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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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Pixelworks Reports First Quarter 2018 Financial Results
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