PDF Solutions® Reports Fourth Quarter and Full Year 2023 Results

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)

       December 31, 
   2023  2022
       
ASSETS      
Current assets:      
Cash and cash equivalents $98,978  $119,624 
Short-term investments  36,544   19,557 
Accounts receivable, net  44,904   42,164 
Prepaid expenses and other current assets  17,422   12,063 
Total current assets  197,848   193,408 
Property and equipment, net  37,338   40,174 
Operating lease right-of-use assets, net  4,926   6,002 
Goodwill  15,029   14,123 
Intangible assets, net   15,620       18,055  
Deferred tax assets, net     157       64  
Other non-current assets     19,218       6,845  
Total assets   $ 290,136     $ 278,671  
             
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities:            
Accounts payable   $ 2,561     $ 6,388  
Accrued compensation and related benefits     14,800       16,948  
Accrued and other current liabilities     4,633       5,581  
Operating lease liabilities ‒ current portion     1,529       1,412  
Deferred revenues ‒ current portion     25,750       26,019  
Billings in excess of recognized revenues     1,570       1,852  
Total current liabilities     50,843       58,200  
Long-term income taxes     2,972       2,622  
Non-current operating lease liabilities     4,657       5,932  
Other non-current liabilities     2,718       1,905  
Total liabilities     61,190       68,659  
             
Stockholders’ equity:            
Common stock and additional paid-in capital     473,301       447,421  
Treasury stock at cost     (143,923 )     (133,709 )
Accumulated deficit     (98,045 )     (101,150 )
Accumulated other comprehensive loss     (2,387 )     (2,550 )
Total stockholders’ equity     228,946       210,012  
Total liabilities and stockholders’ equity   $ 290,136     $ 278,671  
                 

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