CEVA, INC. Form 8-K Summary
Business Context and Reporting Period
CEVA, Inc. (CEVA), a Delaware corporation, filed this Current Report on Form 8-K on November 9, 2021. The filing announces the Company's financial results for the quarter and year ended September 30, 2021. The report includes a press release and conference call script as exhibits.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms that the Company reported both GAAP and non-GAAP net income and diluted earnings per share (EPS) for the third quarter of 2021 and 2020.
Non-GAAP adjustments for the third quarter of 2021 excluded:
- Equity-based compensation expenses, net of taxes.
- Amortization of acquired intangibles, net of taxes, related to Intrinsix and Hillcrest Labs acquisitions and investments in NB-IoT and Immervision technologies.
- Costs associated with the acquisition of Intrinsix.
Non-GAAP adjustments for the third quarter of 2020 excluded equity-based compensation and amortization of acquired intangibles related to Hillcrest Labs and specific technology investments.
Material Changes
The filing text does not provide specific data to quantify material changes in financial performance versus the prior comparable period. It notes that the Company believes the non-GAAP reconciliation provides a more meaningful analysis of core operating results and facilitates comparison of quarterly results.
Guidance, Outlook, and Risks
The filing text does not contain specific forward-looking guidance, outlook figures, or a detailed discussion of risks and contingencies. It states that the non-GAAP measures should be reviewed in conjunction with GAAP results and are not a substitute for them. The Company emphasizes the utility of these measures for understanding the impact of FASB ASC No. 718 expenses.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and EPS figures for Q3 2021.
- Verify the specific dollar amounts of the non-GAAP adjustments (equity-based compensation, amortization, acquisition costs) in the reconciliation tables.
- Examine the conference call script (Exhibit 99.2) for management commentary on the outlook and specific drivers of performance.
- Confirm the impact of the Intrinsix acquisition on current period costs and future amortization schedules.