PDFS - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen, and welcome to the PDF Solutions, Inc. Conference Call to discuss its financial results for the Second Quarter ended Sunday, June 30, 2019. At this time all participants are in a listen-only mode. [Operator Instructions]

As a reminder, this conference is being recorded.

yet has copy website been not press this at have it release, posted you received of a corresponding www.pdf.com. If to PDF's

the its are the of and PDF's performance, of statements and will results made Some demands rates for that future financial this including forward-looking, in conference growth statements solutions. regarding be course

PDF's could materially. differ actual results

for ended PDF You through XX pages XX, should on annual on similar subsequent Factors report the disclosures refer year to filings. Risk the the Form and XXXX, XX-K XX December section of fiscal entitled in to

this The to forward-looking statements conference no and call PDF today. based risks obligation available stated information update them. in on assumes to are PDF

and like over Financial the call Chief to go PDF's Officer. to Mr. I'd Kibarian, President turn Russell, Executive Christine please PDF's Kibarian, Now Officer; ahead. John and Chief

John Kibarian

and Thank everyone. you, welcome,

where you release not of quarter, go press to If the the and management website has seen earnings Section second already presentation for please each have Investors been posted. our report our

our provider total towards be and to industry. were to semiconductor results our end-to-end objective our the slightly, the quarter the only show choice and this manufacturing progress for electronics analytics control Although of up revenues

ongoing and base. for nodes the production. customer is being reveal results the of yield across edge lifetime growing quality, our to leading a customers semiconductor and This from Our reliability, to ramping being important controlling even evolution to valuable logic leading more operational effectiveness

the our on of to This focus logic. business on investment driving caused past, our logic to of in leading-edge tied a In leading-edge revenue. closely cycle be customers the resulted only the majority ramping handful our

Our business analytics. driven is now by

results analytics leading-edge emphasis PDF. that high-voltage customers to memory mixed grown more and available XXX over market on our and predictable discretes, create logic will systems. have everything for signal, make from The has We

pumps. preventing predicting the into ability to production information convert databases from for fabrication this monitor span foresight, because our the IDMs value do tools, the this supply and we We're the useful chain, manufacturers uniquely happening to wafer foundries, to is measurement characterize is software bring and as that OSATs, analytics systems. industry what whole fabless in and to We able to the and

the me demonstrate highlights that from on four continued progress. quarter our second Let touch

is both. of learning we pilots paid evaluate are number cloud our highlight Exensio engaged our on the of first us Over either XX The XX% extensive machine customers cloud, solutions pilots on and or doing. top AI-based the with are to

rate completion to annual projects revenue These our generate successful cloud revenue, accounts larger today. and The of rates value than upon revenue but at run annual could lead are are these multiples smaller that clear. AI the

signal evaluating the mixed able database company. particular, is customers the Exensio some their the including to versus number to XXx Exensio of on-premise tell A database their largest see our largest better on customers, with cloud companies service conventional are performance databases. relational within In Xx of us using and Exensio

deployments. This revenue. customers, offer from in their rates the Those of we leads cloud. substantial these customers greatly performance substantial that to the most of increases half, We run believe number see annual pilots will can of a Exensio benefits course, the much these types on higher of second the expand value

that is to momentum we growth. DFI, drive in to demos highlight second where The future continue customer lead should

manufacturer. our in customer. As as the call, the get The milestone goal XXX quarter was in QX second we mentioned that the on to achieved to eProbe April release lead

for volume, can and third in come DFI that means increase use effectiveness wafers production provide data and cases unique the the manufacturing. of their develop This on should customer quarter, development add

logic manufacturers. demoed being lead foundry this at Beyond is edge customer, DFI leading

first account. then confidence DFI. outlook results, demonstration We're companies, of to resulting few similar off leading in we the at these programs see positive the first scope memory our our for increases manufacturer. quarters successful All activity next this technical the we our in If in also edge anticipate kicking

long lead more in now build are We parts eProbe future. to ordering XXXs the near

Our in control, In analytics. opportunity different past, yield assembly third used for serves system flow. management, customers that a test these process applications Exensio Exensio highlight all end-to-end the systems that the can control is analytics. afford single the and first in is

Just point like integrated from chip design using industry flow. to automation companies moved helped the tools design

realize solutions growth over of Exensio the This is sequentially. our revenue customers from grew of last is our full DFI, analytics. strong analytics value revenue XX% visible Analytics Exensio Analytics quarter. in and revenue, revenue. this well period to year and core up was over XX% of which of potential helping our functionality end-to-end our XX%, the includes the over same

is key growth large driver and footprint base. the analytics expanding customer revenue our Exensio for of The

example, using revenue are customers mixed today, of management only none set using of module pilot of Exensio and a over applications. For then our they one rate our them annual run module. customer a our test adopted are completed will double. our There XXX signal If full yield which

We about opportunities customer the have our within base. expand existing we are excited many to

our foundries, the new consumer largest electronics world's brings fabless quarter bookings companies. IDM, fourth highlight, the Bookings. around us The to in This came from

are the by We a develop reduced from to over revenue $X part want their of second deferral million do important from electronics customer. XX-nanometer that a business. quarter seeing mention was as in their becomes chips, yield companies ramp more own and I a Exensio interest they of silicon

on discussed particular which deployment in on payments past. the This is we very program, customer have this delinquent

to are honor that are solutions their not While financial they for additional required will we their requesting also they're contract next node, concessions insist, for provide. and we asking

As negotiations progress the for in little we went our payments. made cost on, quarter

discussions is we additional all recognizing stopped revenue the for and result, this As payment next project work node, future stopped any until suspended resolved. of the a contract on delinquency

the We the of standard are confident and we work on right contractual deliver.

stockholders. will pain it and current is how but right This will eventually due revenues the cannot interest the that ultimately, take. our we are we protect other has well we as approach the believe long future created we the to believe past although period, as our We collect to, which the situation entitled, predict of in customers

are, to we of look analytics in that increasingly, in increased XXXX, our of half programs bookings believe we effectiveness of remainder to we lead Most in XXXX. customers software, DFI. the Exensio We expect our the pilot characterization the second As of with solid the customer vehicles importantly, will adoption strategy. top confident our of

possible the interest model, clearly, our enhances our demonstrate our which bookings level Customer customers end-to-end in cloud value Vehicles capabilities Characterization feedback, of These should are reflects Exensio. through that a analytics further of that high our and utilizing to opportunities. integration

outlook fruition, Jose. business more of level coming marketing our October in look work the to pipeline. Users mark in in high held detail model in Please We San are conjunction your forward based our Analyst our on Conference upcoming We believe the strategy years with in Annual of activity our at discussing Day sales evolving XX. calendar our to and and for

We details will soon be out sending more event. on that

me Christine to financials. turn Let review over to call the Christine? the

Christine Russell

John. will our have Most financials earnings in you of Thank seen release. our you,

the website. In addition, and Relations the we regarding Investor posted report PDF our a of management results comments report The quarter. for in section financials has the of

few So my areas. key a I'll comments focus on

compensation, call to financial non-GAAP All excludes onetime and restructuring and we are our for Please basis, GAAP GAAP and amortization refer press to release of results provide of non-GAAP this the reconciliation. stock-based charges. on on intangibles results our that which a

of and to want To items, our summarize through to this I want trends quarter. our line Before go key I clear. our First, in balance be what important that consider the million. of numbers us, $X.X while million analysis results cash financial our underlying to the for we operating We ensure are these: $X.X the during was key are takeaways stock major generated the use quarter, we cash of buyback declined

still our StreamMosaic before acquisition XXX. CapEx investments, cash the the repurchase, held we which work and the funding on important, our while Equally constant continuing eProbe included

business that The a are XX%, Analytics grew continuing second we steady over of by analytics trend growth. takeaway sequentially, key a revenue now. primarily is software

analytics John As XX% mentioned, our solutions of over revenue. was

the in revenue. starting With look statements more at financial let's the items that of key detail, summary, with now

up Second quarter $XX.X sequentially. slightly, was revenue million of

our to behaved towards continues DFI model anticipated, of and general, the software evolve analytics. as In Exensio grew quarter-over-quarter. revenue Analytics revenue as comprised we

growth efforts around revolve the of driving analytics. Our

continued down. revenue classic this IYR, So trend gratifying. business performance our is to

shipment higher the building of higher-margin deployed in of a to revenue, momentum our revenue market demonstrating customer can traditional shift majority generating broader the we're analytics to from our solutions than With benefited Gainshare foundry now be subscription volumes. software that base.

to electronics companies. During large foundries, QX, in we three to fabless two licensed licensing addition a Exensio company to Exensio and consumer

on pleased which of revenue, sales to driver we The gross results. and to margin software behaving of cost from was Non-GAAP with Similar flat was are stable is margins. this so quarter, to margin. leading my the $X.X key let's as shift planned to comments XX%. subscriptions, of prior gross are million, sales higher Now gross continuing a margin the turn cost

revenue, XXX% that I And mentioned as Gainshare $X was which note earlier, is want I gross a higher, million sequentially. margin to

we in the of That XXX% and QX Gainshare was revenue of the as discussed X-nanometer which the project also similar revenue is However, a call. QX, CAP margin. incremental absence have in our we also magnitude

So these two factors, really, offset each other.

we comparable to continue in gross expand. contribution range. to XX% margin build software expect typically, we the be subscription further which sales, to other to companies, to Ultimately, from expect the XX% we As revenue it are, software

flat, disciplined This which approach spending. sequentially, look million. Now held let's to our at we operating expenses, at reflects $XX.X

and sales while looking expenses. We other continued judiciously, add in to for unnecessary marketing, eliminate to resources, opportunities

turning million, up $X outstanding of the from the XX% the reflects non-GAAP $XX.X So prior $X.XX. share which quarter net earnings our million, in quarter. was posted QX profit share shares. were Shares repurchase to bottom-line, of XXX,XXX for per we Non-GAAP

at we'll QX to million, $X.X the of a Now $XX.X our million. sheet. of reduction Cash attention end balance was turn the

discretionary of operations was of DFI generated well. $X eProbe I StreamMosaic, noted and funded as the the cash million and our earlier, continuation reflects We in over as from XXX As repurchase. it the reduction share acquisition

collections customer. one the mentioned issue with we large have John

decided past standard as he revenue in can't this we our we work the We for the customer. contractual This as delivered. will we're believe and receivables generated us. confident resulted rights and may to eventually collect entitled. revenue by the well of take. long QX As defer; this are which discussed, work revenue predict future We've in stop how QX lower due to We

not experienced the That after when improve XX than removing we contract, of customer, have X some with any DSO problems. expect significant other we We reduce one administrative DSO impact customers. have this another days. to been transitory DSO XXX should collection eventually Other resolve would by issues do DSO this at Looking days.

We'll the questions. for to over call Operator? now any the turn operator

Operator

Our Tanwanteng from from Securities. the comes CJS first question Instructions] of [Operator line Jon

Jon Tanwanteng

guys. XXX of Exensio series rate next, And first you on questions. more secondly, and machines, taking you Hi of year-over-year update that given amount an you're good my on provide hope growth expectations software, that XXX on parts? afternoon Maybe the this the basis? shipping be update time can Thank lead maybe and for maybe you an year for the to ordering long a

John Kibarian

Sure.

said in So up my and over as XX% prepared our remarks, I was analytics Jon, year-over-year XX%, sequentially. revenue

have lead out we As more ship we ability far parts, as ordered the go more be recorded XXX. that now ship ability get item We couple the to we a to we able into right XXXX. long eProbe than to as one

sometime expect We of remaining year. and these able machine, end machines maybe, shift to or by in early would year next this be first year, the to the next

not building as of we those. more are far XXXs, As any

developing are a shipping development standpoint, and in standpoint that China. mature a from one have more them handful we customer do we we of demo to use -- We technologies

Jon Tanwanteng

And historically may Great. I or are yield guess? customers winning that ramp back you winning not stopped DFI were Okay. that customers any have using, with ones more then

John Kibarian

Yes.

have customers. fact, not the been all yield of basically ramp DFI -- accounts In are,

customer of as customer One all doing correct memory including yield first well years I ramp demos they're a -- ones were yield number we're the was ramp should ago, So that one, myself. now, not the as the customers. a

Jon Tanwanteng

any payments more any or Okay. the addressed sure foundries do or Great. the from quarter the And solutions not. in did not coming you you you in quarters? in then new if you make-whole or receive global quarter? Did because And I'm expect this make

Christine Russell

remainder year. this are payments quarterly We throughout receiving the of regular cash

cash because and in because not And we receive we hours recognized had had recognize So revenue every QX, PLC we and that completed. received quarter. the we did cash, we revenue, we earned actually but

the but additional don't cash revenue year. quarterly end the be cash this we so any will the through receiving of payments And payments, from expect regularly

Jon Tanwanteng

of kind of was Okay. the expectation those? the the the Great. What size for year? And of what was rest

Christine Russell

approximately around million quarter. It's $X somewhere a

Jon Tanwanteng

and and Okay. maybe, rest And below? more just Great. and little year, expectations John, going your color split then, for XX a on XX, the between through of Gainshare the

John Kibarian

Yes.

next think QX still Gainshare. do of better – been get contract. move a as through as XXXX it's on, to year, XX-nanometer, we of XX above I will and there's be see year And some this the look we over bounces we long-lived get left QX that believe out believe around XX. but I still that and this coming the and XXXX is end majority beyond XX-nanometer, we this consistent node, believe at Gainshare half, on we we will bit with time that in little The XX-nanometer

Jon Tanwanteng

Okay, you. great thank

Operator

Our comes Diffely second line Tom from from the Davidson. question of D.A.

Tom Diffely

afternoon. good Yes,

question group almost people you're Or that of people from a like transition? OpEx? a making cost is some First on COGS looks transferring It separate the structure. that is it into

Christine Russell

Those that of took business, naturally, IYR so cost our is Well, was actually, the that or and moved reduce towards people were what's fixed of of those primarily cost most a expense our were risk But we the did as have business sales. well. that redeployed either business, would, in reductions classic cost people declining, really where as business our a sales. we happening

a reduction our is that new the cost product, higher that offset margins. And then natural business the analytics So of has to gross of sales. the is

of kind that involved the consultative approach not is costly. there's or labor So more

John Kibarian

lesser to I – sell Exensio. people think, and see marketing to of have our ability expand and market noticed, That's in extent opportunities a sales And Tom, to a in we you continue Exensio, we primarily but Exensio. to DFI, added the

becoming out aware Exensio what very said, we do base are of there Exensio large As that a have can today. installed of we

So we continued field. make we the – do in will investment

was that but new folks, hiring Some lot that was of transferring a of folks.

Tom Diffely

Okay. set. the then base? the your with to just of All that right. sticking customer you is XXX most of or solution That's What only partial know. good And to all Exensio, have customers, them said existing opportunity a

John Kibarian

XX as we them growth – I'm cross-selling across can the highlighting does provide to our number cloud we modules additional moving that. that additional double than believe customers example, a the of one run believe top in We annual that more rate capability, traditional of the beyond

Tom Diffely

that cloud was on more the little just you too, question providing performance. And Okay. Maybe color about a the that? better talked

John Kibarian

Yes.

of buy relational a from from And hardware. worked has out, or Exensio when as database non-traditional Cassandra database same shipped a the conventional amount So you us with Exensio sizable need the typical for they hardware which and by move suppliers, database database suppliers build either Exension Rdb usually, that's customers and now Cassandra, go to used you internet comes the with to a a is database, fairly entire refactor stack.

for – And do because cloud factor they it's them same for but which spend, analytics, of of XX our better most spend of to customers is Spark, very kind the benefit. better that's that And performance from spent allows benefit differently. performance is very then gives they in-database how get scalability, and of offering them dollar found, that with that many it the hardware far our better to really

faster the much faster but database Cassandra that which where the doing And retrieval, refreshed Spark, well. and scaled analytics of easier is available of demand. constantly much all new computation and combination parallelizes and needs the then it's and in a to incremental in to through the customers' cloud the just It's as storage, hardware on

Tom Diffely

Okay. That's interesting.

Great. Okay.

solutions issue you question are the So business still expecting collections growth the you're is, the only during year? the in the quarter, given for

John Kibarian

we and it in analytics and region, growth do looks business. DFI, take primarily, it for Asia business, expecting at we have especially opportunities in the Exensio that the the this attractive believe We're We particularly, when we it's ramp like business, yield the don't solutions us. for forecast point, from but in

Tom Diffely

side, and the the demoing on on logic then eProbe have memory with do in-house? currently XXX customer Okay. are Or a you system you And site?

John Kibarian

a That's Yes. very good question.

site we not that -- put customer a associating has we machine when are will with a So a contract it. at without payments

are to them demos So wafers shipping us.

in leading logic, edge purposes I We us to Milpitas. now, is of wafers in memory facility a our couple in capability for them demonstrating shipping in one us think, in something of and different one the have X that companies,

Tom Diffely

Okay.

your that's for parts addition tool, one And more tool, so then? an the to demo

John Kibarian

I tool, see have think the of hopefully, And produced opportunity like. Day, you'll come you some to our to the fraction they R&D if well, to Yes, look demo can you tool tool. an Analyst see – and get what

Tom Diffely

then what Okay. authorization? Great. on And finally, is the left buyback

Christine Russell

Let's see, around there was that. spent $X $XX million authorized, and we million have of

within we So have plenty room authorization program. the continue repurchase to of the

Tom Diffely

you. thank okay, Great,

Operator

Northland. the next Richard of Gus And from our line question from comes

Gus Richard

Yes, thanks questions. for the taking

me help and in understand that understand, What fixed lack the declined customer. business? that? Asian I the of $X.X million, Just $X revenue's on else fee is solutions from down payments million, Was your sequentially,

John Kibarian

of last you completion I QX, complete, therefore, development that program us was year. we catch-up – agreed was when think, in percent on if with in completion. $X and part in revenue QX, customer QX had a we work and then that over there that In million percent so stopped solutions remember, the XXXX, Yes, a QX we depressed and associated of payment gave that the X-nanometer

drove that that up revenue. So

So the over said but and in puts mine IYR when also, Christine quarter-over-quarter. takes, revenue, takes the in prepared the analytics XX% take and on out was, remarks as you well her mostly growth

Gus Richard

sell are structured how ramps? give those the the be a and under then at going be was I will yield more other go little mistaken, income, those you color And load Okay. but impression tools looking Can in that customer yield are on sorry. ramp just I consistent currently, was let Or through those the engagements to forward? on? with the you're classic going

John Kibarian

Yes, great Gus. question, that's a

the percent royalty the and and the for getting on vehicles end the business on of in the back enjoy we delivered recognized the once or went a business, fixed when the share I fee yes, customer yield completion to manufacturing. portion then systems, ramp the traditionally So mean, revenue

As is this risk found And in the newer business. that time historically, the is for particularly our markets, the our high. very to was we and of volume, some on long driver

So to the really on we revenue. had be Gainshare focused driving

a As analytics, we us to and this this we is primarily business being opportunistic. strategic look less for brought the lot more at

are So on a volume, ratably but the no we'd of few exceptions. or revenue subscription out like a as to basis upfront see on see to risk with with looking results well, – we paid more

Gus Richard

would that And using the these ratably Okay. over be of recognized life tools?

John Kibarian

of life not right, the systems. Probably, the over I'm using

Christine Russell

little additional subscription one make is I'll of That's and actually, Right. there, upfront, the ASC remainder it then ratable. recognize on XX% we licenses, comment as under XXX.

Gus Richard

Right.

And And around was talk DFI wondering for again, Got if it. of lack a you that? Okay. a chips to how a in health some field. then little that I was just there capability? could to, would developing color the structures was you [indiscernible] monitor viewed better monetize for term, add And

John Kibarian

put that Yes, to years. them not and other the that through put the field. to available structures test, built in to words, we So this related, are capability, if us ask guideline in is line but the starting that and make try I J-tag, see while have for product inside eventually, the in product is through the and conventional downstream then Customers product

have fine, has looks lot wafer out package, shifted have capability, getting we telling that a put because of performance? didn't customers test say, and packaging collecting of of its and more doesn't a that why again, stuff test complicated been the we Now that few let's it, ways they they the in customer data chip is, test bunch they technology the stuff lot work, sort, is as a in an agent because have sits silicon This have on there's that the the test, us figure and they ago. a we can't years and – that Exensio for tester,

on later device silicon, shift, changes, is, of is the can sort reality desire the et this next expand the be off you field we've as time the with some characteristics wafer thin tape-outs out you, even silicon for And customers well. year. But Gus. one that customer the in to activity being strain becoming and As silicon it's into stages And as is cetera. doing a the with than express and I an now. to valuable that able get while to long we're able right time, the in we performance we customer, geek going some to go got amount monitor to expect hence, monitor that on

Operator

the line of Craig-Hallum. And our Christian final question from Schwab comes from

Christian Schwab

quarter? What upside this in Gainshare drove the

John Kibarian

The volumes were up quarter-over-quarter.

Christian Schwab

who? By

John Kibarian

at broad-based, XX well. a of was as it Actually, primarily bit XX, little

Christian Schwab

Okay, Okay, Okay.

given you So the last quarter, XXXX, XXXX surprised would down have, is be and to that year-over-year, strength, be correct? in Gainshare XXXX you must which expect that now, said Gainshare now from maybe, flat XXXX

John Kibarian

Roughly, yes.

Christian Schwab

should we be how quarter, that then about thinking year-over-year drop-off business the And thinking we this about, the Okay. a basis? on be should in given how solutions

John Kibarian

be also will solutions believe We up modestly.

Christian Schwab

Okay.

be Solutions flat. and be modestly will up will Gainshare

Okay.

out after So from not Do still then we a business you fine your or in be XXXX figure a Analyst how trying but business the is Solutions – of leave growth line what which bunch I'm to And company. anything what make grower over outlook? again, Day, your is away over the so money multiyear, to expect time? your modestly we kind the to to be bottom steal a as – of is to multiyear go big just Gainshare time?

John Kibarian

Yes.

So you're right.

already to the will few around it, expect yes, slowly steal meters a a right? I kind Over think contracts to years roll-off. for more have It on because on But don't to few Gainshare Day, Christian. you've want walked the You we for our do of Analyst that. thunder be time,

longer analytics out be subscription. believe our license and driven over primarily in business, business SaaS period. look be will time which So will ratable we large, by time-based We that, the the on as by

that for company And scale at year-over-year. that range. grew typical the as that approach Christine We that margins XX% mentioned XX% in XX% that believe a like to you business can remarks, her will grows. As in work prepared we that, gross business are out

we QX anticipate focus in then historic has you year of versus that the that of substantial QX past. company If done being And our more business look on this last year, peak at grows, than right? actually As

Christian Schwab

that the now? pricing in are get margins to product how then, on order gross you XX% changing And

John Kibarian

Yes.

years So small that part revenue, as has it very the revenue on margins, category a reasonable analytics yield always revenue was as go of three ramp percent solutions yield a business. had just you of very lower the it the two back than solutions majority Because ago, and or Christian, the the completion, ago analytics was was. at business gross The percent the completion if ramp much right? well was margin years vast business

now of up the You margin. roll of forward couple over solutions majority well a the analytics the vast product higher years, X%, is at revenue, said a as we is and

Christine Russell

but this business. Christian, surprise for consultative IP than And this, cost software our you for as won't sales IYR hear delivering substantially delivery was to the is cost of the classic lower

So big the in that going of is forward. improvement a gross margin component

Christian Schwab

logical assume on Okay. XX% gross Have see you margins you when And done Dip] you XX% [Audio at to then would math? some point? expect could to that

John Kibarian

timeframe, our go Okay, where wonder that's think, we get see that, long-term sense to so we'll be. what I think model, of Christian, a sometimes over I going you

Christian Schwab

other no you, Thank awesome. Great, questions.

Operator

question from D.A. the next Your Davidson. Diffely with Instructions] line [Operator comes of Tom

Tom Diffely

Just a follow-up question. quick

So of of Or at that analytics, old this the of ratable is is point? the that all business is style? it XX% some

John Kibarian

which still for manage is database-related technology, customers contracts, license revenue our vast services the we There's is ratable. but is licenses some of also typically, sort legacy of some perpetual on also, the ratable. There managed majority cloud where

Tom Diffely

part? the was the And analytics business, just XX% entire year-over-year? that Okay. Exensio up was Or

John Kibarian

up large within by healthy. The products was also XX% that business very analytics and were individual all year-over-year. entire The

Christine Russell

Yes.

Exensio. refer to that's both reference, comprised analytics we future your whenever for DFI So of and

Tom Diffely

thank you. Okay,

Operator

would to Thank questions more to and CEO. you, now If the are I gentlemen. John ladies Kibarian, there like time. back at turn over this no call

John Kibarian

care. Analyst everyone. on on Thanks, you Day to look XX. Take seeing forward our We October

Operator

Thank joining us for Ladies program. today. and gentlemen, this concludes you the

PDF Solutions (PDFS) 2 Aug 192019 Q2 Earnings call transcript