PIXELWORKS, INC.
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| Three Months Ended | Twelve Months Ended | |||
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| December 31, | September 30, | December 31, | December 31, | December 31, |
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| 2021 | 2021 | 2020 | 2021 | 2020 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 8,873 | $ 7,985 | $ 4,385 | $ 27,693 | $ 20,185 |
Amortization of acquired intangible assets | 218 | 218 | 298 | 899 | 1,192 |
Stock-based compensation | 26 | (138) | 87 | 43 | 432 |
Restructuring | - | - | 7 | - | 173 |
Total reconciling items included in gross profit | 244 | 80 | 392 | 942 | 1,797 |
Non-GAAP gross profit | $ 9,117 | $ 8,065 | $ 4,777 | $ 28,635 | $ 21,982 |
Non-GAAP gross profit margin | 55.0 % | 53.1 % | 49.6 % | 52.0 % | 53.8 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 12,600 | $ 11,889 | $ 11,286 | $ 47,695 | $ 46,921 |
Reconciling item included in research and development: |
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Stock-based compensation | 623 | 549 | 669 | 2,363 | 2,943 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 940 | 1,146 | 1,000 | 3,678 | 4,296 |
Amortization of acquired intangible assets | 53 | 53 | 76 | 219 | 304 |
Restructuring | - | - | 19 | - | 2,041 |
| Total reconciling items included in operating expenses | 1,616 | 1,748 | 1,764 | 6,260 | 9,584 |
| Non-GAAP operating expenses | $ 10,984 | $ 10,141 | $ 9,522 | $ 41,435 | $ 37,337 |
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| Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. |
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| GAAP net loss attributable to Pixelworks Inc. | $ (3,291) | $ (4,073) | $ (6,439) | $ (19,821) | $ (26,529) |
| Reconciling items included in gross profit | 244 | 80 | 392 | 942 | 1,797 |
| Reconciling items included in operating expenses | 1,616 | 1,748 | 1,764 | 6,260 | 9,584 |
| Impact of non-GAAP adjustments to redeemable non-controlling interest | (17) | (9) | - | (26) | - |
| Tax effect of non-GAAP adjustments | 9 | 7 | 144 | - | - |
| Reconciling items included in total other income, net | - | - | (796) | - | (796) |
| Non-GAAP net loss attributable to Pixelworks Inc. | $ (1,439) | $ (2,247) | $ (4,935) | $ (12,645) | $ (15,944) |
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| Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.03) | $ (0.04) | $ (0.11) | $ (0.24) | $ (0.39) |
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| Non-GAAP weighted average shares outstanding - basic and diluted | 53,293 | 52,768 | 43,735 | 52,509 | 40,712 |
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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.
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