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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands) (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 net income (loss) and adjusted EBITDA | ||||||||||||||||||||
| GAAP net income (loss) | $ | (2,306 | ) | $ | (2,448 | ) | $ | 431 | $ | (4,621 | ) | $ | (2,444 | ) | ||||||
| Stock-based compensation | 1,498 | 1,665 | 1,458 | 4,852 | 4,045 | |||||||||||||||
| Amortization of acquired intangible assets | 374 | 374 | 399 | 1,130 | 1,197 | |||||||||||||||
| Tax effect of non-GAAP adjustments | (84 | ) | (86 | ) | (181 | ) | 49 | (236 | ) | |||||||||||
| Restructuring | — | 398 | 414 | 398 | 1,035 | |||||||||||||||
| Inventory step-up and backlog amortization | — | — | 97 | 12 | 458 | |||||||||||||||
| Deferred revenue fair value adjustment | — | — | 52 | — | 52 | |||||||||||||||
| Gain on sale of patents | — | — | — | (3,905 | ) | — | ||||||||||||||
| Gain on debt extinguishment | — | — | — | — | (1,272 | ) | ||||||||||||||
| Discount accretion on convertible debt fair value | — | — | — | — | 69 | |||||||||||||||
| Non-GAAP net income (loss) | $ | (518 | ) | $ | (97 | ) | $ | 2,670 | $ | (2,085 | ) | $ | 2,904 | |||||||
| EBITDA adjustments: | ||||||||||||||||||||
| Depreciation and amortization | $ | 1,024 | $ | 887 | $ | 933 | $ | 2,824 | $ | 2,682 | ||||||||||
| Non-GAAP interest income and other, net | (70 | ) | (104 | ) | (88 | ) | (270 | ) | (62 | ) | ||||||||||
| Non-GAAP provision for income taxes | 16 | 317 | 269 | 522 | 632 | |||||||||||||||
| Adjusted EBITDA | $ | 452 | $ | 1,003 | $ | 3,784 | $ | 991 | $ | 6,156 | ||||||||||
| *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. | ||||||||||||||||||||
Pixelworks Reports Third Quarter 2019 Financial Results
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