PDF Solutions (PDFS) FY2021 results: revenue $111 million, up 26.1% on the year

PDF Solutions Inc. (PDFS) reported revenue of $111 million for fiscal 2021, the year ended 31 December 2021, up 26.1% on the year before. Net income was -$21 million, and diluted earnings per share $-0.58. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$111 million

+26.1% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

-$21 million

FY2014FY2021

Diluted EPS

-$0.58

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	111	88.0	85.6	+26.1%
Cost of revenue	44.2	36.8	33.5	+20.2%
Gross profit	66.9	51.3	52.1	+30.4%
Gross margin	60.2%	58.2%	60.9%
Research and development	43.8	34.7	32.7	+26.3%
Selling, general and administrative	37.6	32.7	26.3	+15.2%
Pre-tax income	-18.3	-18.1	-7.4
Income tax	3.2	22.3	-1.9	-85.8%
Net income	-21.5	-40.4	-5.4
Net margin	-19.3%	-45.8%	-6.3%
Diluted EPS	-$0.58	-$1.17	-$0.17

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	4.2	21.8	24.6	-80.5%
Capital expenditure	3.7	6.0	10.6	-38.9%
Free cash flow	0.6	15.8	14.0	-96.4%
Free cash flow margin	0.5%	17.9%	16.4%
Cash from investing	-4.7	-151	-13.2
Cash from financing	-5.5	64.8	-9.8
Depreciation and amortisation	6.2	6.7	6.0	-7.5%
Share-based compensation	12.9	12.5	11.4	+3.8%
Buybacks	4.5	0.0	9.6
Diluted shares, weighted	37m	34m	32m	+7.8%
Shares outstanding at period end	37m	37m	33m	+1.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	220	235	196	-6.4%
Debt	0.0	0.0	0.0
Operating lease liabilities	5.3	6.5	7.7	-19.3%
Other liabilities	48.9	46.6	35.7	+5.1%
Total liabilities and equity	274	288	240	-4.8%
Fixed assets	35.3	39.2	40.8	-10.1%
Goodwill	14.1	15.8	2.3	-10.5%
Intangible assets	21.2	24.6	6.2	-13.6%
Investments	113	115	0.0	-2.1%
Cash and equivalents	27.7	30.3	97.6	-8.7%
Receivables	40.1	34.1	40.7	+17.4%
Other assets	22.8	28.6	52.0	-20.2%
Total assets	274	288	240	-4.8%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.