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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 10,905 | $ | 11,237 | $ | 9,160 | $ | 39,478 | $ | 41,764 | ||||||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | 1,192 | 497 | |||||||||||||||
| Stock-based compensation | 93 | 87 | 64 | 324 | 243 | |||||||||||||||
| Inventory step-up and backlog amortization | 17 | 97 | 949 | 475 | 1,965 | |||||||||||||||
| Deferred revenue fair value adjustment | — | 52 | 68 | 52 | 93 | |||||||||||||||
| Total reconciling items included in gross profit | 408 | 534 | 1,379 | 2,043 | 2,798 | |||||||||||||||
| Non-GAAP gross profit | $ | 11,313 | $ | 11,771 | $ | 10,539 | $ | 41,521 | $ | 44,562 | ||||||||||
| Non-GAAP gross profit margin | 55.1 | % | 54.7 | % | 56.9 | % | 54.2 | % | 55.2 | % | ||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||
| GAAP operating expenses | $ | 12,412 | $ | 10,806 | $ | 12,202 | $ | 44,298 | $ | 43,797 | ||||||||||
| Reconciling item included in research and development: | ||||||||||||||||||||
| Stock-based compensation | 635 | 609 | 527 | 2,466 | 1,648 | |||||||||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||||||||||
| Stock-based compensation | 910 | 762 | 556 | 2,893 | 2,352 | |||||||||||||||
| Amortization of acquired intangible assets | 101 | 101 | 101 | 404 | 168 | |||||||||||||||
| Acquisition and integration | — | — | (45 | ) | — | 2,460 | ||||||||||||||
| Restructuring | 429 | 414 | 439 | 1,464 | 1,920 | |||||||||||||||
| Total reconciling items included in operating expenses | 2,075 | 1,886 | 1,578 | 7,227 | 8,548 | |||||||||||||||
| Non-GAAP operating expenses | $ | 10,337 | $ | 8,920 | $ | 10,624 | $ | 37,071 | $ | 35,249 | ||||||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||||||||||
| GAAP net income (loss) | $ | (1,641 | ) | $ | 231 | $ | (3,552 | ) | $ | (4,621 | ) | $ | (4,173 | ) | ||||||
| Reconciling items included in gross profit | 408 | 534 | 1,379 | 2,043 | 2,798 | |||||||||||||||
| Reconciling items included in operating expenses | 2,075 | 1,886 | 1,578 | 7,227 | 8,548 | |||||||||||||||
| Reconciling items included in interest expense and other, net | — | — | 716 | (1,203 | ) | 910 | ||||||||||||||
| Tax effect of non-GAAP adjustments | 237 | (181 | ) | (157 | ) | — | — | |||||||||||||
| Benefit related to tax reform | — | — | (343 | ) | — | (343 | ) | |||||||||||||
| Non-GAAP net income (loss) | $ | 1,079 | $ | 2,470 | $ | (379 | ) | $ | 3,446 | $ | 7,740 | |||||||||
| Non-GAAP net income (loss) per share: | ||||||||||||||||||||
| Basic | $ | 0.03 | $ | 0.07 | $ | (0.01 | ) | $ | 0.10 | $ | 0.25 | |||||||||
| Diluted | $ | 0.03 | $ | 0.07 | $ | (0.01 | ) | $ | 0.09 | $ | 0.23 | |||||||||
| Non-GAAP weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 36,736 | 36,195 | 34,359 | 35,959 | 31,507 | |||||||||||||||
| Diluted | 38,320 | 37,993 | 34,359 | 37,819 | 33,668 | |||||||||||||||
| *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 Fourth Quarter and Fiscal Year 2018 Financial Results
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