Pixelworks Q1 2023 Earnings Call Transcript

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May 9, 2023

There are 7 speakers on the call.

Operator

Day, ladies and gentlemen, and welcome to Pixelworks Inc. 1st Quarter 2023 Earnings Conference Call. I will be your operator for today's call. At this time, all participants are in a listen only mode. Following management's prepared remarks, instructions will be given for the question and answer session.

Operator

This conference call is being recorded for replay purposes. I would now like to turn the call over to Brett Perry with Shelton Group Investor Relations.

Speaker 1

Thank you, Liz. Good afternoon and thank you for joining us on today's call. With me on the call are Pixelworks' President and CEO, Todd DeBonis And Chief Financial Officer, Haley Ammann. The purpose of today's conference call is to supplement the information provided in Pixelworks' press release Earlier today announcing the company's financial results for the Q1 of 2023. Before we begin, I'd like to remind you that various remarks we make on the call, including those about projected future financial results, economic and market trends and competitive position constitute forward looking statements.

Speaker 1

These forward looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties that may cause actual results to differ materially. All forward looking statements are based on the company's beliefs as of today, Tuesday, May 9, 2023. The company undertakes no obligation to update any such Statements to reflect events or circumstances occurring after today. Please refer to today's press release, the annual reports On Form 10 ks for the year ended December 31, 2022, and subsequent SEC filings for a description of factors that could cause Forward looking statements could differ materially from actual results. Additionally, the company's press release and management statements during this This call will include discussions of certain measures and financial information in GAAP and non GAAP terms, including gross margin, operating expenses, net loss and net loss per share.

Speaker 1

Non GAAP measures include amortization of acquired intangible assets and stock based compensation expense as well as the tax effects of the non GAAP adjustments. The company uses these non GAAP measures internally to assess operating performance. We believe these non GAAP measures provide a meaningful perspective on core operating results and underlying cash flow dynamics. We caution investors to consider these measures in addition to and not as a substitute for nor superior to the company's consolidated financial results as presented in accordance with GAAP. Also note throughout the company's press release and management statements during this conference, we refer to net loss attributable to Pixelworks Inc.

Speaker 1

As simply net loss. For additional details and reconciliations of GAAP to non GAAP net loss and GAAP net loss to adjusted EBITDA, please refer to the company's press release issued earlier today. With that, it's now my pleasure to turn the call over to Pixelworks' CEO, Todd DeBonis. Please go ahead.

Speaker 2

Thank you, Brett, and good afternoon and welcome to those participating on today's call. Coming off our 27% revenue growth in 2022, We acknowledge that revenue would be down significantly in the Q1 due to a combination of the inventory correction in the broader smartphone market as well as anticipated seasonality in the projector market. As outlined in today's press release, our Q1 financial results were consistent with our prior guidance. Today, we are confident that Q1 was the bottom of the correction for our mobile business. As of the end of March, All previous inventory of our mobile ICs both within the channel and held by customers was well below normal, clearing the way for renewed growth and momentum in the Taking a closer look at the mobile market, there's recently been ample market commentary from many of the prominent Rather than reiterating general comments on the market, we will focus on how Pixelworks And our current position is different than some of these other companies.

Speaker 2

Clearly, an inventory correction has been taking place As many suppliers overbuilt and both the distribution channel and smartphone OEMs amassed excess inventory Due to the weaker than anticipated demand in 2022, which continued into Q1 of 2023. As a result, multiple component suppliers indicated that digesting that inventory could potentially extend out to the end of this year. Specific to Pixelworks, we were capacity constrained for effectively all of 2022. And with that, we managed inventory conservatively. As a result, unlike many others today, we are shipping to fulfill current customer demand and refill depleted channel partners buffer inventory.

Speaker 2

Regarding China smartphone ODM demand, although there are different views on the pace of the China recovery, Most industry commentary suggests that the global smartphone demand is softer than previously hoped, which translates into taking longer to digest excess inventory. While softer demand may be true for the broader mobile market, the flagship and premium segments that we predominantly sell into are outperforming the broader market. In addition, the customers' models that include our visual processors are exceeding preliminary forecasts. Since February, we have received order pull ins and upside demand from mobile customers on a combination of existing models And soon to be launched mobile programs. We have had multiple Tier 1 customers agree to cover the expedite fees To meet their revised demand profile.

Speaker 2

To briefly recap our mobile wins announced year to date, We've been in 6 premium smartphone models launched by several of Pixelworks' multi generational mobile customers, including OnePlus and Realme, Both Oppo sub brands as well as Honor and Asus ROG. Together, these models represent multiple wins With Soft Iris, X5 and X7, our latest generation visual processor. As mentioned on the previous call, the OnePlus 11 and OnePlus Ace 2 flagship smartphones were launched at the beginning of the year And we're 2 of the first devices to incorporate our latest X7 visual processor. Both of these devices feature the industry's first solution to combine Ultra low latency motion engine, low power super resolution and always on HDR. These functions have now been adapted for optimal performance On over 100 different popular mobile games.

Speaker 2

In February, one of the fastest growing 5 gs smartphone brands, Realme, Launched the Realme GT Neo5 smartphone incorporating our X5 Plus Visual Processor. Oppo's Realme GT Series continues to embrace the high quality display differentiation enabled by Pixelworks Visual Processors, Which this latest model coupled together with other hardware innovations such as 240 watt fast charging capability. Additionally, one of Pixelworks' first ever mobile customers, Asus, continued its adoption of our Pixelworks visual processing solutions In the launch of the ROG Phone 7 Series, featuring our industry leading HDR enhancement, Professional Color Calibration and DC Dimming Technologies. Also During the quarter, Honor released the Magic 5 Series Smart Firms with both the Honor Magic 5 Pro And Honor Magic 5 Ultimate incorporating our advanced X5 plus visual processor. Subsequent to its launch, the Honor Magic 5 Pro was and ranked by DXOMark, an independent third party quality evaluation lab.

Speaker 2

The Magic 5 Pro Scored an impressive 151 on DXOMark's display test, ranking it number 1 in global smartphone display performance. Complementing our work with mobile OEMs, we continue to expand our initiatives with key partners aimed at establishing an advanced mobile gaming ecosystem. Following our initial collaboration with Uniti as a verified solutions partner, We are advancing engagements with other leading gaming engines, including unreal and multiple studios' own custom gaming engines. Together with the uniquely differentiated visual performance enabled by Pixelworks X7 visual processor And our rendering accelerator, SDK, we are increasing momentum on further collaboration with major mobile gaming studios. We've announced 2 of these collaborations, the first of which was Gala Sports on their soccer simulation game, Total Football.

Speaker 2

The latest version of this game is now being launched internationally. However, when initially launched in Mainland China last year, it ranked Among the top downloaded sports games and ranked 6 most downloaded in the free games category. Then yesterday, we announced our 2nd collaboration with Nuverse on its latest release of Crystal of Atman, which is developed using the Unreal 4 gaming engine. Both of these mobile games incorporate Pixelworks rendering accelerator SDK, which in combination with our X7 Processor delivers an exceptional 120 frames per second visual experience With low power consumption. These types of direct engagement as well as other initiatives in our mobile gaming ecosystem Have and continue to increase the awareness and recognition of Pixelworks.

Speaker 2

Looking ahead in the second quarter and second half of the year, We have a robust pipeline of Tier 1 mobile OEM programs. This includes our recently secured first design in and production orders with our 4th Tier 1 mobile customer. We will begin shipping in support of these orders this quarter. With this customer's first device incorporating Pixelworks Technology scheduled to relaunch in the Q3. Taken together with our existing design ins across other Tier 1 mobile OEMs, We expect renewed momentum accelerating into the second half of this year.

Speaker 2

Now turning to an update on our TrueCut Motion platform. As we've been communicating to investors since launch, TrueCut Motion is a full ecosystem play, not a standalone solution. We continue to build out this ecosystem from the ground up, advancing the technology innovation from the 24 frames per second that's been used for decades To cinematic high frame rate will take time. We've discussed several of the reasons for this in the past. However, over the past 6 months, our TrueCut motion grading technology has been an integral part of how the biggest movies are Starting with the release the re release of Avatar in Late last year and then followed by Disney's global theatrical release of James Cameron's The Way of the Water in December And then 20th Century Studios re release of Titanic in February, James Cameron has truly awakened the industry to what's possible.

Speaker 2

In addition to each of these titles being released to theaters in 4 ks, HDR and 3 d, they all featured cinematic High frame rate enabled by Pixelworks TrueCut Motion platform. These films represent 3 of the 4 highest grossing box office films of all time, which is indicative of the high level of interest and consumer acceptance of true cinematic realism. The incredible global success of these titles has also resulted in increased demand from industry participants for additional premium large screen format content. Today, TrueCut remains the only end to end high frame rate solution validated by Hollywood and with the proven capability to deliver cinematic high frame rate to any screen and has led to a significant increase Inbound engagement from ecosystem participants. As discussed on previous conference calls, we continue to focus on establishing TrueCut Motion In the global home entertainment ecosystem, a unique and proven video experience is becoming increasingly important to streaming service providers.

Speaker 2

As they look to add higher tier subscriptions that offer superior content That recreates the premium cinematic experience that they enjoy in today's state of the art theaters. We believe the initial commercial success and high level of engagement from leaders in the motion picture industry Represents an early glimpse into the significant opportunity that lies ahead for our TrueCut Motion solution. Shifting to home and enterprise market. As anticipated, revenue declined in the quarter with weaker demand, Following the extended period of constrained supply for key projector components throughout late all of last year, projector customers have generally indicated Incremental improvement in their supply chains. With that said, we currently expect it will take projector OEMs Through at least the Q2 to more fully address remaining supply and demand imbalances.

Speaker 2

Also, I'm pleased to report that the co development project Our customer continues to progress well and remains on track. In fact, we expect to deliver initial samples of this next generation SoC During the current quarter, triggering the next milestone payment and associated credit to RMD. Once released to production toward the end of this year, we expect this new SoC to become a major revenue driver within the projector business beginning in 2024 and continue through the latter part of this decade. Another highlight in the quarter that Meredith mentioned is our successful closing In February of the previously announced strategic investment in our Pixelworks Shanghai subsidiary. As a reminder, this transaction exchanged roughly 3% equity interest In the subsidiary and an implied valuation of more than $500,000,000 Following the strategic investment, Pixelworks Inc.

Speaker 2

Continues to hold a majority equity interest of approximately 78%, and the proceeds from the transaction are reflected in our quarter end cash balance of $62,800,000 In addition to helping support our broader ongoing growth initiatives, The strategic investments we secured have also served to properly capitalize PixWorks Shanghai as we continue preparations for a public local listing on the Star Change in China. As an update on where we are in this multiphase process, I'm thrilled to report that we recently retained The number one investment bank in China, Citic Securities. Citic has extensive expertise With listings on the Star Exchange and they will serve as an important partner through the remainder of the application and underwriting process. We currently expect our Pixelworks Shanghai to subsidiary to begin the formal tutoring process during the current quarter. In conclusion, I am proud of the team's diligent work to efficiently manage through the impacts of the macro and end market specific headwinds during the quarter.

Speaker 2

Our prudent management of inventory has positioned us to rebound faster than many of our industry peers. And today, our bookings fully support strong sequential revenue growth in mobile and we are also seeing the initial improvement in order patterns in the projector market. Acknowledging the remains uncertainty in the global economy, we are feeling increasingly optimistic about the balance of the year. We are well capitalized to continue executing on our growth initiatives, while maintaining our focus on an aggressive new product roadmap, as well as expanded ecosystems for both advanced mobile gaming and TrueCut motion platform. With that said, I'll hand the call to Haley to review financials and provide our guidance for the Q2.

Speaker 3

Thank you, Todd. Revenue for the Q1 of 2023 was $10,000,000 in line with the midpoint of our guidance. The sequential and year over year decline was driven by lower demand in mobile related to the industry wide inventory correction in smartphones, combined with historical Q1 seasonality in the projector market. Additionally, as anticipated, video delivery revenue declined Following higher sales of certain end of life products during the Q4. The resulting breakdown of revenue in the Q1 was as follows: Revenue from mobile was approximately $3,300,000 Home and Enterprise revenue was approximately 6,700,000 As a reminder, Home and Enterprise now reflects the combination of revenue from projector and video delivery end markets.

Speaker 3

Projector accounted for approximately 90% of Home and Enterprise revenue in the Q1, and we expect it to continue to represent A majority of Home and Enterprise revenue in future quarters. Non GAAP gross profit margin was 44.1% in the Q1 of 2023 compared to 53.3% in the Q4 of 2022 and compared to 53.2% in the Q1 of 2022. Gross margin for the quarter reflected a combination of product mix And reduced absorption rate associated with lower revenue. Non GAAP operating expenses were $13,600,000 in the Q1 compared to $10,800,000 last quarter and $11,600,000 in the Q1 of 2022. As a reminder, operating expenses in the 4th quarter benefited from a $2,500,000 credit to R and D related to our co development project.

Speaker 3

Excluding this credit, 1st quarter operating expenses were largely consistent with the OpEx level in the Q4 of 2022. On a non GAAP basis, Q1 2023 net loss was $8,200,000 or a loss of $0.15 per share, compared to a net loss of approximately $800,000 or a loss of $0.01 per share in the prior quarter and a net loss of $3,500,000 or a loss of $0.06 per share in the Q1 of 2022. Adjusted EBITDA for the Q1 of 2023 Was a negative $7,800,000 compared to a negative $1,000,000 last quarter and a negative $2,200,000 in the Q1 of 2022. Turning to the balance sheet. We ended the quarter with cash and cash equivalents of 62,800,000 As discussed on our last conference call and as Todd just mentioned, during the Q1, we closed the previously announced sale of equity interest in our Shanghai subsidiary, which was the primary contributor to the increased cash balance at quarter end.

Speaker 3

In addition to cash used from operations, A portion of the cash proceeds from the transaction were offset by the purchase of 2 mask sets during the quarter. Shifting to our current expectations and guidance for the Q2 of 2023. Based on current order trends and backlog, We anticipate 2nd quarter total revenue to be in a range of between $12,500,000 $14,500,000 At the midpoint of this range, total revenue would represent sequential growth of approximately 35%, led by an anticipated increase in sales of ICs into the mobile market. Non GAAP gross profit margin in the second quarter Is expected to be between 40% 42%. This gross margin range reflects anticipated product mix, including higher revenue contribution from mobile.

Speaker 3

Additionally, the lower than historical gross margin levels And the first half of twenty twenty three reflects previous increases in cost of materials, a portion of which we chose not to immediately pass through to mobile customers during a period of weaker demand associated with the inventory correction in smartphones. As demand and unit sales of ICs increase in the second half Of 2023, we expect to pass through incrementally higher material costs to customers, resulting in improved gross margins, particularly in mobile. We continue to target gross margins returning to levels near 50%. We expect operating expenses in the 2nd quarter to range between $11,000,000 $12,000,000 on a non GAAP basis. This range reflects our expectation to achieve another planned milestone related to our co development agreement.

Speaker 3

As of previous The milestone payment will be recognized as a credit to R and D, reducing our anticipated reporting reported operating expenses for the 2nd quarter. Lastly, we expect 2nd quarter non GAAP EPS to range between a loss of $0.08 per share And a loss of $0.12 per share. That completes our prepared remarks, and we look forward to taking your questions. Operator, please proceed with the Q and A session.

Operator

Please stand by while we compile the Q and A roster. Our first question comes from the line of Rajeev Gill Wiss Needham.

Speaker 4

Yes. Thanks for taking my questions and congrats on really good momentum in your business. In the mobile phone Mark, for the Q2 and kind of what you're seeing throughout the year, Todd, you're bucking a lot of the Trends that you're seeing in the China handset market and what a lot of suppliers are have been indicating that the correction is steeper And the recovery in the China handset market is going to take longer than expected. You guys are really bucking that trend. So I guess my first question is, 1, you had managed your channel inventory pretty effectively Last couple of quarters.

Speaker 4

Maybe you could talk a little about that in terms of where your channel inventory is? And then in terms of The rebound that you're seeing in your with your customers, can you talk about where the inventory levels are That the customers are sitting on and just clarity on kind of how you're able to kind of diverge from those trends.

Speaker 2

Sure. Thanks, Raji. So overall channel inventory, we went into the Start of Q1, when we guided down significantly, we went in

Speaker 5

It would probably be all

Speaker 2

of Q1 and some of Q2 in the channel For whatever we were projecting for mobile. By February, I was for the month of February,

Speaker 5

I was in there, it became clear to me that the

Speaker 2

new programs that we were included in It became clear to me that the new programs that we were included in were ramping much harder than I anticipated. And so it became clear that we would burn through that inventory sometime in probably April. So we started while I was there in February, ramping up New orders to our supply chain through both our foundry and assembly and test. The good news is because we're bucking the trend, Getting access in short term to capacity was not a challenge this particular time, right? And But even with that going into March, those programs We're doing better than forecasted.

Speaker 2

Customers were trying to expedite what We had in WIP, they had ran through inventory and then needed to expedite what we had in WIP. And so we have multiple Tier 1s for multiple programs simultaneously for both X5 and X7 That we're expedite paying expedite fees for us to get that product through our foundry quicker than anticipated. So today, the channel is lean to say the least. With the guidance we gave Yes, we could probably beat the midpoint if we get expedited wafers quicker than we anticipate, which will be a challenge. Okay.

Speaker 2

So that demand pool is exceeding through into Q3. It's probably too early to I mean, we have new models being launched in the second half of the year that will add to these models. So, we're optimistic, but I want to see if that sticks through with the consumers and how China comes back. But right now, we're pretty optimistic.

Speaker 4

Great. Appreciate it. And for my follow-up, the gross margins, you kind of talked a little bit about some of the puts and takes In the near term, now that you're seeing a pickup in X7, which have higher ASPs, I'm just curious how you're thinking about the pricing environment over the next couple of quarters? Thanks.

Speaker 2

Yes. Good question. So we X7 does have a higher ASP, But it has a bunch of new features and definitely is a larger die than X5. And where we priced it, even though it's a higher ASP, It has a lower margin profile than X5. When we kept it that way on purpose to try to increase adoption of it.

Speaker 2

When we originally priced it, we expected the price increases from the supply chain to abate. I think it's well known out there that they have not fully abated and there was some new price increases that got extended into 'twenty three through the supply chain. We are no longer absorbing those. So we are now passing through price increases To all of our customers in all of our markets for the starting in the second half of this year.

Operator

Our next question comes from Suji Desilva with ROTH Capital.

Speaker 6

Hi, Todd. Hi, Haley. These new smartphone programs, some of these were these paused, Todd, during The lockdowns and are they resuming now? And I presume some of the newer programs that they are coming back, they sound like from what you said, they're coming back Fairly aggressively. Are they more for the X7 or is it a mix of the 2?

Speaker 2

It was a mix of the 2. I mean, so When we went out of 'twenty two with inventory, There was some X7 inventory in the channel, but it was if you look at the channel and the customers, it was predominantly X5. I thought for sure it would take us 6 to 8 months to burn through the X5 inventory. Some of the expedites are on X5 devices. So some of the phones that I just mentioned and I mentioned which ones that included X5, They had such strong demand for those models.

Speaker 2

They went through our excess inventory of X5 and are expediting new wafer starts. And then same with X7. Some of the models were X7. The demand was high and they went through our inventory and now we're expediting Wafers through the line. Suji, to be clear, All of this demand is based upon models that have been released.

Speaker 2

I want to make sure, Pretty much all the demand. It's got to be well over 95%. Our models that were released From either later part of December or early January on. So this is not Like a rejuvenation of older models that burn through inventory. These are all new models.

Speaker 2

And You understand, the customers I think went into these new models being conservative Because they had not been conservative the year prior. And in our particular case, we had 4 or 5 different models that all blew through the initial forecast. And when they realized they were blowing through the forecast, We quote 26 lead like these guys came in and were expediting within 8 weeks to when they needed the parts. And the closer you're in to that cycle time, The harder it is for us to expedite, the further out, the easier it is to expedite.

Speaker 6

Okay. Great, Todd. And then switching over to projector market, just to understand what kind of What's your updated view on end demand for 2023 versus the typical year? I know it's obviously had a headwind starting the year. I'm Curious what you're expecting in terms of where that demand starts to come back into normal or not this year?

Speaker 2

We don't really want to give annual guidance, but I will say that right now, we expect mobile To finish the year as a growth business year over year compared to 2022, even with the trough we had in Q1. We still expect projector to probably be Low double digits, just 10% to 15% for the year, right, as the correction takes through. We don't give guidance on TrueCut. I do expect us to be through any inventory correction by the end of this year on projector, but We're expecting this back half of the year to be for mobile, the growth year over year growth business.

Speaker 6

Okay. All right. Thanks, Todd. Thanks, Yale.

Operator

Our next question comes from Richard Shannon with Craig Hallum.

Speaker 5

Hi, Todd and Haley. Thanks for taking my questions. Can you hear me?

Speaker 2

We can. Thanks, Richard.

Speaker 5

Okay, good. Line clicked off there on me. I got in a little late and I may have missed some comments here, so apologies for redoing some of this. But just want to make sure I understand on The guidance for the Q2 about the moving pieces here, was it clear to me whether you expected any growth within the home and enterprise bucket, Yes. Whether that includes any last time buys or is it all of it coming through mobile?

Speaker 2

No, no last time buys. The last time buys we had on the transcoding products Finished up in the Q4 of 2022. And we expect overall Home and Enterprise, which is projector and transcoding To be slightly, slightly up from Q1, so sequentially up. And then we expect mobile to be significantly up.

Speaker 5

Okay. And if I'm running my model here, Todd, almost in real time here, it seems like that's getting close to kind of doubling sequentially. Is that about right? That is about right. Okay.

Speaker 5

I might come back to that in a second here, one hit on a couple of other topics here, specifically on gross margins. You had your number for the year, which I think makes sense here Without passing through the cost, but as we think about your passing those through, I'm not sure what kind of pace you're thinking of, but what kind of A number could be think if you were trying to adjust this quarter for price increases, what could be 2? Is it a couple of points or a few points?

Speaker 2

Well, The Q2, we guided and the reason we're guiding to a low margin is we give plenty of lead time to our price increases to our customers. So that there are no price increases loaded into the Q2 numbers. So that growth is all unit growth. Q3 and Q4, we're passing on price increases across the board to all markets, all customers, Various different levels. Depending on the mix, we're trying to get back.

Speaker 2

There's 2 things happening. 1, Our mix is more mobile centric, okay? And it probably will be on a go forward basis for the foreseeable future. It's going to be just a much faster growing business than projector and home and entertainment. But we didn't pass through All the price increases that we absorbed or continue to absorb.

Speaker 2

And we are now doing that. Now with the goal that we get back at a if we get back to a reasonable mix, It's still going to be more mobile centric that we get back above a 50% corporate level gross margin With the higher mobile mix. We are still not modeling in any of this significant TrueCut revenue. Once TrueCut is the licensing business, once this kicks in, we will re advise To all the analysts, what the corporate goals for our margin are, but they're significantly higher than low 50s.

Speaker 5

Okay. That is helpful. One last question for me, I'll jump out of line, Todd. Obviously, you had a lot of nice milestones and events in your TrueCut business last year. And you've been clear this is a long process developing an ecosystem.

Speaker 5

So assuming you sign up a streaming customer at any point in time, I'm not trying to apply timeframe to this, but Assuming you do that, what kind of milestones would you expect to be able to announce? I don't know with the streaming customer maybe before that with other Ecosystem Partners to make this a reality.

Speaker 6

So that's a good question.

Speaker 2

I think that's good for any investors that are listening on the call How do you keep an eye and see if we're hitting our milestones given that we're not putting financial milestones in there? I would suggest that We are getting interest and strong interest in helping Other studios deliver high frame rate to premium large format theaters around the world With new releases. So you probably will hear some of that activity sooner than later. I think if people monitor us and see more Content partners using our technology to deliver a better experience. I think that's a telling tell.

Speaker 6

Upon

Speaker 2

announcing our first distribution partner streaming company To then want to deliver this premium format content to the home and entertainment world, You will quickly see us announce partnerships with device manufacturers that are on the other end of that home entertainment delivery. I think once you see that, that's 0 to 1. Then the next question is, Does it expand beyond that first major distributor and those device partners and multiply to multiple streaming companies and multiple device partners? So that's how you See it roll out, I think.

Speaker 5

Okay. I'm sure we'll follow-up on that in the future, but I think that's all the questions for me. Thanks a lot, Todd.

Speaker 2

Thank you, Richard.

Operator

That concludes today's question and answer session. I'd like to turn the call back to management for closing remarks.

Speaker 2

For those of you attending today's call, thank you for your time. I hope it was helpful. Look forward to giving you updates as the year progresses.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.

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