Pixelworks Inc (PXLW) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Pixelworks, Inc's. third-quarter 2025 earnings conference call. I will be your operator for today's call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加 Pixelworks 公司 2025 年第三季財報電話會議。我將擔任您今天通話的接線生。（操作員指示）提醒您，本次通話將會被錄音，以便回放。

I would now like to turn the call over to Brett Perry with Shelton Group Investor Relations. Please go ahead.

現在我將把電話交給謝爾頓集團投資者關係部門的布雷特·佩里。請繼續。

Thank you, Latif. Good afternoon and thank you for joining today's conference call. With me today on the call are Pixelworks' President and CEO, Todd DeBonis; and Chief Financial Officer, Haley Aman. The purpose of today's conference call is to supplement the information provided in Pixelworks' press release issued earlier today announcing the company's financial results for the third quarter of 2025.

謝謝你，拉蒂夫。下午好，感謝各位參加今天的電話會議。今天和我一起參加電話會議的有 Pixelworks 的總裁兼執行長 Todd DeBonis 和財務長 Haley Aman。今天召開電話會議的目的是補充 Pixelworks 今天早些時候發布的新聞稿中提供的信息，該新聞稿宣布了該公司 2025 年第三季度的財務業績。

Before we begin, I'd like to remind you that various remarks we make on this call, including those about projected future financial results, economic and market trends and competitive position, constitute forward-looking statements. These forward-looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties that may cause actual results to differ materially.

在開始之前，我想提醒各位，我們在本次電話會議上發表的各種言論，包括有關未來財務業績預測、經濟和市場趨勢以及競爭地位的言論，均構成前瞻性陳述。這些前瞻性陳述以及本次電話會議中所做的所有其他非歷史事實的陳述均受多種風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。

All forward-looking statements are based on the company's beliefs as of today, Tuesday, November 11, 2025. The company undertakes no obligation to update any such statements to reflect events or circumstances occurring after today. Please refer to today's press release, the company's annual report on Form 10-K for the year ended December 31, 2024, and subsequent SEC filings for a description of factors that could cause forward-looking statements to differ materially from actual results.

所有前瞻性陳述均基於本公司截至今日（2025 年 11 月 11 日，星期二）的信念。本公司不承擔任何義務更新此類聲明以反映今日之後發生的事件或情況。有關可能導致前瞻性陳述與實際結果有重大差異的因素的說明，請參閱今天的新聞稿、本公司截至 2024 年 12 月 31 日的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms, including gross margin, operating expenses, net loss and net loss per share. Non-GAAP measures exclude restructuring costs and stock-based compensation expense as well as the tax effect of the non-GAAP adjustments.

此外，本公司在本次電話會議期間的新聞稿和管理層聲明將包括對某些指標和財務資訊的討論，這些指標和資訊將採用 GAAP 和非 GAAP 會計準則，包括毛利率、營業費用、淨虧損和每股淨虧損。非GAAP指標不包括重組成本和股票選擇權費用，以及非GAAP調整的稅務影響。

The company uses these non-GAAP measures internally to assess its internal operating performance. We believe these non-GAAP measures provide a meaningful perspective on core operating results and underlying cash flow dynamics. We caution investors to consider these measures in addition to, and not as a substitute for nor superior to, the company's consolidated financial results as presented in accordance with US GAAP. Please note throughout the company's press release and management statements during this conference call, we refer to net loss attributable to Pixelworks, Inc., as simply net loss.

公司內部使用這些非GAAP指標來評估其內部營運績效。我們認為這些非GAAP指標能夠從有意義的角度反映核心經營績效和潛在的現金流量動態。我們提醒投資者，應將這些措施作為補充信息，而不是替代或優於公司按照美國通用會計準則編制的合併財務業績。請注意，在公司新聞稿和本次電話會議的管理層聲明中，我們將歸屬於 Pixelworks, Inc. 的淨虧損簡稱為淨虧損。

Also note, on January 6, 2025, the company effected a 1-for-12 reverse stock split of the company's common stock, and all shares of the company's common stock per share data and related information included in today's published condensed consolidated financial statements have been retroactively adjusted as though the reverse stock split had been effected prior to all periods presented. For additional details and reconciliations of GAAP to non-GAAP net loss and GAAP net loss to adjusted EBITDA, please refer to the company's press release issued earlier today.

另請注意，2025 年 1 月 6 日，公司進行了 1 比 12 的普通股反向股票分割，今天公佈的簡明合併財務報表中包含的所有公司普通股每股數據及相關信息均已追溯調整，如同反向股票分割已在所有列報期間之前實施一樣。有關 GAAP 與非 GAAP 淨虧損以及 GAAP 淨虧損與調整後 EBITDA 的更多詳情和調整表，請參閱本公司今天稍早發布的新聞稿。

With that, it's now my pleasure to turn the call over to Pixelworks' CEO, Todd DeBonis. Please go ahead.

接下來，我很高興將電話交給 Pixelworks 的執行長 Todd DeBonis。請繼續。

Thank you, Brett. Good afternoon, and welcome to everyone on the phone and on the webcast. We appreciate you joining us for today's conference call. I'll start with a brief overview of the results for the quarter, and then I'll follow with the two primary objectives for today's call. The first is to review the background and rationale for the proposed transaction involving our Shanghai-based subsidiary. And second is to provide a preview of what the future Pixelworks will look like after the proposed transaction closes.

謝謝你，布雷特。下午好，歡迎各位電話聽眾及網路直播觀眾。感謝您參加今天的電話會議。我將首先簡要概述本季業績，然後闡述今天電話會議的兩個主要目標。首先，我們需要了解涉及我們上海子公司的建議交易的背景和理由。其次，也要預覽擬議交易完成後 Pixelworks 的未來面貌。

With respect to results for the third quarter, both top and bottom-line results were within our guidance. Revenue grew by 6% sequentially, and gross margin improved to approximately 50%, a little better than expected. We also realized continued benefits from our previous cost reduction actions, with third-quarter operating expenses decreasing sequentially and down $3.1 million year-over-year. Through a combination of our prior restructuring and ongoing cost reductions, we reduced cash burn from operations by more than 60% year-over-year to under $3 million in the third quarter.

關於第三季的業績，營收和利潤均符合我們的預期。營收季增 6%，毛利率提高至約 50%，略優於預期。我們也持續受惠於先前的成本削減措施，第三季營運費用較上季下降，年減 310 萬美元。透過先前的重組和持續的成本削減，我們在第三季將營運現金消耗年減了 60% 以上，降至 300 萬美元以下。

Turning to our Pixelworks Shanghai subsidiary and the proposed transaction. As background, our Shanghai-based subsidiary was formed in 2021, as part of a comprehensive realignment of the larger Pixelworks organization. This included restructuring our Shanghai-based subsidiary to serve as the center of operations for all of Pixelworks semiconductor business and then securing investment from China-centric investors as well as our Pixelworks Shanghai employees. More specifically, this business comprises all generations of our open market and codeveloped visual display processing chips, for both digital projector and the mobile markets.

接下來談談我們的 Pixelworks 上海子公司和擬議的交易。作為背景，我們位於上海的子公司成立於 2021 年，是 Pixelworks 整體組織架構重組的一部分。這包括重組我們位於上海的子公司，使其成為 Pixelworks 所有半導體業務的營運中心，然後從以中國為中心的投資者以及我們 Pixelworks 上海的員工那裡獲得投資。更具體地說，這項業務涵蓋了我們面向數位投影機和行動市場的所有世代的開放市場和合作開發的視覺顯示處理晶片。

Today, the subsidiary represents a substantial amount of our operating revenue and expenses and also accounts for the majority of our employees. After several prior investment rounds in the subsidiary, Pixelworks ownership ended up at approximately 78%, which is where it is today.

如今，該子公司占我們營業收入和支出的很大一部分，也占我們員工總數的絕大多數。經過幾輪之前的投資，Pixelworks 對該子公司的持股比例最終約為 78%，而這正是它目前的持股比例。

On October 15, 2025, we signed a definitive purchase agreement to sell all of Pixelworks, Inc's. ownership in the Pixelworks Shanghai subsidiary to a special purpose entity led by VeriSilicon. For those not familiar with this name, VeriSilicon is a well-established Chinese company that provides platform-based custom silicon services and semiconductor IP licensing services.

2025 年 10 月 15 日，我們簽署了一項最終購買協議，將 Pixelworks, Inc. 持有的 Pixelworks 上海子公司的全部股份出售給由 VeriSilicon 牽頭的特殊目的實體。對於不熟悉這個名字的人來說，威瑞半導體是一家歷史悠久的中國公司，提供基於平台的客製化晶片服務和半導體IP授權服務。

Most participating on today's call are aware. However, I would like to emphasize that this proposed transaction did not come about suddenly nor without extensive deliberation and due diligence. The recently entered definitive agreement is the result of a thorough strategic review process launched in the latter part of 2024. This started with the engagement of Morgan Stanley as an adviser to evaluate potential alternative ownership structures for the Shanghai subsidiary, in a large part due to impatience from the subsidiary's China-based investors, escalating geopolitical tensions and capital market constraints within China, and after evaluating all serious interest in the subsidiary. The Board and I unanimously concluded that the currently proposed transaction was in the best interest of our shareholders.

參加今天電話會議的大多數人都知道這一點。但是，我想強調的是，這項擬議的交易並非突然產生，也並非沒有經過廣泛的考慮和盡職調查。最近達成的最終協議是2024年下半年啟動的全面策略審查過程的結果。這一切始於摩根士丹利擔任顧問，評估上海子公司的潛在替代所有權結構。這主要是由於該子公司在中國的投資者缺乏耐心，地緣政治緊張局勢不斷升級，以及中國資本市場受到限制。此外，在評估了所有對該子公司的認真興趣之後，摩根士丹利也參與其中。我和董事會一致認為，目前提出的交易方案最符合我們股東的利益。

Although still subject to the approval by Pixelworks, Inc., shareholders as well as other customary closing conditions and after satisfying agreed upon and contractually reduced obligations to minority equity holders of the subsidiary, transaction costs and withholding taxes, the proposed transaction is expected to result in net cash proceeds to Pixelworks of between $50 million and $60 million upon closing.

儘管仍需獲得 Pixelworks, Inc. 股東的批准，以及其他慣常的交割條件，並在滿足與子公司少數股權持有人約定的、合約規定的減少的義務、交易成本和預扣稅款後，預計擬議交易將在交割時為 Pixelworks 帶來 5000 萬美元至 6000 萬美元的淨現金收益。

As outlined in my recent published letter to shareholders on November 4, the rationale for the proposed transaction is threefold. First, it unlocks significant value for shareholders while eliminating minority investor obligations. Acknowledging the strategic and potential long-term value in our Pixelworks Shanghai subsidiary, this transaction captures the optimal realizable value in the current environment and allows the company to monetize a significant asset in the form of cash proceeds repatriated to the US.

正如我在 11 月 4 日發表的致股東信中所述，擬議交易的理由有三點。首先，它為股東釋放了巨大的價值，同時消除了少數股東的義務。鑑於 Pixelworks 上海子公司的策略和潛在長期價值，本次交易在當前環境下實現了最佳可實現價值，並使公司能夠以現金收益的形式將一項重要資產變現並彙回美國。

Second, it enables a renewed focus and expansion of core strengths. Following a successful exit of the semiconductor hardware business, Pixelworks will be positioned as a global technology licensing business, specializing in cinematic visualization solutions. As an asset-light, IP-rich company in this space, the company will have competitive differentiation and compelling long-term growth potential.

其次，它使企業能夠重新聚焦並擴大核心優勢。在成功退出半導體硬體業務後，Pixelworks 將轉型為全球技術授權企業，專注於電影視覺化解決方案。作為一家輕資產、智慧財產權豐富的公司，該公司在這個領域將具有競爭優勢和令人矚目的長期成長潛力。

And third, it will achieve financial flexibility. The net cash proceeds from the transaction will significantly enhance the balance sheet. Pixelworks will have the flexibility to invest in growth opportunities, support new and existing licensing initiatives, and enable the allocation of capital to the highest return projects.

第三，它將實現財務靈活性。此交易的淨現金收益將顯著改善資產負債表。Pixelworks 將擁有投資成長機會、支持新的和現有授權計劃以及將資金分配給回報最高的項目的能力。

As a reminder, shareholders as of October 17, record date, have the right to vote. And I strongly encourage those investors to consider the published proxy materials and vote their shares for in support of the proposed transaction. Importantly, I want to emphasize that all current shareholders will have equal per share participation in the future growth opportunity and success of our transformed business going forward.

再次提醒，截至 10 月 17 日（登記日）的股東擁有投票權。我強烈鼓勵這些投資者仔細閱讀已公佈的委託書資料，並投票支持擬議的交易。重要的是，我要強調，所有現有股東都將平等地享有未來轉型業務成長機會和成功帶來的每股盈餘。

Having said that, I want to frame what this future transformed business looks like. Post-transaction, Pixelworks become a low-headcount pu, e-play technology licensing company, specializing in cinematic visualization solutions. Our existing TrueCut Motion platform, used by leading filmmakers to enhance the cinematic experience across premium theatrical and home screens, will anchor a portfolio of proprietary imaging technologies extending beyond film and into high-growth enterprise, consumer visualization and entertainment markets.

綜上所述，我想描繪一下未來轉型後的商業模式會是什麼樣子。交易完成後，Pixelworks 成為一家員工人數較少的 PU 電子遊戲技術授權公司，專門從事電影視覺化解決方案。我們現有的 TrueCut Motion 平台，已被領先的電影製作人用於增強高端影院和家庭螢幕上的電影體驗，將成為一系列專有成像技術的核心，這些技術將擴展到電影之外，並進入高成長的企業、消費者視覺化和娛樂市場。

Specific to TrueCut Motion, I want to reiterate that Pixelworks continues to own and control 100% of TrueCut Motion, including all related assets and intellectual property, irrespective of the proposed transaction with our Shanghai subsidiary. Even though a majority of our recent TrueCut engagement activity with new prospective ecosystem partners has remained behind the scenes, we are continuing to make tangible progress in support of expanded market awareness and adoption of our TrueCut Motion platform.

關於 TrueCut Motion，我想重申，無論與我們上海子公司的提議交易如何，Pixelworks 仍然擁有並控制 TrueCut Motion 100% 的股份，包括所有相關資產和智慧財產權。儘管我們最近與潛在的新生態系統合作夥伴開展的大部分 TrueCut 互動活動仍在幕後進行，但我們仍在繼續取得切實進展，以支持擴大市場對我們 TrueCut Motion 平台的認知度和採用率。

As previously highlighted on our August conference call, during the third quarter, we were credited in three new theatrical releases. Universal Pictures' Jurassic World Rebirth, DreamWorks Animation's The Bad Guys 2; and Universal Pictures' Nobody 2.

正如我們在 8 月的電話會議上重點提到的那樣，在第三季度，我們參與製作了三部新的院線電影。環球影業的《侏羅紀世界：重生》、夢工廠動畫的《壞傢伙們2》以及環球影業的《無人2》。

Today, I can confirm the next theatrical release to feature our award-winning TrueCut Motion grading technology will be Universal Pictures' Wicked: For Good, which is slated to hit theaters on November 21. Earlier today, we confirmed that the TrueCut Motion version of Wicked: For Good was selected for last night's UK premier of the film. Separately, we believe we are getting close to completing an agreement with a strategic ecosystem partner to license the broader distribution of TrueCut Motion content to consumer devices in their home. This prospective partner is currently in the process of late-stage certification and, if successful, we believe it can open and accelerate the path to device licensees.

今天，我可以確認，下一部採用我們屢獲殊榮的 TrueCut Motion 調色技術的院線電影將是環球影業的《魔法壞女巫：為了正義》，該片定於 11 月 21 日上映。今天早些時候，我們確認了《魔法壞女巫：為了美好》的 TrueCut Motion 版本被選中用於昨晚該片在英國的首映式。另外，我們相信我們即將與戰略生態系統合作夥伴達成協議，授權其將 TrueCut Motion 內容更廣泛地分發到消費者家中的設備。這位潛在合作夥伴目前正處於認證的後期階段，如果成功，我們相信它可以開闢並加速通往設備授權商的道路。

While we continue to be encouraged by this and other ongoing engagement activity, we see our TrueCut Motion platform as a foundation to build upon. Exiting the obligations associated with Pixelworks Shanghai's manufacturing and design business will free up the company's management and capital resources to grow an attractive high-margin licensing business. As we grow the post-transaction Pixelworks into a global technology licensing company, TrueCut Motion will not remain the company's exclusive offering.

儘管我們持續受到這次及其他正在進行的互動活動的鼓舞，但我們認為 TrueCut Motion 平台只是一個可以繼續發展的基礎。擺脫與 Pixelworks 上海製造和設計業務相關的義務，將釋放公司的管理和資本資源，以發展具有吸引力的高利潤授權業務。隨著我們把交易後的 Pixelworks 發展成為一家全球技術授權公司，TrueCut Motion 將不再是該公司的獨家產品。

Coupled with significantly lower headcount and cost structure, we envision a post-transaction business model that will be inherently more scalable, less capital intensive, and has the potential to deliver high return on invested capital. With more than two decades of image processing innovation and our industry-leading TrueCut Motion platform serving as the flagship offering, we believe Pixelworks is poised to enable the most authentic, high-fidelity viewing experiences across all screens, both today's and the advanced screens of the future.

結合大幅降低的員工人數和成本結構，我們設想交易後的商業模式將更具可擴展性，資本密集度更低，並有可能帶來高投資報酬率。憑藉著二十多年的影像處理創新經驗，以及作為旗艦產品的業界領先的 TrueCut Motion 平台，我們相信 Pixelworks 能夠為所有螢幕（包括當今的螢幕和未來的先進螢幕）帶來最真實、高保真的觀看體驗。

With that, I'll turn the call over to Haley to review the financials for the third quarter as well as a couple of positive new balance sheet developments that took place subsequent to quarter end.

接下來，我將把電話交給 Haley，讓她回顧第三季度的財務狀況，以及季度末之後發生的一些積極的資產負債表新進展。

Thank you, Todd. Revenue for the third quarter of 2025 was $8.8 million compared to $8.3 million in the second quarter and $9.5 million in the third quarter of 2024. The sequential increase in third-quarter revenue reflected growth across both of our end markets, led by increased sales in the home and enterprise market. The breakdown of revenue in the third quarter was as follows: Home and Enterprise revenue was approximately $7.4 million; revenue from Mobile was approximately $1.4 million.

謝謝你，托德。2025 年第三季的營收為 880 萬美元，而第二季為 830 萬美元，2024 年第三季為 950 萬美元。第三季營收環比成長，反映了我們兩個終端市場的成長，其中家庭市場和企業市場的銷售額成長最為顯著。第三季營收組成如下：家庭和企業收入約 740 萬美元；行動收入約 140 萬美元。

Third-quarter non-GAAP gross profit margin was 49.9%, compared to 46% in the second quarter of 2025 and 51.3% in the third quarter of 2024. The sequential increase in gross profit margin primarily reflected a more favorable product mix on shipments into the Home and Enterprise market. Non-GAAP operating expenses were $9.2 million in the third quarter compared to $9.7 million in the prior quarter and $12.4 million in the third quarter of 2024. The sequential and year-over-year decrease in operating expenses reflects the ongoing realized benefits of our previously taken actions to reduce expenses.

第三季非GAAP毛利率為49.9%，而2025年第二季為46%，2024年第三季為51.3%。毛利率的環比成長主要反映了面向家庭和企業市場的出貨產品組合更有利。第三季非GAAP營運費用為920萬美元，上一季為970萬美元，2024年第三季為1,240萬美元。營運費用環比和同比下降反映了我們先前為降低費用而採取的措施正在持續取得成效。

On a non-GAAP basis, third-quarter 2025 net loss was $3.8 million or a loss of $0.69 per share compared to a net loss of $5.3 million or a loss of $1 per share in the prior quarter and a net loss of $7.1 million or a loss of $1.45 per share in the third quarter of 2024.

以非GAAP準則計算，2025年第三季淨虧損為380萬美元，即每股虧損0.69美元，而上一季淨虧損為530萬美元，即每股虧損1美元，2024年第三季淨虧損為710萬美元，即每股虧損1.45美元。

Adjusted EBITDA for the third quarter of 2025 was a negative $3.6 million compared to a negative $4.3 million in the prior quarter and a negative $6.3 million in the third quarter of 2024. With respect to our outlook, the company is electing not to provide financial guidance for the fourth quarter due to the previously announced definitive agreement to sell substantially all of the assets to Pixelworks Shanghai.

2025 年第三季調整後 EBITDA 為負 360 萬美元，上一季為負 430 萬美元，2024 年第三季為負 630 萬美元。關於公司展望，由於先前已宣布將公司幾乎所有資產出售給 Pixelworks Shanghai，該公司選擇不提供第四季度的財務指引。

However, we want to highlight that in October 2025, we closed a registered direct offering and the sale of patents pertaining to technologies we no longer pursue, collectively contributing approximately $10 million to our cash position. As of October 31, 2025, our cash and cash equivalents balance was approximately $22 million, of which roughly half is associated with Pixelworks Shanghai, and the other half is associated with Pixelworks, Inc.

不過，我們想強調的是，在 2025 年 10 月，我們完成了註冊直接發行和出售與我們不再追求的技術相關的專利，總共為我們的現金狀況貢獻了約 1000 萬美元。截至 2025 年 10 月 31 日，我們的現金及現金等價物餘額約為 2,200 萬美元，其中約一半與 Pixelworks Shanghai 有關，另一半則與 Pixelworks, Inc. 有關。

That completes our prepared remarks, and we look forward to taking your questions. Operator, please proceed with the Q&A session. Thank you.

我們的演講稿到此結束，期待回答各位的問題。操作員，請開始問答環節。謝謝。

(Operator Instructions) Suji Desilva, Roth Capital.

（操作說明）Suji Desilva，Roth Capital。

Congratulations on the transformative transaction. So maybe you can start with the transaction itself. And maybe, Todd, you can help us bridge, or Haley, the $133 million of consideration to the $50 million to $60 million you're going to get, just understanding what the amounts were and the circumstance of the, I guess, the minority shareholders receiving a portion of this?

恭喜你們完成這項意義重大的交易。所以或許你可以從交易本身著手。或許，托德，或者海莉，你能幫我們把1.33億美元的對價和你將獲得的5000萬到6000萬美元聯繫起來嗎？只要了解一下具體金額以及少數股東獲得其中一部分的情況就行了？

I'll take it. I'll give you a rough guideline on how to. So first of all, we do only own 78% of the entity. So the value of the entire entity was valued at RMB950 million or USD133 million. Then we had obligations, either redemption obligations to like our employees, and we had actually preferred return obligations to all of the outstanding investors.

我要買它。我會給你一個大致的指導原則。首先，我們只擁有該實體 78% 的股份。因此，該實體的估值為人民幣9.5億元，即1.33億美元。然後我們有義務，要么是履行對員工的贖回義務，要么是履行對所有未償投資者的優先回報義務。

As part of this transaction, they've all agreed to release the preferred return benefit in return for just redemption. So we're using some of our ownership to effectively redeem them at this lower valuation. I'll remind you that when we raised capital for the subsidiary, it was at significantly higher valuations than what we are selling the entity for.

作為交易的一部分，他們都同意放棄優先回報權益，以換取公平的贖回。因此，我們正在利用部分股權，以較低的估值有效地贖回這些股票。我提醒各位，當初我們為這家子公司籌集資金時，其估值遠高於我們現在出售該實體的價格。

In fact, the later stage investors, it was valued over USD500 million. So that's the main reason why we're not getting 78% of returns because we're redeeming the shareholders. But in return, they're foregoing their preferred return, which would have been significantly higher. And then there's just your normal transaction costs and legal costs.

事實上，在後期投資者的注資下，它的估值超過 5 億美元。所以，這就是我們無法獲得 78% 回報的主要原因，因為我們正在贖回股東的股份。但作為交換，他們放棄了原本會高得多的預期回報。此外，還有正常的交易成本和法律成本。

The final step is that there is a withholding tax. As we're selling a Chinese asset to a Chinese buyer in China to repatriate our cash, we have to pay withholding tax in China of approximately 10%. So once you go through all of that, you get to this net proceeds delivered in the US between $50 million and $60 million.

最後一步是預扣稅。由於我們要將中國資產出售給中國的買家，以便將現金匯回國內，因此我們必須在中國繳納約 10% 的預扣稅。所以，經過所有這些步驟之後，最終在美國交付的淨收益在 5,000 萬美元到 6,000 萬美元之間。

Okay. Todd, I appreciate the detail there. Second question is really on the Shanghai subsidiary. Have you seen actual impact to the business in the last few weeks or months due to geopolitical just to understand that asset and this deal closing? Just to understand if there has been any impact there or whether it's more normal course?

好的。托德，我很欣賞你提供的細節。第二個問題其實是關於上海子公司的。在過去幾週或幾個月裡，您是否看到地緣政治因素對業務產生了實際影響，以便了解該資產和這筆交易的完成情況？只是想了解這方面是否受到了影響，還是說這屬於正常情況？

It's hard to be definitive on this, but there is a Delete A, you could call it a policy. It's an undercurrent, Delete A being Delete America. There is a big effort. And you can see this in the [AR] world right now where the government steps in and pushes the large buyers of semiconductors, so large equipment manufacturers to the smartphone manufacturers, et cetera, to -- they want a preferred preference on local semiconductor companies. We were a hybrid. Pixelworks Shanghai was effectively a little giant, it's got subsidies, et cetera, but they knew it was 80% owned by a US public entity. We felt it. We felt it for the last 18 months. We tried to sell through it. In some cases, we were successful. In some cases, we weren't.

很難對此做出明確判斷，但確實存在「刪除 A」選項，你可以稱之為一項政策。這是一種暗流，刪除 A 代表刪除美國。這需要付出很大的努力。現在在[AR]領域，你可以看到這種情況，政府介入並推動半導體的大買家，從大型設備製造商到智慧型手機製造商等等，他們希望優先考慮本地半導體公司。我們是混血兒。Pixelworks Shanghai 實際上是一家規模雖小但實力雄厚的公司，它獲得了補貼等等，但他們知道它 80% 的股份由一家美國公共實體持有。我們感覺到了。過去18個月裡，我們一直都有這種感覺。我們嘗試過透過這種方式銷售。在某些情況下，我們取得了成功。在某些情況下，我們並非如此。

I can tell you, since the deal was announced in public, I've seen several opportunities show up to the subsidiary that I do not think would have showed up to the subsidiary if we would have kept the existing ownership intact. Now whether the VeriSilicon will convert those opportunities or not remains to be seen, but you can feel it, Suji.

我可以告訴你，自從這筆交易公開宣布以來，我看到子公司獲得了一些機會，而如果我們保持現有的所有權結構不變，我認為這些機會就不會出現。VeriSilicon能否抓住這些機會還有待觀察，但Suji，你能感覺到這一點。

Right. No, that really helps. And then lastly, turning to the forward look, the TrueCut business you have here. Just maybe give me the before and after this transaction, how you are running that business? And if this question makes sense, what this transaction unlocks and how you will run the TrueCut opportunity here differently going forward, whether it's capital, employees, customer discussions. Anything of color there would help to kind of look forward to the pro forma business.

正確的。不，那真的很有幫助。最後，展望未來，看看你們現在擁有的 TrueCut 業務。或許您可以告訴我這筆交易前後的情況，以及您是如何經營這項業務的？如果這個問題有意義，那麼這筆交易將釋放出什麼，以及您將如何以不同的方式繼續運營 TrueCut 項目，無論是資金、員工還是客戶討論。任何有顏色的東西都會讓人對即將到來的正式業務充滿期待。

That's a good question. I never really thought about it in running it differently, okay? I thought we were running it appropriately up to this point. And now we are going to focus on it and try to accelerate it. I do believe the nature of the business and the way we went to market, which is a very difficult way to go to market, where you have to bring the whole ecosystem together. So from content generation to theatrical distribution, then to home entertainment distribution and then device manufacturers. And you have to bring this whole ecosystem sort of forward together. It takes a lot of evangelism.

這是個好問題。我從來沒想過要用不同的方式經營它，好嗎？我認為到目前為止，我們的做法是恰當的。現在我們將集中精力，努力加快這項工作。我相信，這種業務性質以及我們進入市場的方式（一種非常艱難的進入市場的方式，因為你必須將整個生態系統整合起來）是行之有效的。因此，從內容創作到院線發行，再到家庭娛樂發行，最後到設備製造商。你必須將整個生態系統共同推進下去。這需要大量的福音工作。

And so during that evangelism period, not always throwing money and resources accelerates it. And so -- since we sort of first won awards for this technology from HPA and other Hollywood technical bodies, we've been evangelizing (technical difficulty) could we have done more of it? Maybe with more capital and more focus. But for the most part, it took its own time. We see now that that evangelism is starting to pay dividends. And so now might be the time to accelerate the investment and energy into the business.

因此，在傳福音的這段時期，並非總是投入金錢和資源就能加速傳福音。因此——自從我們憑藉這項技術首次從 HPA 和其他好萊塢技術機構獲得獎項以來，我們一直在宣傳（技術難題）我們是否可以做得更多？或許需要更多資金和更專注的努力。但大多數情況下，它都按照自己的步調進行。現在我們看到，這種傳福音的做法開始產生效果了。因此，現在或許是加速對企業投資和投入的時機。

So I would say that's probably the only difference between then and now. I will say, as a public company, you're very focused on trying to be cash flow positive and earnings growth. And so when we ran into headwinds in China, we definitely slowed down our investment in TrueCut. So maybe for the last year or so, it was artificially constrained.

所以我覺得這大概是過去和現在唯一的差別了。我想說，作為一家上市公司，你們非常注重實現正現金流和獲利成長。因此，當我們在中國遇到阻力時，我們確實放緩了對 TrueCut 的投資。所以，或許在過去一年左右的時間裡，它受到了人為的限制。

Thank you. I would now like to turn the conference back to management for closing remarks.

謝謝。現在我謹將會議交還給管理階層，請他們作總結發言。

Yes. So thanks, everybody. I once again would like to repeat, I encourage all shareholders of record to vote your proxy shares. As an Oregon corporation, we require 67% of all outstanding shareholders to vote for in order for this to pass. So I encourage you all to vote your shares. And thanks for your time.

是的。謝謝大家。我再次重申，我鼓勵所有登記在冊的股東行使你們的代理投票權。作為一家俄勒岡州公司，我們需要 67% 的已發行股東投票贊成，這項提案才能通過。所以我鼓勵大家積極投票，分享你們的股份。感謝您抽出時間。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。