PDF Solutions® Reports Fourth Quarter and Full Year 2019 Results

(1)     In the fourth quarter of fiscal 2019, in order to improve the transparency of our revenue reporting, the Company updated its Condensed Consolidated Statements of Operations to change its historical presentation of revenue categories. The Company now presents revenues in the following categories: Analytics and Integrated yield ramp. Integrated yield ramp comprises revenue from the Company’s engagements that include performance incentives based on customers’ yield achievement, such as Gainshare royalty. Analytics comprises all other revenue, including from the Company’s Exensio® software platform, Design-for-Inspection™ solution (DFI™), and Characterization Vehicle® solutions. Prior periods Condensed Consolidated Statements of Operations have been reclassified to conform to the new revenue presentation. The change in presentation of revenue does not change the Company’s total revenues, or total cost of revenues.

PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (LOSS) (UNAUDITED)
(In thousands, except per share amounts)

   Three months ended   Year ended 
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2019   2019   2018   2019   2018 
GAAP net loss $(1,330) $(687) $(3,114) $(5,418) $(7,716)
Adjustments to reconcile GAAP net loss to non-GAAP net income (loss):                    
Stock-based compensation expense  2,782   2,732   2,470   11,423   10,295 
Amortization of acquired technology  143   144   144   574   575 
Amortization of other acquired intangible assets  173   174   109    609       435  
Restructuring charges and severance payments                 576       92       907  
Adjustment to contingent consideration related to acquisition           30       90       30       90  
Write-down in value of property and equipment                 227             227  
Tax impact of adjustments     (700 )     (805 )     (868 )     (2,785 )     (1,992 )
Non-GAAP net income (loss)   $ 1,068     $ 1,588     $ (366 )   $ 4,525     $ 2,821  
                                         
GAAP net loss per diluted share   $ (0.04 )   $ (0.02 )   $ (0.10 )   $ (0.17 )   $ (0.24 )
Non-GAAP net income (loss) per diluted share   $ 0.03     $ 0.05     $ (0.01 )   $ 0.14     $ 0.09  
                                         
Shares used in diluted shares calculation     33,414       32,997       32,476       33,122       32,466  

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