Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | |||||
U.S. Dollars in thousands, except per share amounts | |||||
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| Three months ended | Year ended | |||
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| December 31 | December | |||
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| 2018 | 2017 | 2018 | 2017 | |
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| Unaudited | ||||
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GAAP net income | $2,303 | $3,163 | $574 | $17,028 | |
Equity-based compensation expense included in cost of revenue | 108 | 129 | 588 | 459 | |
Equity-based compensation expense included in research and development expenses | 1,267 | 1,005 | 5,141 | 3,839 | |
Equity-based compensation expense included in sales and marketing expenses | 341 | 388 | 1,587 | 1,428 | |
Equity-based compensation expense included in general and administrative expenses | 568 | 825 | 3,051 | 2,967 | |
Income tax benefit related to equity-based compensation expenses | (312) | (71) | (712) | (339) | |
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies | 304 | 309 | 1,241 | 1,236 | |
Revaluation of investment in other company, net of taxes | 670 |
| 670 |
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Non-GAAP net income | $5,249 | $5,748 | $12,140 | $26,618 | |
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GAAP weighted-average number of Common Stock used in computation of diluted net income per share (in thousands) | 22,197 | 22,801 | 22,503 | 22,561 | |
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Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 404 | 228 | 388 | 283 | |
Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands) | 22,601 | 23,029 | 22,891 | 22,844 | |
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GAAP diluted net income per share | $0.10 | $0.14 | $0.03 | $0.75 | |
Equity-based compensation expense, net of taxes | $0.09 | $0.10 | $0.42 | $0.37 | |
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies | $0.01 | $0.01 | $0.05 | $0.05 | |
Revaluation of investment in other company, net of taxes | $0.03 |
| $0.03 |
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Non-GAAP diluted net income per share | $0.23 | $0.25 | $0.53 | $1.17 | |
CEVA, INC. AND ITS SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
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(U.S. Dollars in thousands) | ||
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| December 31, | December 31, |
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| 2018 | 2017 (*) |
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| Unaudited | Unaudited |
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents | $ 22,260 | $ 21,739 |
| Marketable securities and short term bank deposits | 123,608 | 117,096 |
| Trade receivables | 9,971 | 14,480 |
| Accrued revenues | 16,185 | 2,014 |
| Prepaid expenses and other current assets | 5,264 | 3,747 |
| Total current assets | 177,288 | 159,076 |
| Long-term assets: |
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| Bank deposits | 21,864 | 44,518 |
| Severance pay fund | 9,026 | 8,910 |
| Deferred tax assets | 5,924 | 3,643 |
| Property and equipment, net | 7,344 | 6,926 |
| Goodwill | 46,612 | 46,612 |
| Intangible assets, net | 2,700 | 1,742 |
| Other long term assets | 6,505 | 5,385 |
| Total assets | $ 277,263 | $ 276,812 |
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| LIABILITIES AND STOC KHOLDERS' EQUITY | ||
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| Current liabilities: |
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| Trade payables | $ 632 | $ 392 |
| Deferred revenues | 3,593 | 4,399 |
| Accrued expenses and other payables | 17,527 | 18,004 |
| Total current liabilities | 21,752 | 22,795 |
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| Long-term liabilities: |
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| Accrued severance pay | 9,632 | 9,347 |
| Total liabilities | 31,384 | 32,142 |
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| Stockholders' equity: |
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| Common stock: | 22 | 22 |
| Additional paid in-capital | 223,250 | 217,417 |
| Treasury stock | (39,132) | (26,056) |
| Accumulated other comprehensive loss | (1,114) | (586) |
| Retained earnings | 62,853 | 53,873 |
| Total stockholders' equity | 245,879 | 244,670 |
| Total liabilities and stockholders' equity | $ 277,263 | $ 276,812 |
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| (*) Derived from audited financial statements | ||
