CEVA, Inc. Announces Third Quarter 2020 Financial Results

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
U.S. Dollars in thousands, except per share amounts



Three months ended

Nine months ended


September 30,

September 30,


2020

2019

2020

2019


Unaudited

Unaudited

Unaudited

Unaudited

GAAP net income (loss)

$  (739)

$775

$  (3,014)

$  (3,034)

Equity-based compensation expense included in cost of revenues

159

168

473

464

Equity-based compensation expense included in research and development
expenses

1,770

 

1,494

5,115

 

4,314

Equity-based compensation expense included in sales and marketing
expenses

533

 

362

1,496

 

1,112

Equity-based compensation expense included in general and administrative
expenses

1,084

 

728

2,986

 

1,957

Income tax (benefit) expense related to equity-based compensation
expenses

124

(129)

(60)

(473)

Amortization of intangible assets, net of taxes, 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
 


 
 
684


 
 
1,680




2,061


 
 
2,258

Non-GAAP net income

$  3,615

$5,078

$  9,057

$6,598





















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

22,163

22,404

22,059

21,936

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

1,004

489

 

983

850











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

  23,167

 

  22,893

 

  23,042

  

22,786











GAAP diluted income (loss) earnings per share

$  (0.03)

0.03

$ (0.14)

$ (0.14)

Equity-based compensation expense, net of taxes

$  0.16

$0.12

$  0.44

$  0.32

Amortization of intangible assets, net of taxes, 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

$  0.03

$0.07

$  0.09

$  0.11 











Non-GAAP diluted earnings per share

$  0.16

$0.22

$  0.39

$  0.29





 

CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)



September 30,

December 31,


2020

2019 (*)


Unaudited

Unaudited 

ASSETS



Current assets:



Cash and cash equivalents

$        22,067

$           22,803

Marketable securities and short-term bank deposits

119,664

121,782

Trade receivables, net

15,538

11,066

Unbilled receivables

13,441

17,241

Prepaid expenses and other current assets

6,888

5,660

Total current assets

177,598

178,552

Long-term assets:



Bank deposits

11,376

5,368

Severance pay fund

9,624

9,881

Deferred tax assets, net

12,317

10,605

Property and equipment, net

8,084

7,879

Operating lease right-of-use assets

10,824

11,066

Goodwill

51,070

51,070

Intangible assets, net

11,481

13,424

Other long-term assets

9,190

9,176

Total assets

$        301,564

$        297,021




LIABILITIES AND STOC KHOLDERS' EQUITY



Current liabilities:



Trade payables

$           862

$           701

Deferred revenues

2,777

3,642

Accrued expenses and other payables

3,421

3,660

Accrued payroll and related benefits

15,991

15,894

Taxes payable

335

88

Operating lease liabilities

2,505

2,393

Total current liabilities

25,891

26,378




Long-term liabilities:



Accrued severance pay

10,328

10,551

Operating lease liabilities

7,960

8,273

Other accrued liabilities

814

662

Total liabilities

44,993

45,864




Stockholders' equity:



Common stock

22

22

Additional paid in-capital

230,032

228,005

Treasury stock

(30,754)

(39,390)

Accumulated other comprehensive income

361

94

Retained earnings

56,910

62,426

Total stockholders' equity

256,571

251,157

Total liabilities and stockholders' equity

$   301,564

$   297,021


(*) Derived from audited financial statements

 

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/ceva-inc-announces-third-quarter-2020-financial-results-301166956.html

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.



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