Pixelworks Reports First Quarter 2017 Financial Results

* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share differs from GAAP gross profit, GAAP operating expenses, GAAP net income (loss) and GAAP net income (loss) per share due to the exclusion of restructuring expenses and stock-based compensation expense. Pixelworks' management believes the presentation of non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share provides useful information to investors regarding Pixelworks' results of operations which allows investors an alternative evaluation of underlying cash flow dynamics. Pixelworks' management also uses each of these non-GAAP measures internally as an alternative evaluation of 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
March 31,     December 31,     March 31,
2017 2016 2016
Reconciliation of GAAP net income (loss) and adjusted EBITDA
GAAP net income (loss) $ 2,821 $ 337 $ (8,642 )
Stock-based compensation 789 806 366
Restructuring 7 4,261
Tax effect of non-GAAP adjustments   155   8     (2 )
Non-GAAP net income (loss) $ 3,765 $ 1,158 $ (4,017 )
EBITDA adjustments:
Depreciation and amortization $ 839 $ 828 $ 990
Interest expense and other, net 93 101 99
Non-GAAP provision (benefit) for income taxes   278   (10 )   59  
Adjusted EBITDA $ 4,975 $ 2,077   $ (2,869 )

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