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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
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2018
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2018
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2017
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2018
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2017
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| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 11,237 | $ | 9,534 | $ | 9,011 | $ | 28,573 | $ | 32,604 | ||||||||||
| Amortization of acquired intangible assets | 298 | 298 | 199 | 894 | 199 | |||||||||||||||
| Inventory step-up and backlog amortization | 97 | 239 | 1,016 | 458 | 1,016 | |||||||||||||||
| Stock-based compensation | 87 | 78 | 57 | 231 | 179 | |||||||||||||||
| Deferred revenue fair value adjustment | 52 | — | 25 | 52 | 25 | |||||||||||||||
| Total reconciling items included in gross profit | 534 | 615 | 1,297 | 1,635 | 1,419 | |||||||||||||||
| Non-GAAP gross profit | $ | 11,771 | $ | 10,149 | $ | 10,308 | $ | 30,208 | $ | 34,023 | ||||||||||
| Non-GAAP gross profit margin | 54.7 | % | 52.7 | % | 54.9 | % | 53.9 | % | 54.7 | % | ||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||
| GAAP operating expenses | $ | 10,806 | $ | 11,984 | $ | 13,389 | $ | 31,886 | $ | 31,595 | ||||||||||
| Reconciling item included in research and development: | ||||||||||||||||||||
| Stock-based compensation | 609 | 627 | 445 | 1,831 | 1,121 | |||||||||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||||||||||
| Stock-based compensation | 762 | 682 | 855 | 1,983 | 1,796 | |||||||||||||||
| Amortization of acquired intangible assets | 101 | 101 | 67 | 303 | 67 | |||||||||||||||
| Acquisition and integration | — | — | 1,611 | — | 2,505 | |||||||||||||||
| Restructuring | 414 | 602 | 1,481 | 1,035 | 1,481 | |||||||||||||||
| Total reconciling items included in operating expenses | 1,886 | 2,012 | 4,459 | 5,152 | 6,970 | |||||||||||||||
| Non-GAAP operating expenses | $ | 8,920 | $ | 9,972 | $ | 8,930 | $ | 26,734 | $ | 24,625 | ||||||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||||||||||
| GAAP net income (loss) | $ | 231 | $ | (2,613 | ) | $ | (4,706 | ) | $ | (2,980 | ) | $ | (621 | ) | ||||||
| Reconciling items included in gross profit | 534 | 615 | 1,297 | 1,635 | 1,419 | |||||||||||||||
| Reconciling items included in operating expenses | 1,886 | 2,012 | 4,459 | 5,152 | 6,970 | |||||||||||||||
| Reconciling items included in interest expense and other, net | — | — | 194 | (1,203 | ) | 194 | ||||||||||||||
| Tax effect of non-GAAP adjustments | (181 | ) | (154 | ) | (268 | ) | (236 | ) | 157 | |||||||||||
| Non-GAAP net income (loss) | $ | 2,470 | $ | (140 | ) | $ | 976 | $ | 2,368 | $ | 8,119 | |||||||||
| Non-GAAP net income (loss) per share: | ||||||||||||||||||||
| Basic | $ | 0.07 | $ | (0.00 | ) | $ | 0.03 | $ | 0.07 | $ | 0.27 | |||||||||
| Diluted | $ | 0.07 | $ | (0.00 | ) | $ | 0.03 | $ | 0.06 | $ | 0.25 | |||||||||
| Non-GAAP weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 36,195 | 35,704 | 32,552 | 35,697 | 30,545 | |||||||||||||||
| Diluted | 37,993 | 35,704 | 34,656 | 37,634 | 32,632 | |||||||||||||||
| *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 measures 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 Third Quarter 2018 Financial Results
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