Ceva, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

Non-GAAP operating income for 2023 excluded (a) equity-based compensation expenses of $15.5 million, (b) the impact of the amortization of acquired intangibles of $1.0 million, and (c) $0.6 million of costs associated with business acquisition. Non-GAAP operating income for 2022 excluded: (a) equity-based compensation expenses of $13.3 million, (b) amortization and impairment of acquired intangibles of $8.2 million, (c) impairment cost of $0.3 million associated with the closing of an office, and (d) $1.3 million associated with retirement expenses of executives.

Non-GAAP net income and diluted earnings per share for 2023 excluded (a) equity-based compensation expenses of $15.5 million, (b) the impact of the amortization of acquired intangibles of $1.0 million, (c) $0.6 million associated with business acquisition, (d) $1.3 tax charges, an impact as a result of the completion of a tax audit for prior years, and (e) $4.5 million tax charges, including one-time write off of a deferred tax asset related to Section 174 (US tax regulations).

Non-GAAP net income and diluted earnings per share for 2022 excluded (a) equity-based compensation expenses of $13.3 million, (b) amortization and impairment of acquired intangibles of $8.2 million, (c) $2.0 million, net of taxes, associated with the remeasurement of marketable equity securities, (d) $15.8 million write-off of a deferred tax asset, including withholding tax assets that we will not be able to utilize as a tax credit, (e) $0.3 million associated with the closing of an office, (f) $1.3 million associated with retirement expenses of executives, and (g) $3.5 million income related to Section 174 (US tax regulations).

Non-GAAP net income with the discontinued operation for 2023 was $2.4 million, as compared to non-GAAP net income of $18.8 million reported for 2022.

Non-GAAP diluted income per share with the disconnected operation for 2023 was $0.10, as compared to non-GAAP diluted income per share of $0.78 reported for 2022.

About Ceva, Inc.

At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today's most advanced smart edge products. From Bluetooth connectivity, Wi-Fi, UWB and 5G platform IP for ubiquitous, robust communications, to scalable Edge AI NPU IPs, sensor fusion processors and embedded application software that make devices smarter, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 17 billion of the world's most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

 

Ceva, Inc. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) – U.S. GAAP
U.S. dollars in thousands, except per share data



Three months ended

Twelve months ended


December 31,

December 31,


2023

2022

2023

2022


Unaudited

Unaudited

Unaudited

Unaudited

Revenues:





Licensing and related revenues

$  11,816

$  19,423

$  57,555

$  75,194

Royalties

12,346

10,927

39,864

45,389






Total revenues

24,162

30,350

97,419

120,583






Cost of revenues

2,259

3,294

11,648

15,131






Gross profit

21,903

27,056

85,771

105,452






Operating expenses:





Research and development, net

18,145

18,047

72,689

70,317

Sales and marketing

2,829

3,461

11,042

11,475

General and administrative

3,567

4,240

14,913

14,183

Amortization of intangible assets

149

299

594

2,025

Impairment of assets

-

-

-

3,556

Total operating expenses

24,690

26,047

99,238

101,556






Operating income (loss)

(2,787)

1,009

(13,467)

3,896

Financial income, net

1,767

2,009

5,264

2,812

Remeasurement of marketable equity securities

74

(240)

(2)

(2,511)






Income (loss) before taxes on income

(946)

2,778

(8,205)

4,197

Taxes on Income

7,152

(1,741)

10,232

18,075






Net income (loss) from continuing operations

(8,098)

4,519

(18,437)

(13,878)

Net income (loss) from discontinued operation

11,867

(2,579)

6,559

(9,305)

Net Income (loss)

$  3,769

$  1,940

$  (11,878)

$  (23,183)






Basic and diluted net income (loss) per share:





Continuing operations

(0.34)

0.19

(0.79)

(0.60)

Discontinued operation

0.50

(0.11)

0.28

(0.40)

Basic and diluted net income (loss) per share

$  0.16

$  0.08

$  (0.51)

$  (1.00)

Weighted-average shares used to compute net income
(loss) per share (in thousands):





Basic

23,518

23,197

23,484

23,172

Diluted

23,946

23,406

23,484

23,172


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