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 | Nine months ended | ||
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| September 30, | September 30, | ||
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| 2022 | 2021 | 2022 | 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
GAAP Operating Income (loss) | ($4,031) | $1,694 | ($3,839) | $1,952 |
Adjustments: |
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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 | ||||
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(U.S. Dollars in thousands) | ||||
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| September 30, | December 31, | ||
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| 2022 | 2021(*) | ||
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| Unaudited | Unaudited | ||
ASSETS |
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Current assets: |
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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: |
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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 | ||
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| LIABILITIES AND STOC KHOLDERS' EQUITY | ||||
| Current liabilities: |
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| 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 | ||
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| Long-term liabilities: |
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| 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: |
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| 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 | ||||
