Mobile Revenue Increased 109% Sequentially,
Reaching a Record 50% of Total Revenue
PORTLAND, Ore., Aug. 8, 2023
/PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider
of innovative video and display processing solutions, today
announced financial results for the second quarter ended
June 30, 2023.
Second Quarter and Recent Highlights
- Total revenue increased 37% sequentially, driven by
triple-digit growth in sales of mobile visual processors to
tier-one mobile OEM customers in support of previously and soon to
be launched smartphone models
- Formally launched new IRX Gaming Experience brand and
certification program for the mobile gaming ecosystem, representing
a combination of Pixelworks' visual processor solutions and
in-depth game tuning services to facilitate outstanding visual
performance for top mobile games and smartphones
- Xiaomi, in collaboration with MediaTek and Pixelworks Shanghai,
pre-announced the Xiaomi Redmi K60 Ultra smartphone, incorporating
Pixelworks' X7 visual processor and newly launched IRX Gaming
Experience device certification
- OPPO affiliate OnePlus previewed the scheduled launch of its
OnePlus Ace2 Pro flagship smartphone, featuring simultaneous super
frame rate and super-resolution functionality enabled by
Pixelworks' X7 visual processor
- Announced incorporation of Pixelworks' Rendering Accelerator
SDK in Nuverse's latest release of the popular mobile game,
Crystal of Atlan (CoA),
enabling exceptionally smooth 120fps gameplay with low power
consumption
- Retained CITIC Securities, a leading investment bank in
China, and formally began the
required tutoring process in support of the planned future listing
of Pixelworks Shanghai subsidiary on the STAR exchange
"The sequential growth in the quarter was primarily driven by
increased shipments of our mobile ICs, which contributed to mobile
revenue more than doubling and reaching a record 50% of total
revenue," stated Todd DeBonis,
President and CEO of Pixelworks. "Our results also reflected the
expected initial rebound from the low point in the cycle and the
end of the smartphone inventory correction for Pixelworks.
"Also in the second quarter, we began ramping shipments to
fulfill initial production orders from our fourth tier-one mobile
customer, which is scheduled to officially launch its first model
incorporating Pixelworks' visual processing solutions later this
month. Additionally, we continue to make headway on building-out a
collaborative ecosystem around mobile gaming, as highlighted by the
recent launch of Pixelworks' IRX Gaming Experience brand. This new
IRX branding and certification program represents an expansion of
our ongoing mobile ecosystem initiatives and is specifically aimed
at delivering higher consistency, quality and consumer awareness
for Pixelworks as well as our content and OEM partners.
"Despite the generally subdued recovery of end market demand
specifically in China, we remain
optimistic about Pixelworks' positioning and expanding prospects
for the second half of the year. Specific to the third quarter, we
are guiding for solid sequential top-line growth as the projector
market continues to gradually recover and we further ramp mobile
shipments in support of a healthy pipeline of design-ins on
customers' next-gen programs."
Second Quarter Fiscal 2023 Financial Results
Revenue in the second quarter of 2023 was $13.6 million, compared to $10.0 million in the first quarter of 2023 and
$19.1 million in the second quarter
of 2022. The sequential increase in revenue was driven by strong
growth in Pixelworks' mobile business, while the year-over-year
decline primarily reflected lower revenue contribution from the
Company's home and enterprise business due to an inventory
correction in the projector market as well as the previously
implemented end-of-life of products sold into the video delivery
market.
On a GAAP basis, gross profit margin in the second quarter of
2023 was 40.3%, compared to 43.8% in the first quarter of 2023 and
49.0% in the second quarter of 2022. Second quarter 2023 GAAP
operating expenses were $12.0
million, compared to $14.7
million in the first quarter of 2023 and $14.5 million in the year-ago quarter.
On a non-GAAP basis, second quarter 2023 gross profit margin was
40.5%, compared to 44.1% in the first quarter of 2023 and 49.3% in
the year-ago quarter. Second quarter 2023 non-GAAP operating
expenses were $10.7 million, compared
to $13.6 million in the first quarter
of 2023 and $12.9 million in the
year-ago quarter.
For the second quarter of 2023, the Company recorded a GAAP net
loss of $6.0 million, or ($0.11) per share, compared to a GAAP net loss of
$9.4 million, or ($0.17) per share, in the first quarter of 2023,
and a GAAP net loss of $5.0 million,
or ($0.09) per share, in the year-ago
quarter. Note, the Company refers to "net loss attributable to
Pixelworks Inc." as "net loss".
For the second quarter of 2023, the Company recorded a non-GAAP
net loss of $4.8 million, or
($0.09) per share, compared to a
non-GAAP net loss of $8.2 million, or
($0.15) per share, in the first
quarter of 2023, and a non-GAAP net loss of $3.3 million, or ($0.06) per share, in the second quarter of
2022.
Adjusted EBITDA in the second quarter of 2023 was a negative
$4.0 million, compared to a negative
$7.8 million in the first quarter of
2023 and a negative $2.4 million in
the year-ago quarter.
Cash and cash equivalents at the end of the second quarter of
2023 were $54.5 million, compared to
$62.8 million at the end of the first
quarter of 2023 and $49.6 million at
the end of the second quarter of 2022.
Business Outlook
The Company's current business outlook, including guidance for
the third quarter of 2023, will be discussed as part of the
scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, August 8, 2023, at 2:00
p.m. Pacific Time. To join the conference call via phone,
participants are required to complete the following registration
form to receive a dial-in number and dedicated PIN for accessing
the conference call. Additionally, a live and archived audio
webcast of the conference call will be accessible via the investors
section of Pixelworks' website at www.pixelworks.com.
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. For more
information, please visit the company's web site at
www.pixelworks.com.
Note: Pixelworks and the Pixelworks logo are trademarks of
Pixelworks, Inc.
Non-GAAP Financial Measures
This 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 amortization of acquired
intangible assets and stock-based compensation expense which are
required under GAAP as well as the tax effect of the non-GAAP
adjustments and the impact of non-GAAP adjustments to redeemable
non-controlling interest. The press release also makes reference to
and reconciles GAAP net loss and adjusted EBITDA, which Pixelworks
defines as GAAP net loss attributable to Pixelworks Inc. 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 Statement
This 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 businesses, including
plans to seek a local public listing in China of the Company's subsidiary and the
market conditions for our products, particularly for the smartphone
market. 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: the actual performance of the
smartphone market throughout 2023; our ability to execute on
our strategy; our ability to obtain approval from the required
agencies and organizations governing listing as a public company in
one of the China exchanges;
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, 2022, 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
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Revenue, net
|
$
13,605
|
$
9,966
|
$
19,078
|
$
23,571
|
$
35,706
|
Cost of revenue
(1)
|
8,121
|
5,599
|
9,730
|
13,720
|
17,595
|
Gross
profit
|
5,484
|
4,367
|
9,348
|
9,851
|
18,111
|
Operating
expenses:
|
|
|
|
|
|
Research and
development (2)
|
6,507
|
8,666
|
8,521
|
15,173
|
15,681
|
Selling, general and
administrative (3)
|
5,468
|
6,072
|
6,024
|
11,540
|
11,508
|
Total operating
expenses
|
11,975
|
14,738
|
14,545
|
26,713
|
27,189
|
Loss from
operations
|
(6,491)
|
(10,371)
|
(5,197)
|
(16,862)
|
(9,078)
|
Interest income and
other, net
|
473
|
671
|
101
|
1,144
|
263
|
Loss before income
taxes
|
(6,018)
|
(9,700)
|
(5,096)
|
(15,718)
|
(8,815)
|
Provision
(benefit) for income taxes
|
126
|
34
|
(88)
|
160
|
315
|
Net loss
|
(6,144)
|
(9,734)
|
(5,008)
|
(15,878)
|
(9,130)
|
Less: Net (income)
loss attributable to non-controlling
interest and
redeemable non-controlling interest
|
107
|
338
|
—
|
445
|
(470)
|
Net loss attributable
to Pixelworks Inc.
|
$
(6,037)
|
$
(9,396)
|
$
(5,008)
|
$
(15,433)
|
$
(9,600)
|
Net loss attributable
to Pixelworks Inc. per share - basic and diluted
|
$
(0.11)
|
$
(0.17)
|
$
(0.09)
|
$
(0.28)
|
$
(0.18)
|
Weighted average shares
outstanding - basic and diluted
|
55,917
|
55,720
|
54,120
|
55,666
|
53,901
|
——————
|
|
|
|
|
|
(1)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
22
|
24
|
59
|
46
|
67
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
(2) Includes
stock-based compensation
|
527
|
491
|
647
|
1,018
|
1,230
|
(3)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
710
|
651
|
989
|
1,361
|
1,447
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
18
|
|
|
|
|
|
|
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
INFORMATION *
(In thousands, except per share data)
(Unaudited)
|
|
Three Months Ended
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Reconciliation of GAAP and non-GAAP gross
profit
|
|
|
|
|
|
GAAP gross
profit
|
$
5,484
|
$
4,367
|
$
9,348
|
$
9,851
|
$
18,111
|
Stock-based
compensation
|
22
|
24
|
59
|
46
|
67
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
Total reconciling
items included in gross profit
|
22
|
24
|
59
|
46
|
139
|
Non-GAAP gross
profit
|
$
5,506
|
$
4,391
|
$
9,407
|
$
9,897
|
$
18,250
|
Non-GAAP gross profit
margin
|
40.5 %
|
44.1 %
|
49.3 %
|
42.0 %
|
51.1 %
|
|
|
|
|
|
|
Reconciliation of GAAP and non-GAAP operating
expenses
|
|
|
|
|
|
GAAP operating
expenses
|
$
11,975
|
$
14,738
|
$
14,545
|
$
26,713
|
$
27,189
|
Reconciling item
included in research and development:
|
|
|
|
|
|
Stock-based
compensation
|
527
|
491
|
647
|
1,018
|
1,230
|
Reconciling items
included in selling, general and administrative:
|
|
|
|
|
|
Stock-based
compensation
|
710
|
651
|
989
|
1,361
|
1,447
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
18
|
Total reconciling
items included in operating expenses
|
1,237
|
1,142
|
1,636
|
2,379
|
2,695
|
Non-GAAP operating
expenses
|
$
10,738
|
$
13,596
|
$
12,909
|
$
24,334
|
$
24,494
|
|
|
|
|
|
|
Reconciliation of GAAP and non-GAAP net
loss
attributable to Pixelworks,
Inc.
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(6,037)
|
$
(9,396)
|
$
(5,008)
|
$
(15,433)
|
$
(9,600)
|
Reconciling items
included in gross profit
|
22
|
24
|
59
|
46
|
139
|
Reconciling items
included in operating expenses
|
1,237
|
1,142
|
1,636
|
2,379
|
2,695
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
(1)
|
—
|
(4)
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(4,778)
|
$
(8,230)
|
$
(3,314)
|
$
(13,008)
|
$
(6,770)
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to Pixelworks Inc. per share -
basic and
diluted
|
$
(0.09)
|
$
(0.15)
|
$
(0.06)
|
$
(0.23)
|
$
(0.13)
|
|
|
|
|
|
|
Non-GAAP weighted
average shares outstanding -
basic and
diluted
|
55,917
|
55,720
|
54,120
|
55,666
|
53,901
|
|
|
|
|
|
|
*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
|
|
Six Months Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
Dollars per share
|
|
Dollars per share
|
|
Dollars per share
|
|
Dollars per share
|
|
Dollars per share
|
|
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
Reconciliation of GAAP and non-GAAP
net
loss attributable to Pixelworks,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$
(0.11)
|
|
$
(0.11)
|
|
$
(0.17)
|
|
$
(0.17)
|
|
$
(0.09)
|
|
$
(0.09)
|
|
$
(0.28)
|
|
$
(0.28)
|
|
$
(0.18)
|
|
$
(0.18)
|
Reconciling items
included in gross profit
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Reconciling items
included in operating expenses
|
|
|
0.02
|
|
0.02
|
|
0.02
|
|
0.02
|
|
0.03
|
|
0.03
|
|
0.04
|
|
0.04
|
|
0.05
|
|
0.05
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$
(0.09)
|
|
$
(0.09)
|
|
$
(0.15)
|
|
$
(0.15)
|
|
$
(0.06)
|
|
$
(0.06)
|
|
$
(0.23)
|
|
$
(0.23)
|
|
$
(0.13)
|
|
$
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Six Months Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of GAAP and non-GAAP gross profit
margin
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
margin
|
|
40.3 %
|
|
43.8 %
|
|
49.0 %
|
|
41.8 %
|
|
50.7 %
|
Stock-based
compensation
|
|
0.2 %
|
|
0.2 %
|
|
0.3 %
|
|
0.2 %
|
|
0.2 %
|
Amortization of
acquired intangible assets
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.2 %
|
Total reconciling items
included in gross profit
|
|
0.2 %
|
|
0.2 %
|
|
0.3 %
|
|
0.2 %
|
|
0.4 %
|
Non-GAAP gross profit
margin
|
|
40.5 %
|
|
44.1 %
|
|
49.3 %
|
|
42.0 %
|
|
51.1 %
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Reconciliation of GAAP net loss attributable to
Pixelworks Inc. and
adjusted EBITDA
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(6,037)
|
$
(9,396)
|
$
(5,008)
|
$
(15,433)
|
$
(9,600)
|
Stock-based
compensation
|
1,259
|
1,166
|
1,695
|
2,425
|
2,744
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
(1)
|
—
|
(4)
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
90
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(4,778)
|
$
(8,230)
|
$
(3,314)
|
$
(13,008)
|
$
(6,770)
|
|
|
|
|
|
|
EBITDA
adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
$
1,077
|
$
1,081
|
$
1,126
|
$
2,158
|
$
2,166
|
Non-GAAP interest
income and other, net
|
(473)
|
(671)
|
(101)
|
(1,144)
|
(263)
|
Non-GAAP provision
(benefit) for income taxes
|
126
|
34
|
(87)
|
160
|
319
|
Adjusted
EBITDA
|
$
(4,048)
|
$
(7,786)
|
$
(2,376)
|
$
(11,834)
|
$
(4,548)
|
|
|
|
|
|
|
*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)
|
|
June 30,
2023
|
December 31,
2022
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
54,477
|
$
56,821
|
Accounts receivable,
net
|
7,422
|
10,047
|
Inventories
|
5,530
|
1,760
|
Prepaid expenses and
other current assets
|
2,693
|
3,745
|
Total current
assets
|
70,122
|
72,373
|
Property and equipment,
net
|
7,191
|
4,632
|
Operating lease right
of use assets
|
5,640
|
3,331
|
Other assets,
net
|
2,683
|
3,580
|
Goodwill
|
18,407
|
18,407
|
Total
assets
|
$
104,043
|
$
102,323
|
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
1,431
|
$
3,143
|
Accrued liabilities
and current portion of long-term liabilities
|
9,018
|
8,849
|
Current portion of
income taxes payable
|
431
|
519
|
Total current
liabilities
|
10,880
|
12,511
|
Long-term liabilities,
net of current portion
|
1,883
|
1,005
|
Deposit
liability
|
13,214
|
13,537
|
Operating lease
liabilities, net of current portion
|
3,588
|
2,148
|
Income taxes payable,
net of current portion
|
929
|
872
|
Total
liabilities
|
30,494
|
30,073
|
Redeemable
non-controlling interest
|
27,708
|
28,919
|
Total Pixelworks, Inc.
shareholders' equity
|
21,590
|
32,422
|
Non-controlling
interest
|
24,251
|
10,909
|
Total shareholders'
equity
|
45,841
|
43,331
|
Total liabilities,
redeemable non-controlling interest and shareholders'
equity
|
$
104,043
|
$
102,323
|
|
|
|
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SOURCE Pixelworks, Inc.