Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
U.S. Dollars in thousands, except per share amounts | ||||
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| Three months ended | Six months ended | ||
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| June 30, | June 30, | ||
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| 2019 | 2018 | 2019 | 2018 |
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| Unaudited | |||
GAAP net loss | $ (1,512) | $ (2,090) | $ (3,809) | $ (4,272) |
Equity-based compensation expense included in cost of revenues | 160 | 168 | 296 | 325 |
Equity-based compensation expense included in research and development expenses | 1,458 | 1,359 | 2,820 | 2,628 |
Equity-based compensation expense included in sales and marketing expenses | 394 | 423 | 750 | 877 |
Equity-based compensation expense included in general and administrative expenses | 667 | 895 | 1,229 | 1,786 |
Income tax benefit related to equity-based compensation expenses | (207) | (153) | (344) | (282) |
Amortization of intangible assets related to RivieraWaves transaction and NB-IoT technologies | 289 | 275 | 578 | 634 |
Non-GAAP net income | $ 1,249 | $ 877 | $ 1,520 | $ 1,696 |
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GAAP weighted-average number of Common Stock used in computation of diluted net loss per share (in thousands) | 21,936 | 22,129 | 21,927 | 22,139 |
Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 837 | 903 | 805 | 935 |
Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands) | 22,773 | 23,032 | 22,732 | 23,074 |
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GAAP diluted loss per share | ($ 0.07) | ($ 0.09) | ($ 0.17) | ($ 0.19) |
Equity-based compensation expense, net of taxes | $ 0.11 | $ 0.12 | $ 0.21 | $ 0.23 |
Amortization of intangible assets related to RivieraWaves transaction and NB-IoT technologies | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
Non-GAAP diluted earnings per share | $ 0.05 | $ 0.04 | $ 0.07 | $ 0.07 |
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CEVA, INC. AND ITS SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(U.S. Dollars in thousands) | ||
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| June 30, | December 31, |
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| 2019 | 2018 (*) |
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| Unaudited | Unaudited |
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents | $ 24,527 | $ 22,260 |
| Marketable securities and short-term bank deposits | 126,508 | 123,608 |
| Trade receivables, net | 10,461 | 9,971 |
| Unbilled receivables | 11,558 | 16,185 |
| Prepaid expenses and other current assets | 7,432 | 5,264 |
| Total current assets | 180,486 | 177,288 |
| Long-term assets: |
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| Bank deposits | 14,652 | 21,864 |
| Severance pay fund | 9,866 | 9,026 |
| Deferred tax assets, net | 6,446 | 5,924 |
| Property and equipment, net | 7,416 | 7,344 |
| Operating lease right-of-use assets | 9,736 | — |
| Goodwill | 46,612 | 46,612 |
| Intangible assets, net | 2,122 | 2,700 |
| Other long-term assets | 7,429 | 6,505 |
| Total assets | $ 284,765 | $ 277,263 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY | ||
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| Current liabilities: |
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| Trade payables | $ 542 | $ 632 |
| Deferred revenues | 2,395 | 3,593 |
| Accrued expenses and other payables | 16,571 | 17,527 |
| Operating lease liabilities | 1,824 | — |
| Total current liabilities | 21,332 | 21,752 |
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| Long-term liabilities: |
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| Accrued severance pay | 10,592 | 9,632 |
| Operating lease liabilities | 7,621 | — |
| Other accrued liabilities | 575 | — |
| Total liabilities | 40,120 | 31,384 |
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| Stockholders' equity: |
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| Common stock | 22 | 22 |
| Additional paid in-capital | 223,306 | 223,250 |
| Treasury stock | (37,498) | (39,132) |
| Accumulated other comprehensive income (loss) | 64 | (1,114) |
| Retained earnings | 58,751 | 62,853 |
| Total stockholders' equity | 244,645 | 245,879 |
| Total liabilities and stockholders' equity | $ 284,765 | $ 277,263 |
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| (*) Derived from audited financial statements |
