Pixelworks Reports Third Quarter 2019 Financial Results

PIXELWORKS, INC. RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN * (Figures may not sum due to rounding) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2019		2019		2018		2019		2018
Reconciliation of GAAP and non-GAAP gross profit margin
GAAP gross profit margin	51.8	%	52.0	%	52.3	%	51.6	%	51.0	%
Amortization of acquired intangible assets	1.7	%	1.7	%	1.4	%	1.7	%	1.6	%
Stock-based compensation	0.5	%	0.5	%	0.4	%	0.5	%	0.4	%
Inventory step-up and backlog amortization	—	%	—	%	0.5	%	—	%	0.8	%
Deferred revenue fair value adjustment	—	%	—	%	0.2	%	—	%	0.1	%
Total reconciling items included in gross profit	2.1	%	2.1	%	2.5	%	2.2	%	2.9	%
Non-GAAP gross profit margin	53.9	%	54.1	%	54.7	%	53.8	%	53.9	%

*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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