* Adjusted EBITDA differs from GAAP net income (loss) due to the exclusion of restructuring charges, stock-based compensation expense, additional amortization of a non-cancelable prepaid royalty, interest expense and other, net, income tax provision (benefit) and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations which allows investors an alternative evaluation of underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
			December 31,				December 31,
			2016				2015
ASSETS
Current assets:
Cash and cash equivalents			$	19,622			$	26,591
Accounts receivable, net				3,118				5,988
Inventories				2,803				3,266
Prepaid expenses and other current assets				736				644
Total current assets				26,279				36,489
Property and equipment, net				3,793				6,543
Other assets, net				785				810
Total assets			$	30,857			$	43,842
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	1,734			$	2,944
Accrued liabilities and current portion of long-term liabilities				7,860				8,528
Current portion of income taxes payable				140				221
Short-term line of credit				—				3,000
Total current liabilities				9,734				14,693
Long-term liabilities, net of current portion				194				831
Income taxes payable, net of current portion				1,880				1,942
Total liabilities				11,808				17,466
Shareholders’ equity				19,049				26,376
Total liabilities and shareholders’ equity			$	30,857			$	43,842

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