PIXELWORKS, INC.
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| Three Months Ended | Six Months Ended | |||
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| June 30, | March 31, | June 30, | June 30, | June 30, |
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| 2023 | 2023 | 2022 | 2023 | 2022 |
Reconciliation of GAAP and non-GAAP gross profit |
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GAAP gross profit | $ 5,484 | $ 4,367 | $ 9,348 | $ 9,851 | $ 18,111 |
Stock-based compensation | 22 | 24 | 59 | 46 | 67 |
Amortization of acquired intangible assets | — | — | — | — | 72 |
Total reconciling items included in gross profit | 22 | 24 | 59 | 46 | 139 |
Non-GAAP gross profit | $ 5,506 | $ 4,391 | $ 9,407 | $ 9,897 | $ 18,250 |
Non-GAAP gross profit margin | 40.5 % | 44.1 % | 49.3 % | 42.0 % | 51.1 % |
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Reconciliation of GAAP and non-GAAP operating expenses |
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GAAP operating expenses | $ 11,975 | $ 14,738 | $ 14,545 | $ 26,713 | $ 27,189 |
Reconciling item included in research and development: |
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Stock-based compensation | 527 | 491 | 647 | 1,018 | 1,230 |
Reconciling items included in selling, general and administrative: |
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Stock-based compensation | 710 | 651 | 989 | 1,361 | 1,447 |
Amortization of acquired intangible assets | — | — | — | — | 18 |
| Total reconciling items included in operating expenses | 1,237 | 1,142 | 1,636 | 2,379 | 2,695 |
| Non-GAAP operating expenses | $ 10,738 | $ 13,596 | $ 12,909 | $ 24,334 | $ 24,494 |
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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. | $ (6,037) | $ (9,396) | $ (5,008) | $ (15,433) | $ (9,600) |
| Reconciling items included in gross profit | 22 | 24 | 59 | 46 | 139 |
| Reconciling items included in operating expenses | 1,237 | 1,142 | 1,636 | 2,379 | 2,695 |
| Tax effect of non-GAAP adjustments | — | — | (1) | — | (4) |
| Non-GAAP net loss attributable to Pixelworks Inc. | $ (4,778) | $ (8,230) | $ (3,314) | $ (13,008) | $ (6,770) |
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| Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.09) | $ (0.15) | $ (0.06) | $ (0.23) | $ (0.13) |
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| Non-GAAP weighted average shares outstanding - basic and diluted | 55,917 | 55,720 | 54,120 | 55,666 | 53,901 |
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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. |
