Total Revenue for the Fourth Quarter Increased
25% Sequentially and 19% Year-over-Year
Record Quarterly Mobile Revenue Increased 44%
Sequentially and More Than 200% Year-over-Year
Full Year Mobile Revenue Grew 33% to a Record
$30 million
PORTLAND, Ore., Feb. 8, 2024
/PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider
of innovative video and display processing solutions, today
announced financial results for the fourth quarter and fiscal year
ended December 31, 2023.
Fourth Quarter and Recent Highlights
- Total revenue increased 25% sequentially, driven by record
mobile revenue
- Mobile revenue increased 44% sequentially to a record
$11.9 million, driven by customers'
newly launched IRX-certified smartphones
- Recently announced multi-year agreement with Walt Disney
Studios to bring initial collection of TrueCut Motion™ graded
titles to select home entertainment devices through the Disney+
streaming service
- Universal Pictures released Matthew
Vaughn's newest film, Argylle, to select premium
theaters globally in TrueCut Motion format, featuring Pixelworks'
cinematic high frame rate technology
- OPPO affiliate, OnePlus, launched its OnePlus 12 and OnePlus 12
global version, both incorporating Pixelworks' X7 visual processor
and end-to-end IRX image rendering accelerator solution, delivering
unmatched visual performance for mobile gaming globally
- Pixelworks X7 Gen 2 visual processor featuring AI-based High
Efficiency Super-Resolution (HESR) technology, debuted in OnePlus
Ace 3 smartphone, enabling both 120fps and 1.5K super resolution with lower power
- HONOR 90 GT smartphone launched featuring Pixelworks' advanced
X5 Plus visual processor and MotionEngine® technology to enable
cinematic video quality and ultra-smooth mobile gaming
"Our fourth quarter results marked a strong
finish to the year, which was highlighted by the continued momentum
and significant growth of our mobile business," stated Todd DeBonis, President and CEO of Pixelworks.
"Mobile revenue increased to a record for the quarter and the full
year, representing more than half of total revenue. We also
expanded fourth quarter gross margin by 170 basis points
sequentially and delivered significant improvement in our
bottom-line results.
"Our growth initiatives across our mobile
business, along with TrueCut Motion have continued to gain
increasing traction and generate tangible results. In mobile,
smartphone customers and mobile gaming studios have embraced our
IRX-branded gaming experience and certification program, as well as
the visual performance benefits this end-to-end solution provides
to the mobile gaming ecosystem. We also achieved a significant
commercial milestone for our TrueCut Motion platform with the
recent adoption of our cinematic high frame rate technology by two
of the largest studios, Walt Disney
and Universal Pictures. We believe this early commercial validation
of TrueCut Motion by these respected leaders in entertainment will
pave the way for expanded adoption, as filmmakers and studios
increasingly seek to deliver a premium, high frame rate experience
to audiences in theaters and at home.
"Looking ahead, we are entering 2024 with strong
momentum across our visual processing solutions and IRX
certification program in mobile, coupled with initial studio
adoption of our TrueCut Motion platform. We expect to achieve
another year of accelerated growth in mobile, driven by a
combination of increased unit volumes and new product
introductions. Complementing our anticipated growth, we are driving
continued gross margin expansion as part of an established path to
achieve quarterly non-GAAP profitability in the second half of the
year."
Fourth Quarter and Fiscal Year 2023 Financial
Results
Revenue in the fourth quarter of 2023 was
$20.1 million, compared to
$16.0 million in the third quarter of
2023 and $16.9 million in the fourth
quarter of 2022. The sequential and year-over-year increase in
fourth quarter revenue was driven by continued growth and record
revenue contribution from Pixelworks' mobile business. For the full
year 2023, total revenue was $59.7
million compared to $70.1
million in 2022. The year-over-year decrease reflected lower
revenue contribution from the Company's home and enterprise
business, which was partly offset by strong growth and record
revenue in the mobile business.
On a GAAP basis, gross profit margin in the
fourth quarter of 2023 was 44.7%, compared to 42.9% in the third
quarter of 2023 and 53.1% in the fourth quarter of 2022. GAAP gross
profit margin for the full year 2023 was 43.1% compared to 51.2% in
the prior year. Fourth quarter 2023 GAAP operating expenses were
$13.1 million, compared to
$14.5 million in the third quarter of
2023 and $12.0 million in the
year-ago quarter. For the full year 2023, GAAP operating expenses
were $54.3 million compared to
$52.7 million in the prior year.
On a non-GAAP basis, fourth quarter 2023 gross
profit margin was 44.8%, compared to 43.1% in the third quarter of
2023 and 53.3% in the year-ago quarter. Non-GAAP gross profit
margin for the full year 2023 was 43.2% compared to 51.3% in the
prior year. Fourth quarter 2023 non-GAAP operating expenses were
$12.0 million, compared to
$13.3 million in the third quarter of
2023 and $10.8 million in the
year-ago quarter. Non-GAAP operating expenses for the full year
2023 were $49.6 million compared to
$47.5 million in the prior year.
For the fourth quarter of 2023, the Company
recorded a GAAP net loss of $3.7
million, or ($0.07) per share,
compared to a GAAP net loss of $7.0
million, or ($0.12) per share,
in the third quarter of 2023, and a GAAP net loss of $1.9 million, or ($0.04) per share, in the year-ago quarter. GAAP
net loss for the full year 2023 was $26.2
million, or ($0.47) per share,
compared to a net loss of $16.0
million, or ($0.30) per share,
in the prior year. Note, the Company refers to "net loss
attributable to Pixelworks, Inc." as "net loss".
For the fourth quarter of 2023, the Company
recorded a non-GAAP net loss of $2.6
million, or ($0.05) per share,
compared to a non-GAAP net loss of $5.7
million, or ($0.10) per share,
in the third quarter of 2023, and a non-GAAP net loss of
$0.8 million, or ($0.01) per share, in the fourth quarter of 2022.
For the full year 2023, non-GAAP net loss was $21.4 million, or ($0.38) per share, compared to a non-GAAP net
loss of $10.7 million, or
($0.20) per share, in the prior
year.
Adjusted EBITDA in the fourth quarter of 2023 was
a negative $1.9 million, compared to
a negative $5.0 million in the third
quarter of 2023 and a negative $1.0
million in the year-ago quarter. For the full year 2023,
adjusted EBITDA was a negative $18.8
million compared to negative $7.7
million in the prior year.
Cash and cash equivalents at the end of the
fourth quarter of 2023 were $47.5
million, compared to $50.3
million at the end of the third quarter of 2023 and
$56.8 million at the end of the
fourth quarter of 2022.
Business Outlook
The Company's current business outlook, including
guidance for the first quarter of 2024, will be discussed as part
of the scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today,
February 8, 2024, 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, MotionEngine, TrueCut Motion
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. 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 expected adoption
rates, increased volumes, new product introductions, gross margin
expansion, and achievement of quarterly breakeven results. 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 adoption rate of our
TrueCut Motion technology or of high frame rate content by the
motion picture and streaming video industries; the actual
performance of the motion picture and streaming video industries;
the actual performance of the smartphone market throughout
2024; 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; and
our ability to attract and retain key personnel. 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
|
Twelve Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
December
31,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Revenue, net
|
$
20,074
|
$
16,032
|
$
16,888
|
$
59,677
|
$
70,146
|
Cost of revenue
(1)
|
11,098
|
9,150
|
7,914
|
33,968
|
34,265
|
Gross profit
|
8,976
|
6,882
|
8,974
|
25,709
|
35,881
|
Operating
expenses:
|
|
|
|
|
|
Research and
development (2)
|
6,953
|
8,752
|
6,395
|
30,878
|
30,521
|
Selling, general and
administrative (3)
|
6,151
|
5,776
|
5,587
|
23,467
|
22,177
|
Total operating
expenses
|
13,104
|
14,528
|
11,982
|
54,345
|
52,698
|
Loss from
operations
|
(4,128)
|
(7,646)
|
(3,008)
|
(28,636)
|
(16,817)
|
Interest income and
other, net
|
435
|
471
|
272
|
2,050
|
700
|
Loss before income
taxes
|
(3,693)
|
(7,175)
|
(2,736)
|
(26,586)
|
(16,117)
|
Provision
(benefit) for income taxes
|
39
|
158
|
(1,129)
|
357
|
(884)
|
Net loss
|
(3,732)
|
(7,333)
|
(1,607)
|
(26,943)
|
(15,233)
|
Less: Net (income) loss
attributable to non-controlling interests and redeemable
non-controlling interest
|
(12)
|
334
|
(327)
|
767
|
(797)
|
Net loss attributable
to Pixelworks Inc.
|
$
(3,744)
|
$
(6,999)
|
$
(1,934)
|
$
(26,176)
|
$
(16,030)
|
Net loss attributable
to Pixelworks Inc. per share - basic and diluted
|
$
(0.07)
|
$
(0.12)
|
$
(0.04)
|
$
(0.47)
|
$
(0.30)
|
Weighted average shares
outstanding - basic and diluted
|
56,895
|
56,410
|
54,974
|
56,163
|
54,335
|
——————
|
|
|
|
|
|
(1)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
22
|
21
|
21
|
89
|
41
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
(2) Includes
stock-based compensation
|
396
|
452
|
556
|
1,866
|
2,351
|
(3)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
701
|
779
|
583
|
2,841
|
2,806
|
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
|
Twelve Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
December
31,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Reconciliation of
GAAP and non-GAAP gross profit
|
|
|
|
|
|
GAAP gross
profit
|
$
8,976
|
$
6,882
|
$
8,974
|
$
25,709
|
$
35,881
|
Stock-based
compensation
|
22
|
21
|
21
|
89
|
41
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
Total reconciling items
included in gross profit
|
22
|
21
|
21
|
89
|
113
|
Non-GAAP gross
profit
|
$
8,998
|
$
6,903
|
$
8,995
|
$
25,798
|
$
35,994
|
Non-GAAP gross profit
margin
|
44.8 %
|
43.1 %
|
53.3 %
|
43.2 %
|
51.3 %
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP operating expenses
|
|
|
|
|
|
GAAP operating
expenses
|
$
13,104
|
$
14,528
|
$
11,982
|
$
54,345
|
$
52,698
|
Reconciling item
included in research and development:
|
|
|
|
|
|
Stock-based
compensation
|
396
|
452
|
556
|
1,866
|
2,351
|
Reconciling items
included in selling, general and administrative:
|
|
|
|
|
|
Stock-based
compensation
|
701
|
779
|
583
|
2,841
|
2,806
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
18
|
Total reconciling items
included in operating expenses
|
1,097
|
1,231
|
1,139
|
4,707
|
5,175
|
Non-GAAP operating
expenses
|
$
12,007
|
$
13,297
|
$
10,843
|
$
49,638
|
$
47,523
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP net loss attributable to Pixelworks,
Inc.
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(3,744)
|
$
(6,999)
|
$
(1,934)
|
$
(26,176)
|
$
(16,030)
|
Reconciling items
included in gross profit
|
22
|
21
|
21
|
89
|
113
|
Reconciling items
included in operating expenses
|
1,097
|
1,231
|
1,139
|
4,707
|
5,175
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
3
|
—
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(2,625)
|
$
(5,747)
|
$
(771)
|
$
(21,380)
|
$
(10,742)
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to Pixelworks Inc. per share - basic and
diluted
|
$
(0.05)
|
$
(0.10)
|
$
(0.01)
|
$
(0.38)
|
$
(0.20)
|
|
|
|
|
|
|
Non-GAAP weighted
average shares outstanding - basic and diluted
|
56,895
|
56,410
|
54,974
|
56,163
|
54,335
|
|
|
|
|
|
|
*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
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
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.
|
|
|
$
(0.07)
|
|
$
(0.07)
|
|
$
(0.12)
|
|
$
(0.12)
|
|
$
(0.04)
|
|
$
(0.04)
|
|
$
(0.47)
|
|
$
(0.47)
|
|
$
(0.30)
|
|
$
(0.30)
|
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
|
|
0.02
|
|
0.02
|
|
0.08
|
|
0.08
|
|
0.10
|
|
0.10
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$
(0.05)
|
|
$
(0.05)
|
|
$
(0.10)
|
|
$
(0.10)
|
|
$
(0.01)
|
|
$
(0.01)
|
|
$
(0.38)
|
|
$
(0.38)
|
|
$
(0.20)
|
|
$
(0.20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
GAAP and non-GAAP gross profit margin
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
margin
|
|
44.7 %
|
|
42.9 %
|
|
53.1 %
|
|
43.1 %
|
|
51.2 %
|
Stock-based
compensation
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
Amortization of
acquired intangible assets
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.1 %
|
Total reconciling items
included in gross profit
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.2 %
|
Non-GAAP gross profit
margin
|
|
44.8 %
|
|
43.1 %
|
|
53.3 %
|
|
43.2 %
|
|
51.3 %
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
Twelve Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
December
31,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Reconciliation of
GAAP net loss attributable to Pixelworks Inc. and adjusted
EBITDA
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(3,744)
|
$
(6,999)
|
$
(1,934)
|
$
(26,176)
|
$
(16,030)
|
Stock-based
compensation
|
1,119
|
1,252
|
1,160
|
4,796
|
5,198
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
3
|
—
|
—
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
90
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(2,625)
|
$
(5,747)
|
$
(771)
|
$
(21,380)
|
$
(10,742)
|
EBITDA
adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
$
1,076
|
$
1,053
|
$
1,167
|
$
4,287
|
$
4,657
|
Non-GAAP interest
income and other, net
|
(435)
|
(471)
|
(272)
|
(2,050)
|
(700)
|
Non-GAAP provision
(benefit) for income taxes
|
39
|
158
|
(1,132)
|
357
|
(884)
|
Adjusted
EBITDA
|
$
(1,945)
|
$
(5,007)
|
$
(1,008)
|
$
(18,786)
|
$
(7,669)
|
|
|
|
|
|
|
*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)
|
|
|
December 31,
2023
|
December 31,
2022
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
47,544
|
$
56,821
|
Accounts receivable,
net
|
10,075
|
10,047
|
Inventories
|
3,968
|
1,760
|
Prepaid expenses and
other current assets
|
3,138
|
3,745
|
Total current
assets
|
64,725
|
72,373
|
Property and equipment,
net
|
5,997
|
4,632
|
Operating lease right
of use assets
|
4,725
|
3,331
|
Other assets,
net
|
2,115
|
3,580
|
Goodwill
|
18,407
|
18,407
|
Total assets
|
$
95,969
|
$
102,323
|
LIABILITIES,
REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS'
EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
2,416
|
$
3,143
|
Accrued liabilities and
current portion of long-term liabilities
|
9,692
|
8,849
|
Current portion of
income taxes payable
|
189
|
519
|
Total current
liabilities
|
12,297
|
12,511
|
Long-term liabilities,
net of current portion
|
1,373
|
1,005
|
Deposit
liability
|
13,781
|
13,537
|
Operating lease
liabilities, net of current portion
|
2,567
|
2,148
|
Income taxes payable,
net of current portion
|
939
|
872
|
Total
liabilities
|
30,957
|
30,073
|
Redeemable
non-controlling interest
|
28,214
|
28,919
|
Total Pixelworks, Inc.
shareholders' equity
|
12,541
|
32,422
|
Non-controlling
interest
|
24,257
|
10,909
|
Total shareholders'
equity
|
36,798
|
43,331
|
Total liabilities,
redeemable non-controlling interest and shareholders'
equity
|
$
95,969
|
$
102,323
|
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SOURCE Pixelworks, Inc.