Pixelworks Reports Fourth Quarter and Fiscal Year 2021 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP  GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(Unaudited)




Three Months Ended


Twelve Months Ended



December 31,


September 30,


December 31,


December 31,


December 31,



2021


2021


2020


2021


2020

Reconciliation of GAAP and non-GAAP gross profit margin











GAAP gross profit margin


53.5 %


52.5 %


45.5 %


50.3 %


49.4 %

Amortization of acquired intangible assets


1.3 %


1.4 %


3.1 %


1.6 %


2.9 %

Stock-based compensation


0.2 %


(0.9)%


0.9 %


0.1 %


1.1 %

Restructuring


- %


- %


0.1 %


- %


0.4 %

Total reconciling items included in gross profit


1.5 %


0.5 %


4.1 %


1.7 %


4.4 %

Non-GAAP gross profit margin


55.0 %


53.1 %


49.6 %


52.0 %


53.8 %


*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, INC.
RECONCILIATION OF GAAP AND NON-GAAP  FINANCIAL  INFORMATION *
(In thousands)
(Unaudited)



Three Months Ended

Twelve Months Ended


December 31,

September 30,

December 31,

December 31,

December 31,


2021

2021

2020

2021

2020

Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA






GAAP net loss attributable to Pixelworks Inc.

$          (3,291)

$           (4,073)

$          (6,439)

$        (19,821)

$        (26,529)

Stock-based compensation

1,589

1,557

1,756

6,084

7,671

Amortization of acquired intangible assets

271

271

374

1,118

1,496

Impact of non-GAAP adjustments to redeemable non-controlling interest

(17)

(9)

-

(26)

-

Tax effect of non-GAAP adjustments

9

7

144

-

-

Gain on loan extinguishment

-

-

(796)

-

(796)

Restructuring

-

-

26

-

2,214

Non-GAAP net loss attributable to Pixelworks Inc.

$          (1,439)

$           (2,247)

$          (4,935)

$        (12,645)

$        (15,944)

EBITDA adjustments:






Depreciation and amortization

$               964

$                762

$               983

$            3,648

$            3,737

Non-GAAP interest income and other, net

(165)

(54)

(7)

(457)

(9)

Non-GAAP provision (benefit) for income taxes

(457)

(16)

197

(133)

598

Adjusted EBITDA

$          (1,097)

$           (1,555)

$          (3,762)

$          (9,587)

$        (11,618)


*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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