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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, | |||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Reconciliation of GAAP net loss and adjusted EBITDA | |||||||||||||||||||
| GAAP net loss | $ | (6,552 | ) | $ | (5,399 | ) | $ | (2,448 | ) | $ | (11,951 | ) | $ | (2,315 | ) | ||||
| Stock-based compensation | 2,243 | 1,822 | 1,665 | 4,065 | 3,354 | ||||||||||||||
| Amortization of acquired intangible assets | 374 | 374 | 374 | 748 | 756 | ||||||||||||||
| Tax effect of non-GAAP adjustments | 18 | (25 | ) | (86 | ) | (7 | ) | 133 | |||||||||||
| Restructuring | - | 592 | 398 | 592 | 398 | ||||||||||||||
| Gain on sale of patents | - | - | - | - | (3,905 | ) | |||||||||||||
| Inventory step-up and backlog amortization | - | - | - | - | 12 | ||||||||||||||
| Non-GAAP net loss | $ | (3,917 | ) | $ | (2,636 | ) | $ | (97 | ) | $ | (6,553 | ) | $ | (1,567 | ) | ||||
| EBITDA adjustments: | |||||||||||||||||||
| Depreciation and amortization | $ | 871 | $ | 1,022 | $ | 887 | $ | 1,893 | $ | 1,800 | |||||||||
| Non-GAAP interest expense (income) and other, net | 24 | (54 | ) | (104 | ) | (30 | ) | (200 | ) | ||||||||||
| Non-GAAP provision for income taxes | 89 | 201 | 317 | 290 | 506 | ||||||||||||||
| Adjusted EBITDA | $ | (2,933 | ) | $ | (1,467 | ) | $ | 1,003 | $ | (4,400 | ) | $ | 539 | ||||||
| *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 Second Quarter 2020 Financial Results
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