Pixelworks Reports Fourth Quarter and Fiscal Year 2018 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,
  2018  2018  2017  2018  2017
Reconciliation of GAAP and non-GAAP gross profit          
GAAP gross profit $10,905  $11,237  $9,160  $39,478  $41,764 
Amortization of acquired intangible assets  298   298   298   1,192   497 
Stock-based compensation  93   87   64   324   243 
Inventory step-up and backlog amortization  17   97   949   475   1,965 
Deferred revenue fair value adjustment     52   68   52   93 
Total reconciling items included in gross profit  408   534   1,379   2,043   2,798 
Non-GAAP gross profit $11,313  $11,771  $10,539  $ 41,521     $ 44,562  
Non-GAAP gross profit margin     55.1 %     54.7 %     56.9 %     54.2 %     55.2 %
                     
Reconciliation of GAAP and non-GAAP operating expenses                    
GAAP operating expenses   $ 12,412     $ 10,806     $ 12,202     $ 44,298     $ 43,797  
Reconciling item included in research and development:                    
Stock-based compensation     635       609       527       2,466       1,648  
Reconciling items included in selling, general and administrative:                    
Stock-based compensation     910       762       556       2,893       2,352  
Amortization of acquired intangible assets     101       101       101       404       168  
Acquisition and integration                 (45 )           2,460  
Restructuring     429       414       439       1,464       1,920  
Total reconciling items included in operating expenses     2,075       1,886       1,578       7,227       8,548  
Non-GAAP operating expenses   $ 10,337     $ 8,920     $ 10,624     $ 37,071     $ 35,249  
                     
Reconciliation of GAAP and non-GAAP net income (loss)                    
GAAP net income (loss)   $ (1,641 )   $ 231     $ (3,552 )   $ (4,621 )   $ (4,173 )
Reconciling items included in gross profit     408       534       1,379       2,043       2,798  
Reconciling items included in operating expenses     2,075       1,886       1,578       7,227       8,548  
Reconciling items included in interest expense and other, net                 716       (1,203 )     910  
Tax effect of non-GAAP adjustments     237       (181 )     (157 )            
Benefit related to tax reform                 (343 )           (343 )
Non-GAAP net income (loss)   $ 1,079     $ 2,470     $ (379 )   $ 3,446     $ 7,740  
Non-GAAP net income (loss) per share:                    
Basic   $ 0.03     $ 0.07     $ (0.01 )   $ 0.10     $ 0.25  
Diluted   $ 0.03     $ 0.07     $ (0.01 )   $ 0.09     $ 0.23  
Non-GAAP weighted average shares outstanding:                    
Basic     36,736       36,195       34,359       35,959       31,507  
Diluted     38,320       37,993       34,359       37,819       33,668  
                     
*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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