Pixelworks Reports Second Quarter 2013 Financial Results

* Our non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share differs from GAAP gross profit, GAAP operating expenses, GAAP net loss and GAAP net loss per share due to the exclusion of stock-based compensation expense and additional amortization of a non-cancelable prepaid royalty. Pixelworks' management believes the presentation of non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics. Pixelworks' management also uses each of these non-GAAP measures internally to better evaluate 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 Six Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
2013 2013 2012 2013 2012
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss $ (4,924 ) $ (5,405 ) $ (1,099 ) $ (10,329 ) $ (1,737 )
Stock-based compensation 600 684 476 1,284 978
Additional amortization of non-cancelable prepaid royalty 98 91 156 189 288
Tax effect of non-GAAP adjustments   18     (43 )   136     (25 )   (8 )
Non-GAAP net loss $ (4,208 ) $ (4,673 ) $ (331 ) $ (8,881 ) $ (479 )
EBITDA adjustments:
Depreciation and amortization $ 1,081 $ 1,058 $ 1,176 $ 2,139 $ 2,348
Interest expense and other, net 97 98 101 195 199
Non-GAAP provision (benefit) for income taxes   147     (155 )   14     (8 )   (605 )
Adjusted EBITDA $ (2,883 ) $ (3,672 ) $ 960   $ (6,555 ) $ 1,463  
 

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