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PDF options Inc (PDFS) this fall 2020 profits call Transcript | ITILSC-OSA exam dumps and Practice Test

PDF solutions Inc (NASDAQ: PDFS)

CONSTELLATION brands, INC.

this fall 2020 earnings name

Feb 18, 2021, 5:00 p.m. ET

Operator

good day, girls and gents, and welcome to the PDF solutions Inc. conference name to focus on the business's economic results for the Fourth Quarter and the year Ended December 31, 2020. As a reminder, this conference is being recorded.

i will now turn the call over to Joe Diaz of Lytham partners. Joe?

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Joe Diaz -- Lytham companions LLC, Managing partner

thank you, Laurie, and thanks all of you for joining us on today's call. We admire your time and your ongoing pastime in PDF options. as the operator indicated, my identify is Joe Diaz. i'm a Managing associate of Lytham companions. we're the Investor relations consulting company for PDF. in case you don't yet have a copy of ultra-modern press liberate, it be accessible on the enterprise's web page at www.pdf.com.

one of the crucial statements made all over the route of this convention call will be ahead-looking within the that means of the private Securities Litigation Reform Act of 1995, together with statements related to PDF's future fiscal consequences and performance, increase charges and demand for its options. PDF's specific consequences could range materially. make sure to seek advice from the area entitled possibility components on the business's Annual file on form 10-k for the fiscal yr ended December 31, 2020 and equivalent disclosures in subsequent SEC filings. The forward-looking statements and hazards stated on this convention name are in response to suggestions obtainable to PDF nowadays. The company assumes no duty to replace them.

With that referred to, i would like to introduce John Kibarian, PDF solutions', President and Chief government Officer, who should be adopted via Adnan Raza, government vp and Chief economic Officer. Upon the conclusion of management's remarks, we can open the demand your questions.

Let me now flip the name over to John Kibarian, President and CEO of PDF solutions. John?

John Kibarian -- President & Chief govt Officer

thank you for joining us on brand new call. in case you haven't already seen our salary press free up and management report for the fourth quarter and the full 12 months, please go to the buyers section of our website, the place each and every has been posted.

As we head into 2021, we've established the components enabling the next step in the evolution of PDF solutions. We continue to extend Exensio, our real-time analytics platform that connects sables and device agencies, with the foundry verify and assembly suppliers to enable the trade to maximise the yield, quality and manufacturing productiveness.

nowadays, i will summarize the growth we made in this fall and all of 2020, what our perspective of the atmosphere is and our expectations for 2021. We went into the yr carrying on with our multiyear transition of the enterprise. just a number of years in the past, nearly all of our salary and gains were derived from providing our integrated yield ramp answer to foundries, who were ramping the subsequent node.

In 2020, our business turned into primarily featuring an analytics platform to a community of customers that permit them to optimize yields reliabilities and operations during the manufacturing lifestyles cycle.

entering the year, pre-COVID, we anticipate persisted adoption of our options for main-area customers and measured growth in the adoption of our huge facts version of Exensio via the cloud. Now with the improvement of hindsight on our 2020 performance, we see that the transition to analytics mainly on the cloud, accelerated past our expectations remaining year, with a leading-part characterization IYR solutions underperformed.

Our 2020 bookings have been up over two and half times 2019. The fastest-growing element of bookings became Exensio via the cloud, which represented the vast majority of the seven and eight determine Exensio contracts signed within the year. Given the gigantic measurement of those contracts, smartly over half, the Exensio bookings on a greenback basis, look for shoppers who chose Exensio by way of the cloud.

Our company on the cutting edge for yield ramps characterization and DFI become lumpy and smaller than we anticipated for the year. With DFI, we proceed to work on consumer workflows that require points within the product to conclude this yr on a broader purposes and company probability.

In q4, both greatest offers within the quarter had been once again for Exensio via the cloud. As become the case within the first three quarters of the 12 months, contracts associated with supplying characterization answer on a number one-facet have been weaker or slipped. typical for 2020, our bookings passed our targets for the year, because of effective Exensio income that greater than offset weaker characterization income.

Exensio specifically by way of the cloud tended to have three to five-year contract intervals or our characterization contracts tended to be shorter in duration. The income did not grow as quick in 2020 as the bookings. That said, PDF is positioned for gigantic enterprise boom in 2021 as we benefit from the effective bookings -- 2020 bookings, predict to transform a few a hit customer demos and pilots, undertaken in closing year.

In 2020, we competed two -- we accomplished two crucial strategic initiatives to extend Exensio from being a device that agencies use to investigate facts to being a platform that allows agencies to share their skills and means.

the primary of those initiatives become our partnership with Advantest. The 2d turned into the Cimetrix acquisition that enabled us to immediately attain a large number of equipment companies, many of whom have equivalent wants as Advantest to share their domain skills with their customer base.

The aggregate is greater than, additive, as our relationship with these corporations is enhancing Exensio's value for our foundry fabless equipment and OSAT shoppers. The Advantest partnership become introduced in Q3. via licensing Exensio, Advantest become in a position to accelerate and introduced at Semicon Japan this past December items mix their precise talents of examine with Exensio's computer studying.

As Advantest and PDF have been meeting with clients the ordinary remarks we get is that clients were satisfied Advantest become the usage of an trade accepted platform to deliver their potential, in place of providing a proprietary answer. building on our success with Advantest within the fourth quarter, we introduced our acquisition of Cimetrix, a pacesetter within the tool connectivity and communications.

One electricity of Exensio is our direct connection to the tools in wafer fabs look at various and assembly amenities. We guide over four hundred tool forms from a whole bunch of providers. this is feasible because the majority of tools help business average communications corresponding to GEM GEM300 and Interface A.

Cimetrix is leader in defining these necessities as well as providing implementation utility to their machine consumers with near 200 companies licensing their solution. Cimetrix business mannequin is to deliver the software building kit to the gadget dealer on a license basis and then cost a one-time license for each, device that ship with the software.

Now built-in with PDF we can continue this company model. despite the fact we obtained Cimetrix to be able to deliver to their large gadget base the capability for them like Advantest to supply computing device intelligence to their customer base. We consider that Exensio Analytics and Cimetrix connectivity mixed may also be a vital platform for the gadget businesses to convey their talents embedded in application and for them to collaborate with SaaS many of whom also use Exensio.

We achieved the acquisition on December 1. because of this Cimetrix contribution for income in the fourth quarter and for 2020 was small. but we have already got bought wonderful feedback from the clients. We believe the mixing of Cimetrix and Exensio can be an important ingredient for our future growth.

In abstract, q4 and 2020 normal had been transformative for PDF accelerating our cloud company as we circulate to be a platform for the trade's analytics and computing device studying. As we start 2021 the semiconductor environment remains effective and demand for built-in circuits is extensive-based.

Like 2020 we assume persisted demand for our analytics platform exceptionally on the cloud from a large-primarily based part of clients together with machine corporations' fabs OSATS fabless gadget companies and Tier one auto suppliers. Governments carmakers Tier one suppliers and equipment corporations are all realizing the importance of semiconductors within the provide chain.

here's driving activity in PDF's items and capabilities. Given the industry tailwinds I just summarized we count on accelerated -- acceleration of salary growth. As we cited in our 2019 Analyst Day we are expecting the analytics to develop at 20% compound annual boom price. In 2020, whereas bookings have been well above that boom expense revenue boom changed into under target.

In 2021, we anticipate analytics profits boom to be above that degree in part because of our deepest bookings endured momentum and the addition of a full 12 months of Cimetrix and Advantest. For 2021, we also expect lessen profit share ranges as contracts day out so they can dampen the impact of strong analytics growth.

As we continue to deemphasize our IYR solutions our long-term mannequin anticipates the enterprise's complete salary increase rate drawing near the goal analytics growth expense of 20%. universal we are expecting 2021 to be a transformative 12 months on our total revenue growth making tremendous development to realize our lengthy-time period growth aims.

ultimately, I wish to thank all of the PDF employees and contractors for the efforts during what has been a fine yr. We managed to work in tight concert executing both largest Exensio cloud contracts ever closing our greatest acquisition in years and offering our valued clientele with stellar carrier.

Now i may turn the name over to Adnan, who will assessment the financials and provide his perspective on our company.

Adnan Raza -- government vice chairman & Chief financial Officer

thanks, John. good afternoon every person, and splendid to be speaking with you these days. i'm hoping all of you are conserving safe in the current ambiance. we're excited about sharing our quarterly and full yr outcomes with you nowadays. and how the growth we now have made positions us well for 2021. We posted our revenue release and a administration document within the Investor family members section of our web page. Our form 10-okay should be filed with the SEC in March.

Please be aware that all of the economic effects we talk about on state-of-the-art call might be on a non-GAAP foundation and the reconciliation to GAAP financials is provided within the substances on our web page.

To beginning with the business replace, we're enthusiastic about an excellent and significant 12 months for PDF options, on each the biological as neatly as the inorganic front. standard, we had very strong booking growth of greater than 2.5 instances 2019 bookings, signed assorted tremendous cloud offers including Advantest contract and the strategic investment, grew the Exensio and universal analytics revenues and closed on a good M&A addition to our analytics portfolio with the acquisition of Cimetrix.

Now turning to the analytics revenues, we proceed to circulate forward on our strategic transition to an analytics business. Analytics as a percentage of our total revenues has regularly expanded from 45% for 2018 to fifty eight% for 2019 to sixty five% for full 12 months 2020. We are expecting this vogue to continue in 2021.

i'll now share with you our this fall effects and entire year consequences by means of each and every class. First, on bookings. For the fourth quarter of 2020, our complete bookings were similar to total bookings for the same period closing 12 months. besides the fact that children, the Exensio bookings grew year-over-year and proceed to become a larger portion of our total bookings.

For the full yr of 2020, our bookings, like i discussed earlier than, grew via more than 2.5 times year-over-yr. if you seem at the 2020 efficiency on a ebook-to-bill foundation, we achieved a suit level of smartly above 1.5x ratio. inside analytics and chiefly Exensio, we're blissful to peer expanding cloud offers and Exensio bookings fitting a larger component of our complete bookings.

To provide you with a sense of the progress we've got made throughout 2020, our Exensio cloud bookings had been up a few a hundred% versus 2019 both in number of contracts and greenback value foundation, even aside from the Advantest deal.

Now turning to this autumn income effects. Analytics salary of $14.5 million became up 7% versus q4 of prior yr and up 1% versus Q3 of this yr, basically pushed by effective increase in Exensio revenues, offset with the aid of declines in DFI and characterization. Our cloud enterprise within Exensio remains strong.

With the Cimetrix acquisition closing in December, we benefited from a month of revenues. although, that turned into offset with the aid of buy accounting haircut on deferred revenues. IYR earnings of $7.9 million was down 13% versus q4 of prior yr and down 10% versus the prior quarter, as a result of the lumpy nature of a small number of contracts.

total profits of $22.four million was down 1% versus this autumn of prior year and down three% versus the prior quarter. Our shift to analytics company continues with analytics now accounting for 65% of our q4 revenues in comparison to 60% for a similar quarter of ultimate yr and 62% versus the prior quarter.

Now turning to full year 2020 earnings consequences. Analytics earnings of $57.2 million for 2020 was up 15% on a 12 months-over-yr groundwork, which is below our target boom price for analytics of 20%, due in part to bookings combine, that have been richer in cloud contracts, which were also long-time period in nature with slower profits ramps compared to our model for the 12 months which had higher mixture of time-based license, characterization and DFI contracts. whereas this impacted our 2020 growth fee, it leaves extra powder to assist income increase in 2021 and beyond.

Turning to quarterly gross margins. On the charge of sales and gross margins in line with what we mentioned on our final call, we proceed to make investments to aid the boom of our business. The improved can charge of earnings spend of $0.6 million versus equal quarter of last 12 months and $0.1 million versus the prior quarter changed into driven by means of the addition of Cimetrix charges, cloud costs and annual merit increases, offset by way of a reduction in travel charges.

Our non-GAAP gross margin for the quarter came in at sixty one% versus 64% for a similar quarter ultimate yr and sixty three% for the prior quarter. Our investments were driven by spending cloud, headcount and Cimetrix, all of which we view is positioning us neatly for future growth in analytics.

Our annual can charge of income, we had $32.6 million of prices, 10% higher versus prior yr, basically pushed via cloud costs to help our growing Exensio Analytics cloud contracts and personnel-linked expenses, offset by way of decreased go back and forth prices. Our non-GAAP gross margin for the full year became 63% versus prior year of 65%.

in case you zoom out and suppose returned to takeaways from the can charge of revenue class, this quarter and year have been a narrative about positioning us to be the scaled analytics company we're becoming. we have investments in three categories: Cimetrix, our people and cloud infrastructure.

We deliberately made investments in cloud infrastructure in the latter half of 2020, as we continue to win cloud bookings, so they can support our future income growth. consequently, we remain confident in our ability to achieve our target financial mannequin gross margin of 70%.

Now let's study our quarterly operating fees, that have been up $2.2 million or 17% versus the identical quarter of prior year and up $1.2 million or 9% versus prior quarter. The increases this quarter have been primarily driven with the aid of Cimetrix charges in each classes of R&D and SG&A, some Exensio R&D headcount increases, annual benefit raises and cloud software demo prices offset by using discount in travel expenses and the non-GAAP medication of Cimetrix-connected legal costs.

Our annual working prices were up $5.2 million or 10% on a yr-over-year groundwork increased R&D charges from Cimetrix and annual benefit raises have been offset with the aid of rate reductions in frap. the vast majority of the OpEx enhance was from elevated SG&A charges driven by means of the Cimetrix acquisition, subcontractor expenses, prison prices for the Cimetrix acquisition and some headcount increases, offset through a discount once again in go back and forth charges.

Now to taxes and a GAAP-related item. in the fourth quarter of 2020 as part of our annual evaluate procedure, we identified a full valuation allowance of $21.1 million on a GAAP basis against our US net deferred tax assets pursuant to ASC 740 on earnings taxes. The valuation allowance may also be released towards future GAAP revenue tax profitability.

Turning again to non-GAAP and a summary of net income and our EPS. In summary, we posted a non-GAAP net loss of $1.3 million or $0.03 per share for the quarter in comparison to a internet income of $1.1 million or $0.03 per share for a similar quarter prior 12 months and a internet earnings of $0.1 million or $0.00 per share for prior quarter.

On a full 12 months 2020 groundwork, we posted a non-GAAP web lack of $0.8 million or $0.02 per share compared to net earnings of $4.5 million or $0.14 per share throughout 2019. As we've ramped up Exensio, we're the cloud at an accelerated fee this 12 months; we grew fees in accordance with bookings boom, however ahead of identified income.

PDF's potent stability sheet affords us the means to position a strong infrastructure in area which our purchasers are expecting. regarding extra particulars on; the steadiness sheet facet, cash, cash equivalents and short-time period investments grew to $a hundred forty five.3 million in 2020 from $ninety seven.6 million in 2019. The boost during the 12 months 2020 was pushed with the aid of $sixty five.2 million from Advantest strategic investment, $21.eight million of operating cash flows offset by means of money used for Cimetrix acquisition.

Our bills receivable balance is still at mighty degrees. Our short-term deferred revenues have virtually doubled yr-over-12 months giving us elevated self belief. Our strong steadiness sheet with no debt and $145 million of money and brief-term investments and our music listing of generating money provides us with the liquidity we should expand our analytics platform both organically equivalent to cloud investments and inorganically such as the Cimetrix acquisition to force our strategic path.

Like many businesses skilled the COVID-19 circumstance accelerated traits that had begun earlier than for PDF as well. In selected 2020 drove an acceleration in our cloud enterprise with industry gamers like Advantest realizing the cost of analytics with a platform like PDF Exensio.

As we appear forward to 2021, we expect growing our analytics profits stronger than our 20% target driven by using the electricity of our 2020 cloud bookings full year of Cimetrix and Advantest revenues and the macro tendencies John highlighted. youngsters probably the most analytics increase can be offset by using declines in IYR. consequently, we expect our complete revenues to birth moving toward our goal growth rates.

while our gross margins for 2020 had been compressed because of cloud investments to assist our bookings. In 2021, we are expecting to Improve our gross margins as we birth achieving scale.

In abstract, while 2020 carried many challenges limiting the way we operated the company, the team embraced the ambiance and accelerated our long-time period objective of a cloud-based analytics platform, generally assisting the semiconductor electronics business. We're excited about getting into 2021 and building on the momentum we created.

at the present, let's open the demand your questions. Operator, please begin the Q&A element of the name.

Operator

[Operator Instructions] Our first question comes from the road of Tom Diffely of D.A. Davidson. Your line is open.

Tom Diffely -- D.A. Davidson -- Analyst

yes. good afternoon. Thanks for the question. First I wish to dig into a little bit greater on Cimetrix. What do you believe the salary have an impact on and the charge affect may be within the first quarter? And is that the standard earnings run expense, or is it still a bit of deferred profits haircut in there?

Adnan Raza -- govt vice chairman & Chief economic Officer

yes, bound. So, sure, along with the buy accounting, we do are expecting some deferred profits that that they had on the outlet steadiness sheet of December 1, 2020 to reflect throughout the relaxation of the 12 months. That stated, their margins proceed to be powerful, neatly-above our margins and we are expecting the increase momentum to proceed on a total degree similar in line to our analytics increase rate.

Tom Diffely -- D.A. Davidson -- Analyst

ok. but what stage are we starting at here? was it a $15 million run price, $10 million run fee?

Adnan Raza -- government vice chairman & Chief monetary Officer

yes. We're not disclosing the certain numbers but if you go returned to the announcement that we did when we did the transaction, it became about $10.6-ish million. So I suppose that you may use that as a place to begin and examine what 20% earnings growth expense would suggest for closing 12 months in addition to 2021 offset via some deferred revenue.

Tom Diffely -- D.A. Davidson -- Analyst

ok. after which identical question on the cost facet, i do know we most effective had one month of their expenses within the company in the fourth quarter. So just take the delta stepping into from the third to fourth and assorted by two to get to the first quarter boost in fees?

Adnan Raza -- govt vp & Chief economic Officer

seem to be, I suggest, I consider on the gross margin facet as you feel about symmetric itself, we had shared that they are variety of within the mid-80s p.c. So with the haircut because it's taking a haircut on the profits, but not rather on the charge likely nonetheless in the 80% latitude, I suppose is a means to feel about Cimetrix.

Tom Diffely -- D.A. Davidson -- Analyst

okay. and then John you mentioned that there are a number of custom demos and pilots happening. How significant might those be over the next yr or two from a salary element of view?

John Kibarian -- President & Chief executive Officer

yes. those are tremendously, the puzzles I referred to have enormously Exensio on the cloud with dissimilar points, varied modules with Exensio they would force customers to run charges which are within the multi-hundred million greenbacks per year. And basically set up Exensio -- take Exensio up from being a device that they use inside the enterprise broadly within the corporation and make a platform for them. we've a few those ongoing with clients at the moment. in order that accomplished in 2020 that we're in negotiation with now and a few depend we assume finishing up over the next couple of few months and we are expecting them to signal in the main within the first half of this 12 months.

Tom Diffely -- D.A. Davidson -- Analyst

k. and then you talked in regards to the full year with the analytics being above 20%. if you strip out Cimetrix notwithstanding, are you at your 20% growth price, or are you nonetheless being impacted by using the factored transition to those long run models or longer term contracts?

Adnan Raza -- govt vice president & Chief economic Officer

yes. I believe seem to be you are appropriate the Cimetrix, undoubtedly, helps but I get it it's a business that we wanted to expand and transforming into the direct enough. We nevertheless trust even without Cimetrix just given the increase price that we'd have from Advantest as well as increase write in our personal business, we may still be capable of obtain the 20% analytics boom expense.

Tom Diffely -- D.A. Davidson -- Analyst

k, exquisite. and eventually, what do you view as the expense of IYR decline over the following few years and maybe the linearity of that decline over the following couple of years?

John Kibarian -- President & Chief govt Officer

yes. We do predict with the exception of the stuff that we now have happening in China with the aid of and big contracts to roll off there might be some roll-offs within the second half of 2021. to be able to suggest that there may be a meaningful decline in IYR 2020 -- predicted in 2020 versus -- 2021 versus 2020. and then as we appear out, it's going to delivery accomplishing something in 2022 and 2023 the place it in fact is stylish basically on those more recent contracts that are enormously elegant on what goes on in creation in China and different ingredients of the world. So I think then it gets sort of greater of a steady state degree.

Tom Diffely -- D.A. Davidson -- Analyst

k, excellent. i may soar back within the queue. appreciate your time.

John Kibarian -- President & Chief executive Officer

thanks, Tom.

Operator

And your subsequent query is from Christian Schwab of Craig-Hallum. Your line is open.

Tyler Burmeister -- Craig-Hallum -- Analyst

hello, guys, here's Tyler on behalf of Christian. Thanks for letting us ask the query. So first query a little bit of a follow-up I bet. You guys outlined Cimetrix and the size you're expecting that to be in 2021. i used to be questioning, in case you can quantify, I bet what % of analytics company you could attribute to, or connect to the partnership of Advantest?

John Kibarian -- President & Chief executive Officer

The minimums that on the Advantest contract are about $10 million per yr. obviously we had a extremely -- a element of that in 2020. We are expecting to get a full year of the minimum. there is additionally things we're doing with Advantest that would develop that in this yr beyond that level. The exact quantity I don't truly comprehend, Tyler, we predict it might be above the minimum.

Tyler Burmeister -- Craig-Hallum -- Analyst

k. that's ideal. that is very useful. and then, I wager, any support or color might be strong bookings going to the yr i might imagine there may be some level of visibility. Is there the rest that you just mentioned extra 2d half drop-off in IYR, but anything else seasonally quarter-over-quarter in the course of the years to call possibly size simply, sort of, steady state sequential increase?

Adnan Raza -- govt vice chairman & Chief monetary Officer

sure. I feel a way to think about it is, sort of, what we noted right through the script itself. you're spot on that the analytics would develop pretty strong and that toward the 2nd half of the 12 months IYR starts to decline. I suppose we made the remark that in case you looked at total business revenues, you might see them approaching the 20% boom rate goal that we had set for analytics.

Tyler Burmeister -- Craig-Hallum -- Analyst

All right. ideal. we will do that math. after which following on Tom's query a bit bit. The OpEx line stepped up right here in q4 little over $15 million. there's simplest a partial quarter of Cimetrix concerned in that. So what's the baseline OpEx level, we may still be brooding about with some moving items going to Q1? Is it $sixteen million -- $17 million what is the good baseline quarterly OpEx run expense to be pondering?

Adnan Raza -- government vice chairman & Chief economic Officer

yes. I consider, seem I imply, we're continuously attempting to measure enterprise and spend and consider the place we wish to optimize the resources as smartly. I feel from a spending standpoint, we suppose pretty respectable at the tiers where this autumn came in at the least to birth off the yr. yes through the 12 months, we could be investing some more into the R&D side, however we expect that we can monetize one of the discounts from the SG&A aspect as we're getting benefits of these take care of our enterprise.

Tyler Burmeister -- Craig-Hallum -- Analyst

it truly is superb. Very positive. it really is thinking about now. Thanks, guys.

Operator

[Operator Instructions] Your subsequent question is from Jon Tanwanteng of CJS Securities. Your line is open.

Jon Tanwanteng -- CJS Securities -- Analyst

whats up, guys. Thanks for taking my questions. My first one John, if I look at what Advantest is going to add in 2021 plus Cimetrix that quantity strategies 40% increase already. So i'm simply attempting to work out what your bogey is for everything outdoor of that within the analytics enterprise?

John Kibarian -- President & Chief government Officer

yes, we gave ourselves some cushion with that, obviously, Jon. that's why we mentioned we idea we may. We have been very upset that we did not meet our analytics increase rate in 2020. however once we appeared at the nature of what we went into with backlog and what now we have delivered into the business, we felt very good that for those who delivery searching over commonplace this year or next yr you're nevertheless going to greatly beat the 2020 -- the 20% growth fee for those who take a standard over the couple of years. And so, most likely, sure, we like now not to look a fair amount of headroom there.

Jon Tanwanteng -- CJS Securities -- Analyst

received it. it is advantageous. i wanted to the touch on the semiconductor shortage situation it really is going on. Is there any direct influence to you guys, number one, either fine or negative? And quantity two, as you appear out to the long-time period and the business begins considering strategically about considerations like this what roles do you need to play in assisting americans get round this kind of factor that's going on. I see that people are building more foundries adding greater skill. however simply wondering if you had an opinion excessive level what this may additionally do for, yes, counting on your products?

John Kibarian -- President & Chief government Officer

sure, thanks, Jon. sure, we do see that. we've got had a few dialogues with customers on the operations aspect. So one of the most interest in probably the most Exensio control functions and verify purposes are throughout OEE and operational effectiveness, and that i was on the call with the client a number of days the place they pointed out, yes, we had been in a position to get some development in operational effectiveness on account of what we're in a position to do with Exensio look at various. And we do anticipate -- and we see pastime and demand in the products for these operational facets -- the place it was once about yields and first-rate. it is factored into valued clientele purchase choices it's an excellent element for PDF common.

On the -- overall we do see on the equipment side more and more demand for connectivity. And we now have gotten off to a really mighty start during this first quarter on connectivity device shipments driving the onetime licenses on our connectivity options. And we anticipate that as you say construct-out of factories happens for you to pressure a very -- it gives us confidence on our metrics connectivity products.

and then when we study variety of the ramping up the leading edge capability. We do see some signals there. it's been very lumpy in 2020 and obviously, we had been upset about that. It failed to convey what we desired it to. As we appear into 2021, we do see the inklings of people desirous to make investments. And, I feel, I've had probably the most different announced studies correct? that there is a executive aspect in that too that we're trying to parse a piece made.

we have developed none of our plans assuming any of that occurs as a result of how the chinese govt invests and how the USA government invests, it be definitely opaque for us. That noted, I feel, all and sundry is coming to a awareness of how critical these applied sciences are. And PDF's platform is I suppose very critical for folks which are going to move make huge investments in those areas. So we feel that some thing materializes there that would be a blue fowl, however no longer definitely baked into our 2021 plans. primarily or not it's on the operational effectiveness on Exensio and the Cimetrix onetime licenses.

Jon Tanwanteng -- CJS Securities -- Analyst

got it. Thanks. after which simply remaining question. supply us a little greater colour on what happened with DFI toward the conclusion of the 12 months and sort of what your expectations are for 2021?

John Kibarian -- President & Chief govt Officer

yes. Thanks for the query, Jon. So if you look at DFI, now we have been working with we outsole foundry on the applications. We think we be mindful the applications from a technical standpoint and are executing on some points in the product to make them extra efficient. here's around assisting that fabless-foundry interface the out crucial design concerns, which is what DFI means that you can do since you in fact can scan design function by means of design function add billions per wafer in significant and in your price range times.

and you may't do the rest like that in anything else near what this laptop can do. And the manner the whole application and the combination with Exensio goes on. We believe there's some work you need to do with the lead fabless within the foundry to force that to be, kind of, a common working method. presently, this has truly been a one-off issue. And we feel like -- and that i suppose we now have been showing what you can do technically from an R&D standpoint. however we've got no longer became the corner and made this into whatever that's finished in each product bring up, as an instance, or executed on an everyday groundwork as they go through method changes within the fab.

And these are the things we now have got to determine how to clear up. And we're sort of giving ourselves this 12 months to solve that, because if we can not solve that we cannot make this right into a enterprise. We need to be in a position to prove that. The technical stuff that we will locate defects, and right here's how you apply it as you deliver up new products and as you carry up method fabs. We consider we bear in mind those things, however the proof is in the play.

Jon Tanwanteng -- CJS Securities -- Analyst

received it. And simply to be clear, are your expectations for that enterprise to develop this yr? Or is it going to be a little bit flattish whilst you figure that out?

John Kibarian -- President & Chief executive Officer

We feel it will develop greater like within the 2nd half of the 12 months, in the first half of the 12 months. It can be greater flat within the first half of the year.

Jon Tanwanteng -- CJS Securities -- Analyst

acquired it. Thanks John.

Operator

[Operator Instructions] And we now have a question from Gus Richard of Northland. Your line is open.

Gus Richard -- Northland -- Analyst

sure. Thanks for taking the questions. John, I simply are looking to make sure I actually have this suitable. might you inform me what goes into IYR, and what goes into your analytics earnings? i am no longer sure the place DFI goes and i'm now not bound the place benefit share goes.

John Kibarian -- President & Chief government Officer

sure. So profit share goes in IYR. the rest we noticed on a subscription foundation, correct, goes into analytics. So DFI, which has been on a subscription groundwork that you pay for an annual subscription, it's been a subscription within the analytics enterprise.

Gus Richard -- Northland -- Analyst

acquired it. and then --

John Kibarian -- President & Chief executive Officer

I suggest, these are lower back selling tools, correct?

Gus Richard -- Northland -- Analyst

right. and then, i have been leaping back and forth between calls. How tons of Cimetrix salary become deferred versus issues that you can admire relocating ahead, what's the mix?

Adnan Raza -- executive vp & Chief fiscal Officer

yes. really, we're not giving out selected numbers, but let me offer you some directional comments that could aid. i'm very pleased with what the company Cimetrix crew has constructed. So, certainly the portion of their income that pertains to this deferred income remedy is what's coming from the aid and preservation.

On the non-guide upkeep facet, their profits is terribly well-structured in that. customers region BOs, purchasers purchase the application construction kits, as John outlined. And as that order is available in, it be shipped out if the profits gets recognized. So, it be a relatively smaller portion than in all probability in other application offers that you just could were used to considering for earnings as a percentage of complete.

Gus Richard -- Northland -- Analyst

received it. Sorry to make you repeat that. and then, closing quarter you guys signed an IYR contract with a chinese language company. And it sounds just like the -- that business, the IYR enterprise is going to be down with that new contract, i'd expect it to at the least be flat or keeping up a little bit enhanced. Is it just the decline in benefit share it truly is the problem? Or are you able to just speak a bit bit about what's occurring?

John Kibarian -- President & Chief executive Officer

yes. in order we appear into our 2021 forecast, we do predict with a small variety of truly one pleasing customer. We predict some extra IYR company as we get into 2021. but as we -- I referred to within the organized remarks, Gus, we do anticipate some profit share contracts falling off as we get within the 2nd half of the 12 months and with a view to drive down the gain share numbers as we get into that cycle part of the yr.

Gus Richard -- Northland -- Analyst

ok. can you simply provide us a way of what manner notes that could relate to? Is it 28, 14? Any colour on what's rolling off.

John Kibarian -- President & Chief govt Officer

sure. or not it's basically issues that are in those notes located essentially in US and Europe, one of the crucial older contracts, contracts that started performing 2016 timeframe which are coming to the end of their life.

Gus Richard -- Northland -- Analyst

okay. got it, all right. or not it's very useful. Thanks so tons.

John Kibarian -- President & Chief govt Officer

Thanks, Gus.

Adnan Raza -- executive vice chairman & Chief fiscal Officer

thanks.

Operator

And there are not any extra questions at the present. i could flip the name over back to John.

John Kibarian -- President & Chief executive Officer

thank you for collaborating in our this autumn name. We look ahead to speaking with you again soon. Have a very good day and dwell protected.

Operator

[Operator Closing Remarks]

length: forty one minutes

Joe Diaz -- Lytham partners LLC, Managing companion

John Kibarian -- President & Chief govt Officer

Adnan Raza -- govt vp & Chief monetary Officer

Tom Diffely -- D.A. Davidson -- Analyst

Tyler Burmeister -- Craig-Hallum -- Analyst

Jon Tanwanteng -- CJS Securities -- Analyst

Gus Richard -- Northland -- Analyst

extra PDFS evaluation

All salary name transcripts

© offered by way of The Motley fool AlphaStreet logo

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