* Adjusted EBITDA differs from GAAP net loss due to the exclusion of restructuring charges, 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)
				September 30, 2016				December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents				$	16,580			$	26,591
Accounts receivable, net					3,895				5,988
Inventories					3,084				3,266
Prepaid expenses and other current assets					661				644
Total current assets					24,220				36,489
Property and equipment, net					4,269				6,543
Other assets, net					759				810
Total assets				$	29,248			$	43,842
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable				$	1,980			$	2,944
Accrued liabilities and current portion of long-term liabilities					7,564				8,528
Current portion of income taxes payable					152				221
Short-term line of credit					—				3,000
Total current liabilities					9,696				14,693
Long-term liabilities, net of current portion					398				831
Income taxes payable, net of current portion					1,926				1,942
Total liabilities					12,020				17,466
Shareholders’ equity					17,228				26,376
Total liabilities and shareholders’ equity				$	29,248			$	43,842

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