Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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| Three months ended | Nine months ended | ||
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| September 30, | September 30, | ||
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| 2020 | 2019 | 2020 | 2019 |
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| 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
| 1,770 |
1,494 | 5,115 |
4,314 |
Equity-based compensation expense included in sales and marketing
| 533 |
362 | 1,496 |
1,112 |
Equity-based compensation expense included in general and administrative
| 1,084 |
728 | 2,986 |
1,957 |
Income tax (benefit) expense related to equity-based compensation
| 124 | (129) | (60) | (473) |
Amortization of intangible assets, net of taxes, related to acquisitions of
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Non-GAAP net income | $ 3,615 | $5,078 | $ 9,057 | $6,598 |
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GAAP weighted-average number of Common Stock used in computation
| 22,163 | 22,404 | 22,059 | 21,936 |
Weighted-average number of shares related to outstanding stock-based
| 1,004 | 489 |
983 | 850 |
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Weighted-average number of Common Stock used in computation of
| 23,167 |
22,893 |
23,042 |
22,786 |
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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 |
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| RivieraWaves and Hillcrest Labs business, investments in NB-IoT and
| $ 0.03 | $0.07 | $ 0.09 | $ 0.11 |
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| Non-GAAP diluted earnings per share | $ 0.16 | $0.22 | $ 0.39 | $ 0.29 |
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| CEVA, INC. AND ITS SUBSIDIARIES
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| September 30, | December 31, |
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| 2020 | 2019 (*) |
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| Unaudited | Unaudited |
| ASSETS |
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| Current assets: |
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| 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: |
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| 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 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY |
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| Current liabilities: |
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| 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 |
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| Long-term liabilities: |
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| 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 |
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| Stockholders' equity: |
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| 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 |
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| (*) Derived from audited financial statements |
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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. |
