Item 5. Market for Registrant’s Common Equity
Item 5. Market For Registrant’s Common Equity, and Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock trades on the Nasdaq Global Market under the symbol “PDFS.” As of February 25, 2022, we had approximately 29 stockholders of record. The number of stockholders of record does not include individuals whose stock is in nominee or “street name” accounts through brokers.
Dividend Policy
No cash dividends were declared or paid in 2021 and 2020. We currently intend to retain all available funds to finance future growth, product development, and stock repurchases and, therefore, do not anticipate paying any cash dividends on our common stock for the foreseeable future.
Unregistered Sales of Equity Securities
The information required to be disclosed by paragraph (a) of Item 5 to Form 10-K has been included in a current report on Form 8-K and, therefore, is not furnished herein, pursuant to the last sentence in that paragraph.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On June 4, 2020, the Company’s Board of Directors adopted a stock repurchase program (the “2020 Program”) to repurchase up to $25.0 million of the Company’s common stock both on the open market and in privately negotiated transactions, including through Rule 10b5-1 plans, over the next two years. During the year ended December 31, 2021 , 251,212 shares were repurchased under the 2020 Program at an average price of $18.01 per share for an aggregate total price of $4.5 million.
There were no purchases made by or on behalf of the Company or any “affiliated purchaser” (as the term is defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock during the fourth quarter ended December 31, 2021.
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Item 6. Selected Financial Data
The following selected consolidated financial information has been derived from the audited consolidated financial statements. The information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes to those statements included therein and in Part II of this Form 10-K.
Year Ended December 31,
2021 (1)
2020 (1)
2019
2018
2017
(In thousands, except per share amounts)
Consolidated Statements of Loss Data:
Total revenues
$
111,060
$
88,046
$
85,585
$
85,794
$
101,871
Costs and Expenses:
Costs of revenues
44,193
36,765
33,474
42,803
47,521
Research and development
43,780
34,654
32,747
27,998
30,078
Selling, general and administrative
37,649
32,677
26,299
23,934
23,684
Amortization of acquired intangible assets
1,255
741
609
435
398
Restructuring charges
—
—
92
576
—
Write-down in value of property and equipment
3,183
—
—
—
—
Interest and other expense (income), net
(683)
1,269
(276)
(493)
264
Loss before taxes
(18,317)
(18,060)
(7,360)
(9,459)
(74)
Income tax expense (benefit)
3,171
22,303
(1,942)
(1,743)
1,263
Net loss
$
(21,488)
$
(40,363)
$
(5,418)
$
(7,716)
$
(1,337)
Net loss per share:
Basic and Diluted
$
(0.58)
$
(1.17)
$
(0.17)
$
(0.24)
$
(0.04)
Weighted average common shares used to calculate net loss per share, basic and diluted
37,138
34,458
32,411
32,169
32,038
December 31,
2021 (1)
2020 (1) (2)
2019
2018
2017
(In thousands)
Consolidated Balance Sheets Data:
Cash, cash equivalents and short-term investments
$
140,226
$
145,296
$
97,605
$
96,089
$
101,267
Working capital
144,681
151,175
119,580
137,693
144,263
Total assets
273,768
287,580
239,544
225,905
224,176
Long-term obligations
10,357
10,869
15,391
6,582
6,171
Total stockholders’ equity
219,585
234,506
196,157
199,795
198,368
(1) In December 2020, we completed the acquisition of Cimetrix Incorporated (“Cimetrix”). Payments made for this acquisition, net of cash acquired, amounted to $3.1 million and $28.6 million in fiscal 2021 and 2020, respectively, or total payments of $31.6 million, for all of the outstanding equity of Cimetrix. The Consolidated Statements of Comprehensive Loss Data for fiscal 2021 and 2020 also include results of operations of Cimetrix since acquisition date. For further information about this acquisition, see Note 4 of “Notes to Consolidated Financial Statements” (Item 8 of Part II of this Annual Report).
(2) On July 29, 2020, we entered into a strategic partnership with Advantest, which includes, among others, a Securities Purchase Agreement wherein we issued and sold to Advantest America, Inc., an aggregate of 3,306,924 shares of our common stock, at a purchase price of $19.7085 per share, for aggregate gross proceeds of $65.2 million, on July 30, 2020.
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