Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of power
efficient visual processing solutions, today announced financial
results for the first quarter ended March 31, 2019.
First Quarter and Recent
Highlights
- Video Delivery revenue grew 64% year-over-year, and Mobile
revenue increased over 250%, including mobile-related licensing
revenue
- Recognized net gain of $3.9 million on the sale of
non-strategic patents
- Unveiled 5th generation Iris visual processor and began
pre-production sampling to multiple mobile OEMs
- Announced cooperative agreement with Qualcomm to provide a
subset of Pixelworks Iris features as a software-only solution
optimized for Snapdragon™ 855 mobile platforms
- Black Shark incorporated Iris visual processor into its newest
gaming smartphone, the Black Shark 2
- Launched TrueCut®, an end-to-end video optimization platform,
extending cinematic motion and HDR across mobile,
home-entertainment and cinema applications
- YouKu selected TrueCut as part of a multi-year marketing and
license agreement to jointly advance the ecosystem for HDR quality
video on mobile devices in China
President and CEO of Pixelworks, Todd DeBonis,
commented, “First quarter revenue of $16.6 million included strong
year-over-year growth in Video Delivery and Mobile on increased
demand for both our Iris and XCode families of processors.
Additionally, higher mobile-related licensing revenue resulted in
better than expected gross margin, contributing to quarterly EPS
being at the high-end of guidance. As anticipated, we also
successfully monetized certain non-strategic patents acquired as
part of ViXS, resulting in the recognition of a $3.9 million net
gain in the first quarter.
“Since the beginning of the year, we’ve
announced a series of new wins and strategic agreements with
industry leading customers and ecosystem partners. In addition to
sampling our new 5th generation Iris device to multiple mobile
OEMs, we also significantly expanded our visual processing product
portfolio with the introduction of Pixelworks’ first software-only
solutions for mobile applications. These included a cooperative
agreement with Qualcomm to offer our advanced display calibration
software on Snapdragon mobile platforms, as well as the launch of
Pixelworks’ TrueCut video optimization platform for cinematic
motion and HDR. In conjunction with the commercial launch of
TrueCut, we announced a multi-year marketing and license agreement
with YouKu to jointly advance the ecosystem for high-quality HDR
video on mobile devices in China.”
DeBonis concluded, “Pixelworks’ value
proposition and the growing market opportunity for our advanced
visual processing and video delivery technology are becoming
significantly more pervasive in the current ‘Golden Age’ of content
creation. Looking forward, our robust pipeline of engagements for
our chip-based solutions combined with the expanding opportunities
for our new software-only offerings are expected to contribute to
incremental wins and momentum over the course of 2019.”
First Quarter 2019 Financial
Results
Revenue in the first quarter of 2019 was $16.6
million, compared to $20.5 million in the fourth quarter of 2018
and $15.3 million in the first quarter of 2018. The year-over-year
increase in revenue reflects a combination of growth in the Video
Delivery and Mobile end markets.
On a GAAP basis, gross profit margin in the
first quarter of 2019 was 50.9%, compared to 53.1% in the fourth
quarter of 2018 and 51.0% in the first quarter of 2018. GAAP
operating expenses in the first quarter of 2019 were $11.9 million,
compared to $12.4 million in the fourth quarter of 2018 and $9.1
million in the year-ago quarter.
For the first quarter of 2019, the Company
recorded a GAAP net loss of $29,000, or ($0.00) per share, which
included a net gain of $3.9 million related to the sale of
non-strategic patents, compared to a GAAP net loss of $1.6 million,
or ($0.04) per share, in the fourth quarter of 2018 and a GAAP net
loss of $598,000, or ($0.02) per share, in the year-ago
quarter.
On a non-GAAP basis, first quarter 2019 gross
profit margin was 53.3%, compared to 55.1% in the fourth quarter of
2018 and 54.2% in the first quarter of 2018. Non-GAAP operating
expenses in the first quarter of 2019 were $10.3 million, compared
to $10.3 million in the fourth quarter of 2018 and $7.8 million in
the year-ago quarter. Operating expenses in the fourth and first
quarters of 2018 included the recognition of offsets to R&D of
approximately $220,000 and $2.0 million, respectively, related to
the Company’s since-completed co-development project with a large
digital projector customer.
For the first quarter of 2019, the Company
recorded a non-GAAP net loss of $1.6 million, or ($0.04) per share,
compared to non-GAAP net income of $1.1 million, or $0.03 per
diluted share, in the fourth quarter of 2018 and non-GAAP net
income of $38,000, or $0.00 per diluted share, in the year-ago
quarter.
Adjusted EBITDA in the first quarter of 2019 was
($464,000), compared to $1.8 million in the fourth quarter of 2018
and $1.3 million in the first quarter of 2018.
Business Outlook
For the second quarter of 2019, Pixelworks
expects revenue to be in a range of between $17.5 million and $18.5
million, reflecting anticipated seasonal growth in the Digital
Projection market and continued year-over-year momentum in the
Company’s Mobile and Video Delivery businesses. Additional guidance
will be provided as part of the Company’s earnings conference
call.
Conference Call Information
Pixelworks will host a conference call today,
May 2, 2019, at 2:00 p.m. Pacific Time, which can be accessed by
calling 1-877-359-9508 and using passcode 3885227. A Web broadcast
of the call can be accessed by visiting the Company's investor page
at www.pixelworks.com. For those unable to listen to the live Web
broadcast, it will be archived for at least 30 days. A replay of
the conference call will also be available through Thursday, May 9,
2019, and can be accessed by calling 1-855-859-2056 and using
passcode 3885227.
About Pixelworks, Inc.
Pixelworks creates, develops and markets
high-efficiency visual display processing and advanced video
delivery solutions for the highest quality display and streaming
applications. The Company has a 20-year history of delivering image
processing innovation to providers of leading-edge consumer
electronics and professional displays, as well as video delivery
and streaming solutions. The Company is headquartered in San Jose,
Calif. For more information, please visit the company’s Web site at
www.pixelworks.com.
Note: Pixelworks, the Pixelworks logo and
TrueCut are registered trademarks of Pixelworks, Inc. All other
trademarks are the property of their respective owners.
Non-GAAP Financial Measures
This earnings release makes reference to
non-GAAP gross profit margins, non-GAAP operating expenses,
non-GAAP net income (loss) and non-GAAP net income (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, restructuring expenses, gain on
extinguishment of convertible debt, and discount accretion on
convertible debt fair value 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 income
(loss) and adjusted EBITDA, which Pixelworks defines as GAAP net
income (loss) before interest income (expense) 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.
In calculating the above non-GAAP results,
management specifically adjusted for certain items related to the
acquisition of ViXS Systems, Inc., including amortization of
acquired intangible assets, and impact of inventory step up, both
related to fair valuing the items, restructuring expenses related
to a reduction in workforce and facility closure and
consolidations, gain on debt extinguishment, and accretion on
convertible debt. Management considers these items as either
limited in term or having no impact on Pixelworks’ cash flows, and
therefore has excluded such items to facilitate a review of current
operating performance and comparisons to our past operating
performance.
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 digital projection,
mobile and video delivery businesses, including market movement and
demand, customer engagements, mobile wins and the timing thereof,
growth in the mobile and video delivery markets, strategy,
seasonality, the impact of our agreement as to non-strategic
patents and additional guidance, particularly as to revenue for the
second quarter of 2019. 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, including the integration of ViXS;
competitive factors, such as rival chip architectures, introduction
or traction by competing designs, or pricing pressures; the success
of our products in expanded 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, 2018 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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
Revenue, net |
|
$ |
16,648 |
|
|
$ |
20,539 |
|
|
$ |
15,292 |
|
Cost of revenue
(1) |
|
|
8,176 |
|
|
|
9,634 |
|
|
|
7,490 |
|
Gross
profit |
|
|
8,472 |
|
|
|
10,905 |
|
|
|
7,802 |
|
Operating
expenses: |
|
|
|
|
|
|
Research
and development (2) |
|
|
6,472 |
|
|
|
6,673 |
|
|
|
4,463 |
|
Selling,
general and administrative (3) |
|
|
5,460 |
|
|
|
5,310 |
|
|
|
4,614 |
|
Restructuring |
|
|
— |
|
|
|
429 |
|
|
|
19 |
|
Total operating expenses |
|
|
11,932 |
|
|
|
12,412 |
|
|
|
9,096 |
|
Loss from operations |
|
|
(3,460 |
) |
|
|
(1,507 |
) |
|
|
(1,294 |
) |
Gain on sale of
patents |
|
|
3,905 |
|
|
|
— |
|
|
|
— |
|
Interest income
(expense) and other, net (4) |
|
|
(66 |
) |
|
|
(82 |
) |
|
|
972 |
|
Total other income (expense), net |
|
|
3,839 |
|
|
|
(82 |
) |
|
|
972 |
|
Income (loss) before income taxes |
|
|
379 |
|
|
|
(1,589 |
) |
|
|
(322 |
) |
Provision for income
taxes |
|
|
408 |
|
|
|
52 |
|
|
|
276 |
|
Net
loss |
|
$ |
(29 |
) |
|
$ |
(1,641 |
) |
|
$ |
(598 |
) |
Net loss per share -
basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
Weighted average shares
outstanding - basic and diluted |
|
|
37,247 |
|
|
|
36,736 |
|
|
|
35,183 |
|
—————— |
|
|
|
|
|
|
(1) Includes: |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
|
298 |
|
|
|
298 |
|
|
|
298 |
|
Stock-based compensation |
|
|
95 |
|
|
|
93 |
|
|
|
66 |
|
Inventory
step-up and backlog amortization |
|
|
12 |
|
|
|
17 |
|
|
|
122 |
|
(2) Includes
stock-based compensation |
|
|
661 |
|
|
|
635 |
|
|
|
595 |
|
(3) Includes: |
|
|
|
|
|
|
Stock-based compensation |
|
|
933 |
|
|
|
910 |
|
|
|
539 |
|
Amortization of acquired intangible assets |
|
|
84 |
|
|
|
101 |
|
|
|
101 |
|
(4) Includes: |
|
|
|
|
|
|
Gain on
debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(1,272 |
) |
Discount
accretion on convertible debt fair value |
|
|
— |
|
|
|
— |
|
|
|
69 |
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
Reconciliation of
GAAP and non-GAAP gross profit |
|
|
|
|
|
|
GAAP gross profit |
|
$ |
8,472 |
|
|
$ |
10,905 |
|
|
$ |
7,802 |
|
Amortization of
acquired intangible assets |
|
|
298 |
|
|
|
298 |
|
|
|
298 |
|
Stock-based
compensation |
|
|
95 |
|
|
|
93 |
|
|
|
66 |
|
Inventory step-up and
backlog amortization |
|
|
12 |
|
|
|
17 |
|
|
|
122 |
|
Total
reconciling items included in gross profit |
|
|
405 |
|
|
|
408 |
|
|
|
486 |
|
Non-GAAP gross
profit |
|
$ |
8,877 |
|
|
$ |
11,313 |
|
|
$ |
8,288 |
|
Non-GAAP gross profit
margin |
|
|
53.3 |
% |
|
|
55.1 |
% |
|
|
54.2 |
% |
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP operating expenses |
|
|
|
|
|
|
GAAP operating
expenses |
|
$ |
11,932 |
|
|
$ |
12,412 |
|
|
$ |
9,096 |
|
Reconciling item
included in research and development: |
|
|
|
|
|
|
Stock-based compensation |
|
|
661 |
|
|
|
635 |
|
|
|
595 |
|
Reconciling items
included in selling, general and administrative: |
|
|
|
|
|
|
Stock-based compensation |
|
|
933 |
|
|
|
910 |
|
|
|
539 |
|
Amortization of acquired intangible assets |
|
|
84 |
|
|
|
101 |
|
|
|
101 |
|
Restructuring |
|
|
— |
|
|
|
429 |
|
|
|
19 |
|
Total
reconciling items included in operating expenses |
|
|
1,678 |
|
|
|
2,075 |
|
|
|
1,254 |
|
Non-GAAP operating
expenses |
|
$ |
10,254 |
|
|
$ |
10,337 |
|
|
$ |
7,842 |
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP net income (loss) |
|
|
|
|
|
|
GAAP net loss |
|
$ |
(29 |
) |
|
$ |
(1,641 |
) |
|
$ |
(598 |
) |
Reconciling items
included in gross profit |
|
|
405 |
|
|
|
408 |
|
|
|
486 |
|
Reconciling items
included in operating expenses |
|
|
1,678 |
|
|
|
2,075 |
|
|
|
1,254 |
|
Reconciling items
included in total other income (expense), net |
|
|
(3,905 |
) |
|
|
— |
|
|
|
(1,203 |
) |
Tax effect of non-GAAP
adjustments |
|
|
219 |
|
|
|
237 |
|
|
|
99 |
|
Non-GAAP net income
(loss) |
|
$ |
(1,632 |
) |
|
$ |
1,079 |
|
|
$ |
38 |
|
Non-GAAP net income
(loss) per share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
0.00 |
|
Diluted |
|
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
0.00 |
|
Non-GAAP weighted
average shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
37,247 |
|
|
|
36,736 |
|
|
|
35,183 |
|
Diluted |
|
|
37,247 |
|
|
|
38,320 |
|
|
|
37,306 |
|
|
|
|
|
|
|
|
*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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
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 loss |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
Reconciling items
included in gross profit |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Reconciling items
included in operating expenses |
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Reconciling items
included in total other income (expense), net |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.03 |
) |
Tax effect of non-GAAP
adjustments |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net income
(loss) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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, |
|
|
2019 |
|
2018 |
|
2018 |
Reconciliation of
GAAP and non-GAAP gross profit margin |
|
|
|
|
|
|
GAAP gross profit
margin |
|
50.9 |
% |
|
53.1 |
% |
|
51.0 |
% |
Amortization of
acquired intangible assets |
|
1.8 |
% |
|
1.5 |
% |
|
1.9 |
% |
Stock-based
compensation |
|
0.6 |
% |
|
0.5 |
% |
|
0.4 |
% |
Inventory step-up and
backlog amortization |
|
0.1 |
% |
|
0.1 |
% |
|
0.8 |
% |
Total
reconciling items included in gross profit |
|
2.4 |
% |
|
2.0 |
% |
|
3.2 |
% |
Non-GAAP gross profit
margin |
|
53.3 |
% |
|
55.1 |
% |
|
54.2 |
% |
|
|
|
|
|
|
|
*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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
Reconciliation
of GAAP net loss and adjusted EBITDA |
|
|
|
|
|
|
GAAP net loss |
|
$ |
(29 |
) |
|
$ |
(1,641 |
) |
|
$ |
(598 |
) |
Gain on sale of
patents |
|
|
(3,905 |
) |
|
|
— |
|
|
|
— |
|
Stock-based
compensation |
|
|
1,689 |
|
|
|
1,638 |
|
|
|
1,200 |
|
Amortization of
acquired intangible assets |
|
|
382 |
|
|
|
399 |
|
|
|
399 |
|
Tax effect of non-GAAP
adjustments |
|
|
219 |
|
|
|
237 |
|
|
|
99 |
|
Inventory step-up and
backlog amortization |
|
|
12 |
|
|
|
17 |
|
|
|
122 |
|
Restructuring |
|
|
— |
|
|
|
429 |
|
|
|
19 |
|
Gain on debt
extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(1,272 |
) |
Discount accretion on
convertible debt fair value |
|
|
— |
|
|
|
— |
|
|
|
69 |
|
Non-GAAP net income
(loss) |
|
$ |
(1,632 |
) |
|
$ |
1,079 |
|
|
$ |
38 |
|
EBITDA
adjustments: |
|
|
|
|
|
|
Depreciation and
amortization |
|
$ |
913 |
|
|
$ |
873 |
|
|
$ |
826 |
|
Interest expense and
other, net |
|
|
66 |
|
|
|
82 |
|
|
|
231 |
|
Non-GAAP provision
(benefit) for income taxes |
|
|
189 |
|
|
|
(185 |
) |
|
|
177 |
|
Adjusted EBITDA |
|
$ |
(464 |
) |
|
$ |
1,849 |
|
|
$ |
1,272 |
|
|
|
|
|
|
|
|
*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, 2019 |
|
December 31,
2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
17,346 |
|
$ |
17,944 |
Short-term
marketable securities |
|
6,566 |
|
|
6,069 |
Accounts
receivable, net |
|
5,853 |
|
|
6,982 |
Inventories |
|
3,018 |
|
|
2,954 |
Prepaid
expenses and other current assets |
|
2,828 |
|
|
1,494 |
Total
current assets |
|
35,611 |
|
|
35,443 |
Property and equipment,
net |
|
5,409 |
|
|
6,151 |
Operating lease right of
use assets |
|
5,658 |
|
|
— |
Other assets, net |
|
1,700 |
|
|
1,132 |
Acquired intangible
assets, net |
|
3,826 |
|
|
4,208 |
Goodwill |
|
18,407 |
|
|
18,407 |
Total
assets |
$ |
70,611 |
|
$ |
65,341 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts
payable |
$ |
2,647 |
|
$ |
2,116 |
Accrued
liabilities and current portion of long-term liabilities |
|
13,780 |
|
|
14,823 |
Current
portion of income taxes payable |
|
440 |
|
|
263 |
Total
current liabilities |
|
16,867 |
|
|
17,202 |
Long-term liabilities, net
of current portion |
|
700 |
|
|
1,017 |
Operating lease
liabilities, net of current portion |
|
3,900 |
|
|
— |
Income taxes payable, net
of current portion |
|
2,342 |
|
|
2,299 |
Total
liabilities |
|
23,809 |
|
|
20,518 |
Shareholders’ equity |
|
46,802 |
|
|
44,823 |
Total
liabilities and shareholders’ equity |
$ |
70,611 |
|
$ |
65,341 |
|
|
|
|
Contacts:Investor ContactShelton Group Brett
PerryP: +1-214-272-0070 E: bperry@sheltongroup.com
Company ContactPixelworks, Inc.Steven MooreP:
+1-408-200-9221E: smoore@pixelworks.com
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