Total Revenue Increased 18% Sequentially,
Driven by Record Quarterly Mobile Revenue
Anticipates 25% Sequential Growth in Fourth
Quarter at Midpoint
PORTLAND, Ore., Nov. 7, 2023
/PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider
of innovative video and display processing solutions, today
announced financial results for the third quarter ended
September 30, 2023.
Third Quarter and Recent Highlights
- Total revenue increased 18% sequentially, in line with
previously announced preliminary results
- Mobile revenue increased 20% sequentially and 37%
year-over-year, reaching a record 52% of total revenue
- Home and Enterprise revenue increased 16% sequentially,
reflecting seasonal upside in the projector market
- Hosted well attended inaugural Mobile Visual Computing Event in
Shenzhen, China, highlighted by
the unveiling of Pixelworks' latest X7 Gen 2 mobile visual
processor
- OPPO affiliate, realme, launched the realme GT5 smartphone with
Pixelworks the X7 visual processor, featuring ultra-low latency
MotionEngine®(MEMC), low power super-resolution and always-on
HDR
- Xiaomi's Redmi K60 Ultra and the OnePlus Ace2 Pro flagship
smartphones were each formally launched incorporating both
Pixelworks' X7 visual processor and unique IRX Gaming Experience
device certification
- Partnered with leading game developer NetEase to integrate
Pixelworks' Rendering Accelerator SDK in the flagship mobile game,
Revelation Mobile, enabling exceptional 120fps visual gaming
experience
- Announced collaboration with Perfect World Games and the
integration of Pixelworks' Rendering Accelerator SDK in Persona
5: The Phantom X ("P5X"), enhancing the game's visual display
and immersive experience
- Recognized with 'Supplier of the Year' award by Seiko Epson for Pixelworks' reliable performance
and timely fulfillment of order demand during the recent
semiconductor and projector component supply shortages
"Consistent with our announced preliminary third quarter
revenue, we delivered solid third quarter results driven by
continued sequential growth and record revenue in our mobile
business as well as seasonally stronger demand in the home and
enterprise market," stated Todd
DeBonis, President and CEO of Pixelworks. "Concurrent with
mobile growing to represent 52% of total revenue, our initial
actions to pass through previously absorbed supplier costs more
broadly across our end markets contributed to gross margin
expanding by 260-basis points sequentially.
"During the quarter, we received very positive responses to our
newly introduced IRX gaming experience branding and certification
program. The launch of the first IRX-certified smartphone models
was well received by the market, with demand for multiple phones
exceeding customers' expected unit volumes. We also continued to
execute on our strategy to facilitate a cooperative mobile gaming
ecosystem, and today we are engaged in ongoing collaborations with
three of the top global gaming studios. More recently, we completed
two notable milestones with the formal launch of our latest X7 Gen
2 visual processor as part of the first Pixelworks-hosted Mobile
Visual Computing event. Unique to the X7 Gen 2 processor is the
incorporation of our internally developed AI-based super
resolution, which dramatically improves image rendering efficiency.
The first customer smartphone featuring our newest mobile processor
is scheduled to be launched early next year.
"Despite recently heightened macro uncertainty, including
indications of weaker global demand and a slower ongoing recovery
in China, we remain confident
about near-term outlook for sustained mobile growth and overall
margin expansion. Our current order backlog for mobile visual
processors fully supports achieving continued double-digit
sequential growth in mobile as well as year-over-year top-line
growth in the fourth quarter."
Third Quarter Fiscal 2023 Financial Results
Revenue in the third quarter of 2023 was $16.0 million, compared to $13.6 million in the second quarter of 2023 and
$17.6 million in the third quarter of
2022. The sequential increase in quarterly revenue was driven by
strong continued growth in Pixelworks' mobile business as well as
seasonally higher demand in the home and enterprise market. The
year-over-year decline in third quarter revenue primarily reflected
lower revenue contribution from the Company's home and enterprise
business, which was partly offset by strong growth and record
revenue contribution in the mobile market.
On a GAAP basis, gross profit margin in the third quarter of
2023 was 42.9%, compared to 40.3% in the second quarter of 2023 and
50.1% in the third quarter of 2022. Third quarter 2023 GAAP
operating expenses were $14.5
million, compared to $12.0
million in the second quarter of 2023 and $13.5 million in the year-ago quarter.
On a non-GAAP basis, third quarter 2023 gross profit margin was
43.1%, compared to 40.5% in the second quarter of 2023 and 49.8% in
the year-ago quarter. Third quarter 2023 non-GAAP operating
expenses were $13.3 million, compared
to $10.7 million in the second
quarter of 2023 and $12.2 million in
the year-ago quarter.
For the third quarter of 2023, the Company recorded a GAAP net
loss of $7.0 million, or ($0.12) per share, compared to a GAAP net loss of
$6.0 million, or ($0.11) per share, in the second quarter of 2023,
and a GAAP net loss of $4.5 million,
or ($0.08) per share, in the year-ago
quarter. Note, the Company refers to "net loss attributable to
Pixelworks, Inc." as "net loss".
For the third quarter of 2023, the Company recorded a non-GAAP
net loss of $5.7 million, or
($0.10) per share, compared to a
non-GAAP net loss of $4.8 million, or
($0.09) per share, in the second
quarter of 2023, and a non-GAAP net loss of $3.2 million, or ($0.06) per share, in the third quarter of
2022.
Adjusted EBITDA in the third quarter of 2023 was a negative
$5.0 million, compared to a negative
$4.0 million in the second quarter of
2023 and a negative $2.1 million in
the year-ago quarter.
Cash and cash equivalents at the end of the third quarter of
2023 were $50.3 million, compared to
$54.5 million at the end of the
second quarter of 2023 and $57.6
million at the end of the third quarter of 2022.
Business Outlook
The Company's current business outlook, including guidance for
the fourth quarter of 2023, will be discussed as part of the
scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, November 7, 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, MotionEngine 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 market conditions for our
products, particularly for the smartphone market, and about
anticipated launch dates. 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 and into
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; and our limited financial resources;
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
|
Nine Months
Ended
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
September
30,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Revenue, net
|
$
16,032
|
$
13,605
|
$
17,552
|
$
39,603
|
$
53,258
|
Cost of revenue
(1)
|
9,150
|
8,121
|
8,756
|
22,870
|
26,351
|
Gross profit
|
6,882
|
5,484
|
8,796
|
16,733
|
26,907
|
Operating
expenses:
|
|
|
|
|
|
Research and
development (2)
|
8,752
|
6,507
|
8,445
|
23,925
|
24,126
|
Selling, general and
administrative (3)
|
5,776
|
5,468
|
5,082
|
17,316
|
16,590
|
Total operating
expenses
|
14,528
|
11,975
|
13,527
|
41,241
|
40,716
|
Loss from
operations
|
(7,646)
|
(6,491)
|
(4,731)
|
(24,508)
|
(13,809)
|
Interest income and
other, net
|
471
|
473
|
165
|
1,615
|
428
|
Loss before income
taxes
|
(7,175)
|
(6,018)
|
(4,566)
|
(22,893)
|
(13,381)
|
Provision
(benefit) for income taxes
|
158
|
126
|
(70)
|
318
|
245
|
Net loss
|
(7,333)
|
(6,144)
|
(4,496)
|
(23,211)
|
(13,626)
|
Less: Net (income) loss
attributable to non-controlling
interests and redeemable non-controlling interest
|
334
|
107
|
—
|
779
|
(470)
|
Net loss attributable
to Pixelworks Inc.
|
$
(6,999)
|
$
(6,037)
|
$
(4,496)
|
$
(22,432)
|
$
(14,096)
|
Net loss attributable
to Pixelworks Inc. per share - basic and diluted
|
$
(0.12)
|
$
(0.11)
|
$
(0.08)
|
$
(0.40)
|
$
(0.26)
|
Weighted average shares
outstanding - basic and diluted
|
56,410
|
55,917
|
54,826
|
55,917
|
54,120
|
——————
|
|
|
|
|
|
(1)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
21
|
22
|
(47)
|
67
|
20
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
(2) Includes
stock-based compensation
|
452
|
527
|
565
|
1,470
|
1,795
|
(3)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
779
|
710
|
776
|
2,140
|
2,223
|
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
|
Nine Months
Ended
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
September
30,
|
|
2023
|
2023
|
2022
|
2023
|
2022
|
Reconciliation of
GAAP and non-GAAP gross profit
|
|
|
|
|
|
GAAP gross
profit
|
$
6,882
|
$
5,484
|
$
8,796
|
$
16,733
|
$
26,907
|
Stock-based
compensation
|
21
|
22
|
(47)
|
67
|
20
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
72
|
Total reconciling items
included in gross profit
|
21
|
22
|
(47)
|
67
|
92
|
Non-GAAP gross
profit
|
$
6,903
|
$
5,506
|
$
8,749
|
$
16,800
|
$
26,999
|
Non-GAAP gross profit
margin
|
43.1 %
|
40.5 %
|
49.8 %
|
42.4 %
|
50.7 %
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP operating expenses
|
|
|
|
|
|
GAAP operating
expenses
|
$
14,528
|
$
11,975
|
$
13,527
|
$
41,241
|
$
40,716
|
Reconciling item
included in research and development:
|
|
|
|
|
|
Stock-based
compensation
|
452
|
527
|
565
|
1,470
|
1,795
|
Reconciling items
included in selling, general and administrative:
|
|
|
|
|
|
Stock-based
compensation
|
779
|
710
|
776
|
2,140
|
2,223
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
18
|
Total reconciling items
included in operating expenses
|
1,231
|
1,237
|
1,341
|
3,610
|
4,036
|
Non-GAAP operating
expenses
|
$
13,297
|
$
10,738
|
$
12,186
|
$
37,631
|
$
36,680
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP net loss attributable to Pixelworks,
Inc.
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(6,999)
|
$
(6,037)
|
$
(4,496)
|
$
(22,432)
|
$
(14,096)
|
Reconciling items
included in gross profit
|
21
|
22
|
(47)
|
67
|
92
|
Reconciling items
included in operating expenses
|
1,231
|
1,237
|
1,341
|
3,610
|
4,036
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
1
|
—
|
(3)
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(5,747)
|
$
(4,778)
|
$
(3,201)
|
$
(18,755)
|
$
(9,971)
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to Pixelworks Inc. per share - basic and
diluted
|
$
(0.10)
|
$
(0.09)
|
$
(0.06)
|
$
(0.34)
|
$
(0.18)
|
|
|
|
|
|
|
Non-GAAP weighted
average shares outstanding - basic and diluted
|
56,410
|
55,917
|
54,826
|
55,917
|
54,120
|
|
|
|
|
|
|
*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
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
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.
|
|
$
(0.12)
|
|
$
(0.12)
|
|
$
(0.11)
|
|
$
(0.11)
|
|
$
(0.08)
|
|
$
(0.08)
|
|
$
(0.40)
|
|
$
(0.40)
|
|
$
(0.26)
|
|
$
(0.26)
|
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
|
|
0.06
|
|
0.06
|
|
0.07
|
|
0.07
|
Non-GAAP net loss
attributable to
Pixelworks Inc.
|
|
$
(0.10)
|
|
$
(0.10)
|
|
$
(0.09)
|
|
$
(0.09)
|
|
$
(0.06)
|
|
$
(0.06)
|
|
$
(0.34)
|
|
$
(0.34)
|
|
$
(0.18)
|
|
$
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
GAAP and non-GAAP gross profit margin
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
margin
|
|
42.9 %
|
|
40.3 %
|
|
50.1 %
|
|
42.3 %
|
|
50.5 %
|
Stock-based
compensation
|
|
0.1 %
|
|
0.2 %
|
|
(0.3) %
|
|
0.2 %
|
|
0.0 %
|
Amortization of
acquired intangible assets
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.1 %
|
Total reconciling items
included in gross profit
|
|
0.1 %
|
|
0.2 %
|
|
(0.3) %
|
|
0.2 %
|
|
0.2 %
|
Non-GAAP gross profit
margin
|
|
43.1 %
|
|
40.5 %
|
|
49.8 %
|
|
42.4 %
|
|
50.7 %
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
Nine Months
Ended
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
September
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.
|
$
(6,999)
|
$
(6,037)
|
$
(4,496)
|
$
(22,432)
|
$
(14,096)
|
Stock-based
compensation
|
1,252
|
1,259
|
1,294
|
3,677
|
4,038
|
Tax effect of non-GAAP
adjustments
|
—
|
—
|
1
|
—
|
(3)
|
Amortization of
acquired intangible assets
|
—
|
—
|
—
|
—
|
90
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(5,747)
|
$
(4,778)
|
$
(3,201)
|
$
(18,755)
|
$
(9,971)
|
EBITDA
adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
$
1,053
|
$
1,077
|
$
1,324
|
$
3,211
|
$
3,490
|
Non-GAAP interest
income and other, net
|
(471)
|
(473)
|
(165)
|
(1,615)
|
(428)
|
Non-GAAP provision
(benefit) for income taxes
|
158
|
126
|
(71)
|
318
|
248
|
Adjusted
EBITDA
|
$
(5,007)
|
$
(4,048)
|
$
(2,113)
|
$
(16,841)
|
$
(6,661)
|
|
|
|
|
|
|
*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)
|
|
September
30,
2023
|
December 31,
2022
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
50,318
|
$
56,821
|
Accounts receivable,
net
|
10,165
|
10,047
|
Inventories
|
5,905
|
1,760
|
Prepaid expenses and
other current assets
|
2,307
|
3,745
|
Total current
assets
|
68,695
|
72,373
|
Property and equipment,
net
|
6,562
|
4,632
|
Operating lease right
of use assets
|
5,365
|
3,331
|
Other assets,
net
|
2,145
|
3,580
|
Goodwill
|
18,407
|
18,407
|
Total assets
|
$
101,174
|
$
102,323
|
LIABILITIES,
REDEEMABLE NON-CONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
4,356
|
$
3,143
|
Accrued liabilities and
current portion of long-term liabilities
|
10,203
|
8,849
|
Current portion of
income taxes payable
|
138
|
519
|
Total current
liabilities
|
14,697
|
12,511
|
Long-term liabilities,
net of current portion
|
1,645
|
1,005
|
Deposit
liability
|
13,227
|
13,537
|
Operating lease
liabilities, net of current portion
|
3,043
|
2,148
|
Income taxes payable,
net of current portion
|
951
|
872
|
Total
liabilities
|
33,563
|
30,073
|
Redeemable
non-controlling interest
|
27,398
|
28,919
|
Total Pixelworks, Inc.
shareholders' equity
|
16,227
|
32,422
|
Non-controlling
interest
|
23,986
|
10,909
|
Total shareholders'
equity
|
40,213
|
43,331
|
Total liabilities,
redeemable non-controlling interest and shareholders'
equity
|
$
101,174
|
$
102,323
|
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SOURCE Pixelworks, Inc.