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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, | ||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 9,376 | $ | 8,472 | $ | 9,534 | $ | 17,848 | $ | 17,336 | ||||||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | 596 | 596 | |||||||||||||||
| Stock-based compensation | 83 | 95 | 78 | 178 | 144 | |||||||||||||||
| Inventory step-up and backlog amortization | — | 12 | 239 | 12 | 361 | |||||||||||||||
| Total reconciling items included in gross profit | 381 | 405 | 615 | 786 | 1,101 | |||||||||||||||
| Non-GAAP gross profit | $ | 9,757 | $ | 8,877 | $ | 10,149 | $ | 18,634 | $ | 18,437 | ||||||||||
| Non-GAAP gross profit margin | 54.1 | % | 53.3 | % | 52.7 | % | 53.7 | % | 53.4 | % | ||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||
| GAAP operating expenses | $ | 11,697 | $ | 11,932 | $ | 11,984 | $ | 23,629 | $ | 21,080 | ||||||||||
| Reconciling item included in research and development: | ||||||||||||||||||||
| Stock-based compensation | 703 | 661 | 627 | 1,364 | 1,222 | |||||||||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||||||||||
| Stock-based compensation | 879 | 933 | 682 | 1,812 | 1,221 | |||||||||||||||
| Amortization of acquired intangible assets | 76 | 84 | 101 | 160 | 202 | |||||||||||||||
| Restructuring | 398 | — | 602 | 398 | 621 | |||||||||||||||
| Total reconciling items included in operating expenses | 2,056 | 1,678 | 2,012 | 3,734 | 3,266 | |||||||||||||||
| Non-GAAP operating expenses | $ | 9,641 | $ | 10,254 | $ | 9,972 | $ | 19,895 | $ | 17,814 | ||||||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||||||||||
| GAAP net income (loss) | $ | (2,448 | ) | $ | 133 | $ | (2,442 | ) | $ | (2,315 | ) | $ | (2,875 | ) | ||||||
| Reconciling items included in gross profit | 381 | 405 | 615 | 786 | 1,101 | |||||||||||||||
| Reconciling items included in operating expenses | 2,056 | 1,678 | 2,012 | 3,734 | 3,266 | |||||||||||||||
| Reconciling items included in total other income, net | — | (3,905 | ) | — | (3,905 | ) | (1,203 | ) | ||||||||||||
| Tax effect of non-GAAP adjustments | (86 | ) | 219 | (154 | ) | 133 | (55 | ) | ||||||||||||
| Non-GAAP net income (loss) | $ | (97 | ) | $ | (1,470 | ) | $ | 31 | $ | (1,567 | ) | $ | 234 | |||||||
| Non-GAAP net income (loss) per share: | ||||||||||||||||||||
| Basic | $ | (0.00 | ) | $ | (0.04 | ) | $ | 0.00 | $ | (0.04 | ) | $ | 0.01 | |||||||
| Diluted | $ | (0.00 | ) | $ | (0.04 | ) | $ | 0.00 | $ | (0.04 | ) | $ | 0.01 | |||||||
| Non-GAAP weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 37,688 | 37,247 | 35,704 | 37,469 | 35,445 | |||||||||||||||
| Diluted | 37,688 | 37,247 | 37,369 | 37,469 | 37,372 | |||||||||||||||
| *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 Second Quarter 2019 Financial Results
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