CEVA, Inc. Announces Third Quarter 2022 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,


2022

2021

2022

2021


Unaudited

Unaudited

Unaudited

Unaudited

GAAP Operating Income (loss)

($4,031)

$1,694

($3,839)

$1,952

Adjustments:





Stock compensation

3,691

3,403

10,383

9,507

Amortization, impairment and write-off of intangible and prepaid expenses assets, related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies

6,796

1,034

9,360

2,646

Costs associated with the Intrinsix acquisition

326

383

977

1,388

Purchase price allocation (PPA) for the Intrinsix acquisition

42

Total non-GAAP Operating Income

$6,782

$6,514

$16,923

$15,493

 

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(U.S. Dollars in thousands)



September 30,

December 31,


2022

2021(*)


Unaudited

Unaudited

ASSETS



Current assets:



Cash and cash equivalents

$  29,510

$  33,153

Marketable securities and short-term bank deposits

106,763

121,708

Trade receivables, net

11,022

14,644

Unbilled receivables

15,741

12,805

Prepaid expenses and other current assets

8,133

6,670

                              Total current assets

171,169

188,980

Long-term assets:



Bank deposits

8,128

0

Severance pay fund

8,431

10,175

Deferred tax assets, net

4,669

15,850

Property and equipment, net

7,370

6,765

Operating lease right-of-use assets

8,116

8,827

Investment in marketable equity security

648

2,919

Goodwill

74,777

74,777

Intangible assets, net

7,549

14,607

Other long-term assets

3,957

5,759

Total assets

$  294,814

$  328,659


LIABILITIES AND STOC KHOLDERS' EQUITY  

Current liabilities:



Trade payables

$  1,721

$  1,464

Deferred revenues

3,540

8,661

Accrued expenses and other payables

20,566

22,041

Operating lease liabilities

2,235

3,274

Total current liabilities

28,062

35,440




Long-term liabilities:



Accrued severance pay

9,018

10,551

Operating lease liabilities

4,940

5,130

Other accrued liabilities

497

806

Total liabilities

42,517

51,927

Stockholders' equity:



Common stock

23

23

Additional paid in-capital

239,445

235,386

Treasury stock

(10,633)

(13,790)

Accumulated other comprehensive loss

(6,761)

(372)

Retained earnings

30,223

55,485

Total stockholders' equity

252,297

276,732

Total liabilities and stockholders' equity

$  294,814

$  328,659

 (*) Derived from audited financial statements


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