Pixelworks Reports Third Quarter 2015 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									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2015			2015			2014			2015			2014
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss	$	(1,243	)	$	(2,796	)	$	(2,300	)	$	(7,403	)	$	(7,189	)
Stock-based compensation		1,019			893			1,257			2,990			3,901
Additional amortization of non-cancelable prepaid royalty		(14	)		—			4			(14	)		95
Tax effect of non-GAAP adjustments		65			(46	)		91			—			6
Non-GAAP net loss	$	(173	)	$	(1,949	)	$	(948	)	$	(4,427	)	$	(3,187	)
EBITDA adjustments:
Depreciation and amortization	$	1,086		$	1,041		$	1,130		$	3,225		$	3,415
Interest expense and other, net		105			105			123			317			375
Non-GAAP provision (benefit) for income taxes		(128	)		282			118			192			466
Adjusted EBITDA	$	890		$	(521	)	$	423		$	(693	)	$	1,069

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