PIXELWORKS, INC.
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| Three Months Ended | Nine Months Ended | |||
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| September 30, | June 30, | September 30, | September 30, | September 30, |
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| 2023 | 2023 | 2022 | 2023 | 2022 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 6,882 | $ 5,484 | $ 8,796 | $ 16,733 | $ 26,907 |
Stock-based compensation | 21 | 22 | (47) | 67 | 20 |
Amortization of acquired intangible assets | — | — | — | — | 72 |
Total reconciling items included in gross profit | 21 | 22 | (47) | 67 | 92 |
Non-GAAP gross profit | $ 6,903 | $ 5,506 | $ 8,749 | $ 16,800 | $ 26,999 |
Non-GAAP gross profit margin | 43.1 % | 40.5 % | 49.8 % | 42.4 % | 50.7 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 14,528 | $ 11,975 | $ 13,527 | $ 41,241 | $ 40,716 |
Reconciling item included in research and development: |
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Stock-based compensation | 452 | 527 | 565 | 1,470 | 1,795 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 779 | 710 | 776 | 2,140 | 2,223 |
Amortization of acquired intangible assets | — | — | — | — | 18 |
| Total reconciling items included in operating expenses | 1,231 | 1,237 | 1,341 | 3,610 | 4,036 |
| Non-GAAP operating expenses | $ 13,297 | $ 10,738 | $ 12,186 | $ 37,631 | $ 36,680 |
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| Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. |
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| GAAP net loss attributable to Pixelworks Inc. | $ (6,999) | $ (6,037) | $ (4,496) | $ (22,432) | $ (14,096) |
| Reconciling items included in gross profit | 21 | 22 | (47) | 67 | 92 |
| Reconciling items included in operating expenses | 1,231 | 1,237 | 1,341 | 3,610 | 4,036 |
| Tax effect of non-GAAP adjustments | — | — | 1 | — | (3) |
| Non-GAAP net loss attributable to Pixelworks Inc. | $ (5,747) | $ (4,778) | $ (3,201) | $ (18,755) | $ (9,971) |
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| Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.10) | $ (0.09) | $ (0.06) | $ (0.34) | $ (0.18) |
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| Non-GAAP weighted average shares outstanding - basic and diluted | 56,410 | 55,917 | 54,826 | 55,917 | 54,120 |
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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. |
