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PDF Solutions Reports Fourth Fiscal Quarter and Fiscal Year 2013 Results

Feb 5, 2014 - San Jose, Calif. (PDF Solutions, Inc.)

PDF Solutions, Inc. (“PDF Solutions” or the “Company”) (NASDAQ: PDFS) the leading provider of yield improvement technologies and services for the integrated circuit (IC) manufacturing process life cycle, today announced financial results for its fourth fiscal quarter and year ended December 31, 2013.
 
Total revenues for the fourth fiscal quarter of 2013 totaled $27.1 million, up 6% from $25.5 million for the third fiscal quarter of 2013 and up 14% when compared with total revenues of $23.8 million for the fourth fiscal quarter of 2012. Design-to-silicon-yield solutions revenues for the fourth fiscal quarter of 2013 totaled $14.9 million, down 12% when compared to $17.0 million for the third fiscal quarter of 2013 and down 10% when compared to design-to-silicon yield solutions revenues of $16.6 million for the fourth fiscal quarter of 2012. Gainshare performance incentives revenues for the fourth fiscal quarter of 2013 totaled $12.2 million, up 44% when compared to $8.5 million for the third fiscal quarter of 2013 and up 68% when compared to gainshare performance incentives revenues of $7.2 million for the fourth fiscal quarter of 2012.

Total revenues for the fiscal year ended December 31, 2013 totaled $101.5 million, up 13% when compared with total revenues of $89.5 million for the fiscal year ended December 31, 2012. Design-to-silicon-yield solutions revenues for the fiscal year ended December 31, 2013 totaled $61.7 million, up 4% when compared with design-to-silicon-yield solutions revenues of $59.1 million for the fiscal year ended December 31, 2012. Gainshare performance incentives revenues for the fiscal year ended December 31, 2013 totaled $39.7 million, up 30% when compared with gainshare performance incentives revenues of $30.5 million for the fiscal year ended December 31, 2012.

On a GAAP basis, net income for the fourth fiscal quarter of 2013 was $6.8 million, or $0.23 per basic and $0.21 per diluted share, compared to net income of $4.8 million, or $0.16 per basic and $0.15 per diluted share, for the third fiscal quarter of 2013, and net income of $23.9 million, or $0.82 per basic and $0.78 per diluted share, for the fourth fiscal quarter of 2012. Net income for the fiscal year ended December 31, 2013 was $20.9 million, or $0.70 per basic and $0.67 per diluted share, compared to net income of $37.2 million, or $1.30 per basic and $1.25 per diluted share, for the fiscal year ended December 31, 2012.

Cash and cash equivalents were $89.4 million at December 31, 2013 compared to cash and cash equivalents of $61.6 million at December 31, 2012.

Non-GAAP net income for the fourth fiscal quarter of 2013 was $10.8 million, or $0.34 per diluted share, compared to non-GAAP net income of $8.6 million, or $0.27 per diluted share, for the third fiscal quarter of 2013, and non-GAAP net income of $7.1 million, or $0.23 per diluted share for the fourth fiscal quarter of 2012. Non-GAAP net income for the fiscal year ended December 31, 2013 was $33.8 million, or $1.08 per diluted share, compared to non-GAAP net income of $24.4 million, or $0.82 per diluted share, for the fiscal year ended December 31, 2012.

As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time today. The call will be simultaneously web cast on PDF Solutions’ website at http://www.pdf.com/events. A replay of the web cast will be available at the same website address beginning approximately two hours after completion of the live call. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

Information Regarding Use of Non-GAAP Financial Measures


In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP net income excludes the effects of stock-based compensation expenses, amortization of acquired technology and other acquired intangible assets, restructuring charges, and their related income tax effects, as applicable, as well as adjusts for the non-cash portion of income taxes. EBITDAR is calculated by taking GAAP net income, adding back stock-based compensation expenses, amortization of acquired technology and other acquired intangibles, restructuring charges, depreciation expense and income tax provision (benefit).  These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental measures to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense has a current effect on the future uses of cash (with the exception of restructuring charges) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may be different from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s financial statements presented below.

About PDF Solutions


PDF Solutions, Inc. (NASDAQ: PDFS) is the leading provider of yield improvement technologies and services for the IC manufacturing process life cycle. PDF Solutions offers solutions that are designed to enable clients to lower costs of IC design and manufacture, enhance time to market, and improve profitability by addressing design and manufacturing interactions from product design to initial process ramps to mature manufacturing operations. PDF Solutions’ Characterization Vehicle® (CV®) electrical test chip infrastructure provides the core modeling capabilities, and is used by more leading manufacturers than any other test chips in the industry. Proprietary Template™ layout patterns provide optimum area, performance, and manufacturability for designing IC products. The proprietary Exensio™ solution for YieldAware™ FDC enables world-class variability control in manufacturing, in part by leveraging PDF Solutions’ industry-leading dataPOWER® yield management system (YMS) and mæstria® fault detection and classification (FDC) software. Headquartered in San Jose, Calif., PDF Solutions operates worldwide with additional offices in Canada, China, France, Germany, Italy, Japan, Korea, Singapore, and Taiwan. For the Company’s latest news and information, visit http://www.pdf.com/.

Characterization Vehicle, CV, dataPOWER®, mæstria®, PDF Solutions®, and the PDF Solutions logo are registered trademarks of PDF Solutions, Inc. or its subsidiaries. Exensio, Template and YieldAware are trademarks of PDF Solutions, Inc. or its subsidiaries.

Contacts

Gergory Walker
VP Finance, Chief Financial Officer
Tel: (408) 938-6457
Email: gregory.walker@pdf.com

Sonia Segovia
Investor Relations Coordinator
Tel: (408) 938-6491
Email: sonia.segovia@pdf.com

2014 © PDF Solutions, Inc. All Rights Reserved.

 

 

 

 

2013 Q4 Table 1

2013 Q4 Table 2

 

 

2013 Q4 Table 3