Pixelworks Reports Second Quarter 2022 Financial Results

 

 

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,


2022

2022

2021

2022

2021

Reconciliation of GAAP and non-GAAP gross profit






GAAP gross profit

$                  9,348

$                  8,763

$                  7,111

$                18,111

$                10,836

Stock-based compensation

59

8

76

67

155

Amortization of acquired intangible assets

-

72

218

72

463

Total reconciling items included in gross profit

59

80

294

139

618

Non-GAAP gross profit

$                  9,407

$                  8,843

$                  7,405

$                18,250

$                11,454

Non-GAAP gross profit margin

49.3 %

53.2 %

52.7 %

51.1 %

49.1 %







Reconciliation of GAAP and non-GAAP operating expenses






GAAP operating expenses

$                14,545

$                12,644

$                11,567

$                27,189

$                23,206

Reconciling item included in research and development:






Stock-based compensation

647

583

610

1,230

1,191

Reconciling items included in selling, general and administrative:






Stock-based compensation

989

458

820

1,447

1,592

Amortization of acquired intangible assets

-

18

53

18

113

Total reconciling items included in operating expenses

1,636

1,059

1,483

2,695

2,896

Non-GAAP operating expenses

$                12,909

$                11,585

$                10,084

$                24,494

$                20,310







Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc.






GAAP net loss attributable to Pixelworks Inc.

$                 (5,008)

$                 (4,592)

$                 (4,382)

$                 (9,600)

$               (12,457)

Reconciling items included in gross profit

59

80

294

139

618

Reconciling items included in operating expenses

1,636

1,059

1,483

2,695

2,896

Tax effect of non-GAAP adjustments

(1)

(3)

4

(4)

(16)

Non-GAAP net loss attributable to Pixelworks Inc.

$                 (3,314)

$                 (3,456)

$                 (2,601)

$                 (6,770)

$                 (8,959)







Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted

$                   (0.06)

$                   (0.06)

$                   (0.05)

$                   (0.13)

$                   (0.17)







Non-GAAP weighted average shares outstanding - basic and diluted

54,120

53,680

52,283

53,901

51,980







*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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