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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, | |||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | |||||||||||||||||||||
| GAAP gross profit | $ | 9,534 | $ | 7,802 | $ | 11,201 | $ | 17,336 | $ | 23,593 | |||||||||||
| Amortization of acquired intangible assets | 298 | 298 | — | 596 | — | ||||||||||||||||
| Inventory step-up and backlog amortization | 239 | 122 | — | 361 | — | ||||||||||||||||
| Stock-based compensation | 78 | 66 | 69 | 144 | 122 | ||||||||||||||||
| Total reconciling items included in gross profit | 615 | 486 | 69 | 1,101 | 122 | ||||||||||||||||
| Non-GAAP gross profit | $ | 10,149 | $ | 8,288 | $ | 11,270 | $ | 18,437 | $ | 23,715 | |||||||||||
| Non-GAAP gross profit margin | 52.7 | % | 54.2 | % | 54.4 | % | 53.4 | % | 54.6 | % | |||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | |||||||||||||||||||||
| GAAP operating expenses | $ | 11,984 | $ | 9,096 | $ | 9,161 | $ | 21,080 | $ | 18,206 | |||||||||||
| Reconciling item included in research and development: | |||||||||||||||||||||
| Stock-based compensation | 627 | 595 | 362 | 1,222 | 676 | ||||||||||||||||
| Reconciling items included in selling, general and administrative: | |||||||||||||||||||||
| Stock-based compensation | 682 | 539 | 519 | 1,221 | 941 | ||||||||||||||||
| Amortization of acquired intangible assets | 101 | 101 | — | 202 | — | ||||||||||||||||
| Acquisition and integration | — | — | 730 | — | 894 | ||||||||||||||||
| Restructuring | 602 | 19 | — | 621 | — | ||||||||||||||||
| Total reconciling items included in operating expenses | 2,012 | 1,254 | 1,611 | 3,266 | 2,511 | ||||||||||||||||
| Non-GAAP operating expenses | $ | 9,972 | $ | 7,842 | $ | 7,550 | $ | 17,814 | $ | 15,695 | |||||||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | |||||||||||||||||||||
| GAAP net income (loss) | $ | (2,613 | ) | $ | (598 | ) | $ | 1,264 | $ | (3,211 | ) | $ | 4,085 | ||||||||
| Reconciling items included in gross profit | 615 | 486 | 69 | 1,101 | 122 | ||||||||||||||||
| Reconciling items included in operating expenses | 2,012 | 1,254 | 1,611 | 3,266 | 2,511 | ||||||||||||||||
| Reconciling items included in interest expense and other, net | — | (1,203 | ) | — | (1,203 | ) | — | ||||||||||||||
| Tax effect of non-GAAP adjustments | (154 | ) | 99 | 270 | (55 | ) | 425 | ||||||||||||||
| Non-GAAP net income (loss) | $ | (140 | ) | $ | 38 | $ | 3,214 | $ | (102 | ) | $ | 7,143 | |||||||||
| Non-GAAP net income (loss) per share: | |||||||||||||||||||||
| Basic | $ | (0.00 | ) | $ | 0.00 | $ | 0.11 | $ | (0.00 | ) | $ | 0.24 | |||||||||
| Diluted | $ | (0.00 | ) | $ | 0.00 | $ | 0.10 | $ | (0.00 | ) | $ | 0.23 | |||||||||
| Non-GAAP weighted average shares outstanding: | |||||||||||||||||||||
| Basic | 35,704 | 35,183 | 29,766 | 35,445 | 29,526 | ||||||||||||||||
| Diluted | 35,704 | 37,306 | 31,974 | 35,445 | 31,601 | ||||||||||||||||
| *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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Pixelworks Reports Second Quarter 2018 Financial Results
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