PIXELWORKS, INC.
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| Three Months Ended | ||
| March 31, | December 31, | March 31, |
| 2021 | 2020 | 2020 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 3,725 | $ 4,385 | $ 6,775 |
Amortization of acquired intangible assets | 245 | 298 | 298 |
Stock-based compensation | 79 | 87 | 101 |
Restructuring | - | 7 | - |
Total reconciling items included in gross profit | 324 | 392 | 399 |
Non-GAAP gross profit | $ 4,049 | $ 4,777 | $ 7,174 |
Non-GAAP gross profit margin | 43.7 % | 49.6 % | 52.1 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 11,639 | $ 11,286 | $ 12,052 |
Reconciling item included in research and development: |
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Stock-based compensation | 581 | 669 | 648 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 772 | 1,000 | 1,073 |
Amortization of acquired intangible assets | 60 | 76 | 76 |
Restructuring | - | 19 | 592 |
Total reconciling items included in operating expenses | 1,413 | 1,764 | 2,389 |
Non-GAAP operating expenses | $ 10,226 | $ 9,522 | $ 9,663 |
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Reconciliation of GAAP and non-GAAP net loss |
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GAAP net loss | $ (8,075) | $ (6,439) | $ (5,399) |
Reconciling items included in gross profit | 324 | 392 | 399 |
Reconciling items included in operating expenses | 1,413 | 1,764 | 2,389 |
Reconciling items included in total other income, net | - | (796) | - |
Tax effect of non-GAAP adjustments | (20) | 144 | (25) |
Non-GAAP net loss | $ (6,358) | $ (4,935) | $ (2,636) |
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Non-GAAP net loss per share - basic and diluted | $ (0.12) | $ (0.11) | $ (0.07) |
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Non-GAAP weighted average shares outstanding - basic and diluted | 51,673 | 43,735 | 38,868 |
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*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. |