PDF Solutions® Reports Fourth Fiscal Quarter and Fiscal Year 2017 Results

 

PDF SOLUTIONS, INC.                     
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (UNAUDITED)                  
(In thousands, except per share amounts)                     
                      
    Three months ended    Twelve months ended  
    December 31,  September 30,  December 31,    December 31,    December 31,  
2017   2017   2016 (1)    2017 2016 (1)  
GAAP net income (loss)  $  (2,634) $590  $2,925   $  (1,337)   $9,103   
Adjustments to reconcile GAAP net income to non-GAAP net income:                     
Stock-based compensation expense   3,073   2,949     3,067      11,810       11,002   
Amortization of acquired technology     144     136     96      471       374   
Amortization of other acquired intangible assets     107         107         92           398             432      
Non-recurring severance payment (2)         30         370         -            400             -       
Adjustment for Non-Cash items in Income Tax Expense         3,181         817         1,454           5,831             5,362      
Tax Adjustment for Non-GAAP items         263         (1,407 )       (2,041 )         (4,600 )           (4,804 )    
  Non-GAAP net income     $ 4,164     $ 3,562     $ 5,593       $ 12,973         $ 21,469      
                                           
GAAP net income (loss) per diluted share     $   (0.08 )   $ 0.02     $ 0.09       $   (0.04 )       $ 0.28      
Non-GAAP net income per diluted share     $ 0.13     $ 0.11     $ 0.17       $ 0.39         $ 0.66      
                                           
Shares used in diluted shares calculation       32,866       32,969       33,293         33,204           32,431      
                                           
                                           
PDF SOLUTIONS, INC.                                          
RECONCILIATION OF GAAP NET INCOME TO EBITDAR (UNAUDITED)                                      
(In thousands, except per share amounts)                                
                                         
        Three months ended     Twelve months ended    
      December 31,   September 30,   December 31,       December 31,     December 31,    
2017   2017   2016 (1)       2017 2016 (1)    
                                           
GAAP net income (loss)     $   (2,634 )   $ 590     $ 2,925       $   (1,337 )       $ 9,103      
Adjustments to reconcile GAAP net income to EBITDAR:                                          
Stock-based compensation expense       3,073       2,949       3,067         11,810           11,002      
Amortization of acquired technology         144         136         96           471             374      
Amortization of other acquired intangible assets         107         107         92           398             432      
Non-recurring severance payment (2)         30         370         -            400             -       
Depreciation expense       1,241       1,262       1000         4,789           3,584      
Income tax provision (benefit)         3,509         (270 )       197           1,263             3,853      
  EBITDAR     $ 5,470     $ 5,144     $ 7,377       $ 17,794         $ 28,348      
                                           
                                           
                                           
(1) The results for the period ended December 31, 2016  have been updated to exclude deferred revenue adjustments from Syntricity acquisition that were previously presented in the prior periods. As a result of this exclusion, non-GAAP net income per diluted share for the twelve months ended December 31, 2016 was changed from $0.67 per share to $0.66 per share. There was no change in the non-GAAP net income per diluted share for the three months ended December 31, 2016.  
   
(2) These are non-recurring severance payments related to reduction in workforce. The Company is excluding these costs in order to provide better comparability between periods.  
     

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