Pixelworks Reports Third Quarter 2019 Financial Results


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,
   2019  2019  2018  2019  2018
Reconciliation of GAAP and non-GAAP gross profit          
GAAP gross profit $9,347  $9,376  $11,237  $27,195  $28,573 
Amortization of acquired intangible assets  298   298   298   894   894 
Stock-based compensation  89   83   87   267   231 
Inventory step-up and backlog amortization               97       12       458  
Deferred revenue fair value adjustment                 52             52  
Total reconciling items included in gross profit     387       381       534       1,173       1,635  
Non-GAAP gross profit   $ 9,734     $ 9,757     $ 11,771     $ 28,368     $ 30,208  
Non-GAAP gross profit margin     53.9 %     54.1 %     54.7 %     53.8 %     53.9 %
                     
Reconciliation of GAAP and non-GAAP operating expenses                    
GAAP operating expenses   $ 11,791     $ 11,697     $ 10,806     $ 35,420     $ 31,886  
Reconciling item included in research and development:                    
Stock-based compensation     570       703       609       1,934       1,831  
Reconciling items included in selling, general and administrative:                    
Stock-based compensation     839       879       762       2,651       1,983  
Amortization of acquired intangible assets     76       76       101       236       303  
Restructuring           398       414       398       1,035  
Total reconciling items included in operating expenses     1,485       2,056       1,886       5,219       5,152  
Non-GAAP operating expenses   $ 10,306     $ 9,641     $ 8,920     $ 30,201     $ 26,734  
                     
Reconciliation of GAAP and non-GAAP net income (loss)                    
GAAP net income (loss)   $ (2,306 )   $ (2,448 )   $ 431     $ (4,621 )   $ (2,444 )
Reconciling items included in gross profit     387       381       534       1,173       1,635  
Reconciling items included in operating expenses     1,485       2,056       1,886       5,219       5,152  
Reconciling items included in total other income, net                       (3,905 )     (1,203 )
Tax effect of non-GAAP adjustments     (84 )     (86 )     (181 )     49       (236 )
Non-GAAP net income (loss)   $ (518 )   $ (97 )   $ 2,670     $ (2,085 )   $ 2,904  
Non-GAAP net income (loss) per share:                    
Basic   $ (0.01 )   $ (0.00 )   $ 0.07     $ (0.06 )   $ 0.08  
Diluted   $ (0.01 )   $ (0.00 )   $ 0.07     $ (0.06 )   $ 0.08  
Non-GAAP weighted average shares outstanding:                    
Basic     38,086       37,688       36,195       37,677       35,697  
Diluted     38,086       37,688       37,993       37,677       37,634  
                     
*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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