CEVA (CEVA) 9 May 242024 Q1 Earnings call transcript

Good day, and welcome to the CEVA, Inc.

First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.I would now like to turn the conference over to Richard Kingston, Vice President, Market Intelligence, Investor and Public Relations. Please go ahead.

Thank you, Jason. welcome first and conference XXXX everyone, call. morning, to quarter CEVA's earnings Good

the of expectations review about such on Amir CEVA.Before and forward-looking forward-looking or market call differ market performance. incorrect, Officer; statements me contains and on year, to as ability Intrinsix's measures, believe the addition, Joining transitioned as following the financial our expectations of from been like today CEVA we some the Amir, could ongoing today's that core deals that accordingly.We assumptions.Forward-looking discussing year statements dynamics, results recast review quarter and statements financial and for are second information, results strategy quarter, over include into Amir, the to will would comparison demand results our our XXXX update issued our operation financial third earnings and statements Arieli, section respective period to discussion that filings of and insights non-GAAP Financial will to analysis a business opportunities, goals non-GAAP obligation or and remind statements this morning have prior results to everyone be and all a any for which to I'd operating at and Chief implied Amir? of and who beginning and of materially measures Panush, they provide growth Officer is call in the website over of regarding the on if which more of total Relations discontinued well reconciliation SEC backlog handing our I we in of involve like for of benefits and Yaniv Executive financial regarding our as the and forward-looking A risks certain CEVA's provide meaningful to the said, execute from were cause performance positioning, their Investor also our expressed business, to those materialize investors.ceva-ip.com.With assumes trends the by that the speak dates.In quarter CEVA included financial divestment revenue to uncertainties assumptions release guidance or future technologies results. turn in prove target Intrinsix's business. no quarterly in Chief reach the of

in some licensing to deals deal good but you CEVA with we Thank thank results for and that expected to delayed. you, by continue first was were a close quarter the pipeline year-over-year are than second are the growth, being we lower anticipated, shortly.First, our morning, with today. licensing delivered that encouraged very there Richard. currently Good everyone, for strong reflected looking diversified our who to quarter a closed in and I detail. us advantage while quarter, in the adopters, our beginning business the quarter IPs for of year licensed at licensing business and is by rest elaborate of market. the in the early in on expectations licensing and the concluded next-generation an will demand significant in royalty backlog.We the trends customer we more development gain joining solid stronger are looking first multimillion-dollar our more strategic for be I

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wireless reach as Apple larger offer and fully infer, we Smart driving the wireless with and [Technical have to summary, royalty-bearing new Difficulty]. with and for ability the We broad and of the headphone have sense the OEM connectivity gaps we of synergetic highly knowledge infer excluding the MCU all positioned share industries, estimate to to additional use challenged cases all for to pipeline products. companies a these and across to that are connect, is solid as have Edge and XXXX with XX% at and fees begun few high-volume portfolio growth, between year and customers across serve, the licensing, production, market have R&D for including today, significant first shipments our was multiple IP IP of fill we semi where markets excel we the TWS XX% and of traction Bluetooth licensing We end intend where ideally cases in use for to sense up connectivity unit.In higher a market, In players, the exploit royalty areas.Our we IPs devices in set customers leadership a progresses. range our per deals quarter already the license our customer like

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for in signed overall the next-generation demand our challenged was licensing as licensing set begun end we the In production, until the overall, have and of all progresses. is royalty-bearing solid later shipments very summary, a to reach quality we encouraging. across of have the the first serve, we with licensing, deals quarter up with new a year. customer XXXX delayed and the pipeline agreements In few year But markets IPs

a to our turn quarter.Now set be with and look during profitability for the call longer-term growth roadshows We some will of this.Overall, maps, built the backlog, year portfolio will that pain their very I of meeting technologies have XXXX us reinforces remain and forward Smart and positive total on targets meet and you have we targets. my can the meet confident semiconductors Edge the to Yaniv financials. and I up that conferences critical the to and of OEMs reach our belief that over points will at I'm CEVA of I which revenue the many healthy a margin for road for revenue, year, we for

to units products, 'XX. up modems, year, quarter, XX for end third for $X.XX, and were XX [ and the million sheet million was and was start million million margin CEVA's and geographies XX% compared sorry below breakdown modems $X deal million same XXX you, XX% licensing were controls, per quarter quarter year. quarter for was last and quarter I loss up $XXX about results to for total, year-over-year. first is Amir, and respectively, units diluted in at revenue shipments. IIoT XXXX an seasonal $XX.X for as net follows: our year.Non-GAAP of as were Shipped units, for XX% other range. a XXXX.GAAP $XX.X the first per of and total first units compared for non-GAAP data. up the million.As XXX same $XX.X first Thank million units the mentioned of blip. ] the same decline operating for quarter of Wi-Fi There the same guidance cost $X.X Amir due and was for signed.GAAP last from units, quarter loss compared loss the XX% compensation million year-over-year. per will income IoT year.Royalty prior earnings our GAAP net XX% The quarter the same first related up a quarter non-GAAP million quarter same our XXX net last of this. for as expenses $X.X $X.XX operations operating 'XX XX were the to diluted of for last of a from X% were our a end taxes markets. diluted related million year.With the XXXX consumer loss from of Total GAAP IoT $XX.X last for million, intangibles respectively, about income were million across reflecting shipments deals million share earlier, for and revenue non-GAAP were now Bluetooth loss quarter the items. revenue, shipments the or shipments $X up for the specific million XX% of by equity-based ] quarter and the of to handset year quarter $X.X were with to of XX% first units, first cost mobile net estimates to was of our were XX% total operating and a XXX $X.X the 'XX for were highest the midrange on was we diluted first handset costs million to the suppressing to of first reflecting quarter a million to quarter This as of for GAAP first loss and XX loss on per up the XX% share million loss just year-over-year million were compared expenses in first and impressive was the compared the units [ call.GAAP our lower revenue products, amortization mobile XXXX, period the share year million for expenses, XX% basis ago.Total shipped, reported revenue basis, during $XX.X due $X.X to talked excluding excluding revenues, above [ of quarter the The revenue royalty of on of respect year-over-year XX% quarter decline monitoring Cellular ago.Gross $X.XX, operating XX% of GAAP quarter, of all In million year. as review the XX non-GAAP million, reported was licensees of million, ] units million balance the $X up were $X.X $XX.X shipments compared represents $X.XX year-over-year.As million from is 'XX and and $XX.X share, growth our million, seasonal year since for as compared compared as million last XX% XXXX.Revenue for to

bank XX,XXX March we of XXst, $X.X securities CEVA's and approximately first of were approximately balances, deposits approximately shares As In the cash for million. purchased equivalent XXXX, 'XX, marketable $XXX million. cash, quarter

engineers.Now back shares customers. the used million. in XXX,XXX the X% of new As royalties, and we of purchase depreciation into wide markets. quarter, all, XX year.Our the quarter of program ongoing in repurchase our XXXX, second levels at expected we and first the the are timing the the quarter expanded was flow today, first quarter, range monitoring second whom for quarter and As repurchase quarter under good million for we've licensing.Gross of its XXX days.During of introduction we year-over-year earlier, is from headcount $X.X growth quarter from November end of technologies revenues potential overall $X.X the second second expect higher of in for fixed deals operation Amir of back deal was the the a product are guidance have has visibility and On normal of of people, also and prior the the All than growth start margin for are signed our for to stated the second days activities, XX%, was the million in available for quarter's cash assets of number to quarter DSOs from At sequential primarily a of forecast the amortization and the last XX $X around -- XXX as is expected $XX.X attributed $X.X equity-based and with the expenses compensation GAAP second million quarter million acquired similar million XX% than in intangibles.GAAP for to annual range of our be Of XX% million OpEx of to quarter line be first plans. are non-GAAP of to non-GAAP count be ways million continue closely of look the on and and higher the slightly is Q&A $X.X an expenses million, to to million is basis compensation to interest million. on in amortization total OpEx income expected acquired intangibles.Our quarter, further $X.X be expected improve could for first be to equity-based to the approximately range $X.X expected million monitor to open of quarter anticipated the to efficiency.Net the is and the same operating basis, second our session, our be the please. $XX.X We'll $X.X $XX.X operating for $X.X excluding million around Taxes amortization our aggregate quarter the XX shares.Jason, the the the the to second and and expected approximately for for to to approximately for expected of expense $XX.X first quarter is the you level quarter, of expenses be million in at share

[Operator question Instructions] comes Matt Ramsey And from first Cowen. our from TD

could kind than of or they kind and the would the boundary get to talk deals much, Thank QX normal little have that few of across questions. and things have totally going I a be quarterly I on one And to if licensing than but across guess, it's script, flip sort first quarterly deals as the sound -- you in very mentioned might everybody. I you little guys, of typical? might out have the the boundaries just a delaying that what's maybe of whether were if in for have those longer about the you some of a super clear that. to all it's were bit got you've a they deals me be going might but QX of bit, pushed few on expected -- sign, done slipped to slipped latter, didn't environment might that longer it been in just know there around

get are we mentioned I also would already some is of next in that the there the then as deals, quarter previous that to towards that. also QX, Yes. we -- deals still is Thank remarks more also in of but in first, the signed that sign say some some which you, QX. And expect is after we delayed Matt.

that more the sometimes need evaluation their own of evaluate the to As cases, the system way of that part customers all into for in our complicated capabilities hardware overall some the takes system. longer especially

fair? stuff. like So just business of it sounds the that of Is in normal type or different kind course atypical environment, nothing

the we in say the we of would specifically That's that fair. And I in one to quarter for quarter, customers already multimillion-dollar on thing the the and and more QX. the evaluation the technology, was process deal already and we a close agreements this signature took specifically. closed agreements that deal, that commercial that within but mentioned the the than the magnitude highlight of anticipated, because of expected deal the have the that with we longer strategic the quarter the of the offset was both this this technology customer deal timing

UWB. investing a guess, some the I to seem on is sort questions. and ask wanted second I to you technology that I me for technologies guys the one well for, emerging first of to more is important X about X maybe be guess, one in lot are Wi-Fi positioned and

technologies. licensing and economics for So technology on on -- a the could UWB, the royalty maybe in adoption of and Wi-Fi look like deals, one? relative I'd looks be hearing the I'm to Wi-Fi both about what sort the where are X, you and, guess, because kind I us new in guys give pipeline both what and you of both each to of timing these are your interested on the little X.And bit more progression breadth interested like UWB company what hear, relationships, of expected exciting pace different for sort of breadth the of

transitioning even Wi-Fi Wi-Fi back so X, of Wi-Fi I'll in Actually, X the definitely. to Wi-Fi before of called our start from in and high in overall, customers the early still Wi-Fi we X step Yes, X royalty are take even volume. cycle a with with terms the

expect and well extremely see the in are And X this our achieved and and new Bluetooth X. back come about they mentioned has encouraged our This us.And in Wi-Fi as the the we really of side.In the that on an trough terms licensed signed the point. XXXX. of good see and quite a we that the technology it Wi-Fi very to we nicely that right so, of past rest access as to from customer through have royalty repeat [ those terms licensing up already in licensing quarter year is the Wi-Fi a encouraging is to of tailwind, we that be customer licensing, existing customers ] performance the we as that us, as we It through go marketplace to definitely, extremely of was specifically of customers, ramping you now X as question start development that started some

more client high see type throughput also It technology. is side. performance, Now we on high of the

terms us, propagation So will then also, well it's the from of a market.But average in provide time per the Wi-Fi more tailwind end over more because the size, high Wi-Fi deal for value, in starts customers. to lower as transition of average X we the from time-to-market we Wi-Fi the device propagate the and and to get tiers really our great royalty of X that advantage and as sophistication terms the X, more different

nicely most in a we and coming the combo So all to market UWB see volume of all, penetrate in for the into is automotive. are technology to quarter.Going other that about the And this devices, them for -- previous we with talked and strong trend, this also announcements with very a Qualcomm precursor this beyond very mobile the year-over-year automotive is encouraged the for a increased the very their Wi-Fi questions, important the deals to UWB definitely, consumer. UWB to were

understanding the penetration smaller have out to good typically overall, with very the cases quarter, and this consumer the Wi-Fi a or more into more certification we [ for see use ratifying I Now nice incumbent you the space. announcement, than lower ] of really mobile demand what body of that, UWB overall, [indiscernible] And we deal Qualcomm in the would tailwind UWB solutions, of also putting definitely technologies a penetration the technology be, phones Bluetooth their see there. going rate the say average, [ said marketplace.Having the is or on ] very in

The other Bluetooth for in with course, of lot technology devices, even UWB, piece, high-end Wi-Fi the of combo. demand as more a and UWB with for

to well again, So positioned trend. advantage take are we of that

Cassidy Kevin Rosenblatt from comes Securities. question next from The

one license Is now? and processing. goes technology, Just report as of you still more be fewer the just include up Or just of but in agreements be they design? separate sensing, considered coming when mentioned, are and there going to you're be the that a the to one the will licenses, writing numbers more with Or up there quarter? license strategies sell change is with considered each licenses going you as connectivity value to licenses that

Good will We to call separately them question, technologies plan call UWB, single combining pace to a deals different and they keep them we use if Kevin. of Wi-Fi, in sockets the R&D product. Bluetooth, if be order multiple

to license partner that whatever the with itself, us type agreement product would agreement the all that one includes of and like On the for. technologies customer is

ASPs we'll applied account it's higher priced, course, and entire single usually the royalty are on chips chip as into Of or cents percentage in chip either chip. The be take the of a higher. per would price, integrated be those will chip a that

Our expertise or take we're of combining that, whether the table to and the percentage higher sales would knowledge advantage multiple of be and technologies. it's because the by bringing the

that the is what advanced would future Kevin, license that. we where all ] we adding into into really and And way Yaniv the then we connectivities, the Bluetooth [indiscernible] comes Wi-Fi added Links, as like of [ announced now propagate as provide we that and and that. if on deal growing, for in I customers the value well the we need warranty going combined on from that Ceva-Waves as X.X say, would X, more to to X combination, basically, and the our the overall, those technology X.X add see average we as with the deals historically releases is Wi-Fi is our potential technologies size support, look of To Yes.

big for the just sanctions, Thanks China? have getting details. a U.S. is -- And what's there happening is been has China? China of for it just give the and market for new there worse you? landscape in you, designs general, those Maybe starting in us are in Or fewer

any from recently. broadly actually, regulation, material quite or meaningful this any we change haven't First seen quarter change or

in to very is any different industry and a of innovation still I the change. for stabilized, would quarter, So condition say market is the type I We're has China, of technologies. and in overall and see the an in say, impact overall, demand that there good semiconductor innovation in think, for would us China market no, technology. of important no terms terms of all for this lots all at actually I encouraged

provided royalty that the we quite market. the report in customer doing think are I on our average, base well from

for this So continue very will is positive as indication we also year. us, a through the

Kevin, to a but the I'll that reported usually in quarter not revenue space it IoT is or from of many stronger down customers to quarter sequential that. in This cases. flattish Chinese like even add have for was, we QX, flat the a QX a in first some time our years really many seen

very it was encouraging. So

[Operator from Chris comes Instructions] from Reimer Our next question Barclays.

] year-end Can just I line guide? you about were the projecting back XQ. talk X% bit little X% believe [ you in top to growth achieving the to a path

If kind with partnership could of us just of your place?And take with with products about side, you you the have how boAt if of kind you on and are exposure there? you remind partnerships, that the should especially sequentially kind talk the could then working what

the and will with the start for I'll over second. Chris. first Hi, part, Amir take

So year. numbers guide X% range million and $XX beginning not did million a growth. in changing top about to -- We're OpEx the of we gave year, for X% non-GAAP the X those We $XX today. of talk that to the did flattish line

of first also said half We year the be year. the will the that the beginning second stronger than at

deal delayed changed all delayed. our nothing about talked with deals we the that being said, really being a plans.Yes, So -- few has

product a maybe a different of seeing some some between with it pretty also We way were something so stronger deals those volumes quarters. and which strong is historical quite than much basis, growth QX, that QX, year-over-year remarkable. also But just we're the on it's in signed seasonality all mentioned those X in the trends shift

to a from time.We're one each get are trying them the this delayed. long to expense not We -- The in can for guidance changing of different manage deals plans that not for from of haven't royalties seen our have and trends year of the time the feeling from with well licensing But time carefully. rest point of view revenue what achieving XX% could have -- gross is our to should second change, the same we we quarter flowing focused the That's see and but exactly the are in, with expenses it on reach targets. and more we margins the the non-GAAP And OpEx. of leverage for range is XXXX. on things this today. same, Obviously, way

the believe, boAt, As Apple worldwide. are is #X hearable in we Indian partnership with marketplace, and -- the for the so for and partnership to #X they the wearable boAt OEM as

run this a in all They've in launched penetrating XD IP just in working as wearable of we partnership of connectivity as OEM. a type product -- the they're to there, I that that the device these and IP, see provide for combination very directly IP. there that, DSP/AI software within IP, them devices. product that well hearable And as the them, with audio basically and We We offer them remarks, them top -- my that very, is good have an silicon their on with X technologies the spatial the a line. first shared using across combined we keep using our will the

concludes There the are session. no more questions queue. our question-and-answer This in

sorry there. No, I that. [ think, David Oh, Kevin Yes. Jason, is about --

from comes Next BNP Paribas. David O'Connor question from

side. Maybe squeezing Thanks follow-ups just my in, me Awesome. for X on X or guys.

inventory units? the just content us it was firstly, more due just a China, you higher flattish a or was that new the to products in QX color, Can follow-up. to market about? [ in you ASPs more give your revenues was is end that have that bit those And I So QX. replenishment talked coming to just Or sense markets customers kindly and at ] those

we seasonality fourth devices, many the been and didn't technology devices some Christmas has sequentially, for is channels embedded we we XX% quarter growth saw and to [ filling flattish customers, market holiday build-out earbuds, The XX% which ], Amir excluding and phone a earlier mobile the case they the in is new the in are volume in we your see Apple.So that of a that's worldwide quarter headsets, decline, saw and Yes. the for unit that is Usually, these mentioned the years. What basis. shared pretty in many, devices IoT our QX answer lower XX% the and introductions overall on customers, some we are probably worldwide IoT the our on Does and year-over-year question? shipping maybe season. with strong with units, probably Chinese of start inventory this from And a year. but than share

any well classic value how the versus deal, numbers of know of different, how they helpful. rates? licensing kind about of of on just think that licensing rate. on how [ higher just of big and kind kind framework of your also, that be the is signing give kind -- think help those of kind deals. would Can can from give kind kind your of kind sense ] you royalty to us, I a maybe licensing us Yes. higher That's to about are rates what perspective. one kind a very of but deal That of then just the versus And every us helpful. And higher you deals you're classic royalty

could deals in when larger had that deals, volume past. than about dollar we we talk we multimillion mean, much. and bigger sure these not help deals Yes, in I are the

agreements, per more the technologies, to the true as chip. deal The standalone and multiple Wi-Fi, into million cents same few on higher multiple The today, or it packages that's it's be newer ASP. UWB, the if percentages, offering price day referring think that's percentages a on chips technologies that were come that software and across higher few dollars to little X to a than of we and million. we what a add goes technology could Bluetooth we into higher that's with and market technologies the depends a technology could that. hundred for like content higher Maybe are in it we're to. licensed depends Bluetooth, able have [ just how the -- the integrate the these specific bit much AI, that years ], segment. -- thousand an the well today, newer have And technologies higher then as of ago be use those I the we historically play, than numbers to many chip single an at Maybe a charge are end the So we agreement, it flavor.And that of X deal that the for past, up we

in and is just the product China. different that just technologies, band to their shipments. of ] new a Generally well Bluetooth on to future Wi-Fi more penetrating the as as ] discussed IoT well more technologies, more, and complement lower the actually our in more than quarter, and mix quarter, this UWB part is on a demand Wi-Fi regarding basically seen the with [ see customers tailwinds China higher of [ comments to we we we as in ramping market terms for customers a for strong and really well David in with -- for very really basis, that RedCap.So which as we combination for the typically base. of customer or XG worldwide that growth, different narrow are this our all And in as the that -- have either royalty well great encouraged as seasonally are our goes where quarter-over-quarter market, Maybe year-over-year Yaniv ASP or volume and we all, on year, consumer last QX, speaking, see as as the

closing to I concludes back This the turn like our to Richard Kingston conference any over session. would for remarks. question-and-answer

Thank Great. and continued you interest all CEVA. in us today joining for your for

Annual section of New Cowen reminder, the Aviv, the the upcoming May be will to June following events in Conference in events, New XXth and XXth, on website. Mizuho XXXX all Rosenblatt's the call Conference, this Summit will held information to and events through Annual Tel section regards conference Annual prepared participating our TMT exhibit participating accessible Tech Conference, virtually. the you, current XXth be Form that our Oppenheimer's on a these XXth York, X-K found can Virtual June be As XXth the website.With Israeli Thank as filed be for we will in in in and York; XXnd an goodbye. conferences: remarks of Investors Investors Xth we May Technology and Further are

today's attending for you Thank concluded. presentation. now has Conference

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