Pixelworks Reports Second Quarter 2014 Financial Results

* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share differs from GAAP gross profit, GAAP operating expenses, GAAP net loss and GAAP net loss per share due to the exclusion of stock-based compensation expense and additional amortization of a non-cancelable prepaid royalty. Pixelworks' management believes the presentation of non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics. Pixelworks' management also uses each of these non-GAAP measures internally to better evaluate underlying cash flow dynamics. 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.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands)
(Unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2014			2014			2013			2014			2013
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss	$	(2,382	)	$	(2,507	)	$	(4,924	)	$	(4,889	)	$	(10,329	)
Stock-based compensation		941			1,703			600			2,644			1,284
Additional amortization of non-cancelable prepaid royalty		35			56			98			91			189
Tax effect of non-GAAP adjustments		(47	)		(38	)		18			(85	)		(25	)
Non-GAAP net loss	$	(1,453	)	$	(786	)	$	(4,208	)	$	(2,239	)	$	(8,881	)
EBITDA adjustments:
Depreciation and amortization	$	1,141		$	1,144		$	1,081		$	2,285		$	2,139
Interest expense and other, net		130			122			97			252			195
Non-GAAP provision (benefit) for income taxes		364			(16	)		147			348			(8	)
Adjusted EBITDA	$	182		$	464		$	(2,883	)	$	646		$	(6,555	)

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