PORTLAND, Ore., Feb. 12,
2025 /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,
2024.
Fourth Quarter and Recent Highlights
- Total revenue of $9.1 million,
with revenue from the home & enterprise market increasing 14%
sequentially and 5% year-over-year
- Pixelworks Shanghai subsidiary awarded $1.8 million in cash subsidies associated with
its previous certification and ongoing participation in
China's "Little Giant"
program
- vivo launched the iQOO Z9 Turbo L smartphone incorporating
Pixelworks' X5 Turbo visual processor, enabling optimized
high-frame-rate gaming with reduced power consumption to the
mid-tier device market
- Pixelworks continued to advance its in-depth review of
potential strategic options related to inbound interest in the
Company's Pixelworks Shanghai subsidiary
"Fourth quarter results reflected our expectations, with all
financial metrics being within or better than our guided range,"
stated Todd DeBonis, President and
CEO of Pixelworks. "Revenue from the home and enterprise market
increased sequentially and year-over-year, helping to partially
offset the anticipated product transition in our mobile business.
Gross margin expanded for the fourth consecutive quarter to nearly
55%, and our previously implemented cost reduction actions
contributed to achieving meaningfully lower operating expenses for
the quarter.
"During the fourth quarter and entering 2025, we have remained
focused on positioning for a return to growth in our mobile
business. We continue to be engaged on multiple customer programs
to utilize our latest mobile visual processor solutions in new
smartphone models targeted for launch this year. These program
engagements include opportunities with our new cost-down visual
processor solution targeting mid- and entry-level smartphones,
representing expansion of our served target markets. We expect the
start of renewed mobile growth in the first quarter, followed by an
accelerating ramp of production shipments beginning in the second
quarter. We are also encouraged by the growing mindshare and
engagement activity with our TrueCut Motion platform and believe we
are poised to demonstrate further ecosystem and commercial traction
in 2025.
"In summary, we've made significant progress on reducing our
overall cost structure, and we plan to further these efforts during
the first half of 2025 as we simultaneously continue to execute on
and deliver renewed growth in mobile. Together with multiple newly
targeted revenue opportunities, including customer engagements for
ASIC design services as well as IP licensing, we
believe that our Pixelworks Shanghai subsidiary is on a clear path
to achieve profitability for the full year 2025."
Fourth Quarter and Fiscal Year 2024 Financial Results
Revenue in the fourth quarter of 2024 was $9.1 million, compared to $9.5 million in the third quarter of 2024 and
$20.1 million in the fourth quarter
of 2023. The sequential and year-over-year decrease in fourth
quarter revenue was driven by lower sales in the Company's mobile
business, partially offset by increased sales in the home and
enterprise market. For the full year 2024, total revenue was
$43.2 million compared to
$59.7 million in 2023. The
year-over-year decrease primarily reflected lower revenue
contribution from the Company's mobile business.
On a GAAP basis, gross profit margin in the fourth quarter of
2024 was 54.6%, compared to 51.2% in the third quarter of 2024 and
44.7% in the fourth quarter of 2023. GAAP gross profit margin for
the full year 2024 was 51.6% compared to 43.1% in the prior year.
Fourth quarter 2024 GAAP operating expenses were $11.5 million, compared to $13.5 million in the third quarter of 2024 and
$13.1 million in the year-ago
quarter. For the full year 2024, GAAP operating expenses were
$53.6 million compared to
$54.3 million in the prior year.
On a non-GAAP basis, fourth quarter 2024 gross profit margin was
54.8%, compared to 51.3% in the third quarter of 2024 and 44.8% in
the year-ago quarter. Non-GAAP gross profit margin for the full
year 2024 was 51.7% compared to 43.2% in the prior year. Fourth
quarter 2024 non-GAAP operating expenses were $10.4 million, compared to $12.4 million in the third quarter of 2024 and
$12.0 million in the year-ago
quarter. Non-GAAP operating expenses for the full year 2024 were
$48.1 million compared to
$49.6 million in the prior year.
For the fourth quarter of 2024, the Company recorded a GAAP net
loss of $5.4 million, or ($0.09) per share, compared to a GAAP net loss of
$8.1 million, or ($0.14) per share, in the third quarter of 2024,
and a GAAP net loss of $3.7 million,
or ($0.07) per share, in the year-ago
quarter. GAAP net loss for the full year 2024 was $28.7 million, or ($0.49) per share, compared to a net loss
$26.2 million, or ($0.47) 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 2024, the Company recorded a non-GAAP
net loss of $4.3 million, or
($0.07) per share, compared to a
non-GAAP net loss of $7.1 million, or
($0.12) per share, in the third
quarter of 2024, and a non-GAAP net loss of $2.6 million, or ($0.05) per share, in the fourth quarter of 2023.
For the full year 2024, non-GAAP net loss was $23.1 million, or ($0.40) per share, compared to a non-GAAP net
loss of $21.4 million, or
($0.38) per share, in the prior
year.
Adjusted EBITDA in the fourth quarter of 2024 was a negative
$3.6 million, compared to a negative
$6.3 million in the third quarter of
2024 and a negative $1.9 million in
the year-ago quarter. For the full year 2024, adjusted EBITDA was a
negative $20.1 million compared to a
negative $18.8 million in the prior
year.
Business Outlook
The Company's current business outlook, including guidance for
the first quarter of 2025, will be discussed as part of the
scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, February 12, 2025, at 2:00
p.m. Pacific Time. Analysts and investors are invited to
join the Company's conference call using the following
information:
Fourth Quarter and Fiscal 2024 Conference Call
Date:
Wednesday, February 12,
2025
Time: 2:00 p.m.
Pacific Time (5:00 p.m. Eastern
Time)
Live Webcast Link: Click Here
Dial-in Participation Registration Link: Click Here
Advanced registration is required for dial-in participants.
Please complete the linked registration form above to receive a
dial-in number and dedicated PIN for accessing the conference call
by phone. A live and archived audio webcast of the conference call
will also be accessible via the investors section of Pixelworks'
website: www.pixelworks.com.
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, 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 stock-based compensation
expense and restructuring expense which are both 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 before interest income and other, net,
income tax provision, 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 management 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
adoption rates for our mobile visual processor solutions, expected
traction for and ramping of production of our mobile products,
launch dates of any mobile product, continued adoption of our
TrueCut Motion platform, expected revenue from ASIC
design services and IP licensing, results of cost savings, and
expected path to profitability for Pixelworks Shanghai. 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 of TrueCut
Motion platform; the actual performance of the smartphone
market; 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 new or 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, 2023, 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,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Revenue, net
|
$
9,090
|
$
9,527
|
$
20,074
|
$
43,206
|
$
59,677
|
Cost of revenue
(1)
|
4,124
|
4,648
|
11,098
|
20,921
|
33,968
|
Gross profit
|
4,966
|
4,879
|
8,976
|
22,285
|
25,709
|
Operating
expenses:
|
|
|
|
|
|
Research and
development (2)
|
6,916
|
8,405
|
6,953
|
31,337
|
30,878
|
Selling, general and
administrative (3)
|
4,425
|
5,016
|
6,151
|
20,697
|
23,467
|
Restructuring
|
115
|
90
|
—
|
1,608
|
—
|
Total operating
expenses
|
11,456
|
13,511
|
13,104
|
53,642
|
54,345
|
Loss from
operations
|
(6,490)
|
(8,632)
|
(4,128)
|
(31,357)
|
(28,636)
|
Government subsidies
received
|
1,100
|
—
|
—
|
1,100
|
—
|
Interest income and
other, net
|
141
|
296
|
435
|
1,198
|
2,050
|
Total other income,
net
|
1,241
|
296
|
435
|
2,298
|
2,050
|
Loss before income
taxes
|
(5,249)
|
(8,336)
|
(3,693)
|
(29,059)
|
(26,586)
|
Provision for income
taxes
|
216
|
125
|
39
|
478
|
357
|
Net loss
|
(5,465)
|
(8,461)
|
(3,732)
|
(29,537)
|
(26,943)
|
Less: Net (income)
loss attributable to non-controlling interests and redeemable
non-controlling interests
|
102
|
320
|
(12)
|
818
|
767
|
Net loss attributable
to Pixelworks Inc.
|
$
(5,363)
|
$
(8,141)
|
$
(3,744)
|
$
(28,719)
|
$
(26,176)
|
Net loss attributable
to Pixelworks Inc. per share - basic and diluted
|
$
(0.09)
|
$
(0.14)
|
$
(0.07)
|
$
(0.49)
|
$
(0.47)
|
Weighted average shares
outstanding - basic and diluted
|
59,228
|
58,717
|
56,895
|
58,395
|
56,163
|
____________
|
|
|
|
|
|
(1)
Includes:
|
|
|
|
|
|
Stock-based
compensation
|
12
|
13
|
22
|
53
|
89
|
Restructuring
|
—
|
—
|
—
|
16
|
—
|
(2) Includes
stock-based compensation
|
266
|
327
|
396
|
1,239
|
1,866
|
(3) Includes
stock-based compensation
|
638
|
702
|
701
|
2,666
|
2,841
|
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,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Reconciliation of
GAAP and non-GAAP gross profit
|
|
|
|
|
|
GAAP gross
profit
|
$
4,966
|
$
4,879
|
$
8,976
|
$
22,285
|
$
25,709
|
Stock-based
compensation
|
12
|
13
|
22
|
53
|
89
|
Restructuring
|
—
|
—
|
—
|
16
|
—
|
Total reconciling items
included in gross profit
|
12
|
13
|
22
|
69
|
89
|
Non-GAAP gross
profit
|
$
4,978
|
$
4,892
|
$
8,998
|
$
22,354
|
$
25,798
|
Non-GAAP gross profit
margin
|
54.8 %
|
51.3 %
|
44.8 %
|
51.7 %
|
43.2 %
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP operating expenses
|
|
|
|
|
|
GAAP operating
expenses
|
$
11,456
|
$
13,511
|
$
13,104
|
$
53,642
|
$
54,345
|
Reconciling item
included in research and development:
|
|
|
|
|
|
Stock-based
compensation
|
266
|
327
|
396
|
1,239
|
1,866
|
Reconciling items
included in selling, general and administrative:
|
|
|
|
|
|
Stock-based
compensation
|
638
|
702
|
701
|
2,666
|
2,841
|
Restructuring
|
115
|
90
|
—
|
1,608
|
—
|
Total reconciling items
included in operating expenses
|
1,019
|
1,119
|
1,097
|
5,513
|
4,707
|
Non-GAAP operating
expenses
|
$
10,437
|
$
12,392
|
$
12,007
|
$
48,129
|
$
49,638
|
|
|
|
|
|
|
Reconciliation of
GAAP and non-GAAP net loss attributable to Pixelworks,
Inc.
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(5,363)
|
$
(8,141)
|
$
(3,744)
|
$
(28,719)
|
$
(26,176)
|
Reconciling items
included in gross profit
|
12
|
13
|
22
|
69
|
89
|
Reconciling items
included in operating expenses
|
1,019
|
1,119
|
1,097
|
5,513
|
4,707
|
Tax effect of non-GAAP
adjustments
|
—
|
(74)
|
—
|
—
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(4,332)
|
$
(7,083)
|
$
(2,625)
|
$
(23,137)
|
$
(21,380)
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to Pixelworks Inc. per share - basic and
diluted
|
$
(0.07)
|
$
(0.12)
|
$
(0.05)
|
$
(0.40)
|
$
(0.38)
|
|
|
|
|
|
|
Non-GAAP weighted
average shares outstanding - basic and diluted
|
59,228
|
58,717
|
56,895
|
58,395
|
56,163
|
|
|
|
|
|
|
*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 NET LOSS 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,
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
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.
|
|
|
$
(0.09)
|
|
$
(0.09)
|
|
$
(0.14)
|
|
$
(0.14)
|
|
$
(0.07)
|
|
$
(0.07)
|
|
$
(0.49)
|
|
$
(0.49)
|
|
$
(0.47)
|
|
$
(0.47)
|
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
|
|
0.09
|
|
0.09
|
|
0.08
|
|
0.08
|
Tax effect of non-GAAP
adjustments
|
|
|
—
|
|
—
|
|
(0.00)
|
|
(0.00)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$
(0.07)
|
|
$
(0.07)
|
|
$
(0.12)
|
|
$
(0.12)
|
|
$
(0.05)
|
|
$
(0.05)
|
|
$
(0.40)
|
|
$
(0.40)
|
|
$
(0.38)
|
|
$
(0.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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,
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Reconciliation of
GAAP and non-GAAP gross profit margin
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
margin
|
|
54.6 %
|
|
51.2 %
|
|
44.7 %
|
|
51.6 %
|
|
43.1 %
|
Stock-based
compensation
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
Restructuring
|
|
— %
|
|
— %
|
|
— %
|
|
0.0 %
|
|
— %
|
Total reconciling items
included in gross profit
|
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
0.2 %
|
|
0.1 %
|
Non-GAAP gross profit
margin
|
|
54.8 %
|
|
51.3 %
|
|
44.8 %
|
|
51.7 %
|
|
43.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
Twelve Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
December
31,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Reconciliation of
GAAP net loss attributable to Pixelworks Inc. and adjusted
EBITDA
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(5,363)
|
$
(8,141)
|
$
(3,744)
|
$
(28,719)
|
$
(26,176)
|
Stock-based
compensation
|
916
|
1,042
|
1,119
|
3,958
|
4,796
|
Restructuring
|
115
|
90
|
—
|
1,624
|
—
|
Tax effect of non-GAAP
adjustments
|
—
|
(74)
|
—
|
—
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(4,332)
|
$
(7,083)
|
$
(2,625)
|
$
(23,137)
|
$
(21,380)
|
EBITDA
adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
$
691
|
$
920
|
$
1,076
|
$
3,779
|
$
4,287
|
Interest income and
other, net
|
(141)
|
(296)
|
(435)
|
(1,198)
|
(2,050)
|
Non-GAAP provision for
income taxes
|
216
|
199
|
39
|
478
|
357
|
Adjusted
EBITDA
|
$
(3,566)
|
$
(6,260)
|
$
(1,945)
|
$
(20,078)
|
$
(18,786)
|
|
|
|
|
|
|
*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,
2024
|
December 31,
2023
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
23,647
|
$
47,544
|
Accounts receivable,
net
|
5,804
|
10,075
|
Inventories
|
4,210
|
3,968
|
Prepaid expenses and
other current assets
|
1,191
|
3,138
|
Total current
assets
|
34,852
|
64,725
|
Property and equipment,
net
|
6,500
|
5,997
|
Operating lease right
of use assets
|
3,368
|
4,725
|
Other assets,
net
|
945
|
2,115
|
Goodwill
|
18,407
|
18,407
|
Total assets
|
$
64,072
|
$
95,969
|
LIABILITIES,
REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS'
EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
1,400
|
$
2,416
|
Accrued liabilities and
current portion of long-term liabilities
|
6,581
|
9,692
|
Current portion of
income taxes payable
|
365
|
189
|
Total current
liabilities
|
8,346
|
12,297
|
Long-term liabilities,
net of current portion
|
375
|
1,373
|
Deposit
liability
|
13,109
|
13,781
|
Operating lease
liabilities, net of current portion
|
1,450
|
2,567
|
Income taxes payable,
net of current portion
|
914
|
939
|
Total
liabilities
|
24,194
|
30,957
|
Redeemable
non-controlling interest
|
27,396
|
28,214
|
Total Pixelworks, Inc.
shareholders' equity
|
(10,568)
|
12,541
|
Non-controlling
interest
|
23,050
|
24,257
|
Total shareholders'
equity
|
12,482
|
36,798
|
Total liabilities,
redeemable non-controlling interest and shareholders'
equity
|
$
64,072
|
$
95,969
|

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SOURCE Pixelworks, Inc.