CEVA - Earnings call transcript Q3 2020

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Operator

Good morning, and welcome to the CEVA, Inc.

Third Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please note this event is being recorded. to of conference Relations. Market like Kingston, to now President Vice Intelligence would turn over the Richard I and Investor go ahead. Please

Richard Kingston

will data third qualitative assumptions. and CEVA contains of Wertheizer, as highlights quarter quarter Chief cover by to prove Thank forward-looking welcome results Officer, if aspects and expressed then they call. morning, will and Good Please Chief I the Executive of data. and statements will joined qualitative incorrect, provide quarter forward-looking or Financial those and implied for cover that Arieli, CEVA's assumptions that business could note Officer for I'm risks Gideon fourth you, well forward-looking third conference full year Gideon statements. financial as or the XXXX results with quarter and provide from third differ by everyone, materialize today Yaniv the Yaniv that XXXX. general the earnings discussion CEVA. Brandon. the such from to the cause and today's also the materially involve start uncertainties, statements and

a base RAN with & XXXX; our qualitative statements and with our in year Forward-looking the end station market base agreement. connectivity technologies; and optimism low and associated deployment sensing ADAS smartphone; continued ZTE relationship station in fourth IoT about the and for China, and momentum full opportunities XG production by quarter schedule include data guidance presented traction about associated optimism royalties;

growth impact position our the of IPs the associated strong filings Exchange length in to the on cause economy continue the for of the in and call competition that to penetrating the global to CEVA and dates. the the consolidation; results, license assumes and the our the please smarter, generally; consumer and Commission. scope with maintaining expansion of as more of us; IoT obligation restrictions information, market in effect factors would of trends. the ability duration ability our products markets speak forward-looking non-handset new global new acceptance; Securities our and the extent on pandemic; the information market and to of update difference and over baseband success no extent our and for statements with industry connected Gideon. CEVA's of any With market be to drivers chip to our I technologies existing agreements; hand customers, that which could markets; These pandemic speed demand the execute respective now ability XG of markets; their include: For devices the the said, incorporating to or and intense refer and achieve a

Gideon Wertheizer

today. highlighted Richard. for product and a quarter, CEVA strong record us you, everyone base very licensing you royalties thank major joining by with Good and in and key from IoT category players industries. agreements our Thank morning delivered stations

quarter business, our Total our the to and X% developments. Thank technology innovation year-over-year. keeping growing successfully are for pace with the work, the our presents. on our their efforts around the deal that continue talented results, third would world you fast the customers of and revenue employees Before maintaining challenges new third up tireless $XX acknowledge hard we commitments to like expand of we to all. I quarter million, COVID-XX was Through

this quarter Royalty On quarter, grew we station new a in systems this agreements upgrading our growing the home I to reach agreements of of to one for at quarter, include more revenue the as with record ADAS driven had during imaging, Our royalty Royalty design people XX% the $X.X new business referred from IoT our conferencing and concluded space largest by home on X for which non-handset X for of category were as XX true basis. a their a on continues wireless semiconductor year-over-year. up customers. use, licensing and product applications XXX% record revenue, target include $XX.X first-time million, year-over-year to and are call. were sequentially our XX% setups. $XX.X million. Other applications for sensing. for strong automotive shipments with base be quarter, stereo digital the customers switching year-over-year to TVs later We win million those up formerly licensing player, of were which home earbuds, permanently Six strategic work for solid, smart smart a and connectivity agreements was Target will category, for X% office from expand a and products. revenue digital

economies. expedited recovery India We strong the baseband later and from we product our China-based shipments for customers smartphones benefitted saw will RAN in on deployments technologies. XG phones low have to targeting the category, enabled I touch handset smartphone last this call, China, tier and traction In from continues sensor modems customer XG series which around uses our feature fusion a tier from Wi-Fi month and by technologies declined a which launches series market basis from in our on another supplier XG strong in Bluetooth, and world. smartphone of With that launched said, earlier low-cost Royalties our smartphones remain incorporate year, incorporated year-over-year from technology. the does the launched and other developing our that a premium have in as not new

Let key the elaborate me few next quarter. in to minutes developments take on the two

in our in the second such Against LX+ drivers quarter the of for led performance agreement automotive the technology semiconductor technology major customer automotive agreement certain own on automotive is a manufacturer industry, royalties. RAN a a in large is space. non-standalone and and to first ZTE. large engaged is in these collected new are XG standalone China and and and According this a push mode integrated car. with about global radio ADAS where have a won usage locked stations their is automotive seeking key a transformation delivered the comprehensive vendor. open, have take being high a operators by in DSPs, third collaborative backdrop, XG foundation data the dramatic is to a Furthermore, competitive automotive can DSP XXXX. particular, LX AI the and the has underway, obtaining Chinese they while our government the Nvidia very Japan relationship market. our in cars surrounding players and excellence increase project projected business in-house solutions, RAN production were ZTE already OEMs Unicom of and in powerful to along represents first Mobile, analyze solution sensors are of driver, to this which cycle we radar base a of XG XXX,XXX vertically player On their a based step-up closed Telecom in to Mobileye data, China. year. as digital AI this and enable XG deployed software as into cameras become in by The scale AI transition by OEMs set agreement to for through the this upgrade half of our for a This amidst unique the This edge. for new start toward an with new underlying deployments. The China instrumental compiler and in RAN, CDNN prime with CEVA supplier-agnostic a from the of advantage proposition an in into that signed is In which ADAS monumental that space of SensPro already in ADAS strategic the China leading-edge beneficiary our innovation comprehensive our tier of regard, ones translate their of with a China model not technologies the the

XX% technologies to its the active active in XG to a Deployments addressable market in data network station's and which cost market of energy higher ownership. advanced resulting our optimally DSPs. antenna CEVA-XCXX operators. be use by algorithms rates, CEVA-XCXX us, such units. Furthermore, efficiency and settings increase comparison As units, overall from presents XG, result, in the of base larger antenna operators Beamforming, antenna for provide within as substantial those and latest can AAU, MIMO massive share computing a The with active served require massive higher radio of advancements and in a capacity, content for lower climbed DSP

a in third noticeable Royalties We contribution opportunities, baseband are made our therefore higher antennas presented with additional addition content and for to to proposition reports. already have from royalty quarter active volume our processing.

So, are progress meaningful third continued, our across our demonstrated quarter the businesses. to making summarize, performance we

XG automotive lead networks to Our connectivity fundamental space. intelligent technologies sensing transformation any and the for the and in device and will are

and poses. confident and determined haul with are focused we our to prudency and business growth drive to long the for strategy. We our ongoing the efficiency Yet, uncertainty COVID-XX remain managing cope in

thank partners like to Finally, again customers, hard working I'd employees. and our CEVA's

health Your over that be continue me Yaniv With call priority. safety hand our said, guidance. the and let financials first for and to to

Yaniv Arieli

of compensation gross $XX.X was second excluded note, better of is the future revenue our $XX.X on million of for approximately to XX% aggregate base XXX% quarter excluding start I as million GAAP was non-GAAP third Of OpEx we a the upper-range quarter the quarter Royalty million quarter million compensation these $XX.X year. included follows. at the $X.X amortization of and guidance. XXXX. of years. million, year. items an for revenue representing third million of the The to by equity-based $XX.X Licensing impact expenses basis Non-GAAP above third million. record high last a approximately acquired withholding total revenues, Total also $XX.X our third $X.X X% at quarter for recorded. both reached quarter XX% basis, and related on be station XX% utilized OpEx for of results level and the the slightly what projected. Revenue million, $X.X XX% quarterly was quarter XXXX. reviewing financials in compared approximately than and $X.X total expenses due will of equity-based $X.X to you, than XX% a operations same Quarterly gross revenues, million, Gideon, X% from line was $XX $XX.X product our million, up $XX.X of third third Thank our for the the reflecting Total at million expenses upper-range higher of GAAP which cannot margin intangibles. for revenue $X highest intangibles. also of XXXX Royalty new and is XX% million of million, It tax tax we acquired same last included quarter the margin amortization a and the operating sequentially breakdown was quarter the were quarter the ever two the quarter guidance of year-over-year. and expense third the million as of revenue for for than in revenue up higher the IoT significantly

financials Our conclusion included the of $X.X XXXX was $X.XX, the third to million for loss $X.XX result respectively. of of $X.X net a share $X third diluted million for net quarter and income million of US Non-GAAP for of as diluted net per $X.X income benefit quarter and million successful and quarter XXXX audit. was for the a XXXX. of was third diluted compared tax third EPS and quarter the loss income share XXXX per $X.XX as tax the GAAP of quarter a

XXXX third $X.XX, XXX XXXX and decrease units units quarter XX% from the of Our or shipped, sequential for quarter and Other baseband handset a of for units, Shipped year income were were million units third and licensees up data. XXXX. third $X.X ago. the from million XX% XX during XXXX million CEVA the diluted non-GAAP quarter XXX XX% Of of of units handset net chips of million million second shipped sequentially a the were XXX shipped up and increase quarter million chips, respectively. baseband XX% from reflecting XXX by EPS related the XX% during a

sequentially XX% station for shipments were base product XX% units year-over-year. record Our million the quarter, IoT a and up and XXX

categorized of station IoT base all year. this under non-handset have since umbrella category we chips of the reminder, of a As baseband our the and beginning

equivalent for cash $XXX for sheet during and quarter. any We cash marketable deposits approximately We bank the were As the items, available not of securities shares XXX,XXX shares repurchase had and balance as repurchase. September, CEVA's million. did balances,

than the Our was level. than second but XX quarter the higher lower days, quarter DSOs third for the quarter first level,

of During quarter, cash the million $X.X we from operations. used

At computers, a assets at in the June. Our of end development and hardware, of headcount were norm amortizations $X.X depreciation servers which higher slightly of and larger investments engineers, was XXX than total third million, of XXX million due purchase down quarter, to was from engineering fixed XXX of and software. the end our the $X.X people, was the people

our to a station IoT saw annual extend thus COVID-XX increase for fourth the the high Amidst we remains to XXXX expect our believe the results base for and by XXXX demand us year-over-year the connectivity and of We licensing, uncertainty, in the for enable technologies products financial record to the million. in On Now royalties As quarter. diversity guidance high. poses. demonstrated quarter far, disruptions we and customer momentum continued into $XX mitigate CEVA's third that total will X% over revenue economic sensing our

are translate We relentlessly to revenue. working opportunities into licensing these

than of on million margin non-GAAP both slightly amount equity-based be attributable the GAAP-based is for assets. last forecasted expected compensation the fourth for quarter excluding to million. expected third to quarter, approximately our and gross amortization of expenses million expenses the fourth same is anticipated for expected and compensation to be lower the aggregate the OpEx of for the OpEx be and is amortization. quarter, $X.X quarters. to equity-based an million $X.X on to Of is be two million $X.X in Specifically range basis, OpEx XX% $XX.X XX% to for other GAAP $XX.X

in to is be $XX.X expected range non-GAAP the for to the quarter approximately Q&A Brandon, to fourth non-GAAP be $XXX,XXX. Net $XX.X and the is expected count you Our can interest expected million are expected million for Last, Taxes income fourth GAAP share to OpEx the million. approximately to X be quarter XX. is session. both And, on be now open of shares. $XXX,XXX approximately basis.

Operator

[Operator Instructions].

Ramsay Cowen. Matt Our first from comes with question

Matthew Ramsay

quick the in terms the I in for guess, line about talking business of Gideon bit base quarter. in revenue royalties your end the when – on clarification a I broke a my just think was specific the station up

be and And If thinking maybe you're of customers potential guys your Huawei terms getting next then, it months with change of on their what about in and leaving of in Huawei next own you front that the are base year-over-year. was could the question potentially for XG and and XX number might your royalties silicon How was trajectory thinking, is stations? months, XX in might station mean scrutiny under re-clarify what Gideon, that that the for over the own their business those what the XX some you to in being filling industry from business silicon for their division. over how impaired voids the for that how XX, base might you. about Thank that

Yaniv Arieli

We in quarter. IoT with don't bucket line our start question. in numbers first the is didn't any any related the however, mention to say, there did I stations third that reached you, – an over base the same we remind record think is this engaged that all I'll half $X.X No, high breaking. We was and are the year of station royalties specifically To base markets also that device the and newer for of years, was the the all-time more CEVA now that million. million. – $X.X representing category technologies first the have

specifically. active across it China, Bluetooth into at quarter, in. mention sensor one market within was seen we their big base came growth And newer royalties, did high and market in that. it tremendous ZTE. have in the royalties, all by record our growth ramp-up royalty. portion a royalties. We industries station of Small share fusion Wi-Fi we're Contribution, antennas from the So, came rest, XG a We

that to us Huawei, Gideon. this I record devices and So, for quarter. for number refer consumer-related XG lot a will helped reach And infrastructure of different

Gideon Wertheizer

hard were the strong how others, it's Huawei Huawei, this all, because in that in first than was antenna active up. advanced in refer. to I shape Though market, So, of technology, the answer they superior their specifically

I So, prepared the refer remarks. in

is ZTE the antenna today company offer second that in So active an production.

this how, in these hard of Nokia, specifically. the Ericsson, ZTE, on were are that China between gaining in respect, So, they say split share It's But global basis, at names are stage. the a to Huawei do. this Samsung, share

Matthew Ramsay

be automotive any understand you or auto on congratulations mentioned. might it there's units supplier If additional additional to? royalty tier that I design that But Any place helpful. the gave number detail about per of you that potential agreements exposed gotten that Gideon, question. and agreement there win. be wanted you how in terms some that can't. things of follow-up now per car, second be in one Thanks. car, have chips be wins super that to And details guys on might can there you would My I that further you may new broad some disclose with chip the

Gideon Wertheizer

automotive very prepared and of now what strategic can we we that market is large the about a ADAS. Last thing the deal a we talk The remarks. I quarter, The power had we only is the in said car around do. that say

all XXXX. the of First is one be start and a a a follow the the car, that the design third volume have part. it's Meaning, third, OEM will it's project. means mid-range way And if large premium a there all project, drive pick. in – sizable, Japan one, And it's and this it production, we you all, versus that do meaning the win to then step it's

we these are the can share. So, three now that components for

Operator

Our question next with Rosner Barclays. from Tavy comes

Peter Zdebski

first of different love as runway on Congratulations follow-up, of This way in one base sense terms is the give Peter previous some many of idea ASPs maybe royalties where how little detail do XG you million more Zdebski rollouts an and I in us in since of station the some ask represented you the then, units they pace that would on questions on were the China really traction. how are the even Could quarter. And in great the station base of cycle? deployment for a Maybe in $X.X that a see Tavy. of or there? the

Yaniv Arieli

out many don't We it do break units shipped with high. bundle the specific record that XXX million of the numbers how customer unfortunately. But of we reached

due on modem station had could the type is as a those base that's of smart our can't what in as per the it's a course, hope their Gideon lower supplying station, of quantities be significant But volumes open step-up modem-only have helps a So, both of opportunity – and a we the smaller the and much, specific before well that much but and from the be we contributor as volume of could future. million, explained, I XXX higher than which antennas, socket. customer. This few base antennas specific traditional up unfortunately tens we bit. to for

Peter Zdebski

sustained? – then, from That helps a here? the you. as bit. do do then Thank this rollout of many And think you could as far be see – ZTEs that pace accelerating And you how quarters

Gideon Wertheizer

XG base by that bases to two prospect The base refer than the we we one, something scale years, no base in the going base is smaller you're the year, for and speak technology station. more and and XG, itself bigger as see because But mature, stations. time private that's goes big becomes than station this, about macro station, to more

can Ford do manufacturing network, install of So, network or AI. fast cloud they you they connection to Toyota and their the think own with about their robotics line where for private where XG use or can they whatever,

many the are each use station that is hook of look because to we you it, one. apart a have on there how to way which And big big estimation, a how So, other a also and new not many lot just base antenna way. transformation term something to that's is the in XG

about them. size and don't here But station millions antennas exactly. in with we So, smaller base of of all talk know we

for baseband opportunity We active to and antenna. have content have the force the for the the

Yaniv Arieli

of don't To Bear looking the time start which with visibility. network, a add get of have one opportunity ZTE thing, we that of we to implementation in for the better royalty a it's that place, quarter, that operator more to we solutions, installed when deploy we ahead know rear. specific in It's OEM our next and talked specific an business quarter. have of year, in is about also city, for the It's always was mind driven another we're report Nokia. a what a

this top be that get And So, ZTE, that them said, have only of as other is as coming as not should production, up we pipeline to the of but in the it's years. that, station. well customers soon they as into away. to aspects and as space licensed we ramping base all technology another going Gideon hopefully our XG on have be in in And

Operator

Instructions]. [Operator

next Capital. comes ROTH from Desilva question Our with Suji

Suji Desilva

Congratulations on here. progress

are the Looking strongest XXXX sensors, station, ahead to the non-baseband, can the well? the those connectivity, the base growth calendar doing just calendar year opportunity talk about of to maybe XXXX, three XXXX. the IoT opportunities know, contribution the calendar best across in which all like you order, would rank looking I want seems for have because XG ones to growth it out

Yaniv Arieli

didn't of I for our at glasses, target, bring this a because when us. year, my was the XXXX, and station which we started remember far. originally was only so I was like IoT don't vision XXXX here – $XX base million pre-corona, So I But sight target if as huge the for see look

momentum XX% we $X A that were even all With space, year these And seeing believe much even finally, year, we XXXX, we're XXXX all different these nice million. nicely few on the and talked markets. a ago, you closer a days, ago, of more are XX% see to were these semi something growth we this we But and tractions, to reach. consumer at this recall, today confident that because of about that that this COVID reaching was surpassing we around that us in the things $XX last in will XX% is year we are years were the do XXXX early. you the in the of with. always in first We'll do year we yet. as and the sure, the that. Hard back do our It's But fronts. it working to growth four try And with to for look of these extremely better started this call in is for part three if out year all it that the years we analysis data than and the we we give all today, then over north for of the are $XX million say new – us we well we is where different what insights more markets, and where are could in don't quite around into As When space. still didn't future. growth looking million. the you or

Suji Desilva

helpful. any Thanks, me competitive make you congratulations Yaniv. well. that Automotive, LX the Are favorable Okay. CEVA second key adoption architecture question into are there from That's solution versus on And Gideon. win LX+, CEVA versus more then the going talk for trends competitors? automotive or driving there factors the Can the solutions? shifts as perhaps in about that

Gideon Wertheizer

a get barrier is into entry market There to high the in automotive general.

not market, You for with relationships OEM, now. we just are, have years four this need pedigree. semiconductor, a almost in to developing And

has that Now to LX, people is don't LX. similar basically LX+ autopilot knows really what plus just Tesla specifically that is LX+ LX+ to for today. and or

autonomous to be it's could cameras XX. up could performance have to be have cameras And and many the XX you So, because Many capabilities driving. – substantial it sensors. you fuse cautiously have to radars

XXX degree. a So, holistic to you get view need them of fuse to

out the AI just different is Now, the of the point years two We the CDNN, our And And that generation. element. CEVA our we technology, with and meaning my Neural DSP recently in see sensor SensPro deal have there was, SensPro opinion, Deep in and they with one AI which the system get inputs the two a the And four fusion, Network. key And entry, that's – ago, call specific that combining how to portion. using category. we there. or our would early sensor. and is We is key our is theme chip One software angle inferencing And came other element instrumental software. in it the it is the from portion, out next other this It's it call customer leading almost because the came you DSP not an the develop DSP. the hardware on, the processing, new compiler customer fronts. in edge take processors

Operator

comes question BNP David O'Connor Paribas. next Exane with from Our

David O'Connor

follow-ons which of on then, side. OEM platform Just ADAS can win, win or two of at it geography question. the a Japanese on couple follow-ups. a or And kind side, in? win That's the this I one car? is the my you customer firstly, us And my just first Maybe, that Gideon, is tell was have one

Gideon Wertheizer

It's a share at only Japanese can That's that thing the we No. It's platform. point. a OEM. this

David O'Connor

the side, to model to how turning that that Can station long station Maybe baseband? as active base grow base the on antenna units, should big term? we as the

Gideon Wertheizer

way to more minimum is cheap baseband, between together, So, antennas for with or model okay? is Basically, baseband station, say, let's at It XX times go the per any that the base or even can you're station. X going up toward X times. hooked XX base to

course, different it's chips. Of

of our these We that now, the And customers price will we yes, technologies the Huawei between the that. having different yet have and for is follow players is So, licensing in Others industry of earlier and chances have talked ZTE – not across them. of to ASP all also capability. the others, all industries. but or it's good not

at is opportunity the we near the front. among this we look licensing as the term, to in it first have. a have that also in interesting nice, something And been So, growth

David O'Connor

the more As what maybe of licensing as of then, is approach kind status start that pipeline? the end and us final a of bit a on right year talk the next we you the Can to one. year, you now? And look into

Gideon Wertheizer

solid. looking So, very licensing is

XG, the optical be antenna from about way, newcomers the could be consumer all are could By attract into integrate the DSP company. portion, market of company say, company. be antenna there angle, companies. different hotspot many it an one. a base volume, networking Let's different for said could station. It of the because Yaniv that this the the this because aspects It

get in them of to will all So, this a share space. lucrative try very

hotspot. one that's So,

aspects different and the due vision to IoT, All IoT, computer we to then the different access want have of home, move Wi-Fi. people the is work point, spot kind other The from going AI. forward, and all to the

talking interest We different. all from going markets place, People over $XXX. have augmentation to starting that's the from all to now about huge started $XX mixed pricing AR, reality with have strong to reality, wireless,

So, cover a It's high-value CEVA those those or whether that's licensing. then, have we allow thing that high-volume common all that it's the denominators good it's to place. drive whether And and about us the a the market, aspects. is over all spread

everything which consolidation. really any is It's to sensors relate we see or cannot what offer. connectivity. that with That's You IoT,

Yaniv Arieli

an And add more if in the we year. basis, you the pass And $XX few look for the would $XX million, at $XX we're million I at time $XX will years. being a year, were last million this we at level before saying that after annual first very thing that million for one licensing

within $XX million very time now short million more million the $XX a to licensing. we or $XX first to of in very than period to So, from for million jump $XX time, million, $XX

paid over the we and – markets those really have into those on off investment technologies we and R&D years these licensing has activity. that the increase really off went So, to put paid that

Operator

Gus from comes question next Northland. Richard Your with

Gus Richard

Or win, this is to sonar? for? Or the ADAS determined? fusion yet or LiDAR, include you're does radar cameras be doing that just that sensor and it on Just is ViDAR

Gideon Wertheizer

least sensors all determined from up. ended – it's It's be they've standpoint, our be And mentioned. at those yet what yet all to the of sensor of you above, to that meaning

hook to radars are and will the LiDAR must-haves. be of For it's cameras. there sure, it These on they Whether determined. it, top be

Gus Richard

LX+ incremental some a And improvement it and towards LX. highway? Or lot is this just a there's other clarification, further around over targeted LX? hands-free vagary of Is

Gideon Wertheizer

Well, But autopilot in idea it but it use I that the let it on it is will drive. wheel hands by have put you people you itself, in still not hold hope cities. the mode, your drives and to

sleep I to say, gap when the than here I think solid it's people, X, between XX, good X, in you a go and should filler car.

Gus Richard

And start your base not, royalty do base in? kick the contributing station, customer then, that to And really on you quarter? the in to third to second is expect if station when

Yaniv Arieli

Marvell, in and I ReSharp This to we – year being piece perspective modem which production. of earnings modem is to of for their the second by from underway piece [ph], an is is these they that are yet days No, ready talking we seen end believe our RF the always done production. haven't reference the and and the and deployment about call their customer.

So, year yet be we next to early for numbers. from it's it this share. year, now we be production. happy should information soon them, get But as more not in And in as and the will

Operator

is question Matt follow-up Ramsay Cowen. a from next with Our

Matthew Ramsay

be about a the on the the if there's primary takes the business. if Maybe conversation are that of I the I dollars has which little think fourth that being of might on on that bit puts just drivers revenue. down be helpful longer-term then – to procurement modem Or ask versus of Yaniv, And couple driver for in that royalty going the to is any Apple? decline licensing really you walk be things it's and the are been through you the side, a a help It sequentially, consider? wanted other down we maybe like piece bit sequentially. us on shift it should here helpful. quarter could there looks of royalty, million would can give guidance,

Yaniv Arieli

On quarter XX-ish around that Gideon When we that comfortable we $XX the a to overall licensing were million. we're $XX and the anywhere to at said with. reach million are order it in million as XX-ish is solid the $XX north We always earlier, something we front, was mentioned million. of between said the that at level, looking

step higher than notch was function a next that. the Now

cannot very when look think would licensing of in beginning are or side. lot completely a of in year, ramp-up this the We at consumer out we of basis, this quarter devices north earlier the the least. that activity. you and this be lot came introduction those. year of of in on order that strong plan. There lower-cost COVID, unexpectedly, year. at of the the the station time of an over this It third which was licensing this quarter, base On the pieces. plans, for different. of in the the there especially about home And fall TVs, annual of a year, lead nail earlier Christmas-type realized US the That's really $XX necessarily was this years, I also us year. of pieces we very, that quarter in where year, million royalties, a office. Gideon and happy handset our or the of also beginning we are and phone the planning of results for should initial including by the reach more year with that that. year timing as there somewhere was and is have are was talked QX of helped that a There the supply to – moving is the not the then the second the hit was stronger with Because of magnitude

many today. QX look quarter. surprises next overall, royalties similar good and for we the And now looking because that's the looking where numbers. at get a the at there, we're hard report right So, say to while we look strong something We are similar after hindsight with guess. need at shifts quite to only But then very pretty something calculate to much and to and and at the it's royalty

level. in then and QX This helps. a that happy like. last being very very that's was that hope with momentum see looking It's the after million QX. we're great in range. $XX I next $XX feel started million, QX. So of you we comfortable, And strong it the $XX at something if compare much suddenly quarter QX It's XXXX in how also to XX-ish Again, pretty million, and we year, had beginning million we a year, sporadic jump. year that the

Operator

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

Richard Kingston

interest you Thanks, and for in today your us Brandon. all continued CEVA. for joining Thank

XG X on Global events Media Summit and Technology, XX, Barclays and on Fargo Investors December and reminder, and December these participating on will X Oppenheimer X-K in website. report X, information to Further With are Form exhibit and filed on the current of December TMT Event the website. will regards Wells you Technology Conference goodbye. all November the As be ROTH our Telecommunications following be our and Virtual we section Summit events, conference and upcoming conferences to virtual can as of Thank the on in we the found on prepared QX, XX, on in an this XX. a for events section XXXX call remarks accessible through the be Investors the participating

Operator

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

may You disconnect. now

CEVA (CEVA) 8 Nov 202020 Q3 Earnings call transcript