PDF Solutions, Inc. (NASDAQ:PDFS) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET
Company Participants
John Kibarian - President and Chief Executive Officer
Adnan Raza - Chief Financial Officer
Conference Call Participants
Blair Abernethy - Rosenblatt Securities
Thomas Diffely - D.A. Davidson
Christian Schwab - Craig-Hallum Capital Group
Operator
Good day, everyone, and welcome to the PDF Solutions Inc. Conference Call to discuss its Financial Results for the [fourth quarter and year-end 2023 Conference Call Ending Saturday, December 31, 2023] (sic) [First Quarter 2023]. [Operator Instructions] As a reminder, this conference is being recorded. If you have not yet received a copy of the corresponding press release, it has been posted to PDF's website at www.pdf.com.
Some of the statements that will be made in the course of this conference are forward-looking, including statements regarding PDF's future financial results and performance, growth rates and demand for its solutions. PDF's actual results could differ materially. You should refer to the section entitled Risk Factors on pages 15 through 29 of PDF's annual report on Form 10-K for the fiscal year ended December 31, 2022, and similar disclosures in subsequent SEC filings. The forward-looking statements and risks stated in this conference call are based on information available to PDF today. PDF assumes no obligation to update them.
Now I'd like to introduce your host, John Kibarian, PDF's President and Chief Executive Officer; and Adnan Raza, PDF's Chief Financial Officer. Mr. Kibarian, please go ahead.
John Kibarian
Thank you for joining us on today's call. If you've not already seen our earnings press release and management report for the first quarter, please go to the Investors section of our website, where each has been posted.
The first quarter was a good start to our year, revenue remained strong, and we benefited from our newer strategic partnerships as we experienced continued adoption of our end-to-end analytics by our customers. Before Adnan discusses the financials in detail, I have some comments about the events in the first quarter and our perceptions of the market in the second quarter and the remainder of the year.
Bookings were light in the first quarter following a record bookings in Q4. This is a similar pattern to Q2 of last year, which also followed a strong quarter. Despite the bookings level, activity with customers remain very strong. In the quarter, we started benefiting from our collaboration with SAP. We experienced our first large 7-figure booking for our products that integrate SAP's HANA ERP data with manufacturing analytics data, enabling more accurate and timely applications for operations and finance organizations.