilities:



Accrued severance pay

9,632

9,347

Total liabilities

31,384

32,142




Stockholders' equity:



Common stock:

22

22

Additional paid in-capital

223,250

217,417

Treasury stock

(39,132)

(26,056)

Accumulated other comprehensive loss

(1,114)

(586)

Retained earnings

62,853

53,873

Total stockholders' equity

245,879

244,670

Total liabilities and stockholders' equity

$   277,263

$   276,812


(*) Derived from audited financial statements


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