$CEVA
CEVA INC

2015 Q2 Form 10-Q Financial Statement

#000119312515284813 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $13.36M $9.215M
YoY Change 44.97% -28.08%
Cost Of Revenue $1.550M $1.370M
YoY Change 13.14% 25.34%
Gross Profit $11.81M $7.845M
YoY Change 50.53% -33.06%
Gross Profit Margin 88.4% 85.13%
Selling, General & Admin $4.214M $4.058M
YoY Change 3.84% -5.28%
% of Gross Profit 35.68% 51.73%
Research & Development $7.241M $6.051M
YoY Change 19.67% 7.65%
% of Gross Profit 61.32% 77.13%
Depreciation & Amortization $580.0K $160.0K
YoY Change 262.5% -5.88%
% of Gross Profit 4.91% 2.04%
Operating Expenses $11.78M $10.11M
YoY Change 16.52% 2.06%
Operating Profit $30.00K -$2.264M
YoY Change -101.33% -224.74%
Interest Expense $320.0K $420.0K
YoY Change -23.81% -40.85%
% of Operating Profit 1066.67%
Other Income/Expense, Net -$50.00K
YoY Change
Pretax Income $299.0K -$1.847M
YoY Change -116.19% -173.24%
Income Tax $131.0K -$321.0K
% Of Pretax Income 43.81%
Net Earnings $168.0K -$1.526M
YoY Change -111.01% -170.16%
Net Earnings / Revenue 1.26% -16.56%
Basic Earnings Per Share $0.01 -$0.07
Diluted Earnings Per Share $0.01 -$0.07
COMMON SHARES
Basic Shares Outstanding 20.56M shares 20.78M shares
Diluted Shares Outstanding 20.98M shares 20.78M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.50M $123.4M
YoY Change -43.68% -2.22%
Cash & Equivalents $12.08M $22.89M
Short-Term Investments $57.40M $100.5M
Other Short-Term Assets $7.200M $6.300M
YoY Change 14.29% 12.5%
Inventory
Prepaid Expenses
Receivables $9.390M $5.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $86.06M $134.7M
YoY Change -36.1% -4.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.836M $1.463M
YoY Change 93.85% -14.29%
Goodwill $46.61M $36.50M
YoY Change 27.71% 0.0%
Intangibles $4.863M
YoY Change
Long-Term Investments $58.60M $19.40M
YoY Change 202.06% -37.42%
Other Assets $1.806M $3.367M
YoY Change -46.36% 23.2%
Total Long-Term Assets $121.3M $65.95M
YoY Change 83.91% -14.45%
TOTAL ASSETS
Total Short-Term Assets $86.06M $134.7M
Total Long-Term Assets $121.3M $65.95M
Total Assets $207.3M $200.6M
YoY Change 3.35% -8.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $900.0K
YoY Change 0.0% -25.0%
Accrued Expenses $3.052M $2.211M
YoY Change 38.04% -65.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.22M $11.53M
YoY Change 49.32% -10.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.100M $7.700M
YoY Change 5.19% 14.93%
Total Long-Term Liabilities $8.100M $7.700M
YoY Change 5.19% 14.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.22M $11.53M
Total Long-Term Liabilities $8.100M $7.700M
Total Liabilities $26.50M $19.20M
YoY Change 38.02% -2.04%
SHAREHOLDERS EQUITY
Retained Earnings $21.77M $26.95M
YoY Change -19.23% 6.1%
Common Stock $211.1M $20.00K
YoY Change 1055510.0% -9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $51.89M $52.77M
YoY Change -1.68% 90.25%
Treasury Stock Shares 3.115M shares 3.194M shares
Shareholders Equity $180.9M $181.4M
YoY Change
Total Liabilities & Shareholders Equity $207.3M $200.6M
YoY Change 3.35% -8.0%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $168.0K -$1.526M
YoY Change -111.01% -170.16%
Depreciation, Depletion And Amortization $580.0K $160.0K
YoY Change 262.5% -5.88%
Cash From Operating Activities $2.980M -$3.460M
YoY Change -186.13% -573.97%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$90.00K
YoY Change 311.11% -73.53%
Acquisitions
YoY Change
Other Investing Activities -$430.0K $7.980M
YoY Change -105.39% -1346.88%
Cash From Investing Activities -$810.0K $7.890M
YoY Change -110.27% -905.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.040M -9.790M
YoY Change -58.73% 339.01%
NET CHANGE
Cash From Operating Activities 2.980M -3.460M
Cash From Investing Activities -810.0K 7.890M
Cash From Financing Activities -4.040M -9.790M
Net Change In Cash -1.870M -5.360M
YoY Change -65.11% 116.13%
FREE CASH FLOW
Cash From Operating Activities $2.980M -$3.460M
Capital Expenditures -$370.0K -$90.00K
Free Cash Flow $3.350M -$3.370M
YoY Change -199.41% -414.95%

Facts In Submission

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CEVA
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0001173489
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>NOTE 12: IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace most existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard was expected to be effective for the Company in the first quarter of 2017. However, in April 2015, the FASB issued for public comment a proposal to delay the effective date of this standard to annual reporting periods beginning after December&#xA0;15, 2017. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company&#x2019;s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
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168000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-162000
CY2015Q2 us-gaap Gross Profit
GrossProfit
11809000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
172000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
1000
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
5690000
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-129000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2548000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
11779000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
324000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
1550000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
131000
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
12000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
38000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1666000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
72000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
827000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
-33000
CY2015Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3426000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
34000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7241000
CY2015Q2 ceva Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeiture
0.10 pure

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