Pixelworks Reports Second Quarter 2019 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands, except per share data)
(Unaudited)
    
  Three Months Ended  Six Months Ended
  June 30,  March 31,  June 30,  June 30,  June 30,
  2019  2019  2018  2019  2018
Reconciliation of GAAP and non-GAAP gross profit          
GAAP gross profit $9,376  $8,472  $9,534  $17,848  $17,336 
Amortization of acquired intangible assets  298   298   298   596   596 
Stock-based compensation  83    95       78       178       144  
Inventory step-up and backlog amortization           12       239       12       361  
Total reconciling items included in gross profit     381       405       615       786       1,101  
Non-GAAP gross profit   $ 9,757     $ 8,877     $ 10,149     $ 18,634     $ 18,437  
Non-GAAP gross profit margin     54.1 %     53.3 %     52.7 %     53.7 %     53.4 %
                     
Reconciliation of GAAP and non-GAAP operating expenses                    
GAAP operating expenses   $ 11,697     $ 11,932     $ 11,984     $ 23,629     $ 21,080  
Reconciling item included in research and development:                    
Stock-based compensation     703       661       627       1,364       1,222  
Reconciling items included in selling, general and administrative:                    
Stock-based compensation     879       933       682       1,812       1,221  
Amortization of acquired intangible assets     76       84       101       160       202  
Restructuring     398             602       398       621  
Total reconciling items included in operating expenses     2,056       1,678       2,012       3,734       3,266  
Non-GAAP operating expenses   $ 9,641     $ 10,254     $ 9,972     $ 19,895     $ 17,814  
                     
Reconciliation of GAAP and non-GAAP net income (loss)                    
GAAP net income (loss)   $ (2,448 )   $ 133     $ (2,442 )   $ (2,315 )   $ (2,875 )
Reconciling items included in gross profit     381       405       615       786       1,101  
Reconciling items included in operating expenses     2,056       1,678       2,012       3,734       3,266  
Reconciling items included in total other income, net           (3,905 )           (3,905 )     (1,203 )
Tax effect of non-GAAP adjustments     (86 )     219       (154 )     133       (55 )
Non-GAAP net income (loss)   $ (97 )   $ (1,470 )   $ 31     $ (1,567 )   $ 234  
Non-GAAP net income (loss) per share:                    
Basic   $ (0.00 )   $ (0.04 )   $ 0.00     $ (0.04 )   $ 0.01  
Diluted   $ (0.00 )   $ (0.04 )   $ 0.00     $ (0.04 )   $ 0.01  
Non-GAAP weighted average shares outstanding:                    
Basic     37,688       37,247       35,704       37,469       35,445  
Diluted     37,688       37,247       37,369       37,469       37,372  
                     
*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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