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 24, 2023, we had approximately 26 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 2022, 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.
Stock Performance Graph
The following graph and tables compare the cumulative total stockholder return data for our stock since December 31, 2017, to the cumulative return over such period of (i) The Nasdaq Composite Index and (ii) The S&P 600 Information Technology (Sector) (TR) Index. The graph assumes that $100 was invested on December 31, 2017. The graph and tables further assume that such amount was initially invested in the Common Stock of the Company at a per share price of $15.70 (closing price on December 31, 2017) and that any dividends were reinvested. This performance graph and the corresponding tables are not “soliciting material,” are not deemed filed with the SEC and are not to be incorporated by reference in any filing by us under the Securities Act or the Exchange Act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. The stock price performance on the following graph and tables is not necessarily indicative of future stock price performance.
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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. Through April 10, 2022, under the 2020 Program, the Company repurchased a total of 470,070 shares at an average price of $21.91 per share, for a total price of $10.3 million. On April 11, 2022, the Board of Directors terminated the 2020 Program, and adopted a new program (the “2022 Program”) to repurchase up to $35.0 million of the Company’s common stock both on the open market and in privately negotiated transactions, from time to time, over the next two years. During the year ended December 31, 2022, the Company repurchased 218,858 shares under the 2020 Program at an average price of $26.40 per share for an aggregate total price of $5.8 million. During the year ended December 31, 2022, the Company repurchased 714,600 shares under the 2022 Program at an average price of $23.36 per share for a total price of $16.7 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 the Company’s common stock during the fourth quarter ended December 31, 2022.
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,
2022 (1)
2021 (1)
2020 (1)
2019
2018
(In thousands, except per share amounts)
Consolidated Statements of Loss Data:
Total revenues
$
148,549
$
111,060
$
88,046
$
85,585
$
85,794
Costs and Expenses:
Costs of revenues
47,907
44,193
36,765
33,474
42,803
Research and development
56,126
43,780
34,654
32,747
27,998
Selling, general and administrative
45,338
37,649
32,677
26,299
23,934
Amortization of acquired intangible assets
1,270
1,255
741
609
435
Restructuring charges
—
—
—
92
576
Write-down in value of property and equipment
—
3,183
—
—
—
Interest and other expense (income), net
(2,562)
(683)
1,269
(276)
(493)
Income (loss) before income taxes
470
(18,317)
(18,060)
(7,360)
(9,459)
Income tax expense (benefit)
3,899
3,171
22,303
(1,942)
(1,743)
Net loss
$
(3,429)
$
(21,488)
$
(40,363)
$
(5,418)
$
(7,716)
Net loss per share, basic and diluted
$
(0.09)
$
(0.58)
$
(1.17)
$
(0.17)
$
(0.24)
Weighted average common shares used to calculate net loss per share, basic and diluted
37,309
37,138
34,458
32,411
32,169
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December 31,
2022
2021 (1)
2020 (1) (2)
2019
2018
(In thousands)
Consolidated Balance Sheets Data:
Cash, cash equivalents and short-term investments
$
139,181
$
140,226
$
145,296
$
97,605
$
96,089
Working capital
135,208
144,681
151,175
119,580
137,693
Total assets
278,671
273,768
287,580
239,544
225,905
Long-term obligations
10,459
10,357
10,869
15,391
6,582
Total stockholders’ equity
210,012
219,585
234,506
196,157
199,795
(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 2022, 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.