Loading...
Docoh

Pixelworks (PXLW)

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 more than 20 years of history delivering image processing innovation to leading providers of consumer electronics, professional displays and video streaming services. Pixelworks is headquartered in San Jose, CA.

Company profile

Ticker
PXLW
Exchange
CEO
Todd DeBonis
Employees
Incorporated
Location
Fiscal year end
Former names
PIXELWORKS INC
SEC CIK
Subsidiaries
Equator Technologies, Inc. • ViXS USA, Inc. • Pixelworks Semiconductor Technology (Shanghai) Co. Ltd. • Pixelworks Japan Inc. • Pixelworks Semiconductor Technology (Taiwan) Inc. • Pixelworks Hong Kong Limited • Pixelworks Semiconductor Technology California LLC • ViXS Systems Inc. ...
IRS number
911761992

PXLW stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 49.57M 49.57M 49.57M 49.57M 49.57M 49.57M
Cash burn (monthly) 1.86M (no burn) 1.73M 1.39M 1.53M 910.42K
Cash used (since last report) 2.67M n/a 2.48M 1.99M 2.19M 1.3M
Cash remaining 46.9M n/a 47.09M 47.57M 47.37M 48.26M
Runway (months of cash) 25.2 n/a 27.2 34.2 30.9 53.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 22 Haley F Green Common Stock Sell Dispose S No No 2.0756 1,176 2.44K 187,925
19 May 22 Todd Debonis Common Stock Sell Dispose S No No 2.0756 12,803 26.57K 1,400,795
12 May 22 Heneghan Daniel Common Stock Grant Acquire A No No 0 33,790 0 320,113
12 May 22 Bunszel Amy L Common Stock Grant Acquire A No No 0 33,790 0 110,552
30.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 65 79 -17.7%
Opened positions 7 21 -66.7%
Closed positions 21 11 +90.9%
Increased positions 21 24 -12.5%
Reduced positions 24 22 +9.1%
13F shares Current Prev Q Change
Total value 49.53M 317.78M -84.4%
Total shares 16.66M 20.82M -20.0%
Total puts 279.9K 72.7K +285.0%
Total calls 259.5K 468K -44.6%
Total put/call ratio 1.1 0.2 +594.3%
Largest owners Shares Value Change
Baird Financial 2.38M $7.06M -1.1%
Vanguard 2.13M $6.33M +1.9%
Dimensional Fund Advisors 923.6K $2.74M +2.2%
VIEX Capital Advisors 913.04K $2.71M NEW
Renaissance Technologies 850.2K $2.53M +14.3%
BLK Blackrock 830.27K $2.47M +0.3%
D. E. Shaw & Co. 790.05K $2.35M -36.2%
Two Sigma Advisers 740.3K $2.2M -20.9%
BCS Barclays 685K $2.03M -5.8%
CloudAlpha Capital Management Limited/Hong Kong 675K $2.01M 0.0%
Largest transactions Shares Bought/sold Change
Millennium Management 599.12K -1.08M -64.4%
VIEX Capital Advisors 913.04K +913.04K NEW
Friess Associates 0 -779.02K EXIT
GS Goldman Sachs 76.58K -725.11K -90.4%
D. E. Shaw & Co. 790.05K -448.29K -36.2%
Jacobs Levy Equity Management 409.24K +409.24K NEW
Two Sigma Investments 543.84K -365.46K -40.2%
Marshall Wace 0 -329.62K EXIT
Norges Bank 0 -284K EXIT
Penn Capital Management 266.31K +266.31K NEW

Financial report summary

?
Risks
  • The ongoing effects of the COVID-19 pandemic have and may continue to disrupt our business or the business of our customers or suppliers, and as such, may adversely affect our financial condition.
  • The continued uncertain global economic environment and volatility in global credit and financial markets could materially and adversely affect our business and results of operations.
  • If we fail to meet the evolving needs of our markets, identify new products, services or technologies, or successfully compete in our target markets, our revenue and financial results will be adversely impacted.
  • Our product strategy, which is targeted at markets demanding superior video and digital image quality as well as efficient video delivery, may not address the demands of our target customers and may not lead to increased revenue in a timely manner or at all, which could materially adversely affect our results of operations and limit our ability to grow.
  • Achieving design wins involves lengthy competitive selection processes that require us to incur significant expenditures prior to generating any revenue or without any guarantee of any revenue related to this business. If we fail to generate revenue after incurring substantial expenses to develop our products, our business and operating results would suffer.
  • System security and data protection breaches, as well as cyber-attacks, could disrupt our operations, reduce our expected revenue and increase our expenses, which could adversely affect our stock price and damage our reputation.
  • If we fail to retain or attract the specialized technical and management personnel required to successfully operate our business, it could harm our business and may result in lost sales and diversion of management resources.
  • We may not fully realize the estimated savings from our restructurings in a timely manner or at all, and our restructuring programs may result in business disruptions and decrease productivity. Any of the foregoing would negatively affect our financial condition and results of operations.
  • We have significantly fewer financial resources than most of our competitors, which limits our ability to implement new products or enhancements to our current products and may require us to implement additional future restructuring plans, which in turn could adversely affect our future sales and financial condition.
  • If we are not profitable in the future, we may be unable to continue our operations.
  • A significant amount of our revenue comes from a limited number of customers and distributors and from time to time we may enter into exclusive deals with customers, exposing us to increased credit risk and subjecting our cash flow to the risk that any of our customers or distributors could decrease or cancel its orders.
  • We generally do not have long-term purchase commitments from our customers and if our customers cancel or change their purchase commitments, our revenue and operating results could suffer.
  • Our revenue and operating results can fluctuate from period to period, which could cause our share price to decline.
  • If we are unable to generate sufficient cash from operations and are forced to seek additional financing alternatives, or in the event we acquire or make an investment in companies that complement our business, our working capital may be adversely affected and our shareholders may experience dilution or our operations may be impaired.
  • We license our intellectual property, which exposes us to risks of infringement or misappropriation, and may cause fluctuations in our operating results.
  • Our net operating loss carryforwards may be limited or they may expire before utilization.
  • We face a number of risks as a result of the concentration of our operations and customers in Asia.
  • Our operations in Asia expose us to heightened risks due to natural disasters.
  • We face additional risks associated with our operations in China and our results of operations and financial position may be harmed by changes in China's political, economic or social conditions or changes in U.S.-China relations.
  • Our international operations expose us to risks resulting from the fluctuations of foreign currencies.
  • Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws could subject us to penalties and other adverse consequences.
  • Our reported financial results may be materially and adversely affected by changes in accounting principles generally accepted in the United States.
  • If we are unable to maintain effective disclosure controls and internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, and the market price of our common stock may be materially and adversely affected.
  • Our dependence on selling to distributors and integrators increases the complexity of managing our supply chain and may result in excess inventory or inventory shortages.
  • We may be unable to successfully manage any future growth, including the integration of any acquisition or equity investment, which could disrupt our business and severely harm our financial condition.
  • Continued compliance with regulatory and accounting requirements will be challenging and will require significant resources.
  • Regulations related to conflict minerals may adversely impact our business.
  • Our effective income tax rate is subject to unanticipated changes in, or different interpretations of, tax rules and regulations, and forecasting our effective income tax rate is complex and subject to uncertainty.
  • We rely upon certain critical information systems for the operation of our business, and the failure of any critical information system may result in serious harm to our business.
  • Environmental laws and regulations may cause us to incur significant expenditures to comply with applicable laws and regulations, and we may be assessed considerable penalties for noncompliance.
  • Increasing attention on environmental, social and governance ("ESG") matters may have a negative impact on our business, impose additional costs on us, and expose us to additional risks.
  • Dependence on a limited number of sole-source, third-party manufacturers for our products exposes us to possible shortages based on low manufacturing yield, errors in manufacturing, uncontrollable lead-times for manufacturing, capacity allocation, price increases with little notice, volatile inventory levels and delays in product delivery, any of which could result in delays in satisfying customer demand, increased costs and loss of revenue.
  • Our highly integrated products and high-speed mixed signal products are difficult to manufacture without defects and the existence of defects could result in increased costs, delays in the availability of our products, reduced sales of products or claims against us.
  • Intense competition in our markets may reduce sales of our products, reduce our market share, decrease our gross profit and result in large losses.
  • If we are not able to respond to the rapid technological changes and evolving industry standards in the markets in which we compete, or seek to compete, our products may become less desirable or obsolete.
  • We use a customer-owned tooling process for manufacturing most of our products, which exposes us to the possibility of poor yields and unacceptably high product costs.
  • We depend on manufacturers of our semiconductor products not only to respond to changes in technology and industry standards but also to continue the manufacturing processes on which we rely.
  • Because of our long product development process and sales cycles, we may incur substantial costs before we earn associated revenue and ultimately may not sell as many units of our products as we originally anticipated.
  • Our developed software may be incompatible with industry standards and challenging and costly to implement, which could slow product development or cause us to lose customers and design wins.
  • The competitiveness and viability of our products could be harmed if necessary licenses of third-party technology are not available to us on terms that are acceptable to us or at all.
  • Our limited ability to protect our IP and proprietary rights could harm our competitive position by allowing our competitors to access our proprietary technology and to introduce similar products.
  • Others may bring infringement or indemnification actions against us that could be time-consuming and expensive to defend.
  • Our products are characterized by average selling prices that can decline over relatively short periods of time, which will negatively affect our financial results unless we are able to reduce our product costs or introduce new products with higher average selling prices.
  • The cyclical nature of the semiconductor industry may lead to significant variances in the demand for our products and could harm our operations.
  • If we are unable to implement our strategy to expand our PRC operations, including the positioning of our subsidiary to qualify and seek an initial public offering on the STAR Market, our ability to access capital, customers, and talent in China could suffer, which in turn may materially and adversely affect our worldwide growth and revenue potential.
  • Even if we complete the Listing, we may not achieve the results contemplated by our business strategy and our strategy for growth in the PRC may not result in increases in the price of our common stock.
  • PWSH’s status as a publicly traded company that is controlled, but less than wholly owned, by Pixelworks could have an adverse effect on us.
  • The STAR Market is relatively new, and as a result, it is difficult to predict the effect of the proposed Listing, which may in turn negatively affect the price of our common stock on the Nasdaq Global Market.
  • If the Listing is completed, Pixelworks and PWSH both will be public reporting companies, but each will be subject to separate, and potentially inconsistent, accounting and disclosure requirements, which may lead to investor confusion or uncertainty that could cause decreased demand for, or fluctuations in the price of, one or both of the companies’ publicly traded shares.
  • The price of our common stock has and may continue to fluctuate substantially.
  • The interest of our current or potential significant shareholders may conflict with other shareholders and they may attempt to effect changes or acquire control, which could adversely affect our results of operations and financial condition.
  • Future sales of our equity could result in significant dilution to our existing shareholders and depress the market price of our common stock.
  • The anti-takeover provisions of Oregon law and in our articles of incorporation could adversely affect the rights of the holders of our common stock, including by preventing a sale or takeover of us at a price or prices favorable to the holders of our common stock.
Management Discussion
  • Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, and the virus continues to exist in areas where we operate and sell our products and services. Several public health organizations have recommended, and many local governments have implemented, certain measures to slow and limit the transmission of the virus, which has resulted in a significant deterioration of economic conditions in many of the countries in which we operate.
  • The spread of COVID-19 has caused us to modify our business practices, including implementing work-from-home policies and limiting travel by our employees. For more information see “Note Regarding COVID-19”.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: Ukraine
Removed: distancing, February, restricting, stockholder