Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative
video and display processing solutions, today announced financial
results for the first quarter ended March 31, 2020.
First Quarter Financial
Highlights
- Mobile revenue increased 64%
year-over-year, driven by shipments of 5th generation visual
processors and Soft Iris solutions in support of a growing number
of newly launched smartphones
- Implemented cost containment
measures in proactive response to COVID-19 pandemic, reducing cash
operating expenses by more than 10% from the midpoint of guidance
while retaining 100% of employees
- Secured additional liquidity by
drawing down $5.2 million from existing line of credit to end
quarter with $20.4 million in cash, cash equivalents and short-term
investments
First Quarter and Recent Business
Highlights
- Announced new collaboration with
Qualcomm to integrate OTA local TV with 5G broadband video
solutions
- Black Shark incorporated Iris
visual processor in newly launched gaming smartphones, the Black
Shark 3 and Black Shark 3 Pro
- OPPO launched Find X2 and Find X2
Pro smartphones, the first to feature 120 Hz variable refresh rate
displays enabled by Pixelworks’ 5th generation visual processor and
optimization software
- HMD Global launched Nokia 8.3 5G
smartphone with PureDisplay technology powered by Pixelworks
- Extended partnership with TCL
Communication, resulting in development and launch of the TCL 10
Pro, TCL 10L and TCL 10 5G smartphones
- OnePlus 8 and OnePlus 8 Pro
smartphones launched featuring 120 Hz Fluid Displays leveraging
Pixelworks’ 5th generation visual processor and optimization
software
President and CEO of Pixelworks, Todd DeBonis,
commented, “As disclosed in our early April press release, first
quarter results were in-line or above our original guidance despite
the extremely challenging business environment. During the quarter,
we proactively took action in response to the COVID-19 pandemic to
protect our employees and successfully implemented remote working
procedures in multiple geographies. We have remained fully
operational following the extended Chinese New Year, including
active engagement in support of our customers as well as ongoing
new product development efforts. Additionally, we’ve further
protected the Company’s financial position in preparation for a
potentially prolonged economic recovery by reducing cash operating
expenses by more than 10% compared to the midpoint of our
guidance.
“Our team has remained focused and continued to
aggressively execute on our mobile growth initiatives, which
collectively have demonstrated substantial traction in recent
months. Year-to-date, our Iris visual processors and software have
been incorporated into a total of 10 smartphones launched by five
OEM customers, two of which were first-time customers. In addition
to many of these recently launched devices receiving excellent
third-party reviews, Pixelworks’ advanced display technology
enabled several of these new smartphones to achieve industry
records for mobile display quality and performance.
“While we anticipate the near-term environment
to remain challenging across our target markets as our customers
struggle with heightened uncertainty related to the COVID-19
pandemic, end market demand and potential supply constraints,
Pixelworks is well positioned to benefit from renewed momentum as
the business landscape begins to normalize.”
First Quarter 2020 Financial
Results
Revenue in the first quarter of 2020 was $13.8
million, compared to $16.0 million in the fourth quarter of 2019
and revenue of $16.6 million in the first quarter of 2019. The
sequential and year-over-year decline in revenue reflected a
combination of first quarter seasonality and inventory corrections
in the digital projector and video delivery markets, coupled with
continued year-over-year growth in the mobile market.
On a GAAP basis, gross profit margin in the
first quarter of 2020 was 49.2%, compared to 45.6% in the fourth
quarter of 2019 and 50.9% in the first quarter of 2019. First
quarter 2020 GAAP operating expenses were $12.1 million, which
included a $0.6 million restructuring charge, compared to operating
expenses of $12.2 million in the fourth quarter of 2019 and $11.9
million in the year-ago quarter.
For the first quarter of 2020, the Company
recorded a GAAP net loss of $5.4 million, or ($0.14) per share,
compared to a GAAP net loss of $4.5 million, or ($0.12) per share,
in the fourth quarter of 2019 and GAAP net income of $0.1 million,
or $0.00 per diluted share, in the year-ago quarter.
On a non-GAAP basis, first quarter 2020 gross
profit margin was 52.1%, compared to 48.0% in the fourth quarter of
2019 and 53.3% in the year-ago quarter. First quarter 2020 non-GAAP
operating expenses were $9.7 million, compared to $10.4 million in
the fourth quarter of 2019 and $10.3 million in the year-ago
quarter.
For the first quarter of 2020, the Company
recorded a non-GAAP net loss of $2.6 million, or ($0.07) per share,
compared to a non-GAAP net loss of $2.3 million, or ($0.06) per
share, in the fourth quarter of 2019 and a non-GAAP net loss of
$1.5 million, or ($0.04) per share, in the first quarter of
2019.
Adjusted EBITDA in the first quarter of 2020 was
a negative $1.5 million, compared to a negative $1.7 million in the
fourth quarter of 2019 and a negative $0.5 million in the year-ago
quarter.
Business Outlook
The Company’s current business outlook,
including guidance for the second quarter of 2020, will be provided
as part of the scheduled quarterly conference call.
Conference Call Information
Pixelworks will host a conference call today,
April 30, 2020, at 2:00 p.m. Pacific Time, which can be accessed by
calling 1-877-359-9508 and using passcode 6381659. A live audio
webcast of the call can also be accessed by visiting the Company's
investor page at www.pixelworks.com. For those unable to listen to
the live webcast, it will be archived for approximately 90 days. A
replay of the conference call will also be available through
Thursday, May 7, 2020, and can be accessed by calling
1-855-859-2056 and using passcode 6381659.
About Pixelworks, Inc.
Pixelworks provides industry-leading content
creation, video delivery and display processing solutions and
technology that enable highly authentic viewing experiences with
superior visual quality, across all screens – from cinema to
smartphone and beyond. The Company has a 20-year history of
delivering image processing innovation to leading providers of
consumer electronics, professional displays and video streaming
services. Pixelworks is headquartered in San Jose, CA. For more
information, please visit the company’s web site at
www.pixelworks.com.
Note: Pixelworks and the Pixelworks logo are
registered trademarks of Pixelworks, Inc.
Non-GAAP Financial MeasuresThis
earnings release makes reference to non-GAAP gross profit margins,
non-GAAP operating expenses, non-GAAP net loss and non-GAAP net
loss per share, which exclude gain on sale of patents, inventory
step-up and backlog amortization, amortization of acquired
intangible assets, stock-based compensation expense, and
restructuring expenses, which are all required under GAAP as well
as the tax effect of the non-GAAP adjustments. The press release
also makes reference to and reconciles GAAP net loss and adjusted
EBITDA, which Pixelworks defines as GAAP net loss before interest
income and other, net, income tax provision (benefit), depreciation
and amortization, as well as the specific items listed above.
Pixelworks management uses these non-GAAP
financial measures internally to understand, manage and evaluate
the business and establish its operational goals, review its
operations on a period to period basis, for compensation
evaluations, to measure performance, and for budgeting and resource
allocation. Pixelworks management believes it is useful for the
Company and investors to review, as applicable, both GAAP
information and non-GAAP financial measures to help assess the
performance of Pixelworks’ continuing business and to evaluate
Pixelworks’ future prospects. These non-GAAP measures, when
reviewed together with the GAAP financial information, provide
additional transparency and information for comparison and analysis
of operating performance and trends. These non-GAAP measures
exclude certain items to facilitate management’s review of the
comparability of our core operating results on a period to period
basis.
Because the Company’s non-GAAP financial
measures are not calculated in accordance with GAAP, they may not
necessarily be comparable to similarly titled measures employed by
other companies. These non-GAAP financial measures should not be
considered in isolation or as a substitute for the comparable GAAP
measures and should be read only in conjunction with the Company’s
consolidated financial results as presented in accordance with
GAAP. A reconciliation between GAAP and non-GAAP financial measures
is included in this earnings release which is available in the
investor relations section of the Pixelworks' website.
Safe Harbor StatementThis
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements may be identified by use of terms such as “begin,”
“continue,” “will,” “expect”, “believe,” “anticipate” and similar
terms or the negative of such terms, and include, without
limitation, statements about the Company’s digital projection,
mobile and video delivery businesses, including market movement and
demand, customer engagements, growth in the mobile market,
strategy, and additional guidance, particularly as to the business
outlook and current market environment and the impact of the
COVID-19 pandemic on the same. All statements other than statements
of historical fact are forward-looking statements for purposes of
this release, including any projections of revenue or other
financial items or any statements regarding the plans and
objectives of management for future operations. Such statements are
based on management's current expectations, estimates and
projections about the Company's business. These statements are not
guarantees of future performance and involve numerous risks,
uncertainties and assumptions that are difficult to predict. Actual
results could vary materially from those contained in forward
looking statements due to many factors, including, without
limitation: our ability to execute on our strategy; competitive
factors, such as rival chip architectures, introduction or traction
by competing designs, or pricing pressures; the success of our
products in expanding markets; current global economic challenges;
changes in the digital display and projection markets; seasonality
in the consumer electronics market; our efforts to achieve
profitability from operations; our limited financial resources; our
ability to attract and retain key personnel; and the impact of the
COVID-19 pandemic on our business and on our suppliers and
customers. More information regarding potential factors that could
affect the Company's financial results and could cause actual
results to differ materially from those discussed in the
forward-looking statements is included from time to time in the
Company's Securities and Exchange Commission filings, including its
Annual Report on Form 10-K for the year ended December 31, 2019 as
well as subsequent SEC filings.
The forward-looking statements contained in this
release are as of the date of this release, and the Company does
not undertake any obligation to update any such statements, whether
as a result of new information, future events or otherwise.
[Financial Tables
Follow]
|
PIXELWORKS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
Revenue,
net |
|
$ |
13,774 |
|
|
$ |
16,023 |
|
|
$ |
16,648 |
|
Cost of
revenue (1) |
|
|
6,999 |
|
|
|
8,723 |
|
|
|
8,176 |
|
Gross profit |
|
|
6,775 |
|
|
|
7,300 |
|
|
|
8,472 |
|
Operating
expenses: |
|
|
|
|
|
|
Research and development (2) |
|
|
6,267 |
|
|
|
6,724 |
|
|
|
6,472 |
|
Selling, general and administrative (3) |
|
|
5,193 |
|
|
|
5,474 |
|
|
|
5,460 |
|
Restructuring |
|
|
592 |
|
|
|
— |
|
|
|
— |
|
Total operating expenses |
|
|
12,052 |
|
|
|
12,198 |
|
|
|
11,932 |
|
Loss from operations |
|
|
(5,277 |
) |
|
|
(4,898 |
) |
|
|
(3,460 |
) |
Interest
income and other, net |
|
|
54 |
|
|
|
324 |
|
|
|
96 |
|
Gain on sale
of patents |
|
|
— |
|
|
|
— |
|
|
|
3,905 |
|
Total other income, net |
|
|
54 |
|
|
|
324 |
|
|
|
4,001 |
|
Income (loss) before income taxes |
|
|
(5,223 |
) |
|
|
(4,574 |
) |
|
|
541 |
|
Provision
(benefit) for income taxes |
|
|
176 |
|
|
|
(118 |
) |
|
|
408 |
|
Net income (loss) |
|
$ |
(5,399 |
) |
|
$ |
(4,456 |
) |
|
$ |
133 |
|
Net income
(loss) per share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
0.00 |
|
Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
0.00 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
38,868 |
|
|
|
38,370 |
|
|
|
37,247 |
|
Diluted |
|
|
38,868 |
|
|
|
38,370 |
|
|
|
38,692 |
|
—————— |
|
|
|
|
|
|
(1)
Includes: |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
|
298 |
|
|
|
298 |
|
|
|
298 |
|
Stock-based compensation |
|
|
101 |
|
|
|
100 |
|
|
|
95 |
|
Inventory step-up and backlog amortization |
|
|
— |
|
|
|
— |
|
|
|
12 |
|
(2) Includes
stock-based compensation |
|
|
648 |
|
|
|
611 |
|
|
|
661 |
|
(3)
Includes: |
|
|
|
|
|
|
Stock-based compensation |
|
|
1,073 |
|
|
|
1,086 |
|
|
|
933 |
|
Amortization of acquired intangible assets |
|
|
76 |
|
|
|
76 |
|
|
|
84 |
|
|
|
|
|
|
|
|
PIXELWORKS, INC. |
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
INFORMATION * |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
Reconciliation of GAAP and non-GAAP gross
profit |
|
|
|
|
|
|
GAAP gross profit |
|
$ |
6,775 |
|
|
$ |
7,300 |
|
|
$ |
8,472 |
|
Amortization of acquired intangible assets |
|
|
298 |
|
|
|
298 |
|
|
|
298 |
|
Stock-based compensation |
|
|
101 |
|
|
|
100 |
|
|
|
95 |
|
Inventory step-up and backlog amortization |
|
|
— |
|
|
|
— |
|
|
|
12 |
|
Total reconciling items included in gross profit |
|
|
399 |
|
|
|
398 |
|
|
|
405 |
|
Non-GAAP gross profit |
|
$ |
7,174 |
|
|
$ |
7,698 |
|
|
$ |
8,877 |
|
Non-GAAP gross profit margin |
|
|
52.1 |
% |
|
|
48.0 |
% |
|
|
53.3 |
% |
|
|
|
|
|
|
|
Reconciliation of GAAP and non-GAAP operating
expenses |
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
12,052 |
|
|
$ |
12,198 |
|
|
$ |
11,932 |
|
Reconciling item included in research and development: |
|
|
|
|
|
|
Stock-based compensation |
|
|
648 |
|
|
|
611 |
|
|
|
661 |
|
Reconciling items included in selling, general and
administrative: |
|
|
|
|
|
|
Stock-based compensation |
|
|
1,073 |
|
|
|
1,086 |
|
|
|
933 |
|
Amortization of acquired intangible assets |
|
|
76 |
|
|
|
76 |
|
|
|
84 |
|
Restructuring |
|
|
592 |
|
|
|
— |
|
|
|
— |
|
Total reconciling items included in operating expenses |
|
|
2,389 |
|
|
|
1,773 |
|
|
|
1,678 |
|
Non-GAAP operating expenses |
|
$ |
9,663 |
|
|
$ |
10,425 |
|
|
$ |
10,254 |
|
|
|
|
|
|
|
|
Reconciliation of GAAP and non-GAAP net income
(loss) |
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
(5,399 |
) |
|
$ |
(4,456 |
) |
|
$ |
133 |
|
Reconciling items included in gross profit |
|
|
399 |
|
|
|
398 |
|
|
|
405 |
|
Reconciling items included in operating expenses |
|
|
2,389 |
|
|
|
1,773 |
|
|
|
1,678 |
|
Reconciling items included in total other income, net |
|
|
— |
|
|
|
— |
|
|
|
(3,905 |
) |
Tax effect of non-GAAP adjustments |
|
|
(25 |
) |
|
|
(49 |
) |
|
|
219 |
|
Non-GAAP net loss |
|
$ |
(2,636 |
) |
|
$ |
(2,334 |
) |
|
$ |
(1,470 |
) |
|
|
|
|
|
|
|
Non-GAAP net loss per share - basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
Non-GAAP weighted average shares outstanding - basic and
diluted |
|
|
38,868 |
|
|
|
38,370 |
|
|
|
37,247 |
|
|
|
|
|
|
|
|
*Set forth above
are reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP financial
measure disclosed by the company has limitations and should not be
considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP
to Non-GAAP actuals should be carefully evaluated. Please refer to
"Non-GAAP Financial Measures” in this document for an explanation
of the adjustments made to the comparable GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP measures provide useful
information for investors. |
|
|
|
|
|
|
|
PIXELWORKS, INC. |
RECONCILIATION OF GAAP AND NON-GAAP EARNINGS PER SHARE
* |
(Figures may not sum due to rounding) |
(Unaudited) |
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
Dollars per share |
|
Dollars per share |
|
Dollars per share |
|
Basic |
|
Diluted |
|
Basic |
|
Diluted |
|
Basic |
|
Diluted |
Reconciliation of GAAP and non-GAAP net income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
Reconciling items included in gross profit |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Reconciling items included in operating expenses |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Reconciling items included in total other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.10 |
) |
|
|
(0.10 |
) |
Tax effect of non-GAAP adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Non-GAAP net loss |
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
*Set forth above are reconciliations of the non-GAAP financial
measure to the most directly comparable GAAP financial measure. The
non-GAAP financial measure disclosed by the company has limitations
and should not be considered a substitute for, or superior to, the
financial measure prepared in accordance with GAAP, and the
reconciliations from GAAP to Non-GAAP actuals should be carefully
evaluated. Please refer to "Non-GAAP Financial Measures” in this
document for an explanation of the adjustments made to the
comparable GAAP measures, the ways management uses the non-GAAP
measures, and the reasons why management believes the non-GAAP
measures provide useful information for investors. |
|
|
|
|
|
|
|
|
|
|
|
|
PIXELWORKS, INC. |
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN
* |
(Figures may not sum due to rounding) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2020 |
|
2019 |
|
2019 |
Reconciliation of GAAP and non-GAAP gross profit
margin |
|
|
|
|
|
|
GAAP gross profit margin |
|
49.2% |
|
45.6% |
|
50.9% |
Amortization of acquired intangible assets |
|
2.2% |
|
1.9% |
|
1.8% |
Stock-based compensation |
|
0.7% |
|
0.6% |
|
0.6% |
Inventory step-up and backlog amortization |
|
—% |
|
—% |
|
0.1% |
Total reconciling items included in gross profit |
|
2.9% |
|
2.5% |
|
2.4% |
Non-GAAP gross profit margin |
|
52.1% |
|
48.0% |
|
53.3% |
|
|
|
|
|
|
|
*Set forth above
are reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP financial
measure disclosed by the company has limitations and should not be
considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP
to Non-GAAP actuals should be carefully evaluated. Please refer to
"Non-GAAP Financial Measures” in this document for an explanation
of the adjustments made to the comparable GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP measures provide useful
information for investors. |
|
|
|
|
|
|
|
PIXELWORKS, INC. |
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION
* |
(In thousands) |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
Reconciliation of GAAP net income (loss) and adjusted
EBITDA |
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
(5,399 |
) |
|
$ |
(4,456 |
) |
|
$ |
133 |
|
Stock-based compensation |
|
|
1,822 |
|
|
|
1,797 |
|
|
|
1,689 |
|
Restructuring |
|
|
592 |
|
|
|
— |
|
|
|
— |
|
Amortization of acquired intangible assets |
|
|
374 |
|
|
|
374 |
|
|
|
382 |
|
Tax effect of non-GAAP adjustments |
|
|
(25 |
) |
|
|
(49 |
) |
|
|
219 |
|
Gain on sale of patents |
|
|
— |
|
|
|
— |
|
|
|
(3,905 |
) |
Inventory step-up and backlog amortization |
|
|
— |
|
|
|
— |
|
|
|
12 |
|
Non-GAAP net loss |
|
$ |
(2,636 |
) |
|
$ |
(2,334 |
) |
|
$ |
(1,470 |
) |
EBITDA adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
1,022 |
|
|
$ |
1,013 |
|
|
$ |
913 |
|
Non-GAAP interest income and other, net |
|
|
(54 |
) |
|
|
(324 |
) |
|
|
(96 |
) |
Non-GAAP provision (benefit) for income taxes |
|
|
201 |
|
|
|
(69 |
) |
|
|
189 |
|
Adjusted EBITDA |
|
$ |
(1,467 |
) |
|
$ |
(1,714 |
) |
|
$ |
(464 |
) |
|
|
|
|
|
|
|
*Set forth above are reconciliations of the non-GAAP financial
measure to the most directly comparable GAAP financial measure. The
non-GAAP financial measure disclosed by the company has limitations
and should not be considered a substitute for, or superior to, the
financial measure prepared in accordance with GAAP, and the
reconciliations from GAAP to Non-GAAP actuals should be carefully
evaluated. Please refer to "Non-GAAP Financial Measures” in this
document for an explanation of the adjustments made to the
comparable GAAP measures, the ways management uses the non-GAAP
measures, and the reasons why management believes the non-GAAP
measures provide useful information for investors. |
|
|
|
|
|
|
|
PIXELWORKS, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
March 31,2020 |
|
December 31,2019 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
17,933 |
|
$ |
7,257 |
|
Short-term marketable securities |
|
2,484 |
|
|
6,975 |
|
Accounts receivable, net |
|
8,850 |
|
|
10,915 |
|
Inventories |
|
4,540 |
|
|
5,401 |
|
Prepaid expenses and other current assets |
|
2,067 |
|
|
1,689 |
|
Total current assets |
|
35,874 |
|
|
32,237 |
|
Property and equipment, net |
|
5,284 |
|
|
4,608 |
|
Operating lease right of use assets |
|
7,494 |
|
|
5,434 |
|
Other assets, net |
|
1,355 |
|
|
1,267 |
|
Acquired intangible assets, net |
|
2,329 |
|
|
2,704 |
|
Goodwill |
|
18,407 |
|
|
18,407 |
|
Total assets |
$ |
70,743 |
|
$ |
64,657 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
2,297 |
|
$ |
818 |
|
Accrued liabilities and current portion of long-term
liabilities |
|
9,412 |
|
|
8,692 |
|
Short-term line of credit |
|
5,157 |
|
|
— |
|
Current portion of income taxes payable |
|
200 |
|
|
164 |
|
Total current liabilities |
|
17,066 |
|
|
9,674 |
|
Long-term liabilities, net of current portion |
|
1,579 |
|
|
982 |
|
Operating lease liabilities, net of current portion |
|
5,567 |
|
|
4,212 |
|
Income taxes payable, net of current portion |
|
2,260 |
|
|
2,260 |
|
Total liabilities |
|
26,472 |
|
|
17,128 |
|
Shareholders’ equity |
|
44,271 |
|
|
47,529 |
|
Total liabilities and shareholders’ equity |
$ |
70,743 |
|
$ |
64,657 |
|
|
|
|
|
|
Contacts:
Investor ContactShelton Group Brett PerryP:
+1-214-272-0070 E: bperry@sheltongroup.com
Company ContactPixelworks, Inc.Elias NaderP:
+1-408-200-9271E: enader@pixelworks.com
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