CEVA, INC. Form 8-K Summary
Business Context and Reporting Period
CEVA, Inc. filed this Current Report on Form 8-K on May 9, 2018, to announce its financial results for the quarter ended March 31, 2018. The filing includes a press release and prepared conference call remarks as exhibits.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the existence of GAAP and non-GAAP net income and diluted earnings per share (EPS) figures in the attached exhibits but does not list the amounts within the body of this report.
Material Changes and Non-GAAP Adjustments
The Company presented non-GAAP financial measures for the first quarter of 2018 and 2017 to facilitate comparison of core operating results. The non-GAAP figures for the first quarter of 2018 excluded:
- Equity-based compensation expense, net of taxes.
- The impact of the amortization of acquired intangibles associated with the acquisition of RivieraWaves.
- The impact of an investment in NB-IoT technologies.
For the first quarter of 2017, non-GAAP figures excluded equity-based compensation and the amortization of acquired intangibles from the RivieraWaves acquisition.
Management Commentary and Risks
Management stated that the reconciliation of financial measures is intended to provide a more meaningful analysis of core operations and insight into expenses related to FASB ASC No. 718. The Company emphasized that non-GAAP measures should be reviewed in conjunction with GAAP results and are not a substitute for them. No specific risks, contingencies, or unusual items were detailed in the text of this filing beyond the standard accounting adjustments.
Investor Verification Checklist
- Verify specific GAAP and non-GAAP revenue, net income, and EPS figures in Exhibit 99.1 (Press Release).
- Review the detailed reconciliation of GAAP to non-GAAP measures in the attached exhibits.
- Confirm the specific financial impact of the NB-IoT technology investment mentioned in the Q1 2018 adjustments.
- Check the conference call remarks (Exhibit 99.2) for qualitative guidance and outlook not captured in this summary.