Pixelworks Reports Second Quarter 2018 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
  Three Months Ended  Six Months Ended 
  June 30,  March 31,  June 30,  June 30,  June 30, 
   2018    2018    2017    2018    2017  
Reconciliation of GAAP and non-GAAP gross profit           
GAAP gross profit $  9,534  $  7,802  $  11,201  $  17,336  $  23,593  
Amortization of acquired intangible assets   298    298    —    596    —  
Inventory step-up and backlog amortization   239    122    —    361    —  
Stock-based compensation   78    66    69    144    122  
Total reconciling items included in gross profit   615    486    69    1,101    122  
Non-GAAP gross profit $  10,149  $  8,288  $  11,270  $  18,437  $  23,715  
Non-GAAP gross profit margin  52.7 %     54.2 %     54.4 %     53.4 %     54.6 %  
                       
Reconciliation of GAAP and non-GAAP operating expenses                      
GAAP operating expenses   $   11,984     $   9,096     $   9,161     $   21,080     $   18,206    
Reconciling item included in research and development:                      
Stock-based compensation      627        595        362        1,222        676    
Reconciling items included in selling, general and administrative:                      
Stock-based compensation      682        539        519        1,221        941    
Amortization of acquired intangible assets      101        101        —        202        —    
Acquisition and integration      —        —        730        —        894    
Restructuring      602        19        —        621        —    
Total reconciling items included in operating expenses      2,012        1,254        1,611        3,266        2,511    
Non-GAAP operating expenses   $   9,972     $   7,842     $   7,550     $   17,814     $   15,695    
                       
Reconciliation of GAAP and non-GAAP net income (loss)                      
GAAP net income (loss)   $   (2,613 )   $   (598 )   $   1,264     $   (3,211 )   $   4,085    
Reconciling items included in gross profit      615        486        69        1,101        122    
Reconciling items included in operating expenses      2,012        1,254        1,611        3,266        2,511    
Reconciling items included in interest expense and other, net      —        (1,203 )      —        (1,203 )      —    
Tax effect of non-GAAP adjustments      (154 )      99        270        (55 )      425    
Non-GAAP net income (loss)   $   (140 )   $   38     $   3,214     $   (102 )   $   7,143    
Non-GAAP net income (loss) per share:                      
Basic   $   (0.00 )   $   0.00     $   0.11     $   (0.00 )   $   0.24    
Diluted   $   (0.00 )   $   0.00     $   0.10     $   (0.00 )   $   0.23    
Non-GAAP weighted average shares outstanding:                      
Basic      35,704        35,183        29,766        35,445        29,526    
Diluted      35,704        37,306        31,974        35,445        31,601    
                       
*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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