Pixelworks Reports Fourth Quarter 2016 Financial Results

* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share differs from GAAP gross profit, GAAP operating expenses, GAAP net income (loss) and GAAP net income (loss) per share due to the exclusion of restructuring charges, 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 income (loss) and non-GAAP net income (loss) per share provides useful information to investors regarding Pixelworks' results of operations which allows investors an alternative evaluation of underlying cash flow dynamics. Pixelworks' management also uses each of these non-GAAP measures internally as an alternative evaluation of 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     Twelve Months Ended
December 31,     September 30,     December 31, December 31,     December 31,
  2016     2016     2015     2016     2015  
Reconciliation of GAAP net income (loss) and adjusted EBITDA
GAAP net income (loss) $ 337 $ (1,242 ) $ (3,167 ) $ (11,107 ) $ (10,570 )
Stock-based compensation 806 784 931 2,662 3,921
Restructuring 7 30 4,392
Additional amortization of non-cancelable prepaid royalty (14 )
Tax effect of non-GAAP adjustments   8     (10 )            
Non-GAAP net income (loss) $ 1,158 $ (438 ) $ (2,236 ) $ (4,053 ) $ (6,663 )
EBITDA adjustments:
Depreciation and amortization $ 828 $ 816 $ 1,038 $ 3,466 $ 4,263
Interest expense and other, net 101 99 129 406 446
Non-GAAP provision (benefit) for income taxes   (10 )   193     128     355     320  
Adjusted EBITDA $ 2,077   $ 670   $ (941 ) $ 174   $ (1,634 )

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