PDF Solutions® Reports Fourth Fiscal Quarter and Fiscal Year

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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