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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
| Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 9,347 | $ | 9,376 | $ | 11,237 | $ | 27,195 | $ | 28,573 | ||||||||||
| Amortization of acquired intangible assets | 298 | 298 | 298 | 894 | 894 | |||||||||||||||
| Stock-based compensation | 89 | 83 | 87 | 267 | 231 | |||||||||||||||
| Inventory step-up and backlog amortization | — | — | 97 | 12 | 458 | |||||||||||||||
| Deferred revenue fair value adjustment | — | — | 52 | — | 52 | |||||||||||||||
| Total reconciling items included in gross profit | 387 | 381 | 534 | 1,173 | 1,635 | |||||||||||||||
| Non-GAAP gross profit | $ | 9,734 | $ | 9,757 | $ | 11,771 | $ | 28,368 | $ | 30,208 | ||||||||||
| Non-GAAP gross profit margin | 53.9 | % | 54.1 | % | 54.7 | % | 53.8 | % | 53.9 | % | ||||||||||
| Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||
| GAAP operating expenses | $ | 11,791 | $ | 11,697 | $ | 10,806 | $ | 35,420 | $ | 31,886 | ||||||||||
| Reconciling item included in research and development: | ||||||||||||||||||||
| Stock-based compensation | 570 | 703 | 609 | 1,934 | 1,831 | |||||||||||||||
| Reconciling items included in selling, general and administrative: | ||||||||||||||||||||
| Stock-based compensation | 839 | 879 | 762 | 2,651 | 1,983 | |||||||||||||||
| Amortization of acquired intangible assets | 76 | 76 | 101 | 236 | 303 | |||||||||||||||
| Restructuring | — | 398 | 414 | 398 | 1,035 | |||||||||||||||
| Total reconciling items included in operating expenses | 1,485 | 2,056 | 1,886 | 5,219 | 5,152 | |||||||||||||||
| Non-GAAP operating expenses | $ | 10,306 | $ | 9,641 | $ | 8,920 | $ | 30,201 | $ | 26,734 | ||||||||||
| Reconciliation of GAAP and non-GAAP net income (loss) | ||||||||||||||||||||
| GAAP net income (loss) | $ | (2,306 | ) | $ | (2,448 | ) | $ | 431 | $ | (4,621 | ) | $ | (2,444 | ) | ||||||
| Reconciling items included in gross profit | 387 | 381 | 534 | 1,173 | 1,635 | |||||||||||||||
| Reconciling items included in operating expenses | 1,485 | 2,056 | 1,886 | 5,219 | 5,152 | |||||||||||||||
| Reconciling items included in total other income, net | — | — | — | (3,905 | ) | (1,203 | ) | |||||||||||||
| Tax effect of non-GAAP adjustments | (84 | ) | (86 | ) | (181 | ) | 49 | (236 | ) | |||||||||||
| Non-GAAP net income (loss) | $ | (518 | ) | $ | (97 | ) | $ | 2,670 | $ | (2,085 | ) | $ | 2,904 | |||||||
| Non-GAAP net income (loss) per share: | ||||||||||||||||||||
| Basic | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0.07 | $ | (0.06 | ) | $ | 0.08 | |||||||
| Diluted | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0.07 | $ | (0.06 | ) | $ | 0.08 | |||||||
| Non-GAAP weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 38,086 | 37,688 | 36,195 | 37,677 | 35,697 | |||||||||||||||
| Diluted | 38,086 | 37,688 | 37,993 | 37,677 | 37,634 | |||||||||||||||
| *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 Reports Third Quarter 2019 Financial Results
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