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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| 2024 | 2024 | 2023 | 2024 | 2023 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 4,879 | $ 4,326 | $ 6,882 | $ 17,319 | $ 16,733 |
Stock-based compensation | 13 | 10 | 21 | 41 | 67 |
Restructuring | — | 16 | — | 16 | — |
Total reconciling items included in gross profit | 13 | 26 | 21 | 57 | 67 |
Non-GAAP gross profit | $ 4,892 | $ 4,352 | $ 6,903 | $ 17,376 | $ 16,800 |
Non-GAAP gross profit margin | 51.3 % | 51.0 % | 43.1 % | 50.9 % | 42.4 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 13,511 | $ 15,068 | $ 14,528 | $ 42,186 | $ 41,241 |
Reconciling item included in research and development: |
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Stock-based compensation | 327 | 316 | 452 | 973 | 1,470 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 702 | 599 | 779 | 2,028 | 2,140 |
Restructuring | 90 | 1,403 | — | 1,493 | — |
Total reconciling items included in operating expenses | 1,119 | 2,318 | 1,231 | 4,494 | 3,610 |
| Non-GAAP operating expenses | $ 12,392 | $ 12,750 | $ 13,297 | $ 37,692 | $ 37,631 |
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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. | $ (8,141) | $ (10,149) | $ (6,999) | $ (23,356) | $ (22,432) |
| Reconciling items included in gross profit | 13 | 26 | 21 | 57 | 67 |
| Reconciling items included in operating expenses | 1,119 | 2,318 | 1,231 | 4,494 | 3,610 |
| Tax effect of non-GAAP adjustments | (74) | 74 | — | — | — |
| Non-GAAP net loss attributable to Pixelworks Inc. | $ (7,083) | $ (7,731) | $ (5,747) | $ (18,805) | $ (18,755) |
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| Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.12) | $ (0.13) | $ (0.10) | $ (0.32) | $ (0.34) |
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| Non-GAAP weighted average shares outstanding - basic and diluted | 58,717 | 58,151 | 56,410 | 58,116 | 55,917 |
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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. |
