Pixelworks Reports First Quarter 2021 Financial Results

 

 

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



Three Months Ended


March 31,

December 31,

March 31,


2021

2020

2020

Reconciliation of GAAP and non-GAAP gross profit




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 %





Reconciliation of GAAP and non-GAAP operating expenses




GAAP operating expenses

$               11,639

$               11,286

$               12,052

Reconciling item included in research and development:




Stock-based compensation

581

669

648

Reconciling items included in selling, general and administrative:




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





Reconciliation of GAAP and non-GAAP net loss




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)





Non-GAAP net loss per share - basic and diluted

$                 (0.12)

$                 (0.11)

$                 (0.07)





Non-GAAP weighted average shares outstanding - basic and diluted

51,673

43,735

38,868





*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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