|
PIXELWORKS, INC.
| ||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2020 | 2019 | 2019 | ||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||
| GAAP gross profit | $ | 6,775 | $ | 7,300 | $ | 8,472 | ||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | |||||||||
| Stock-based compensation | 101 | 100 | 95 | |||||||||
| Inventory step-up and backlog amortization | — | — | 12 | |||||||||
| Total reconciling items included in gross profit | 399 | 398 | 405 | |||||||||
| Non-GAAP gross profit | $ | 7,174 | $ | 7,698 | $ | 8,877 | ||||||
| Non-GAAP gross profit margin | 52.1 | % | 48.0 | % | 53.3 | % | ||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||
| GAAP operating expenses | $ | 12,052 | $ | 12,198 | $ | 11,932 | ||||||
| Reconciling item included in research and development: | ||||||||||||
| Stock-based compensation | 648 | 611 | 661 | |||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||
| Stock-based compensation | 1,073 | 1,086 | 933 | |||||||||
| Amortization of acquired intangible assets | 76 | 76 | 84 | |||||||||
| Restructuring | 592 | — | — | |||||||||
| Total reconciling items included in operating expenses | 2,389 | 1,773 | 1,678 | |||||||||
| Non-GAAP operating expenses | $ | 9,663 | $ | 10,425 | $ | 10,254 | ||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||
| GAAP net income (loss) | $ | (5,399 | ) | $ | (4,456 | ) | $ | 133 | ||||
| Reconciling items included in gross profit | 399 | 398 | 405 | |||||||||
| Reconciling items included in operating expenses | 2,389 | 1,773 | 1,678 | |||||||||
| Reconciling items included in total other income, net | — | — | (3,905 | ) | ||||||||
| Tax effect of non-GAAP adjustments | (25 | ) | (49 | ) | 219 | |||||||
| Non-GAAP net loss | $ | (2,636 | ) | $ | (2,334 | ) | $ | (1,470 | ) | |||
| Non-GAAP net loss per share - basic and diluted | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |||
| Non-GAAP weighted average shares outstanding - basic and diluted | 38,868 | 38,370 | 37,247 | |||||||||
| *Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. | ||||||||||||
