PDF Solutions (PDFS) FY2022 results: revenue $149 million, up 33.8% on the year

PDF Solutions Inc. (PDFS) reported revenue of $149 million for fiscal 2022, the year ended 31 December 2022, up 33.8% on the year before. Net income was -$3 million, and diluted earnings per share $-0.09. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$149 million

+33.8% on the year

FY2015FY2022

Operating margin

n/a

FY2015FY2022

Net income

-$3 million

FY2015FY2022

Diluted EPS

-$0.09

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	149	111	88.0	+33.8%
Cost of revenue	47.9	44.2	36.8	+8.4%
Gross profit	101	66.9	51.3	+50.5%
Gross margin	67.8%	60.2%	58.2%
Research and development	56.1	43.8	34.7	+28.2%
Selling, general and administrative	45.3	37.6	32.7	+20.4%
Pre-tax income	0.5	-18.3	-18.1
Income tax	3.9	3.2	22.3	+23.0%
Effective tax rate	829.6%	n/a	n/a
Net income	-3.4	-21.5	-40.4
Net margin	-2.3%	-19.3%	-45.8%
Diluted EPS	-$0.09	-$0.58	-$1.17

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	32.3	4.2	21.8	+661.2%
Capital expenditure	8.4	3.7	6.0	+129.0%
Free cash flow	23.9	0.6	15.8	+4,083.7%
Free cash flow margin	16.1%	0.5%	17.9%
Cash from investing	84.6	-4.7	-151
Cash from financing	-24.3	-5.5	64.8
Depreciation and amortisation	5.5	6.2	6.7	-11.1%
Share-based compensation	19.6	12.9	12.5	+52.0%
Buybacks	22.5	4.5	0.0	+396.8%
Diluted shares, weighted	37m	37m	34m	+0.5%
Shares outstanding at period end	37m	37m	37m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	210	220	235	-4.4%
Debt	0.0	0.0	0.0
Operating lease liabilities	5.9	5.3	6.5	+12.8%
Other liabilities	62.7	48.9	46.6	+28.2%
Total liabilities and equity	279	274	288	+1.8%
Fixed assets	40.2	35.3	39.2	+13.8%
Goodwill	14.1	14.1	15.8	0.0%
Intangible assets	18.1	21.2	24.6	-15.0%
Investments	19.6	113	115	-82.6%
Cash and equivalents	120	27.7	30.3	+332.1%
Receivables	42.2	40.1	34.1	+5.2%
Other assets	25.0	22.8	28.6	+9.5%
Total assets	279	274	288	+1.8%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.