PIXELWORKS, INC.
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| Three Months Ended |
| Twelve Months Ended | ||||||
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| December 31, |
| September 30, |
| December 31, |
| December 31, |
| December 31, |
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| 2020 |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
Reconciliation of GAAP and non-GAAP gross profit margin |
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GAAP gross profit margin |
| 45.5 % |
| 48.5 % |
| 45.6 % |
| 49.4 % |
| 50.2 % |
Amortization of acquired intangible assets |
| 3.1 % |
| 3.6 % |
| 1.9 % |
| 2.9 % |
| 1.7 % |
Stock-based compensation |
| 0.9 % |
| 1.4 % |
| 0.6 % |
| 1.1 % |
| 0.5 % |
Restructuring |
| 0.1 % |
| 2.0 % |
| - % |
| 0.4 % |
| - % |
Inventory step-up and backlog amortization |
| - % |
| - % |
| - % |
| - % |
| 0.0 % |
Total reconciling items included in gross profit |
| 4.1 % |
| 7.1 % |
| 2.5 % |
| 4.4 % |
| 2.3 % |
Non-GAAP gross profit margin |
| 49.6 % |
| 55.6 % |
| 48.0 % |
| 53.8 % |
| 52.5 % |
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*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. | ||||||||||
PIXELWORKS, INC.
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| Three Months Ended | Twelve Months Ended | |||
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| December 31, | September 30, | December 31, | December 31, | December 31, |
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| 2020 | 2020 | 2019 | 2020 | 2019 |
| Reconciliation of GAAP net loss and adjusted EBITDA |
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| GAAP net loss | $ (6,439) | $ (8,139) | $ (4,456) | $ (26,529) | $ (9,077) |
| Stock-based compensation | 1,756 | 1,850 | 1,797 | 7,671 | 6,649 |
| Gain on loan extinguisment | (796) | - | - | (796) | - |
| Amortization of acquired intangible assets | 374 | 374 | 374 | 1,496 | 1,504 |
| Tax effect of non-GAAP adjustments | 144 | (137) | (49) | - | - |
| Restructuring | 26 | 1,596 | - | 2,214 | 398 |
| Gain on sale of patents | - | - | - | - | (3,905) |
| Inventory step-up and backlog amortization | - | - | - | - | 12 |
| Non-GAAP net loss | $ (4,935) | $ (4,456) | $ (2,334) | $ (15,944) | $ (4,419) |
| EBITDA adjustments: |
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| Depreciation and amortization | $ 983 | $ 861 | $ 1,013 | $ 3,737 | $ 3,837 |
| Non-GAAP interest expense (income) and other, net | (7) | 28 | (324) | (9) | (594) |
| Non-GAAP provision for income taxes | 197 | 111 | (69) | 598 | 453 |
| Adjusted EBITDA | $ (3,762) | $ (3,456) | $ (1,714) | $ (11,618) | $ (723) |
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| *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. | |||||
