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 31, | ||
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| 2022 | 2021 | 2022 | 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
GAAP net income (loss) | $ 1,940 | $ 3,878 | $ (23,183) | $ 396 |
Equity-based compensation expense included in cost of revenues | 385 | 309 | 1,461 | 818 |
Equity-based compensation expense included in research and development expenses | 2,359 | 1,852 | 8,540 | 7,287 |
Equity-based compensation expense included in sales and marketing expenses | 485 | 441 | 1,550 | 1,626 |
Equity-based compensation expense included in general and administrative expenses | 893 | 946 | 2,954 | 3,324 |
Income tax benefit related to equity-based compensation expenses | — | (842) | — | (842) |
Amortization, Impairment and Write-off of intangible assets, net of taxes, related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies | 869 | 1,388 | 10,229 | 3,959 |
Impairment cost associated with close of an office | 318 | — | 318 | — |
Costs associated with the Intrinsix acquisition | 326 | 342 | 1,303 | 1,730 |
Income (loss) associated with the remeasurement of marketable equity securities, net of taxes. | 240 | (1,528) | 1,989 | (1,528) |
Income tax expense as a result of a write off of a deferred tax asset and withholding tax that can't be utilized | — | — | 15,845 | — |
Retirement expenses of executives | 1,271 | — | 1,271 | — |
Adjustment related to implementing of US tax reform rule 174 | (3,484) |
| (3,484) |
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Income tax benefit and additional NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition | — | (1,481) | 42 | (1,481) |
Non-GAAP net income | $ 5,602 | $ 5,305 | $ 18,835 | $ 15,289 |
| GAAP weighted-average number of Common Stock used in computation of diluted net loss and earning per share (in thousands) | 23,406 | 23,359 | 23,172 | 23,251 |
| Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 684 | 375 | 839 | 314 |
| Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands) | 24,090 | 23,734 | 24,011 | 23,565 |
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| GAAP diluted income (loss) per share | $ 0.08 | $ 0.17 | $ (1.00) | $ 0.02 |
| Equity-based compensation expense, net of taxes | $ 0.18 | $ 0.10 | $ 0.62 | $ 0.51 |
| Amortization, Impairment and Write-off of intangible assets, net of taxes, related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies | $ 0.04 | $ 0.06 | $ 0.43 | $ 0.17 |
| Impairment cost associated with close of an office | $ 0.01 | $ — | $ 0.01 | $ — |
| Costs associated with the Intrinsix acquisition | $ 0.01 | $ 0.01 | $ 0.06 | $ 0.07 |
| Income (loss) associated with the remeasurement of marketable equity securities, net of taxes. | $ 0.01 | $ (0.06) | $ 0.09 | $ (0.06) |
| Income tax expense as a result of a write off of a deferred tax asset and withholding tax that can't be utilized | $ — | $ — | $ 0.67 | $ — |
| Retirement expenses of executives | $ 0.05 | $ — | $ 0.05 | $ — |
| Adjustment related to implementing of US tax reform rule 174 | $ (0.15) |
| $ (0.15) |
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| Income tax benefit and additional NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition | $ — | $ (0.06) | $ — | $ (0.06) |
| Non-GAAP diluted earnings per share | $ 0.23 | $ 0.22 | $ 0.78 | $ 0.65 |
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| Three months ended | Year ended | ||
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| December 31, | December 31, | ||
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| 2022 | 2021 | 2022 | 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
| GAAP Operating Income (loss) | $ (1,570) | $ 1,556 | $ (5,409) | $ 3,508 |
| Equity-based compensation expense included in cost of revenues | 385 | 309 | 1,461 | 818 |
| Equity-based compensation expense included in research and development expenses | 2,359 | 1,852 | 8,540 | 7,287 |
| Equity-based compensation expense included in sales and marketing expenses | 485 | 441 | 1,550 | 1,626 |
| Equity-based compensation expense included in general and administrative expenses | 893 | 946 | 2,954 | 3,324 |
| Amortization, Impairment and Write-off of intangible assets related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies | 869 | 1,614 | 10,229 | 4,260 |
| Impairment cost associated with close of an office | 318 | — | 318 | — |
| Costs associated with the Intrinsix acquisition | 326 | 342 | 1,303 | 1,730 |
| Retirement expenses of executives | 1,271 | — | 1,271 | — |
| Additional NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition | — | 180 | 42 | 180 |
| Total non-GAAP Operating Income | $ 5,336 | $ 7,240 | $ 22,259 | $ 22,733 |
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| Three months ended | Year ended | ||
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| December 31, | December 31, | ||
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| 2022 | 2021 | 2022 | 2021 |
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| Unaudited | Unaudited | Unaudited | Unaudited |
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| GAAP Gross Profit | $ 27,527 | $ 28,134 | $ 107,596 | $ 105,879 |
| GAAP Gross Margin | 82 % | 83 % | 80 % | 86 % |
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| Additional NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition | — | 180 | 42 | 180 |
| Equity-based compensation expense included in cost of revenues | 385 | 309 | 1,461 | 818 |
| Amortization and Impairment of intangible assets related to acquisition of Intrinsix and investments in NB-IoT and Immervision technologies | 395 | 996 | 3,949 | 1,550 |
| Total Non-GAAP Gross profit | 28,307 | 29,619 | 113,048 | 108,427 |
| Non-GAAP Gross Margin | 85 % | 87 % | 84 % | 88 % |
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CEVA, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
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