Pixelworks Reports Second Quarter 2021 Financial Results and Announces Realignment Plan and Strategic Equity Investments Into Pixelworks Shanghai

 

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,


2021

2021

2020

2021

2020

Reconciliation of GAAP and non-GAAP gross profit






GAAP gross profit

$                  7,111

$                  3,725

$                  5,049

$                10,836

$                11,824

Amortization of acquired intangible assets

218

245

298

463

596

Stock-based compensation

76

79

127

155

228

Total reconciling items included in gross profit

294

324

425

618

824

Non-GAAP gross profit

$                  7,405

$                  4,049

$                  5,474

$                11,454

$                12,648

Non-GAAP gross profit margin

52.7 %

43.7 %

59.2 %

49.1 %

54.9 %







Reconciliation of GAAP and non-GAAP operating expenses






GAAP operating expenses

$                11,567

$                11,639

$                11,470

$                23,206

$                23,522

Reconciling item included in research and development:






Stock-based compensation

610

581

806

1,191

1,454

Reconciling items included in selling, general and administrative:






Stock-based compensation

820

772

1,310

1,592

2,383

Amortization of acquired intangible assets

53

60

76

113

152

Restructuring

-

-

-

-

592

Total reconciling items included in operating expenses

1,483

1,413

2,192

2,896

4,581

Non-GAAP operating expenses

$                10,084

$                10,226

$                  9,278

$                20,310

$                18,941







Reconciliation of GAAP and non-GAAP net loss






GAAP net loss

$                 (4,382)

$                 (8,075)

$                 (6,552)

$               (12,457)

$               (11,951)

Reconciling items included in gross profit

294

324

425

618

824

Reconciling items included in operating expenses

1,483

1,413

2,192

2,896

4,581

Tax effect of non-GAAP adjustments

4

(20)

18

(16)

(7)

Non-GAAP net loss

$                 (2,601)

$                 (6,358)

$                 (3,917)

$                 (8,959)

$                 (6,553)







Non-GAAP net loss per share - basic and diluted

$                   (0.05)

$                   (0.12)

$                   (0.10)

$                   (0.17)

$                   (0.17)







Non-GAAP weighted average shares outstanding - basic and diluted

52,283

51,673

39,444

51,980

39,156







*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.


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