PIXELWORKS, INC.
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| Three Months Ended | Twelve Months Ended | |||
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| December 31, | September 30, | December 31, | December 31, | December 31, |
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| 2020 | 2020 | 2019 | 2020 | 2019 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 4,385 | $ 3,976 | $ 7,300 | $ 20,185 | $ 34,495 |
Amortization of acquired intangible assets | 298 | 298 | 298 | 1,192 | 1,192 |
Stock-based compensation | 87 | 117 | 100 | 432 | 367 |
Restructuring | 7 | 166 | - | 173 | - |
Inventory step-up and backlog amortization | - | - | - | - | 12 |
Total reconciling items included in gross profit | 392 | 581 | 398 | 1,797 | 1,571 |
Non-GAAP gross profit | $ 4,777 | $ 4,557 | $ 7,698 | $ 21,982 | $ 36,066 |
Non-GAAP gross profit margin | 49.6 % | 55.6 % | 48.0 % | 53.8 % | 52.5 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 11,286 | $ 12,113 | $ 12,198 | $ 46,921 | $ 47,618 |
Reconciling item included in research and development: |
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Stock-based compensation | 669 | 820 | 611 | 2,943 | 2,545 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 1,000 | 913 | 1,086 | 4,296 | 3,737 |
Amortization of acquired intangible assets | 76 | 76 | 76 | 304 | 312 |
| Restructuring | 19 | 1,430 | - | 2,041 | 398 |
| Total reconciling items included in operating expenses | 1,764 | 3,239 | 1,773 | 9,584 | 6,992 |
| Non-GAAP operating expenses | $ 9,522 | $ 8,874 | $ 10,425 | $ 37,337 | $ 40,626 |
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| Reconciliation of GAAP and non-GAAP net loss |
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| GAAP net loss | $ (6,439) | $ (8,139) | $ (4,456) | $ (26,529) | $ (9,077) |
| Reconciling items included in gross profit | 392 | 581 | 398 | 1,797 | 1,571 |
| Reconciling items included in operating expenses | 1,764 | 3,239 | 1,773 | 9,584 | 6,992 |
| Reconciling items included in total other income, net | (796) | - | - | (796) | (3,905) |
| Tax effect of non-GAAP adjustments | 144 | (137) | (49) | - | - |
| Non-GAAP net loss | $ (4,935) | $ (4,456) | $ (2,334) | $ (15,944) | $ (4,419) |
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| Non-GAAP net loss per share - basic and diluted | $ (0.11) | $ (0.11) | $ (0.06) | $ (0.39) | $ (0.12) |
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| Non-GAAP weighted average shares outstanding - basic and diluted | 43,735 | 40,766 | 38,370 | 40,712 | 37,851 |
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| *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. | |||||
