PDF Solutions (PDFS) FY2023 results: revenue $166 million, up 11.6% on the year

PDF Solutions Inc. (PDFS) reported revenue of $166 million for fiscal 2023, the year ended 31 December 2023, up 11.6% on the year before. Net income was $3 million, and diluted earnings per share $0.08. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$166 million

+11.6% on the year

FY2016FY2023

Operating margin

-0.1%

FY2016FY2023

Net income

$3 million

FY2016FY2023

Diluted EPS

$0.08

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	166	149	111	+11.6%
Cost of revenue	51.7	47.9	44.2	+8.0%
Gross profit	114	101	66.9	+13.4%
Gross margin	68.8%	67.8%	60.2%
Research and development	50.7	56.1	43.8	-9.6%
Selling, general and administrative	62.2	45.3	37.6	+37.2%
Operating income	-0.2	n/a	n/a
Operating margin	-0.1%	n/a	n/a
Interest expense	0.0	n/a	n/a
Pre-tax income	4.9	0.5	-18.3	+936.0%
Income tax	1.8	3.9	3.2	-54.8%
Effective tax rate	36.2%	829.6%	n/a
Net income	3.1	-3.4	-21.5
Net margin	1.9%	-2.3%	-19.3%
Diluted EPS	$0.08	-$0.09	-$0.58

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	14.6	32.3	4.2	-54.8%
Capital expenditure	11.2	8.4	3.7	+33.6%
Free cash flow	3.4	23.9	0.6	-85.9%
Free cash flow margin	2.0%	16.1%	0.5%
Cash from investing	-29.0	84.6	-4.7
Cash from financing	-5.9	-24.3	-5.5
Depreciation and amortisation	5.0	5.5	6.2	-9.8%
Share-based compensation	21.5	19.6	12.9	+9.3%
Buybacks	0.7	22.5	4.5	-96.7%
Diluted shares, weighted	39m	37m	37m	+4.4%
Shares outstanding at period end	38m	37m	37m	+2.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	229	210	220	+9.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	4.7	5.9	5.3	-21.5%
Other liabilities	56.5	62.7	48.9	-9.9%
Total liabilities and equity	290	279	274	+4.1%
Fixed assets	37.3	40.2	35.3	-7.1%
Goodwill	15.0	14.1	14.1	+6.4%
Intangible assets	15.6	18.1	21.2	-13.5%
Investments	36.5	19.6	113	+86.9%
Cash and equivalents	99.0	120	27.7	-17.3%
Receivables	44.9	42.2	40.1	+6.5%
Other assets	41.7	25.0	22.8	+67.1%
Total assets	290	279	274	+4.1%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.