Pixelworks Reports First Quarter 2020 Financial Results

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, growth in the mobile market, strategy, and additional guidance, particularly as to the business outlook and current market environment and the impact of the COVID-19 pandemic on the same. 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; 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; our ability to attract and retain key personnel; and the impact of the COVID-19 pandemic on our business and on our suppliers and customers. 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, 2019 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] 

(In thousands, except per share data)
   Three Months Ended
   March 31,  December 31,  March 31,
    2020    2019    2019 
Revenue, net $13,774  $16,023  $16,648 
Cost of revenue (1)  6,999   8,723    8,176  
Gross profit     6,775       7,300       8,472  
Operating expenses:            
Research and development (2)     6,267       6,724       6,472  
Selling, general and administrative (3)     5,193       5,474       5,460  
Restructuring     592              
Total operating expenses     12,052       12,198       11,932  
Loss from operations     (5,277 )     (4,898 )     (3,460 )
Interest income and other, net     54       324       96  
Gain on sale of patents                 3,905  
Total other income, net     54       324       4,001  
Income (loss) before income taxes     (5,223 )     (4,574 )     541  
Provision (benefit) for income taxes     176       (118 )     408  
Net income (loss)   $ (5,399 )   $ (4,456 )   $ 133  
Net income (loss) per share:            
Basic   $ (0.14 )   $ (0.12 )   $ 0.00  
Diluted   $ (0.14 )   $ (0.12 )   $ 0.00  
Weighted average shares outstanding:            
Basic     38,868       38,370       37,247  
Diluted     38,868       38,370       38,692  
(1) Includes:            
Amortization of acquired intangible assets     298       298       298  
Stock-based compensation     101       100       95  
Inventory step-up and backlog amortization                 12  
(2) Includes stock-based compensation     648       611       661  
(3) Includes:            
Stock-based compensation     1,073       1,086       933  
Amortization of acquired intangible assets     76       76       84  

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