16 unchanged sentences
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.
+Added: During the third quarter of 2021, we engaged in a strategic plan to re-align our mobile, projector, and video delivery businesses to improve their focus on the Asia-centered customers and employee stakeholders of those businesses.
+Added: The global center of the mobile, projector, and video delivery businesses continues to be in Asia, and the steps we have taken to date and going forward are intended to improve our ability to access capital, customers, and talent.
+Added: We have operated our primary R&D center in Asia for over 15 years and feel that the time is right to take advantage of that existing footprint and develop our subsidiary, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd.
+Added: (or "PWSH") as a full profit-and-loss center underneath Pixelworks, Inc.
+Added: for the mobile, projector, and video delivery businesses.
+Added: Most of these steps were completed before the end of 2021.
+Added: This plan will further enable PWSH to seek qualification to file an application for an initial public offering on the Shanghai Stock Exchange’s Science Technology Innovation Board, known as the STAR Market (the “Listing”).
+Added: We believe that the Listing will have many benefits, including improved access to new capital markets and the funding of its growth worldwide.
+Added: We presently intend to qualify PWSH to apply for the Listing so that the Listing is consummated in 2023.
+Added: The process of going public on the STAR Market includes several periods of review and, therefore, is a lengthy process.
+Added: There is no guarantee that PWSH will be approved for a Listing at any point in the future.
We target four key market segments with our products and solutions including:
24 unchanged sentences
These devices deliver the same color gamut used in digital cinema theatres ("DCI-P3").
−Removed: Meanwhile, TV manufacturers including Samsung, Sony and LG are bringing high contrast, high brightness or HDR TVs based on organic light emitting diodes ("OLED") and local-dimming liquid crystal display ("LCD") panels to the living room.
+Added: Meanwhile, TV manufacturers including Samsung, TCL, Sony and LG are bringing high contrast, high brightness or HDR TVs based on organic light emitting diodes ("OLED") and local-dimming liquid crystal display ("LCD") panels to the living room.
Furthermore, some premium and mid-tier smartphones and tablets from Apple, Samsung, Sony, LG and Huawei now include HDR as a standard feature.
19 unchanged sentences
The industry standards body Society of Motion Picture & Television Engineers released a format specification known as "HDR10" that similarly bridges the gap in contrast and color between content and devices.
−Removed: The Ultra-HD Blu-ray disk format
−Removed: and streaming services such as Netflix and Amazon Video now support 4k HDR, aided by improved compression standards such as H.265.
+Added: The Ultra-HD Blu-ray disk format and streaming services such as Netflix and Amazon Video now support 4k HDR, aided by improved compression standards such as H.265.
Managing many content formats across a rapidly evolving range of displays is a significant and growing challenge.
181 unchanged sentences
Sales to distributors accounted for 56% and 49% of revenue in 2021 and 2020 respectively.
−Removed: Our largest distributor, Tokyo Electron Device Ltd.
+Added: One of our distributors, Tokyo Electron Device Ltd.
represented more than 10% of revenue in each of 2021 and 2020, and accounted for more than 10% of accounts receivable as of December 31, 2021.
−Removed: Another distributor, Upstar Technology Limited accounted for more than 10% of accounts receivable as of December 31, 2020 and 2019.
+Added: Another distributor, Upstar Technology Limited accounted for more than 10% of revenue in 2021 and accounted for more than 10% of accounts receivable as of December 31, 2021 and 2020.
No other distributor accounted for more than 10% of revenue in 2021 and 2020 or represented more than 10% of accounts receivable as of December 31, 2021 or 2020.
−Removed: We have distributor relationships in Japan, China, Europe, Korea, Southeast Asia, Taiwan and the U.S.
+Added: We have distributor relationships in Japan, China, Europe, Korea, Taiwan and the U.S.
• Direct Relationships.
12 unchanged sentences
Sales to Seiko Epson Corporation represented more than 10% of revenue in each of 2021 and 2020, and accounted for more than 10% of accounts receivable as of December 31, 2021 and 2020.
−Removed: Sales to Sharp Corporation represented more than 10% of revenue in 2019.
+Added: Sales to vivo Communication Technology Co.
+Added: represented more than 10% of revenue in 2021.
No other end customer accounted for more than 10% of revenue in 2021 and 2020 or represented more than 10% of accounts receivable as of December 31, 2021 or 2020.
25 unchanged sentences
Our research and development expenses were $27.3 million and $25.0 million in 2021 and 2020, respectively.
+Added: During 2021, we received a reimbursement related to a co-development arrangement with a customer for costs incurred in connection with our development of an integrated circuit ("IC") product.
+Added: As a result of the reimbursement, our overall research and development expense was reduced by $4.0 million in 2021.
+Added: There were no reductions to research and development expense related to co-development arrangements in 2020.
Manufacturing
27 unchanged sentences
See "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K for information on various environmental risks.
−Removed: As of December 31, 2020, we had a total of 197 employees, all of which were full-time, compared to 229 employees as of December 31, 2019.
+Added: As of December 31, 2021, we had a total of 217 employees, the majority of which were full-time, compared to 197 employees as of December 31, 2020.
Corporate Information
8 unchanged sentences
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.