Pixelworks Reports Fourth Quarter and Fiscal Year 2021 Financial Results

On a GAAP basis, gross profit margin in the fourth quarter of 2021 was 53.5%, compared to 52.5% in the third quarter of 2021 and 45.5% in the fourth quarter of 2020. GAAP gross profit margin for the full year 2021 was 50.3% compared to 49.4% in the prior year. Fourth quarter 2021 GAAP operating expenses were $12.6 million, compared to $11.9 million in the third quarter of 2021 and $11.3 million in the year-ago quarter. For the full year 2021, GAAP operating expenses were $47.7 million compared to $46.9 million in the prior year.

On a non-GAAP basis, fourth quarter 2021 gross profit margin was 55.0%, compared to 53.1% in the third quarter of 2021 and 49.6% in the year-ago quarter. Non-GAAP gross profit margin for the full year 2021 was 52.0% compared to 53.8% in the prior year. Fourth quarter 2021 non-GAAP operating expenses were $11.0 million, compared to $10.1 million in the third quarter of 2021 and $9.5 million in the year-ago quarter. Non-GAAP operating expenses for the full year 2021 were $41.4 million compared to $37.3 million in the prior year.

For the fourth quarter of 2021, the Company recorded a GAAP net loss of $3.3 million, or ($0.06) per share, compared to a GAAP net loss of $4.1 million, or ($0.08) per share, in the third quarter of 2021, and a GAAP net loss of $6.4 million, or ($0.15) per share, in the year-ago quarter. GAAP net loss for the full year 2021 was $19.8 million, or ($0.38) per share, compared to a net loss of $26.5 million, or ($0.65) 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 2021, the Company recorded a non-GAAP net loss of $1.4 million, or ($0.03) per share, compared to a non-GAAP net loss of $2.2 million, or ($0.04) per share, in the third quarter of 2021, and a non-GAAP net loss of $4.9 million, or ($0.11) per share, in the fourth quarter of 2020. For the full year 2021, non-GAAP net loss was $12.6 million, or ($0.24) per share, compared to a net loss of $15.9 million, or ($0.39) per share, in the prior year.

Adjusted EBITDA in the fourth quarter of 2021 was a negative $1.1 million, compared to a negative $1.6 million in the third quarter of 2021 and a negative $3.8 million in the year-ago quarter. For the full year 2021, adjusted EBITDA was a negative $9.6 million compared to a negative $11.6 million in the prior year.

Cash and cash equivalents and short-term investments at the end of the fourth quarter of 2021 were $61.6 million, compared to $66.6 million at the end of the third quarter of 2021 and $31.5 million at the end of the fourth quarter of 2020.

Business Outlook

The Company's current business outlook, including guidance for the first quarter of 2022, will be provided as part of the scheduled conference call.

Conference Call Information

Pixelworks will host a conference call today, February 10, 2022, at 2:00 p.m. Pacific Time, which can be accessed by calling 1-877-359-9508 and using passcode 7170737. A live audio webcast of the call can also be accessed by visiting the Company's investor page at www.pixelworks.com. For those unable to listen to the live webcast, it will be archived for approximately 90 days. A replay of the conference call will also be available through Thursday, February 17, 2022, and can be accessed by calling 1-855-859-2056 and using passcode 7170737.

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, the Pixelworks logo, TrueCut and MotionEngine are registered 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, stock-based compensation expense, restructuring expenses, and gain on loan extinguishment which are all 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, 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 Company's businesses, including market movement and demand, the continued constraints on global semiconductor supply, customer engagements and ecosystem collaborations, growth in the mobile market, adoption rates for the Company's TrueCut Motion platform, 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; lack of adoption of our TrueCut Motion platform; 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, 2020, 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,
	2021	2021	2020	2021	2020
Revenue, net	$          16,586	$           15,196	$            9,638	$          55,102	$                40,855
Cost of revenue (1)	7,713	7,211	5,253	27,409	20,670
Gross profit	8,873	7,985	4,385	27,693	20,185
Operating expenses:
Research and development (2)	7,002	6,792	6,397	27,250	25,040
Selling, general and administrative (3)	5,598	5,097	4,870	20,445	19,840
Restructuring	-	-	19	-	2,041
Total operating expenses	12,600	11,889	11,286	47,695	46,921
Loss from operations	(3,727)	(3,904)	(6,901)	(20,002)	(26,736)
Interest income and other, net	165	54	7	457	9
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