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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, | ||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
| Reconciliation of GAAP net loss and adjusted EBITDA | ||||||||||||||||||||
| GAAP net loss | $ | (4,456 | ) | $ | (2,306 | ) | $ | (1,469 | ) | $ | (9,077 | ) | $ | (3,913 | ) | |||||
| Stock-based compensation | 1,797 | 1,498 | 1,638 | 6,649 | 5,683 | |||||||||||||||
| Amortization of acquired intangible assets | 374 | 374 | 399 | 1,504 | 1,596 | |||||||||||||||
| Tax effect of non-GAAP adjustments | (49 | ) | (84 | ) | 237 | — | — | |||||||||||||
| Restructuring | — | — | 429 | 398 | 1,464 | |||||||||||||||
| Inventory step-up and backlog amortization | — | — | 17 | 12 | 475 | |||||||||||||||
| Gain on sale of patents | — | — | — | (3,905 | ) | — | ||||||||||||||
| Gain on debt extinguishment | — | — | — | — | (1,272 | ) | ||||||||||||||
| Discount accretion on convertible debt fair value | — | — | — | — | 69 | |||||||||||||||
| Deferred revenue fair value adjustment | — | — | — | — | 52 | |||||||||||||||
| Non-GAAP net income (loss) | $ | (2,334 | ) | $ | (518 | ) | $ | 1,251 | $ | (4,419 | ) | $ | 4,154 | |||||||
| EBITDA adjustments: | ||||||||||||||||||||
| Depreciation and amortization | $ | 1,013 | $ | 1,024 | $ | 873 | $ | 3,837 | $ | 3,555 | ||||||||||
| Non-GAAP interest income and other, net | (324 | ) | (70 | ) | (90 | ) | (594 | ) | (152 | ) | ||||||||||
| Non-GAAP provision (benefit) for income taxes | (69 | ) | 16 | (185 | ) | 453 | 448 | |||||||||||||
| Adjusted EBITDA | $ | (1,714 | ) | $ | 452 | $ | 1,849 | $ | (723 | ) | $ | 8,005 | ||||||||
| *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. | ||||||||||||||||||||
