CEVA, INC. (NASDAQ:CEVA) Files An 8-K Results of Operations and Financial Condition
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 18, 2020, CEVA, Inc. (the “Company”) announced its financial results for the quarter and year ended December 31, 2019. A copy of the press release, dated February 18, 2020, is attached and filed herewith as Exhibit 99.1. On the same day, the Company held a conference call to discuss its financial results for the quarter and year ended December 31, 2019. 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 quarters and years ended December 31, 2019 and 2018 in accordance with generally accepted accounting principles in the United States (“GAAP”), the press release also included non-GAAP net income and diluted earnings per share (EPS) figures for the referenced periods.
Non-GAAP net income and diluted earnings per share excluded for (A) the fourth quarter of 2019: (a) equity-based compensation expense, net of taxes, and (b) the impact of the amortization of acquired intangibles associated with the acquisition of RivieraWaves and the Hillcrest Labs business, and the investments in NB-IoT and Immervision technologies, (B) the fourth quarter of 2018: (i) equity-based compensation expense, net of taxes, (ii) the impact of the amortization of acquired intangibles associated with the acquisition of RivieraWaves and the investment in NB-IoT technologies and (iii) revaluation of an investment in other company; (C) for the year ended 2019: (x) equity-based compensation expense, net of taxes, (y) the impact of the amortization of acquired intangibles associated with the acquisition of RivieraWaves and the Hillcrest Labs business, and the investments in NB-IoT and Immervision technologies, and (z) deal expenses and write-off of an acquired lease associated with the Hillcrest Labs transaction, and (D) for the year ended 2018, (X) equity-based compensation expense, net of taxes, and (Y) the impact of the amortization of acquired intangibles associated with the acquisition of RivieraWaves and the investment in NB-IoT technologies and (Z) revaluation of investment in other company, net of taxes.
The Company believes that the reconciliation of financial measures in the press release is useful to investors in analyzing the results for the quarters and years ended December 31, 2019 and 2018 because the exclusion of such 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.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits.
CEVA INC Exhibit
EX-99.1 2 ex_172934.htm EXHIBIT 99.1 ex_172934.htm Exhibit 99.1 CEVA,…
To view the full exhibit click here
About CEVA, INC. (NASDAQ:CEVA)
CEVA, Inc. (CEVA) is a licensor of signal processing intellectual property (IP). The Company partners with semiconductor companies and original equipment manufacturers (OEMs) to create connected devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet of things (IoT). The Company operates in the segment of licensing of intellectual property to semiconductor companies and electronic equipment manufacturers. It addresses the requirements of the mobile, consumer, automotive, industrial and IoT markets by designing and licensing application-specific signal processing platforms, which enable the design of solutions for developing a range of applications, including communications and connectivity, audio and voice, imaging and vision, and storage. It has research and development facilities in Israel, France, Ireland and the United Kingdom, and sales and support offices throughout Asia Pacific, Japan, Sweden, France, Israel and the United States.
