What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2021-03-10 compared with 2020-03-11 · 96 added, 78 removed, 195 unchanged (47% of the section changed)

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Management’s Discussion and Analysis of Financial Condition and Results of Operation.

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, and the virus continues to spread in areas where we operate and sell our products and services.

Several public health organizations have recommended, and many local governments have implemented, certain measures to slow and limit the transmission of the virus, including shelter in place and social distancing ordinances, which has resulted in a significant deterioration of economic conditions in many of the countries in which we operate.

The spread of COVID-19 has caused us to modify our business practices, including implementing work-from-home policies and restricting travel by our employees.

We also took certain actions in response to the pandemic, which are set forth above in “Note Regarding COVID-19.”

The impact of the pandemic on the global economy and on our business, as well as on the business of our suppliers and customers, and the additional measures that may be needed in the future in response to it, will depend on many factors beyond our control and knowledge.

We will continually monitor the situation to determine what actions may be necessary or appropriate to address the impact of the pandemic, which may include actions mandated or recommended by federal, state or local authorities.

While we expect the impacts of COVID-19 to be temporary, the disruptions caused by the virus have negatively affected our revenue and results of operations in 2020.

For example, our revenues for fiscal year 2020 were lower than initially anticipated at the beginning of the year and travel restrictions and border closures have had a material impact on our ability to achieve our business goals.

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.

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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).

We were one of the first companies to commercially launch a video System on Chip ("SoC") capable of deinterlacing 1080i HDTV signals and the one of the first companies with a commercial dual-channel 1080i deinterlacer integrated circuit.

We were one of the first companies to commercially launch a video System on Chip ("SoC") capable of deinterlacing 1080i HDTV signals and one of the first companies with a commercial dual-channel 1080i deinterlacer integrated circuit.

Our Topaz product line was one of the industry’s first single-chip SoC for digital projection.

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Rapid growth in video consumption, combined with the move towards high frame rate / refresh rate displays, especially in mobile, is increasing the demand for our visual processing and video delivery solutions.

Our technologies can be applied to a wide range of devices from large-screen projectors to cinematic big screens, to low-power mobile tablets, smartphones, high-quality video infrastructure equipment and streaming devices.

Our technologies can be applied to a wide range of devices from large-screen projectors to cinematic big screens, to low-power mobile tablets and smartphones, to high-quality video infrastructure equipment and streaming devices.

Our products are architected and optimized for power, cost, bandwidth, and overall system performance, according to the requirements of the specific application.

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Results of Operations

For the year ended December 31, 2019 compared with year ended December 31, 2018, discussion is included below.

For the year ended December 31, 2018 compared with year ended December 31, 2017, refer to discussion included in Part II, Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2019.

For the year ended December 31, 2020 compared with year ended December 31, 2019.

Net revenue was as follows (in thousands):

Year ended December 31,

Net revenue decreased $7.8 million, or 10%, from 2018 to 2019, primarily due a decrease in units sold into the digital projector market as customers make an effort to correct their inventory levels, offset by an increase in units sold into the mobile market due to recent design wins and due to an increase in units sold into the video delivery market.

Year ended December 31, 2020 v.

2020 2019 $ change % change

Revenue, net $ 40,855 $ 68,755 $ (27,900) (41) %

Net revenue decreased $27.9 million, or 41%, from 2019 to 2020.

Revenue recorded in 2020 consisted of $39.2 million in revenue from the sale of IC products and $1.7 million in revenue related to engineering services, license revenue and other.

Revenue recorded in 2019 consisted of $66.3 million in revenue from the sale of IC products and $2.5 million in revenue related to engineering services, license revenue and other.

The decrease in IC revenue is primarily due to decreased unit sales into the digital projector and video delivery markets as a result of customers continuing to correct their inventory levels and the disruptions caused by COVID-19 to our revenue.

The decrease in revenue related to engineering services, license revenue and other is primarily due to the recognition of license revenue during the first quarter of 2019.

Cost of revenue and gross profit

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Year ended December 31,

revenue 2019 % of

Direct product costs and related overhead 1

$ 18,807 46 % $ 32,587 47 %

Amortization of acquired developed technology 1,192 3 1,192 2

Stock-based compensation 432 1 367 1

Restructuring 173 0 — 0

Inventory charges 2

Inventory step-up and backlog amortization — 0 12 0

Restructuring

Total cost of revenue $ 20,670 51 % $ 34,260 50 %

Gross profit $ 20,185 49 % $ 34,495 50 %

1 Includes purchased materials, assembly, test, labor, employee benefits and royalties.

2 Includes charges to reduce inventory to lower of cost or market and a benefit for sales of previously written down inventory.

Cost of revenue increased to 50% of revenue in 2019 compared to 48% in 2018.

Direct product costs and related overhead increased only 1%, to 47% of revenue in 2019 compared to 46% of revenue in 2018, which is primarily due to a continued decrease in units sold into the projector market and a continued increase in units sold into the mobile market.

Inventory step up and backlog amortization decreased compared to 2018 as we sold through the remainder of the inventory we acquired in the acquisition of ViXS (the "Acquisition") in the first quarter of 2019.

Gross profit margin decreased to 49% in 2020 compared to 50% in 2019, primarily due to less absorption of fixed overhead costs and high margin license revenue recorded in 2019, partially offset by a more favorable mix of sales into the digital projector market.

Pixelworks’ gross profit margin is subject to variability based on changes in revenue levels, product mix, average selling prices, startup costs, restructuring charges, amortization related to acquired developed technology, amortization of inventory step-up and backlog, and the timing and execution of manufacturing ramps as well as other factors.

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Research and development expense includes compensation and related costs for personnel, development-related expenses including non-recurring engineering and fees for outside services, depreciation and amortization, expensed equipment, facilities and information technology expense allocations and travel and related expenses.

Co-development agreement

During the first quarter of 2017, we entered into a best efforts co-development agreement (the "Co-development Agreement") with a customer to defray a portion of the research and development expenses incurred in connection with our development of an integrated circuit product to be sold exclusively to the customer.

Our development costs exceeded the amounts received from the customer and we retain ownership of any modifications or improvements to our pre-existing intellectual property and may use such improvements in products sold to other customers.

Under the Co-development Agreement, $4.0 million was payable by the customer within 60 days of the date of the agreement and two additional payments of $2.0 million were each payable upon completion of certain development milestones.

As amounts became due and payable, they were offset against research and development expense on a pro rata basis.

We recognized offsets to research and development expense of $4.0 million related to the Co-development Agreement during each of the years ended December 31, 2018 and 2017.

All milestones under the Co-development Agreement were completed as of December 31, 2018.

Research and development expense was as follows (in thousands):

Year ended December 31,

Year ended December 31, 2020 v.

2020 2019 $ change % change

Research and development $ 25,040 $ 26,018 $ (978) (4) %

Research and development expense increased $3.1 million from 2018 to 2019.

The increase was primarily due to a benefit of $4.0 million recognized in 2018 related to the Co-development Agreement.

There was no similar benefit in 2019.

The increase was also due to a $0.5 million increase in travel expense due to increased travel in Asia as a result of our expansion in the mobile market.

These increases were partially offset by a $1.4 million decrease in non-recurring engineering expense, which was also related to the Co-development Agreement.

Research and development expense decreased $1.0 million, or 4%, from 2019 to 2020.

The decrease was primarily due to a general decrease across multiple expense categories as we focused on cost management in response to the effects of COVID-19.

These decreases were partially offset by an increase in non-recurring engineering expense due to the timing of development activities.

Selling, general and administrative

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Selling, general and administrative expense was as follows (in thousands):

Year ended December 31,

Year ended December 31, 2020 v.

2020 2019 $ change % change

Selling, general and administrative $ 19,840 $ 21,202 $ (1,362) (6) %

Selling, general and administrative expense increased $1.2 million from 2018 to 2019.

The increase was primarily due to a $0.8 million increase in stock-based compensation expense due to the timing of awards granted, as well as a $0.4 increase in severance expense associated with the resignation of our former Chief Financial Officer.

Selling, general and administrative expense decreased $1.4 million, or 6%, from 2019 to 2020.

The decrease was primarily due to a general decrease across multiple expense categories as we focused on cost management in response to the effects of COVID-19 as well as due to severance expense associated with the resignation of our former Chief Financial Officer in 2019.

These decreases were partially offset by an increase in stock-based compensation expense due to the timing of awards granted.

Restructurings

In August 2020, we executed a restructuring plan to make the operation of the Company more efficient (the "August 2020 Plan").

The August 2020 Plan included an approximately 14% reduction in workforce, primarily in the areas of operations, research and development, sales and marketing.

In January 2020, we executed a restructuring plan to make the operation of the Company more efficient (the "January 2020 Plan").

The January 2020 Plan included an approximately 4% reduction in workforce, primarily in the areas of research and development and sales.

In June 2019, we executed a restructuring plan ("the 2019 Plan") to make the operation of the Company more efficient.

The 2019 Plan included an approximately 2% reduction in workforce, primarily in the areas of sales and operations.

In April 2018, we executed a restructuring plan ("the 2018 Plan") to make the operation of the Company more efficient.

The 2018 Plan included an approximately 5% reduction in workforce, primarily in the areas of development, marketing and administration.

The 2018 Plan also included closing the Hong Kong office and reducing the size of the Toronto office.

In September 2017, in connection with our acquisition of ViXS Systems, Inc., we executed a restructuring plan ("the 2017 Plan") to secure significant synergies between ViXS and Pixelworks.

The 2017 Plan included an approximately 15% reduction in workforce, primarily in the area of development, however, it also impacted administration and sales.

Restructuring expense for the years ended December 31, 2019, 2018 and 2017, was as follows (in thousands):

Restructuring expense was as follows (in thousands):

Year ended December 31,

Employee severance and benefits

Facility closure and consolidations

$ 2,214 $ 398

Total restructuring expense

$ 2,214 $ 398

Included in cost of revenue

Included in operating expenses

During 2019, we incurred expenses of $0.4 million related to the 2019 Plan, which consisted of costs associated with employee severance and benefits.

During 2020, we recorded $1.6 million in restructuring expense related to the August 2020 Plan and $0.6 million in restructuring expense related to the January 2020 Plan.

The January 2020 Plan was complete in the first quarter of 2020 and we did not incur any further charges related to the January 2020 Plan after the first quarter of 2020.

The August 2020 Plan was complete in the fourth quarter of 2020 and we do not expect to incur any further expenses related to the August 2020 Plan.

During 2019, we incurred expenses of $0.4 million related to the 2019 Plan.

The 2019 Plan was complete as of the second quarter of 2019 and we did not incur any further charges related to the 2019 Plan after the second quarter of 2019.

Through December 31, 2019, the cumulative amount incurred related to the 2019 Plan is $0.4 million.

During 2018, we incurred expenses of $1.5 million related to the 2018 Plan, which consisted of costs associated with facility closures and consolidations, and costs associated with employee severance and benefits.

The 2018 Plan was completed at the end of 2018 and we did not incur any further charges related to the 2018 Plan after the fourth quarter of 2018.

Through December 31, 2019, the cumulative amount incurred related to the 2018 Plan is $1.5 million.

During 2017, we incurred expenses of $1.9 million related to the 2017 Plan, which consisted of costs associated with employee severance and benefits.

The 2017 Plan was completed in the first quarter of 2018 and we did not incur any further restructuring charges related to the 2017 Plan after the first quarter of 2018.

Through December 31, 2019, the cumulative amount incurred related to the 2017 Plan is $1.9 million.

Interest income (expense) and other, net

Interest expense and other, net, consisted of the following (in thousands):

Interest income and other, net

Interest income and other, net, consisted of the following (in thousands):

Year ended December 31,

Other income $ 161 $ 425

Interest income 87 327

Interest expense (239) (158)

Gain on debt extinguishment

Discount accretion on convertible debt fair value

Fair value adjustment on convertible debt conversion option

Total interest income (expense) and other, net

Total interest income and other, net $ 9 $ 594

Provision for income taxes

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Provision for income taxes $ 598 $ 453

The income tax expense recorded for the year ended December 31, 2019 is comprised of $0.5 million in current and deferred tax expense for our profitable cost-plus foreign jurisdictions and accruals for tax contingencies in foreign jurisdictions, partially offset by the reversal of previously recorded tax contingencies due to the expiration of the applicable statute of limitations.

The income tax expense recorded for the year ended December 31, 2020 is primarily comprised of $0.6 million in current and deferred tax expense for our profitable cost-plus foreign jurisdictions and accruals for tax contingencies in foreign jurisdictions, partially offset by the reversal of previously recorded tax contingencies due to the expiration of the applicable statute of limitations.

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As of December 31, 2020, we have available federal, state and foreign research and experimentation tax credit carryforwards of approximately $8.6 million, $4.8 million and $26.9 million respectively.

The federal and state tax credits began expiring in 2020 while the foreign tax credits have an indefinite life.

The federal and state tax credits will begin expiring in 2021 while the foreign tax credits have an indefinite life.

In addition, our Canadian subsidiary has unclaimed scientific and experimental expenditures to be carried forward and applied against future income in Canada of approximately $121.1 million.

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Cash and cash equivalents

Total cash and cash equivalents decreased $10.6 million from $17.9 million at December 31, 2018 to $7.3 million at December 31, 2019 .

Total cash and cash equivalents increased $24.0 million from $7.3 million at December 31, 2019 to $31.3 million at December 31, 2020.

Short-term marketable securities was $0.3 million at December 31, 2020, and $7.0 million at December 31, 2019.

The net decrease in cash, cash equivalents and short-term marketable securities of $9.8 million was the result of $10.4 million used in operating activities, $3.1 million used for purchases of property and equipment and licensed technology and $0.8 million in payments on other asset financings.

These decreases were partially offset by $3.9 million in net proceeds from the sale of patents and $0.6 million in proceeds from the issuances of common stock under our employee equity incentive plans.

Total cash and cash equivalents decreased $9.6 million from $27.5 million at December 31, 2017 to $17.9 million at December 31, 2018 .

Short-term marketable securities was $6.1 million at December 31, 2018, and zero at December 31, 2017.

The net decrease in cash, cash equivalents and short-term marketable securities of $3.5 million was the result of $2.2 million used in payments on convertible debt, $2.1 million used for purchases of property and equipment and $1.9 million in payments on other asset financings.

These decreases were partially offset by $1.7 million in proceeds from the issuances of common stock under our employee equity incentive plans and $1.0 million provided by operating activities.

As of December 31, 2019 , our cash, cash equivalents and short-term marketable securities balance consisted of $6.0 million in cash, $2.5 million in commercial paper, $2.2 million in U.S.

government treasury bills, $2.2 million in corporate debt securities and $1.3 million in cash equivalents held in U.S.

The net increase in cash, cash equivalents and short-term marketable securities of $17.3 million resulted primarily from $12.7 million in net proceeds from our underwritten registered public offering of our common stock, $6.2 million in net proceeds from a private placement investment, $4.4 million in net proceeds from our "at the market" equity offering, $0.8 million in proceeds from a Paycheck Protection Program loan and $0.6 million in proceeds from the issuances of common stock under our employee equity incentive plans.

These increases were partially offset by $3.7 million used in operating activities, $2.8 million used for purchases of property and equipment and licensed technology and $1.0 million used for payments on other asset financings.

As of December 31, 2020, our cash, cash equivalents and short-term marketable securities balance consisted of $7.4 million in cash, $0.3 million in corporate debt securities and $23.8 million in cash equivalents held in U.S.

dollar denominated money market funds.

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Accounts receivable, net

Accounts receivable, net increased to $10.9 million at December 31, 2019 from $7.0 million at December 31, 2018 .

Average number of days sales outstanding increased to 61 days at December 31, 2019 from 31 days at December 31, 2018 .

The increase in accounts receivable and days sales outstanding was due to normal fluctuations in the timing of sales and customer receipts within the fourth quarter of 2019, and the fourth quarter of 2018.

Inventories increased to $5.4 million at December 31, 2019 from $3.0 million at December 31, 2018 primarily due to increased mobile inventory balances to meet increasing demand.

Inventory turnover decreased to 7.9 at December 31, 2019 from 12.3 at December 31, 2018 primarily due to higher average inventory balances during the fourth quarter of 2019 compared to the fourth quarter of 2018.

Accounts receivable, net decreased to $4.7 million at December 31, 2020 from $10.9 million at December 31, 2019.

Average number of days sales outstanding decreased to 44 days at December 31, 2020 from 61 days at December 31, 2019.

The decrease in accounts receivable and days sales outstanding was due to normal fluctuations in the timing of sales and customer receipts within the fourth quarter of 2020, and the fourth quarter of 2019.

Inventories decreased to $2.4 million at December 31, 2020 from $5.4 million at December 31, 2019.

Inventory turnover decreased to 6.0 at December 31, 2020 from 7.9 at December 31, 2019 primarily due to lower average inventory balances and lower cost of goods sold during the fourth quarter of 2020 compared to the fourth quarter of 2019.

Inventory turnover is calculated based on annualized quarterly operating results and average inventory balances during the quarter.

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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 and December 18, 2019 (as amended, the "Revolving Loan Agreement").

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, April 17, 2020 and December 14, 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) $10.0 million, or (ii) $2.5 million plus 80% of eligible domestic accounts receivable and certain foreign accounts receivable.

The Revolving Line has a maturity date of December 27, 2020.

The Revolving Line has a maturity date of March 26, 2021.

In addition, the Revolving Loan Agreement provides for non-formula advances of up to $10.0 million 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.

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As of December 31, 2020 and December 31, 2019, we had no outstanding borrowings under the Revolving Line.

Paycheck Protection Program Loan

On April 25, 2020, we entered into a loan with Silicon Valley Bank as the lender in an aggregate principal amount of $0.8 million (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.

We used the Loan amount for Qualifying Expenses.

During the fourth quarter of 2020, we applied for and received full forgiveness and have recorded a gain of $0.8 million within other income in our consolidated statements of operations.

Equity Offering

On December 14, 2020, we completed the sale of 4,900,000 shares of common stock in an underwritten registered offering.

On December 16, 2020, an additional 735,000 shares were issued pursuant to the 30-day over-allotment option exercised by the underwriter.

With the over-allotment shares, a total of 5,635,000 shares of common stock were sold in the offering at a price to the public of $2.45 per share.

Net proceeds to the Company, after deducting underwriting discounts, commissions, and other expenses, were approximately $12.7 million.

Private Placement Investment

On December 7, 2020, we completed a private placement of 724,288 shares of common stock to a certain accredited investor at a purchase price of $2.071 per share.

On December 15, 2020, we completed a private placement of 2,475,712 shares of common stock to a certain accredited investor at a purchase price of $2.071.

Net proceeds to the Company, after deducting commissions and other expenses, were approximately $6.2 million.

At the Market Offering

On June 5, 2020, we entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC ("Cowen"), pursuant to which we may issue and sell shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $25,000, from time to time, through an "at the market" equity offering program under which Cowen will act as sales agent.

Under the Sales Agreement, Cowen may sell the shares by methods deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers’ transactions on the Nasdaq Global Market or on any other existing trading market for the common stock or otherwise at market prices prevailing at the time of sale, in block transactions, or as otherwise directed by the Company.

We pay Cowen a commission equal to three percent (3.0%) of the gross sales proceeds of any common stock sold through Cowen under the Sales Agreement.

The Sales Agreement may be terminated by us upon prior notice to Cowen or by Cowen upon prior notice to us, or at any time under certain circumstances, including but not limited to the occurrence of a material adverse change in the Company.

We are not obligated to sell any shares under the Sales Agreement.

During the year ended December 31, 2020, we sold an aggregate of 1,747,466 shares of our common stock under this at the market offering, resulting in aggregate net proceeds to us of approximately $4.4 million, and gross proceeds of approximately $4.9 million and paid Cowen commissions and fees of approximately $0.2 million, and other expenses of $0.3 million.

As of December 31, 2020, our cash, cash equivalents and short-term marketable securities balance of $31.5 million was highly liquid.

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From time to time, we evaluate acquisitions of businesses, products or technologies that complement our business.

For example, on August 2, 2017 we closed our acquisition of ViXS and issued 3,708,263 of our shares of common stock as consideration.

Any additional transactions, if consummated, may consume a material portion of our working capital or require the issuance of equity securities that may result in dilution to existing shareholders.

Any transactions, if consummated, may consume a material portion of our working capital or require the issuance of equity securities that may result in dilution to existing shareholders.

Our ability to generate cash from operations is also subject to substantial risks described in Part I, “Item 1A., Risk Factors.” If any of these risks occur, we may be unable to generate or sustain positive cash flow from operating activities.

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We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements:

Revenue Recognition.

On January 1, 2018 we adopted the requirements of Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"), under the modified retrospective approach.

Therefore, the requirements of ASC 606 have only been applied to existing contracts (those for which the entity has remaining performance obligations) as of, and new contracts after, the date of initial application, or January 1, 2018.

ASC 606 is not applied to contracts that were completed before the effective date.

The adoption of this new standard did not result in an adjustment to our consolidated financial statements but we have included additional disclosures in our periodic reports.

We cannot guarantee that there will be no unforeseen effects of this new standard on our financial statements in the future.

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.

Revenue Recognition - 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:

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Payments Due By Period

Contractual Obligation

More than 5 years

Contractual Obligation Total Less than

1 year 1-3 years 3-5 years More than 5 years

Operating leases $ 7,866 $ 2,353 $ 3,817 $ 1,241 $ 455

Estimated purchase commitments to contract manufacturers 3,678 3,678 — — —

Other purchase obligations and commitments

Payments on accrued balances related to asset financings 1,607 829 778 — —

Other purchase obligations and commitments 893 275 549 69 —

$ 14,044 $ 7,135 $ 5,144 $ 1,310 $ 455

1 We are unable to reliably estimate the timing of future payments related to uncertain tax positions and repatriation of foreign earnings;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity