$PDFS
PDF SOLUTIONS INC

2016 Q1 Form 10-Q Financial Statement

#000143774916030642 Filed on May 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $25.08M $26.82M
YoY Change -6.47% -0.99%
Cost Of Revenue $10.21M $8.804M
YoY Change 15.92% -9.33%
Gross Profit $14.88M $18.01M
YoY Change -17.42% 3.64%
Gross Profit Margin 59.31% 67.17%
Selling, General & Admin $5.124M $4.456M
YoY Change 14.99% 2.91%
% of Gross Profit 34.45% 24.74%
Research & Development $6.311M $4.088M
YoY Change 54.38% 13.56%
% of Gross Profit 42.43% 22.69%
Depreciation & Amortization $765.0K $605.0K
YoY Change 26.45% 26.04%
% of Gross Profit 5.14% 3.36%
Operating Expenses $11.55M $8.544M
YoY Change 35.21% 7.61%
Operating Profit $3.323M $9.469M
YoY Change -64.91% 0.3%
Interest Expense -$240.0K $50.00K
YoY Change -580.0% -155.56%
% of Operating Profit -7.22% 0.53%
Other Income/Expense, Net -$236.0K $51.00K
YoY Change -562.75%
Pretax Income $3.087M $9.520M
YoY Change -67.57% 2.48%
Income Tax $1.026M $3.553M
% Of Pretax Income 33.24% 37.32%
Net Earnings $2.061M $5.967M
YoY Change -65.46% -4.6%
Net Earnings / Revenue 8.22% 22.25%
Basic Earnings Per Share $0.07 $0.19
Diluted Earnings Per Share $0.07 $0.18
COMMON SHARES
Basic Shares Outstanding 31.17M 31.34M
Diluted Shares Outstanding 31.75M 32.29M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $129.4M $131.9M
YoY Change -1.9% 30.59%
Cash & Equivalents $129.4M $131.9M
Short-Term Investments
Other Short-Term Assets $3.500M $6.200M
YoY Change -43.55% -25.3%
Inventory
Prepaid Expenses
Receivables $29.32M $29.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.2M $167.3M
YoY Change -3.05% 17.98%
LONG-TERM ASSETS
Property, Plant & Equipment $13.24M $9.900M
YoY Change 33.7% 30.26%
Goodwill $215.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.565M $9.100M
YoY Change -16.87% -8.08%
Total Long-Term Assets $13.24M $19.00M
YoY Change -30.34% 8.57%
TOTAL ASSETS
Total Short-Term Assets $162.2M $167.3M
Total Long-Term Assets $13.24M $19.00M
Total Assets $202.8M $186.3M
YoY Change 8.85% 16.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.016M $1.200M
YoY Change 68.0% 20.0%
Accrued Expenses $1.853M $5.600M
YoY Change -66.91% -37.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.63M $12.10M
YoY Change 20.91% -19.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $464.0K $2.900M
YoY Change -84.0% -14.71%
Total Long-Term Liabilities $464.0K $2.900M
YoY Change -84.0% -14.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.63M $12.10M
Total Long-Term Liabilities $464.0K $2.900M
Total Liabilities $17.56M $15.00M
YoY Change 17.08% -18.48%
SHAREHOLDERS EQUITY
Retained Earnings -$32.79M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.39M
YoY Change
Treasury Stock Shares $6.365M
Shareholders Equity $185.2M $171.3M
YoY Change
Total Liabilities & Shareholders Equity $202.8M $186.3M
YoY Change 8.85% 16.95%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $2.061M $5.967M
YoY Change -65.46% -4.6%
Depreciation, Depletion And Amortization $765.0K $605.0K
YoY Change 26.45% 26.04%
Cash From Operating Activities $4.000M $15.62M
YoY Change -74.39% 29.2%
INVESTING ACTIVITIES
Capital Expenditures $1.780M $1.145M
YoY Change 55.46% -223.12%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.780M -$1.150M
YoY Change 54.78% 23.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $3.605M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 950.0K 1.960M
YoY Change -51.53% 300.0%
NET CHANGE
Cash From Operating Activities 4.000M 15.62M
Cash From Investing Activities -1.780M -1.150M
Cash From Financing Activities 950.0K 1.960M
Net Change In Cash 3.170M 16.43M
YoY Change -80.71% 41.03%
FREE CASH FLOW
Cash From Operating Activities $4.000M $15.62M
Capital Expenditures $1.780M $1.145M
Free Cash Flow $2.220M $14.48M
YoY Change -84.66% 11.18%

Facts In Submission

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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1780000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1145000
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00015
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00015
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3479000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3655000
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
182000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3128000
CY2016Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
777000
CY2015Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
680000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27594000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24925000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13236000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11325000
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
53000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-82000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6311000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4088000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-37718000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-39780000
CY2016Q1 us-gaap Revenues
Revenues
25081000
CY2015Q1 us-gaap Revenues
Revenues
26817000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1755000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5124000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4456000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2666000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2199000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1592000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.38
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
29000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10024000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1764000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1765000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.88
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.91
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
10011000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.88
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.57
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
13.93
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19.67
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.77
CY2016Q1 us-gaap Share Price
SharePrice
13.38
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
9746000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y200D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y339D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y332D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000
CY2016Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
84000
CY2015Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
51000
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
24000
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
10500000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
180655000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
174307000
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.33
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
6365000
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
6365000
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1089773
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
50392000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
50383000
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
14500000
CY2016Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
9400000
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
11500000
CY2016Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
6200000
CY2015Q4 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
100000
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
23000
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-84000
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11000000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11000000
CY2016Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6600000
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6500000
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Use of Estimates</div> &nbsp;&#x2014;&nbsp;&nbsp;The preparation of financial statements in conformity with generally accepted accounting principles in the United States (&#x201c;U.S. GAAP&#x201d;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include revenue recognition for fixed-price solution implementation service contracts, stock-based compensation expense and accounting for income taxes. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
554000
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
955000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31722000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32291000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31168000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31336000

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