PDF Solutions, Inc. (PDFS) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	48	62	67	90	101	100	98	107	102	86	86	88	111	149	166
+ Sales & Services Revenue	48	62	67	90	101	100	98	107	102	86	86	88	111	149	166
- Cost of Revenue	24	28	30	36	39	40	39	44	48	43	33	37	44	48	52
+ Cost of Goods & Services	24	28	30	36	39	40	39	44	48	43	33	37	44	48	52
Gross Profit	24	33	37	53	62	60	59	63	54	43	52	51	67	101	114
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	37	31	33	32	30	33	40	50	54	52	60	68	83	103	114
+ Selling, General & Admin	17	16	18	19	17	18	20	22	24	24	26	33	38	45	62
+ Research & Development	20	15	14	13	13	14	19	28	30	28	33	35	44	56	51
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1
Operating Income (Loss)	-12	2	4	21	32	28	19	13	- -	-9	-8	-17	-16	-2	- -
- Non-Operating (Income) Loss	4	1	- -	2	- -	- -	- -	- -	- -	- -	- -	1	2	-3	-5
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	-1	-3	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3	- -
+ Other Non-Op (Income) Loss	4	1	- -	2	- -	- -	- -	- -	1	- -	- -	- -	3	- -	-5
Pretax Income	-17	1	4	19	31	28	19	13	- -	-9	-7	-18	-18	- -	5
- Income Tax Expense (Benefit)	1	1	2	-18	10	9	7	4	1	-2	-2	22	3	4	2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-17	- -	2	37	21	18	12	9	-1	-8	-5	-40	-21	-3	3
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-17	- -	2	37	21	18	12	9	-1	-8	-5	-40	-21	-3	3
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-17	- -	2	37	21	18	12	9	-1	-8	-5	-40	-21	-3	3
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-17	- -	2	37	21	18	12	9	-1	-8	-5	-40	-21	-3	3
Basic Weighted Avg Shares	26	27	28	29	30	31	31	31	32	32	32	34	37	37	38
Basic EPS, GAAP	-0.66	- -	0.07	1.3	0.7	0.6	0.39	0.29	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08
Basic EPS from Cont Ops	-0.66	- -	0.07	1.3	0.7	0.6	0.39	0.29	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08
Diluted Weighted Avg Shares	26	27	28	30	31	32	32	32	32	32	32	34	37	37	39
Diluted EPS, GAAP	-0.66	- -	0.07	1.25	0.67	0.58	0.39	0.28	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08
Diluted EPS from Cont Ops	-0.66	- -	0.07	1.25	0.67	0.58	0.39	0.28	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08
EBITDA	-9	5	5	22	33	30	22	17	6	-3	- -	-9	-6	7	8
EBITDA Margin (%)	-19.1	7.51	8.13	24.53	32.56	29.89	22.72	16.15	5.74	-3.96	-0.39	-9.79	-5.64	4.66	5.06
EBITA	-12	2	4	21	32	28	19	13	- -	-9	-8	-17	-16	-2	- -
EBIT	-12	2	4	21	32	28	19	13	- -	-9	-8	-17	-16	-2	- -
Gross Margin (%)	50	54.28	54.97	59.24	61.1	60.35	60.17	58.64	53.35	50.11	60.89	58.24	60.21	67.75	68.79
Operating Margin (%)	-25.73	3.59	6.2	23.47	31.12	27.85	19.64	12.07	0.19	-10.93	-8.81	-19.07	-14.24	-1.41	-0.09
Profit Margin (%)	-36.11	0.04	2.82	41.56	20.63	18.43	12.66	8.47	-1.31	-8.99	-6.33	-45.84	-19.35	-2.31	1.87
Sales per Employee	158,294	211,130	209,129	259,536	279,485	279,006	251,223	243,676	244,295	235,052	242,450	208,147	272,875	324,343	336,379
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	3	2	1	1	1	2	3	4	6	6	7	8	10	9	9

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	58	65	71	103	134	159	163	170	164	157	148	193	189	193	198
+ Cash, Cash Equivalents & STI	35	38	46	62	89	115	126	117	101	96	98	145	140	139	136
+ Cash & Cash Equivalents	35	38	46	62	89	115	126	117	101	96	98	30	28	120	99
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	115	113	20	37
+ Accounts & Notes Receiv	20	23	21	34	35	38	33	48	58	52	41	34	40	42	45
+ Accounts Receivable, Net	20	23	21	34	35	38	33	48	58	52	41	34	40	42	45
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	3	3	4	7	10	6	4	5	5	10	9	14	8	12	17
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	6	4	4	22	17	18	29	52	60	69	92	94	85	85	92
+ Property, Plant & Equip, Net	2	1	1	4	7	9	11	19	25	36	48	46	41	46	42
+ Property, Plant & Equip	18	18	18	19	22	24	25	36	46	60	78	82	82	92	92
- Accumulated Depreciation	17	17	17	15	14	15	14	17	21	24	29	36	41	46	50
+ LT Investments & Receivables	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3	2	2	18	10	9	17	33	35	33	44	48	45	39	50
+ Total Intangible Assets	3	1	1	- -	- -	- -	5	4	8	7	9	40	35	32	31
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	2	2	2	16	14	14	15
+ Other Intangible Assets	3	1	1	- -	- -	- -	5	4	6	5	6	25	21	18	16
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	1	2	18	10	9	12	28	27	26	35	8	9	7	19
Total Assets	63	68	74	124	151	177	192	222	224	226	240	288	274	279	290
+ Payables & Accruals	4	3	1	3	3	3	4	4	5	6	9	11	9	12	7
+ Accounts Payable	1	1	1	2	1	1	1	2	3	2	8	4	6	6	3
+ Accrued Taxes	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	2	- -	1	2	2	2	2	3	3	2	6	3	6	5
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	2	1	2
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	2	1	2
+ Other ST Liabilities	8	9	12	16	10	10	11	14	14	14	17	30	33	45	42
+ Deferred Revenue	2	3	5	4	2	4	6	8	8	9	12	21	24	28	27
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	6	6	7	12	8	6	5	6	6	5	5	8	9	17	15
Total Current Liabilities	13	12	13	20	13	12	14	19	20	20	28	42	44	58	51
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	7	5	6	5
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	7	5	6	5
+ Other LT Liabilities	5	5	4	4	4	3	3	5	6	7	8	4	5	5	6
+ Accrued Liabilities	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -	- -	2	2	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	5	5	4	3	3	3	3	5	6	7	8	4	3	3	6
Total Noncurrent Liabilities	5	5	4	4	4	3	3	5	6	7	15	11	10	10	10
Total Liabilities	18	18	18	23	16	16	17	24	26	26	43	53	54	69	61
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	194	200	209	220	234	249	266	281	298	311	325	407	423	447	473
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	194	200	209	220	234	249	266	281	298	311	325	407	423	447	473
- Treasury Stock	19	19	23	28	29	34	50	55	72	79	92	96	105	134	144
+ Retained Earnings	-130	-130	-129	-92	-71	-52	-40	-26	-27	-30	-36	-76	-98	-101	-98
+ Other Equity	1	- -	- -	- -	- -	-1	-2	-2	-1	-1	-1	- -	-1	-3	-2
Equity Before Minority Interest	46	51	57	101	135	162	174	199	198	200	196	235	220	210	229
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	46	51	57	101	135	162	174	199	198	200	196	235	220	210	229
Total Liabilities & Equity	63	68	74	124	151	177	192	222	224	226	240	288	274	279	290
Shares Outstanding	27	28	28	29	30	31	31	32	32	32	33	37	37	37	38
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	8	7	7	6
Net Debt	-35	-38	-46	-62	-89	-115	-126	-117	-101	-96	-98	-30	-28	-120	-99
Net Debt to Equity	-75.55	-74.72	-81	-60.99	-66.34	-71.35	-72.38	-58.75	-51.05	-48.09	-49.76	-12.93	-12.61	-56.96	-43.23
Tangible Common Equity Ratio	70.94	73.86	76.25	81.31	89.11	91.2	90.64	89.2	88.06	88.07	81.22	78.53	77.27	72.15	76.42
Current Ratio	4.6	5.24	5.28	5.21	10.4	12.87	11.29	9.19	8.35	8.05	5.27	4.58	4.3	3.32	3.89
Cash Conversion Cycle	151.13	114.83	108.72	96.6	109.08	123.37	122.75	124.21	171.19	210.87	141.64	95.28	80.87	55.56	64.26
Number of Employees	306	292	319	345	363	359	390	441	417	365	353	423	407	458	493

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-17	- -	2	37	21	18	12	9	-1	-8	-5	-40	-21	-3	3
+ Depreciation & Amortization	3	2	1	1	1	2	3	4	6	6	7	8	10	9	9
+ Non-Cash Items	4	4	4	-15	11	13	12	11	11	7	8	34	18	21	22
+ Stock-Based Compensation	4	5	5	5	7	9	10	11	12	10	11	12	13	20	21
+ Deferred Income Taxes	- -	-1	- -	-20	5	5	3	- -	-1	-4	-5	21	1	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-1	-1	-1	-1	- -	-2	-1	- -	- -	1	1	1	4	1	1
+ Chg in Non-Cash Work Cap	6	-4	1	-8	-8	-5	3	-23	-5	8	15	19	-2	6	-19
+ (Inc) Dec in Accts Receiv	5	-4	1	-12	-1	-3	4	-15	-10	7	11	8	-6	-2	-3
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	2	- -	- -	-1	-1	-1	-1	-2	- -	-2	-1	- -	1	-6	-7
+ Inc (Dec) in Accts Payable	- -	-1	-2	1	-1	-2	-1	- -	2	-1	- -	- -	-1	- -	-2
+ Inc (Dec) in Other	-1	1	1	5	-5	- -	- -	-6	2	5	5	12	3	13	-7
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-5	3	8	15	25	29	30	2	11	13	25	22	4	32	15
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	- -	- -	-2	-5	-4	-5	-11	-10	-13	-11	-7	-4	-9	-11
+ Acq of Fixed Prod Assets	-1	- -	- -	-2	-5	-4	-5	-11	-10	-13	-11	-7	-4	-8	-11
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	9	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	-115	2	93	-16
+ Dec in LT Investment	9	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	16	171	152	44
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-131	-169	-58	-60
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	-5	- -	-4	- -	-3	-29	-3	- -	-2
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	-5	- -	-4	- -	-3	-29	-3	- -	-2
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	8	- -	- -	-1	-5	-4	-10	-11	-14	-13	-13	-151	-5	85	-29
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	1	1	-2	-4	- -	-4	-15	-2	-13	-5	-10	65	-5	-22	-1
+ Increase in Capital Stock	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	65	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-3	-4	- -	-4	-15	-2	-13	-5	-10	- -	-5	-22	-1
+ Other Financing Activities	- -	- -	2	7	7	5	6	2	1	- -	- -	- -	-1	-2	-5
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	- -	1	- -	2	7	1	-9	- -	-12	-5	-10	65	-6	-24	-6
Effect of Foreign Exchange Rates	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -
Net Changes in Cash	4	3	8	16	28	26	11	-9	-16	-5	2	-64	-6	93	-20
Capital Expenditures	-1	- -	- -	-2	-5	-4	-5	-11	-10	-13	-11	-7	-4	-9	-11
EBITDA	-9	5	5	22	33	30	22	17	6	-3	- -	-9	-6	7	8
EBITDA Margin (%)	-19.1	7.51	8.13	24.53	32.56	29.89	22.72	16.15	5.74	-3.96	-0.39	-9.79	-5.64	4.66	5.06
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	5	- -	4	- -	3	29	3	- -	2
Free Cash Flow	-5	3	8	12	21	25	25	-9	- -	- -	14	15	- -	24	3
Free Cash Flow to Firm	- -	3	8	- -	21	25	25	-9	- -	- -	- -	- -	- -	24	3
Free Cash Flow to Equity	-5	2	8	12	21	25	25	-9	- -	- -	14	15	- -	24	3
Free Cash Flow per Basic Share	-0.2	0.1	0.28	0.43	0.7	0.8	0.8	-0.3	0.01	0.01	0.43	0.43	0.01	0.64	0.08
Price/Free Cash Flow	-25.63	46.24	22.93	23.63	26.64	14.63	10.07	55.52	24.34	10.17	15.56	26.12	143.52	25.57	48.59
Cash Flow to Net Income	0.26	123.86	4.37	0.4	1.21	1.55	2.45	0.22	-7.89	-1.73	-4.54	-0.54	-0.2	-9.42	4.7

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