- Q4 – Total revenue of $24.2
million, in line with expectations, with GAAP loss per share
of 34c and non-GAAP diluted EPS of 10c, exceeding
expectations
- Q4 – Royalty revenue of $12.3
million, up 13% year-over-year, and the third consecutive
quarter of royalty revenue growth
- Q4 – Strategic license agreements signed with a U.S. based
MCU leader for Wi-Fi 6 and with a global automotive semiconductor
leader for AI-enabling software
- Full year – 1.6 billion Ceva-powered smart edge devices
shipped, equivalent to 50 devices sold every second,
worldwide
- Full year – record cellular IoT royalty revenues and
shipments, up 47% and 64% year-over-year, respectively, surpassing
100 million units annually
- Full year – Strong demand for diverse portfolio of IP for
connect, sense and infer use cases, with 53 license agreements
signed, including 16 first time customers, 10 OEMs and continued
expansion of Wi-Fi 6 customer base for industrial and consumer
markets
ROCKVILLE, Md., Feb. 14,
2024 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA),
the leading licensor of silicon and software IP that enables Smart
Edge devices to connect, sense and infer data more reliably and
efficiently, today announced its financial results for the fourth
quarter ended December 31, 2023.
Financial results for the fourth quarter and all periods presented
reflect Ceva's continuing operations only, with the Intrinsix
business reflected as a discontinued operation, unless otherwise
noted.
Ceva Q4 royalty revenue of $12.3 million, up 13% year-over-year and third
consecutive quarter of royalty revenue growth
Amir Panush, Chief Executive
Officer of Ceva, commented: "Our fourth quarter revenues were in
line with our expectations, despite the challenges in the markets
we served. I am proud of how we managed to significantly improve
our profitability and earnings power through our focus on operating
efficiency. Our royalty business grew for the third consecutive
quarter and returned to year-over-year growth, driven by a recovery
in mobile and strength across consumer IoT and industrial IoT end
markets. Although our licensing revenue fell short of our
expectations in the quarter, we continue to see myriad licensing
opportunities for our diversified technology portfolio and expect
to enhance our range of products as we push forward in developing
new AI-related offerings."
Mr. Panush continued: "Looking back on my first year as CEO of
Ceva, we have made significant progress in returning the Company to
a pure IP licensing and royalty business model, where we see the
greatest potential for success. We have established Ceva as the
trusted partner for semiconductor companies and OEMs who need our
IP to enable three fundamental use cases required by smart edge
devices – the ability to connect, sense and infer data, more
reliably and efficiently. Our wireless communications market
leadership continues to go from strength to strength as illustrated
by the 1.2 billion smart edge IoT devices and more than 280 million
smartphones wirelessly connected by our IP in 2023 alone. In sense
and inference, we have bolstered our product offerings during the
year with the introduction of our NPU family for edge AI and
through the acquisition of spatial audio software from VisiSonics.
Overall, our leading-edge IP portfolio, combined with our focus on
execution and delivering profitable growth, will position Ceva well
to help our customers succeed and drive shareholder value."
Fourth Quarter 2023 Review
Total revenue for the fourth quarter of 2023 was $24.2 million, a 20% decrease compared to
$30.3 million reported for the fourth
quarter of 2022. Licensing and related revenue for the fourth
quarter of 2023 was $11.8 million,
compared to $19.4 million reported
for the same quarter a year ago. Royalty revenue for the fourth
quarter of 2023 was $12.3 million, an
increase of 13% when compared to $10.9
million reported for the fourth quarter of 2022.
During the quarter, seventeen IP licensing agreements were
concluded, targeting a wide range of end markets and applications,
including Wi-Fi 6 for industrial IoT, consumer devices and access
points, Bluetooth for IoT and medical-grade hearables, 5G RedCap
and cellular IoT modems, audio for hearables and wearables, and AI
for automotive ADAS. Two of the deals signed were with OEMs and
three were first-time customers.
GAAP gross margin for the fourth quarter of 2023 was 91%, as
compared to 89% in the fourth quarter of 2022. GAAP operating loss
for the fourth quarter of 2023 was $2.8
million, as compared to a GAAP operating income of
$1.0 million for the same period in
2022. GAAP net loss for the fourth quarter of 2023 was $8.1 million, as compared to a GAAP net income of
$4.5 million reported for the same
period in 2022. GAAP diluted loss per share for the fourth quarter
of 2023 was $0.34, as compared to
GAAP diluted income per share of $0.19 for the same period in 2022.
GAAP net profit including the discontinued operation for the
fourth quarter of 2023 was $3.8
million, as compared to GAAP net income with the
discontinued operation of $1.9
million for the same quarter last year. GAAP diluted income
per share including the discontinued operation for the fourth
quarter of 2023 was $0.16, as
compared to GAAP diluted income per share with the discontinued
operation of $0.08 for the same
period in 2022.
Non-GAAP gross margin for the fourth quarter of 2023 was 92%, as
compared to 90% for the same period in 2022. Non-GAAP operating
income for the fourth quarter of 2023 was $1.9 million, as compared to Non-GAAP operating
income of $6.8 million reported for
the fourth quarter of 2022. Non-GAAP net income and diluted income
per share for the fourth quarter of 2023 were $2.3 million and $0.10, respectively, compared with Non-GAAP net
income and diluted income per share of $7.0
million and $0.29,
respectively, reported for the fourth quarter of 2022.
Non-GAAP net income including the discontinued operation for the
fourth quarter of 2023 was $2.4
million, as compared to non-GAAP net income including the
discontinued operation of $5.6
million for the same quarter last year. Non-GAAP diluted
income per share including the discontinued operation for the
fourth quarter of 2023 was $0.10, as
compared to Non-GAAP diluted income per share including the
discontinued operation of $0.23 for
the same period in 2022.
Full Year 2023 Review
Total revenue for 2023 was $97.4
million, a decrease of 19%, when compared to $120.6 million reported for 2022. Licensing and
related revenue for 2023 was $57.6
million, a decrease of 23%, when compared to $75.2 million reported for 2022. Royalty revenue
for 2023 was $39.9 million,
representing a decrease of 12%, as compared to $45.4 million reported for 2022.
Yaniv Arieli, Chief Financial
Officer of Ceva, added: "We are pleased to finish 2023 with our
highest royalty revenue quarter of the year and non-GAAP earnings
per share that exceeded our expectations. 2023 overall was a
transformational year for Ceva, as we realigned our resources to
focus on the key growth markets of automotive, consumer,
industrial, and infrastructure. As we enter 2024, we are
laser-focused on profitable growth and remaining agile to deal with
any challenges. In addition, following the divestment of the
non-core Intrinsix design services business, our balance sheet has
been significantly bolstered, which ensures we are well positioned
to pursue non-organic investments that can accelerate the company's
growth in the coming years."
In 2023, 53 licensing deals were concluded, including 10 with
OEMs and 13 for Wi-Fi 6 and Wi-Fi 7 IP. More than 1.6 billion
Ceva-powered smart edge devices were shipped, including record
cellular IoT device shipments of 130 million units, more than 950
million Bluetooth devices, of which more than 100 million were
Wi-Fi + Bluetooth combo devices.
GAAP operating loss for 2023 was $13.5
million, as compared to a GAAP operating income of
$3.9 million reported for 2022. GAAP
net loss and diluted loss per share for 2023 were $18.4 million and $0.79, respectively, compared to GAAP net loss
and diluted loss per share of $13.9
million and $0.60,
respectively, reported for 2022.
GAAP net loss including the discontinued operation for 2023 was
$11.9 million as compared to GAAP net
loss including the discontinued operation of $23.2 million reported for 2022. GAAP diluted
loss per share including the discontinued operation for 2023 was
$0.51, compared to GAAP diluted loss
per share including the discontinued operation of $1.00 reported for 2022.
Non-GAAP operating income for 2023 was $3.6 million, compared with $27.0 million reported for 2022. Non-GAAP net
income and diluted earnings per share for 2023 were $4.4 million and $0.18, respectively, compared to $23.6 million and $0.98 reported for 2022.
Ceva Conference Call
On February 14, 2024, Ceva
management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating
performance for the quarter and review the full year.
The conference call will be available via the following dial in
numbers:
- U.S. Participants: Dial 1-844-435-0316 (Access Code: CEVA)
- International Participants: Dial +1-412-317-6365 (Access Code:
CEVA)
The conference call will also be available live via webcast at
the following link: https://app.webinar.net/6MBXkYD5bVD. Please go
to the web site at least fifteen minutes prior to the call to
register.
For those who cannot access the live broadcast, a replay will be
available by dialing +1-877-344-7529 or +1-412-317-0088 (access
code: 1753733) from one hour after the end of the call until
9:00 a.m. (Eastern Time) on
February 21, 2024. The replay will
also be available at Ceva's web site www.ceva-ip.com.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, as well as assumptions that if
they materialize or prove incorrect, could cause the results of
Ceva to differ materially from those expressed or implied by such
forward-looking statements and assumptions. Forward-looking
statements include statements regarding interest in and licensing
opportunities for Ceva's diversified technology portfolio,
expectations regarding enhancing Ceva's range of products and
AI-related offerings, Ceva's positioning for driving shareholder
value, Ceva's focus on profitable growth and agility to deal with
challenges, and positioning to pursue non-organic investments that
can accelerate the company's growth in the coming years. The risks,
uncertainties and assumptions that could cause differing Ceva
results include: the effect of intense industry competition; the
ability of Ceva's technologies and products incorporating Ceva's
technologies to achieve market acceptance; Ceva's ability to meet
changing needs of end-users and evolving market demands; the
cyclical nature of and general economic conditions in the
semiconductor industry; Ceva's ability to diversify its royalty
streams and license revenues; Ceva's ability to continue to
generate significant revenues from the handset baseband market and
to penetrate new markets; instability and disruptions related to
the ongoing Israel-Gaza conflict; and general market conditions
and other risks relating to Ceva's business, including, but not
limited to, those that are described from time to time in our SEC
filings. Ceva assumes no obligation to update any forward-looking
statements or information, which speak as of their respective
dates.
Non-GAAP Financial Measures
Non-GAAP gross margin for the fourth quarter of 2023 excluded:
(a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired
intangibles of $0.1 million. Non-GAAP
gross margin for the fourth quarter of 2022 excluded: (a)
equity-based compensation expenses of $0.2
million and (b) amortization of acquired intangibles of
$0.07 million.
Non-GAAP operating income for the fourth quarter of 2023
excluded: (a) equity-based compensation expenses of $4.1 million, (b) the impact of the amortization
of acquired intangibles of $0.3
million and (c) $0.4 million
of costs associated with business acquisitions. Non-GAAP operating
income for the fourth quarter of 2022 excluded: (a) equity-based
compensation expenses of $3.8
million, (b) the impact of the amortization of acquired
intangibles of $0.4 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 income per share for the fourth
quarter of 2023 excluded: (a) equity-based compensation expenses of
$4.1 million, (b) the impact of the
amortization of acquired intangibles of $0.3
million, (c) $0.4 million of
costs associated with business acquisitions, (d) $0.1 million income associated with the
remeasurement of marketable equity securities, (e) $1.3 million tax charges, an impact as a result
of the completion of a tax audit for prior years and (f)
$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 the fourth quarter of 2022 excluded: (a)
equity-based compensation expenses of $3.8
million, (b) the impact of the amortization of acquired
intangibles of $0.4 million, (c)
$0.2 million loss associated with the
remeasurement of marketable equity securities, (d) $0.3 million relating to impairment of closed
office, (e) impairment expenses of $1.3
million relating to retirement of executives and (e)
$3.5 million income associated with
Section 174 (US tax regulations).
Non-GAAP gross margin 2023 excluded: (a) equity-based
compensation expenses of $0.8 million
and (b) amortization of acquired intangibles of $0.4 million. Non-GAAP gross margin for 2022
excluded: (a) equity-based compensation expenses of $0.7 million and (b) amortization and impairment
of acquired intangibles of $2.6
million.
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
|
Unaudited
Reconciliation of GAAP to Non-GAAP Financial
Measures U.S. Dollars in thousands, except per share
amounts
|
|
|
Three months
ended
|
Twelve months
ended
|
|
December
31,
|
December
31,
|
|
2023
|
2022
|
2023
|
2022
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
GAAP net income
(loss)
|
$
3,769
|
$
1,940
|
$
(11,878)
|
$
(23,183)
|
Equity-based
compensation expense included in cost of revenues
|
190
|
176
|
826
|
687
|
Equity-based
compensation expense included in research and
development expenses
|
2,430
|
2,271
|
9,133
|
8,259
|
Equity-based
compensation expense included in sales and
marketing expenses
|
471
|
473
|
1,776
|
1,503
|
Equity-based
compensation expense included in general and
administrative expenses
|
1,008
|
884
|
3,795
|
2,888
|
Amortization,
Impairment and Write-off of intangible assets
|
278
|
370
|
1,031
|
8,163
|
Costs associated with
business acquisitions
|
356
|
-
|
551
|
-
|
(Income) loss
associated with the remeasurement of marketable
equity securities
|
(74)
|
240
|
2
|
2,511
|
Impairment cost
associated with close of an office
|
-
|
318
|
-
|
318
|
Retirement expenses of
executives
|
-
|
1,271
|
-
|
1,271
|
Income tax expense as a
result of a write off of a deferred tax asset
and withholding tax that can't be utilized
|
-
|
-
|
-
|
15,323
|
Income tax expenses, an
impact as a result of the completion of a
tax audit for prior years
|
1,302
|
-
|
1,302
|
-
|
Adjustment related to
US tax reform rule 174
|
4,460
|
(3,484)
|
4,460
|
(3,484)
|
Non-GAAP from
discontinued operation
|
(11,812)
|
1,143
|
(8,579)
|
4,579
|
Non-GAAP net
income
|
$2,378
|
$
5,602
|
$
2,419
|
$
18,835
|
GAAP weighted-average
number of Common Stock used in
computation of diluted net income (loss) and income (loss) per
share (in thousands)
|
23,518
|
23,406
|
23,484
|
23,172
|
Weighted-average number
of shares related to outstanding stock-
based awards (in thousands)
|
1,271
|
684
|
1,197
|
839
|
Weighted-average number
of Common Stock used in computation
of diluted net income (loss) per share, excluding the above (in
thousands)
|
24,789
|
24,090
|
24,681
|
24,011
|
|
|
|
|
|
GAAP diluted income
(loss) per share
|
$
0.16
|
$
0.08
|
$
(0.51)
|
$
(1.00)
|
Equity-based
compensation expense
|
$ 0.17
|
$ 0.16
|
$ 0.66
|
$ 0.57
|
Amortization,
Impairment and Write-off of intangible assets
|
$ 0.01
|
$ 0.02
|
$ 0.04
|
$ 0.35
|
Impairment cost
associated with close of an office
|
-
|
$ 0.01
|
-
|
$ 0.01
|
Costs associated with
business acquisitions
|
$ 0.02
|
-
|
$ 0.02
|
-
|
Income associated with
the remeasurement of marketable equity
securities
|
-
|
$ 0.01
|
-
|
$ 0.09
|
Retirement of
executives
|
-
|
$ 0.05
|
-
|
$ 0.05
|
Adjustment related to
income tax expenses
|
$ 0.24
|
($
0.15)
|
$ 0.25
|
$ 0.51
|
Non-GAAP from
discontinued operation
|
($
0.50)
|
$ 0.05
|
($
0.36)
|
$ 0.20
|
Non-GAAP diluted
earnings per share
|
$
0.10
|
$
0.23
|
$
0.10
|
$
0.78
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
December
31,
|
December
31,
|
|
2023
|
2022
|
2023
|
2022
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
GAAP Operating
Income (loss)
|
$
(2,787)
|
$
1,009
|
$
(13,467)
|
$
3,896
|
Equity-based
compensation expense included in cost of
revenues
|
190
|
176
|
826
|
687
|
Equity-based
compensation expense included in
research and development expenses
|
2,430
|
2,271
|
9,133
|
8,259
|
Equity-based
compensation expense included in sales
and marketing expenses
|
471
|
473
|
1,776
|
1,503
|
Equity-based
compensation expense included in
general and administrative expenses
|
1,008
|
884
|
3,795
|
2,888
|
Amortization,
Impairment and Write-off of intangible
assets
|
278
|
370
|
1,031
|
8,163
|
Costs associated with
the Business acquisition
|
356
|
-
|
551
|
-
|
Retirement of
executives
|
-
|
1,271
|
-
|
1,271
|
Impairment cost
associated with close of an office
|
-
|
318
|
-
|
318
|
Total non-GAAP
Operating Income
|
$
1,946
|
$
6,772
|
$
3,645
|
$
26,985
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
December
31,
|
December
31,
|
|
2023
|
2022
|
2023
|
2022
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
GAAP Gross
Profit
|
$
21,903
|
$
27,056
|
$
85,771
|
$
105,452
|
GAAP Gross
Margin
|
91 %
|
89 %
|
88 %
|
87 %
|
|
|
|
|
|
Equity-based
compensation expense included in cost of
revenues
|
190
|
176
|
826
|
687
|
Amortization,
Impairment and Write-off of intangible
assets
|
129
|
71
|
437
|
2,582
|
Total Non-GAAP Gross
profit
|
22,222
|
27,303
|
87,034
|
108,721
|
Non-GAAP Gross
Margin
|
92 %
|
90 %
|
89 %
|
90 %
|
Ceva, Inc. AND ITS
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
|
|
|
|
December
31,
|
December
31,
|
|
|
2023
|
2022
(*)
|
|
|
Unaudited
|
Unaudited
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
|
$
23,287
|
$
20,116
|
Marketable securities
and short-term bank deposits
|
|
143,251
|
118,194
|
Trade receivables,
net
|
|
8,433
|
11,136
|
Unbilled
receivables
|
|
21,874
|
18,694
|
Prepaid expenses and
other current assets
|
|
8,461
|
6,789
|
Current assets of
discontinued operation
|
|
-
|
2,696
|
Total current
assets
|
|
205,306
|
177,625
|
Long-term
assets:
|
|
|
|
Bank
deposits
|
|
-
|
8,205
|
Severance pay
fund
|
|
7,070
|
8,475
|
Deferred tax assets,
net
|
|
5,674
|
8,484
|
Property and equipment,
net
|
|
6,732
|
6,624
|
Operating lease
right-of-use assets
|
|
6,978
|
8,485
|
Investment in
marketable equity securities
|
|
406
|
408
|
Goodwill
|
|
58,308
|
56,794
|
Intangible assets,
net
|
|
2,967
|
2,392
|
Other long-term
assets
|
|
10,644
|
6,291
|
Long-term assets of
discontinued operation
|
|
-
|
24,659
|
Total assets
|
|
$
304,085
|
$
308,442
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Trade
payables
|
|
$
1,154
|
$
1,859
|
Deferred
revenues
|
|
3,018
|
3,098
|
Accrued expenses and
other payables
|
|
20,937
|
24,049
|
Operating lease
liabilities
|
|
2,513
|
2,680
|
Current liabilities of
discontinued operation
|
|
-
|
1,592
|
Total current
liabilities
|
|
27,622
|
33,278
|
Long-term
liabilities:
|
|
|
|
Accrued severance
pay
|
|
7,524
|
9,064
|
Operating lease
liabilities
|
|
3,943
|
5,207
|
Other accrued
liabilities
|
|
655
|
526
|
Long-term liabilities
of discontinued operation
|
|
-
|
1,496
|
Total
liabilities
|
|
39,744
|
49,571
|
Stockholders'
equity:
|
|
|
|
Common stock
|
|
23
|
23
|
Additional paid
in-capital
|
|
252,100
|
242,841
|
Treasury
stock
|
|
(5,620)
|
(9,904)
|
Accumulated other
comprehensive loss
|
|
(2,329)
|
(6,249)
|
Retained
earnings
|
|
20,167
|
32,160
|
Total stockholders'
equity
|
|
264,341
|
258,871
|
Total liabilities and
stockholders' equity
|
|
$
304,085
|
$
308,442
|
|
(*) Derived from
audited financial statements.
|
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SOURCE Ceva, Inc.