Pixelworks Reports Third Quarter 2020 Financial Results

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,
	2020			2020			2019			2020			2019
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss	$	(8,139	)	$	(6,552	)	$	(2,306	)	$	(20,090	)	$	(4,621	)
Stock-based compensation		1,850			2,243			1,498			5,915			4,852
Restructuring		1,596			-			-			2,188			398
Amortization of acquired intangible assets		374			374			374			1,122			1,130
Tax effect of non-GAAP adjustments		(137	)		18			(84	)		(144	)		49
Gain on sale of patents		-			-			-			-			(3,905	)
Inventory step-up and backlog amortization		-			-			-			-			12
Non-GAAP net loss	$	(4,456	)	$	(3,917	)	$	(518	)	$	(11,009	)	$	(2,085	)
EBITDA adjustments:
Depreciation and amortization	$	861		$	871		$	1,024		$	2,754		$	2,824
Non-GAAP interest expense (income) and other, net		28			24			(70	)		(2	)		(270	)
Non-GAAP provision for income taxes		111			89			16			401			522
Adjusted EBITDA	$	(3,456	)	$	(2,933	)	$	452		$	(7,856	)	$	991

*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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