Pixelworks Reports Fourth Quarter and Fiscal Year 2018 Financial Results

 

 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(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 margin          
GAAP gross profit margin 53.1% 52.3% 49.7% 51.6% 51.8%
Amortization of acquired intangible assets 1.5% 1.4% 1.6% 1.6% 0.6%
Stock-based compensation 0.5% 0.4% 0.3% 0.4% 0.3%
Inventory step-up and backlog amortization 0.1% 0.5% 5.1% 0.6% 2.4%
Deferred revenue fair value adjustment % 0.2% 0.4% 0.1% 0.1%
Total reconciling items included in gross profit 2.0% 2.5% 7.4% 2.7% 3.5%
Non-GAAP gross profit margin 55.1% 54.7% 56.9% 54.2% 55.2%
           
*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.
 

 

 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands)
(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 net income (loss) and adjusted EBITDA                    
GAAP net income (loss)   $ (1,641 )   $ 231     $ (3,552 )   $ (4,621 )   $ (4,173 )
Stock-based compensation     1,638       1,458       1,147       5,683       4,243  
Restructuring     429       414       439       1,464       1,920  
Amortization of acquired intangible assets     399       399       399       1,596       665  
Tax effect of non-GAAP adjustments     237       (181 )     (157 )            
Inventory step-up and backlog amortization     17       97       949       475       1,965  
Deferred revenue fair value adjustment           52       68       52       93  
Fair value adjustment on convertible debt conversion option                 621             743  
Benefit related to tax reform                 (343 )           (343 )
Discount accretion on convertible debt fair value                 124       69       196  
Acquisition and integration                 (45 )           2,460  
Gain on debt extinguishment                 (29 )     (1,272 )     (29 )
Non-GAAP net income (loss)   $ 1,079     $ 2,470     $ (379 )   $ 3,446     $ 7,740  
EBITDA adjustments:                    
Depreciation and amortization   $ 873     $ 933     $ 863     $ 3,555     $ 3,577  
Interest expense and other, net     82       112       203       556       737  
Non-GAAP provision (benefit) for income taxes     (185 )     269       91       448       836  
Adjusted EBITDA   $ 1,849     $ 3,784     $ 778     $ 8,005     $ 12,890  
                     
*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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