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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN * (Figures may not sum due to rounding) (Unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||
| Reconciliation of GAAP and non-GAAP gross profit margin | |||||||||||||||
| GAAP gross profit margin | 49.5 | % | 51.0 | % | 54.1 | % | 50.2 | % | 54.3 | % | |||||
| Amortization of acquired intangible assets | 1.5 | % | 1.9 | % | — | % | 1.7 | % | — | % | |||||
| Inventory step-up and backlog amortization | 1.2 | % | 0.8 | % | — | % | 1.0 | % | — | % | |||||
| Stock-based compensation | 0.4 | % | 0.4 | % | 0.3 | % | 0.4 | % | 0.3 | % | |||||
| Total reconciling items included in gross profit | 3.2 | % | 3.2 | % | 0.3 | % | 3.2 | % | 0.3 | % | |||||
| Non-GAAP gross profit margin | 52.7 | % | 54.2 | % | 54.4 | % | 53.4 | % | 54.6 | % | |||||
| *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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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, | ||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| Reconciliation of GAAP net income (loss) and adjusted EBITDA | ||||||||||||||||||
| GAAP net income (loss) | $ | (2,613 | ) | $ | (598 | ) | $ | 1,264 | $ | (3,211 | ) | $ | 4,085 | |||||
| Stock-based compensation | 1,387 | 1,200 | 950 | 2,587 | 1,739 | |||||||||||||
| Restructuring | 602 | 19 | — | 621 | — | |||||||||||||
| Amortization of acquired intangible assets | 399 | 399 | — | 798 | — | |||||||||||||
| Inventory step-up and backlog amortization | 239 | 122 | — | 361 | — | |||||||||||||
| Tax effect of non-GAAP adjustments | (154 | ) | 99 | 270 | (55 | ) | 425 | |||||||||||
| Gain on debt extinguishment | — | (1,272 | ) | — | (1,272 | ) | — | |||||||||||
| Discount accretion on convertible debt fair value | — | 69 | — | 69 | — | |||||||||||||
| Acquisition and integration | — | — | 730 | — | 894 | |||||||||||||
| Non-GAAP net income (loss) | $ | (140 | ) | $ | 38 | $ | 3,214 | $ | (102 | ) | $ | 7,143 | ||||||
| EBITDA adjustments: | ||||||||||||||||||
| Depreciation and amortization | $ | 923 | $ | 826 | $ | 975 | $ | 1,749 | $ | 1,814 | ||||||||
| Interest expense and other, net | 131 | 231 | 107 | 362 | 200 | |||||||||||||
| Non-GAAP provision for income taxes | 186 | 177 | 399 | 363 | 677 | |||||||||||||
| Adjusted EBITDA | $ | 1,100 | $ | 1,272 | $ | 4,695 | $ | 2,372 | $ | 9,834 | ||||||||
| *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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