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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN * (Figures may not sum due to rounding) (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| 2019 | 2018 | 2018 | |||||||
| Reconciliation of GAAP and non-GAAP gross profit margin | |||||||||
| GAAP gross profit margin | 50.9 | % | 53.1 | % | 51.0 | % | |||
| Amortization of acquired intangible assets | 1.8 | % | 1.5 | % | 1.9 | % | |||
| Stock-based compensation | 0.6 | % | 0.5 | % | 0.4 | % | |||
| Inventory step-up and backlog amortization | 0.1 | % | 0.1 | % | 0.8 | % | |||
| Total reconciling items included in gross profit | 2.4 | % | 2.0 | % | 3.2 | % | |||
| Non-GAAP gross profit margin | 53.3 | % | 55.1 | % | 54.2 | % | |||
| *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. | |||||||||
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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands) (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2019 | 2018 | 2018 | ||||||||||
| Reconciliation of GAAP net loss and adjusted EBITDA | ||||||||||||
| GAAP net loss | $ | (29 | ) | $ | (1,641 | ) | $ | (598 | ) | |||
| Gain on sale of patents | (3,905 | ) | — | — | ||||||||
| Stock-based compensation | 1,689 | 1,638 | 1,200 | |||||||||
| Amortization of acquired intangible assets | 382 | 399 | 399 | |||||||||
| Tax effect of non-GAAP adjustments | 219 | 237 | 99 | |||||||||
| Inventory step-up and backlog amortization | 12 | 17 | 122 | |||||||||
| Restructuring | — | 429 | 19 | |||||||||
| Gain on debt extinguishment | — | — | (1,272 | ) | ||||||||
| Discount accretion on convertible debt fair value | — | — | 69 | |||||||||
| Non-GAAP net income (loss) | $ | (1,632 | ) | $ | 1,079 | $ | 38 | |||||
| EBITDA adjustments: | ||||||||||||
| Depreciation and amortization | $ | 913 | $ | 873 | $ | 826 | ||||||
| Interest expense and other, net | 66 | 82 | 231 | |||||||||
| Non-GAAP provision (benefit) for income taxes | 189 | (185 | ) | 177 | ||||||||
| Adjusted EBITDA | $ | (464 | ) | $ | 1,849 | $ | 1,272 | |||||
| *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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