Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures U.S. Dollars in thousands, except per share amounts | ||
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| Quarter ended | |
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| March 31, | |
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| 2021 | 2020 |
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| Unaudited | Unaudited |
GAAP net loss | (3,630) | (1,185) |
Equity-based compensation expense included in cost of revenues | 143 | 158 |
Equity-based compensation expense included in research and development
| 1,685 | 1,623 |
Equity-based compensation expense included in sales and marketing
| 418 | 451 |
Equity-based compensation expense included in general and administrative
| 952 | 875 |
Income tax benefit related to equity-based compensation expenses | — | (49) |
Amortization of intangible assets, net of taxes, related to acquisition of
| 686 | 693 |
Non-GAAP net income | $ 254 | $ 2,566 |
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GAAP weighted-average number of Common Stock used in computation
| 22,546 | 21,994 |
Weighted-average number of shares related to outstanding stock-based
| 819 | 933 |
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Weighted-average number of Common Stock used in computation of
| 23,365 | 22,927 |
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GAAP diluted loss per share | ($ 0.16) | ($ 0.05) |
Equity-based compensation expense, net of taxes | $ 0.14 | $ 0.13 |
Amortization of intangible assets, net of taxes, related to acquisition of
| $ 0.03 | $ 0.03 |
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Non-GAAP diluted earnings per share | $ 0.01 | $ 0.11 |
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CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands) | ||
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| March 31, | December 31, |
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| 2021 | 2020 (*) |
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| Unaudited | Unaudited |
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 53,662 | $ 21,143 |
Marketable securities and short-term bank deposits | 92,319 | 108,987 |
Trade receivables, net | 13,802 | 14,765 |
Unbilled receivables | 10,829 | 16,459 |
Prepaid expenses and other current assets | 8,061 | 6,205 |
Total current assets | 178,673 | 167,559 |
| Long-term assets: |
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| Bank deposits | 28,156 | 29,529 |
| Severance pay fund | 10,403 | 10,535 |
| Deferred tax assets, net | 11,931 | 10,826 |
| Property and equipment, net | 7,829 | 7,586 |
| Operating lease right-of-use assets | 8,354 | 9,052 |
| Goodwill | 51,070 | 51,070 |
| Intangible assets, net | 10,190 | 10,836 |
| Other long-term assets | 8,927 | 9,959 |
| Total assets | $ 315,533 | $ 306,952 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY |
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| Current liabilities: |
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| Trade payables | $ 818 | $ 894 |
| Deferred revenues | 3,394 | 2,434 |
| Accrued expenses and other payables | 29,873 | 21,883 |
| Operating lease liabilities | 2,834 | 2,969 |
| Total current liabilities | 36,919 | 28,180 |
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| Long-term liabilities: |
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| Accrued severance pay | 11,000 | 11,226 |
| Operating lease liabilities | 5,056 | 5,772 |
| Other accrued liabilities | 909 | 885 |
| Total liabilities | 53,884 | 46,063 |
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| Stockholders' equity: |
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| Common stock | 23 | 22 |
| Additional paid in-capital | 227,671 | 233,172 |
| Treasury stock | (17,708) | (30,133) |
| Accumulated other comprehensive income | 93 | 478 |
| Retained earnings | 51,570 | 57,350 |
| Total stockholders' equity | 261,649 | 260,889 |
| Total liabilities and stockholders' equity | $ 315,533 | $ 306,952 |
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| (*) Derived from audited financial statements | ||
