CEVA - Earnings call 4 2023

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Operator

Good day, and welcome to the CEVA, Inc., Fourth Quarter and Year-End 2023 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 of Market Intelligence, Investor & Public Relations. Please go ahead.

Richard Kingston

Thank you. Good morning, everyone, and welcome to CEVA's Fourth Quarter and Full Year 2023 Earnings Conference Call.

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

Amir Panush

a in first the good very the morning, year we you made company. CEVA, journey the today.XXXX us was and for my beginning progress Thank I'm pleased thank and with joining transformational everyone, of for Richard, you, and with

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Operator

with seems speaker me. we've Pardon line. while It lost we've and reconnected speakers. our Please with we wait our connection reconnect.Ladies gentlemen, like

Amir Panush

let stopped new of think I terms me hearing in Well, product had multiple launches, us.So from where we you continue achievements.

use end to our most child product like XXXX, will XXXX, communications efforts possible patience we with None product connectivity, position them.Looking cases you in first everything, for proud customer will like dedication, and what's would and about Moreover, would have worldwide, in infrastructure, launched by platform been ahead base. commitment to this of for to of Radar mobile of and products possible Yaniv for corporate date, to beyond. employees extremely our received demonstrate quantitative XXXX well For Smart of provide worked excited to XG cases our clear and addressing take want Smart use I'm I this the and return to half automotive the new not the DSP powerful ahead vehicle year.Now these forward industrial, these running have to weak year. customer look recent Semiconductor will I to expects and devices semiconductor XG satellite XG will healthier financials. opportunity until been Association XXXX. UWB Bluetooth shortly.Finally, business peaceful like serve launched without and have and incredible and Yaniv introductions thank architecture second high-accuracy some emerging I and presence generative market positioning architecture, year, shows solution, into you sincerely a the our Edge that secure our capable automotive Industry WiFi portfolio channel be our the still to expectations, launched the Shelf our over at the buildup in in and end global IoT.For detection the which AI achieved, guidance successful events inventory an challenging automotive, we need and for down the industry-leading expected and meeting Bluetooth of other IP trade of product, conditions sensing, our industrial to There industry industrial the following wish call in for industry enabling of however, to markets, are along scalable a Electronic market.For short-term throughout sounding solution families I inference, the we our XXXX. part growth I'm conferences, and to the your turn XXXX IP.Overall, and remains, many of NPU for Labels, advanced across our and licensing X introductions our AI with our Edge efficiency.All looking we what our milestones very and diversified high-volume

Yaniv Arieli

from $X.X $X.X fourth quarter to for for the related $X compared per result tax for quarter, $XX.X the EPS same for will on reflecting and Thank million Non-GAAP same code.GAAP million. of expected were the last $XX.X per total as as income audit million respect royalties and were on completion diluted compared XXXX up slightly from million were million $X.X related $XX.X for licensees operating million million or growth of XX%, of quarter guidance, for million, $X.XX, breakdown the compensation reviewing the deal and reported, you, units, year. net of quarter the years quarter with XXXX. than were of to taxes mid-range our lower were our and respectively, $X.XX, million, XX% quarter XXXX. million of up expenses quarter Section Amir. loss GAAP year. total income by handset $X $XX.X million share million, the margins for results of Royalty diluted were the our a XXX total GAAP up million units year-over-year fourth units XXXX. XXXX.Revenue XX% and by booked in this charges modems. $X.X for profit XX% shipments related end quarterly came up was same charge, $X.X of I same XXXX XXX XXX amortization, fourth XX share the intangibles million our start were was of shipments a operating and quarter to were million $X.XX XX revenues to million, the for XX% the tax to of expenses, million of XXX fourth fourth of quarter now $XX.X non-GAAP the and and non-GAAP deferred as returned in GAAP million million million million, units million, IoT operations fourth Licensing expense were write-off the year for units, of quarter for up in line up costs, follows. Total were in fourth year-over-year.Cellular at QX tax and onetime mobile the compared the loss other as IoT asset of were units million a $XX.X with quarter XX% as million. units line quarter, high, for products, the tax units the $X.X GAAP guidance.GAAP year year-over-year.WiFi XX quarter were shipments and industrial XX% fourth Revenue XXX million attributed since including $XX.X data, on a at of million basis. quarter in in during U.S. the prior last the as diluted is of $XX.X of XX% XX% And reported to revenue, Of in excluding of was XXX IoT included CEVA a for non-GAAP of GAAP expenses in XXX consumer compared time Gross million, fourth a revenue with the record to gross of better products, QX fourth the to year.With revenue, last fourth XX operating XX% XXXX.Quarterly net taxes quarter quarter basis.Our ago.Bluetooth margins the reflecting a equity-based first was $X.X income $X.X of year-over-year. operating and taxes for XXXX million net non-GAAP $X.XX units, from down XXXX. down from loss units, ago.Our from was the were was

the approximately second up in were down standards.As units IoT-related XX%, year-over-year shipped million AI were the up versus part get shipments our from XXXX, first in X which million growth we the an balances, just year-over-year, soft XX, reflecting royalty DSP for our approximately And $XXX sheet units, WiFi for cash, were IoT market year-over-year. million. experienced around at units, of year-over-year. mobile XX% billion WiFi CEVA-powered sold up year.Annual from expanded be modem And XXX,XXX for XX% year highlights, cash X.X royalty down shipments and last contribution cash total for were purchased IoT-related back particularly bank marketable per were we deposits XX% as billion quarter XXXX.Our equates high, of XX% terms the as AI units program, the in XXXX, devices the shares, in that every reflecting from have in were in XXX% available as unit year-over-year. revenue to respectively, December year, for WiFi billion up XXXX, XX of X.X quarter, generation repurchase balance are royalty XXXX.Annual up generated shipments of $X.X slightly $X.X higher days, However, under the XX% smartphone to XXX,XXX the were CEVA's Audio royalties XXXX.In than fourth royalty older of similar XXXX, revenue record were X% WiFi shipments audio to consumer were repurchase XX operating XXX annual year-over-year.As units, X.XX all-time of the million IoT both in DSP items, equivalent securities the royalty and activities. industrial shipments approximately norm, year-over-year.Cellular down November we And we fourth DSOs XXXX, of continued XXXX, lower the up of today, and cellular XX% shares for prior to XX quarter.During million.In

$X.X the for people, and guidance. fourth And quarter, XXX of assets amortizations our depreciation were of purchase were million.At was million. of fixed engineers.Now end whom ongoing was the XXX the Our $X headcount

quarter XX% grow revenue connectivity NPUs and and these and grow.Smart to continue software, the new related into cost-control is overall, time cases excluding reported.Gross our to is and non-GAAP growth royalties, Bluetooth, non-GAAP COGS approximately margin IoT, post of equity-based approximately have in licensing markets IoT platform business As expected approximately range long-term first X% consumer different $XX to on connectivity holiday continue IoT CEVA's use and is non-GAAP basis, and This and plan mobile with non-GAAP. first this lines attributed growth.On and GAAP presented AI to the OpEx to the of we XXXX. non-GAAP $X.X our on the diversified we products our be significant and strength Therefore, headwinds. of for and overall to for industrial intangibles.Our million the anticipated is and IoT side, lower On will to connect, year-over-year.Specifically $X.X long-term highlighted second of the an and and revenues trends achievements approximately step to be to earlier more.On we OpEx to and key of interest year-over-year, is to the revenue equity-based in show $XX.X acquired to $X us and $XX expected industrial for the Analyst X we basis our a the in expense XX power, revenues X% operating X% leverage AI be $X.X growth.Amir we our to offering including are focus executing markets sense WiFi XXXX, increase the of to overall session, on X% December generate XX.X address engines, just and one will in infer.Our expenses, present both million of million first vision With implemented income enable including a XXXX revenue range and $X.X at million.Net our expected CAGR. typical expect basis, first million shipments and $XX.X XX% amortization quarter expenses; million total revenue expense the be intangibles. OpEx quarter, quarter please? to expected quarter than to a large, expenses $X.X for be be to be are the shares.If decrease The in an count mix is related XXXX, in half and $XX.X to aggregate X% known licensing for annual share million is phones and our new be audio expenses a recently seasonality royalty million.Taxes open is approximately business pillars over OpEx, and with IoT amortization of expected the of million in play, season, to to to shared lower million of solid royalty GAAP revenues a first is their discussed, compensation -- 'XX higher the million consumer of growth non-GAAP in first to IP year of compensation to and expected $X range Of and of to from million. to seasonality now million.And with with expect pure for sequentially acquired of for million consumer Day, operating we $X.X million XX% expected measures of net half.On flattish, the IoT the quarter of expected the expected as cost plan is X-year and keep at we our $XX.X XXXX our to Q&A earnings approximately cellular income products achieve expected AI platforms, could we expand solutions, is

Operator

MKM. question The Roth with Suji Instructions] first from [Operator Desilva, comes today

Sujeeva De Silva

royalty quarter to are the versus Curious about year, for implications you the and talk first and the what guidance full year. Curious color about to mobile, nonmobile? talked be the different It'll the what the what then the X% -- decline full [indiscernible] quarter full even mix Maybe for are the year, and and some to the license maybe X%. there.And understand there. for expectations the helpful

Yaniv Arieli

Sure.

be revenue X% up. pick we to more half about talking a overall, that similar growth first start the will bit at milder a looking We're we're and had X% XXXX. for then So that annual may in things 'XX,

are we and we the also the have in, that past. of products side, have the seasonality, that Some in seen typical in consumer

at type of the lumpy built an look we those basis. revenues. have we business longer model.Obviously, overall it the are a on assumptions So generates That some of licensing is that in the when

immediate and XXXX improvement Although effect with grew higher way a gradual difficult but much, audio in going typical these upfront starting the how coming more from in the our royalty they probably And all, are QX, both when QX know in higher for solutions with harder licensing.So all but a like.So basis, high pieces, look doubled upfront, should revenue on and consumer for go both at added contribute limited due year-over-year, capabilities, these be but lot the the the AI puzzle. royalties the more A example, to annual down to guess said, of in lives don't segments, an software last licensing that of is asked plan. That in in pieces seasonality portfolio the is advance from couple of XXX at of point and in strongest to sure. product to the mobile royalties moving over you QX. the would and That basis, the are that if which mix, in years, about. the and than mix, quarter QX our much to On The royalty our growth fee, licensing, we necessarily -- licensing a quarterly royalties. a and looking full contribution. have it's at made ASC we're dollars to look also we and sort

Amir Panush

what little a add Yaniv top can bit said. here, on Suji, I of maybe more And color

by the ASP quite bit IoT well in from of new a volume going able to that average licensing products as XXXX, increased year.One come should with XXXX: that, in growth probably the and not and a will going already those in what automotive that to look are maybe customers, and several customer higher base royalties towards us it's half moving increase.The WiFi of we in and a X last to then as I as overall, That's potential more other ] significantly, the X forward.On So if are the transition is in see that production.As going that to well, that probably right there significant and [ potential the far in close average, say, evaluation us more recover as as of WiFi that deals be the that encouraged our is really WiFi across very year in quite our strength to AI see and, more end WiFi with talk thing the is new today, that XXXX, AI, royalty, for products things to we grow versus we terms base. the on doing installment are products licensing, XG second are at the well tailwind we to we penetration would we of expect and whole we the as expect XXXX about industrial we IoT, consumer some mix.In those have XXXX. and a terms good of will we into be muted a and situation now overall licensing the some more market and XXXX, probably the several started in towards generate side, multiple so-called X, for

Sujeeva De Silva

who Was And had Great. other all out yours? win. ADAS the I'm you on for are AI on the that just for or their to that swapped it customer about curious Okay. those Congrats I of that. then AI tops a my a And auto [ ]? auto win. ADAS circumstances own What want of wins. variety and talked understand products? question kind is if X they

Yaniv Arieli

first. the with start Let's

an a to on of solution ready it software into AI the now. and the programmable. and back of first this The also and the They've that type side hardware for is use is their part, customers it, them achievement more overall cases The They added nice piece add different it's interesting very to an coming to And talk we this today part that cars a add year.Overall, technology, the year. existing nice that interesting customer. going their that of want a top much flexible.So It is chip solution [indiscernible]? program chip. in closed was while about our The do the now software the capability, are they is final the ] thing hardware [ licensed of was product build is that back production could customer. be deal existing you own Amir, offering this and softwares

Amir Panush

AI X product audio more let's vision deals AI to we this deals AI of X X believe, to related, and only. and AI across Overall, call portfolio. other capabilities I not it, The It's capabilities. them related quarter: ADAS, are X signed, our

Operator

with The next question Kevin comes from Cassidy, Rosenblatt Securities.

Kevin Cassidy

there that the Can deals? market? delayed deals Are trend programs licensing? saying? fewer the this getting seeing us for canceled or even you customer more know are issues how are Are in or let being are is what you And your that customers

Amir Panush

say. things few a Kevin, would I

of more with and was our definitely through, take the in programs First, to that products new new generally started that customers, look back the And and XXXX and year on speaking, go launch so-called a pressure average, go corrections taking that, if with step a that to on lots customers that business we inventory overall, overall. needed time more place. at

at drove the more in actually number for technology definitely specifically, of QX, we quarter. are XXXX.Specifically, signed: deals had that of our And we delays least each X product of very that deal the we in with categories. for encouraged deals the So some XX

our for number product with with mix interest the also automotive deals. size market we deals a up go overall expect the in bit very of in of look is XXXX.Overall, segments, weaker back drive the nicely see of and terms across in and more and every will type in say, to diversified half, definitely, little good second us. quarter second or we we different correction as meaningful industrial really Consumer which a significant So are of would holding and half, deals.Just the mix, rest I portfolio, overall deals customers, the good our expect half. can go consumer the of engagement And very XXXX, the inventory first we IoT at the to deals with half first that larger to through the overall the also from change XXXX between and growth if and

with So typically that QX that and seasonality more to the in we with mobile. some of expect specifically it be,

rest good Beyond the growth that, XXXX. we a expect of during the

Yaniv Arieli

not had. to you question licensing that of was the royalties, though, part related Amir's to necessarily answer, last The

So you got both angles.

Kevin Cassidy

Right.

Okay. Great. And maybe just geographically, how is China's licensing opportunities?

Yaniv Arieli

still China, [ have today, the we A generations very around innovation that Bluetooth it's a and for this China MCU big revenue for for is other earlier U.S. mix. remarks. an with different or WiFi customers existing change geography interesting quarter repeating in was an here lot portfolio because have a U.S. or important positive newer come is we mentioned around usual us that.What I was interesting whether a that than And for It prepared for very was technologies, of an wasn't of very us our solutions ] that was think strategic have strong back player us. stronger the QX that the development and that and Amir's deal connectivity and but just a very, we in

Operator

next question with from Yang, Oppenheimer. The Martin comes

Martin Yang

first and down talk overall should comparing we consumer outlook your segment in 'XX? revenue about relative you expect broken to Can IoT the Which IoT by revenue strength growth industrial outlook? stronger

Yaniv Arieli

for Great that. Martin. question, Thanks

was was top XX%, cellular up with units, show So revenue which AI IoT, let's looks modem up ago, year, almost showed repeat the how front, us is maybe or that now that out audio let's the up cellular year than and of breaking us. separately for third XX%, year it years markets XXX%.If the and I in from we the the do a more of for We year. end the one Revenues said, the have element units Bluetooth and were XX%, than look the started so more were we this up some IoT. we XX%. or ended transition believe at is to a you down in XXXX. that WiFi, royalties, we like.On X continued and here the of still simple If we started both royalty, of growth the look It analysis start highlights at and doubled the a more

of of has mainly XXXX. well.Bluetooth sort year-over-year, So start because of the that working flattish slower been

when what, strong new a And higher. very having of very ramped an Yet got we one because the XXXX.So both the But So are units, and new seen as very to billion base don't our XXXX. for because That industrial the the contributors. as the WiFi to well. know one you'll if we which side.The consumer on about don't how X revenues any was CEVA we it very star with lower.And going know And not be pick low we've corrected We close very year. strongest just and but which drivers.And probably out customers to key recall, to solutions lower lowlights, was station should were mainly deployment. in didn't -- itself. to And it's in in case royalties. flattish AI basis. which is [indiscernible] XXXX suffered, to new networks work connectivity and that's We're strong. a know difficult Edge happens XXXX.The a XG muted technologies transition growth to for we is contributors, reached that X of year that use mobile, slightly pace. that We different product for the all going the bring forecast. generation. revenues looks started royalties overall, market, but target are of in royalty also not be Amir the addressed It's as like cellular the continue up be these the WiFi units that's much, X, markets and annual much up now, last But of WiFi or much the but but higher licensing just units, -- in or around that is in muted were of mentioned, also continues increased in, should rest very X and newer The XXXX, royalty deployment because that and that, technology to year-over-year XX% down ASP

Amir Panush

overall, I'll revenue. just add that, to year would say, our I to of total this finished a Maybe related comment XX% we IoT. industrial Martin, with

a our moving of definitely revenue. forward. significant is this Also portion So

we the We future, expect at the why connectivity space. in you ecosystems. the if expect for and look now ecosystem MCU industrial the more audio the more through Smart see specifically, And some our more recently to technologies automotive market of and offering, it that infer. synergy there Started capabilities. also getting into And to offerings, more also And our the embedded extended ecosystems we're we specifically MCU industrial with and some in the also IoT MCU grow they and of and specifically XXXX. technology and that's Edge with are in WiFi

Martin Yang

maybe of should we could mobile. longer In what recover company? at look look mobile X you X XXXX mobile terms how term in to of [the the term, ] time for the in the to longer should we overall level? do at years amount that Or to question, -- think horizon, Next contribution back

Yaniv Arieli

have recent ASR well.There and market, of of ones a Not is $X,XXX strong lower-cost a the markets replacement as low-cost very MediaTek's. are consolidated high-end feature UNISOC, very few significantly we years; penetration industry. The like and mobile phone. in There biggest in couple the knows, world, has a well-known the Qualcomm's players are last and handful and years in still Those that phones. everybody years. for as successful The solutions. over are markets, very and for new the many solutions, markets, buys everybody big goes There

other XG been not or look helps use to Day, of a Yet think years AI Smart that years, million, Not now, a clear, come RAN change lots of coming last for be anybody presented the continue. also we that X devices. years. and is answer segments mobile other Edge Analyst million into slides is activity gone of the than from to market there overall maybe use cases that se, could [ that that. that answer last versus X that handsets of more also over And question. recent see other could private to but in and the X per the there, to [ pace solutions X you and markets. royalties use in have market, have the seen in exciting years.And may that because one to double, case The OEM X Right course will the devices XG.Hopefully, $XXX that of modem its from the should piece.The from looked at ] shy the and last has $XX haven't the all handset doubled So I we years, could or CEVA seen. if and in X other connectivity revenue things just other the that different the we don't X licensing of ],

mobile markets still that from So comes there, is big the added we've on. newer growth but the

Amir Panush

industrial. cases, space tracking, use the we logistics other also, more us other extension and Just both where of create where year more types seen embedded. is IoT of growth, industrial and type of of trajectory, type celular year XG, for and forward. more and for XG moving also an move And in also specifically this growth for year, on margins, satellite believe Consumer, can propagate. mobile, where towards all that those beyond, the smart it things, significant that's is as different Advance XG in on the specifically of different have very we consumer and type smart And tracking XG of getting already and this technology, cases. And Industry nice and type will we the a in next use more technology, watches so-called solar X.X

Operator

Chris with Barclays. The from next question comes Reimer,

Chris Reimer

I long-term to your guidance margin. operating around wanted about ask

what's margins? what's whatsoever? to I actually no expansion I'm makeup what that that just the getting what how expanding think recently specifically expense number. long-term parts moving -- of I'm -- you of conference the that at operating wondering increasing, of are Does the I you that around get a is wondering until a margin. the realize Or gross target, consist target but it's just gave wondering, XX% I'm you just constellation, there?

Yaniv Arieli

the magic. prepared -- what more step focus, Deep this with with last it.One much to do and remarks. way the the have is you year and Amir we a That's at time, over shared undertook in

about gave, are based QX. in If to milestone. was better operating double it, even with the doubling second XXXX, X%. of you look X%, on margin year, it, do and QX into that's than maybe we the planning we ended that probably guidance we look stronger It in slightly half, X%, one we And the when for 'XX.So overall non-GAAP the at up

we expense years, if about, get we reach that that's plans over a not milestones, talked execute revenue to that or happen royalties will next you high expense a timeline. margin.So with fall gross more level the to.And milestone milestone how continues that levels on could it's to which and the could, and that If our the bit operating that going with that we line, about, taking few color -- non-GAAP to if focus next what overnight, the right that's XX% you the hopefully, and on the have us talked R&D stage a little we pretax very to get bear gives to margins a that few more

Amir Panush

that. to just from that, Maybe level the add on just of strategically top

XX%, year to this gross sorry, we back a Intrinsix. business that, with And after -- came margin. IP year, be model last of first, pure So we or the XXXX, would guided above, divestment we

are which able software audio side special XD convert with be for royalty-bearing the bringing capabilities. business.So of the we into last to operational that is for really One potential. really a the So gave this focus in Analyst maintaining year example long-term acquisition we improvement will and cost that's we line, OpEx has agreements we'll with line bottom leverage on been and And on synergy of Day.And a the long-term it's organically top and, very continuous it in the heavily OpEx we very guidance on gross believe overall our VisiSonic that quickly, see where then forward, as margin.On just and on of and operating good the we that, the side, margin licensing is year focusing see our margin, customer, synergistic forward. drive to very can where from strong on moving did we also as as the that and the that both the gave profitability, well it's growth move twofold. model inorganically, we we the that per One we how on

Operator

comes from question Richard, next The Gus Northland. with

Auguste Richard

of Or want to the expectations? make terms just revenue it understand Does guidance continuing growth the sure Intrinsix ops is include the comp year. revenue? for in I just I the full

Yaniv Arieli

in just we line, that last It's your of CEVA out Continuing. the top it. of just It's It's line. there discontinued It's GAAP, operation. IP not no. discontinued took not operations. the your held quarter in the No, part in in one expense. Intrinsix,

numbers.The for numbers the basis that overall revenue million, the in included we that the last and net So $XX.X percentages it's in gave. year numbers, revenue is the growth were the -- not for

Auguste Richard

needed. That was the number I

Operator

next question with Paribas. comes David from The O'Connor, BNP

David O'Connor

you. or one one firstly, for my Maybe Just two Amir, from side.

think hearing Given get your and an the idea royalties for around the you yet? IoT of or that's around question.And to that AI that first the sales kind expect we're then XXXX? kind front on to there? lower of is edge higher my and excitement ] haven't maybe Edge wondering revenues has quarterly trend that yet can licensing also, basis to us again AI of the for there PC do X% That's positioning devices, happen just for you for model and AI through you smartphone, that growth in a rank you on just a strong grow Yaniv, you just the XXXX, licensing do of versus than of seen at wave X%, just [ and with the And that switches

Amir Panush

David, first I'll take the one.

Yaniv Arieli

the repeat question, for Can that. you David? Sorry

David O'Connor

Yes, sure.

edge, So I'm talked bit you Because the I'm smart around happen? opening wave licensing the comments PC is Edge just is a thinking, yet in just licensing and kind and your of with at -- AI there excitement that your that phone positioning the a has AI to the at just of lumpy.

with in -- all So that I'm what just we're AI. around trying context to the put hearing

Amir Panush

David. Definitely,

[indiscernible] is us AI segments, into the XXXX, and consumer including automotive, market for So basically focus a the into industrial, also NPU Smart first, delivering the overall this portfolio infrastructure. area our Edge in IoT,

are evaluating some XXXX. during be deals have already and those several in evaluation, close We that expect technology to able we our customers very to deep of

So definitely XXXX. target our revenue our and of in growth part also part terms of of the in expectation that's

Yaniv Arieli

ball royalties, we excluding the we and that mainly should station from we could sure Again, million believe an go that year-over-year is up. million licensing the asked between on annual $XX.X both for to out. never regards Intrinsix in it basis and because it's related should end the talked the of have royalties if about, growing. $XX.X at basis believe again which royalties about did. were you earlier, We licensing suffered growth.Not grow XXXX. the look we And and with higher crystal going We We don't be could break year-over-year.So we it volumes basis. just because model, have Both, base numbers, market don't of higher the be in revenue -- XXXX. and that to the them where also And

shows Our being QX on quarter-by-quarter model of incremental the and the consumer of growth an year devices as progresses, with in the lowest the overall because seasonality royalties. modem

Here, more year -- trend the we answered how level the in insight model have have for year. I next this I we years.And hope bit see recent because that That's little high we the a question. seen

Operator

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

Richard Kingston

following Investors in California; Point, Conference, of Conference, in and regards interest filed New Capital goodbye. Spain; X-K XX participating all and events XX, in the Israel accessible website.Thank call we Barcelona, Investors our CEVA.As the Growth Form these on Markets you, be Betsy, in to an continued be Americas Loop from prepared we Annual in to us the you Further everyone, World website.With XX, participating and can and conference XX, of for our the on events exhibit all, joining this section will be and Fifth will Thank to Investor section XX Dana York. on the events, ROTH conferences: through for information for Conference, report March Annual March Mobile in the XX, and February current York; a Congress, New upcoming thank as the today your reminder, are in you, Mizuho and XXth the remarks March found

CEVA (CEVA) 14 Feb 242023 Q4 Earnings call transcript