Pixelworks Reports Third Quarter 2024 Financial Results
Pixelworks (NASDAQ: PXLW) reported its third-quarter 2024 financial results, showing a 12% sequential revenue increase to $9.5 million. GAAP gross margin expanded to 51.2%, up from 50.7% in Q2 and 42.9% in Q3 2023. Operating expenses decreased to $13.5 million from $15.1 million in Q2. The company entered a multi-year agreement with Universal Pictures for its TrueCut Motion™ technology and received the 'Little Giant' certification in China. Despite a GAAP net loss of $8.1 million or ($0.14) per share, this was an improvement from a $10.1 million loss in Q2. Non-GAAP net loss was $7.1 million or ($0.12) per share. Adjusted EBITDA was negative $6.3 million, better than Q2's negative $7.0 million. Pixelworks retains Morgan Stanley to explore strategic options for its Shanghai subsidiary.
Pixelworks (NASDAQ: PXLW) ha riportato i risultati finanziari del terzo trimestre 2024, segnando un aumento sequenziale del fatturato del 12% a 9,5 milioni di dollari. Il margine lordo GAAP è aumentato al 51,2%, rispetto al 50,7% del secondo trimestre e al 42,9% del terzo trimestre 2023. Le spese operative sono diminuite a 13,5 milioni di dollari rispetto ai 15,1 milioni del secondo trimestre. L'azienda ha firmato un accordo pluriennale con Universal Pictures per la sua tecnologia TrueCut Motion™ e ha ricevuto la certificazione 'Little Giant' in Cina. Nonostante una perdita netta GAAP di 8,1 milioni di dollari, corrispondente a ($0,14) per azione, si tratta di un miglioramento rispetto a una perdita di 10,1 milioni di dollari nel secondo trimestre. La perdita netta non GAAP è stata di 7,1 milioni di dollari o ($0,12) per azione. L'EBITDA rettificato è stato negativo per 6,3 milioni di dollari, migliore del negativo di 7,0 milioni di dollari del secondo trimestre. Pixelworks ha incaricato Morgan Stanley di esplorare opzioni strategiche per la sua filiale a Shanghai.
Pixelworks (NASDAQ: PXLW) informó los resultados financieros del tercer trimestre de 2024, mostrando un aumento secuencial de ingresos del 12% a 9.5 millones de dólares. El margen bruto GAAP se expandió a 51.2%, en comparación con 50.7% en el segundo trimestre y 42.9% en el tercer trimestre de 2023. Los gastos operativos disminuyeron a 13.5 millones de dólares desde 15.1 millones en el segundo trimestre. La compañía firmó un acuerdo de múltiples años con Universal Pictures para su tecnología TrueCut Motion™ y recibió la certificación 'Little Giant' en China. A pesar de una pérdida neta GAAP de 8.1 millones de dólares o ($0.14) por acción, esto representa una mejora respecto a una pérdida de 10.1 millones en el segundo trimestre. La pérdida neta no GAAP fue de 7.1 millones de dólares o ($0.12) por acción. El EBITDA ajustado fue negativo de 6.3 millones, mejor que el negativo de 7.0 millones del segundo trimestre. Pixelworks contrató a Morgan Stanley para explorar opciones estratégicas para su filial en Shanghai.
Pixelworks (NASDAQ: PXLW)는 2024년 3분기 재무 결과를 보고하며 12%의 수익 증가로 950만 달러를 기록했습니다. GAAP 총 매출 총이익률은 51.2%로, 2분기의 50.7%와 2023년 3분기의 42.9%에서 증가했습니다. 운영 비용은 2분기의 1,510만 달러에서 1,350만 달러로 감소했습니다. 이 회사는 Universal Pictures와 TrueCut Motion™ 기술에 대한 다년 계약을 체결했으며, 중국에서 'Little Giant' 인증을 받았습니다. GAAP 기준으로 810만 달러 또는 주당 ($0.14)의 순손실이 발생했으나, 이는 2분기의 1,010만 달러 손실보다 개선된 수치입니다. 비 GAAP 기준의 순손실은 710만 달러 또는 주당 ($0.12)였습니다. 조정된 EBITDA는 -630만 달러로, 2분기의 -700만 달러보다 개선된 수치입니다. Pixelworks는 상하이 자회사의 전략적 옵션을 모색하기 위해 Morgan Stanley를 고용했습니다.
Pixelworks (NASDAQ: PXLW) a annoncé ses résultats financiers pour le troisième trimestre 2024, enregistrant une augmentation séquentielle des revenus de 12% à 9,5 millions de dollars. La marge brute GAAP a augmenté à 51,2%, contre 50,7 % au deuxième trimestre et 42,9 % au troisième trimestre 2023. Les dépenses d'exploitation ont diminué à 13,5 millions de dollars par rapport à 15,1 millions de dollars au deuxième trimestre. La société a signé un accord pluriannuel avec Universal Pictures pour sa technologie TrueCut Motion™ et a reçu la certification 'Little Giant' en Chine. Malgré une perte nette GAAP de 8,1 millions de dollars ou ($0,14) par action, cela représente une amélioration par rapport à une perte de 10,1 millions de dollars au deuxième trimestre. La perte nette non GAAP s'élevait à 7,1 millions de dollars ou ($0,12) par action. L'EBITDA ajusté était négatif de 6,3 millions de dollars, meilleur que le négatif de 7,0 millions de dollars du deuxième trimestre. Pixelworks a retenu Morgan Stanley pour explorer des options stratégiques pour sa filiale à Shanghai.
Pixelworks (NASDAQ: PXLW) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem 12% sequentiellen Umsatzanstieg auf 9,5 Millionen Dollar. Die GAAP-Bruttomarge expandierte auf 51,2%, im Vergleich zu 50,7% im zweiten Quartal und 42,9% im dritten Quartal 2023. Die Betriebskosten sanken auf 13,5 Millionen Dollar von 15,1 Millionen Dollar im zweiten Quartal. Das Unternehmen schloss eine mehrjährige Vereinbarung mit Universal Pictures für seine TrueCut Motion™-Technologie ab und erhielt die 'Little Giant'-Zertifizierung in China. Trotz eines GAAP-Nettoverlusts von 8,1 Millionen Dollar oder ($0,14) pro Aktie, was eine Verbesserung gegenüber einem Verlust von 10,1 Millionen Dollar im zweiten Quartal darstellt. Der nicht-GAAP-Nettoverlust betrug 7,1 Millionen Dollar oder ($0,12) pro Aktie. Das angepasste EBITDA war negativ mit 6,3 Millionen Dollar, besser als das negative Ergebnis von 7,0 Millionen Dollar im zweiten Quartal. Pixelworks hat Morgan Stanley beauftragt, strategische Optionen für seine Tochtergesellschaft in Shanghai zu prüfen.
- Sequential revenue increase of 12% to $9.5 million.
- GAAP gross margin expanded to 51.2%, up from 50.7% in Q2.
- Operating expenses decreased to $13.5 million from $15.1 million in Q2.
- Entered a multi-year agreement with Universal Pictures for TrueCut Motion™ technology.
- Received 'Little Giant' certification in China.
- GAAP net loss improved to $8.1 million from $10.1 million in Q2.
- Adjusted EBITDA improved to negative $6.3 million from negative $7.0 million in Q2.
- Year-over-year revenue decreased from $16.0 million in Q3 2023 to $9.5 million in Q3 2024.
- GAAP net loss of $8.1 million or ($0.14) per share.
- Non-GAAP net loss of $7.1 million or ($0.12) per share.
- Adjusted EBITDA remained negative at $6.3 million.
Insights
The Q3 2024 results reveal concerning trends for Pixelworks. Revenue of
Key operational metrics show mixed signals:
- Revenue growth remains challenged, particularly in mobile business
- Operating expenses decreased to
$13.5 million from cost reduction initiatives - Negative adjusted EBITDA of
$6.3 million indicates ongoing profitability challenges
The strategic partnership with Universal Pictures for TrueCut Motion technology and new mobile processor developments offer potential growth catalysts, but meaningful recovery isn't expected until 2025. The company's cash burn and market position remain concerning given its small market cap of
Third Quarter and Recent Highlights
- Total revenue increased
12% sequentially - GAAP gross margin expanded more than 50 basis points sequentially and 800 basis point year-over-year to
51.2% , primarily driven by favorable product mix and lower overhead expenses - Entered into multi-year, multi-title agreement with Universal Pictures to bring TrueCut Motion™ technology to the theatrical releases of future Universal titles
- DreamWorks Animation's The Wild Robot was released globally by Universal Pictures to premium large format theaters in TrueCut Motion format
- Pixelworks Shanghai subsidiary received provincial and national-level recognition with the "Little Giant" certification, a designation for leading enterprises in
China that have significant growth potential - Pixelworks retains Morgan Stanley as financial advisor to assist with reviewing potential strategic options specific to inbound interest in the Company's Pixelworks Shanghai subsidiary
"Third quarter results reflected our expectations for moderate sequential improvement as we continue to work through the previously communicated headwinds in our mobile business," stated Todd DeBonis, President and CEO of Pixelworks. "Gross margin expanded sequentially and year-over-year to over
"Highlighting the most recent milestone for our TrueCut Motion platform, during the quarter we secured a multi-year agreement with Universal Pictures to utilize our industry-leading motion grading technology to enhance the visual experience of several major theatrical releases. Within our mobile business, we recently completed production qualification of our next-generation, flagship mobile visual processor. After successfully meeting or exceeding all performance metrics, we are now engaged with multiple customers on smartphone programs targeted for launch in the coming year. Separately, we are also engaged in customer evaluations for a cost-down version of an existing mobile visual processor that offers unique visual enhancement features. This newly optimized solution addresses broader use-cases, in addition to mobile gaming, as we aim to expand our served target market in higher unit volume mid- and entry-level smartphones.
"In summary, our team has continued to execute well toward overcoming recent challenges and positioning our mobile business for a return to growth in 2025. We currently have a strong pipeline of new program opportunities for our latest visual processor solutions, and we expect to maintain a high level of engagement activity over the next several quarters. We anticipate our previous and continuing cost reduction actions will contribute to meaningful improvement in our operating results as we drive renewed top-line momentum in mobile."
Third Quarter 2024 Financial Results
Revenue in the third quarter of 2024 was
On a GAAP basis, gross profit margin in the third quarter of 2024 was
On a non-GAAP basis, third quarter 2024 gross profit margin was
For the third quarter of 2024, the Company recorded a GAAP net loss of
For the third quarter of 2024, the Company recorded a non-GAAP net loss of
Adjusted EBITDA in the third quarter of 2024 was a negative
Business Outlook
The Company's current business outlook, including guidance for the fourth quarter of 2024, will be discussed as part of the scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, November 12, 2024, at 2:00 p.m. Pacific Time. To join the conference call via phone, analysts and investors should dial +1-888-596-4144 and enter the following conference ID: 3689417; international participants should dial +1 646-968-2525 and enter the same conference ID. Additionally, a live audio webcast of the conference call will be available and archived for approximately 90 days in the Investors section of the Company's website at www.pixelworks.com.
A telephone replay of the conference call will also be available through Tuesday, November 19, 2024, and can be accessed by dialing +1-800-770-2030 and using passcode 3689417.
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 stock-based compensation expense and restructuring expense which are both required under GAAP. 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, 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 for our mobile visual processors (both flagship and cost-down versions), expansion of our mobile visual processor products into mid- to low-tier smartphones, expected adoption of our TrueCut Motion technology by Universal Studios and other motion picture studios, continued performance of our home and enterprise business, and expected cost savings. 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 technology by the motion picture industry; 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 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. | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | June 30, | September 30, | September 30, | September 30, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Revenue, net | $ 9,527 | $ 8,535 | $ 16,032 | $ 34,116 | $ 39,603 |
Cost of revenue (1) | 4,648 | 4,209 | 9,150 | 16,797 | 22,870 |
Gross profit | 4,879 | 4,326 | 6,882 | 17,319 | 16,733 |
Operating expenses: | |||||
Research and development (2) | 8,405 | 7,943 | 8,752 | 24,421 | 23,925 |
Selling, general and administrative (3) | 5,016 | 5,722 | 5,776 | 16,272 | 17,316 |
Restructuring | 90 | 1,403 | — | 1,493 | — |
Total operating expenses | 13,511 | 15,068 | 14,528 | 42,186 | 41,241 |
Loss from operations | (8,632) | (10,742) | (7,646) | (24,867) | (24,508) |
Interest income and other, net | 296 | 327 | 471 | 1,057 | 1,615 |
Loss before income taxes | (8,336) | (10,415) | (7,175) | (23,810) | (22,893) |
Provision for income taxes | 125 | 32 | 158 | 262 | 318 |
Net loss | (8,461) | (10,447) | (7,333) | (24,072) | (23,211) |
Less: Net loss attributable to non-controlling interests and redeemable non-controlling interests | 320 | 298 | 334 | 716 | 779 |
Net loss attributable to Pixelworks Inc. | $ (8,141) | $ (10,149) | $ (6,999) | $ (23,356) | $ (22,432) |
Net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.14) | $ (0.17) | $ (0.12) | $ (0.40) | $ (0.40) |
Weighted average shares outstanding - basic and diluted | 58,717 | 58,151 | 56,410 | 58,116 | 55,917 |
—————— | |||||
(1) Includes: | |||||
Stock-based compensation | 13 | 10 | 21 | 41 | 67 |
Restructuring | — | 16 | — | 16 | — |
(2) Includes stock-based compensation | 327 | 316 | 452 | 973 | 1,470 |
(3) Includes stock-based compensation | 702 | 599 | 779 | 2,028 | 2,140 |
PIXELWORKS, INC. | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | June 30, | September 30, | September 30, | September 30, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Reconciliation of GAAP and non-GAAP gross profit | |||||
GAAP gross profit | $ 4,879 | $ 4,326 | $ 6,882 | $ 17,319 | $ 16,733 |
Stock-based compensation | 13 | 10 | 21 | 41 | 67 |
Restructuring | — | 16 | — | 16 | — |
Total reconciling items included in gross profit | 13 | 26 | 21 | 57 | 67 |
Non-GAAP gross profit | $ 4,892 | $ 4,352 | $ 6,903 | $ 17,376 | $ 16,800 |
Non-GAAP gross profit margin | 51.3 % | 51.0 % | 43.1 % | 50.9 % | 42.4 % |
Reconciliation of GAAP and non-GAAP operating expenses | |||||
GAAP operating expenses | $ 13,511 | $ 15,068 | $ 14,528 | $ 42,186 | $ 41,241 |
Reconciling item included in research and development: | |||||
Stock-based compensation | 327 | 316 | 452 | 973 | 1,470 |
Reconciling items included in selling, general and administrative: | |||||
Stock-based compensation | 702 | 599 | 779 | 2,028 | 2,140 |
Restructuring | 90 | 1,403 | — | 1,493 | — |
Total reconciling items included in operating expenses | 1,119 | 2,318 | 1,231 | 4,494 | 3,610 |
Non-GAAP operating expenses | $ 12,392 | $ 12,750 | $ 13,297 | $ 37,692 | $ 37,631 |
Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. | |||||
GAAP net loss attributable to Pixelworks Inc. | $ (8,141) | $ (10,149) | $ (6,999) | $ (23,356) | $ (22,432) |
Reconciling items included in gross profit | 13 | 26 | 21 | 57 | 67 |
Reconciling items included in operating expenses | 1,119 | 2,318 | 1,231 | 4,494 | 3,610 |
Tax effect of non-GAAP adjustments | (74) | 74 | — | — | — |
Non-GAAP net loss attributable to Pixelworks Inc. | $ (7,083) | $ (7,731) | $ (5,747) | $ (18,805) | $ (18,755) |
Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.12) | $ (0.13) | $ (0.10) | $ (0.32) | $ (0.34) |
Non-GAAP weighted average shares outstanding - basic and diluted | 58,717 | 58,151 | 56,410 | 58,116 | 55,917 |
*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. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||
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. | $ (0.14) | $ (0.14) | $ (0.17) | $ (0.17) | $ (0.12) | $ (0.12) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | |||||||||||
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 | 0.04 | 0.04 | 0.02 | 0.02 | 0.08 | 0.08 | 0.06 | 0.06 | |||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. | $ (0.12) | $ (0.12) | $ (0.13) | $ (0.13) | $ (0.10) | $ (0.10) | $ (0.32) | $ (0.32) | $ (0.34) | $ (0.34) | |||||||||||
*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. | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Reconciliation of GAAP and non-GAAP gross profit margin | ||||||||||
GAAP gross profit margin | 51.2 % | 50.7 % | 42.9 % | 50.8 % | 42.3 % | |||||
Stock-based compensation | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.2 % | |||||
Restructuring | — % | 0.2 % | — % | 0.0 % | — % | |||||
Total reconciling items included in gross profit | 0.1 % | 0.3 % | 0.1 % | 0.2 % | 0.2 % | |||||
Non-GAAP gross profit margin | 51.3 % | 51.0 % | 43.1 % | 50.9 % | 42.4 % | |||||
*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. | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | June 30, | September 30, | September 30, | September 30, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA | |||||
GAAP net loss attributable to Pixelworks Inc. | $ (8,141) | $ (10,149) | $ (6,999) | $ (23,356) | $ (22,432) |
Stock-based compensation | 1,042 | 925 | 1,252 | 3,042 | 3,677 |
Restructuring | 90 | 1,419 | — | 1,509 | — |
Tax effect of non-GAAP adjustments | (74) | 74 | — | — | — |
Non-GAAP net loss attributable to Pixelworks Inc. | $ (7,083) | $ (7,731) | $ (5,747) | $ (18,805) | $ (18,755) |
EBITDA adjustments: | |||||
Depreciation and amortization | $ 920 | $ 1,059 | $ 1,053 | $ 3,088 | $ 3,211 |
Non-GAAP interest income and other, net | (296) | (327) | (471) | (1,057) | (1,615) |
Non-GAAP provision (benefit) for income taxes | 199 | (42) | 158 | 262 | 318 |
Adjusted EBITDA | $ (6,260) | $ (7,041) | $ (5,007) | $ (16,512) | $ (16,841) |
*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. | ||
September 30, | December 31, | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 28,830 | $ 47,544 |
Accounts receivable, net | 4,497 | 10,075 |
Inventories | 4,398 | 3,968 |
Prepaid expenses and other current assets | 2,009 | 3,138 |
Total current assets | 39,734 | 64,725 |
Property and equipment, net | 7,600 | 5,997 |
Operating lease right of use assets | 3,953 | 4,725 |
Other assets, net | 1,436 | 2,115 |
Goodwill | 18,407 | 18,407 |
Total assets | $ 71,130 | $ 95,969 |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 1,944 | $ 2,416 |
Accrued liabilities and current portion of long-term liabilities | 7,753 | 9,692 |
Current portion of income taxes payable | 199 | 189 |
Total current liabilities | 9,896 | 12,297 |
Long-term liabilities, net of current portion | 533 | 1,373 |
Deposit liability | 13,422 | 13,781 |
Operating lease liabilities, net of current portion | 2,065 | 2,567 |
Income taxes payable, net of current portion | 1,052 | 939 |
Total liabilities | 26,968 | 30,957 |
Redeemable non-controlling interest | 28,513 | 28,214 |
Total Pixelworks, Inc. shareholders' equity (deficit) | (8,029) | 12,541 |
Non-controlling interest | 23,678 | 24,257 |
Total shareholders' equity | 15,649 | 36,798 |
Total liabilities, redeemable non-controlling interest and shareholders' equity | $ 71,130 | $ 95,969 |
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SOURCE Pixelworks, Inc.
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What agreement did Pixelworks enter into with Universal Pictures?
What certification did Pixelworks Shanghai receive?
What strategic action is Pixelworks considering for its Shanghai subsidiary?
