Balance Sheet CEVA, Inc.

Equities

CEVA

US1572101053

Semiconductors

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01:05pm	Ceva Wi-Fi 6 and Bluetooth IPs Power Renesas' First Combo MCUs cfor Iot and Connected Home	CI
12:38pm	Stifel Initiates CEVA at Buy With $30 Price Target	MT

0fc4a1f030.ySa8YYR_CDPF4BRwZ71vphui_oDwFJfjBJjTe7SJOV4.ilPuI9UqXAWcrFYIHt4dw2-akdi7RvCwY6yYCv2xUWmZFssoySVyRI2wXQ

Published financial data: CEVA, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	100M	123M	135M	97.42M	107M
Total Revenues	100M	123M	135M	97.42M	107M
Cost of Goods Sold, Total	10.75M	16.83M	27.05M	11.65M	12.77M
Gross Profit	89.58M	106M	108M	85.77M	94.17M
Selling General & Admin Expenses, Total	26.02M	26.19M	28.22M	24.98M	29.5M
R&D Expenses	62.01M	72.5M	78.5M	72.69M	71.62M
Amortization of Goodwill and Intangible Assets - (IS)	2.31M	2.71M	2.72M	594K	599K
Other Operating Expenses, Total	90.34M	101M	109M	98.27M	102M
Operating Income	-763K	4.48M	-1.85M	-12.5M	-7.54M
Interest And Investment Income	3.29M	1.87M	3.19M	4.36M	4.95M
Net Interest Expenses	3.29M	1.87M	3.19M	4.36M	4.95M
Currency Exchange Gains (Loss)	443K	-1.27M	74K	688K	-1.01M
EBT, Excl. Unusual Items	2.97M	5.08M	1.41M	-7.45M	-3.6M
Merger & Related Restructuring Charges	-	-970K	-	-970K	-
Gain (Loss) On Sale Of Investments	-450K	1.58M	-2.96M	212K	842K
Asset Writedown	-	-	-3.56M	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	2.52M	5.69M	-5.11M	-8.2M	-2.76M
Income Tax Expense	4.9M	5.29M	18.08M	10.23M	6.03M
Earnings From Continuing Operations	-2.38M	396K	-23.18M	-18.44M	-8.79M
Earnings Of Discontinued Operations	-	-	-	6.56M	-
Net Income to Company	-2.38M	396K	-23.18M	-11.88M	-8.79M
Net Income - (IS)	-2.38M	396K	-23.18M	-11.88M	-8.79M
Net Income to Common Incl Extra Items	-2.38M	396K	-23.18M	-11.88M	-8.79M
Net Income to Common Excl. Extra Items	-2.38M	396K	-23.18M	-18.44M	-8.79M
Per Share Items
Net EPS - Basic	-0.11	0.02	-1	-0.51	-0.37
Basic EPS - Continuing Operations	-0.11	0.02	-1	-0.79	-0.37
Basic Weighted Average Shares Outstanding	22.11M	22.82M	23.17M	23.48M	23.61M
Net EPS - Diluted	-0.11	0.02	-1	-0.51	-0.37
Diluted EPS - Continuing Operations	-0.11	0.02	-1	-0.79	-0.37
Diluted Weighted Average Shares Outstanding	22.11M	23.25M	23.17M	23.48M	23.61M
Normalized Basic EPS	0.08	0.14	0.04	-0.2	-0.1
Normalized Diluted EPS	0.08	0.14	0.04	-0.2	-0.1
Supplemental Items
EBITDA	5.06M	11.46M	5.71M	-7.61M	-3.41M
EBITA	1.82M	8.28M	2.52M	-10.5M	-6.46M
EBIT	-763K	4.48M	-1.85M	-12.5M	-7.54M
EBITDAR	7.64M	14.55M	9M	-4.65M	-646K
Total Revenues (As Reported)	100M	123M	135M	97.42M	107M
Effective Tax Rate - (Ratio)	194.37	93.04	-353.86	-124.7	-218.91
Current Domestic Taxes	12K	5K	949K	-1.23M	43K
Current Foreign Taxes	6.34M	11.77M	6.65M	7.67M	6.06M
Total Current Taxes	6.35M	11.78M	7.6M	6.44M	6.1M
Deferred Domestic Taxes	-	-1.54M	-4.42M	4.43M	-
Deferred Foreign Taxes	-1.45M	-4.95M	14.9M	-636K	-69K
Total Deferred Taxes	-1.45M	-6.48M	10.48M	3.79M	-69K
Normalized Net Income	1.86M	3.18M	882K	-4.65M	-2.25M
Non-Cash Pension Expense	1.98M	1.94M	2.71M	2.12M	1.84M
Supplemental Operating Expense Items
Advertising Expense	559K	623K	-	-	795K
Selling and Marketing Expenses	11.91M	12.86M	12.9M	11.04M	12.62M
General and Administrative Expenses	14.12M	13.33M	15.32M	13.94M	16.88M
Research And Development Expense From Footnotes	68.14M	78.4M	85.5M	76.87M	73.88M
Net Rental Expense, Total	2.59M	3.08M	3.29M	2.97M	2.76M
Stock-Based Comp., COGS (Total)	639K	818K	1.46M	826K	713K
Stock-Based Comp., R&D Exp. (Total)	6.87M	7.29M	8.54M	9.13M	9.3M
Stock-Based Comp., S&M Exp. (Total)	2.04M	1.63M	1.55M	1.78M	1.8M
Stock-Based Comp., G&A Exp. (Total)	4.08M	3.32M	2.95M	3.8M	3.76M
Total Stock-Based Compensation	13.64M	13.06M	14.5M	15.53M	15.58M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	21.14M	33.15M	21.28M	23.29M	18.5M
Short Term Investments	109M	122M	118M	143M	145M
Total Cash And Short Term Investments	130M	155M	139M	167M	164M
Accounts Receivable, Total	31.22M	27.45M	31.25M	30.31M	37.21M
Total Receivables	31.22M	27.45M	31.25M	30.31M	37.21M
Prepaid Expenses	6.2M	6.61M	6.88M	11.54M	15.49M
Other Current Assets, Total	-	63K	13K	988K	-
Total Current Assets	168M	189M	178M	209M	216M
Gross Property Plant And Equipment	35.43M	37.62M	41.89M	39.23M	36.81M
Accumulated Depreciation	-18.79M	-22.02M	-24.51M	-25.52M	-24.12M
Net Property Plant And Equipment	16.64M	15.59M	17.38M	13.71M	12.69M
Long-term Investments	30.46M	2.92M	8.61M	406K	312K
Goodwill	51.07M	74.78M	74.78M	58.31M	58.31M
Other Intangibles, Total	10.84M	14.61M	6.68M	2.97M	1.88M
Accounts Receivable Long-Term	-	-	-	-	2.58M
Deferred Tax Assets Long-Term	10.83M	15.85M	8.6M	1.61M	1.46M
Other Long-Term Assets, Total	19.56M	15.93M	14.77M	17.71M	15.38M
Total Assets	307M	329M	308M	304M	309M
Liabilities
Accounts Payable, Total	894K	1.46M	2M	1.15M	1.12M
Accrued Expenses, Total	19.84M	19.51M	20.13M	16.29M	19.17M
Current Portion of Leases	2.97M	3.27M	2.98M	2.51M	2.6M
Current Income Taxes Payable	231K	420K	2.55M	1.92M	1.71M
Unearned Revenue Current, Total	2.96M	9.46M	4.09M	3.91M	4.61M
Other Current Liabilities	1.29M	1.31M	1.54M	1.09M	1.31M
Total Current Liabilities	28.18M	35.44M	33.28M	26.89M	30.53M
Long-Term Leases	5.77M	5.13M	6.7M	3.94M	2.96M
Other Non Current Liabilities	12.11M	11.36M	9.59M	8.91M	8.9M
Total Liabilities	46.06M	51.93M	49.57M	39.74M	42.39M
Common Stock, Total	22K	23K	23K	23K	24K
Additional Paid In Capital	233M	235M	243M	252M	260M
Retained Earnings	57.35M	55.48M	32.16M	20.17M	11.19M
Treasury Stock	-30.13M	-13.79M	-9.9M	-5.62M	-3.22M
Comprehensive Income and Other	478K	-372K	-6.25M	-2.33M	-1.33M
Total Common Equity	261M	277M	259M	264M	267M
Total Equity	261M	277M	259M	264M	267M
Total Liabilities And Equity	307M	329M	308M	304M	309M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	22.81M	23.2M	23.42M	23.63M	23.81M
ECS Total Common Shares Outstanding	22.26M	22.98M	23.22M	23.44M	23.63M
Book Value / Share	11.72	12.04	11.15	11.28	11.28
Tangible Book Value	199M	187M	177M	203M	206M
Tangible Book Value Per Share	8.94	8.15	7.64	8.66	8.73
Total Debt	8.74M	8.4M	9.68M	6.46M	5.56M
Net Debt	-121M	-149M	-130M	-160M	-158M
Debt Equivalent of Unfunded Proj. Benefit Obligation	691K	376K	589K	454K	204K
Debt Equivalent Oper. Leases	20.7M	24.68M	26.3M	23.74M	22.1M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	22.32M	24.61M	26.95M	27.89M	26.61M
Full Time Employees	404	476	485	424	428
Accumulated Allowance for Doubtful Accounts (Supple)	300K	288K	313K	288K	288K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-2.38M	396K	-23.18M	-11.88M	-8.79M
Depreciation & Amortization - CF	3.23M	3.18M	3.19M	2.89M	3.05M
Amortization of Goodwill and Intangible Assets - (CF)	2.59M	3.8M	4.37M	2M	1.09M
Depreciation & Amortization, Total	5.82M	6.98M	7.56M	4.88M	4.14M
(Gain) Loss on Sale of Investments - (CF)	450K	-1.58M	2.96M	-11.77M	-842K
Asset Writedown & Restructuring Costs	-	-	3.56M	-	-
Stock-Based Compensation (CF)	13.64M	13.06M	14.5M	16.2M	15.58M
Other Operating Activities, Total	-591K	1.16M	-351K	-560K	1.11M
Change In Accounts Receivable	-2.92M	5.84M	-3.75M	-25K	-6.78M
Change In Accounts Payable	186K	404K	511K	-818K	-261K
Change in Unearned Revenues	-1.21M	5.05M	-5.49M	-27K	581K
Change In Income Taxes	143K	189K	2.13M	67K	-221K
Change In Deferred Taxes	-335K	-6.3M	7.81M	6.68M	-68K
Change in Other Net Operating Assets	2.36M	598K	666K	-9.09M	-974K
Cash from Operations	15.16M	25.8M	6.92M	-6.33M	3.47M
Capital Expenditure	-2.94M	-2.19M	-3.5M	-2.88M	-3.71M
Cash Acquisitions	-	-29.89M	-	-3.6M	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-12.28M	15.38M	-11.62M	17.32M	1.26M
Cash from Investing	-15.22M	-16.71M	-15.12M	10.84M	-2.45M
Issuance of Common Stock	2.87M	3.24M	3.48M	3.39M	2.88M
Repurchase of Common Stock	-4.78M	-	-6.78M	-6.16M	-8.46M
Other Financing Activities, Total	-204K	-	-	-	-
Cash from Financing	-2.11M	3.24M	-3.31M	-2.77M	-5.57M
Foreign Exchange Rate Adjustments	508K	-327K	-370K	267K	-241K
Net Change in Cash	-1.66M	12.01M	-11.87M	2M	-4.79M
Supplemental Items
Cash Income Tax Paid (Refund)	4.73M	9.18M	10.19M	7.4M	6.26M
Levered Free Cash Flow	13.81M	30.91M	11.51M	-23.62K	4.98M
Unlevered Free Cash Flow	13.81M	30.91M	11.51M	-23.62K	4.98M
Change In Net Working Capital	2.24M	-10.26M	5.9M	9.74M	6.31M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-0.16	0.88	-0.36	-2.55	-1.54
Return on Total Capital	-0.18	1.01	-0.42	-2.91	-1.74
Return On Equity %	-0.93	0.15	-8.66	-7.05	-3.31
Return on Common Equity	-0.93	0.15	-8.66	-7.05	-3.31
Margin Analysis
Gross Profit Margin %	89.29	86.29	79.91	88.04	88.06
SG&A Margin	25.94	21.34	20.96	25.65	27.59
EBITDA Margin %	5.04	9.34	4.24	-7.82	-3.19
EBITA Margin %	1.82	6.75	1.87	-10.78	-6.04
EBIT Margin %	-0.76	3.65	-1.38	-12.83	-7.06
Income From Continuing Operations Margin %	-2.37	0.32	-17.22	-18.93	-8.22
Net Income Margin %	-2.37	0.32	-17.22	-12.19	-8.22
Net Avail. For Common Margin %	-2.37	0.32	-17.22	-18.93	-8.22
Normalized Net Income Margin	1.85	2.59	0.65	-4.78	-2.1
Levered Free Cash Flow Margin	13.76	25.19	8.55	-0.02	4.66
Unlevered Free Cash Flow Margin	13.76	25.19	8.55	-0.02	4.66
Asset Turnover
Asset Turnover	0.33	0.39	0.42	0.32	0.35
Fixed Assets Turnover	5.64	7.61	8.17	6.76	8.1
Receivables Turnover (Average Receivables)	3.37	4.18	4.59	3.24	3.17
Short Term Liquidity
Current Ratio	5.95	5.33	5.34	7.79	7.09
Quick Ratio	5.73	5.14	5.13	7.32	6.58
Operating Cash Flow to Current Liabilities	0.54	0.73	0.21	-0.24	0.11
Days Sales Outstanding (Average Receivables)	108.59	87.26	79.56	112.66	115.54
Average Days Payable Outstanding	27.15	25.57	23.34	47.21	32.66
Long Term Solvency
Total Debt/Equity	3.35	3.04	3.74	2.44	2.09
Total Debt / Total Capital	3.24	2.95	3.61	2.38	2.04
LT Debt/Equity	2.21	1.85	2.59	1.49	1.11
Long-Term Debt / Total Capital	2.14	1.8	2.5	1.46	1.09
Total Liabilities / Total Assets	15.01	15.8	16.07	13.07	13.72
Total Debt / EBITDA	1.14	0.58	1.08	-1.39	-8.61
Net Debt / EBITDA	-15.88	-10.27	-14.47	34.54	245.19
Total Debt / (EBITDA - Capex)	1.86	0.68	1.76	-0.86	-1.28
Net Debt / (EBITDA - Capex)	-25.77	-12.09	-23.69	21.31	36.38
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.12	22.31	9.73	-19.21	9.77
Gross Profit, 1 Yr. Growth %	16.26	18.2	1.62	-18.66	9.79
EBITDA, 1 Yr. Growth %	32.86	126.63	-50.21	-150.72	-63.86
EBITA, 1 Yr. Growth %	159.6	353.64	-69.59	-188.82	-47.6
EBIT, 1 Yr. Growth %	-47.81	-686.89	-141.38	-267.7	-43.48
Earnings From Cont. Operations, 1 Yr. Growth %	-8.6K	-116.65	-5.95K	32.85	-52.35
Net Income, 1 Yr. Growth %	-8.6K	-116.65	-5.95K	-48.76	-26.03
Normalized Net Income, 1 Yr. Growth %	23.23	71.05	-72.24	-169.49	-56.66
Diluted EPS Before Extra, 1 Yr. Growth %	-8.87K	-115.78	-5.87K	31.67	-52.9
Accounts Receivable, 1 Yr. Growth %	10.3	-12.09	13.85	1.6	22.77
Net Property, Plant and Equip., 1 Yr. Growth %	-12.18	-6.29	11.48	-9.26	-7.45
Total Assets, 1 Yr. Growth %	3.34	7.07	-6.15	-1.41	1.6
Tangible Book Value, 1 Yr. Growth %	6.6	-5.85	-5.3	1.69	1.63
Common Equity, 1 Yr. Growth %	3.87	6.07	-6.45	2.11	0.84
Cash From Operations, 1 Yr. Growth %	56.74	70.18	-73.17	-191.44	-154.83
Capital Expenditures, 1 Yr. Growth %	-15.2	-25.28	59.55	-17.58	28.57
Levered Free Cash Flow, 1 Yr. Growth %	251	123.84	-62.76	-100.15	-427.28
Unlevered Free Cash Flow, 1 Yr. Growth %	251	123.84	-62.76	-100.15	-427.28
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	13.5	18.66	15.85	-7.49	-5.83
Gross Profit, 2 Yr. CAGR %	13.18	17.23	9.6	-8.95	-5.5
EBITDA, 2 Yr. CAGR %	31.79	73.52	6.23	-26.32	-52.35
EBITA, 2 Yr. CAGR %	2.37K	243.17	17.46	-1.58	-26.11
EBIT, 2 Yr. CAGR %	-21.72	75.01	55.84	33.23	0.62
Earnings From Cont. Operations, 2 Yr. CAGR %	103.58	276.07	212.17	177.34	-20.43
Net Income, 2 Yr. CAGR %	103.58	276.07	212.17	447.68	-38.44
Normalized Net Income, 2 Yr. CAGR %	-0.7	45.18	-31.09	-1.3	-42.06
Diluted EPS Before Extra, 2 Yr. CAGR %	105.49	272	201.58	181.07	-21.25
Accounts Receivable, 2 Yr. CAGR %	9.26	-1.53	0.04	5.08	11.69
Net Property, Plant and Equip., 2 Yr. CAGR %	50.52	-9.28	2.21	-6.23	-8.36
Total Assets, 2 Yr. CAGR %	5.22	5.19	0.24	-3.81	0.08
Tangible Book Value, 2 Yr. CAGR %	0.61	0.18	-5.58	4.11	1.66
Common Equity, 2 Yr. CAGR %	3.01	4.97	-0.39	-2.26	1.47
Cash From Operations, 2 Yr. CAGR %	32.69	63.32	-32.43	-50.47	-29.2
Capital Expenditures, 2 Yr. CAGR %	-5.96	-20.4	9.19	14.68	2.94
Levered Free Cash Flow, 2 Yr. CAGR %	91.77	180.3	-8.7	-97.29	-42.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	91.77	180.3	-8.7	-97.29	-42.93
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.66	16.36	15.6	-0.98	-2.06
Gross Profit, 3 Yr. CAGR %	3.6	14.83	11.78	-1.44	-3.09
EBITDA, 3 Yr. CAGR %	-35.81	57.9	14.45	14.61	-37.59
EBITA, 3 Yr. CAGR %	-52.57	1.3K	53	79.19	-15.87
EBIT, 3 Yr. CAGR %	-63.64	53.22	8.22	153.96	2.34
Earnings From Cont. Operations, 3 Yr. CAGR %	-48.11	-11.64	839.01	97.89	54.18
Net Income, 3 Yr. CAGR %	-48.11	-11.64	839.01	70.92	181
Normalized Net Income, 3 Yr. CAGR %	-47.11	19.04	-16.35	35.84	-22.22
Diluted EPS Before Extra, 3 Yr. CAGR %	-47.26	-12.66	827.48	92.94	54.96
Accounts Receivable, 3 Yr. CAGR %	23.71	1.62	3.35	-0.99	10.67
Net Property, Plant and Equip., 3 Yr. CAGR %	33.93	28.53	-2.83	-6.25	-6.64
Total Assets, 3 Yr. CAGR %	3.51	5.83	1.27	-0.31	-2.04
Tangible Book Value, 3 Yr. CAGR %	0.45	-1.59	-1.68	0.68	3.28
Common Equity, 3 Yr. CAGR %	2.16	4.02	1.01	0.44	-1.24
Cash From Operations, 3 Yr. CAGR %	-14.74	44.17	-10.55	-25.26	-48.76
Capital Expenditures, 3 Yr. CAGR %	-10.8	-12.9	0.36	-0.58	19.13
Levered Free Cash Flow, 3 Yr. CAGR %	-4.56	101.91	43.03	-88.04	-46.24
Unlevered Free Cash Flow, 3 Yr. CAGR %	-4.56	101.91	43.03	-88.04	-46.24
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.01	11.05	9	4.58	4.18
Gross Profit, 5 Yr. CAGR %	10.62	9.73	5.96	4.17	4.1
EBITDA, 5 Yr. CAGR %	-10.21	-7.6	-21.48	21.19	-2.18
EBITA, 5 Yr. CAGR %	-24.84	-11.93	-31.83	411.47	55.81
EBIT, 5 Yr. CAGR %	-34.47	-20.82	-34.92	58.61	38.85
Earnings From Cont. Operations, 5 Yr. CAGR %	-17.61	-50.33	6.37	100.15	215.74
Net Income, 5 Yr. CAGR %	-17.61	-50.33	6.37	83.3	215.74
Normalized Net Income, 5 Yr. CAGR %	-19.28	-21.91	-41.2	19.84	8.33
Diluted EPS Before Extra, 5 Yr. CAGR %	-18.18	-50.93	5.93	97.86	212.23
Accounts Receivable, 5 Yr. CAGR %	50.32	12.78	13.63	2.99	5.62
Net Property, Plant and Equip., 5 Yr. CAGR %	34.85	26.54	20.21	13.3	-7.7
Total Assets, 5 Yr. CAGR %	7.62	6.27	2.19	1.86	0.79
Tangible Book Value, 5 Yr. CAGR %	8.02	2.96	-2	0.65	2.03
Common Equity, 5 Yr. CAGR %	6.99	5.52	1.13	1.46	1.2
Cash From Operations, 5 Yr. CAGR %	-4.79	12.28	-22.31	-5.97	-18.54
Capital Expenditures, 5 Yr. CAGR %	6.09	-1.68	-3.28	-2.77	1.39
Levered Free Cash Flow, 5 Yr. CAGR %	3.97	28.06	-6.24	-63.71	4.83
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.97	28.06	-6.24	-63.71	4.83