CEVA, Inc. (CEVA) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	38	45	60	54	49	51	59	73	88	78	87	100	123	135	97
+ Sales & Services Revenue	38	45	60	54	49	51	59	73	88	78	87	100	123	135	97
- Cost of Revenue	4	4	4	4	5	5	5	6	7	8	10	11	17	27	12
+ Cost of Goods & Services	4	4	4	4	5	5	5	6	7	8	10	11	17	27	12
Gross Profit	34	41	57	50	44	46	54	67	81	70	77	90	106	108	86
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	29	31	38	37	39	44	48	52	65	71	79	90	102	109	99
+ Selling, General & Admin	13	13	17	17	18	18	18	20	23	23	24	26	27	28	26
+ Research & Development	17	18	22	20	21	26	28	31	40	48	53	62	73	79	73
+ Other Operating Expense	- -	- -	- -	- -	- -	1	1	1	1	1	2	2	3	3	1
Operating Income (Loss)	5	10	19	12	5	1	6	14	16	-1	-2	-1	4	-2	-13
- Non-Operating (Income) Loss	-6	-2	-3	-3	-3	-1	-1	-2	-3	-3	-3	-3	-2	3	-5
+ Interest Expense, Net	-3	-5	-7	-2	-1	-2	-2	-1	-2	-3	-3	-3	-1	-3	-4
+ Interest Expense	- -	-2	-2	1	2	1	1	1	1	1	1	- -	- -	- -	- -
- Interest Income	3	4	5	3	3	3	3	2	3	3	3	3	2	3	4
+ Other Non-Op (Income) Loss	-3	3	4	-1	-2	1	1	-1	-1	- -	-1	- -	-1	6	-1
Pretax Income	11	12	21	16	7	2	7	16	19	1	1	3	6	-5	-8
- Income Tax Expense (Benefit)	2	1	3	2	1	3	1	3	2	1	1	5	5	18	10
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	8	11	19	14	7	-1	6	13	17	1	- -	-2	- -	-23	-18
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-7
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-9	7
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	9	-13
Income (Loss) Incl. MI	8	11	19	14	7	-1	6	13	17	1	- -	-2	- -	-23	-12
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	8	11	19	14	7	-1	6	13	17	1	- -	-2	- -	-23	-12
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	8	11	19	14	7	-1	6	13	17	1	- -	-2	- -	-23	-12
Basic Weighted Avg Shares	20	21	23	23	22	21	20	21	22	22	22	22	23	23	23
Basic EPS, GAAP	0.42	0.54	0.8	0.6	0.3	-0.04	0.31	0.63	0.78	0.03	- -	-0.11	0.02	-1	-0.51
Basic EPS from Cont Ops	0.42	0.54	0.8	0.6	0.3	-0.04	0.31	0.63	0.78	0.03	- -	-0.11	0.02	-1	-0.79
Diluted Weighted Avg Shares	20	22	24	23	22	21	21	22	23	23	22	22	23	23	23
Diluted EPS, GAAP	0.41	0.51	0.77	0.59	0.3	-0.04	0.3	0.61	0.75	0.03	- -	-0.11	0.02	-1	-0.51
Diluted EPS from Cont Ops	0.41	0.51	0.77	0.59	0.3	-0.04	0.3	0.61	0.75	0.03	- -	-0.11	0.02	-1	-0.79
EBITDA	5	10	19	13	5	3	9	17	19	3	3	5	10	6	-9
EBITDA Margin (%)	14.19	23.16	31.64	24.02	11.1	5.63	14.57	23.43	21.85	3.74	3.84	5.04	8.55	4.24	-8.81
EBITA	5	10	19	12	5	2	7	16	18	2	1	3	8	3	-13
EBIT	5	10	19	12	5	1	6	14	16	-1	-2	-1	4	-2	-13
Gross Margin (%)	89.3	91.73	94.09	92.64	89.44	90.16	90.88	91.62	92.05	89.79	88.4	89.29	86.29	79.91	88.04
Operating Margin (%)	12.92	21.99	30.8	23.04	9.73	2.88	10.61	19.8	18.14	-1.6	-2.21	-0.76	2.86	-1.38	-13.82
Profit Margin (%)	21.7	25.33	30.81	25.5	13.67	-1.61	10.53	18.03	19.46	0.74	0.03	-2.37	0.32	-17.22	-12.19
Sales per Employee	209,060	248,127	312,119	278,119	236,232	209,950	229,726	261,342	279,575	228,378	228,147	248,332	257,786	277,625	229,762
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	- -	1	1	1	1	1	1	1	1	1	2	2	3	3	5

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	113	128	149	146	146	116	106	146	159	177	179	168	189	178	209
+ Cash, Cash Equivalents & STI	101	116	139	135	135	101	98	127	139	146	145	130	155	139	167
+ Cash & Cash Equivalents	12	17	15	18	24	16	19	18	22	22	23	21	33	21	23
+ ST Investments	88	99	124	117	110	85	79	108	117	124	122	109	122	118	143
+ Accounts & Notes Receiv	6	6	5	6	6	8	4	15	16	26	28	31	27	31	30
+ Accounts Receivable, Net	6	6	5	6	6	8	4	15	16	10	11	15	15	12	30
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	16	17	16	13	19	- -
+ Inventories	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	6	6	5	4	5	5	4	5	4	5	6	6	7	7	13
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	42	59	70	71	67	92	107	96	118	100	118	139	140	131	95
+ Property, Plant & Equip, Net	1	1	1	1	2	3	4	5	7	7	3	-2	-6	-7	14
+ Property, Plant & Equip	13	13	13	13	12	14	16	13	17	20	19	17	16	17	39
- Accumulated Depreciation	12	12	12	12	10	11	12	8	10	13	16	19	22	25	26
+ LT Investments & Receivables	4	15	31	25	20	30	43	32	45	22	5	30	3	9	- -
+ LT Investments	4	15	31	25	20	30	43	32	45	22	5	30	3	9	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	37	43	38	44	45	60	60	60	66	71	110	112	143	129	81
+ Total Intangible Assets	36	36	36	36	36	52	51	50	48	49	64	62	89	81	61
+ Goodwill	36	36	36	36	36	47	47	47	47	47	51	51	75	75	58
+ Other Intangible Assets	- -	- -	- -	- -	- -	6	4	3	2	3	13	11	15	7	3
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	6	2	7	8	7	9	10	18	21	45	50	54	48	19
Total Assets	155	187	219	216	212	208	213	242	277	277	297	307	329	308	304
+ Payables & Accruals	10	11	11	13	13	18	16	16	18	18	20	23	24	27	20
+ Accounts Payable	1	1	1	1	1	1	1	1	- -	1	1	1	1	2	1
+ Accrued Taxes	- -	- -	1	2	2	1	1	1	- -	- -	- -	- -	- -	3	2
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	10	11	10	10	11	17	15	14	18	17	20	22	22	23	17
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	3	3	3	3
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	3	3	3	3
+ Other ST Liabilities	1	2	1	1	1	2	3	6	4	4	4	2	9	3	4
+ Deferred Revenue	- -	1	1	1	1	2	3	6	4	4	4	2	9	3	4
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	12	13	13	14	14	20	19	23	23	22	26	28	35	33	27
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	6	5	7	4
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	6	5	7	4
+ Other LT Liabilities	4	5	6	6	7	9	8	8	9	10	11	12	11	10	9
+ Accrued Liabilities	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	6	6	7	7	8	8	9	10	11	11	11	9	8
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	4	5	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1
Total Noncurrent Liabilities	4	5	6	6	7	9	8	8	9	10	19	18	16	16	13
Total Liabilities	16	18	18	20	21	29	27	31	32	31	46	46	52	50	40
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	158	177	192	199	204	209	209	212	217	223	228	233	235	243	252
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	158	177	192	198	204	209	209	212	217	223	228	233	235	243	252
- Treasury Stock	- -	- -	- -	26	41	55	52	40	26	39	39	30	14	10	6
+ Retained Earnings	-20	-9	10	23	28	25	30	39	54	63	62	57	55	32	20
+ Other Equity	- -	- -	-1	- -	- -	- -	- -	- -	-1	-1	- -	- -	- -	-6	-2
Equity Before Minority Interest	139	168	201	196	191	179	186	212	245	246	251	261	277	259	264
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	139	168	201	196	191	179	186	212	245	246	251	261	277	259	264
Total Liabilities & Equity	155	187	219	216	212	208	213	242	277	277	297	307	329	308	304
Shares Outstanding	20	23	24	22	21	20	21	21	21	22	22	22	23	23	23
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	9	8	10	6
Net Debt	-12	-17	-15	-18	-24	-16	-19	-18	-22	-22	-23	-21	-33	-21	-23
Net Debt to Equity	-8.7	-10.15	-7.44	-9.4	-12.63	-9.03	-10.16	-8.7	-8.89	-9.05	-9.08	-8.1	-11.98	-8.22	-8.81
Tangible Common Equity Ratio	86.39	87.92	90.02	88.73	87.81	81.42	83.59	83.96	85.93	86.23	80.28	81.2	78.3	78.16	83.63
Current Ratio	9.66	10.08	11.82	10.32	10.27	5.65	5.59	6.47	6.98	8.15	6.77	5.95	5.33	5.34	7.79
Cash Conversion Cycle	3.26	-7.98	-27.94	-16.39	2.09	17.43	-2.83	10.1	40.5	38.52	19.98	19.91	18.17	13.21	30.52
Number of Employees	184	181	193	193	207	242	259	278	313	341	382	404	476	485	424

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	8	11	19	14	7	-1	6	13	17	1	- -	-2	- -	-23	-12
+ Depreciation & Amortization	- -	1	1	1	1	1	2	3	3	4	5	6	7	8	5
+ Non-Cash Items	-1	3	6	5	7	7	5	7	10	12	12	13	13	21	4
+ Stock-Based Compensation	3	2	5	5	6	5	4	6	9	10	11	14	13	15	16
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	- -
+ Other Non-Cash Adj	-4	1	1	- -	1	2	1	1	1	2	1	- -	- -	3	-12
+ Chg in Non-Cash Work Cap	-2	1	2	-1	-1	1	5	-9	-6	-8	-7	-2	6	2	-3
+ (Inc) Dec in Accts Receiv	-1	3	1	-1	1	-2	4	-11	-1	- -	-2	-3	6	-4	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	3	3	1	- -	1	- -	-1	-2	-4	-4	-1	4	-1	-5
+ Inc (Dec) in Accts Payable	-1	1	- -	- -	- -	-1	1	- -	2	-1	3	3	-2	4	-5
+ Inc (Dec) in Other	- -	-5	-2	-1	-1	4	- -	3	-3	-3	-4	-2	-1	2	7
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	6	16	27	19	14	9	19	14	24	9	10	15	26	7	-6
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	-1	- -	-1	-1	-1	-2	-2	-4	-5	-11	-3	-2	-3	-3
+ Acq of Fixed Prod Assets	- -	-1	- -	-1	-1	-1	-2	-2	-4	-3	-3	-3	-2	-3	-3
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-7	- -	- -	- -	- -
+ Net Change in LT Investment	-13	-26	-68	11	10	14	-7	-19	-25	15	19	-12	15	-12	-13
+ Dec in LT Investment	82	73	40	138	116	104	76	66	77	56	86	88	56	52	29
+ Inc in LT Investment	-95	-99	-108	-127	-106	-90	-83	-85	-102	-41	-67	-100	-41	-64	-42
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-13	- -	- -	- -	- -	-11	- -	-30	- -	27
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-13	- -	- -	- -	- -	-11	- -	-30	- -	-4
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-13	-27	-39	10	9	-1	-10	-21	-29	10	-2	-15	-17	-15	11
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	6	14	9	-27	-20	-19	-10	-3	- -	-20	-9	-5	- -	-7	-6
+ Increase in Capital Stock	7	16	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-1	-2	- -	-27	-20	-19	-10	-3	- -	-20	-9	-5	- -	-7	-6
+ Other Financing Activities	- -	2	1	2	2	3	3	10	7	2	2	3	3	3	3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	6	16	10	-25	-17	-16	-7	6	7	-18	-7	-2	3	-3	-3
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -
Net Changes in Cash	-1	5	-2	4	6	-7	3	- -	3	1	1	-2	12	-11	2
EBITDA	5	10	19	13	5	3	9	17	19	3	3	5	10	6	-9
EBITDA Margin (%)	14.19	23.16	31.64	24.02	11.1	5.63	14.57	23.43	21.85	3.74	3.84	5.04	8.55	4.24	-8.81
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	13	- -	- -	- -	- -	11	- -	30	- -	-27
Free Cash Flow	6	16	27	18	13	8	17	12	20	3	-1	12	24	3	-9
Free Cash Flow to Firm	6	14	25	19	14	7	18	13	21	4	-1	12	24	- -	- -
Free Cash Flow to Equity	6	16	27	18	13	8	17	12	20	5	6	12	24	3	-9
Free Cash Flow per Basic Share	0.29	0.73	1.15	0.79	0.58	0.37	0.84	0.58	0.93	0.15	-0.05	0.55	1.03	0.15	-0.39
Price/Free Cash Flow	41.1	27.02	26.27	18.61	23.16	35.23	23.15	43.4	36.44	35.77	29.49	54.1	36.55	56	-158.33
Cash Flow to Net Income	0.72	1.43	1.46	1.36	2.05	-11.12	3.09	1.1	1.44	15	345.5	-6.37	65.16	-0.3	0.53

CEVA, Inc.

CEVA US

20.55