CEVA, Inc. Announces Third Quarter 2018 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


2018

2017

2018

2017


Unaudited






GAAP net income (loss) 

$2,543

$5,850

($1,729)

$13,865

Equity-based compensation expense included in cost of revenue

 

155

 

125

 

480

 

330

Equity-based compensation expense included in research and development expenses

 

1,246

 

991

 

3,874

 

2,834

Equity-based compensation expense included in sales and marketing expenses

 

369

 

381

 

1,246

 

1,040

Equity-based compensation expense included in general and administrative expenses

 

697

 

722

 

2,483

 

2,142

Income tax benefit related to equity-based compensation expenses

(118)

(84)

(400)

(268)

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

303

309

937

927

Non-GAAP net income

$5,195

$8,294

$6,891

$20,870







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

22,428

22,683

22,091

22,480

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

390

273

897

301

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

22,818

22,956

22,988

22,781






GAAP diluted earnings (loss) per share

$0.11

$0.26

($0.08)

$0.62

Equity-based compensation expense, net of taxes

$0.11

$0.09

$0.34

$0.26

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

$0.01

$0.01

$0.04

$0.04

Non-GAAP diluted earnings per share

$0.23

$0.36

$0.30

$0.92

 

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(U.S. Dollars in thousands)



September 30,

December 31,


2018

2017 (*)


Unaudited

Unaudited

ASSETS



Current assets:



Cash and cash equivalents

$           9,212

$        21,739

Marketable securities and short term bank deposits

110,344

117,096

Trade receivables

7,577

14,480

Accrued revenues

16,456

2,014

Prepaid expenses and other current assets

5,904

3,747

Total current assets

149,493

159,076

Long-term assets:



Bank deposits

47,450

44,518

Severance pay fund

9,242

8,910

Deferred tax assets

4,727

3,643

Property and equipment, net

7,979

6,926

Goodwill

46,612

46,612

Intangible assets, net

3,004

1,742

Other long term assets

6,744

5,385

Total assets

$        275,251

$        276,812


LIABILITIES AND STOC KHOLDERS' EQUITY


Current liabilities:



Trade payables

$           1,000

$           392

Deferred revenues

3,614

4,399

Accrued expenses and other payables

16,449

18,004

Total current liabilities

21,063

22,795




Long-term liabilities:



Accrued severance pay

9,800

9,347

Total liabilities

30,863

32,142




Stockholders' equity:



Common stock:

22

22

Additional paid in-capital

221,248

217,417

Treasury stock

(36,168)

(26,056)

Accumulated other comprehensive loss

(1,284)

(586)

Retained earnings

60,570

53,873

Total stockholders' equity

244,388

244,670

Total liabilities and stockholders' equity

$   275,251

$   276,812


(*) Derived from audited financial statements


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