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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, | |||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | |||||||||||||||||||
| GAAP gross profit | $ | 5,049 | $ | 6,775 | $ | 9,376 | $ | 11,824 | $ | 17,848 | |||||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | 596 | 596 | ||||||||||||||
| Stock-based compensation | 127 | 101 | 83 | 228 | 178 | ||||||||||||||
| Inventory step-up and backlog amortization | - | - | - | - | 12 | ||||||||||||||
| Total reconciling items included in gross profit | 425 | 399 | 381 | 824 | 786 | ||||||||||||||
| Non-GAAP gross profit | $ | 5,474 | $ | 7,174 | $ | 9,757 | $ | 12,648 | $ | 18,634 | |||||||||
| Non-GAAP gross profit margin | 59.2 | % | 52.1 | % | 54.1 | % | 54.9 | % | 53.7 | % | |||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | |||||||||||||||||||
| GAAP operating expenses | $ | 11,470 | $ | 12,052 | $ | 11,697 | $ | 23,522 | $ | 23,629 | |||||||||
| Reconciling item included in research and development: | |||||||||||||||||||
| Stock-based compensation | 806 | 648 | 703 | 1,454 | 1,364 | ||||||||||||||
| Reconciling items included in selling, general and administrative: | |||||||||||||||||||
| Stock-based compensation | 1,310 | 1,073 | 879 | 2,383 | 1,812 | ||||||||||||||
| Amortization of acquired intangible assets | 76 | 76 | 76 | 152 | 160 | ||||||||||||||
| Restructuring | - | 592 | 398 | 592 | 398 | ||||||||||||||
| Total reconciling items included in operating expenses | 2,192 | 2,389 | 2,056 | 4,581 | 3,734 | ||||||||||||||
| Non-GAAP operating expenses | $ | 9,278 | $ | 9,663 | $ | 9,641 | $ | 18,941 | $ | 19,895 | |||||||||
| Reconciliation of GAAP and non-GAAP net loss | |||||||||||||||||||
| GAAP net loss | $ | (6,552 | ) | $ | (5,399 | ) | $ | (2,448 | ) | $ | (11,951 | ) | $ | (2,315 | ) | ||||
| Reconciling items included in gross profit | 425 | 399 | 381 | 824 | 786 | ||||||||||||||
| Reconciling items included in operating expenses | 2,192 | 2,389 | 2,056 | 4,581 | 3,734 | ||||||||||||||
| Reconciling items included in total other income, net | - | - | - | - | (3,905 | ) | |||||||||||||
| Tax effect of non-GAAP adjustments | 18 | (25 | ) | (86 | ) | (7 | ) | 133 | |||||||||||
| Non-GAAP net loss | $ | (3,917 | ) | $ | (2,636 | ) | $ | (97 | ) | $ | (6,553 | ) | $ | (1,567 | ) | ||||
| Non-GAAP net loss per share - basic and diluted | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.00 | ) | $ | (0.17 | ) | $ | (0.04 | ) | ||||
| Non-GAAP weighted average shares outstanding - basic and diluted | 39,444 | 38,868 | 37,688 | 39,156 | 37,469 | ||||||||||||||
| *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 Second Quarter 2020 Financial Results
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