$PDFS
PDF SOLUTIONS INC

2018 Q1 Form 10-Q Financial Statement

#000143774918009457 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $24.74M $24.29M
YoY Change 1.84% -3.16%
Cost Of Revenue $11.48M $11.43M
YoY Change 0.45% 12.0%
Gross Profit $13.26M $12.86M
YoY Change 3.09% -13.56%
Gross Profit Margin 53.58% 52.94%
Selling, General & Admin $6.375M $5.899M
YoY Change 8.07% 15.12%
% of Gross Profit 48.1% 45.88%
Research & Development $7.245M $7.282M
YoY Change -0.51% 15.39%
% of Gross Profit 54.66% 56.63%
Depreciation & Amortization $1.261M $1.091M
YoY Change 15.58% 42.61%
% of Gross Profit 9.51% 8.48%
Operating Expenses $13.73M $13.27M
YoY Change 3.44% 14.9%
Operating Profit -$474.0K -$415.0K
YoY Change 14.22% -112.49%
Interest Expense -$330.0K -$230.0K
YoY Change 43.48% -4.17%
% of Operating Profit
Other Income/Expense, Net -$331.0K -$230.0K
YoY Change 43.91% -2.54%
Pretax Income -$805.0K -$645.0K
YoY Change 24.81% -120.89%
Income Tax -$381.0K -$1.162M
% Of Pretax Income
Net Earnings -$424.0K $517.0K
YoY Change -182.01% -74.92%
Net Earnings / Revenue -1.71% 2.13%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 32.17M 31.99M
Diluted Shares Outstanding 32.17M 33.59M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.50M $114.9M
YoY Change -14.27% -11.21%
Cash & Equivalents $98.52M $114.9M
Short-Term Investments
Other Short-Term Assets $9.700M $6.700M
YoY Change 44.78% 91.43%
Inventory
Prepaid Expenses
Receivables $58.44M $50.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $166.6M $171.8M
YoY Change -2.99% 5.89%
LONG-TERM ASSETS
Property, Plant & Equipment $26.54M $20.80M
YoY Change 27.59% 57.13%
Goodwill $1.923M $215.0K
YoY Change 794.42% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.752M $14.62M
YoY Change -33.27% 93.19%
Total Long-Term Assets $59.93M $55.86M
YoY Change 7.27% 322.06%
TOTAL ASSETS
Total Short-Term Assets $166.6M $171.8M
Total Long-Term Assets $59.93M $55.86M
Total Assets $226.5M $227.6M
YoY Change -0.47% 12.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.588M $2.436M
YoY Change 6.24% 20.83%
Accrued Expenses $2.151M $1.913M
YoY Change 12.44% 3.24%
Deferred Revenue $8.474M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.50M $19.31M
YoY Change -4.21% 32.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.122M $1.802M
YoY Change -37.74% 288.36%
Total Long-Term Liabilities $1.122M $1.802M
YoY Change -37.74% 288.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.50M $19.31M
Total Long-Term Liabilities $1.122M $1.802M
Total Liabilities $24.48M $24.36M
YoY Change 0.48% 38.73%
SHAREHOLDERS EQUITY
Retained Earnings -$23.16M -$25.24M
YoY Change -8.22% -23.05%
Common Stock $5.000K $5.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $76.47M $55.73M
YoY Change 37.23% 10.59%
Treasury Stock Shares $6.687M
Shareholders Equity $202.1M $203.3M
YoY Change
Total Liabilities & Shareholders Equity $226.5M $227.6M
YoY Change -0.47% 12.24%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$424.0K $517.0K
YoY Change -182.01% -74.92%
Depreciation, Depletion And Amortization $1.261M $1.091M
YoY Change 15.58% 42.61%
Cash From Operating Activities $3.252M -$416.0K
YoY Change -881.73% -110.4%
INVESTING ACTIVITIES
Capital Expenditures $2.447M $2.313M
YoY Change 5.79% 29.94%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.447M -$2.313M
YoY Change 5.79% 29.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.123M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.634M 782.0K
YoY Change -564.71% -17.68%
NET CHANGE
Cash From Operating Activities 3.252M -416.0K
Cash From Investing Activities -2.447M -2.313M
Cash From Financing Activities -3.634M 782.0K
Net Change In Cash -2.829M -1.947M
YoY Change 45.3% -161.42%
FREE CASH FLOW
Cash From Operating Activities $3.252M -$416.0K
Capital Expenditures $2.447M $2.313M
Free Cash Flow $805.0K -$2.729M
YoY Change -129.5% -222.93%

Facts In Submission

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0
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9654000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5069000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
39000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
717000
CY2018Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1007000
CY2017Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
909000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48213000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
46056000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26536000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25386000
CY2018Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
14700000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7245000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7282000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-23160000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27089000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24737000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24289000
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
45000000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6375000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5899000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2856000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2884000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
831000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.17
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.28
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
71793000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17500000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
23100000
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
22200000
CY2018Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
7700000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3398000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1045000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1042000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.65
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.67
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3396000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1024000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.56
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.86
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
20.39
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.77
CY2018Q1 us-gaap Share Price
SharePrice
11.66
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3378000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y219D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y251D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y222D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8000
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2016Q4 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
CY2018Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
7500000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
202059000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
198368000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.86
CY2018Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
338207
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1180389
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
76473000
CY2017Q4 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
8600000
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-58000
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-92000
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13400000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12900000
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7900000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7700000
CY2018Q1 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Use of Estimates</div>&nbsp;&#x2014;&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;">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 significant estimates and judgments made in recognizing revenue, accounting for goodwill and intangible assets, stock-based compensation expense and accounting for income taxes. Actual results could differ from those estimates. For a discussion of significant estimates and judgments made in recognizing revenue under the new revenue standard, see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Revenue Recognition.</div></div></div></div>
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1603000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32168000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33594000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32168000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31991000

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