Pixelworks Reports Second Quarter 2023 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,


2023

2023

2022

2023

2022

Reconciliation of GAAP and non-GAAP gross profit






GAAP gross profit

$                 5,484

$                 4,367

$                 9,348

$                 9,851

$               18,111

Stock-based compensation

22

24

59

46

67

Amortization of acquired intangible assets

72

Total reconciling items included in gross profit

22

24

59

46

139

Non-GAAP gross profit

$                 5,506

$                 4,391

$                 9,407

$                 9,897

$               18,250

Non-GAAP gross profit margin

40.5 %

44.1 %

49.3 %

42.0 %

51.1 %







Reconciliation of GAAP and non-GAAP operating expenses






GAAP operating expenses

$               11,975

$               14,738

$               14,545

$               26,713

$               27,189

Reconciling item included in research and development:






Stock-based compensation

527

491

647

1,018

1,230

Reconciling items included in selling, general and administrative:






Stock-based compensation

710

651

989

1,361

1,447

Amortization of acquired intangible assets

18

Total reconciling items included in operating expenses

1,237

1,142

1,636

2,379

2,695

Non-GAAP operating expenses

$               10,738

$               13,596

$               12,909

$               24,334

$               24,494







Reconciliation of GAAP and non-GAAP net loss

attributable to Pixelworks, Inc.






GAAP net loss attributable to Pixelworks Inc.

$               (6,037)

$               (9,396)

$               (5,008)

$             (15,433)

$               (9,600)

Reconciling items included in gross profit

22

24

59

46

139

Reconciling items included in operating expenses

1,237

1,142

1,636

2,379

2,695

Tax effect of non-GAAP adjustments

(1)

(4)

Non-GAAP net loss attributable to Pixelworks Inc.

$               (4,778)

$               (8,230)

$               (3,314)

$             (13,008)

$               (6,770)







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

basic and diluted

$                 (0.09)

$                 (0.15)

$                 (0.06)

$                 (0.23)

$                 (0.13)







Non-GAAP weighted average shares outstanding -

basic and diluted

55,917

55,720

54,120

55,666

53,901







*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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