|
| Three months ended | |
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| March 31, | |
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| 2023 | 2022 |
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| Unaudited | Unaudited |
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GAAP Gross Profit | $ 23,420 | $ 27,987 |
GAAP Gross Margin | 82 % | 81 % |
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Additional NRE revenues associated with the purchase price allocation (PPA)
| 0 | 42 |
Equity-based compensation expense included in cost of revenues | 404 | 339 |
Amortization of intangible assets related to acquisition of Intrinsix and
| 348 | 532 |
Total Non-GAAP Gross profit | 24,172 | 28,900 |
Non-GAAP Gross Margin | 84 % | 84 % |
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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| 2023 | 2022 (*) |
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| Unaudited | Unaudited |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
| $ 24,483 | $ 21,285 |
Marketable securities and short-term bank deposits |
| 112,306 | 118,194 |
Trade receivables, net |
| 17,430 | 12,297 |
Unbilled receivables |
| 17,577 | 18,953 |
Prepaid expenses and other current assets |
| 8,766 | 6,896 |
Total current assets |
| 180,562 | 177,625 |
Long-term assets: |
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Bank deposits |
| 8,280 | 8,205 |
Severance pay fund |
| 8,183 | 8,475 |
Deferred tax assets, net |
| 9,434 | 8,599 |
Property and equipment, net |
| 6,696 | 7,099 |
Operating lease right-of-use assets |
| 10,034 | 10,283 |
Investment in marketable equity securities |
| 291 | 408 |
| Goodwill |
| 74,777 | 74,777 |
| Intangible assets, net |
| 6,003 | 6,680 |
| Other long-term assets |
| 6,874 | 6,291 |
| Total assets |
| $ 311,134 | $ 308,442 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Trade payables |
| $ 1,820 | $ 1,995 |
| Deferred revenues |
| 4,006 | 3,168 |
| Accrued expenses and other payables |
| 26,353 | 25,133 |
| Operating lease liabilities |
| 2,858 | 2,982 |
| Total current liabilities |
| 35,037 | 33,278 |
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| Long-term liabilities: |
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| Accrued severance pay |
| 9,064 | 9,064 |
| Operating lease liabilities |
| 6,530 | 6,703 |
| Other accrued liabilities |
| 633 | 526 |
| Total liabilities |
| 51,264 | 49,571 |
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| Stockholders' equity: |
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| Common stock |
| 23 | 23 |
| Additional paid in-capital |
| 243,141 | 242,841 |
| Treasury stock |
| (4,672) | (9,904) |
| Accumulated other comprehensive loss |
| (5,910) | (6,249) |
| Retained earnings |
| 27,288 | 32,160 |
| Total stockholders' equity |
| 259,870 | 258,871 |
| Total liabilities and stockholders' equity |
| $ 311,134 | $ 308,442 |
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| (*) Derived from audited financial statements |
