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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, | ||||||||||
| 2019 | 2018 | 2018 | ||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||
| GAAP gross profit | $ | 8,472 | $ | 10,905 | $ | 7,802 | ||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | |||||||||
| Stock-based compensation | 95 | 93 | 66 | |||||||||
| Inventory step-up and backlog amortization | 12 | 17 | 122 | |||||||||
| Total reconciling items included in gross profit | 405 | 408 | 486 | |||||||||
| Non-GAAP gross profit | $ | 8,877 | $ | 11,313 | $ | 8,288 | ||||||
| Non-GAAP gross profit margin | 53.3 | % | 55.1 | % | 54.2 | % | ||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||
| GAAP operating expenses | $ | 11,932 | $ | 12,412 | $ | 9,096 | ||||||
| Reconciling item included in research and development: | ||||||||||||
| Stock-based compensation | 661 | 635 | 595 | |||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||
| Stock-based compensation | 933 | 910 | 539 | |||||||||
| Amortization of acquired intangible assets | 84 | 101 | 101 | |||||||||
| Restructuring | — | 429 | 19 | |||||||||
| Total reconciling items included in operating expenses | 1,678 | 2,075 | 1,254 | |||||||||
| Non-GAAP operating expenses | $ | 10,254 | $ | 10,337 | $ | 7,842 | ||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||
| GAAP net loss | $ | (29 | ) | $ | (1,641 | ) | $ | (598 | ) | |||
| Reconciling items included in gross profit | 405 | 408 | 486 | |||||||||
| Reconciling items included in operating expenses | 1,678 | 2,075 | 1,254 | |||||||||
| Reconciling items included in total other income (expense), net | (3,905 | ) | — | (1,203 | ) | |||||||
| Tax effect of non-GAAP adjustments | 219 | 237 | 99 | |||||||||
| Non-GAAP net income (loss) | $ | (1,632 | ) | $ | 1,079 | $ | 38 | |||||
| Non-GAAP net income (loss) per share: | ||||||||||||
| Basic | $ | (0.04 | ) | $ | 0.03 | $ | 0.00 | |||||
| Diluted | $ | (0.04 | ) | $ | 0.03 | $ | 0.00 | |||||
| Non-GAAP weighted average shares outstanding: | ||||||||||||
| Basic | 37,247 | 36,736 | 35,183 | |||||||||
| Diluted | 37,247 | 38,320 | 37,306 | |||||||||
| *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 2019 Financial Results
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