Technology
Amcor reports fiscal 2024 results and provides outlook for fiscal 2025
Published
2 years agoon
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June 2024 Quarter Highlights:
Another sequential improvement in volumes and earnings growth;Net sales of $3,535 million; volumes returned to growth, up 1%;GAAP net income of $257 million; GAAP diluted earnings per share (EPS) of 17.8 cps;Adjusted EBIT of $454 million, up 4% on a comparable constant currency basis; andAdjusted EPS of 21.1 cps, up 9% on a comparable constant currency basis.
Fiscal 2024 Full Year Highlights:
Net sales of $13,640 million;GAAP Net Income of $730 million; GAAP diluted EPS of 50.5 cps;Adjusted EPS of 70.2 cps and Adjusted EBIT of $1,560 million;Adjusted Free Cash Flow of $952 million, up >$100 million or 12% on last year; andCash returns to shareholders of approximately $750 million: annual dividend increased to 50.0 cents per share and $30 million of shares repurchased.
Fiscal 2025 outlook:
Adjusted EPS of 72-76 cents per share; Adjusted Free Cash Flow of $900-1,000 million.
ZURICH, Aug. 15, 2024 /PRNewswire/ —
Strong 4Q financial performance ahead of expectations with volumes returning to growth
Amcor expects strong growth from the underlying business to continue in FY25
Amcor Interim CEO Peter Konieczny said: “Amcor finished fiscal 2024 strongly, as the underlying business delivered another sequential improvement in volume and earnings growth, with fourth quarter adjusted EPS up 9%, ahead of the expectations we set out in April. Volumes returned to year on year growth in the quarter as customer demand improved and our teams maintained their outstanding focus on managing costs, driving strong margin expansion. Annual adjusted free cash flow was at the top end of our guidance range and up 12% on last year.
In fiscal 2025, we expect volumes and earnings will grow and adjusted free cash flow will remain strong. Importantly, combined with our historical average dividend yield, growth at the midpoint of our EPS guidance range results in total value creation in-line with our shareholder value creation model 10-15% range.
We remain confident in our capital allocation framework and strategy for long term growth. We believe our underlying business and market positions are strong and we will continue to invest for organic growth, pursue acquisitions or repurchase shares and return cash to shareholders through a compelling and growing dividend.”
Key Financials(1)
Twelve Months Ended June 30,
GAAP results
2023 $ million
2024 $ million
Net sales
14,694
13,640
Net income
1,048
730
EPS (diluted US cents)
70.5
50.5
Twelve Months Ended June 30,
Reported ∆%
Comparable
constant
currency ∆%
Adjusted non-GAAP results
2023 $ million
2024 $ million
Net sales
14,694
13,640
(7)
(6)
EBITDA
2,018
1,962
(3)
(1)
EBIT
1,608
1,560
(3)
(1)
Net income
1,089
1,015
(7)
(5)
EPS (diluted US cents)
73.3
70.2
(4)
(2)
Free Cash Flow
848
952
(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% excludes the impact of movements in foreign exchange rates and items affecting comparability. Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under “Presentation of non-GAAP information” in this release.
Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the totals provided due to rounding.
Shareholder returns
Capital allocation
Amcor generates significant annual cash flow and is committed to an investment grade credit rating. We believe that the Company’s strong annual cash flow and balance sheet provide capacity to reinvest in the business for organic growth, pursue acquisitions or share repurchases and return cash to shareholders through a compelling and growing dividend.
During fiscal 2024, the Company returned approximately $750 million to shareholders through cash dividends and share repurchases.
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 12.5 cents per share (compared with 12.25 cents per share in the same quarter last year). Combined with the last three quarterly dividends, this increases the annual dividend for fiscal 2024 to 50.0 cents per share. The quarterly dividend declared today will be paid in US dollars to holders of Amcor’s ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 19.01 Australian cents per share, which reflects the quarterly dividend of 12.5 cents per share converted at an average AUD:USD exchange rate of 0.6574 over the five trading days ended August 13, 2024.
The ex-dividend date will be September 5, 2024, the record date will be September 6, 2024, and the payment date will be September 26, 2024.
Share repurchases
Amcor repurchased approximately 3 million shares during fiscal 2024 for a total cost of approximately $30 million.
Financial results – twelve months ended June 30, 2024
Segment Information
Twelve Months Ended June 30, 2023
Twelve Months Ended June 30, 2024
Adjusted non-GAAP
results
Net sales
$ million
EBIT
$ million
EBIT /
Sales %
EBIT / Average
funds employed
%(1)
Net sales
$ million
EBIT
$ million
EBIT /
Sales %
EBIT / Average
funds employed
%(1)
Flexibles
11,154
1,429
12.8
10,332
1,395
13.5
Rigid Packaging
3,540
265
7.5
3,308
259
7.8
Other(2)
—
(86)
—
(94)
Total Amcor
14,694
1,608
10.9
15.4
13,640
1,560
11.4
14.9
(1) Return on average funds employed includes shareholders’ equity and net debt, calculated using a four quarter average and last twelve months adjusted EBIT.
(2) Represents corporate expenses.
Twelve months ended June 30, 2024:
Net sales of $13,640 million were 7% lower than last year on a reported basis, including a favorable impact of approximately 1% related to movements in foreign exchange rates, an unfavorable impact of approximately 1% related to items affecting comparability, and an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $220 million.
Net sales on a comparable constant currency basis were 6% lower than last year reflecting approximately 5% lower volumes and an unfavorable price/mix impact of approximately 1%.
Adjusted EBIT of $1,560 million was 1% lower than last year on a comparable constant currency basis, reflecting lower volumes and unfavorable impacts from price/mix, partly offset by strong cost performance.
June 2024 quarter result:
Net sales of $3,535 million were 4% lower than last year on a reported basis, including an unfavorable impact of 2% related to the pass through of lower raw material costs of approximately $70 million. Movements in foreign exchange rates had an unfavorable impact on net sales of less than 1% for the quarter.
Volumes returned to growth in the June quarter, up approximately 1% compared with the prior year which represents a sequential improvement of 5 percentage points. As expected, volumes remained soft in healthcare categories and in the North America beverage business through the June quarter, unfavorably impacting overall volumes by approximately 2%. Price/mix had an unfavorable impact of approximately 3% due to lower volumes in high value healthcare categories. On a comparable constant currency basis, net sales were 1% lower than last year.
Adjusted EBIT of $454 million was approximately 4% higher than last year on a comparable constant currency basis. Unfavorable impacts from price/mix were more than offset by higher volumes, benefits from restructuring initiatives and continued outstanding cost performance which resulted in strong earnings leverage.
Flexibles segment – June 2024 quarter
Three Months Ended June 30,
Reported
∆%
Comparable
constant
currency ∆%
2023 $ million
2024 $ million
Net sales
2,777
2,686
(3)
(1)
Adjusted EBIT
387
403
4
5
Adjusted EBIT / Sales %
13.9
15.0
Net sales of $2,686 million were 3% lower than last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates and an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $40 million.
Volumes returned to growth in the June quarter, up approximately 3% compared with the prior year, which is a sequential improvement of 5 percentage points. Price/mix had an unfavorable impact of approximately 4%, primarily due to lower volumes in high value healthcare categories. On a comparable constant currency basis, net sales were 1% lower than last year.
Volumes were higher than the same quarter last year across most geographies and in several end markets including home & personal care, meat, cheese and unconverted film and foil. As expected, destocking continued in healthcare categories and volumes remained soft, unfavorably impacting overall segment volumes for the quarter by approximately 2%.
Adjusted EBIT of $403 million was 5% higher than last year on a comparable constant currency basis. The impact of higher volumes, benefits from restructuring initiatives and strong cost performance was partly offset by unfavorable price/mix. Earnings leverage was strong, and adjusted EBIT margin of 15.0% was 110 basis points higher than the June quarter last year.
Flexibles segment – Fiscal 2024
Twelve Months Ended June 30,
Reported
∆%
Comparable
constant
currency ∆%
2023 $ million
2024 $ million
Net sales
11,154
10,332
(7)
(6)
Adjusted EBIT
1,429
1,395
(2)
—
Adjusted EBIT / Sales %
12.8
13.5
Net sales of $10,332 million were 7% lower than last year on a reported basis, including a favorable impact of approximately 1% related to movements in foreign exchange rates, an unfavorable impact of approximately 1% related to items affecting comparability and an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $180 million. On a comparable constant currency basis, net sales were 6% lower, reflecting an unfavorable price/mix impact of approximately 2% and lower volumes of approximately 4%. Volume weakness largely reflects lower market and customer demand and destocking particularly through the first half of the year. The trajectory of volumes improved significantly through the second half of the year, returning to year over year growth in the June quarter.
In North America, net sales declined at mid to high single digit rates driven by lower volumes and an unfavorable price/mix impact. Volumes were higher in the condiments, snacks and cheese categories and this was more than offset by lower volumes in categories including healthcare, meat and liquid beverage.
In Europe, net sales declined at high single digit rates primarily driven by lower volumes. Volumes were lower mainly in the healthcare, snacks & confectionary, coffee and yoghurt end markets.
Across the Asian region, volumes were higher than the prior year with growth in Thailand, India and China, partly offset by lower volumes in the South East Asian healthcare business. In Latin America, net sales declined at mid single digit rates, driven by lower volumes mainly in Chile and Mexico, partly offset by growth in Brazil.
Adjusted EBIT of $1,395 million was in line with last year on a comparable constant currency basis, reflecting lower volumes and unfavorable impacts from price/mix, partly offset by benefits from restructuring initiatives and ongoing actions taken to lower costs and increase productivity. Adjusted EBIT margin of 13.5% was higher than the prior year notwithstanding weaker volumes and a 30 basis point unfavorable impact compared to the prior year related to the sale of the Russian business in December 2022.
Rigid Packaging segment – June 2024 quarter
Three Months Ended June 30,
Reported
∆%
Comparable
constant
currency ∆%
2023 $ million
2024 $ million
Net sales
897
849
(5)
(2)
Adjusted EBIT
73
75
3
2
Adjusted EBIT / Sales %
8.1
8.8
Net sales of $849 million were 5% lower than last year on a reported basis, including an unfavorable impact of 4% related to the pass through of lower raw material costs of approximately $30 million. Movements in foreign exchange rates had a favorable impact on net sales of less than 1% for the quarter.
On a comparable constant currency basis, net sales were 2% lower than last year with volumes approximately 5% lower, partly offset by favorable price/mix benefits of approximately 3%.
In North America, overall beverage volumes improved sequentially for the second consecutive quarter. While consumer and customer demand in key categories improved sequentially, overall volumes were 8% lower as a result of continued soft demand which was expected. Hot fill beverage container volumes were 9% lower than the same quarter last year, which represents a 9 percentage point improvement compared with the March 2024 quarter.
In Latin America, volumes were 3% higher than the same quarter last year, reflecting new business wins in Brazil, Colombia and Central America, partly offset by weaker demand in Argentina. Specialty Container volumes were lower than last year.
Adjusted EBIT of $75 million was 2% higher than last year on a comparable constant currency basis, with the impact of lower volumes more than offset by favorable price/mix, benefits from restructuring initiatives and strong cost performance which drove solid earnings leverage.
Rigid Packaging segment – Fiscal 2024
Twelve Months Ended June 30,
Reported
∆%
Comparable
constant
currency ∆%
2023 $ million
2024 $ million
Net sales
3,540
3,308
(7)
(6)
Adjusted EBIT
265
259
(2)
(4)
Adjusted EBIT / Sales %
7.5
7.8
Net sales of $3,308 million were 7% lower than last year on a reported basis, including an unfavorable impact of 1% related to the pass through of lower raw material costs of approximately $40 million. Movements in foreign exchange rates had a favorable impact on net sales of less than 1%. On a comparable constant currency basis, net sales were 6% lower than last year, reflecting price/mix benefits of approximately 2% and volumes were approximately 8% lower than last year.
In North America, overall beverage volumes were 12% lower than last year, including a reduction in hot fill beverage container volumes of approximately 13%. This mainly reflects a combination of lower consumer and customer demand, as well as significant destocking particularly through the first half of the year.
In Latin America, volumes were 3% higher than last year, reflecting new business wins with a broad range of customers in Brazil and Colombia, partly offset by lower volumes in Argentina. Specialty Container volumes were lower than last year.
Adjusted EBIT of $259 million was 4% lower than last year on a comparable constant currency basis, reflecting lower volumes partly offset by price/mix benefits and favorable cost performance.
Net interest and income tax expense
For the year ended June 30, 2024, net interest expense of $310 million was $51 million higher than last year, reflecting higher interest rates. GAAP income tax expense was $163 million compared with $193 million last year. Adjusted tax expense for the year ended June 30, 2024 was $225 million compared with $250 million last year. Adjusted tax expense for the year ended June 30, 2024 represents an effective tax rate of 18.0%, compared with 18.5% in the prior year.
Adjusted Free Cash Flow
For the year ended June 30, 2024, adjusted free cash inflow was $952 million, at the top end of the Company’s guidance range and up $104 million, or 12% compared with the prior year.
Net debt was $6,111 million at June 30, 2024. Leverage, measured as net debt divided by adjusted trailing twelve month EBITDA, was 3.1 times and in line with our expectations.
Fiscal 2025 Guidance
For the twelve month period ending June 30, 2025, the Company expects:
Adjusted EPS of approximately 72 to 76 cents per share, which represents comparable constant currency growth of 3% to 8% (includes approximately 4% headwind related to normalization of incentive compensation payments) compared with 70.2 cents per share in fiscal 2024.Assuming current exchange rates prevail through fiscal 2025, movements in exchange rates are not expected to have a material impact on reported EPS.Adjusted Free Cash Flow of approximately $900 million to $1,000 million.
Amcor’s guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under ‘Cautionary Statement Regarding Forward-Looking Statements’ in this release.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Thursday August 15, 2024 at 5:30pm US Eastern Daylight Time / Friday August 16, 2024 at 7:30am Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the “Investors” section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID : 9115937
USA: 800 715 9871 (toll free)USA: 646 307 1963 (local)Australia: 1800 519 630 (toll free), 02 9133 7103 (local)United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local)Singapore: +65 3159 5133 (local)Hong Kong: +852 3002 3410 (local)
From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).
A replay of the webcast will also be available in the ‘Investors” section at www.amcor.com following the call.
About Amcor
Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I YouTube
Contact Information
Investors
Tracey Whitehead
Damien Bird
Damon Wright
Global Head of Investor Relations
Vice President Investor Relations Asia Pacific
Vice President Investor Relations North America
Amcor
Amcor
Amcor
+61 408 037 590
+61 481 900 499
+1 224 313 7141
Media – Australia
Media – Europe
Media – North America
James Strong
Ernesto Duran
Julie Liedtke
Managing Director
Head of Global Communications
Director, Media Relations
Sodali & Co
Amcor
Amcor
+61 448 881 174
+41 78 698 69 40
+1 847 204 2319
Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom
UK Overseas Company Number: BR020803
Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey
Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain statements that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like “believe,” “expect,” “target,” “project,” “may,” “could,” “would,” “approximately,” “possible,” “will,” “should,” “intend,” “plan,” “anticipate,” “commit,” “estimate,” “potential,” “ambitions,” “outlook,” or “continue,” the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments or acquisitions; challenging global economic conditions, impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy, and other inputs which could adversely affect our business; production, supply, and commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, motivate and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impact of climate change; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier and other data; a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or intangible assets; a failure to maintain an effective system of internal control over financial reporting; inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance (“ESG”) matters or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG disclosure regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and other risks and uncertainties identified from time to time in Amcor’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including without limitation, those described under Item 1A. “Risk Factors” of Amcor’s annual report on Form 10-K for the fiscal year ended June 30, 2023 and any subsequent quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor assumes no obligation, and disclaims any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow and net debt. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; significant pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company’s Chief Executive Officer transition; and impacts related to the Russia–Ukraine conflict.
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company’s reporting segments and certain of the measures are used as a component of Amcor’s Board of Directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, and certain tax related events. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.
Dividends
Amcor has received a waiver from the ASX’s settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from September 5, 2024 to September 6, 2024 inclusive.
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended June 30,
Twelve Months Ended June 30,
($ million, except per share amounts)
2023
2024
2023
2024
Net sales
3,673
3,535
14,694
13,640
Cost of sales
(2,951)
(2,781)
(11,969)
(10,928)
Gross profit
722
754
2,725
2,712
Selling, general, and administrative expenses
(329)
(329)
(1,246)
(1,260)
Research and development expenses
(25)
(26)
(101)
(106)
Restructuring and other related activities, net
(59)
(15)
104
(97)
Other income/(expense), net
16
11
26
(35)
Operating income
325
395
1,508
1,214
Interest expense, net
(70)
(78)
(259)
(310)
Other non-operating income/(expense), net
(3)
1
2
3
Income before income taxes and equity in loss of affiliated
companies
252
318
1,251
907
Income tax expense
(68)
(56)
(193)
(163)
Equity in loss of affiliated companies, net of tax
—
(1)
—
(4)
Net income
184
261
1,058
740
Net income attributable to non-controlling interests
(4)
(4)
(10)
(10)
Net income attributable to Amcor plc
181
257
1,048
730
USD:EUR average FX rate
0.9185
0.9287
0.9561
0.9245
Basic earnings per share attributable to Amcor
0.124
0.178
0.709
0.505
Diluted earnings per share attributable to Amcor
0.123
0.178
0.705
0.505
Weighted average number of shares outstanding – Basic
1,452
1,439
1,468
1,439
Weighted average number of shares outstanding – Diluted
1,456
1,443
1,476
1,441
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Twelve Months Ended June 30,
($ million)
2023
2024
Net income
1,058
740
Depreciation, amortization, and impairment
586
595
Net gain on disposal of businesses and investments
(220)
—
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and
currency
(265)
(120)
Other non-cash items
102
106
Net cash provided by operating activities
1,261
1,321
Purchase of property, plant, and equipment and other intangible assets
(526)
(492)
Proceeds from sales of property, plant, and equipment and other intangible assets
30
39
Business acquisitions and Investments in affiliated companies, and other
(177)
(23)
Proceeds from divestitures
365
—
Net debt proceeds/(repayments)
228
(43)
Dividends paid
(723)
(722)
Share buy-back/cancellations
(432)
(30)
Purchase of treasury shares and tax withholdings for share-based incentive plans
(87)
(51)
Other, including effects of exchange rate on cash and cash equivalents
(100)
(100)
Net decrease in cash and cash equivalents
(161)
(101)
Cash and cash equivalents at the beginning of the year(1)
850
689
Cash and cash equivalents at the end of the period
689
588
(1) Cash and cash equivalents at the beginning of fiscal 2023 includes $75 million of cash and cash equivalents as held for sale.
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million)
June 30, 2023
June 30, 2024
Cash and cash equivalents
689
588
Trade receivables, net
1,875
1,846
Inventories, net
2,213
2,031
Property, plant and equipment, net
3,762
3,763
Goodwill and other intangible assets, net
6,890
6,736
Other assets
1,574
1,560
Total assets
17,003
16,524
Trade payables
2,690
2,580
Short-term debt and current portion of long-term debt
93
96
Long-term debt, less current portion
6,653
6,603
Accruals and other liabilities
3,477
3,292
Shareholders’ equity
4,090
3,953
Total liabilities and shareholders’ equity
17,003
16,524
Components of Fiscal 2024 Net Sales growth
Three Months Ended June 30
Twelve Months Ended June 30
($ million)
Flexibles
Rigid
Packaging
Total
Flexibles
Rigid
Packaging
Total
Net sales fiscal year 2024
2,686
849
3,535
10,332
3,308
13,640
Net sales fiscal year 2023
2,777
897
3,673
11,154
3,540
14,694
Reported Growth %
(3)
(5)
(4)
(7)
(7)
(7)
FX %
(1)
—
(1)
1
—
1
Constant Currency Growth %
(2)
(6)
(3)
(8)
(7)
(8)
Raw Material Pass Through %
(1)
(4)
(2)
(1)
(1)
(1)
Items affecting comparability %
—
—
—
(1)
—
(1)
Comparable Constant Currency
Growth %
(1)
(2)
(1)
(6)
(6)
(6)
Acquired Operations %
—
—
—
—
—
—
Organic Growth
(1)
(2)
(1)
(6)
(6)
(6)
Volume %
3
(5)
1
(4)
(8)
(5)
Price/Mix %
(4)
3
(3)
(2)
2
(1)
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation and amortization (EBITDA), Earnings before interest
and tax (EBIT), Net income, Earnings per share (EPS) and Free Cash Flow
Three Months Ended June 30, 2023
Three Months Ended June 30, 2024
($ million)
EBITDA
EBIT
Net
Income
EPS
(Diluted
US
cents)(1)
EBITDA
EBIT
Net
Income
EPS
(Diluted
US
cents)(1)
Net income attributable to Amcor
181
181
181
12.3
257
257
257
17.8
Net income attributable to non-controlling
interests
4
4
4
4
Tax expense
68
68
56
56
Interest expense, net
70
70
78
78
Depreciation and amortization
144
136
EBITDA, EBIT, Net income and EPS
467
323
181
12.3
531
395
257
17.8
Impact of highly inflationary accounting
5
5
5
0.4
(2)
(2)
(2)
(0.1)
Property and other losses,net
2
2
2
0.1
—
—
—
—
Restructuring and other related activities, net(2)
66
66
66
4.5
15
15
15
1.0
Other
—
—
—
—
(0.1)
5
5
5
0.3
Amortization of acquired intangibles(3)
40
40
2.9
41
41
2.9
Tax effect of above items
(12)
(0.8)
(11)
(0.8)
Adjusted EBITDA, EBIT, Net income, and EPS
540
436
282
19.3
550
454
305
21.1
Reconciliation of adjusted growth to comparable constant currency growth
% growth – Adjusted EBITDA, EBIT, Net income and EPS
2
4
8
9
% items affecting comparability(4)
—
—
—
—
% currency impact
—
—
1
—
% comparable constant currency growth
2
4
9
9
Adjusted EBITDA
540
550
Interest paid, net
(79)
(99)
Income tax paid
(95)
(90)
Purchase of property, plant and equipment and
other intangible assets
(144)
(134)
Proceeds from sales of property, plant and
equipment and other intangible assets
18
27
Movement in working capital
572
610
Other
22
(27)
Adjusted Free Cash Flow
834
837
(1) Calculation of diluted EPS for the three months ended June 30, 2024 excludes net income attributable to shares to be repurchased under
forward contracts of $1 million. Calculation of diluted EPS for the three months ended June 30, 2023 excludes net income attributable to shares to
be repurchased under forward contracts of $1 million.
(2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian
business.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.
Twelve Months Ended June 30, 2023
Twelve Months Ended June 30, 2024
($ million)
EBITDA
EBIT
Net
Income
EPS
(Diluted
US
cents)(1)
EBITDA
EBIT
Net
Income
EPS
(Diluted
US
cents)(1)
Net income attributable to Amcor
1,048
1,048
1,048
70.5
730
730
730
50.5
Net income attributable to non-controlling
interests
10
10
10
10
Tax expense
193
193
163
163
Interest expense, net
259
259
310
310
Depreciation and amortization
569
569
EBITDA, EBIT, Net income and EPS
2,080
1,510
1,048
70.5
1,782
1,213
730
50.5
Impact of highly inflationary accounting
24
24
24
1.9
53
53
53
3.7
Property and other losses, net
2
2
2
0.1
—
—
—
—
Restructuring and other related activities, net(2)
(90)
(90)
(90)
(6.0)
97
97
97
6.7
CEO Transition costs
—
—
—
—
8
8
8
0.6
Other
2
2
2
—
22
22
22
1.5
Amortization of acquired intangibles (3)
160
160
10.8
167
167
11.6
Tax effect of above items
(57)
(4.0)
(62)
(4.4)
Adjusted EBITDA, EBIT, Net income and EPS
2,018
1,608
1,089
73.3
1,962
1,560
1,015
70.2
Reconciliation of adjusted growth to comparable constant currency growth
% growth – Adjusted EBITDA, EBIT, Net income, and EPS
(3)
(3)
(7)
(4)
% items affecting comparability(4)
3
3
3
3
% currency impact
(1)
(1)
(1)
(1)
% comparable constant currency growth
(1)
(1)
(5)
(2)
Adjusted EBITDA
2,018
1,962
Interest paid, net
(248)
(295)
Income tax paid
(225)
(253)
Purchase of property, plant and equipment and
other intangible assets
(526)
(492)
Proceeds from sales of property, plant and
equipment and other intangible assets
30
39
Movement in working capital
(229)
(15)
Other
28
6
Adjusted Free Cash Flow
848
952
(1) Calculation of diluted EPS for the twelve months ended June 30, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $3 million. Calculation of diluted EPS for the twelve months ended June 30, 2023 excludes net income attributable to shares to be repurchased under forward contracts of $7 million.
(2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of adjusted EBIT by reporting segment
Three Months Ended June 30, 2023
Three Months Ended June 30, 2024
($ million)
Flexibles
Rigid
Packaging
Other
Total
Flexibles
Rigid
Packaging
Other
Total
Net income attributable to Amcor
181
257
Net income attributable to non-
controlling interests
4
4
Tax expense
68
56
Interest expense, net
70
78
EBIT
283
62
(22)
323
351
73
(29)
395
Impact of highly inflationary accounting
—
5
—
5
—
(2)
—
(2)
Property and other losses, net
—
—
2
2
—
—
—
—
Restructuring and other related
activities, net(1)
62
2
2
66
11
4
—
15
Other
3
3
(6)
—
—
—
5
5
Amortization of acquired intangibles(2)
39
1
—
40
41
—
—
41
Adjusted EBIT
387
73
(24)
436
403
75
(24)
454
Adjusted EBIT / sales %
13.9 %
8.1 %
11.9 %
15.0 %
8.8 %
12.8 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth – Adjusted EBIT
4
3
—
4
% items affecting comparability(3)
—
—
—
—
% currency impact
1
(1)
—
—
% comparable constant currency
5
2
—
4
(1) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Twelve Months Ended June 30, 2023
Twelve Months Ended June 30, 2024
($ million)
Flexibles
Rigid
Packaging
Other
Total
Flexibles
Rigid
Packaging
Other
Total
Net income attributable to Amcor
1,048
730
Net income attributable to non-
controlling interests
10
10
Tax expense
193
163
Interest expense, net
259
310
EBIT
1,357
225
(72)
1,510
1,147
185
(119)
1,213
Impact of highly inflationary
accounting
—
24
—
24
—
53
—
53
Property and other losses, net
—
—
2
2
—
—
—
—
Restructuring and other related
activities, net(1)
(100)
8
2
(90)
79
18
—
97
CEO transition costs
—
—
—
—
—
—
8
8
Other
17
3
(18)
2
5
—
17
22
Amortization of acquired intangibles(2)
155
5
—
160
164
3
—
167
Adjusted EBIT
1,429
265
(86)
1,608
1,395
259
(94)
1,560
Adjusted EBIT / sales %
12.8 %
7.5 %
10.9 %
13.5 %
7.8 %
11.4 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth – Adjusted EBIT
(2)
(2)
—
(3)
% items affecting comparability(3)
3
—
—
3
% currency impact
(1)
(2)
—
(1)
% comparable constant currency growth
—
(4)
—
(1)
(1) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of net debt
($ million)
June 30, 2023
June 30, 2024
Cash and cash equivalents
(689)
(588)
Short-term debt
80
84
Current portion of long-term debt
13
12
Long-term debt excluding current portion
6,653
6,603
Net debt
6,057
6,111
View original content:https://www.prnewswire.com/news-releases/amcor-reports-fiscal-2024-results-and-provides-outlook-for-fiscal-2025-302223329.html
SOURCE Amcor
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Technology
Ceva, Inc. Announces First Quarter 2026 Financial Results
Published
11 minutes agoon
May 11, 2026By
Highlights strong licensing growth driven by integrated solutions and accelerating edge AI adoption
ROCKVILLE, Md., May 11, 2026 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP for the Smart Edge, today announced its financial results for the first quarter ended March 31, 2026.
First Quarter Highlights: *
Delivered total revenues of $27.0 million, up 11% year-over-yearLicensing and related revenues of $17.8 million, up 18% year-over-year and the highest in three yearsRoyalty revenues of $9.2 million, with smart edge royalties up 8% year-over-year, driven by record shipments in Wi-Fi, and strong contribution from cellular IoT, 5G infrastructure and automotive AISigned 14 IP licensing agreements, including several multi-technology engagements with existing customersSecured a major customer win for Bluetooth High Data Throughput (HDT) solution, including Ceva’s internally developed RF technology, demonstrating its system-level connectivity strategyExpanded customer engagements in 5G NTN and Ultra-Wideband, increasing value per designAI represented more than 20% of licensing and related revenues, with strong growth and key production milestones, including the Renesas R-Car V4H platform entering the 2026 Toyota RAV4, alongside a collaboration with NXP for its latest software-defined vehicle processors
*Unless otherwise stated, all comparisons are to first quarter 2025.
Amir Panush, Chief Executive Officer of Ceva, commented, “We delivered a strong start to 2026, highlighted by our highest licensing and related revenues in three years and continued momentum across our connectivity and AI portfolios. Importantly, this quarter reflects the successful execution of our strategy to expand beyond discrete IP into more integrated, system-level solutions. A major Bluetooth HDT licensing agreement, including RF, alongside our expansion in 5G NTN and Ultra-Wideband, demonstrates how we are increasing our value per design and deepening customer engagement. We also saw encouraging trends in royalties, with continued strength across our smart edge markets, partially offset by softness in smartphones.”
“In AI, our growth strategy and relentless focus on market-leading innovation are translating into production, with our technology integrated into leading automotive platforms and entering mass-volume production. With AI contributing over 20% of licensing and related revenues and a strong pipeline of engagements, we believe we are well positioned as the industry accelerates toward hybrid AI and the expansion of Physical AI at the edge.”
Business and Market Highlights
During the first quarter, Ceva signed 14 IP licensing agreements across connectivity, AI, and satellite communications, including several multi-technology engagements aligned with its strategy to deliver more integrated, system-level solutions.
The company secured a major full-stack Bluetooth HDT solution license, marking a key milestone in expanding value per design and increasing royalty contribution, while helping customers reduce integration complexity and accelerate time-to-market. Additional wins included a Wi-Fi 7 design targeting consumer IoT, a Wi-Fi 6 / Bluetooth combo engagement with a leading edge-AI SoC platform provider, and multiple Bluetooth and Wi-Fi agreements.
Ceva also expanded into new connectivity domains, introducing its PentaG-NTN platform and progressing a satellite customer engagement to a more integrated baseband solution. In Ultra-Wideband, the company launched its next-generation platform and secured a new customer as adoption accelerates across industrial and automotive applications.
In AI, Ceva continued to expand its footprint with multiple licensing agreements and achieved a key production milestone, with its AI DSP and accelerator deployed in the Renesas R-Car V4H platform, now entering production in the 2026 Toyota RAV4. The company also announced a collaboration with NXP for its latest software-defined vehicle processors. AI represented more than 20% of licensing and related revenues in the quarter, reflecting strong growth and increasing contribution.
Across its markets, Ceva continues to see strong demand in IoT and AI-driven applications, with record Wi-Fi shipments and significant growth in cellular IoT. These trends, together with the shift toward more integrated, system-level solutions and increasing adoption of Bluetooth and Wi-Fi combo chips, are driving higher value per device and reinforcing the company’s long-term royalty growth model.
Other first quarter financial data: *
GAAP gross margin was 86%, in line with last yearGAAP operating loss was $5.1 million, as compared to a GAAP operating loss of $4.4 millionGAAP net loss was $4.5 million, as compared to a GAAP net loss of $3.3 millionGAAP diluted loss per share was $0.16, as compared to GAAP diluted loss per share of $0.14Non-GAAP gross margin was 87%, in line with last yearNon-GAAP operating income was $0.5 million, as compared to non-GAAP operating income of $0.3 millionNon-GAAP net income and non-GAAP diluted earnings per share were $1.1 million and $0.04, respectively, compared with non-GAAP net income and non-GAAP diluted earnings per share of $1.4 million and $0.06, respectively
*Unless otherwise stated, all comparisons are to first quarter 2025.
Yaniv Arieli, Chief Financial Officer of Ceva, added, “Our first quarter results reflect strong licensing execution and the continued progression toward higher-value, multi-technology engagements. This shift is driving improved economics per deal and strengthening the long-term royalty potential of our business. We also continue to see encouraging trends across our diversified end markets, particularly in IoT and AI-driven applications. We continue to manage the impact of a weaker U.S. dollar and are implementing measures to partially offset the resulting expenses.”
Ceva Conference Call
On May 11, 2026, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.
The conference call will be available via the following dial in numbers:
U.S. Participants: Dial 1-844-435-0316 (Access Code: Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)
The conference call will also be available live via webcast at the following link: https://app.webinar.net/N8PRLk4oljM. https://app.webinar.net/ePpLk12BRaDhttps://app.webinar.net/GvAklQElMmjPlease go to the web site at least fifteen minutes prior to the call to register.
For those who cannot access the live broadcast, a replay will be available by dialing +1 855-669-9658 or +1 412-317-0088 (access code: 4033535) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 18, 2026. The replay will also be available at Ceva’s web site at www.ceva-ip.com.
Forward-Looking Statements
This press release 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. Forward-looking statements include statements about Ceva’s positioning for future growth and to serve as a foundational technology provider for intelligent, connected devices, licensing agreement wins, future industry demand, our market position for the future and future growth in the demand of our products, our forecast of financial measures for the following quarter and 2026, our long term targets and underlying assumptions, our future investments, expectations about future market, the success of our strategies and agreements, visibility into future revenue streams, and Ceva’s focus on expense management and profitability improvement. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva’s technologies and products incorporating Ceva’s technologies to achieve market acceptance; Ceva’s ability to meet changing needs of end-users and evolving market demands; the lengthy sales cycle for IP and related solutions; Ceva’s ability to diversify royalty streams and license revenues; geopolitical risks and instability, including the impact of tariffs and other trade measures and potential disruptions related to ongoing conflicts in the Middle East; and general market conditions and other risks relating to Ceva’s business and industry, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
About Ceva, Inc.
Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.
With more than 21 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today’s most advanced smart edge products – from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra–low–power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva’s IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.
Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.
CEVA, INC. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP
U.S. dollars in thousands, except per share data
Three months ended
March 31,
2026
2025
Unaudited
Unaudited
Revenues:
Licensing and related revenues
$ 17,820
$ 15,042
Royalties
9,204
9,203
Total revenues
27,024
24,245
Cost of revenues
3,729
3,487
Gross profit
23,295
20,758
Operating expenses:
Research and development, net
19,837
17,609
Sales and marketing
3,766
3,449
General and administrative
4,660
3,933
Amortization of intangible assets
117
149
Total operating expenses
28,380
25,140
Operating loss
(5,085)
(4,382)
Financial income, net
1,877
2,100
Remeasurement of marketable equity securities
64
(54)
Loss before taxes on income
(3,144)
(2,336)
Income tax expense
1,315
991
Net loss
$ (4,459)
$ (3,327)
Basic and diluted net loss per share
$ (0.16)
$ (0.14)
Weighted-average shares used to compute net loss
per share (in thousands):
Basic and diluted
27,678
23,764
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
U.S. dollars in thousands, except per share data
Three months ended
March 31,
2026
2025
Unaudited
Unaudited
GAAP net loss
$ (4,459)
$ (3,327)
Equity-based compensation expense included in cost of
revenues
182
159
Equity-based compensation expense included in research
and development expenses
2,863
2,466
Equity-based compensation expense included in sales
and marketing expenses
717
566
Equity-based compensation expense included in general
and administrative expenses
1,610
1,132
Amortization of intangible assets related to acquisition of
businesses
176
208
Costs associated with asset acquisition
61
144
Loss (income) associated with the remeasurement of
marketable equity securities
(64)
54
Non-GAAP net income
$ 1,086
$ 1,402
GAAP weighted-average number of Common Stock
used in computation of diluted net loss per share (in
thousands)
27,678
23,764
Weighted-average number of shares related to
outstanding stock-based awards (in thousands)
1,810
1,618
Weighted-average number of Common Stock used
in computation of diluted earnings per share, excluding the
above (in thousands)
29,488
25,382
GAAP diluted loss per share
$ (0.16)
$ (0.14)
Equity-based compensation expense
$ 0.19
$ 0.18
Amortization of intangible assets related to acquisition
of businesses
$ 0.01
$ 0.01
Costs associated with asset acquisition
$ 0.00
$ 0.01
Non-GAAP diluted earnings per share
$ 0.04
$ 0.06
Three months ended
March 31,
2026
2025
Unaudited
Unaudited
GAAP operating loss
$ (5,085)
$ (4,382)
Equity-based compensation expense included in
cost of revenues
182
159
Equity-based compensation expense included in
research and development expenses
2,863
2,466
Equity-based compensation expense included in
sales and marketing expenses
717
566
Equity-based compensation expense included in
general and administrative expenses
1,610
1,132
Amortization of intangible assets related to acquisition
of businesses
176
208
Costs associated with asset acquisition
61
144
Total non-GAAP operating income
$ 524
$ 293
Three months ended
March 31,
2026
2025
Unaudited
Unaudited
GAAP gross profit
$ 23,295
$ 20,758
GAAP gross margin
86 %
86 %
Equity-based compensation expense included in
cost of revenues
182
159
Amortization of intangible assets related to acquisition
of businesses
59
59
Total non-GAAP gross profit
23,536
20,976
Non-GAAP gross margin
87 %
87 %
Three months ended
March 31,
2026
2025
Unaudited
Unaudited
GAAP operating expenses
28,380
25,140
Equity-based compensation expense included in
research and development expenses
(2,863)
(2,466)
Equity-based compensation expense included in
sales and marketing expenses
(717)
(566)
Equity-based compensation expense included in
general and administrative expenses
(1,610)
(1,132)
Amortization of intangible assets related to acquisition
of businesses
(117)
(149)
Costs associated with asset acquisition
(61)
(144)
Total non-GAAP operating expenses
$ 23,012
$ 20,683
CEVA, INC. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
March 31,
December 31,
2026
2025 (*)
Unaudited
Unaudited
ASSETS
Current assets:
Cash and cash equivalents
$ 21,367
$ 40,586
Marketable securities and short-term bank deposits
194,326
181,397
Trade receivables, net
17,737
19,495
Unbilled receivables
31,135
29,860
Prepaid expenses and other current assets
16,297
13,498
Total current assets
280,862
284,836
Long-term assets:
Severance pay fund
7,225
7,530
Deferred tax assets, net
274
257
Property and equipment, net
9,010
7,054
Operating lease right-of-use assets
17,190
17,486
Investment in marketable equity securities
119
55
Goodwill
58,308
58,308
Intangible assets, net
868
1,044
Other long-term assets
14,370
11,686
Total assets
$ 388,226
$ 388,256
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade payables
$ 2,388
$ 2,418
Deferred revenues
2,968
3,496
Accrued expenses and other payables
19,224
21,026
Operating lease liabilities
2,794
1,743
Total current liabilities
27,374
28,683
Long-term liabilities:
Accrued severance pay
7,428
7,690
Operating lease liabilities
14,083
14,388
Other accrued liabilities
1,158
1,037
Total liabilities
50,043
51,798
Stockholders’ equity:
Common stock
28
28
Additional paid in-capital
343,298
337,966
Treasury stock
0
(1,591)
Accumulated other comprehensive income (loss)
(660)
79
Accumulated deficit
(4,483)
(24)
Total stockholders’ equity
338,183
336,458
Total liabilities and stockholders’ equity
$ 388,226
$ 388,256
(*) Derived from audited financial statements.
The Company believes that the presentation of non-GAAP measures in the press release is useful to investors in analyzing the results for the quarters ended March 31, 2026, and 2025 because the exclusion of the applicable expenses may provide a meaningful analysis of the Company’s core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected in its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP and are intended to provide additional insight into the Company’s operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company’s business. The reconciliation of financial measures should not be viewed as a substitute for the Company’s reported GAAP results.
A reconciliation of non-GAAP guidance to the corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to the Company’s results computed in accordance with GAAP.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ceva-inc-announces-first-quarter-2026-financial-results-302767706.html
SOURCE Ceva, Inc.
Technology
Screendragon Launches AI Hub, Enabling Marketing Teams and Agencies to Build and Run AI Agents Inside Real Workflows
Published
11 minutes agoon
May 11, 2026By
CORK, Ireland, May 11, 2026 /PRNewswire/ — Screendragon today announced the launch of AI Hub, a new capability within its Agentic Marketing Orchestration platform that enables enterprise marketing teams and agencies to build, deploy and govern their own AI agents directly inside live workflows.
As AI adoption accelerates, teams are struggling to use it properly. AI Hub addresses this by enabling organisations to build their own AI agents and run them inside the workflows that already power their business, so they can harness AI at scale without losing control.
“The market is shifting from selling AI access to controlling AI execution,” said John Briggs, CEO of Screendragon. “Teams have access to AI, but no control over how it runs across the business. AI Hub changes that. It puts AI inside workflows, with the guardrails needed to scale it properly.”
Put AI Where the Work Is
AI Hub is designed to move teams beyond experimentation and into real execution.
Teams can solve their specific problems by building AI agents that:
Plug directly into live workflows Automate real marketing and creative work Keep outputs consistent, compliant and on-brand Control which models are used, and when
From briefing and content creation to approvals and compliance checks, AI becomes part of the process. Not another tab open on someone’s laptop.
Part of a Broader AI System
AI Hub is part of a wider AI offering that runs across the Screendragon platform.
Screendragon brings workflows, people, data and AI into one system, so work runs properly. AI Hub builds on that, giving teams the ability to design and run their own AI agents inside those workflows.
The wider AI offering includes:
Embedded AI Agents – Pre-built agents that automate common tasks inside workflows AI Hub – A flexible environment to build and manage your own agents AI Studio – Advanced tools for designing and optimising AI agents AI Foundry – Expert support to build and scale bespoke AI-driven workflows
Together, this gives teams a clear path. Start with what works out of the box. Then evolve towards fully customised, enterprise-grade AI execution.
Scale AI Without Losing Control of Cost
AI usage grows fast. Costs can grow faster.
AI Hub gives teams control over both:
Route work across AI models based on cost, speed and performance Use open-source models where it makes sense Avoid getting locked into one AI model
So teams can scale AI with confidence, not surprises.
From Experimentation to Execution
Most teams are still experimenting with AI. A few are starting to rely on it.
Very few are running it properly across workflows. That is the gap AI Hub is built to close.
“We were using AI in pockets, but it wasn’t scalable,” said Anne Cogan, CMO, Screendragon. “Now it is built into how we work, improving speed while maintaining full control and compliance.”
Availability
AI Hub is available immediately to all Screendragon customers, enabling them to build and deploy custom AI agents tailored to their workflows and use cases.
About Screendragon
Most marketing and agency teams do not struggle because of bad ideas. They struggle because the system around the work is broken.
Screendragon fixes that.
Screendragon is an Agentic Marketing Orchestration platform that enables enterprise teams and agencies to plan, resource and deliver marketing work with full visibility and control.
It connects workflows, people, data and AI into a single governed system so work runs properly, and AI actually helps instead of getting in the way.
Photo – https://mma.prnewswire.com/media/2975877/Screendragon.jpg
Logo – https://mma.prnewswire.com/media/2792757/5960921/Screendragon_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/screendragon-launches-ai-hub-enabling-marketing-teams-and-agencies-to-build-and-run-ai-agents-inside-real-workflows-302767353.html
Technology
BCE to participate in the TD Cowen 28th Annual Telecom & Media Conference
Published
11 minutes agoon
May 11, 2026By
MONTRÉAL, May 11, 2026 /CNW/ – Curtis Millen, Executive Vice President and Chief Financial Officer of BCE Inc. (TSX: BCE) (NYSE: BCE) will participate in a fireside chat at the TD Cowen 28th Annual Telecom & Media Conference in Toronto on Thursday, May 14th, 2026, at 10:30 am eastern.
A live webcast will be available on BCE’s website.
BCE is Canada’s largest communications company1, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we’re keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.
____________________________
1 Based on total revenue and total combined customer connections.
Media inquiries:
Ellen Murphy
media@bell.ca
Investor inquiries:
Krishna Somers
krishna.somers@bell.ca
View original content:https://www.prnewswire.com/news-releases/bce-to-participate-in-the-td-cowen-28th-annual-telecom–media-conference-302767397.html
SOURCE BCE Inc.
Ceva, Inc. Announces First Quarter 2026 Financial Results
Screendragon Launches AI Hub, Enabling Marketing Teams and Agencies to Build and Run AI Agents Inside Real Workflows
BCE to participate in the TD Cowen 28th Annual Telecom & Media Conference
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