PIXELWORKS, INC.
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| Three Months Ended |
| Twelve Months Ended | ||||||
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| December 31, |
| September 30, |
| December 31, |
| December 31, |
| December 31, |
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| 2021 |
| 2021 |
| 2020 |
| 2021 |
| 2020 |
Reconciliation of GAAP and non-GAAP gross profit margin |
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GAAP gross profit margin |
| 53.5 % |
| 52.5 % |
| 45.5 % |
| 50.3 % |
| 49.4 % |
Amortization of acquired intangible assets |
| 1.3 % |
| 1.4 % |
| 3.1 % |
| 1.6 % |
| 2.9 % |
Stock-based compensation |
| 0.2 % |
| (0.9)% |
| 0.9 % |
| 0.1 % |
| 1.1 % |
Restructuring |
| - % |
| - % |
| 0.1 % |
| - % |
| 0.4 % |
Total reconciling items included in gross profit |
| 1.5 % |
| 0.5 % |
| 4.1 % |
| 1.7 % |
| 4.4 % |
Non-GAAP gross profit margin |
| 55.0 % |
| 53.1 % |
| 49.6 % |
| 52.0 % |
| 53.8 % |
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*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, INC.
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| Three Months Ended | Twelve Months Ended | |||
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| December 31, | September 30, | December 31, | December 31, | December 31, |
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| 2021 | 2021 | 2020 | 2021 | 2020 |
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA |
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| GAAP net loss attributable to Pixelworks Inc. | $ (3,291) | $ (4,073) | $ (6,439) | $ (19,821) | $ (26,529) |
| Stock-based compensation | 1,589 | 1,557 | 1,756 | 6,084 | 7,671 |
| Amortization of acquired intangible assets | 271 | 271 | 374 | 1,118 | 1,496 |
| Impact of non-GAAP adjustments to redeemable non-controlling interest | (17) | (9) | - | (26) | - |
| Tax effect of non-GAAP adjustments | 9 | 7 | 144 | - | - |
| Gain on loan extinguishment | - | - | (796) | - | (796) |
| Restructuring | - | - | 26 | - | 2,214 |
| Non-GAAP net loss attributable to Pixelworks Inc. | $ (1,439) | $ (2,247) | $ (4,935) | $ (12,645) | $ (15,944) |
| EBITDA adjustments: |
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| Depreciation and amortization | $ 964 | $ 762 | $ 983 | $ 3,648 | $ 3,737 |
| Non-GAAP interest income and other, net | (165) | (54) | (7) | (457) | (9) |
| Non-GAAP provision (benefit) for income taxes | (457) | (16) | 197 | (133) | 598 |
| Adjusted EBITDA | $ (1,097) | $ (1,555) | $ (3,762) | $ (9,587) | $ (11,618) |
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| *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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