*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 | ||
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| March 31, | December 31, | March 31, |
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| 2022 | 2021 | 2021 |
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA |
|
|
|
GAAP net loss attributable to Pixelworks Inc. | $ (4,592) | $ (3,291) | $ (8,075) |
Stock-based compensation | 1,049 | 1,589 | 1,432 |
Amortization of acquired intangible assets | 90 | 271 | 305 |
Tax effect of non-GAAP adjustments | (3) | 9 | (20) |
Impact of non-GAAP adjustments to redeemable non-controlling interest | - | (17) | - |
Non-GAAP net loss attributable to Pixelworks Inc. | $ (3,456) | $ (1,439) | $ (6,358) |
EBITDA adjustments: |
|
|
|
Depreciation and amortization | $ 1,040 | $ 964 | $ 1,016 |
Non-GAAP interest income and other, net | (162) | (165) | (56) |
Non-GAAP provision (benefit) for income taxes | 406 | (457) | 237 |
Adjusted EBITDA | $ (2,172) | $ (1,097) | $ (5,161) |
*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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| March 31,
| December 31,
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents | $ 55,162 | $ 61,587 |
Accounts receivable, net | 8,564 | 8,708 |
Inventories | 1,794 | 1,469 |
Prepaid expenses and other current assets | 3,158 | 2,732 |
Total current assets | 68,678 | 74,496 |
| Property and equipment, net | 5,375 | 5,656 |
| Operating lease right of use assets | 4,177 | 4,789 |
| Other assets, net | 3,715 | 3,162 |
| Acquired intangible assets, net | - | 90 |
| Goodwill | 18,407 | 18,407 |
| Total assets | $ 100,352 | $ 106,600 |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY |
|
|
| Current liabilities: |
|
|
| Accounts payable | $ 3,702 | $ 2,747 |
| Accrued liabilities and current portion of long-term liabilities | 9,771 | 13,563 |
| Current portion of income taxes payable | 190 | 128 |
| Total current liabilities | 13,663 | 16,438 |
| Long-term liabilities, net of current portion | 366 | 519 |
| Deposit liability | 12,902 | 12,716 |
| Operating lease liabilities, net of current portion | 2,335 | 2,853 |
| Income taxes payable, net of current portion | 2,816 | 2,948 |
| Total liabilities | 32,082 | 35,474 |
| Redeemable non-controlling interest | 31,527 | 30,905 |
| Shareholders' equity | 36,743 | 40,221 |
| Total liabilities, redeemable non-controlling interest and shareholders' equity | $ 100,352 | $ 106,600 |
