Pixelworks Reports Second Quarter 2019 Financial Results

 

PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP   FINANCIAL   INFORMATION *
(In thousands)
(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 net income (loss) and adjusted EBITDA          
GAAP net income (loss) $(2,448) $133  $(2,442) $(2,315) $(2,875)
Stock-based compensation  1,665   1,689   1,387   3,354   2,587 
Restructuring    398             602       398       621  
Amortization of acquired intangible assets     374       382       399       756       798  
Tax effect of non-GAAP adjustments     (86 )     219       (154 )     133       (55 )
Gain on sale of patents           (3,905 )           (3,905 )      
Inventory step-up and backlog amortization           12       239       12       361  
Gain on debt extinguishment                             (1,272 )
Discount accretion on convertible debt fair value                             69  
Non-GAAP net income (loss)   $ (97 )   $ (1,470 )   $ 31     $ (1,567 )   $ 234  
EBITDA adjustments:                    
Depreciation and amortization   $ 887     $ 913     $ 923     $ 1,800     $ 1,749  
Non-GAAP interest expense (income) and other, net     (104 )     (96 )     (40 )     (200 )     26  
Non-GAAP provision for income taxes     317       189       186       506       363  
Adjusted EBITDA   $ 1,003     $ (464 )   $ 1,100     $ 539     $ 2,372  
                     
*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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