PDF Solutions® Reports Second Quarter 2024 Results
PDF Solutions (Nasdaq: PDFS) reported its Q2 2024 financial results. Key highlights include:
- Analytics revenues of $38.1 million, up 3% year-over-year
- Total quarterly revenues of $41.7 million, flat compared to Q2 2023
- GAAP gross margin of 71% and Non-GAAP gross margin of 75%
- GAAP diluted EPS of $0.04 and non-GAAP diluted EPS of $0.18
- Backlog of $243.2 million as of June 30, 2024
The company expects revenue for the second half of the year to grow by 20% over the comparable period of the prior year. Cash, cash equivalents, and short-term investments stood at $117.9 million as of June 30, 2024.
PDF Solutions (Nasdaq: PDFS) ha pubblicato i risultati finanziari per il secondo trimestre del 2024. I punti salienti includono:
- Ricavi delle analisi di $38,1 milioni, in aumento del 3% rispetto all'anno precedente
- Ricavi totali del trimestre di $41,7 milioni, stabili rispetto al Q2 2023
- Margine lordo GAAP del 71% e margine lordo Non-GAAP del 75%
- Utile per azione diluito GAAP di $0,04 e utile per azione diluito Non-GAAP di $0,18
- Portafoglio di $243,2 milioni al 30 giugno 2024
L'azienda prevede che i ricavi per la seconda metà dell'anno cresceranno del 20% rispetto al periodo comparabile dell'anno precedente. Liquidità, equivalenti di cassa e investimenti a breve termine ammontavano a $117,9 milioni al 30 giugno 2024.
PDF Solutions (Nasdaq: PDFS) reportó sus resultados financieros del segundo trimestre de 2024. Los puntos clave incluyen:
- Ingresos por análisis de $38,1 millones, un aumento del 3% interanual
- Ingresos totales del trimestre de $41,7 millones, sin cambios en comparación con el Q2 de 2023
- Margen bruto GAAP del 71% y margen bruto Non-GAAP del 75%
- EPS diluido GAAP de $0,04 y EPS diluido Non-GAAP de $0,18
- Cartera de $243,2 millones al 30 de junio de 2024
La empresa espera que los ingresos para la segunda mitad del año crezcan un 20% en comparación con el mismo periodo del año anterior. Efectivo, equivalentes de efectivo e inversiones a corto plazo ascendían a $117,9 millones al 30 de junio de 2024.
PDF Solutions(Nasdaq: PDFS)는 2024년 2분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 분석 수익이 3,810만 달러로, 전년 대비 3% 증가
- 분기 총 수익이 4,170만 달러로, 2023년 2분기와 동일
- GAAP 총 이익률 71% 및 Non-GAAP 총 이익률 75%
- GAAP 희석 주당 순이익(EPS) 0.04달러 및 Non-GAAP 희석 EPS 0.18달러
- 2024년 6월 30일 기준, 수주 잔고는 2억 4,320만 달러
회사는 올해 하반기 매출이 전년도 동기 대비 20% 증가할 것으로 예상하고 있습니다. 2024년 6월 30일 기준 현금, 현금성 자산 및 단기 투자액은 1억 1,790만 달러였습니다.
PDF Solutions (Nasdaq: PDFS) a publié ses résultats financiers pour le deuxième trimestre 2024. Les points clés comprennent :
- Revenus analytiques de 38,1 millions de dollars, en hausse de 3 % par rapport à l'année précédente
- Revenus trimestriels totaux de 41,7 millions de dollars, stables par rapport au Q2 2023
- Marge brute GAAP de 71 % et marge brute Non-GAAP de 75 %
- BPA dilué GAAP de 0,04 $ et BPA dilué Non-GAAP de 0,18 $
- Portefeuille de commandes de 243,2 millions de dollars au 30 juin 2024
L'entreprise s'attend à ce que les revenus pour la seconde moitié de l'année augmentent de 20 % par rapport à la même période de l'année précédente. Les liquidités, équivalents de liquidités et investissements à court terme s'élevaient à 117,9 millions de dollars au 30 juin 2024.
PDF Solutions (Nasdaq: PDFS) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Die wichtigsten Punkte sind:
- Analytikumsätze von 38,1 Millionen US-Dollar, ein Anstieg um 3% im Jahresvergleich
- Gesamtumsätze für das Quartal von 41,7 Millionen US-Dollar, stabil im Vergleich zum Q2 2023
- GAAP-Bruttomarge von 71% und Non-GAAP-Bruttomarge von 75%
- GAAP verwässerter EPS von 0,04 US-Dollar und Non-GAAP verwässerter EPS von 0,18 US-Dollar
- Auftragsbestand von 243,2 Millionen US-Dollar am 30. Juni 2024
Das Unternehmen erwartet, dass die Umsätze in der zweiten Hälfte des Jahres um 20% im Vergleich zum entsprechenden Vorjahreszeitraum steigen werden. Bargeld, Bargeldäquivalente und kurzfristige Investitionen beliefen sich am 30. Juni 2024 auf 117,9 Millionen US-Dollar.
- Analytics revenues increased by 3% year-over-year to $38.1 million
- GAAP gross margin improved to 71% from 70% in Q2 2023
- Non-GAAP gross margin increased to 75% from 74% in Q2 2023
- Backlog of $243.2 million as of June 30, 2024
- Management expects 20% revenue growth in the second half of 2024 compared to the same period last year
- Total quarterly revenues remained flat at $41.7 million compared to Q2 2023
- GAAP net income decreased to $1.7 million from $6.8 million in Q2 2023
- GAAP diluted EPS decreased to $0.04 from $0.17 in Q2 2023
- Non-GAAP diluted EPS slightly decreased to $0.18 from $0.19 in Q2 2023
Insights
PDF Solutions' Q2 2024 results show a mixed performance. Analytics revenue grew
The company's GAAP gross margin improved to
Notably, GAAP EPS decreased to
The backlog of
PDF Solutions' Q2 results reflect the current semiconductor industry dynamics. The
The company's strong gross margins (GAAP:
The backlog of
Overall, PDF Solutions appears to be navigating the challenging semiconductor landscape relatively well, but sustained growth execution will be critical in the coming quarters.
SANTA CLARA, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its second quarter ended June 30, 2024.
Financial Highlights of Second Quarter 2024
- Analytics revenues of
$38.1 million , up3% over last year’s comparable quarter - Quarterly revenues of
$41.7 million , flat compared to last year’s comparable quarter - GAAP gross margin of
71% and Non-GAAP gross margin of75% - GAAP diluted earnings per share (EPS) of
$0.04 and non-GAAP diluted EPS of$0.18 - Backlog of
$243.2 million as of June 30, 2024
Total revenues for the second quarter of 2024 were
GAAP gross margin for the second quarter of 2024 was
Non-GAAP gross margin for the second quarter of 2024 was
On a GAAP basis, net income for the second quarter of 2024 was
Non-GAAP net income for the second quarter of 2024 was
Cash, cash equivalents and short-term investments as of June 30, 2024, were
Financial Outlook
“We are pleased with the ongoing progress we are making with our customers. We reiterate our expectation that revenue for the second half of the year will grow by
Conference Call
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. To participate on the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI8d2f27b911674251b131f618f0692ce0. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. 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.
Second Quarter 2024 Financial Commentary Available Online
A Management Report reviewing the Company’s second quarter 2024 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.
Information Regarding Use of Non-GAAP Financial Measures
In addition to providing results that are determined in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, and the effects of certain non-recurring items, such as expenses related to an arbitration proceeding for a disputed contract with a customer, acquisition-related costs, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. 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 information 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 expenses related to an arbitration proceeding for a disputed contract with a customer) 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 differ 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 condensed consolidated financial statements presented below.
Forward-Looking Statements
The press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for the second half of 2024, that are subject to future events and circumstances. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include, but are not limited to, risks associated with: expectations about the effectiveness of our business and technology strategies; expectations and integration concerns regarding recent and future acquisitions; current semiconductor industry trends; expectations of continued adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development; the continuing impact of global economic trends and rising global inflation and increased interest rates; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; customers’ production volumes under contracts that provide Gainshare royalties; possible impacts from the evolving trade regulatory environment and geopolitical tensions; our ability to obtain additional financing if needed; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made in the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements. We have not filed our Form 10-Q for the quarter ended June 30, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.
About PDF Solutions
PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics ecosystem to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.
Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com.
PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.
PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 91,987 | $ | 98,978 | |||
| Short-term investments | 25,888 | 36,544 | |||||
| Accounts receivable, net | 56,410 | 44,904 | |||||
| Prepaid expenses and other current assets | 19,007 | 17,422 | |||||
| Total current assets | 193,292 | 197,848 | |||||
| Property and equipment, net | 40,707 | 37,338 | |||||
| Operating lease right-of-use assets, net | 4,424 | 4,926 | |||||
| Goodwill | 14,996 | 15,029 | |||||
| Intangible assets, net | 13,897 | 15,620 | |||||
| Deferred tax assets, net | 145 | 157 | |||||
| Other non-current assets | 30,538 | 19,218 | |||||
| Total assets | $ | 297,999 | $ | 290,136 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 4,219 | $ | 2,561 | |||
| Accrued compensation and related benefits | 11,468 | 14,800 | |||||
| Accrued and other current liabilities | 5,994 | 4,633 | |||||
| Operating lease liabilities ‒ current portion | 1,609 | 1,529 | |||||
| Deferred revenues ‒ current portion | 31,662 | 25,750 | |||||
| Billings in excess of recognized revenues | 512 | 1,570 | |||||
| Total current liabilities | 55,464 | 50,843 | |||||
| Long-term income taxes | 2,668 | 2,972 | |||||
| Non-current operating lease liabilities | 4,003 | 4,657 | |||||
| Other non-current liabilities | 3,711 | 2,718 | |||||
| Total liabilities | 65,846 | 61,190 | |||||
| Stockholders’ equity: | |||||||
| Common stock and additional paid-in capital | 487,225 | 473,301 | |||||
| Treasury stock at cost | (155,084 | ) | (143,923 | ) | |||
| Accumulated deficit | (96,733 | ) | (98,045 | ) | |||
| Accumulated other comprehensive loss | (3,255 | ) | (2,387 | ) | |||
| Total stockholders’ equity | 232,153 | 228,946 | |||||
| Total liabilities and stockholders’ equity | $ | 297,999 | $ | 290,136 | |||
PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
| Three months ended | Six months ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Analytics | $ | 38,114 | $ | 38,463 | $ | 37,134 | $ | 76,577 | $ | 73,460 | |||||||||
| Integrated yield ramp | 3,547 | 2,847 | 4,467 | 6,394 | 8,900 | ||||||||||||||
| Total revenues | 41,661 | 41,310 | 41,601 | 82,971 | 82,360 | ||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Costs of revenues | 12,230 | 13,529 | 12,369 | 25,759 | 24,273 | ||||||||||||||
| Research and development | 12,649 | 12,984 | 12,264 | 25,633 | 25,315 | ||||||||||||||
| Selling, general, and administrative | 16,259 | 16,498 | 14,766 | 32,757 | 30,411 | ||||||||||||||
| Amortization of acquired intangible assets | 259 | 259 | 326 | 518 | 651 | ||||||||||||||
| Interest and other expense (income), net | (1,479 | ) | (1,692 | ) | (1,071 | ) | (3,171 | ) | (1,982 | ) | |||||||||
| Income (loss) before income tax benefit (expense) | 1,743 | (268 | ) | 2,947 | 1,475 | 3,692 | |||||||||||||
| Income tax benefit (expense) | (38 | ) | (125 | ) | 3,888 | (163 | ) | 3,498 | |||||||||||
| Net income (loss) | $ | 1,705 | $ | (393 | ) | $ | 6,835 | $ | 1,312 | $ | 7,190 | ||||||||
| Net income (loss) per share: | |||||||||||||||||||
| Basic | $ | 0.04 | $ | (0.01 | ) | $ | 0.18 | $ | 0.03 | $ | 0.19 | ||||||||
| Diluted | $ | 0.04 | $ | (0.01 | ) | $ | 0.17 | $ | 0.03 | $ | 0.18 | ||||||||
| Weighted average common shares used to calculate net income (loss) per share: | |||||||||||||||||||
| Basic | 38,619 | 38,500 | 37,859 | 38,456 | 37,799 | ||||||||||||||
| Diluted | 39,132 | 38,500 | 39,076 | 38,989 | 38,968 | ||||||||||||||
PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
(In thousands)
| Three months ended | Six months ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| GAAP | |||||||||||||||
| Total revenues | $ | 41,661 | $ | 41,310 | $ | 41,601 | $ | 82,971 | $ | 82,360 | |||||
| Costs of revenues | 12,230 | 13,529 | 12,369 | 25,759 | 24,273 | ||||||||||
| GAAP gross profit | $ | 29,431 | $ | 27,781 | $ | 29,232 | $ | 57,212 | $ | 58,087 | |||||
| GAAP gross margin | 71 | % | 67 | % | 70 | % | 69 | % | 71 | % | |||||
| Non-GAAP | |||||||||||||||
| GAAP gross profit | $ | 29,431 | $ | 27,781 | $ | 29,232 | $ | 57,212 | $ | 58,087 | |||||
| Adjustments to reconcile GAAP to non-GAAP gross margin: | |||||||||||||||
| Stock-based compensation expense | 1,185 | 1,200 | 938 | 2,385 | 1,902 | ||||||||||
| Amortization of acquired technology | 584 | 584 | 553 | 1,168 | 1,106 | ||||||||||
| Non-GAAP gross profit | $ | 31,200 | $ | 29,565 | $ | 30,723 | $ | 60,765 | $ | 61,095 | |||||
| Non-GAAP gross margin | 75 | % | 72 | % | 74 | % | 73 | % | 74 | % | |||||
PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
(In thousands, except per share amounts)
| Three months ended | Six months ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| GAAP net income (loss) | $ | 1,705 | $ | (393 | ) | $ | 6,835 | $ | 1,312 | $ | 7,190 | ||||||||
| Adjustments to reconcile GAAP net income (loss) to non-GAAP net income: | |||||||||||||||||||
| Stock-based compensation expense | 5,700 | 6,110 | 4,678 | 11,810 | 9,562 | ||||||||||||||
| Amortization of acquired technology under costs of revenues | 584 | 584 | 553 | 1,168 | 1,106 | ||||||||||||||
| Amortization of other acquired intangible assets | 259 | 259 | 326 | 518 | 651 | ||||||||||||||
| Expenses of arbitration (1) | — | — | 166 | — | 2,299 | ||||||||||||||
| Acquisition-related costs (2) | — | — | 176 | — | 176 | ||||||||||||||
| Tax impact of valuation allowance for deferred tax assets and reconciling items (3) | (1,159 | ) | (813 | ) | (5,238 | ) | (1,972 | ) | (6,218 | ) | |||||||||
| Non-GAAP net income | $ | 7,089 | $ | 5,747 | $ | 7,496 | $ | 12,836 | $ | 14,766 | |||||||||
| GAAP net income (loss) per diluted share | $ | 0.04 | $ | (0.01 | ) | $ | 0.17 | $ | 0.03 | $ | 0.18 | ||||||||
| Non-GAAP net income per diluted share | $ | 0.18 | $ | 0.15 | $ | 0.19 | $ | 0.33 | $ | 0.38 | |||||||||
| Weighted average common shares used in GAAP net income (loss) per diluted share calculation | 39,132 | 38,500 | 39,076 | 38,989 | 38,968 | ||||||||||||||
| Weighted average common shares used in non-GAAP net income per diluted share calculation | 39,132 | 39,053 | 39,076 | 38,989 | 38,968 | ||||||||||||||
______________________
| (1) | Represents expenses related to an arbitration proceeding over a disputed customer contract, which expenses are expected to continue until the arbitration is resolved. |
| (2) | Acquisition-related costs are incremental expenses related to the business or asset acquisition transaction(s). These expenses may include consulting, legal and other fees. For the three and six months ended June 30, 2023, the charges were related to the acquisition of Lantern Machinery Analytics, Inc. |
| (3) | The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis. |
| Company Contacts: | |
| Adnan Raza | Sonia Segovia |
| Chief Financial Officer | Investor Relations |
| Tel: (408) 516-0237 | Tel: (408) 938-6491 |
| Email: adnan.raza@pdf.com | Email: sonia.segovia@pdf.com |
FAQ
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