Pixelworks Reports Third Quarter 2018 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
   Three Months Ended  Nine Months Ended
   September 30,  June 30,  September 30,  September 30,  September 30,
   2018
  2018
  2017
  2018
  2017
Reconciliation of GAAP and non-GAAP gross profit                    
GAAP gross profit $11,237  $9,534  $9,011  $28,573  $32,604 
Amortization of acquired intangible assets  298   298   199   894   199 
Inventory step-up and backlog amortization  97   239   1,016   458   1,016 
Stock-based compensation  87   78   57   231   179 
Deferred revenue fair value adjustment  52      25   52   25 
Total reconciling items included in gross profit  534   615   1,297   1,635   1,419 
Non-GAAP gross profit $11,771  $10,149     $ 10,308     $ 30,208     $ 34,023  
Non-GAAP gross profit margin     54.7 %     52.7 %     54.9 %     53.9 %     54.7 %
                                         
Reconciliation of GAAP and non-GAAP operating expenses                                        
GAAP operating expenses   $ 10,806     $ 11,984     $ 13,389     $ 31,886     $ 31,595  
Reconciling item included in research and development:                                        
Stock-based compensation     609       627       445       1,831       1,121  
Reconciling items included in selling, general and administrative:                                        
Stock-based compensation     762       682       855       1,983       1,796  
Amortization of acquired intangible assets     101       101       67       303       67  
Acquisition and integration                 1,611             2,505  
Restructuring     414       602       1,481       1,035       1,481  
Total reconciling items included in operating expenses     1,886       2,012       4,459       5,152       6,970  
Non-GAAP operating expenses   $ 8,920     $ 9,972     $ 8,930     $ 26,734     $ 24,625  
                                         
Reconciliation of GAAP and non-GAAP net income (loss)                                        
GAAP net income (loss)   $ 231     $ (2,613 )   $ (4,706 )   $ (2,980 )   $ (621 )
Reconciling items included in gross profit     534       615       1,297       1,635       1,419  
Reconciling items included in operating expenses     1,886       2,012       4,459       5,152       6,970  
Reconciling items included in interest expense and other, net                 194       (1,203 )     194  
Tax effect of non-GAAP adjustments     (181 )     (154 )     (268 )     (236 )     157  
Non-GAAP net income (loss)   $ 2,470     $ (140 )   $ 976     $ 2,368     $ 8,119  
Non-GAAP net income (loss) per share:                                        
Basic   $ 0.07     $ (0.00 )   $ 0.03     $ 0.07     $ 0.27  
Diluted   $ 0.07     $ (0.00 )   $ 0.03     $ 0.06     $ 0.25  
Non-GAAP weighted average shares outstanding:                                        
Basic     36,195       35,704       32,552       35,697       30,545  
Diluted     37,993       35,704       34,656       37,634       32,632  
                     
*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 measures 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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