CEVA (CEVA) 7 Nov 242024 Q3 Earnings call transcript

Good day, and welcome to the CEVA Inc.

Third 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. ahead. go Please

and Quarter Jason, everyone. to Welcome Thank Earnings good Conference Third XXXX Call. CEVA's you, morning,

Joining me of today Executive on the call are Yaniv Chief Officer; Amir Arieli, Financial Officer CEVA. and Panush, Chief

or Amir, I contains CEVA could well by cause prove discussion that implied as Before handing that statements those differ over would to materially they that forward-looking uncertainties remind and risks statements of incorrect, if forward-looking the to and like from involve assumptions results today's everyone as expressed such or to materialize assumptions.

our include statements of demand update positioning, statements repurchase obligation our of and opportunities, assumes and Forward-looking no forward-looking CEVA any growth benefits their financial our stock which performance market guidance and and regarding respective technologies, regarding regarding regarding market future speak to expectations our strategy pipeline sales backlog, program. dynamics, and our or and statements information, our of trends as dates. goals utilization for expectations

following the a discontinued In accordingly. to business, of third been in the results period from beginning XXXX, have transitioned divestment quarter results financial Intrinsix addition, recast all were operation prior Intrinsix of the and financial

release, some our ongoing With for Investor in performance will over website. and our said, who on our which and We we comparison A analysis business. like Filings quarter certain will the discussing financial believe which Relations non-GAAP financial review results non-GAAP of section the into meaningful to in reconciliation also a call earnings Amir, provide issued of included morning more provide to of measures, the operating be core the SEC Amir? results. I'd that our turn insight we and quarterly is measures this business

welcome, Thank joining thank everyone, us today. you, for Richard, you and and

our and strategic Our performance, delivered market effectively impressive consecutive exceeding plan expectations. another against executing third quarter

and $XX.X million, pass and quarter and year-over-year, projections. up above fully at results our for came product our EPS positive Total market innovative the revenue tailwinds both growth royalty top revenue offerings benefiting non-GAAP in from with line coming in Our are both the businesses. targets diluted in XX% to licensing

continue XXXX. are in we and and Our a backlog quarter head improve, healthy as the into fourth and pipeline position we to

the we our elaborate with a data. and the royalty end and growth industrial deals later call. full In in CEVA revenue markets XX multiple that year strategy for continued, Yaniv XG royalty platform edge our first leading As million licensing OEM and the produced Overall, infer smartphone all milestones of completed raising for which with guidance are enables smart quarter devices XXXX, New million, revenue several for the OEM advanced on send across licensing, PentaG result, spatial up $XX.X delivering licensing audio deals third for $XX.X year-over-year quarter. our edge year-over-year quarter In XX% satellite reinforce royalties, high-profile NeuPro-Nano customers. and year-over-year that will XX% important for came growth consumer to the Space access in Highlights our to wide network software. the the and revenue multiple NPU, IP AI fourth connect, geographies deal customer our momentum driving include and successive at in communications for embedded the in

companies highly pressing rely products our some most their during highest insights of that opportunities my that across portfolio experiencing with long-term partner I've fabless CEVA are to our and their seen tremendous and are The customers' is we synergistic and Before reiterate augment that of the their today with needs our I of internal leading us companies semiconductor and Edge and OEMs as I short- to road IP on global in IP brands Smart provide to the development. advance with on with more level unique we time borrower color provide want they belief the steadfast and business, and maps. develop engagement our world's is

leadership long-term fees, licensing improved winning garner licensing is to to and partnership Our and technology deals better that multiple commitment key disciplines royalty across overall core higher rates economics.

with we communications signed More network market The ID. globally a third multiple of trends and peer-to-peer a multiple based and bring services provided IoT constellation with ubiquitous access XG agreement wide in our Sense modem points and new satellite and intends operating advanced including products. advanced to will our cellular OEM Bluetooth, enable Connect, Bluetooth the for base This that all for platform. is a licensing PentaG our UWB innovative technologies build on to transformative leadership quarter XG Connect, strategic significantly, In customers with customer their an across IP portfolio in OEM deals expanded deals communications Speaker that licensing our portfolio network Inferred satellite full flow XG we newest its from masses. development and proof platforms, cost-effective Wi-Fi continuous strategy signed and our of across our

with only any partner company or OEM systems for choice we XG modem to looking of platform communications communications, a advanced IP for the provider As ASICs. develop advanced comprehensive the wireless are

chip with the trust complex for reflects a these of partner scale Our of reality. entry The [indiscernible] to with IP deep to highly this the incredibly and help CEVA and this expertise leading placed the make and OEM barrier vision have wireless design. proud we economics are for deal project, reduced they their this significantly development

X for VXX advanced signed addition in communication strategic with cellular a another CEVA's In IoT modem deal one with deals deals, our leader leader vehicle-to-everything agreements our chipset. other These we this combined broad market. as robust automotive with illustrative quarter, of large this their this XG market last position for and the are XG and signed cement quarter we and IP to X semiconductor opportunities XG for next-generation the seeing advanced in the pipeline IP,

in a that unique first estate to incredible expected CEVA the first we in fee higher superior in higher head we sense, XXXX. OEM user smartphone are and sticky In aesthetic licensing spatial to licensing into categories of half translates our due TWS technology. are smartphone Real our to of increasing Overall, design and experiencing market products penetration leadership with with interest real software long-term OEM experience. the high-profile audio based excellent experience specializes unit to beneficial for in per per the earbuds launch Real accessories a continue and on to royalties details with a market This incredibly software. deal, business. products in SKUs expand audio We the Our our relationships multiple create for Space while headphones include multiple signed spatial developing of deal delivering and user tracking Space new

this quality audio the this embedded capabilities solution smartphone our and of platforms deliver our and support to to the demand. case to and Our reflected OEM, is coupled the platforms this efficiently tracking tuning with on product across in helped tight architectures the superior head rendering us integration our ability on of integration and for multiple full secure spatial deal. technologies PC In and key software this higher-end driver

our and and serve be increasingly them it existing markets with high-volume the previously, of the a to and growing other models, is networks The overall AI every royalties licensee are existing faster and all inference, wireless customers network and we AI-based is execute IP, semiconductor we In of a efficient down OEMs to Smart run into will AI power-constrained was other high the this to milestone the software the customer small This connectivity NeuPro-Nano programs. In trend, performance and each audio through from capitalize and most solution IoT tiny in performance path mode belief customers first royalties to customers benefits and in licensing year, success an latency new dual Edge to integrated is license volume As these to the power end with of monetizing features. based an on significant chips. specific query to for add new performing ESP neural synergetic the preferred practical of unprecedented need the single inference device. utilization, developing each our to is highly require I've efficient and on and self-driving ships in workloads reflected to device. scaling was end opportunities our core, leads June offerings than secured of highly highly way deal energy cars, that neural outstanding demand deal to which AI on lower our NPU, networks audio work connectivity, cost due are way as AI very their many architecture pipeline. on market embedded higher with is device. required process their in with Bluetooth at this way cloud cost-efficient together, lengthy is all mentioned inferencing which while connectivity NPU for From to market product this the to the increase in to our customers is in This a training devices, our itself processing Through AI for and for in license is the sensing chip we products involved which laptops, X high to for quarter maps IP, marginal typical choice sensing it neural can AI and our multiple line get our a industry today the customers Embedded for low in that such range introduced These higher for directly CPU, Edge to indicative embedded their line. near and in to product the NeuPro-Nano its on design experiencing add positioned Smart order of addition device privacy. to NPU relationships area. NeuPro-Nano investments. our for in smartphone proven road only the our well due of the we this on our

resonating machine the used to learning widely I'm platform third IoT for CEVA. NPU investment addition for whose developer milestones Impulse, growth strong is develop, also access devices. is significant a NeuPro-Nano, licensee AI. option we deploy community also delivered our performance for in the important applications Overall, engine in AI NeuPro a in partnership of part for leverage implementation advanced NPUs and which are for create to their we embedded for giving AI developments to our now, and signing another available to licensing Edge strategy We specialize of clear AI the And worldwide. These with developers each working customers in the rapidly is embedded indication second them with via quarter, achieved signs in with key build In train our customers for we expanded requirements. other pleased first the and our a domain through There performance strategy incredibly that the quarter in. is higher

Turning now to royalties.

confident in combined product and CEVA unit improved of connectivity resilience powered robust. shipments Smartphone demand down high, the while to very customers delivered fourth end XG space. strength IoT our drove to and customers Bluetooth million particularly many CEVA-powered saw and our revenue WiFi line. for achieve shipments environment of time, end operator and and royalty CapEx growth. ship on our of TVs very different muted moderately sequential we sequential connectivity the software I in an reflecting Cellular remain fusion and for business XG an record basis highest the growth market shipments note, share with second the their a quarter royalty sequential Overall, this several record Continued cellular of by the sensor contributing and and continued XXX IoT growth volume quarterly of units combination units royalty be in year-over-year a we consumer were markets shipments helped quarter impressive PC gains, year. continue all-time of year-over-year the IoT million reflected of markets were IoT Overall, for to us volume surpassed milestone of industrial XX% software. O-RAN products, units. and first Of and the in Also, wireless year-over-year in history year-over-year Bluetooth, XXX at our Wi-Fi

for preparing to of pipeline combo software and CEVA to new chips, momentum royalty and with to growing special name fusion a use a radar strong launch cellular number IoT cases, spanning and just products, XG customers continues Our wireless systems vision sensor few. power show audio

Now to I the will financials. over Yaniv the turn call for

were quarter quarter revenues follows: $XX.X of a is non-GAAP our This the Thank year-over-year. I'll year. customization $XX.X a XX% million $XX.X increased revenue quarter revenue, The GAAP licensing and mainly Gross was Revenue for $XX.X related you, a and million, reflecting on advanced XX% strategically below the increased basis, reviewing breakdown and of of to ago. key XXXX. XG revenue on operations by revenue, XX% the our third for with year-over-year. the XX% compared beneficial and is of XX% reflecting third to to as was Amir. million, non-GAAP signed last total on year XX% start XX% work guidance, margins same total basis for results million, we XX% due XX% came deals associated our up respectively, GAAP Royalty compared recently.

related with compelling deals expenses as the of X% costs and revenue slightly respectively. developments expense together GAAP higher than GAAP to provide $XX.X a million and for in of income guidance third fees, signed. net a was of with XXXX, guidance GAAP IP equity-based equity-based expenses quarter related relationships. enabling to to diluted income and growth loss million growth. operating commitment third loss deals and our and to our XXXX intangibles in the and for in loss higher as $XX.X margins operating third customization creates million amortization to were net of same operating operating the GAAP line semiconductor to for and compensation licensees the XXXX during loss highest expense acquisition recorded XXX% units expertise quarter of the $X.XX XXX% sticky of million the higher shipments OEM net period and CEVA's for from CEVA's sequentially. XXX mid-range million million, share affected million to highly quarter in across and 'XX This rates up quarter Wi-Fi third community end the royalty Of and in million, second for were in up share plays down the and compared licensing us units per XXXX $X.X million operating quarter. X% gross fourth $X.XX shipments shipments our of platform margins revenue XX% the third Non-GAAP were significantly X% quarter slightly X% successive XX% shipment IoT ability long-term XG for and $X.X This advanced for $X.X shipments well reported XX level up sign quarter Total of excluding units, of loss quarter, compared the the ASP Total Bluetooth products. XX% due the just or our record quarter. And Of with quarter the guidance share taxes compensation the operating expenses, geographies with share is were industrial disciplined for significantly diluted for million $X were up is of operating quarterly units With the $X.X reported and our over same units IoT same for of higher royalty X% were units, up million by at shipments XX XX $X.X for million units, XX% our to XXX of loss of $X.X and from as to XX% net expenses. was profitability of third non-GAAP the were third and Our the increased new in end IP of higher units million the non-GAAP is compared XXX XXX IoT IoT year-over-year. by XXXX. than million lower were and million third per the XXXX the XX% royalty diluted $X.XX modems. quarter, $X.X of markets, million increase same higher per the data, most year. year-over-year Cellular million and a XXXX. net to year-over-year Non-GAAP quarter consumer also handset a shipments units year-over-year. due units and by consumer million a income the in for high the about markets, the mobile last of shipped, growth of respectively, of increased for XX were period key were respect second third third million year. XX% higher revenue million to delivered and were $X.X shipped and million XX quarter XXXX. Overall, mix of $X.XX, increased all-time XXX% per other note, markets income of income income as to units strong diluted from last quarter XXX growth year-over-year. of history.

cash As of balances, quarter, items, million. shares new were September approximately the Board of marketable securities for million. our increase of CEVA's existing we repurchased balance program. cash, and third $X.X Directors a of repurchase to $XXX deposits Earlier as XX, 'XX, sheet today, approximately bank equivalent XX(b)-XX XXX,XXX shares authorized the XXX,XXX approximately In our

today, to are X value. available in this future business of expansion. and advantage million under over effect prospects our to repurchase take shares increase of after the for repurchase We to shareholders' just program the giving As intend program believe

prior is than for days, the the XX in XX DSOs third quarter. quarter the Our better days

During the operating of generated quarter, we million cash $X.X from activities.

of was are people, our and third Our million million. fixed and was XXX amortization whom headcount assets the of the of is At ongoing quarter, XXX purchase $X.X $X depreciation end engineers.

the Now full of and for guidance year. XXXX the quarter for the fourth

X quarter improved pipeline from annual last progressed earlier, well as as growth Also, fourth provided for quarters, overall earlier our revenues range a new guidances our last evidenced for 'XX higher of as well. both stated we XXXX. X% As for and plan higher and growth. X year be the expect than of the to X% the in to the backlog Therefore, we Amir

cost OpEx to earnings EPS. our This measures and manage to power our implement operating to our profit from and generate double fully also time time. for us XXXX continue and enable stronger We over and XXXX non-GAAP non-GAAP operating diluted control closely would margins double

$X.X continued $X.X could closure, session, Taxes now million pending the be to fourth $X.X shares. interest to quarters the to similar geography expected As $X.X XX% XX.X equity-based revenue originally compensation engineering be $XX.X GAAP Q&A lower reflecting $X.X Gross million, expected a million support to acquisitions. the and count quarter, the income average is XX% be the the expense intangibles. expected is expected a advanced the higher Non-GAAP power. be X is be million. X the expected Jason, the range and $XX.X of OpEx acquired to you to be This anticipated $XX.X fourth expense expected is million $X.X $X.X $XX in to open approximately quarter, the level be margin attributed million to million, of expenses the basis due intangibles to is and associated basis, to acquired approximately compensation for range million is on related expected the are excluding aggregate earnings business our a amortization to to than of the Net to of total of for on XG equity-based deal in and million with operating last in to expected stronger enabling and expenses expected share be to bit non-GAAP of of and last $XX.X key million allocation GAAP million. is the please. quarters and of control the is expense of efforts million for customers. to approximately for OpEx At range our million million. $XX

Instructions]. [Operator

first Securities. from Our from comes Cassidy Kevin Rosenblatt question

Congratulations on the results. great

or is companies? the clarification does into -- it going maybe margin, extension platform. that further? bit to Just making you're restate there engineering on a modem license a just And also, other is this then you extends time this this an on gross standard spending custom next drag a the device be to XG understand, become want maybe to quarter. gross little yes, Is that And margin, platform I a

Sure. Thanks question. for the

revenues This already up your a So in R&D customization business, in very of work We in few do when year. do cost space our some the the customers. of X bring is had IP a for earlier deals. modem and you them strategic you large XG resources

And we deals, quarter. the specific these is third now specific these requests that special these we change things have customers. for -- some this one that signed Two are third associated is Now the work it. in to are of with

like and down. the the revenue. looking so, in you XX%, CEVA. know-how doing R&D the future the year, It's little increase And capabilities course, end drag of day, of quarter basis, and at annual the XX% X we the when an knowledge quarters cost And overall not of Of a the bit this remains things this at it's or margin few with allocation an the could are to cost in look expenses. of still this the non-GAAP. margins, At

on the has changed little more effort dramatically, nothing versus R&D. a So line bit top just

that Yes. to more strategic Kevin, we driving and how the I view are will on business. company the add And the of also

our that also and but are IP to all we software. drives to the and royalty licensing will building, IP customer better we our economy technologies year, advanced modem connectivity case, platform In technology, a deals now go our that through specific other started of we this and our bring expand that and base. we basically, but long-term with customers is of I the XG the DSP including as the long you recall, we we platform, build better that truly processing driving customization and If with value technology so-called this talked portfolio we that This customers, partner achieve our for forward what would is provide. hardware be so-called to up and the the basically have. we complete In to complete continue economics and like an across the there's support LX case, customers to term, when a IP additional previously, provide moving a and that

designing opportunity in the as overall? maybe And platform, Wi-Fi is this Great. on platform there Okay. you're with -- for an

Kevin, that's a great question.

the specific are Bluetooth and So XG other in platform, and to are looking that this to with customers WiFi advanced case, have starting technologies. we but add this platform, multiple we

AI on I adding creating definitely, of moving And also really is network more wireless that of and terms of will other is of per what processing NPUs in So top in strategically, we content the talked economics on type platforms that have deal that said, that, we provide we connectivity or our the this what and the neural capabilities about value in forward, well of with NeuPro-Nano as the as more digital see portfolio. we connectivity. adding today top

is the I'm and plan place connectivity with -- with So see executing how see I to more are definitely, and we more driving that value what AI. that the that technologies in customers the exactly on and then we of multiple that put we with strategy economics very our deals our that top to happy of and and

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

to wanted licensing the ask deals. I about

You announced XX.

slippage rate think a your maybe next to lower you release. it is the previous press or wondering, quarters. It's into speak reflecting can some than Anything that was just I little run quarter? significant on I'm for that? deal

Thanks for Chris. definitely. Yes, question, the

in of even several quarter. is that deals the forward we with we a know, multiple mix vary of And important. as deals overall, have quarters. connectivity economics which our well can bit very will each and In numbers we that the the wireless the business. this But highlight as advanced better that solutions. number vary can licensing moving little as OEMs more satisfied drive have, we can change case, It deals quarter-by-quarter, with we with between type First, are

deals of a we're number talked an is the year or XX we -- basis, annual roughly on so. that about So around about typically deals

it's quality the technology it adopted overall, how us, quarter-over-quarter. But deals and customers. by the our is vary the deals the quantity basically So can of than more our for of

the backlog on improved mentioned pipeline, you And it. Got momentum. just and the

at now it versus describe beginning you year? would of the how the So

Yes.

of the The since So the first on seen is pipeline market which back we at part well see that our And the very I all a the goes our sensing joined few we pipeline fitting things today that strategy company with beginning needs on One, of and the technologies I highlighted remarks. through are Smart I've the Edge. the infer in across highest see targeting nicely that market the as that that. to key prepared of really XXXX. I connect end as

In terms we this as basically that, in of annually for we right quarter strong. backlog, overall, is QX, raised position are a that this backlog degree as the to with guidance the the well And now for some for quarter.

So coming in I with a very good place, how and happy execution I'm we're see the together.

question-and-answer conference Panush. would our turn to I session. the concludes we like back to This over Amir I'm sorry, have question. another

from Richard We Northland. question Gus from have a

spending customize coming custom from the Is a XXs think lighter 'XX margin on Just for line? bit margins you to about the way R&D the model into that high to do gross a gross of in bit some little obviously, as should real work quick, little there's shift, customers. a been and the is we

yet and about that the around guidance you this in with so the will the get that talking for not And if for XX-ish XX-ish year QX. around in, model for the we're that the we've XX% you sure been not I'm XXXX year to line is model. plug our advanced, of It's X very because the specific specific because and changing becoming just areas not of deals the of a quarters. We're won time. X excitement service XG that specific offerings not consecutive we the long in -- last It's a in deals very company. percent,

happens some of them be need on to and So that that, work. very some strong it execution more

in QX that for We're or more should quarters in still and those support the but changing, not up X% signed be now XX-ish, we're of changing in majority not we down. -- So and the few this deals specific one not It's work IP as of anything the changing we're company, model. it an X%, have will customer, in aspects. model that a

royalty demand increased design you're question try wondering you a And let customization going of to asking the the their don't business just I'm chips, it. Got design -- get they advanced for have building is as not the another And be OEMs more own but me the just seeing way. beyond XG That's company, just and into Are services expertise. the OEMs And giving wondering the you to do obviously that's higher licensing say. let's a if a semiconductor drive gross little and paying company, bit margin. opportunity of than upfront road, lower nature need more an more but and customization help little a work I'm down question.

and alluded and the good that ability framing It's question. we that, companies with value so-called gaps we offer those technologies less we well put the different it's and address at it offer the more resonates when about a of and stack that Yes. customers, to to together that. semiconductor what is basically Amir that OEMs the have pretested, deals them. customization as the to our Definitely And that more you or software them value on is customers, the that are look of with to us, very was mentioned. so-called large multiple I'll for a we or bringing way connectivity pre-integrated our top with level very,

royalty an part, advance, customer value a with shelf software the higher the IP are integration long-term ourselves value as and and very in in are type it most because and to capabilities. that resonates off drive the of be the more doing both that is bring. offered now definitely, the customers that, very is that, most the will So our see base. and platform deals, us and better by pre-integration strategy With to the we we can well we and more increase will on executed licensing to happy getting of fit that And

of IP opportunities really into Here those markets that's customization new of expansion build and it as and get with our at some end But we of OEM to the the have have offering we there, part and and that our provide to customers, day, we support. see gaps. and IP new here on will semiconductors

The is. of year. deals and some I'll this, that develop per than that, less that business -- signed of year as types IPs quantify to XX is you be need guess handful in need XX that these off-the-shelf add I of to to deals license we a try customization. then to bulk the a support It's if XX we

So or same frame this we on normal the fall the it's quarters, year. a why of this see saw deals XX% quarter. over X X sporadic really X X versus then or we really that a in is time XX-ish quarter if And this

our Instructions]. from [Operator question Oppenheimer. And from next Martin Yang comes

in is That's quarter. markets Is the on or additional question strong shipment any the contributed could strength very first color to Wi-Fi, question. My underlying there that products Wi-Fi? on provide you

versus Second is, average this shipment roughly in think preceding you million level of sustainable an quarters? question $XX do is of the

good Mark, question. Yes,

market. the combined, overall, and Bluetooth just the illustrating quarter First, I the a while create would a WiFi WiFi and and for us edge say to record that been this strategy IST have the and a across cellular connectivity that penetrate we leadership smart not definitely, driven is execution in for

we are the moving where are very, forward happy very royalty far. with so and we So how we and see

Specifically we on early ramp would are I Wi-Fi, actually, in say [indiscernible]. the

our they Day the drives are us. of shipments volume significant year, pointed it volume production, increased our platform reaching terms volume royalty Wi-Fi in more customers area that is we the reaching and goes potential a shipment As with penetrating by is already production. And market volume overall we growth during more last for technology, really that time What share also by. reach license of as ramp once they're shipments Analyst and still

Day in our in as WiFi -- year, 'XX, our 'XX, last have volume success Bluetooth we seen the we the the definitely, run of long our we expect as significantly So good to increase with Analyst 'XX, as technology. expectation with we a during at end shared look

with depends that on Now more that vary they're that licensed time. it and can to and it volume market production, XX increased customers those drive expect the X, platform the to we that overall, the our over quarter-over-quarter, Wi-Fi which already is tailwind, customers condition. that more But shipping go into baseline more

Martin, this is Richard here.

to points Amir's couple Just to on another answer add of there.

a restocking by the are well strength indicated the some a new of shipments big in I earnings inventory they showed of starting up report of where jump about is customers as this quarter process. talked think backed their to who TSMC's one And IoT. So our recently quite that in -- customers

into right chips a So been there's the in of with It's coming at the definitely volume as move chain also and market now. connectivity to big seen well. the a IoT supply fabs

heading control And definitely continue bodes but that direction. in with don't well. quarterly, Amir that over, definitely alluded there that So grow. Obviously, is to we our customer large right base the the trend we have see to, to any can

question D.A. The next [indiscernible] from comes Davidson. from

question entering. have might Are complementary it new a XX the question great there for looking? you're at out is Are forward The new followed me going involving you the growth like that secular you companies the that that someone consider? you years, in all a have are considering there shopping quarter. were that's there or phase on approaching like for feels hoard is you cash guys present all or Congrats you into actively would focus play bank. candidates My

the Yes, thanks for question.

now few last risk new year, today the space first, OEMs mentioned are like we'll also portfolio, with that with be portfolio we and will connectivity in things the acquired actually our call. that and the And the in So our talk overall we technology come seeing of more able technology. up And invested ramping we customers IoT that more on coming calls. more to we expansion

we of are will build the that overall there, looking sheet and of that, different and is to we our you into and to there continue very next opportunities wireless more M&A pointed We course, we acquisition momentum definitely, -- we out, year, expect as to definitely the are this go across strong, addition opportunities. offer. connectivity is balance can to In out type IP portfolio our as that that into reasonable deploy how our

I would add the we top also on of increased offering that, buyback today.

that done our past, have we'll the and that something continue for in to excess also that's use reason. we cash So

our to conference over the like questions back would This to turn more no closing concludes session. remarks. queue. I question-and-answer are in There the Amir Panush any for

IPs. and you. customer our us quarters our team, good Thank are royalty returned strong to has industry increased for We another on joining for quarter CEVA today. thank The momentum back continuing that meeting behalf On during of the enable business semiconductor of you the sense our to positioned and demand we to we I to and of with are Richard, long-term of by road leading-edge on already our smart year-over-year AI. fourth our over to technologies that business conferences OEMs growth. you base, licensing through And the we opportunities forward look and We through seeing of this portfolio connect, up. with And hand consecutive stellar objectives. you to growth growth X driven delivered many many meet realizing devices infer quarter companies non-deal roadshows. the investor world's at it well edge with growth ensure will leading semiconductor wrap data, are

Amir. Thanks,

all from Conference, virtually. XXXX following on the our at Annual remarks and filed an participating regards on website. As Thank this accessible the Francisco; information Conference, December XX in Technology Investors Northland be Conference Barclays will XXth CES on Vegas. section of X.X can We'll and participating December we'll upcoming reminder, prepared the following Las conference Global XX we section Needham conferences: X-K the through you Form XXnd in goodbye. found be these week, November a are York; and in and in held York. website. New as events in And in Growth the Conference we the XXth Further XX San report the events, New the to all, ROTH our January XX for the January Annual Conference, Technology on exhibit be Annual current X will at through call XX the to With be of Investors XXXX be XX events being Growth

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

disconnect. may You now