Pixelworks Reports First Quarter 2018 Financial Results

 

 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(Unaudited)
 
  Three Months Ended
  March 31,  December 31,  March 31,
  2018  2017  2017
Reconciliation of GAAP and non-GAAP gross profit margin      
GAAP gross profit margin    51.0 %    49.7 %    54.6 %
Amortization of acquired intangible assets 1.9% 1.6 % %
Inventory step-up and backlog amortization 0.8% 5.1 % %
Stock-based compensation 0.4% 0.3 % 0.2%
Amortization of deferred revenue fair value adjustment 0.0% 0.4 % %
Total reconciling items included in gross profit 3.2 % 7.4 % 0.2 %
Non-GAAP gross profit margin 54.2 % 56.9 % 54.8 %
       
*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.
 

 

 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands)
(Unaudited)
 
   Three Months Ended
   March 31,  December 31,  March 31,
   2018  2017  2017
Reconciliation of GAAP net income (loss) and adjusted EBITDA      
GAAP net income (loss) $  (598) $  (3,552) $  2,821
Gain on debt extinguishment   (1,272)   (29)   —
Stock-based compensation   1,200    1,147    789
Amortization of acquired intangible assets      399        399        —
Tax effect of non-GAAP adjustments      99        (157 )      155
Inventory step-up and backlog amortization      122        949        —
Discount accretion on convertible debt fair value      69        124        —
Restructuring      19        439        —
Fair value adjustment on convertible debt conversion option      —        621        —
Benefit related to tax reform      —        (343 )      —
Amortization of deferred revenue fair value adjustment      —        68        —
Acquisition and integration      —        (45 )      —
Non-GAAP net income (loss)   $   38     $   (379 )   $   3,765
EBITDA adjustments:            
Depreciation and amortization   $   826     $   863     $   839
Interest expense and other, net      231        203        93
Non-GAAP provision for income taxes      177        91        278
Adjusted EBITDA   $   1,272     $   778     $   4,975
             
*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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