* Adjusted EBITDA differs from GAAP net income (loss) due to the exclusion of restructuring expenses, stock-based compensation expense, 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 which allows investors an alternative evaluation of 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,
			2017				2016
ASSETS
Current assets:
Cash and cash equivalents			$	19,640			$	19,622
Accounts receivable, net				9,608				3,118
Inventories				2,478				2,803
Prepaid expenses and other current assets				5,258				736
Total current assets				36,984				26,279
Property and equipment, net				5,528				3,793
Other assets, net				760				785
Total assets			$	43,272			$	30,857
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	1,225			$	1,734
Accrued liabilities and current portion of long-term liabilities				14,187				7,860
Current portion of income taxes payable				460				140
Total current liabilities				15,872				9,734
Long-term liabilities, net of current portion				1,240				194
Income taxes payable, net of current portion				1,844				1,880
Total liabilities				18,956				11,808
Shareholders’ equity				24,316				19,049
Total liabilities and shareholders’ equity			$	43,272			$	30,857

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