PDF Solutions, Inc. (NASDAQ:PDFS) Q3 2024 Results Conference Call November 7, 2024 5:00 PM ET
Company Participants
John Kibarian - President and CEO
Adnan Raza - CFO
Conference Call Participants
Blair Abernethy - Rosenblatt Securities
Gus Richard - Northland Capital Markets
William Jellison - D. A. Davidson
Christian Schwab - Craig-Hallum Capital Group
Andrew Wiener - Samjo Management
Operator
Good day, everyone, and welcome to the PDF Solutions, Inc Conference Call to discuss its Financial Results for the Third Quarter Conference Call ending Monday, September 30, 2024. [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 statements, 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 16 through 36 of PDF's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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 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 third quarter, please go to the Investor Section of our website where each has been posted.
Before Adnan discusses the financials in detail. I have some comments to make about our observations from the third quarter. Our view of the market and our business prospects for the remainder of the year.
Bookings for the third quarter were driven by customers continuing to buy Exensio and Cimetrix connectivity software. Exensio sales include a large cloud customer renewing at a 50% increase in annual revenue due to the continued growth in usage as well as a number of customers deploying Exensio for process control.
Advanced logic, advanced packaging and high voltage semiconductor manufacturing fabs drove the increase in process control licenses. This is consistent with our perspective of where investments are being made in the industry. Improvements in equipment runtime licenses of Cimetrix connectivity was relatively broad based. Our integrated yield ramp business was weak in Q3 as wafer volumes were low and new contracts were slower to sign. We believe that both situations will likely improve over the next few quarters.