CEVA Inc. Files 2023 Annual Report on Form 10-K
Ticker: CEVA · Form: 10-K · Filed: Mar 7, 2024 · CIK: 1173489
Sentiment: neutral
Topics: CEVA, 10-K, Annual Report, Financials, Fiscal Year 2023
TL;DR
<b>CEVA Inc. has filed its 2023 10-K report detailing financial performance, operational commitments, and tax information.</b>
AI Summary
CEVA INC (CEVA) filed a Annual Report (10-K) with the SEC on March 7, 2024. CEVA Inc. filed its 2023 Form 10-K on March 7, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. The report includes details on cost of revenues for 2023, 2022, and 2021. Commitments for lease obligations and other purchase obligations as of December 31, 2023, are detailed. Tax information related to foreign countries, including Israel and France, for the period ending December 31, 2023, is provided.
Why It Matters
For investors and stakeholders tracking CEVA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CEVA Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of costs, commitments, and tax liabilities offers insights into the company's financial structure and potential risks or opportunities.
Risk Assessment
Risk Level: medium — CEVA INC shows moderate risk based on this filing. The filing contains extensive details on financial commitments and tax liabilities across various jurisdictions, indicating potential complexities and risks that require careful analysis.
Analyst Insight
Investors should review the detailed financial statements, risk factors, and management's discussion and analysis within the 10-K to understand CEVA Inc.'s performance and outlook.
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period)
- 2024-03-07 — Filing Date (Date of submission)
- 2023 — Fiscal Year (Period covered by the report)
- 2022 — Previous Fiscal Year (Comparative data year)
- 2021 — Prior Fiscal Year (Comparative data year)
Key Players & Entities
- CEVA INC (company) — Filer name
- 2023-12-31 (date) — Fiscal year end
- 2024-03-07 (date) — Filing date
- DE (jurisdiction) — State of incorporation
- 7370 (industry_code) — Standard Industrial Classification
- Morrison Foerster LLP (company) — Mentioned in relation to commitments
- Israel Tax Authority (regulator) — Mentioned in relation to taxes
- Ministry Of The Economy Finance And Industry France (regulator) — Mentioned in relation to taxes
FAQ
When did CEVA INC file this 10-K?
CEVA INC filed this Annual Report (10-K) with the SEC on March 7, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CEVA INC (CEVA).
Where can I read the original 10-K filing from CEVA INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CEVA INC.
What are the key takeaways from CEVA INC's 10-K?
CEVA INC filed this 10-K on March 7, 2024. Key takeaways: CEVA Inc. filed its 2023 Form 10-K on March 7, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers the company's financial performance and business operations for the fiscal year 2023.. The report includes details on cost of revenues for 2023, 2022, and 2021..
Is CEVA INC a risky investment based on this filing?
Based on this 10-K, CEVA INC presents a moderate-risk profile. The filing contains extensive details on financial commitments and tax liabilities across various jurisdictions, indicating potential complexities and risks that require careful analysis.
What should investors do after reading CEVA INC's 10-K?
Investors should review the detailed financial statements, risk factors, and management's discussion and analysis within the 10-K to understand CEVA Inc.'s performance and outlook. The overall sentiment from this filing is neutral.
Risk Factors
- Commitments and Contingencies [medium — financial]: The company has various financial commitments including lease obligations and other purchase obligations as of December 31, 2023.
- Tax Liabilities [medium — regulatory]: The filing details tax information related to foreign countries, including Israel and France, for the period ending December 31, 2023.
Key Dates
- 2024-03-07: 10-K Filing — Submission of the annual report for fiscal year 2023.
- 2023-12-31: Fiscal Year End — End date of the reporting period.
Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 18.3 · Accepted 2024-03-07 16:31:07
Key Financial Figures
- $0.001 — anding at March 4, 2024 Common Stock, $0.001 par value per share 23,633,387 shares
- $61 billion — nd conversational AI devices will reach $61 billion and $108 billion, respectively, by 2030
- $108 b — l AI devices will reach $61 billion and $108 billion, respectively, by 2030, indicatin
Filing Documents
- ceva20231231_10k.htm (10-K) — 2915KB
- ex_634033.htm (EX-10.17) — 6KB
- ex_634034.htm (EX-21.1) — 11KB
- ex_634035.htm (EX-23.1) — 3KB
- ex_634036.htm (EX-31.1) — 12KB
- ex_634037.htm (EX-31.2) — 12KB
- ex_634038.htm (EX-32) — 5KB
- ex_634039.htm (EX-97) — 11KB
- grph01.jpg (GRAPHIC) — 78KB
- paflogo1.jpg (GRAPHIC) — 3KB
- 0001437749-24-006970.txt ( ) — 14961KB
- ceva-20231231.xsd (EX-101.SCH) — 127KB
- ceva-20231231_def.xml (EX-101.DEF) — 769KB
- ceva-20231231_lab.xml (EX-101.LAB) — 697KB
- ceva-20231231_pre.xml (EX-101.PRE) — 825KB
- ceva-20231231_cal.xml (EX-101.CAL) — 110KB
- ceva20231231_10k_htm.xml (XML) — 3011KB
Business
Business 5 Item 1A.
Risk Factors
Risk Factors 13 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 31 Item 2.
Properties
Properties 32 Item 3.
Legal Proceedings
Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. Reserved 35 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 Item 9A.
Controls and Procedures
Controls and Procedures 55 Item 9B. Other Information 56 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.
Executive Compensation
Executive Compensation 57 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stock Holder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stock Holder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 57 Item 14. Principal Accountant Fees and Services 57 PART IV Item 15. Exhibits and Financial Statement Schedules 58 Item 16. Form 10-K Summary 62
Financial Statements
Financial Statements F-1
Signatures
Signatures 1 Table of Contents
FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Annual Report contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as "will," "may," "should," "could," "expect," "suggest," "believe," "anticipate," "intend," "plan," or other similar words. Forward-looking statements include the following: Our belief that our IP licensing and royalty business model offers key advantages and is the best vehicle for a pervasive adoption of our technology; Our belief that there is growing demand for smart edge devices and for IPs that enable smart edge devices to connect, sense and infer data more reliably and efficiently, and our strategies to take full advantage of this growing demand; Our belief that our technical support services are a means to assist our customers to embed our highly complex technologies in their designs and products, and that effective technical support enables our customers to shorten the time to market for their applications; Our views as to the principal competitive elements in our field and our belief that we compete effectively in these areas; Our belief that due to rapid technological change, factors such as the technological and creative skills of our personnel, new product developments and enhancements to existing products are more important than specific legal protections of our technology in establishing and maintaining a technology leadership position; Our expectation that we will receive fewer grants from the Israel Innovation Authority in the future relative to past periods; Our belief that the colle
BUSINESS
BUSINESS Company Overview Headquartered in Rockville, Maryland, Ceva is the leader in innovative silicon and software IP solutions that enable smart edge products to connect, sense, and infer data more reliably and efficiently. With the industry's only portfolio of comprehensive communications and scalable Edge AI IP, Ceva powers the connectivity, sensing, and inference in today's most advanced smart edge products across consumer IoT, mobile, automotive, infrastructure, industrial, and personal computing. More than 17 billion of the world's most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles, 5G mobile networks and more are powered by Ceva. Ceva is a trusted partner to over 400 of the leading semiconductor and original equipment manufacturer (OEM) companies targeting a wide variety of cellular and IoT end markets, including mobile, PC, consumer, automotive, smart-home, surveillance, robotics, industrial and medical. The customers incorporate our IP into application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) that they manufacture, market and sell to consumer electronics companies. Our application software IP is licensed primarily to OEMs who embed it in their System on Chip (SoC) designs to enhance the user experience, and OEMs also license our hardware IP products and solutions for their SoC designs to create power-efficient, intelligent, secure and connected devices. Ceva's wireless communications, sensing and Edge AI technologies are at the heart of some of today's most advanced smart edge products. From Bluetooth connectivity, Wi-Fi, ultra-wide band (UWB) and 5G platform IP for ubiquitous, robust communications, to scalable Edge AI neural processing unit (NPU) IPs, sensor fusion processors and embedded application software that make devices smarter. Ceva is a sustainability and environmentally conscious company. We have adopted both a Code of Busines