2023 Q4 Form 10-Q Financial Statement

#000143774923031089 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $24.16M $24.07M
YoY Change -27.66% -28.48%
Cost Of Revenue $2.259M $2.357M
YoY Change -61.55% -70.34%
Gross Profit $21.90M $21.72M
YoY Change -20.43% -15.54%
Gross Profit Margin 90.65% 90.21%
Selling, General & Admin $6.040M $6.470M
YoY Change -27.57% -7.15%
% of Gross Profit 27.58% 29.79%
Research & Development $18.15M $17.81M
YoY Change -10.55% -3.55%
% of Gross Profit 82.84% 82.03%
Depreciation & Amortization $149.0K $1.080M
YoY Change -91.41% -43.1%
% of Gross Profit 0.68% 4.97%
Operating Expenses $24.33M $24.43M
YoY Change -16.37% -17.85%
Operating Profit -$2.431M -$2.717M
YoY Change 54.84% -32.6%
Interest Expense $1.841M $1.080M
YoY Change 4.07% -411.24%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$946.0K -$1.633M
YoY Change -575.38% -62.7%
Income Tax $7.152M $1.117M
% Of Pretax Income
Net Earnings $3.769M -$4.957M
YoY Change 94.28% -77.78%
Net Earnings / Revenue 15.6% -20.59%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share $0.16 -$0.21
COMMON SHARES
Basic Shares Outstanding 23.56M 23.63M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.5M $121.3M
YoY Change 24.87% -6.87%
Cash & Equivalents $23.29M $17.08M
Short-Term Investments $143.3M $104.2M
Other Short-Term Assets $8.461M $8.500M
YoY Change 22.69% 4.51%
Inventory
Prepaid Expenses
Receivables $30.31M $31.06M
Other Receivables $0.00 $0.00
Total Short-Term Assets $205.3M $171.3M
YoY Change 15.58% 0.05%
LONG-TERM ASSETS
Property, Plant & Equipment $13.71M $6.733M
YoY Change 93.13% -8.64%
Goodwill $58.31M $58.31M
YoY Change -22.02% -22.02%
Intangibles
YoY Change
Long-Term Investments $406.0K $300.0K
YoY Change -95.29% -96.58%
Other Assets $23.39M $7.993M
YoY Change 271.77% 102.0%
Total Long-Term Assets $98.78M $124.7M
YoY Change -24.49% 0.87%
TOTAL ASSETS
Total Short-Term Assets $205.3M $171.3M
Total Long-Term Assets $98.78M $124.7M
Total Assets $304.1M $296.0M
YoY Change -1.41% 0.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.154M $1.200M
YoY Change -42.16% -30.27%
Accrued Expenses $23.45M $5.462M
YoY Change 252.1% -8.06%
Deferred Revenue $3.018M $3.994M
YoY Change -4.73% 12.82%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.62M $25.69M
YoY Change -17.0% -8.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.12M $13.60M
YoY Change -25.6% -5.91%
Total Long-Term Liabilities $12.12M $13.60M
YoY Change -25.6% -5.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.62M $25.69M
Total Long-Term Liabilities $12.12M $13.60M
Total Liabilities $39.74M $39.29M
YoY Change -19.82% -7.6%
SHAREHOLDERS EQUITY
Retained Earnings $20.17M $16.40M
YoY Change -37.29% -45.74%
Common Stock $252.1M $248.8M
YoY Change 3.81% 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.3M $256.7M
YoY Change
Total Liabilities & Shareholders Equity $304.1M $296.0M
YoY Change -1.41% 0.4%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $3.769M -$4.957M
YoY Change 94.28% -77.78%
Depreciation, Depletion And Amortization $149.0K $1.080M
YoY Change -91.41% -43.1%
Cash From Operating Activities $4.809M -$1.280M
YoY Change 41.61% -170.45%
INVESTING ACTIVITIES
Capital Expenditures $764.0K $890.0K
YoY Change 32.87% -208.4%
Acquisitions
YoY Change
Other Investing Activities $4.380M -$6.260M
YoY Change -139.06% -164.21%
Cash From Investing Activities $3.626M -$7.160M
YoY Change -130.76% -180.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.160M -1.280M
YoY Change 124.96%
NET CHANGE
Cash From Operating Activities 4.809M -1.280M
Cash From Investing Activities 3.626M -7.160M
Cash From Financing Activities -3.160M -1.280M
Net Change In Cash 5.275M -9.720M
YoY Change -162.86% -195.52%
FREE CASH FLOW
Cash From Operating Activities $4.809M -$1.280M
Capital Expenditures $764.0K $890.0K
Free Cash Flow $4.045M -$2.170M
YoY Change 43.39% -182.26%

Facts In Submission

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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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OtherComprehensiveIncomeLossTax
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OtherComprehensiveIncomeLossTax
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OtherComprehensiveIncomeLossTax
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OtherComprehensiveIncomeLossTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
874000 usd
ceva Treasury Stock Issued During Period Value Stock Options Exercised
TreasuryStockIssuedDuringPeriodValueStockOptionsExercised
2519000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
256700000 usd
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StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
114000 usd
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2023Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3003000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
874000 usd
CY2023Q3 ceva Treasury Stock Issued During Period Value Stock Options Exercised
TreasuryStockIssuedDuringPeriodValueStockOptionsExercised
846000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
256700000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
276732000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6389000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10383000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
6785000 usd
ceva Treasury Stock Issued During Period Value Stock Options Exercised
TreasuryStockIssuedDuringPeriodValueStockOptionsExercised
3479000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
252297000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
273715000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-22304000 usd
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OtherComprehensiveIncomeLossNetOfTax
-2236000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3691000 usd
CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2328000 usd
CY2022Q3 ceva Treasury Stock Issued During Period Value Stock Options Exercised
TreasuryStockIssuedDuringPeriodValueStockOptionsExercised
1759000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
252297000 usd
us-gaap Net Income Loss
NetIncomeLoss
-15647000 usd
us-gaap Net Income Loss
NetIncomeLoss
-25123000 usd
us-gaap Depreciation
Depreciation
2195000 usd
us-gaap Depreciation
Depreciation
2325000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1718000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
3502000 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
3556000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
12306000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
10383000 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
68000 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-25000 usd
us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
41000 usd
us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
335000 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
148000 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-695000 usd
ceva Remeasurement Of Marketable Equity Securities
RemeasurementOfMarketableEquitySecurities
76000 usd
ceva Remeasurement Of Marketable Equity Securities
RemeasurementOfMarketableEquitySecurities
2271000 usd
ceva Increase Decrease In Accounts Receivable And Unbilled Receivables
IncreaseDecreaseInAccountsReceivableAndUnbilledReceivables
778000 usd
ceva Increase Decrease In Accounts Receivable And Unbilled Receivables
IncreaseDecreaseInAccountsReceivableAndUnbilledReceivables
-686000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1969000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1330000 usd
ceva Changes In Operating Assets And Liabilities Operating Lease Right Of Use Assets
ChangesInOperatingAssetsAndLiabilitiesOperatingLeaseRightOfUseAssets
720000 usd
ceva Changes In Operating Assets And Liabilities Operating Lease Right Of Use Assets
ChangesInOperatingAssetsAndLiabilitiesOperatingLeaseRightOfUseAssets
711000 usd
ceva Increase Decrease In Accrued Interest On Bank Deposits
IncreaseDecreaseInAccruedInterestOnBankDeposits
130000 usd
ceva Increase Decrease In Accrued Interest On Bank Deposits
IncreaseDecreaseInAccruedInterestOnBankDeposits
-273000 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
1486000 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-11801000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-836000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
264000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
950000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-5121000 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
47000 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
908000 usd
ceva Increase Decrease In Accrued Salaries And Related Expenses
IncreaseDecreaseInAccruedSalariesAndRelatedExpenses
6237000 usd
ceva Increase Decrease In Accrued Salaries And Related Expenses
IncreaseDecreaseInAccruedSalariesAndRelatedExpenses
2757000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-718000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-729000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1372000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
567000 usd
ceva Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
192000 usd
ceva Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
286000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3528000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2123000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2924000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3600000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-0 usd
ceva Investment In Bank Deposits
InvestmentInBankDeposits
2000000 usd
ceva Investment In Bank Deposits
InvestmentInBankDeposits
14000000 usd
ceva Proceeds From Bank Deposits
ProceedsFromBankDeposits
6000000 usd
ceva Proceeds From Bank Deposits
ProceedsFromBankDeposits
30885000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
10524000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
27260000 usd
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ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
8800000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
6796000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10659000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
3175000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7212000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3003000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6785000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3393000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3479000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
390000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3306000 usd
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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-537000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-3595000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3643000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21285000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33153000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17690000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29510000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6073000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8294000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
71000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1562000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1591000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17082000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29072000 usd
CY2023Q3 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
608000 usd
CY2022Q3 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
438000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17690000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29510000 usd
us-gaap Nature Of Operations
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 54pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>NOTE <em style="font: inherit;">1:</em></b></p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>BUSINESS </b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The financial information in this quarterly report includes the results of CEVA, Inc. and its subsidiaries (the “Company” or “CEVA”).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">CEVA licenses a family of wireless connectivity and smart sensing technologies which have shipped in more than <em style="font: inherit;">16</em> billion devices. The Company’s offerings include Digital Signal Processors, AI engines, wireless platforms and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence, all of which are key enabling technologies for devices to connect, sense and infer data. CEVA’s Digital Signal Processors (“DSPs”) and AI neural processing unit (“NPU”) platforms address the technology requirements of: <em style="font: inherit;">5G</em> baseband processing for mobile, broadband, cellular IoT and Radio Access Network (“RAN”); generative AI workloads associated with computer vision for any camera, <em style="font: inherit;">4D</em> and LIDAR-enabled device; audio/voice/sound; and ultra-low-power always-on/sensing applications for wearables, hearables and multiple IoT markets. For motion sensors and sensor fusion, CEVA’s Hillcrest Labs sensor processing technologies provide a broad range of software and Inertial Measurement Unit (“IMU”) solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, the Rivierawaves platforms for Bluetooth (low energy and dual mode), Wi-Fi <em style="font: inherit;">4/5/6/6E</em> (<em style="font: inherit;">802.11n/ac/ax</em>), Ultra-WideBand (“UWB”) are the most broadly licensed connectivity platforms in the industry. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">CEVA’s technologies are licensed to leading semiconductor and Original Equipment Manufacturer (“OEM”) companies. These companies design, manufacture, market and sell Application-Specific Integrated Circuits (“ASICs”) and Application-Specific Standard Products (“ASSPs”) based on CEVA’s technology to mobile, consumer, automotive, robotics, industrial and IoT companies for incorporation into a wide variety of end products.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">On <em style="font: inherit;"> September 14, 2023, </em>the Company and its wholly owned subsidiary, Intrinsix Corp. (“Intrinsix”), a Massachusetts-based provider of design engineering solutions focused on the U.S. Aerospace &amp; Defense industry, entered into a Share Purchase Agreement (the “Agreement”) with Cadence Design Systems, Inc. (“Cadence”), pursuant to which Cadence agreed to purchase all of the issued and outstanding capital shares of Intrinsix from the Company for $35,000 in cash, less approximately $7,500 repaid by Intrinsix to the Company at closing in respect of an intercompany obligation and subject to other certain purchase price adjustments as provided for in the Agreement (the “Transaction”). The closing of the Transaction occurred on <em style="font: inherit;"> October 2, 2023. </em>At the closing, an amount of $300 from the consideration was deposited with a <em style="font: inherit;">third</em>-party escrow agent for the purposes of satisfying any additional post-closing purchase price adjustments owed by the Company to Cadence and a further amount of $3,500 of the consideration was deposited with the same escrow agent for a period of <em style="font: inherit;">18</em> months as security for the Company’s indemnification obligations to Cadence in accordance with the terms and conditions set forth in the Agreement. The Agreement includes certain representations, warranties and covenants of the parties, and the Company also agreed to certain non-competition and non-solicitation terms, which are subject to certain exceptions.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">In accordance with applicable accounting guidance, the Company presents businesses whose disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. As such, the results of Intrinsix are presented as a discontinued operation in the Interim Condensed Consolidated Financial Statements and have been excluded from continuing operation for all periods presented. The Interim Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and the discontinued operation. See Note <em style="font: inherit;">4</em> for additional information.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b><i>Use of Estimates </i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">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’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 financial statements, the reported amounts of revenues and expenses during the reporting period, and amounts classified as a discontinued operation. Actual results could differ from those estimates.</p>
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CY2022Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
4000 usd
CY2023Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
332000 usd
CY2023Q3 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
239000 usd
CY2022Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
13000 usd
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
408000 usd
CY2022Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
119000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
58308000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
56794000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
73257000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
90233000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24073000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
30050000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-10339000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-18397000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2750000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-20632000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-5308000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-6726000 usd
CY2023Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2207000 usd
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-1672000 usd
us-gaap Net Income Loss
NetIncomeLoss
-15647000 usd
us-gaap Net Income Loss
NetIncomeLoss
-25123000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-4957000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-22304000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23473000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23163000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23605000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23211000
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.44
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.79
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.12
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.89
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.23
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.29
CY2023Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.09
CY2022Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.08
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.96
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1402978
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
966748
CY2022Q4 ceva Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber
106000
CY2022Q4 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Outstanding Weightedaverage Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedaverageExercisePrice
20.24
CY2022 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm
P2Y
CY2022Q4 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsAggregateIntrinsicValueOutstanding
609000 usd
ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Exercised In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisedInPeriod
26000
ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Exercised Weightedaverage Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisedWeightedaverageExercisePrice
19.36
CY2023Q3 ceva Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber
99425
CY2023Q3 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Outstanding Weightedaverage Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedaverageExercisePrice
20.74
ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm
P2Y9M18D
CY2023Q3 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsAggregateIntrinsicValueOutstanding
120000 usd
CY2023Q3 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Exercisable Number
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisableNumber
80000
CY2023Q3 ceva Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsExercisableWeightedAverageExercisePrice
20.53
ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Execisable Weighted Average Remaining Contractual Terms
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExecisableWeightedAverageRemainingContractualTerms
P1Y9M18D
CY2023Q3 ceva Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Aggregate Intrinsic Value Exercisable
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsAggregateIntrinsicValueExercisable
120000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12306000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10383000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4242000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3691000 usd
CY2023Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
14000000 usd
CY2022Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
12200000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
299000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
873000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
398000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1140000 usd
CY2023Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
135078
CY2023Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
22.23
CY2023Q3 ceva Treasury Stock Value Acquired Weighted Average Method
TreasuryStockValueAcquiredWeightedAverageMethod
3003000 usd
CY2022Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
82718
CY2022Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
28.14
CY2022Q3 ceva Treasury Stock Value Acquired Weighted Average Method
TreasuryStockValueAcquiredWeightedAverageMethod
2328000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
218809
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
31.01
ceva Treasury Stock Value Acquired Weighted Average Method
TreasuryStockValueAcquiredWeightedAverageMethod
6785000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
143721

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ceva-20230930.xsd Edgar Link pending
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