Pixelworks Reports First Quarter 2020 Financial Results

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(Unaudited)
 
   Three Months Ended
   March 31,  December 31,  March 31,
   2020  2019  2019
Reconciliation of GAAP and non-GAAP gross profit margin      
GAAP gross profit margin 49.2% 45.6% 50.9%
Amortization of acquired intangible assets 2.2% 1.9% 1.8%
Stock-based compensation 0.7% 0.6% 0.6%
Inventory step-up and backlog amortization —% —% 0.1%
Total reconciling items included in gross profit 2.9% 2.5% 2.4%
Non-GAAP gross profit margin 52.1% 48.0% 53.3%
       
*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.
       


PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands)
(Unaudited)
 
    Three Months Ended
    March 31,   December 31,   March 31,
      2020       2019       2019  
Reconciliation of GAAP net income (loss) and adjusted EBITDA            
GAAP net income (loss)   $ (5,399 )   $ (4,456 )   $ 133  
Stock-based compensation     1,822       1,797       1,689  
Restructuring     592              
Amortization of acquired intangible assets     374       374       382  
Tax effect of non-GAAP adjustments     (25 )     (49 )     219  
Gain on sale of patents                 (3,905 )
Inventory step-up and backlog amortization                 12  
Non-GAAP net loss   $ (2,636 )   $ (2,334 )   $ (1,470 )
EBITDA adjustments:            
Depreciation and amortization   $ 1,022     $ 1,013     $ 913  
Non-GAAP interest income and other, net     (54 )     (324 )     (96 )
Non-GAAP provision (benefit) for income taxes     201       (69 )     189  
Adjusted EBITDA   $ (1,467 )   $ (1,714 )   $ (464 )
             
*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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