* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP
operating expenses, non-GAAP net income (loss) and non-GAAP net income
(loss) per share differs from GAAP gross profit, GAAP operating
expenses, GAAP net income (loss) and GAAP net income (loss) per share
due to the exclusion of stock-based compensation expense and additional
amortization of a non-cancelable prepaid royalty. Pixelworks' management
believes the presentation of non-GAAP gross profit, non-GAAP operating
expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per
share provides useful information to investors regarding Pixelworks'
results of operations by allowing investors to better evaluate
underlying cash flow dynamics. Pixelworks' management also uses each of
these non-GAAP measures internally to better evaluate underlying cash
flow dynamics. Pixelworks, however, cautions investors to consider these
non-GAAP financial measures in addition to, and not as a substitute for,
our GAAP financial measures.
|
|
|
|
|
PIXELWORKS, INC.
|
|
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of GAAP net income (loss) and adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
|
$
|
(2,300
|
)
|
|
|
$
|
(2,382
|
)
|
|
|
$
|
1,509
|
|
|
$
|
(7,189
|
)
|
|
|
$
|
(8,820
|
)
|
|
Stock-based compensation
|
|
|
|
1,257
|
|
|
|
|
941
|
|
|
|
|
539
|
|
|
|
3,901
|
|
|
|
|
1,823
|
|
|
Additional amortization of non-cancelable prepaid royalty
|
|
|
|
4
|
|
|
|
|
35
|
|
|
|
|
77
|
|
|
|
95
|
|
|
|
|
266
|
|
|
Tax effect of non-GAAP adjustments
|
|
|
|
91
|
|
|
|
|
(47
|
)
|
|
|
|
8
|
|
|
|
6
|
|
|
|
|
(17
|
)
|
|
Non-GAAP net income (loss)
|
|
|
$
|
(948
|
)
|
|
|
$
|
(1,453
|
)
|
|
|
$
|
2,133
|
|
|
$
|
(3,187
|
)
|
|
|
$
|
(6,748
|
)
|
|
EBITDA adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
$
|
1,130
|
|
|
|
$
|
1,141
|
|
|
|
$
|
1,103
|
|
|
$
|
3,415
|
|
|
|
$
|
3,242
|
|
|
Interest expense and other, net
|
|
|
|
123
|
|
|
|
|
130
|
|
|
|
|
101
|
|
|
|
375
|
|
|
|
|
296
|
|
|
Non-GAAP provision for income taxes
|
|
|
|
118
|
|
|
|
|
364
|
|
|
|
|
174
|
|
|
|
466
|
|
|
|
|
166
|
|
|
Adjusted EBITDA
|
|
|
$
|
423
|
|
|
|
$
|
182
|
|
|
|
$
|
3,511
|
|
|
$
|
1,069
|
|
|
|
$
|
(3,044
|
)
|
