* Adjusted EBITDA differs from GAAP net income (loss) due to the exclusion of stock-based compensation expense, additional amortization of a non-cancelable prepaid royalty, interest expense and other, net, income tax provision (benefit) and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. Pixelworks, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, our GAAP financial measures.

PIXELWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
			December 31, 2013				December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents			$	20,805			$	13,404
Accounts receivable, net				4,761				3,772
Inventories				1,663				2,702
Prepaid expenses and other current assets				2,858				1,727
Total current assets				30,087				21,605
Property and equipment, net				4,084				6,283
Other assets, net				2,573				1,653
Total assets			$	36,744			$	29,541
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	1,327			$	2,224
Accrued liabilities and current portion of long-term liabilities				10,505				8,666
Current portion of income taxes payable				92				207
Short-term line of credit				3,000				—
Total current liabilities				14,924				11,097
Long-term liabilities, net of current portion				677				1,445
Income taxes payable, net of current portion				2,201				2,331
Total liabilities				17,802				14,873
Shareholders’ equity				18,942				14,668
Total liabilities and shareholders’ equity			$	36,744			$	29,541

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