PDF Solutions® Reports Third Fiscal Quarter Results

 

PDF SOLUTIONS, INC.                
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (UNAUDITED)                
(In thousands, except per share amounts)                
                 
    Three months ended    Nine months ended
    September 30,   June 30,   September 30,  September 30,   September 30,
  2015   2015  2014  2015   2014
GAAP net income   $1,494 $2,149 $1,761 $ 9,610  $12,711
Adjustments to reconcile GAAP net income to non-GAAP net income:                
Stock-based compensation expense   2,564    2,355    2,226   7,118   6,259
Impairment of deferred costs     -     -     1,892     -    1,892
Previously impaired costs (1)     -     -     -      (1,892)    - 
Amortization of acquired technology     80    -     -      80     - 
Amortization of other acquired intangible assets     89    -     -      89   31
Restructuring charges     -        -        -          -          57
Acquisition costs (2)         290       482       -        772         - 
Acquisition related contingent earn-out (2)         475       -        -        475         - 
Acquisition related deferred revenue adjustment (2)         501       -        -        501         - 
Non-cash portion of income tax expense          270       882       428       3,115       3,797
Non-GAAP net income     $ 5,763   $ 5,868   $ 6,307   $   19,868     $ 24,747
                                 
GAAP net income per diluted share     $ 0.05   $ 0.07   $ 0.05   $   0.30     $ 0.40
Non-GAAP net income per diluted share     $ 0.18   $ 0.18   $ 0.20   $   0.62     $ 0.77
                                 
Shares used in diluted shares calculation       32,106     32,400     32,079       32,266       31,975
                                 
                                 
PDF SOLUTIONS, INC.                                
RECONCILIATION OF GAAP NET INCOME TO EBITDAR (UNAUDITED)                                
(In thousands, except per share amounts)                                
                                 
        Three months ended   Nine months ended
      September 30,   June 30,   September 30,   September 30,   September 30,
2015 2015 2014   2015   2014
                                 
GAAP net income      $ 1,494   $ 2,149   $ 1,761   $   9,610     $ 12,711
Adjustments to reconcile GAAP net income to EBITDAR:                                
Stock-based compensation expense       2,564     2,355     2,226       7,118       6,259
Impairment of deferred costs         -        -      1,892         -        1,892
Previously impaired costs (1)         -        -        -          (1,892 )       - 
Amortization of acquired technology         80       -        -          80         - 
Amortization of other acquired intangible assets         89       -        -          89       31
Restructuring charges          -        -        -          -        57
Acquisition costs (2)         290       482       -          772         - 
Acquisition related contingent earn-out (2)         475       -        -        475         - 
Acquisition related deferred revenue adjustment  (2)         501       -        -        501         - 
Depreciation expense       682       632     519       1,919       1,459
Income tax provision         1,269       1,572       1,217       6,395       7,287
EBITDAR     $ 7,444   $ 7,190   $ 7,615   $   25,067     $ 29,696
                                 
EBITDAR per diluted share     $ 0.23   $ 0.22   $ 0.24   $   0.78     $ 0.93
                                 
Shares used in diluted shares calculation       32,106     32,400     32,079       32,266       31,975
                                 
                                 
(1) As announced on September 29, 2014, we were unable to close two Design-to-silicon-yield solutions contracts, which restricted our ability to book revenue relating to work on these projects and required us to impair previously deferred costs of  $1.9 million in the three months ended September 30, 2014. As reported on January 7, 2015, in the three months ended March 31, 2015, we executed those two contacts, which increased our Design-to-Silicon-Yield Solutions revenue in the quarter by approximately $6.0 million. Reinstatement of previously impaired costs is not allowed under US GAAP. Accordingly, in order to match the revenue and the cost associated with these two contracts, management has included these costs in the current period as a non-GAAP reconciling item. 
(2) As announced on July 20, 2015, the Company completed the acquisition of Syntricity, Inc., the industry leading hosted solution for characterization and yield management. In relation to this acquisition, the company incurred direct acquisition costs, acquisition related contingent earn-out and recorded an adjustment to reduce revenue recognized from deferred revenue arising from the acquisition.  Accordingly, for non-GAAP purposes, the Company is excluding these expenses and the reduction to revenue in order to provide better comparability between periods.
 
 

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