Pixelworks Reports First Quarter 2020 Financial Results


PIXELWORKS, INC.
 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
   Three Months Ended
   March 31,  December 31,  March 31,
    2020    2019    2019 
Reconciliation of GAAP and non-GAAP gross profit      
GAAP gross profit $6,775  $7,300  $8,472 
Amortization of acquired intangible assets  298   298   298 
Stock-based compensation  101   100   95 
Inventory step-up and backlog amortization        12  
Total reconciling items included in gross profit     399       398       405  
Non-GAAP gross profit   $ 7,174     $ 7,698     $ 8,877  
Non-GAAP gross profit margin     52.1 %     48.0 %     53.3 %
             
Reconciliation of GAAP and non-GAAP operating expenses            
GAAP operating expenses   $ 12,052     $ 12,198     $ 11,932  
Reconciling item included in research and development:            
Stock-based compensation     648       611       661  
Reconciling items included in selling, general and administrative:            
Stock-based compensation     1,073       1,086       933  
Amortization of acquired intangible assets     76       76       84  
Restructuring     592              
Total reconciling items included in operating expenses     2,389       1,773       1,678  
Non-GAAP operating expenses   $ 9,663     $ 10,425     $ 10,254  
             
Reconciliation of GAAP and non-GAAP net income (loss)            
GAAP net income (loss)   $ (5,399 )   $ (4,456 )   $ 133  
Reconciling items included in gross profit     399       398       405  
Reconciling items included in operating expenses     2,389       1,773       1,678  
Reconciling items included in total other income, net                 (3,905 )
Tax effect of non-GAAP adjustments     (25 )     (49 )     219  
Non-GAAP net loss   $ (2,636 )   $ (2,334 )   $ (1,470 )
             
Non-GAAP net loss per share - basic and diluted   $ (0.07 )   $ (0.06 )   $ (0.04 )
             
Non-GAAP weighted average shares outstanding - basic and diluted     38,868       38,370       37,247  
             
*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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