0001437749-23-013426.txt : 20230510 0001437749-23-013426.hdr.sgml : 20230510 20230510091523 ACCESSION NUMBER: 0001437749-23-013426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20230510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230510 DATE AS OF CHANGE: 20230510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CEVA INC CENTRAL INDEX KEY: 0001173489 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 770556376 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49842 FILM NUMBER: 23904591 BUSINESS ADDRESS: STREET 1: 15245 SHADY GROVE ROAD STREET 2: SUITE 400 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 240-308-8328 MAIL ADDRESS: STREET 1: 15245 SHADY GROVE ROAD STREET 2: SUITE 400 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: CEVA INC DATE OF NAME CHANGE: 20031208 FORMER COMPANY: FORMER CONFORMED NAME: PARTHUSCEVA INC DATE OF NAME CHANGE: 20021101 FORMER COMPANY: FORMER CONFORMED NAME: CEVA INC DATE OF NAME CHANGE: 20020515 8-K 1 ceva20230506_8k.htm FORM 8-K ceva20230506_8k.htm
false 0001173489 0001173489 2023-05-10 2023-05-10
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): May 10, 2023
 
CEVA, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
(State or Other Jurisdiction of Incorporation)
 
000-49842
(Commission File Number)
77-0556376
(I.R.S. Employer Identification No.)
   
   
15245 Shady Grove Road, Suite 400, Rockville, MD
(Address of Principal Executive Offices)
20850
(Zip Code)
 
(240)-308-8328
(Registrant’s Telephone Number, Including Area Code)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.001 per share
CEVA
The NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Security Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
1
 
 
ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
On May 10, 2023, CEVA, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2023. A copy of the press release, dated May 10, 2023, is attached and filed herewith as Exhibit 99.1. On the same day, the Company will hold a conference call to discuss its financial results for the first quarter of 2023. A copy of the script of the conference call is attached hereto as Exhibit 99.2. This information, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
 
In addition to the disclosure of financial results for the quarter and year ended March 31, 2023 and 2022 in accordance with generally accepted accounting principles in the United States (“GAAP”), the press release and script also included non-GAAP gross margin, operating income, net income and diluted earnings per share (EPS) figures for the referenced periods.
 
Non GAAP gross margin for (1) the first quarter of 2023 excluded: (a) equity-based compensation expenses and (b) amortization of acquired intangibles and (2) the first quarter of 2022 excluded (i) equity-based compensation expenses and (iii) amortization of acquired intangibles.
 
Non-GAAP operating income for (1) the first quarter of 2023 excluded (a) equity-based compensation expenses, (b) the impact of the amortization of acquired intangibles associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies, and (c) costs associated with the Intrinsix acquisition and (2) the first quarter of 2022 excluded (i) equity-based compensation expenses, (ii) the impact of the amortization of acquired intangibles associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT and Immervision technologies, and (iii) costs associated with the Intrinsix acquisition.
 
Non-GAAP net income and diluted earnings per share for (1) the first quarter of 2023 excluded (a) equity-based compensation expenses, (b) the impact of the amortization of acquired intangibles associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies, (c) costs associated with the Intrinsix acquisition and (d) income associated with the reevaluation of an investment in another company and (2) the first quarter of 2022 excluded (i) equity-based compensation expenses, (ii) the impact of the amortization of acquired intangibles associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT and Immervision technologies, (iii) costs associated with the Intrinsix acquisition and (iv) loss, net of taxes, associated with the reevaluation of an investment in another company
 
The Company believes that the reconciliation of financial measures in the press release and script is useful to investors in analyzing the results for the quarters ended March 31, 2023 and 2022 because the exclusion of the applicable expenses may provide a more meaningful analysis of the Company’s core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected on its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP, and are intended to provide additional insight into the Company’s operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company’s business. The reconciliation of financial measures should not be viewed as a substitute for the Company’s reported GAAP results.
 
2
 
 
ITEM 9.01.   FINANCIAL STATEMENTS AND EXHIBITS.
 
(d) Exhibits.
 
99.1
   
99.2
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
3
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
CEVA, INC.
   
Date:         May 10, 2023 
By:
/s/Yaniv Arieli
   
Yaniv Arieli
   
Chief Financial Officer
 
4
EX-99.1 2 ex_515064.htm EXHIBIT 99.1

Exhibit 99.1

cevalogo1.jpg

 

 

CEVA, Inc. Announces First Quarter 2023 Financial Results

 

●

Strategic agreements concluded with leading OEMs for 5G smartphones, Wi-Fi access points, and with a semiconductor player developing a 5G broadband IoT modem

●

Three new Wi-Fi 6 royalty payers in quarter, marking beginning of Wi-Fi 6 royalty cycle

●

Acquisition of RealSpace® 3D Spatial Audio business from VisiSonics Corporation, extending CEVA’s embedded application software licensing business and enhancing the company’s capabilities in the fast-growing hearables and IoT markets

 

ROCKVILLE, MD., May 10, 2023 – CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions, today announced its financial results for the first quarter ended March 31, 2023.

 

Total revenue for the first quarter of 2023 was $28.7 million, a 16% decrease compared to $34.4 million reported for the first quarter of 2022. First quarter 2023 licensing, non-recurring engineering (NRE) and related revenue was $20.7 million, a decrease of 7% when compared to $22.4 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2023 was $8.0 million, a decrease of 33% when compared to $12.0 million reported for the first quarter of 2022.

 

Amir Panush, Chief Executive Officer of CEVA, stated: “Our licensing business continued to show resilience in the first quarter, underpinned by strategic agreements for our 5G DSPs with a leading Android smartphone OEM and a wireless semiconductor company, and for our Wi-Fi 6 platform with a global leader of Wi-Fi access points. Royalties were impacted by customer inventory adjustments and prolonged weak demand for smartphones and PCs. Beyond these verticals, we are excited by record high royalty revenue contributions from our cellular IoT and Wi-Fi customers in the quarter.”

 

Mr. Panush added, “With the acquisition of the VisiSonics 3D spatial audio business announced today, we have taken an additional step in building our future strategy, bolstering our OEM application software licensing business with a best-in-class solution that expands our offerings in the high-volume hearable and consumer IoT markets including earbuds, headphones, gaming headsets and beyond.”

 

During the quarter, thirteen IP license and NRE agreements were concluded, targeting a wide variety of end markets and applications, including 5G for smartphones and broadband IoT, Wi-Fi 6 for access points and mesh networks, Bluetooth connectivity for TWS earbuds, consumer IoT and industrial devices, sensor fusion for robot vacuum cleaners and AI for automotive ADAS. Five agreements were with first-time customers.

 

1
 

 

GAAP gross margin for the first quarter of 2023 was 82%, as compared to GAAP gross margin of 81% for the same period in 2022. GAAP operating loss for the first quarter of 2023 was $4.8 million, as compared to a GAAP operating income of $0.5 million for the same period in 2022. GAAP net loss for the first quarter of 2023 was $4.9 million, as compared to a GAAP net loss of $1.7 million reported for the same period in 2022. GAAP diluted losses per share for the first quarter of 2023 was $0.21, as compared to a GAAP diluted losses per share of $0.07 for the same period in 2022.

 

Non-GAAP gross margin for the first quarters of 2023 and 2022 was both 84%. Non-GAAP operating income for the first quarter of 2023 was $0.07 million, as compared to $5.5 million reported for the first quarter of 2022. Non-GAAP net income and diluted earnings per share for the first quarter of 2023 were $0.1 million and $0.0, respectively, compared with $4.2 million and $0.18, respectively, reported for the first quarter of 2022.

 

Non-GAAP gross margin for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $0.4 million and, (b) amortization of acquired intangibles of $0.3 million. Non-GAAP gross margin for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $0.3 million and (b) amortization of acquired intangibles of $0.5 million.

 

Non-GAAP operating income for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies and (c) $0.3 million of costs associated with the Intrinsix acquisition. Non-GAAP operating income for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $1.3 million associated with the acquisition of the Intrinsix and Hillcrest Labs business and investments in NB-IoT and Immervision technologies and (c) $0.3 million of costs associated with the Intrinsix acquisition.

 

Non-GAAP net income and diluted earnings per share for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies, (c) $0.3 million of costs associated with the Intrinsix acquisition and (d) $0.1 million associated with the reevaluation of an investment in another company. Non-GAAP net income and diluted earnings per share for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $1.3 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT and Immervision technologies, (c) $0.3 million of costs associated with the Intrinsix acquisition and (d) $0.9 million loss, net of taxes, associated with the reevaluation of an investment in another company.

 

2
 

 

Yaniv Arieli, Chief Financial Officer of CEVA, stated: “Despite challenging market conditions this quarter, we remain well positioned to benefit from the long-term global megatrends of 5G, IoT and AI. Connectivity is at the forefront of these trends, and we continue to build upon our unrivalled position as the leading licensor of 5G, Bluetooth, Wi-Fi and cellular IoT platforms. Of note, in the quarter three new Wi-Fi 6 customers reported royalties for the first time, marking the next phase of royalty growth for our connectivity products. Our balance sheet remains strong to support our goals in building our future strategy.”

 

CEVA Conference Call

On May 10, 2023, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

 

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/mZq5jdVx2Y1. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

 

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (conference replay code: 4990940) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 17, 2023. The replay will also be available at CEVA's web site www.ceva-dsp.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 the impact of the ViviSonics 3D acquisition, CEVA’s ability to benefit from long term trends, CEVA’s ability to fund its future strategy, and CEVA’s growth prospects and potential. The risks, uncertainties and assumptions that could cause differing CEVA results include: the scope and duration of the COVID-19 pandemic; the extent and length of the restrictions associated with the COVID-19 pandemic and the impact on customers, consumer demand and the global economy generally; the ability of CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our success in penetrating new markets, including in the base station and IoT markets, and maintaining our market position in existing markets; our ability to diversify the company's royalty streams, the ability of products incorporating our technologies to achieve market acceptance, the maturation of the connectivity, IoT and 5G markets, the effect of intense industry competition and consolidation, global chip market trends, including supply chain issues as a result of COVID-19 and other factors, the possibility that markets for CEVA's technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; our ability to successfully integrate Intrinsix into our business; and general market conditions and other risks relating to our 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.

 

3
 

 

About CEVA, Inc.

CEVA is the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. These technologies are offered in combination with our Intrinsix IP integration services, helping our customers address their most complex and time-critical integrated circuit design projects. Leveraging our technologies and chip design skills, many of the world’s leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial, aerospace & defense and IoT.

 

Our DSP-based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit (“IMU”) solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.

 

CEVA is a sustainable and environmentally conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At CEVA, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

 

4
 

 

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

 

Source: CEVA, Inc.

 

For More Information Contact:

 

Yaniv Arieli

CEVA, Inc.

CFO

+1.650.417.7941

yaniv.arieli@ceva-dsp.com 

Richard Kingston

CEVA, Inc.

VP Market Intelligence, Investor & Public Relations

+1.650.417.7976

richard.kingston@ceva-dsp.com 

 

5
 

 

CEVA, INC. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

U.S. dollars in thousands, except per share data

 
   

Three months ended

  
   

March 31,

  
   

2023

    

2022

  
   

Unaudited

    

Unaudited

  

Revenues:

                

Licensing, NRE and related revenues

   $ 20,721     $ 22,393  

Royalties

     8,014       11,998  
                 

Total revenues

     28,735       34,391  
                 

Cost of revenues

     5,315       6,404  
                 

Gross profit

     23,420       27,987  
                 

Operating expenses:

                

Research and development, net

     20,791       20,210  

Sales and marketing

     3,045       2,923  

General and administrative

     4,048       3,636  

Amortization of intangible assets

     329       750  

Total operating expenses

     28,213       27,519  
                 

Operating income (loss)

     (4,793 )     468  

Financial income, net

     1,455       282  

Remeasurement of marketable equity securities

     (117 )     (1,131 )
                 

Loss before taxes on income

     (3,455 )     (381 )

Income tax expense

     1,417       1,315  
                 

Net loss

   $ (4,872 )   $ (1,696 )
                 

Basic net loss per share

   $ (0.21 )   $ (0.07 )

Diluted Net loss per share

   $ (0.21 )   $ (0.07 )

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

                

Basic

     23,334       23,103  

Diluted

     23,334       23,103  

 

6
 

 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts

       
   

Three months ended

  
   

March 31,

  
   

2023

    

2022

  
   

Unaudited

    

Unaudited

  

GAAP net loss

   $ (4,872 )   $ (1,696 )

Equity-based compensation expense included in cost of revenues

     404       339  

Equity-based compensation expense included in research and development expenses

     2,173       1,995  

Equity-based compensation expense included in sales and marketing expenses

     393       333  

Equity-based compensation expense included in general and administrative expenses

     889       722  

Amortization of intangible assets related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies

     677       1,282  

Costs associated with the Intrinsix acquisition

     326       326  

Loss associated with the remeasurement of marketable equity securities, net of taxes.

     117       871  

NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition

     0       42  

Non-GAAP net income

   $ 107     $ 4,214  

GAAP weighted-average number of Common Stock used in computation of diluted net loss and loss per share (in thousands)

     23,334       23,103  

Weighted-average number of shares related to outstanding stock-based awards (in thousands)

     1,021       772  

Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands)

     24,355       23,875  
                 

GAAP diluted loss per share

   $ (0.21 )   $ (0.07 )

Equity-based compensation expense

   $ 0.17     $ 0.14  

Amortization of intangible assets related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies

   $ 0.03     $ 0.06  

Costs associated with the Intrinsix acquisition

   $ 0.01     $ 0.01  

Loss associated with the remeasurement of marketable equity securities, net of taxes.

   $ 0.00     $ 0.04  

Non-GAAP diluted earnings per share

   $ 0.00     $ 0.18  

 

 

       
   

Three months ended

  
   

March 31,

  
   

2023

    

2022

  
   

Unaudited

    

Unaudited

  

GAAP Operating Income (loss)

   $ (4,793 )   $ 468  

Equity-based compensation expense included in cost of revenues

     404       339  

Equity-based compensation expense included in research and development expenses

     2,173       1,995  

Equity-based compensation expense included in sales and marketing expenses

     393       333  

Equity-based compensation expense included in general and administrative expenses

     889       722  

Amortization of intangible assets related to acquisition of Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies

     677       1,282  

Costs associated with the Intrinsix acquisition

     326       326  

Purchase price allocation (PPA) for the Intrinsix acquisition

     0       42  

Total non-GAAP Operating Income

  $ 69     $ 5,507  

 

7
 

 

   

Three months ended

  
   

March 31,

  
   

2023

    

2022

  
   

Unaudited

    

Unaudited

  
                 

GAAP Gross Profit

   $ 23,420     $ 27,987  

GAAP Gross Margin

     82 %     81 %
                 

Additional NRE revenues associated with the purchase price allocation (PPA) related to Intrinsix acquisition

     0       42  

Equity-based compensation expense included in cost of revenues

     404       339  

Amortization of intangible assets related to acquisition of Intrinsix and investments in NB-IoT and Immervision technologies

     348       532  

Total Non-GAAP Gross profit

     24,172       28,900  

Non-GAAP Gross Margin

     84 %     84 %

 

8
 

 

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(U.S. Dollars in thousands)

 
   

March 31,

    

December 31,

  
   

2023

     2022 (*)  
   

Unaudited

    

Unaudited

  

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 24,483     $ 21,285  

Marketable securities and short-term bank deposits

     112,306       118,194  

Trade receivables, net

     17,430       12,297  

Unbilled receivables

     17,577       18,953  

Prepaid expenses and other current assets

     8,766       6,896  

Total current assets

     180,562       177,625  

Long-term assets:

                

Bank deposits

     8,280       8,205  

Severance pay fund

     8,183       8,475  

Deferred tax assets, net

     9,434       8,599  

Property and equipment, net

     6,696       7,099  

Operating lease right-of-use assets

     10,034       10,283  

Investment in marketable equity securities

     291       408  

Goodwill

     74,777       74,777  

Intangible assets, net

     6,003       6,680  

Other long-term assets

     6,874       6,291  

Total assets

   $ 311,134     $ 308,442  
                 
                 
                 
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

                

Current liabilities:

                

Trade payables

   $ 1,820     $ 1,995  

Deferred revenues

     4,006       3,168  

Accrued expenses and other payables

     26,353       25,133  

Operating lease liabilities

     2,858       2,982  

Total current liabilities

     35,037       33,278  
                 

Long-term liabilities:

                

Accrued severance pay

     9,064       9,064  

Operating lease liabilities

     6,530       6,703  

Other accrued liabilities

     633       526  

Total liabilities

     51,264       49,571  
                 

Stockholders’ equity:

                

Common stock

     23       23  

Additional paid in-capital

     243,141       242,841  

Treasury stock

     (4,672 )     (9,904 )

Accumulated other comprehensive loss

     (5,910 )     (6,249 )

Retained earnings

     27,288       32,160  

Total stockholders’ equity

     259,870       258,871  

Total liabilities and stockholders’ equity

   $ 311,134     $ 308,442  

(*) Derived from audited financial statements

 

9
 EX-99.2 3 ex_515059.htm EXHIBIT 99.2

Exhibit 99.2

 

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
cevalogo01.jpg

 

 

CEVA, INC.

First Quarter 2023 Financial Results Conference Call

Prepared Remarks of Amir Panush, Chief Executive Officer and
Yaniv Arieli, Chief Financial Officer

May 10, 2023

8:30 A.M. Eastern

 

Richard

Good morning everyone and welcome to CEVA’s first quarter 2023 earnings conference call. Joining me today on the call are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA.

 

Forward Looking Statements and Non-GAAP Financial Measures

 

Before handing over to Amir, I would like to remind everyone that today’s discussion 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 market trends and dynamics, opportunities for Wi-Fi and 5G; our market position, strategy and growth drivers, including with respect to potential benefits of our acquisition of the 3D Spatial Audio business from ViviSonics; demand for and benefits of our technologies; expectations and financial guidance regarding future performance, including guidance for the second quarter of 2023; and our plans for attending investor events. For information on the factors that could cause a difference in our results, please refer to our filings with the Securities and Exchange Commission. These include: consumer demand and the global economy generally; the ability of CEVA’s IPs for smarter, connected devices to continue to be strong growth drivers for us; our success in penetrating new markets and maintaining our market position in existing markets; the ability of new products incorporating our technologies to achieve market acceptance; the speed and extent of the expansion of the 5G and IoT markets; our ability to execute more base station & IoT license agreements; the effect of intense industry competition and consolidation; global chip market trends; and our ability to successfully integrate Intrinsix into our business. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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In addition, we will be discussing certain non-GAAP financial measures which we believe provide a more meaningful analysis of our core operating results and comparison of quarterly results. A reconciliation of non-GAAP financial measures is included in the earnings release we issued this morning and in the SEC filings section of our investors relations website at investors.ceva-dsp.com.

 

With that said, I’d like to turn the call over to Amir who will review our business performance for the quarter and provide some insight into our ongoing business. Amir?

 

Amir

 

Thank you, Richard. Welcome everyone and thank you for joining us today. Our first quarter results showed continued progress in diversifying and expanding our licensing business. However, royalties were impacted by customer inventory adjustments and prolonged weak demand for smartphones and PCs.

 

Looking at licensing in more detail, thanks to hard work and efforts of our team, we signed 13 new licensing and NRE agreements in the quarter. We continue to have excellent traction across our wireless connectivity portfolio in particular, where our 5G and Wi-Fi 6 platforms are in strong demand. Of note, three of the licensing agreements we signed in the quarter are of strategic significance - one for our DSPs with a leading Android smartphone OEM for their in-house 5G modem efforts, one for our PentaG2 platform for broadband IoT, and one for our Wi-Fi 6 Access Point IP with a global OEM who is one of the leading providers of Wi-Fi access points and other networking devices. I will expand on these deals shortly. Other deals signed in the quarter target Bluetooth connectivity for TWS earbuds, consumer IoT and industrial devices, Wi-Fi 6 for access points and mesh use cases, sensor fusion for robot vacuum cleaners and AI for automotive ADAS.

 

In royalties, the magnitude of the decline in smartphone and PC related royalties was primarily driven by a pull-in of handset baseband shipments in the fourth quarter, which, combined with traditional seasonality, resulted in a correction in the first quarter due to inventory buildup. Following conversations we have had with customers and others in the supply chain, we understand that demand has resumed and expect a return to more normal levels as early as the second quarter.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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Outside of smartphones, we saw excellent growth in our Wi-Fi and Cellular IoT royalties, both of which contributed all-time high royalty revenue in the quarter. Wi-Fi royalties more than doubled sequentially, thanks in part to three new royalty paying customers that reported Wi-Fi 6 shipments to us for the first time. Bluetooth also continued to perform well across the broad consumer IoT markets where we have a large presence, while Bluetooth royalties from smartphones were affected by the correction I spoke of. Overall, handset royalties declined 64% sequentially and 71% year-over-year, while base station & IoT royalties declined just 4% sequentially and 7% annually.

 

On our last earnings call, I outlined three areas I identified as key growth drivers for CEVA, which align with the longer-term global megatrends. I want to take the opportunity now to update you on our progress in relation to these.

 

 

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The first is Wi-Fi, where we saw excellent progress in both licensing and royalties during the first quarter. In licensing, we signed 3 new customers in the quarter, bringing our total number of Wi-Fi 6 licensees to more than 35. While Wi-Fi 6 has achieved a high penetration rate in smartphones and PCs to date, the adoption of Wi-Fi 6 in industrial and the broad consumer IoT markets such as TVs, set top boxes, and other smart home devices is still nascent. This is the market opportunity that many of our Wi-Fi 6 licensees are targeting. And following strong licensing activities among IoT device customers in the past two years, we are now also engaging with customers licensing our Wi-Fi 6 and 6e solutions for access points, including with the strategic customer that I mentioned earlier. This is a significant development, as access points are an unchartered market for us, with minimal exposure, and traditionally dominated by the incumbent Wi-Fi chipset providers. There is a strong appetite for new chipset providers to enter this market and they are able to accelerate their design activities with our industry-leading Wi-Fi 6 IP. These new Wi-Fi chip customers include network equipment OEMs and semiconductor companies, such as the global OEM I alluded to earlier. Moreover, the royalties associated with access points are higher than those from consumer IoT devices, providing a new potentially lucrative royalty stream.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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And as our customer base expands, our future royalty opportunity for Wi-Fi continues to grow. Market research firm Techno Systems Research forecasts that Wi-Fi 6 device shipments will reach 2.8 billion devices annually by 2027, growing at a CAGR of 25%. As we have discussed previously, we believe the market opportunity for us in Wi-Fi 6 based on our customer design wins, is as big as Bluetooth, but with greater royalty revenue potential. Our actions this quarter only serve to reinforce my belief that our Wi-Fi business will be a key royalty growth contributor in the coming years.

 

 

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The second area I would like to update you on is 5G, where we signed two important agreements in the quarter. The first of these is a strategic deal with one of the world’s leading Android smartphone OEMs. This OEM licensed our DSPs for the first time as they begin their own in-house 5G modem efforts aimed at reducing their reliance on the 5G merchant semiconductor companies. This trend of OEMs designing chips for their own devices bodes very well with semiconductor IP companies like CEVA. OEMs do not have the in-house capabilities to design all aspects of a chip and turn to IP licensors to get many key components of their chip, reducing their risk and allow them focus on areas of the chip where they can achieve differentiation and utilize their in-house expertise. In late 2020, this OEM also licensed our Bluetooth and Wi-Fi IPs, the first chips of which are expected to be in production shortly. If they are successful with their connectivity and 5G chips, this smartphone OEM has the potential to become a key royalty customer for CEVA in the coming years.

 

The second 5G deal we signed in the quarter was for a customer looking to develop a 5G broadband IoT modem targeting a wide variety of end markets requiring high data throughput, low latency and large data volumes. These end markets include connected cars, wearables, smart grid, surveillance, AR/VR devices, industrial automation and more. According to the latest Ericsson Mobility Report, there will be more than 3 billion 5G broadband IoT connections worldwide, by the end of 2028. This is an exceptional market opportunity. This customer licensed our PentaG2 platform specifically designed for 5G broadband IoT, which will allow them to seamlessly develop their 5G RedCap-enabled chip with reduced risk thanks to our integrated platform offering which provides the key building blocks of a 5G modem.

 

Also, at Mobile World Congress in February, we announced our most powerful and efficient DSP architecture to date, the CEVA-XC20. The CEVA-XC20 addresses the massive compute requirements of 5G-Advanced and beyond and can scale to fit customers’ requirements from smartphone SoCs through to 5G-Advanced ASICs for base stations, private networks, O-RAN and other wireless infrastructure. We believe there is a strong demand for new 5G chips across the wireless industry and among many equipment OEMs. CEVA-XC20 can help to significantly lower the entry barriers for new entrants and incumbents who wish to accelerate their chip designs for these lucrative market opportunities.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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The third area is application software for embedded systems. In addition to earnings, we also announced our acquisition of the 3D Spatial Audio business from VisiSonics today. Spatial audio is emerging as one of the most interesting areas in audio, enabling a real-world audio experience within the digital world. This is increasingly becoming a feature of headsets and TWS earbuds to enhance the user experience for watching movies, gaming, listening to music, podcasts and even conference calls. VisiSonics has been our partner for 3D spatial audio for the past year and we developed a joint product which combined their spatial audio software with our head tracking technology to deliver a complete spatial audio experience. This joint solution, known as RealSpace, is now going into production with our first joint customer, boAt, India’s #1 hearable and wearable company. THX, the world-class audio and video certification and technology company, is already an existing customer, a testament to the quality of this software.

 

Following on from the success of the collaboration with boAt and understanding the significant opportunity for spatial audio across many end markets, we made the decision to acquire the business and own the complete spatial audio software solution. Initially, with our dominant presence in the TWS earbud market through our Bluetooth and audio DSP customers, we intend to offer headphone and earbud OEMs the capability to seamlessly add spatial audio to enhance their product lineups. We can also address a broad set of other markets where spatial audio is being adopted, including AR/VR/AR, audio conferencing, healthcare, automotive and media entertainment. Market research firm Future Market Insights estimates that 3D audio revenue will grow 4.1X from 2022 to 2032, reaching nearly $31.9 Billion in 2032, indicative of the significant market opportunity that spatial audio possesses. The team is located next to our sensor fusion R&D team in Rockville, Maryland, making the integration of this team straightforward. We believe this modest acquisition provides excellent potential to increase our application software royalty opportunity in the coming years as spatial audio becomes a must-have feature of wireless audio devices.

 

In summary, despite market challenges this quarter, I believe the opportunities we have in front of us continue to grow. We have an outstanding portfolio of wireless connectivity and smart sensing technologies, and have fostered strong relationships around the world with leading fabless companies and OEMs. I met with a number of key customers around the world in the quarter and am encouraged by their appetite to expand their relationship with us. Finally, the VisiSonics spatial audio business acquisition we announced today is an additional step in building our future strategy, bolstering our application software licensing business.

 

Now I will turn the call over to Yaniv for the financials.

 

Yaniv

 

Thank you, Amir and good day to all. I’ll now start by reviewing the results of our operations for the first quarter of 2023.

 

-         Revenue for the first quarter was $28.7 million, as compared to $34.4 million for the same quarter last year. The revenue breakdown is as follows:

 

-         Licensing, NRE and related revenue - reflecting 72% of total revenues - was $20.7 million, as compared to $22.4 million for the first quarter of 2022.

 

-         Royalty revenue - reflecting 28% of total revenues - was $8.0 million, as compared to $12.0 million for the same quarter last year.

 

-         Quarterly gross margins came in as expected on GAAP and slightly lower on non-GAAP basis, due to lower royalty revenue in the quarter. Gross margin was 82% on a GAAP basis and 84% on a non-GAAP basis compared to our 82% and 85% guidance on GAAP and non-GAAP, respectively. Non-GAAP quarterly gross margin excluded approximately: (a) equity-based compensation expenses of $0.4 million and (b) amortization of acquired intangibles $0.3 million.

 

-         Total GAAP operating expenses for the first quarter was above the high-end of our guidance at $28.2 million due to the timing of Israeli Innovation Authority grants received, lower allocation of Intrinsix’ NRE costs from R&D into cost of revenue, and higher professional fees.

 

-         Total non-GAAP operating expenses for the first quarter, excluding equity-based compensation expenses, amortization of intangibles, and holdback expenses, were $24.1 million, also above the higher-end of our guidance, due to the same reasons I just explained.

 

-         GAAP operating loss for the first quarter was $4.8 million, down from a GAAP operating profit of $0.5 million in the same quarter a year ago. GAAP quarterly operating profit included: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses, and (c) $0.3 million of costs associated with the Intrinsix acquisition. Non-GAAP operating profit was $0.1 million, lower than first quarter 2022 of $5.5 million.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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-          GAAP and non-GAAP tax expense of $1.4 million was recorded, mainly associated with withholding tax deducted by our customers that could not be utilized and were expensed.

 

-          GAAP loss was $4.9 million and diluted loss per share was 21 cents for the first quarter of 2023, as compared to a loss of $1.7 million and diluted loss per share of 7 cents for the first quarter of 2022.

 

With respect to other related data

 

Shipped units by CEVA licensees during the first quarter of 2023 were 297 million units, as compared to fourth quarter of 2022 reported shipments of 375 million units, primarily for the reasons Amir discussed earlier.

 

-         Of the 297 million units reported, 27 million units, or 9%, were for handset baseband chips.

 

-         Our base station and IoT product shipments were 270 million units, as compared to 308 million units in the fourth quarter of 2022 and 531 million units in the first quarter of 2022.

 

-         Bluetooth shipments were 190 million units in the quarter, as compared to 220 million units in the fourth quarter of 2022, mainly due to lower shipments from our Bluetooth smartphone customers associated with the inventory correction.

 

-         Cellular IoT units were up 19% sequentially to an all-time high of 29 million units.

 

-         Wi-Fi shipments were 21 million units, as compared to 37 million units in the fourth quarter of 2022. However, we are encouraged by the Wi-Fi product mix as it starts to shift towards Wi-Fi 6, which commands a higher average selling price, resulting in higher royalties. This positive trend reflects the long-term Wi-Fi royalty opportunity.

 

-         Other shipments under our base station & IoT umbrella totaled 30 million units in the quarter. This includes our computer vision, AI, audio, sensor fusion, 5G RAN and DSPs for non-cellular communications.

 

-          As Amir stated, both Wi-Fi and Cellular IoT contributed all-time high in-category royalty revenues in the quarter. Wi-Fi royalties more than doubled from last quarter thanks in part to three new royalty paying customers that reported Wi-Fi 6 shipments for the first time and is the start of the Wi-Fi 6 royalty cycle for us.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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As for the balance sheet items

 

-         At the end of the quarter our cash and cash equivalent balances, marketable securities and bank deposits were approximately $145 million.

 

-         Our DSO for the first quarter of 2023 increased to 69 days from 34 days in the prior quarter.

 

-         During the first quarter, we used $5.1 million cash from operating activities, on-going depreciation and amortization was $1.4 million, and purchase of fixed assets was $0.1 million.

 

-         At the end of the first quarter, our headcount was 497 people, of whom 413 were engineers. This is up from a total of 487 people at the end of 2022.

 

Now, turning to our outlook

 

As Amir discussed, the smartphone and PC markets continue to experience soft demand. However, within our handset and base station customer mix, we expect strong chip shipments recovery in the second quarter.

 

Our licensing, NRE and related revenues business continues to generate customer traction across our diversified portfolio.

 

In royalties, with several new customers that recently started production, and with the expectation for meaningfully higher shipment volumes of our handset and base station customers in the second quarter, we forecast sequentially higher royalties. Also, the strength of our wireless connectivity markets and customers will continue throughout the year.

 

In light of the current macro environment, we continue to monitor our expenses closely and will take appropriate steps as we see fit. In this regard, we are currently planning for non-GAAP OPEX to be slightly lower than first quarter level, in each of the quarters for the rest of the year.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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Specifically for the second quarter of 2023

 

Gross margin is expected to be similar to the first quarter, approximately 82% on GAAP basis, and slightly higher sequentially on non-GAAP basis to 85%, excluding an aggregate of $0.4 million of equity-based compensation expenses and $0.3 million amortization of acquired intangibles.

 

-         OPEX for the second quarter of 2023 is expected to be flattish with the first quarter of 2023, and in the range of $27.7 million to $28.7 million, including an expected $4.1 million of equity-based compensation expenses, $0.2 million to the Intrinsix holdback related expenses, and $0.3 million for amortization of acquired intangibles. Non-GAAP OPEX is expected to be slightly lower than the first quarter and in the range of $23.1 million – $24.1 million.

 

-         Net interest income is expected to be approximately $0.7 million.

 

-         Taxes for the second quarter are expected to be approximately $1.4 million derived mainly from withholding taxes.

 

-         Share count for the second quarter of 2023 is expected to be 24.4 million shares.

 

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CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023
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Operator: You can now open the Q&A session

Wrap Up: Richard

 

Thank you for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the Current Report on Form 8-K and accessible through the investor section of our website at https://investors.ceva-dsp.com.

 

With regards to upcoming events, we will be participating in the following conferences:

 

 

●

TD Cowen Israel Investor Trip on May 16th in Israel
 

●

Oppenheimer 24th Annual Israeli Conference, May 21st in Israel
 

●

Cowen’s 51st annual TMT Conference, May 31st and June 1st in New York

 

Further information on these events and all events we will be participating in can be found on the investors section of our website.

 

Thank you and goodbye

 

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Document And Entity Information
May 10, 2023
Document Information [Line Items]  
Entity, Registrant Name CEVA, INC.
Document, Type 8-K
Document, Period End Date May 10, 2023
Entity, Incorporation, State or Country Code DE
Entity, File Number 000-49842
Entity, Tax Identification Number 77-0556376
Entity, Address, Address Line One 15245 Shady Grove Road
Entity, Address, Address Line Two Suite 400
Entity, Address, City or Town Rockville
Entity, Address, State or Province MD
Entity, Address, Postal Zip Code 20850
City Area Code 240
Local Phone Number 308-8328
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol CEVA
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001173489
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