Pixelworks Reports Fourth Quarter and Full Year 2020 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP  FINANCIAL  INFORMATION *
(In thousands, except per share data)
(Unaudited)



Three Months Ended

Twelve Months Ended


December 31,

September 30,

December 31,

December 31,

December 31,


2020

2020

2019

2020

2019

Reconciliation of GAAP and non-GAAP gross profit






GAAP gross profit

$            4,385

$             3,976

$            7,300

$          20,185

$          34,495

Amortization of acquired intangible assets

298

298

298

1,192

1,192

Stock-based compensation

87

117

100

432

367

Restructuring

7

166

-

173

-

Inventory step-up and backlog amortization

-

-

-

-

12

Total reconciling items included in gross profit

392

581

398

1,797

1,571

Non-GAAP gross profit

$            4,777

$             4,557

$            7,698

$          21,982

$          36,066

Non-GAAP gross profit margin

49.6 %

55.6 %

48.0 %

53.8 %

52.5 %







Reconciliation of GAAP and non-GAAP operating expenses






GAAP operating expenses

$          11,286

$           12,113

$          12,198

$          46,921

$          47,618

Reconciling item included in research and development:






Stock-based compensation

669

820

611

2,943

2,545

Reconciling items included in selling, general and administrative:






Stock-based compensation

1,000

913

1,086

4,296

3,737

Amortization of acquired intangible assets

76

76

76

304

312

Restructuring

19

1,430

-

2,041

398

Total reconciling items included in operating expenses

1,764

3,239

1,773

9,584

6,992

Non-GAAP operating expenses

$            9,522

$             8,874

$          10,425

$          37,337

$          40,626







Reconciliation of GAAP and non-GAAP net loss






GAAP net loss

$          (6,439)

$           (8,139)

$          (4,456)

$        (26,529)

$          (9,077)

Reconciling items included in gross profit

392

581

398

1,797

1,571

Reconciling items included in operating expenses

1,764

3,239

1,773

9,584

6,992

Reconciling items included in total other income, net

(796)

-

-

(796)

(3,905)

Tax effect of non-GAAP adjustments

144

(137)

(49)

-

-

Non-GAAP net loss

$          (4,935)

$           (4,456)

$          (2,334)

$        (15,944)

$          (4,419)







Non-GAAP net loss per share - basic and diluted

$            (0.11)

$             (0.11)

$            (0.06)

$            (0.39)

$            (0.12)







Non-GAAP weighted average shares outstanding - basic and diluted

43,735

40,766

38,370

40,712

37,851







*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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