The forward-looking statements contained in this release speak as of the date of this release, and we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.
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PIXELWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Revenue, net | $ | 9,554 | $ | 8,271 | $ | 15,524 | $ | 17,825 | $ | 29,854 | ||||||||||
| Cost of revenue (1) | 4,932 | 4,294 | 7,865 | 9,226 | 14,386 | |||||||||||||||
| Gross profit | 4,622 | 3,977 | 7,659 | 8,599 | 15,468 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development (2) | 6,010 | 5,884 | 4,715 | 11,894 | 9,808 | |||||||||||||||
| Selling, general and administrative (3) | 3,274 | 3,598 | 3,792 | 6,872 | 7,811 | |||||||||||||||
| Total operating expenses | 9,284 | 9,482 | 8,507 | 18,766 | 17,619 | |||||||||||||||
| Loss from operations | (4,662 | ) | (5,505 | ) | (848 | ) | (10,167 | ) | (2,151 | ) | ||||||||||
| Interest expense and other, net | (97 | ) | (98 | ) | (101 | ) | (195 | ) | (199 | ) | ||||||||||
| Loss before income taxes | (4,759 | ) | (5,603 | ) | (949 | ) | (10,362 | ) | (2,350 | ) | ||||||||||
| Provision (benefit) for income taxes | 165 | (198 | ) | 150 | (33 | ) | (613 | ) | ||||||||||||
| Net loss | $ | (4,924 | ) | $ | (5,405 | ) | $ | (1,099 | ) | $ | (10,329 | ) | $ | (1,737 | ) | |||||
| Net loss per share - basic and diluted | $ | (0.26 | ) | $ | (0.29 | ) | $ | (0.06 | ) | $ | (0.56 | ) | $ | (0.10 | ) | |||||
| Weighted average shares outstanding - basic and diluted | 18,652 | 18,456 | 18,238 | 18,554 | 18,133 | |||||||||||||||
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| (1) Includes: | ||||||||||||||||||||
| Additional amortization of non-cancelable prepaid royalty | $ | 98 | $ | 91 | $ | 156 | $ | 189 | $ | 288 | ||||||||||
| Stock-based compensation | 31 | 40 | 37 | 71 | 76 | |||||||||||||||
| (2) Includes stock-based compensation | 215 | 258 | 183 | 473 | 405 | |||||||||||||||
| (3) Includes stock-based compensation | 354 | 386 | 256 | 740 | 497 | |||||||||||||||
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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands, except per share data) (Unaudited) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 4,622 | $ | 3,977 | $ | 7,659 | $ | 8,599 | $ | 15,468 | ||||||||||
| Additional amortization of non-cancelable prepaid royalty | 98 | 91 | 156 | 189 | 288 | |||||||||||||||
| Stock-based compensation | 31 | 40 | 37 | 71 | 76 | |||||||||||||||
| Total reconciling items included in cost of revenue | 129 | 131 | 193 | 260 | 364 | |||||||||||||||
| Non-GAAP gross profit | $ | 4,751 | $ | 4,108 | $ | 7,852 | $ | 8,859 | $ | 15,832 | ||||||||||
| Non-GAAP gross profit margin | 49.7 | % | 49.7 | % | 50.6 | % | 49.7 | % | 53.0 | % | ||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||
| GAAP operating expenses | $ | 9,284 | $ | 9,482 | $ | 8,507 | $ | 18,766 | $ | 17,619 | ||||||||||
| Reconciling item included in research and development: | ||||||||||||||||||||
| Stock-based compensation | 215 | 258 | 183 | 473 | 405 | |||||||||||||||
| Reconciling item included in selling, general and administrative: | ||||||||||||||||||||
| Stock-based compensation | 354 | 386 | 256 | 740 | 497 | |||||||||||||||
| Total reconciling items included in operating expenses | 569 | 644 | 439 | 1,213 | 902 | |||||||||||||||
| Non-GAAP operating expenses | $ | 8,715 | $ | 8,838 | $ | 8,068 | $ | 17,553 | $ | 16,717 | ||||||||||
| Reconciliation of GAAP and non-GAAP net loss | ||||||||||||||||||||
| GAAP net loss | $ | (4,924 | ) | $ | (5,405 | ) | $ | (1,099 | ) | $ | (10,329 | ) | $ | (1,737 | ) | |||||
| Reconciling items included in cost of revenue | 129 | 131 | 193 | 260 | 364 | |||||||||||||||
| Reconciling items included in operating expenses | 569 | 644 | 439 | 1,213 | 902 | |||||||||||||||
| Tax effect of non-GAAP adjustments | 18 | (43 | ) | 136 | (25 | ) | (8 | ) | ||||||||||||
| Non-GAAP net loss | $ | (4,208 | ) | $ | (4,673 | ) | $ | (331 | ) | $ | (8,881 | ) | $ | (479 | ) | |||||
| Non-GAAP net loss per share - basic and diluted | $ | (0.23 | ) | $ | (0.25 | ) | $ | (0.02 | ) | $ | (0.48 | ) | $ | (0.03 | ) | |||||
| Non-GAAP weighted average shares outstanding - basic and diluted | 18,652 | 18,456 | 18,238 | 18,554 | 18,133 | |||||||||||||||
