* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP
operating expenses, non-GAAP net loss and non-GAAP net loss per share
differs from GAAP gross profit, GAAP operating expenses, GAAP net loss
and GAAP net loss per share due to the exclusion of stock-based
compensation expense and additional amortization of a non-cancelable
prepaid royalty. Pixelworks' management believes the presentation of
non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net loss
and non-GAAP net loss per share provides useful information to investors
regarding Pixelworks' results of operations by allowing investors to
better evaluate underlying cash flow dynamics. Pixelworks' management
also uses each of these non-GAAP measures internally to better evaluate
underlying cash flow dynamics. Pixelworks, however, cautions investors
to consider these non-GAAP financial measures in addition to, and not as
a substitute for, our GAAP financial measures.
|
|
|
PIXELWORKS, INC.
|
|
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of GAAP net loss and adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
$
|
(2,382
|
)
|
|
|
$
|
(2,507
|
)
|
|
|
$
|
(4,924
|
)
|
|
|
|
$
|
(4,889
|
)
|
|
|
$
|
(10,329
|
)
|
|
Stock-based compensation
|
|
|
|
941
|
|
|
|
|
1,703
|
|
|
|
|
600
|
|
|
|
|
|
2,644
|
|
|
|
|
1,284
|
|
|
Additional amortization of non-cancelable prepaid royalty
|
|
|
|
35
|
|
|
|
|
56
|
|
|
|
|
98
|
|
|
|
|
|
91
|
|
|
|
|
189
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
(47
|
)
|
|
|
|
(38
|
)
|
|
|
|
18
|
|
|
|
|
|
(85
|
)
|
|
|
|
(25
|
)
|
|
Non-GAAP net loss
|
|
|
$
|
(1,453
|
)
|
|
|
$
|
(786
|
)
|
|
|
$
|
(4,208
|
)
|
|
|
|
$
|
(2,239
|
)
|
|
|
$
|
(8,881
|
)
|
|
EBITDA adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
$
|
1,141
|
|
|
|
$
|
1,144
|
|
|
|
$
|
1,081
|
|
|
|
|
$
|
2,285
|
|
|
|
$
|
2,139
|
|
|
Interest expense and other, net
|
|
|
|
130
|
|
|
|
|
122
|
|
|
|
|
97
|
|
|
|
|
|
252
|
|
|
|
|
195
|
|
|
Non-GAAP provision (benefit) for income taxes
|
|
|
|
364
|
|
|
|
|
(16
|
)
|
|
|
|
147
|
|
|
|
|
|
348
|
|
|
|
|
(8
|
)
|
|
Adjusted EBITDA
|
|
|
$
|
182
|
|
|
|
$
|
464
|
|
|
|
$
|
(2,883
|
)
|
|
|
|
$
|
646
|
|
|
|
$
|
(6,555
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
