* Adjusted EBITDA differs from GAAP net 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)
			March 31,				December 31,
			2015				2014
ASSETS
Current assets:
Cash and cash equivalents			$	15,591			$	17,926
Accounts receivable, net				4,760				4,648
Inventories				3,295				2,898
Prepaid expenses and other current assets				900				888
Total current assets				24,546				26,360
Property and equipment, net				5,762				6,402
Other assets, net				1,211				1,382
Total assets			$	31,519			$	34,144
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	2,289			$	3,154
Accrued liabilities and current portion of long-term liabilities				9,129				8,539
Current portion of income taxes payable				168				197
Short-term line of credit				3,000				3,000
Total current liabilities				14,586				14,890
Long-term liabilities, net of current portion				1,319				1,476
Income taxes payable, net of current portion				1,966				2,094
Total liabilities				17,871				18,460
Shareholders’ equity				13,648				15,684
Total liabilities and shareholders’ equity			$	31,519			$	34,144

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