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PDF Solutions Inc. Message Board

  • semifundamentals semifundamentals Jan 23, 2013 4:35 PM Flag

    accounting behind gap in earnings - operating cash flow

    They supply semiconductor testers to their customers as part of their customer contracts. Previously they expensed the testers as they deployed them to customers. last year, they began to stick them on the balance sheet and amortize their costs over longer time periods. The net effect is that they are now generating revenue from older testers that had been fully expensed upfront before last year. For the new testers they are deploying, they are only expensing a small fraction of the cost in the current period. thus cash goes out for the testers as it always has when they purchase them, hitting the cash flow statement. but now there is a temporary period where the income statement does not get hit because they land on the balance sheet. you can see the details in their 10Q, section 5 where it is spelled out.

 
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