CEVA, Inc. Announces Second Quarter 2018 Financial Results

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/984/26513. 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: 10122115) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on August 14, 2018. 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 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 (802.11 a/b/g/n/ac/ax up to 4x4). Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook and LinkedIn.

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 the second half of the year being substantially stronger in royalty revenue due to a new flagship smartphone and continued expansion of CEVA's non-handset baseband products, the revised annual revenue and annual royalty revenue guidance and the rationale for such revised guidance in the section entitled, "Full Year 2018 Revenue Guidance and Commentary," as well as any potential prospects of share buybacks. 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


CONDENSED CONSOLIDATED STATEMENTS OF INCOME – U.S. GAAP

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





Three months ended

Six months ended


June 30,

June 30,


2018

2017

2018

2017


Unaudited

Revenues:





Licensing and related revenues

$  10,038

$  10,337

$    20,121

$    19,872

Royalties

7,456

10,238

14,942

21,990






Total  revenues

17,494

20,575

35,063

41,862






Cost of revenues

1,988

1,608

3,960

3,304






Gross profit

15,506

18,967

31,103

38,558






Operating expenses:





Research and development, net

11,843

10,509

23,859

20,382

Sales and marketing

3,399

3,427

6,575

6,365

General and administrative

2,833

2,552

5,787

4,677

Amortization of intangible assets

92

309

451

618






Total operating expenses

18,167

16,797

36,672

32,042






Operating income (loss)

(2,661)

2,170

(5,569)

6,516

Financial income, net

777

755

1,704

1,326






Income (loss) before taxes on income

(1,884)

2,925

(3,865)

7,842

Income taxes expense (benefit)

206

(983)

407

(173)






Net income (loss)

$   (2,090)

$   3,908

$   (4,272)

$   8,015






Basic net income (loss) per share

 

 

($0.09)

 

 

$0.18

 

 

($0.19)

 

 

$0.37

Diluted net income (loss) per share

($0.09)

$0.17

($0.19)

$0.36

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





Basic

22,129

21,712

22,139

21,556

Diluted

22,129

22,563

22,139

22,376











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