Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-30269 | |
Entity Registrant Name | PIXELWORKS, INC | |
Entity Central Index Key | 0001040161 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | OR | |
Entity Tax Identification Number | 91-1761992 | |
Entity Address, Address Line One | 226 Airport Parkway, Suite 595 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95110 | |
City Area Code | 408 | |
Local Phone Number | 200-9200 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | PXLW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,271,400 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 17,933 | $ 7,257 |
Short-term marketable securities | 2,484 | 6,975 |
Accounts receivable, net | 8,850 | 10,915 |
Inventories | 4,540 | 5,401 |
Prepaid expenses and other current assets | 2,067 | 1,689 |
Total current assets | 35,874 | 32,237 |
Property and equipment, net | 5,284 | 4,608 |
Operating lease right of use assets | 7,494 | 5,434 |
Other assets, net | 1,355 | 1,267 |
Acquired intangible assets, net | 2,329 | 2,704 |
Goodwill | 18,407 | 18,407 |
Total assets | 70,743 | 64,657 |
Current liabilities: | ||
Accounts payable | 2,297 | 818 |
Accrued liabilities and current portion of long-term liabilities | 9,412 | 8,692 |
Short-term line of credit | 5,157 | 0 |
Current portion of income taxes payable | 200 | 164 |
Total current liabilities | 17,066 | 9,674 |
Long-term liabilities, net of current portion | 1,579 | 982 |
Operating lease liabilities, net of current portion | 5,567 | 4,212 |
Income taxes payable, net of current portion | 2,260 | 2,260 |
Total liabilities | 26,472 | 17,128 |
Commitments and contingencies (Note 12) | ||
Shareholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 438,269 | 436,122 |
Accumulated other comprehensive income | 6 | 12 |
Accumulated deficit | (394,004) | (388,605) |
Total shareholders’ equity | 44,271 | 47,529 |
Total liabilities and shareholders’ equity | $ 70,743 | $ 64,657 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue, net | $ 13,774 | $ 16,648 | |
Cost of revenue | [1] | 6,999 | 8,176 |
Gross profit | 6,775 | 8,472 | |
Operating expenses: | |||
Research and development | [2] | 6,267 | 6,472 |
Selling, general and administrative | [3] | 5,193 | 5,460 |
Restructuring | 592 | 0 | |
Total operating expenses | 12,052 | 11,932 | |
Loss from operations | (5,277) | (3,460) | |
Interest income and other, net | 54 | 96 | |
Gain on sale of patents | 0 | 3,905 | |
Total other income, net | 54 | 4,001 | |
Income (loss) before income taxes | (5,223) | 541 | |
Provision for income taxes | 176 | 408 | |
Net income (loss) | $ (5,399) | $ 133 | |
Net income (loss) per share - basic | $ (0.14) | $ 0 | |
Net income (loss) per share - diluted | $ (0.14) | $ 0 | |
Weighted average shares outstanding - basic | 38,868 | 37,247 | |
Weighted average shares outstanding - diluted | 38,868 | 38,692 | |
[1] | (1) Includes: Amortization of acquired intangible assets 298 298 Stock-based compensation 101 95 Inventory step-up and backlog amortization — 12 | ||
[2] | (2) Includes stock-based compensation 648 661 | ||
[3] | (3) Includes: Stock-based compensation 1,073 933 Amortization of acquired intangible assets 76 84 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation | $ (1,822) | $ (1,689) |
Inventory step-up and backlog amortization | 0 | 12 |
Cost of revenue | ||
Stock-based compensation | 101 | 95 |
Inventory step-up and backlog amortization | 0 | 12 |
Cost of revenue | Acquired intangible assets | ||
Amortization of acquired intangible assets | 298 | 298 |
Research and development | ||
Stock-based compensation | 648 | 661 |
Selling, general and administrative | ||
Amortization of acquired intangible assets | 76 | 84 |
Stock-based compensation | $ 1,073 | $ 933 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Other Comprehensive Income [Abstract] | ||
Net income (loss) | $ (5,399) | $ 133 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available-for-sale securities | (6) | 4 |
Total comprehensive income (loss) | $ (5,405) | $ 137 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (5,399) | $ 133 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 1,822 | 1,689 |
Depreciation and amortization | 1,022 | 913 |
Amortization of acquired intangible assets | 374 | 382 |
Reversal of uncertain tax positions | (10) | (31) |
Accretion on short-term marketable securities | (10) | (24) |
Deferred income tax benefit | 4 | 0 |
Gain on sale of marketable securities | (4) | 0 |
Gain on sale of patents | 0 | (3,905) |
Inventory step-up and backlog amortization | 0 | 12 |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable, net | 2,065 | 1,129 |
Inventories | 861 | (76) |
Prepaid expenses and other current and long-term assets, net | 470 | (666) |
Accounts payable | 1,204 | 519 |
Accrued current and long-term liabilities | (1,545) | (2,360) |
Income taxes payable | 46 | 251 |
Net cash provided by (used in) operating activities | 900 | (2,034) |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of short-term marketable securities | 5,998 | 2,950 |
Purchases of short-term marketable securities | (1,500) | (3,417) |
Purchases of property and equipment | (204) | (1,655) |
Proceeds from sale of patents | 0 | 4,250 |
Purchases of licensed technology | 0 | (521) |
Payment associated with sale of patents | 0 | (345) |
Net cash provided by investing activities | 4,294 | 1,262 |
Cash flows from financing activities: | ||
Proceeds from line of credit | 5,157 | 0 |
Proceeds from issuance of common stock under employee equity incentive plans | 325 | 315 |
Payments on asset financings | 0 | (141) |
Net cash provided by financing activities | 5,482 | 174 |
Net increase (decrease) in cash and cash equivalents | 10,676 | (598) |
Cash and cash equivalents, beginning of period | 7,257 | 17,944 |
Cash and cash equivalents, end of period | 17,933 | 17,346 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds received | 135 | 192 |
Cash paid during the period for interest | 51 | 29 |
Non-cash investing and financing activities: | ||
Acquisitions of property and equipment and other assets under extended payment terms | $ 1,392 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning Balance (in shares) at Dec. 31, 2018 | 36,937,458 | |||
Beginning Balance at Dec. 31, 2018 | $ 49,390 | $ 428,903 | $ 15 | $ (379,528) |
Stock issued under employee equity incentive plans (in shares) | 605,911 | |||
Stock issued under employee equity incentive plans | 315 | $ 315 | ||
Stock-based compensation expense | 1,689 | $ 1,689 | ||
Unrealized gain (loss) on available for sale securities | 4 | 4 | ||
Net income (loss) | 133 | 133 | ||
Ending Balance (in shares) at Mar. 31, 2019 | 37,543,369 | |||
Ending Balance at Mar. 31, 2019 | 51,531 | $ 430,907 | 19 | (379,395) |
Beginning Balance (in shares) at Dec. 31, 2019 | 38,434,488 | |||
Beginning Balance at Dec. 31, 2019 | 47,529 | $ 436,122 | 12 | (388,605) |
Stock issued under employee equity incentive plans (in shares) | 815,375 | |||
Stock issued under employee equity incentive plans | 325 | $ 325 | ||
Stock-based compensation expense | 1,822 | $ 1,822 | ||
Unrealized gain (loss) on available for sale securities | (6) | (6) | ||
Net income (loss) | (5,399) | (5,399) | ||
Ending Balance (in shares) at Mar. 31, 2020 | 39,249,863 | |||
Ending Balance at Mar. 31, 2020 | $ 44,271 | $ 438,269 | $ 6 | $ (394,004) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Nature of Business Pixelworks is a leading provider of high-performance and power-efficient visual processing solutions that bridge the gap between video content formats and rapidly advancing display capabilities. We develop and market semiconductor and software solutions that enable consistently high-quality, authentic viewing experiences in a wide variety of applications from cinema to smartphones. Our primary target markets include Mobile (smartphone, gaming and tablet), Home Entertainment (TV, personal video recorder ("PVR"), over-the-air ("OTA") and projector), Content (creation, remastering and delivery), and Business & Education (projector). As of March 31, 2020, we had an intellectual property portfolio of 347 patents related to the visual display of digital image data. We focus our research and development efforts on developing video algorithms that improve quality, and architectures that reduce system power, cost, bandwidth and increase overall system performance and device functionality. We seek to expand our technology portfolio through internal development and co-development with business partners, and we continually evaluate acquisition opportunities and other ways to leverage our technology into other high-value markets. Pixelworks was founded in 1997 and is incorporated under the laws of the state of Oregon. On August 2, 2017, we acquired ViXS Systems, Inc., a corporation organized in Canada ("ViXS"). Condensed Consolidated Financial Statements The financial information included herein for the three month periods ended March 31, 2020 and 2019 is prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and is unaudited. Such information reflects all adjustments, consisting of only normal recurring adjustments, except as discussed below, that are, in the opinion of management, necessary for a fair presentation of the Company's condensed consolidated financial statements for these interim periods. The financial information as of December 31, 2019 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019, included in Item 8 of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 11, 2020, and should be read in conjunction with such consolidated financial statements. The results of operations for the three month periods ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for future periods or for the entire fiscal year ending December 31, 2020. Immaterial Error Correction During the second quarter of 2019, the Company determined that the statute of limitations had previously expired related to a portion of a liability that had been accrued in prior periods. Management evaluated the materiality of the error, both quantitatively and qualitatively, and concluded that it was not material to the financial statements of any period presented. The Company has revised beginning retained earnings and corrected the error in the accompanying prior period financial information in these condensed consolidated financial statements. The following table sets forth the effect this immaterial error correction had on the Company’s unaudited condensed consolidated statements of operations for the three month period ended March 31, 2019: Three Months Ended March 31, 2019 Previously Reported Correction Revised Interest income (expense) and other, net $ (66 ) $ 162 $ 96 Total other income, net 3,839 162 4,001 Income before income taxes 379 162 541 Net income (loss) (29 ) 162 133 Net income (loss) per share: Basic $ (0.00 ) $ 0.00 $ 0.00 Diluted $ (0.00 ) $ 0.00 $ 0.00 The following table sets forth the effect this immaterial error correction had on the Company's unaudited condensed consolidated statement of cash flows for the three month period ended March 31, 2019: Three Months Ended March 31, 2019 Previously Reported Correction Revised Operating activities: Net income (loss) (29 ) 162 133 Change in accrued current and long-term liabilities (2,198 ) (162 ) (2,360 ) Net cash used in operating activities (2,034 ) — (2,034 ) Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification ("ASC") 740 and also clarifies and amends existing guidance to provide for more consistent application. ASU 2019-12 will become effective for us in the first quarter of fiscal 2021, and early adoption is permitted. We are evaluating the impact that the adoption of ASU 2019-12 will have on our financial position, results of operations and cash flows. In November 2018, the FASB issued Accounting Standards Update No. 2018-18, Collaborative Arrangements: Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 requires transactions in collaborative arrangements to be accounted for under ASC 606 if the counterparty is a customer for a good or service (or bundle of goods and services) that is a distinct unit of account. The amendment also precludes entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. ASU 2018-18 became effective for us on January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on our financial position, results of operations and cash flows. Use of Estimates |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | BALANCE SHEET COMPONENTS Accounts Receivable, Net Accounts receivable are contract assets that arise from the performance of our performance obligation pursuant to our contracts with our customers and represent our unconditional right to payment for the satisfaction of our performance obligations. They are recorded at invoiced amount and do not bear interest when recorded or accrue interest when past due. Accounts receivable are stated net of an allowance for doubtful accounts, which is maintained for estimated losses that may result from the inability of our customers to make required payments. Accounts receivable consists of the following: March 31, December 31, Accounts receivable, gross $ 8,915 $ 10,938 Less: allowance for doubtful accounts (65 ) (23 ) Accounts receivable, net $ 8,850 $ 10,915 The following is the change in our allowance for doubtful accounts: Three Months Ended March 31, 2020 2019 Balance at beginning of period $ 23 $ 21 Additions charged 42 17 Balance at end of period $ 65 $ 38 Inventories Inventories consist of finished goods and work-in-process, and are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market (net realizable value). Inventories consist of the following: March 31, December 31, Finished goods $ 2,580 $ 1,630 Work-in-process 1,960 3,771 Inventories $ 4,540 $ 5,401 Property and Equipment, Net Property and equipment consists of the following: March 31, December 31, Gross carrying amount $ 24,491 $ 22,866 Less: accumulated depreciation and amortization (19,207 ) (18,258 ) Property and equipment, net $ 5,284 $ 4,608 Acquired Intangible Assets, Net In connection with the acquisition of ViXS (the "Acquisition"), we recorded certain identifiable intangible assets. Acquired intangible assets resulting from this transaction were assigned to Pixelworks, Inc., and consist of the following: March 31, December 31, Developed technology $ 5,050 $ 5,050 Customer relationships 1,270 1,270 Backlog and tradename 410 410 6,730 6,730 Less: accumulated amortization (4,401 ) (4,026 ) Acquired intangible assets, net $ 2,329 $ 2,704 Developed technology and customer relationships are amortized over a useful life of 3 to 5 years. Backlog was fully amortized as of September 30, 2018 and tradename was fully amortized as of March 31, 2019. Amortization expense for intangible assets was $374 for the three months ended March 31, 2020, $298 was included in cost of revenue and $76 was included in selling, general and administrative in the condensed consolidated statements of operations. As of March 31, 2020, future estimated amortization expense is as follows: Nine months ending December 31: 2020 $ 1,122 Years ending December 31: 2021 1,117 2022 90 $ 2,329 Acquired intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, past, current, or expected cash flow or operating losses associated with the asset. There were no such triggering events requiring an impairment assessment of other intangible assets during the three months ended March 31, 2020. Goodwill Goodwill resulted from the Acquisition, whereby we recorded goodwill of $18,407 . Goodwill is not amortized; however, we review goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of the reporting unit may be less than it's carrying value. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in our business climate or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continued losses or adverse changes in legal factors, regulation or business environment. There were no such triggering events requiring a goodwill impairment assessment during the three months ended March 31, 2020. We perform our annual impairment assessment for goodwill on November 30 of each year. Accrued Liabilities and Current Portion of Long-Term Liabilities Accrued liabilities and current portion of long-term liabilities consist of the following: March 31, December 31, Accrued payroll and related liabilities $ 2,910 $ 3,440 Operating lease liabilities, current 1,945 1,545 Current portion of accrued liabilities for asset financings 1,211 483 Accrued commissions and royalties 592 663 Accrued interest payable 396 397 Deferred revenue 186 146 Accrued costs related to restructuring — 66 Other 2,172 1,952 Accrued liabilities and current portion of long-term liabilities $ 9,412 $ 8,692 Deferred revenues are contract liabilities that arise when cash payments are received or due in advance of the satisfaction of our performance obligations. Any increase in deferred revenues is driven by cash payments received or due in advance of satisfying our performance obligation pursuant to the contract with the customer. Any decrease in deferred revenues is due to the recognition of revenue related to satisfying our performance obligation. The change in deferred revenue is as follows: Three Months Ended March 31, 2020 2019 Deferred revenue: Balance at beginning of period $ 146 $ 96 Revenue deferred 405 275 Revenue recognized (365 ) (185 ) Balance at end of period $ 186 $ 186 Short-Term Line of Credit On December 21, 2010, we entered into a Loan and Security Agreement with Silicon Valley Bank (the "Bank"), which was amended on December 14, 2012, December 4, 2013, December 18, 2015, December 15, 2016, July 21, 2017, December 21, 2017, December 18, 2018, December 18, 2019 and April 17, 2020 (as amended, the "Revolving Loan Agreement"). The Revolving Loan Agreement provides a secured working capital-based revolving line of credit (the "Revolving Line") in an aggregate amount of up to the lesser of (i) $10,000 , or (ii) $2,500 plus 80% of eligible domestic accounts receivable and certain foreign accounts receivable of both Pixelworks and ViXS Systems, Inc., subject to certain limitations on the amount of accounts receivables attributable to ViXS. The Revolving Line has a maturity date of December 27, 2020. In addition, the Revolving Loan Agreement provides for non-formula advances of up to $10,000 which may be made solely during the last five business days of any fiscal month or quarter and which must be repaid by us on or before the fifth business day after the applicable fiscal month or quarter end. Due to their repayment terms, non-formula advances do not provide us with usable liquidity. The Revolving Loan Agreement, as amended, contains customary affirmative and negative covenants as well as customary events of default. The occurrence of an event of default could result in the acceleration of our obligations under the Revolving Loan Agreement, as amended, and an increase to the applicable interest rate, and would permit the Bank to exercise remedies with respect to its security interest. As of March 31, 2020, we were in compliance with all of the terms of the Revolving Loan Agreement, as amended. As of March 31, 2020, short-term borrowings outstanding under the Revolving Line consisted of $5,157 . The weighted-average interest rate on short-term borrowings outstanding as of March 31, 2020 was 3.5% . As of December 31, 2019, we had no |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS Marketable Securities As of March 31, 2020 and December 31, 2019, all of our marketable securities are classified as available-for-sale, have contractual maturities of one year or less and consist of the following: Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: As of March 31, 2020: Commercial paper $ 1,247 $ — $ 1,247 Corporate debt securities 1,243 (6 ) 1,237 $ 2,490 $ (6 ) $ 2,484 As of December 31, 2019: Commercial paper $ 2,487 $ — $ 2,487 U.S. government treasury bills 2,249 1 2,250 Corporate debt securities 2,236 2 2,238 $ 6,972 $ 3 $ 6,975 Unrealized holding gains and losses are recorded in accumulated other comprehensive income, a component of shareholders’ equity, in the condensed consolidated balance sheets. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value: Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. Level 2: Valuations based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Valuations based on unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The following table presents information about our assets measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019: Level 1 Level 2 Level 3 Total As of March 31, 2020: Assets: Cash equivalents: Money market funds $ 13,435 $ — $ — $ 13,435 Short-term marketable securities: Commercial paper — 1,247 — 1,247 Corporate debt securities — 1,237 — 1,237 As of December 31, 2019: Assets: Cash equivalents: Money market funds $ 1,307 $ — $ — $ 1,307 Short-term marketable securities: U.S. government treasury bills 2,250 — — 2,250 Commercial paper — 2,487 — 2,487 Corporate debt securities — 2,238 — 2,238 We primarily use the market approach to determine the fair value of our financial assets. The fair value of our current assets and liabilities, including accounts receivable and accounts payable approximates the carrying value due to the short-term nature of these balances. We have currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP. |
Restructurings
Restructurings | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructurings | RESTRUCTURINGS In January 2020, we executed a restructuring plan to make the operation of the Company more efficient (the "2020 Plan"). The 2020 Plan included an approximately 4% reduction in workforce, primarily in the areas of research and development and sales. Total restructuring expense included in our statement of operations for the three month periods ended March 31, 2020 and 2019 is comprised of the following: Three Months Ended March 31, 2020 2019 Operating expenses — restructuring: Employee severance and benefits $ 592 $ — Total restructuring expense $ 592 $ — During the three months ended March 31, 2020, we recorded $592 in restructuring expense related to the 2020 Plan. During the three months ended March 31, 2019, we did not incur any restructuring expense. The following is a rollforward of the accrued liabilities related to restructuring for the three month period ended March 31, 2020: Balance as of December 31, 2019 Expensed Payments Balance as of March 31, 2020 Employee severance and benefits $ 66 $ 592 $ (658 ) $ — Accrued costs related to restructuring $ 66 $ 592 $ (658 ) $ — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASC 842"), which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU No. 2018-10, Codification Improvements to Topic 842 ; and ASU No. 2018-11, Targeted Improvements . The new standard establishes a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. We adopted the new standard on January 1, 2019 and used the effective date as our date of initial application under the modified retrospective approach. Under the effective date method, financial information and disclosures prior to January 1, 2019 are not required to be restated. We elected the "practical expedient package," which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. We elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases. Upon adoption, we recognized operating lease liabilities of $6,847 based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases. We also recognized ROU assets of $6,224 which represents the operating lease liability adjusted for accrued rent and cease-use liabilities. The adoption did not have a material impact on our condensed consolidated statements of operations or cash flows. The most significant impact relates to (1) the recognition of new ROU assets and lease liabilities on our balance sheet for our office operating leases; and (2) providing significant new disclosures about our leasing activities. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease ROU assets also exclude lease incentives received. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. We have operating leases for office buildings and one vehicle. Our leases have remaining lease terms of 1 year to 6 years . Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows: Three Months Ended March 31, 2020 2019 Operating lease cost: $ 646 $ 629 Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 727 $ 674 Leased assets obtained in exchange for new operating lease liabilities 2,626 1,141 Weighted average remaining lease term (in years) 4.25 3.71 Weighted average discount rate 5.17 % 5.75 % Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Operating Lease Payments Nine months ending December 31, 2020 $ 1,744 Years ending December 31: 2021 2,056 2022 2,027 2023 1,136 2024 797 2025 283 Thereafter 356 Total operating lease payments 8,399 Less imputed interest (887 ) Total operating lease liabilities $ 7,512 As of March 31, 2020, the Company had no operating lease liabilities that had not commenced. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue is recognized when control of the promised good or service is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our principal revenue generating activities consist of the following: Product Sales - We sell integrated circuit products, also known as “chips” or “ICs”, based upon a customer purchase order, which includes a fixed price per unit. We have elected to account for shipping and handling as activities to fulfill the promise to transfer the goods, and not evaluate whether these activities are promised services to the customer. We generally satisfy our single performance obligation upon shipment of the goods to the customer and recognize revenue at a point in time upon shipment of the underlying product. Our shipments are subject to limited return rights subject to our limited warranty for our products sold. In addition, we may provide other credits to certain customers pursuant to price protection and stock rotation rights, all of which are considered variable consideration when estimating the amount of revenue to recognize. We use the “most likely amount” method to determine the amount of consideration to which we are entitled. Our estimate of variable consideration is reassessed at the end of each reporting period based on changes in facts and circumstances. Historically, returns and credits have not been material. Engineering Services - We enter into contracts for professional engineering services that include software development and customization. We identify each performance obligation in our engineering services agreements (“ESAs”) at contract inception. The ESA generally includes project deliverables specified by the customer. The performance obligations in the ESA are generally combined into one deliverable, with the pricing for services stated at a fixed amount. Services provided under the ESA generally result in the transfer of control over time. We recognize revenue on ESAs based on the proportion of labor hours expended to the total hours expected to complete the contract performance obligation. ESAs could include substantive customer acceptance provisions. In ESAs that include substantive customer acceptance provisions, we recognize revenue upon customer acceptance. License Revenue - On occasion, we derive revenue from the license of our internally developed intellectual property ("IP"). IP licensing agreements that we enter into generally provide licensees the right to incorporate our IP components in their products with terms and conditions that vary by licensee. Fees under these agreements generally include license fees relating to our IP and support service fees, resulting in two performance obligations. We evaluate each performance obligation, which generally results in the transfer of control at a point in time for the license fee and over time for support services. Other - From time-to-time, we enter into arrangements for other revenue generating activities, such as providing technical support services to customers through technical support agreements. In each circumstance, we evaluate such arrangements for our performance obligations which generally results in the transfer of control for such services over time. Historically, such arrangements have not been material to our operating results. The following table provides information about disaggregated revenue based on the preceding categories for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 IC sales $ 13,118 $ 15,074 Engineering services, license and other 656 1,574 Total revenues $ 13,774 $ 16,648 For segment information, including revenue by geographic region, see "Note 10: Segment Information". Our contract balances include accounts receivable and deferred revenue. For information concerning these contract balances, see "Note 2: Balance Sheet Components". Payment terms and conditions for goods and services provided vary by contract; however, payment is generally required within 30 to 60 days of invoicing. We have not identified any material costs incurred associated with obtaining a contract with a customer which would meet the criteria to be capitalized, therefore, these costs are expensed as incurred. The aggregate amount of the transaction price allocated to unsatisfied performance obligations with an original expected duration of greater than one year is $240 , which we expect to recognize ratably over the next 24 months |
Interest Income (Expense) and O
Interest Income (Expense) and Other, Net | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Interest Income (Expense) and Other, Net | INTEREST INCOME (EXPENSE) AND OTHER, NET Interest income (expense) and other, consists of the following: Three Months Ended March 31, 2020 2019 Interest income $ 51 $ 100 Other income 43 50 Interest expense (40 ) (54 ) Total interest income (expense) and other, net $ 54 $ 96 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Incomes Taxes | INCOME TAXES The provision for income taxes during the 2020 and 2019 periods is primarily comprised of current and deferred tax expense in profitable cost-plus foreign jurisdictions, accruals for tax contingencies in foreign jurisdictions and benefits for the reversal of previously recorded foreign tax contingencies due to the expiration of the applicable statutes of limitation. We recorded a benefit for the reversal of previously recorded foreign tax contingencies of $10 and $31 during the first three months of 2020 and 2019, respectively. As we do not believe that it is more likely than not that we will realize a benefit from our U.S. net deferred tax assets, including our U.S. net operating losses, we continue to provide a full valuation allowance against essentially all of those assets, therefore, we do not incur significant U.S. income tax expense or benefit. We have not recorded a valuation allowance against our other foreign net deferred tax assets, with the exception of Canada, as we believe that it is more likely than not that we will realize a benefit from those assets. As of March 31, 2020 and December 31, 2019, the amount of our uncertain tax positions was a liability of $1,530 and $1,554 , respectively, as well as a contra deferred tax asset of $1,244 and $1,100 , respectively. A number of years may elapse before an uncertain tax position is resolved by settlement or statute of limitation. Settlement of any particular position could require the use of cash. If the uncertain tax positions we have accrued for are sustained by the taxing authorities in our favor or if the statute of limitation expires, the reduction of the liability will reduce our effective tax rate. We reasonably expect reductions in the liability for unrecognized tax benefits and interest and penalties of approximately $78 within the next twelve months due to the expiration of statutes of limitation in foreign jurisdictions. We recognize interest and penalties related to uncertain tax positions in income tax expense in our condensed consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net income (loss) $ (5,399 ) $ 133 Basic weighted average shares outstanding 38,868 37,247 Dilutive effect of employee equity incentive plans — 1,445 Diluted weighted average shares outstanding 38,868 38,692 Net income (loss) per share: Basic $ (0.14 ) $ 0.00 Diluted $ (0.14 ) $ 0.00 The following shares were excluded from the calculation of diluted net income (loss) per share as their effect would have been anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 Employee equity incentive plans 4,094 262 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We function as a single operating segment: the design and development of integrated circuits for use in electronic display devices. The majority of our assets are located in the United States. Geographic Information Revenue by geographic region, is as follows: Three Months Ended March 31, 2020 2019 Japan $ 8,486 $ 13,461 China 2,846 1,862 United States 1,666 714 Taiwan 738 518 Korea 33 60 Europe 5 33 $ 13,774 $ 16,648 Significant Customers The percentage of revenue attributable to our distributors, top five end customers, and individual distributors or end customers that represented 10% or more of revenue in at least one of the periods presented, is as follows: Three Months Ended March 31, 2020 2019 Distributors: All distributors 42 % 27 % Distributor A 13 % 22 % Distributor B 10 % 3 % End customers: 1 Top five end customers 72 % 82 % End customer A 46 % 56 % End customer B 2 % 16 % 1 End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. The following accounts represented 10% or more of total accounts receivable in at least one of the periods presented: March 31, December 31, Account W 51 % 42 % Account X 11 % 26 % Account Y 10 % 24 % Account Z 10 % 5 % |
Risks and Uncertainties
Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Concentration of Suppliers We do not own or operate a semiconductor fabrication facility and do not have the resources to manufacture our products internally. We rely on a limited number of foundries and assembly and test vendors to produce all of our wafers and for completion of finished products. We do not have any long-term agreements with any of these suppliers. In light of these dependencies, it is reasonably possible that failure to perform by one of these suppliers could have a severe impact on our results of operations. Additionally, the concentration of these vendors within Taiwan and the People’s Republic of China increases our risk of supply disruption due to natural disasters, economic instability, political unrest or other regional disturbances. Risk of Technological Change The markets in which we compete, or seek to compete, are subject to rapid technological change, frequent new product introductions, changing customer requirements for new products and features, and evolving industry standards. The introduction of new technologies and the emergence of new industry standards could render our products less desirable or obsolete, which could harm our business. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash equivalents and accounts receivable. We limit our exposure to credit risk associated with cash equivalent balances by holding our funds in high quality, highly liquid money market accounts. We limit our exposure to credit risk associated with accounts receivable by carefully evaluating creditworthiness before offering terms to customers. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Indemnifications Certain of our agreements include indemnification provisions for claims from third-parties relating to our intellectual property. It is not possible for us to predict the maximum potential amount of future payments or indemnification costs under these or similar agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. We have not made any payments under these agreements in the past, and as of March 31, 2020, we have not incurred any material liabilities arising from these indemnification obligations. In the future, however, such obligations could materially impact our results of operations. Legal Proceedings We are subject to legal matters that arise from time to time in the ordinary course of our business. Although we currently believe that resolving such matters, individually or in the aggregate, will not have a material adverse effect on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and our view of these matters may change in the future. Other Contractual Obligation As part of the Acquisition, we acquired debt associated with an agreement with the Government of Canada called Technology Partnerships Canada ("TPC"). As part of the TPC agreement, ViXS Systems Inc. was provided funding to assist in research and development expenses of which a portion was later required to be repaid because the conditions for repayment were met. The scheduled payments are made on a quarterly basis and end in January 2024. As of March 31, 2020, $445 is included in accrued liabilities and current portion of long-term liabilities in our consolidated balance sheet and $367 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On April 25, 2020, Pixelworks, Inc. (the “Company”), entered into a loan with Silicon Valley Bank as the lender (“Lender”) in an aggregate principal amount of $796 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Loan is evidenced by a promissory note (the “Note”) dated April 25, 2020, and matures 2 years from the disbursement date. The Note bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing 6 months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Note contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the Note. Upon the occurrence of an event of default, the Lender may require immediate repayment of all amounts outstanding under the Note. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP. The Loan is subject to forgiveness to the extent proceeds are used for payroll costs, including payments required to continue group health care benefits, and certain rent, utility, and mortgage interest expenses (collectively, “Qualifying Expenses”), pursuant to the terms and limitations of the PPP. The Company intends to use the Loan amount for Qualifying Expenses. However, no assurance is provided that the Company will obtain forgiveness of the Loan in whole or in part. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements The financial information included herein for the three month periods ended March 31, 2020 and 2019 is prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and is unaudited. Such information reflects all adjustments, consisting of only normal recurring adjustments, except as discussed below, that are, in the opinion of management, necessary for a fair presentation of the Company's condensed consolidated financial statements for these interim periods. The financial information as of December 31, 2019 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019, included in Item 8 of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 11, 2020, and should be read in conjunction with such consolidated financial statements. The results of operations for the three month periods ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for future periods or for the entire fiscal year ending December 31, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification ("ASC") 740 and also clarifies and amends existing guidance to provide for more consistent application. ASU 2019-12 will become effective for us in the first quarter of fiscal 2021, and early adoption is permitted. We are evaluating the impact that the adoption of ASU 2019-12 will have on our financial position, results of operations and cash flows. In November 2018, the FASB issued Accounting Standards Update No. 2018-18, Collaborative Arrangements: Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 requires transactions in collaborative arrangements to be accounted for under ASC 606 if the counterparty is a customer for a good or service (or bundle of goods and services) that is a distinct unit of account. The amendment also precludes entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. ASU 2018-18 became effective for us on January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on our financial position, results of operations and cash flows. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. These estimates reflect considerations related to the impact of COVID-19. Our significant estimates and judgments include those related to revenue recognition, valuation of excess and obsolete inventory, lives and recoverability of equipment and other long-lived assets, valuation of goodwill, valuation of share-based payments, income taxes, litigation and other contingencies. The actual results experienced could differ materially from our estimates. |
Receivables, Policy | Accounts receivable are contract assets that arise from the performance of our performance obligation pursuant to our contracts with our customers and represent our unconditional right to payment for the satisfaction of our performance obligations. They are recorded at invoiced amount and do not bear interest when recorded or accrue interest when past due. Accounts receivable are stated net of an allowance for doubtful accounts, which is maintained for estimated losses that may result from the inability of our customers to make required payments. |
Inventory, Policy | Inventories consist of finished goods and work-in-process, and are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market (net realizable value). |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Immaterial Error Correction | The following table sets forth the effect this immaterial error correction had on the Company’s unaudited condensed consolidated statements of operations for the three month period ended March 31, 2019: Three Months Ended March 31, 2019 Previously Reported Correction Revised Interest income (expense) and other, net $ (66 ) $ 162 $ 96 Total other income, net 3,839 162 4,001 Income before income taxes 379 162 541 Net income (loss) (29 ) 162 133 Net income (loss) per share: Basic $ (0.00 ) $ 0.00 $ 0.00 Diluted $ (0.00 ) $ 0.00 $ 0.00 The following table sets forth the effect this immaterial error correction had on the Company's unaudited condensed consolidated statement of cash flows for the three month period ended March 31, 2019: Three Months Ended March 31, 2019 Previously Reported Correction Revised Operating activities: Net income (loss) (29 ) 162 133 Change in accrued current and long-term liabilities (2,198 ) (162 ) (2,360 ) Net cash used in operating activities (2,034 ) — (2,034 ) |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | Accounts receivable consists of the following: March 31, December 31, Accounts receivable, gross $ 8,915 $ 10,938 Less: allowance for doubtful accounts (65 ) (23 ) Accounts receivable, net $ 8,850 $ 10,915 |
Allowance for Doubtful Accounts | The following is the change in our allowance for doubtful accounts: Three Months Ended March 31, 2020 2019 Balance at beginning of period $ 23 $ 21 Additions charged 42 17 Balance at end of period $ 65 $ 38 |
Inventories | Inventories consist of the following: March 31, December 31, Finished goods $ 2,580 $ 1,630 Work-in-process 1,960 3,771 Inventories $ 4,540 $ 5,401 |
Property and Equipment, Net | Property and equipment consists of the following: March 31, December 31, Gross carrying amount $ 24,491 $ 22,866 Less: accumulated depreciation and amortization (19,207 ) (18,258 ) Property and equipment, net $ 5,284 $ 4,608 |
Acquired Intangible Assets, Net | Acquired intangible assets resulting from this transaction were assigned to Pixelworks, Inc., and consist of the following: March 31, December 31, Developed technology $ 5,050 $ 5,050 Customer relationships 1,270 1,270 Backlog and tradename 410 410 6,730 6,730 Less: accumulated amortization (4,401 ) (4,026 ) Acquired intangible assets, net $ 2,329 $ 2,704 |
Future Amortization Expense | As of March 31, 2020, future estimated amortization expense is as follows: Nine months ending December 31: 2020 $ 1,122 Years ending December 31: 2021 1,117 2022 90 $ 2,329 |
Accrued Liabilities and Current Portion of Long-Term Liabilities | Accrued liabilities and current portion of long-term liabilities consist of the following: March 31, December 31, Accrued payroll and related liabilities $ 2,910 $ 3,440 Operating lease liabilities, current 1,945 1,545 Current portion of accrued liabilities for asset financings 1,211 483 Accrued commissions and royalties 592 663 Accrued interest payable 396 397 Deferred revenue 186 146 Accrued costs related to restructuring — 66 Other 2,172 1,952 Accrued liabilities and current portion of long-term liabilities $ 9,412 $ 8,692 |
Deferred Revenue | The change in deferred revenue is as follows: Three Months Ended March 31, 2020 2019 Deferred revenue: Balance at beginning of period $ 146 $ 96 Revenue deferred 405 275 Revenue recognized (365 ) (185 ) Balance at end of period $ 186 $ 186 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | As of March 31, 2020 and December 31, 2019, all of our marketable securities are classified as available-for-sale, have contractual maturities of one year or less and consist of the following: Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: As of March 31, 2020: Commercial paper $ 1,247 $ — $ 1,247 Corporate debt securities 1,243 (6 ) 1,237 $ 2,490 $ (6 ) $ 2,484 As of December 31, 2019: Commercial paper $ 2,487 $ — $ 2,487 U.S. government treasury bills 2,249 1 2,250 Corporate debt securities 2,236 2 2,238 $ 6,972 $ 3 $ 6,975 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about our assets measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019: Level 1 Level 2 Level 3 Total As of March 31, 2020: Assets: Cash equivalents: Money market funds $ 13,435 $ — $ — $ 13,435 Short-term marketable securities: Commercial paper — 1,247 — 1,247 Corporate debt securities — 1,237 — 1,237 As of December 31, 2019: Assets: Cash equivalents: Money market funds $ 1,307 $ — $ — $ 1,307 Short-term marketable securities: U.S. government treasury bills 2,250 — — 2,250 Commercial paper — 2,487 — 2,487 Corporate debt securities — 2,238 — 2,238 |
Restructurings (Tables)
Restructurings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expense by Components | Total restructuring expense included in our statement of operations for the three month periods ended March 31, 2020 and 2019 is comprised of the following: Three Months Ended March 31, 2020 2019 Operating expenses — restructuring: Employee severance and benefits $ 592 $ — Total restructuring expense $ 592 $ — |
Schedule of Accrued Restructuring Liabilities | The following is a rollforward of the accrued liabilities related to restructuring for the three month period ended March 31, 2020: Balance as of December 31, 2019 Expensed Payments Balance as of March 31, 2020 Employee severance and benefits $ 66 $ 592 $ (658 ) $ — Accrued costs related to restructuring $ 66 $ 592 $ (658 ) $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Supplemental Information Related to Leases | Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows: Three Months Ended March 31, 2020 2019 Operating lease cost: $ 646 $ 629 |
Future Minimum Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Operating Lease Payments Nine months ending December 31, 2020 $ 1,744 Years ending December 31: 2021 2,056 2022 2,027 2023 1,136 2024 797 2025 283 Thereafter 356 Total operating lease payments 8,399 Less imputed interest (887 ) Total operating lease liabilities $ 7,512 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides information about disaggregated revenue based on the preceding categories for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 IC sales $ 13,118 $ 15,074 Engineering services, license and other 656 1,574 Total revenues $ 13,774 $ 16,648 |
Interest Income (Expense) and_2
Interest Income (Expense) and Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Interest Income (Expense) and Other, net | Interest income (expense) and other, consists of the following: Three Months Ended March 31, 2020 2019 Interest income $ 51 $ 100 Other income 43 50 Interest expense (40 ) (54 ) Total interest income (expense) and other, net $ 54 $ 96 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net income (loss) $ (5,399 ) $ 133 Basic weighted average shares outstanding 38,868 37,247 Dilutive effect of employee equity incentive plans — 1,445 Diluted weighted average shares outstanding 38,868 38,692 Net income (loss) per share: Basic $ (0.14 ) $ 0.00 Diluted $ (0.14 ) $ 0.00 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares were excluded from the calculation of diluted net income (loss) per share as their effect would have been anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 Employee equity incentive plans 4,094 262 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region, is as follows: Three Months Ended March 31, 2020 2019 Japan $ 8,486 $ 13,461 China 2,846 1,862 United States 1,666 714 Taiwan 738 518 Korea 33 60 Europe 5 33 $ 13,774 $ 16,648 |
Schedule of Revenue from Significant Customers | The percentage of revenue attributable to our distributors, top five end customers, and individual distributors or end customers that represented 10% or more of revenue in at least one of the periods presented, is as follows: Three Months Ended March 31, 2020 2019 Distributors: All distributors 42 % 27 % Distributor A 13 % 22 % Distributor B 10 % 3 % End customers: 1 Top five end customers 72 % 82 % End customer A 46 % 56 % End customer B 2 % 16 % 1 End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. |
Schedule of Accounts Receivable Percentage from Significant Customers | The following accounts represented 10% or more of total accounts receivable in at least one of the periods presented: March 31, December 31, Account W 51 % 42 % Account X 11 % 26 % Account Y 10 % 24 % Account Z 10 % 5 % |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2020patent |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of patents held | 347 |
Basis of Presentation (Immateri
Basis of Presentation (Immaterial Error Correction, Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Interest income (expense) and other, net | $ 54 | $ 96 |
Total other income, net | 54 | 4,001 |
Income before income taxes | (5,223) | 541 |
Net income (loss) | $ (5,399) | $ 133 |
Net income (loss) per share - basic | $ 0.14 | $ 0 |
Net income (loss) per share - diluted | $ (0.14) | $ 0 |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Interest income (expense) and other, net | $ (66) | |
Total other income, net | 3,839 | |
Income before income taxes | 379 | |
Net income (loss) | $ (29) | |
Net income (loss) per share - basic | $ 0 | |
Net income (loss) per share - diluted | $ 0 | |
Correction | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Interest income (expense) and other, net | $ 162 | |
Total other income, net | 162 | |
Income before income taxes | 162 | |
Net income (loss) | $ 162 | |
Net income (loss) per share - basic | $ 0 | |
Net income (loss) per share - diluted | $ 0 |
Basis of Presentation (Immate_2
Basis of Presentation (Immaterial Error Correction, Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (5,399) | $ 133 |
Change in accrued current and long-term liabilities | (1,545) | (2,360) |
Net cash used in operating activities | $ 900 | (2,034) |
Previously Reported | ||
Cash flows from operating activities: | ||
Net income (loss) | (29) | |
Change in accrued current and long-term liabilities | (2,198) | |
Net cash used in operating activities | (2,034) | |
Correction | ||
Cash flows from operating activities: | ||
Net income (loss) | 162 | |
Change in accrued current and long-term liabilities | (162) | |
Net cash used in operating activities | $ 0 |
Balance Sheet Components - Acco
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||
Accounts receivable, gross | $ 8,915 | $ 10,938 | ||
Less: allowance for doubtful accounts | (65) | (23) | $ (38) | $ (21) |
Accounts receivable, net | $ 8,850 | $ 10,915 |
Balance Sheet Components - Allo
Balance Sheet Components - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 23 | $ 21 |
Additions charged | 42 | 17 |
Balance at end of period | $ 65 | $ 38 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished goods | $ 2,580 | $ 1,630 |
Work-in-process | 1,960 | 3,771 |
Inventories | $ 4,540 | $ 5,401 |
Balance Sheet Components - Prop
Balance Sheet Components - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Gross carrying amount | $ 24,491 | $ 22,866 |
Less: accumulated depreciation and amortization | (19,207) | (18,258) |
Property and equipment, net | $ 5,284 | $ 4,608 |
Balance Sheet Components - Acqu
Balance Sheet Components - Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, gross | $ 6,730 | $ 6,730 |
Less: accumulated amortization | (4,401) | (4,026) |
Acquired intangible assets, net | 2,329 | 2,704 |
Amortization of acquired intangible assets including backlog | 374 | |
Cost of revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of acquired intangible assets including backlog | 298 | |
Selling, general and administrative | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of acquired intangible assets including backlog | 76 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, gross | $ 5,050 | 5,050 |
Developed technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | |
Developed technology | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, gross | $ 1,270 | 1,270 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Backlog and tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, gross | $ 410 | $ 410 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
2020 | $ 1,122 | |
2021 | 1,117 | |
2022 | 90 | |
Acquired intangible assets, net | $ 2,329 | $ 2,704 |
Balance Sheet Components - Good
Balance Sheet Components - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Aug. 02, 2017 |
Goodwill [Line Items] | |||
Goodwill | $ 18,407 | $ 18,407 | |
ViXS Systems, Inc. | |||
Goodwill [Line Items] | |||
Goodwill | $ 18,407 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities and Current Portion of Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||||
Accrued payroll and related liabilities | $ 2,910 | $ 3,440 | ||
Operating lease liabilities, current | 1,945 | 1,545 | ||
Current portion of accrued liabilities for asset financings | 1,211 | 483 | ||
Accrued commissions and royalties | 592 | 663 | ||
Accrued interest payable | 396 | 397 | ||
Deferred revenue | 186 | 146 | $ 186 | $ 96 |
Accrued costs related to restructuring | 0 | 66 | ||
Other | 2,172 | 1,952 | ||
Accrued liabilities and current portion of long-term liabilities | $ 9,412 | $ 8,692 |
Balance Sheet Components - Defe
Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Deferred Revenue [Abstract] | ||
Balance at beginning of period | $ 146 | $ 96 |
Revenue deferred | 405 | 275 |
Revenue recognized | (365) | (185) |
Balance at end of period | $ 186 | $ 186 |
Balance Sheet Components - Shor
Balance Sheet Components - Short-Term Line of Credit (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 18, 2019 |
Balance Sheet Related Disclosures [Abstract] | |||
Maximum borrowing capacity | $ 10,000 | ||
Line of credit facility, component of calculation for maximum borrowing amount under formula advances | $ 2,500 | ||
Line of credit facility maximum borrowing capacity limited by eligible AR | 80.00% | ||
Line of credit facility, maximum borrowing capacity under non-formula advances | $ 10,000 | ||
Short term line of credit | $ 5,157 | $ 0 | |
Weighted average interest rate | 3.50% |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Schedule of Short Term Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost | $ 2,490 | $ 6,972 |
Unrealized Gain (Loss) | (6) | 3 |
Fair Value | 2,484 | 6,975 |
Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost | 1,243 | 2,236 |
Unrealized Gain (Loss) | (6) | 2 |
Fair Value | 1,237 | 2,238 |
Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost | 1,247 | 2,487 |
Unrealized Gain (Loss) | 0 | 0 |
Fair Value | $ 1,247 | 2,487 |
U.S. government treasury bills | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost | 2,249 | |
Unrealized Gain (Loss) | 1 | |
Fair Value | $ 2,250 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | $ 2,484 | $ 6,975 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 13,435 | 1,307 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 13,435 | 1,307 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 0 | 0 |
U.S. government treasury bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 2,250 | |
U.S. government treasury bills | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 2,250 | |
U.S. government treasury bills | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | |
U.S. government treasury bills | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 1,237 | 2,238 |
Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | 0 |
Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 1,237 | 2,238 |
Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 1,247 | 2,487 |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | 0 |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 1,247 | 2,487 |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | $ 0 | $ 0 |
Restructurings (Details)
Restructurings (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expense | $ 592 | |
2020 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction in workforce | 4.00% | |
Restructuring expense | $ 592 |
Restructurings - Components of
Restructurings - Components of Restructuring Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring expense | $ 592 | $ 0 |
Operating expenses — restructuring: | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee severance and benefits | $ 592 | $ 0 |
Restructurings - Restructuring
Restructurings - Restructuring Reserve Rollforward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2019 | $ 66 |
Expensed | 592 |
Payments | 658 |
Balance as of March 31, 2020 | 0 |
Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2019 | 66 |
Expensed | 592 |
Payments | 658 |
Balance as of March 31, 2020 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 7,512 | $ 6,847 | |
Operating lease right of use assets | $ 7,494 | $ 5,434 | $ 6,224 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms on operating leases | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms on operating leases | 6 years |
Leases - Supplemental informati
Leases - Supplemental information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost: | $ 646 | $ 629 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 727 | 674 |
Leased assets obtained in exchange for new operating lease liabilities | $ 2,626 | $ 1,141 |
Weighted average remaining lease term (in years) | 4 years 3 months | 3 years 8 months 15 days |
Weighted average discount rate | 5.17% | 5.75% |
Leases - Future minimum lease p
Leases - Future minimum lease payments under noncancellable leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2019 |
Leases [Abstract] | ||
Nine months ending December 31, 2020 | $ 1,744 | |
Years ending December 31: | ||
2021 | 2,056 | |
2022 | 2,027 | |
2023 | 1,136 | |
2024 | 797 | |
2025 | 283 | |
Thereafter | 356 | |
Total operating lease payments | 8,399 | |
Less imputed interest | (887) | |
Total operating lease liabilities | $ 7,512 | $ 6,847 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Revenues | $ 13,774 | $ 16,648 |
IC sales | ||
Revenue from External Customer [Line Items] | ||
Revenues | 13,118 | 15,074 |
Engineering services, license and other | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 656 | $ 1,574 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Unsatisfied performance obligations | $ 240 |
Expected timing of satisfaction of performance obligations | which we expect to recognize ratably over the next 24 months |
Interest Income (Expense) and_3
Interest Income (Expense) and Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 51 | $ 100 |
Other income | 43 | 50 |
Interest expense | (40) | (54) |
Total interest income (expense) and other, net | $ 54 | $ 96 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Reversal of uncertain tax positions | $ 10 | $ 31 | |
Liability for uncertain tax positions | 1,530 | $ 1,554 | |
Reduction to deferred tax assets | 1,244 | $ 1,100 | |
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations, including interest and penalties | $ 78 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (5,399) | $ 133 |
Basic weighted average shares outstanding | 38,868 | 37,247 |
Dilutive effect of employee equity incentive plans | 0 | 1,445 |
Diluted weighted average shares outstanding | 38,868 | 38,692 |
Net income (loss) per share - basic | $ (0.14) | $ 0 |
Net income (loss) per share - diluted | $ (0.14) | $ 0 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Effect on Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee equity incentive plans | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,094 | 262 |
Segment Information - Geographi
Segment Information - Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue, net | $ 13,774 | $ 16,648 |
Japan | ||
Revenue, net | 8,486 | 13,461 |
China | ||
Revenue, net | 2,846 | 1,862 |
United States | ||
Revenue, net | 1,666 | 714 |
Taiwan | ||
Revenue, net | 738 | 518 |
Korea | ||
Revenue, net | 33 | 60 |
Europe | ||
Revenue, net | $ 5 | $ 33 |
Segment Information - Revenue b
Segment Information - Revenue by Major Customer (Details) - Revenue, net | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
All distributors | |||
Revenue, Major Customer | |||
Percentage of revenue | 42.00% | 27.00% | |
Distributor A | |||
Revenue, Major Customer | |||
Percentage of revenue | 13.00% | 22.00% | |
Distributor B | |||
Revenue, Major Customer | |||
Percentage of revenue | 10.00% | 3.00% | |
Top five end customers | |||
Revenue, Major Customer | |||
Percentage of revenue | [1] | 72.00% | 82.00% |
End customer A | |||
Revenue, Major Customer | |||
Percentage of revenue | [1] | 46.00% | 56.00% |
End customer B | |||
Revenue, Major Customer | |||
Percentage of revenue | [1] | 2.00% | 16.00% |
[1] | End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. |
Segment Information - Accounts
Segment Information - Accounts Receivable by Major Customer (Details) - Accounts Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Account W | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 51.00% | 42.00% |
Account X | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 11.00% | 26.00% |
Account Y | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 10.00% | 24.00% |
Account Z | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 10.00% | 5.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - ViXS Systems, Inc. - Research And Development Expense Payment $ in Thousands | Mar. 31, 2020USD ($) |
Accrued Liabilities And Current Portion Of Long Term Debt | |
Other Commitments [Line Items] | |
Other Commitment | $ 445 |
Long-term Debt | |
Other Commitments [Line Items] | |
Other Commitment | $ 367 |
Subsequent Event (Details)
Subsequent Event (Details) - PPP - Subsequent Event $ in Thousands | Apr. 25, 2020USD ($) |
Subsequent Event [Line Items] | |
Aggregate principal amount | $ 796 |
Debt maturity term | 2 years |
Interest rate | 1.00% |
Deferred payment term | 6 months |