Pixelworks Reports First Quarter 2018 Financial Results

 

  
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
  
  Three Months Ended 
  March 31,  December 31,  March 31, 
  2018  2017  2017 
Reconciliation of GAAP and non-GAAP gross profit       
GAAP gross profit $  7,802  $  9,160  $  12,392  
Amortization of acquired intangible assets   298    298    —  
Inventory step-up and backlog amortization   122    949    —  
Stock-based compensation   66    64    53  
Deferred revenue fair value adjustment   —    68    —  
Total reconciling items included in gross profit   486    1,379    53  
Non-GAAP gross profit $  8,288  $  10,539  $  12,445  
Non-GAAP gross profit margin  54.2%  56.9%  54.8% 
        
Reconciliation of GAAP and non-GAAP operating expenses       
GAAP operating expenses $  9,096  $  12,202  $  9,045  
Reconciling item included in research and development:       
Stock-based compensation   595    527    314   
Reconciling items included in selling, general and administrative:              
Stock-based compensation      539        556        422    
Amortization of acquired intangible assets      101        101        —    
Acquisition and integration      —        (45 )      —    
Restructuring      19        439        —    
Total reconciling items included in operating expenses      1,254        1,578        736    
Non-GAAP operating expenses   $   7,842     $   10,624     $   8,309    
               
Reconciliation of GAAP and non-GAAP net income (loss)              
GAAP net income (loss)   $   (598 )   $   (3,552 )   $   2,821    
Reconciling items included in gross profit      486        1,379        53    
Reconciling items included in operating expenses      1,254        1,578        736    
Reconciling items included in interest expense and other, net      (1,203 )      716        —    
Tax effect of non-GAAP adjustments      99        (157 )      155    
Benefit related to tax reform      —        (343 )      —    
Non-GAAP net income (loss)   $   38     $   (379 )   $   3,765    
Non-GAAP net income (loss) per share:              
Basic   $   0.00     $   (0.01 )   $   0.13    
Diluted   $   0.00     $   (0.01 )   $   0.12    
Non-GAAP weighted average shares outstanding:              
Basic      35,183        34,359        29,283    
Diluted      37,306        34,359        31,146    
               
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
 
 

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