Pixelworks Reports Second Quarter 2016 Financial Results

* Our non-GAAP gross profit, non-GAAP gross profit margin, 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 restructuring charges and stock-based compensation expense. 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,
2016 2016 2015 2016 2015
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss $ (1,560 ) $ (8,642 ) $ (2,796 ) $ (10,202 ) $ (6,160 )
Stock-based compensation 706 366 893 1,072 1,971
Restructuring 94 4,261 4,355
Tax effect of non-GAAP adjustments   4     (2 )   (46 )   2     (66 )
Non-GAAP net loss $ (756 ) $ (4,017 ) $ (1,949 ) $ (4,773 ) $ (4,255 )
EBITDA adjustments:
Depreciation and amortization $ 832 $ 990 $ 1,041 $ 1,822 $ 2,139
Interest expense and other, net 107 99 105 206 212
Non-GAAP provision for income taxes   113     59     282     172     321  
Adjusted EBITDA $ 296   $ (2,869 ) $ (521 ) $ (2,573 ) $ (1,583 )

 


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