Pixelworks Reports Fourth Quarter 2013 Financial Results

* Our non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share differs from GAAP gross profit, GAAP operating expenses, GAAP net income (loss) and GAAP net income (loss) per share due to the exclusion of stock-based compensation expense and additional amortization of a non-cancelable prepaid royalty. Pixelworks' management believes the presentation of non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics. Pixelworks' management also uses each of these non-GAAP measures internally to better evaluate underlying cash flow dynamics. Pixelworks, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, our GAAP financial measures.

 
 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands)
(Unaudited)
 
    Three Months Ended     Year Ended
December 31,     September 30,     December 31, December 31,     December 31,
2013 2013 2012 2013 2012
Reconciliation of GAAP net income (loss) and adjusted EBITDA
GAAP net income (loss) $ (50 ) $ 1,509 $ (3,557 ) $ (8,870 ) $ (5,694 )
Stock-based compensation 1,185 539 634 3,008 2,164
Additional amortization of non-cancelable prepaid royalty 103 77 135 369 565
Tax effect of non-GAAP adjustments   17     8   (20 )        
Non-GAAP net income (loss) $ 1,255 $ 2,133 $ (2,808 ) $ (5,493 ) $ (2,965 )
EBITDA adjustments:
Depreciation and amortization $ 1,167 $ 1,103 $ 1,194 $ 4,409 $ 4,735
Interest expense and other, net 109 101 108 405 412
Non-GAAP provision (benefit) for income taxes   162     174   238     328     (571 )
Adjusted EBITDA $ 2,693   $ 3,511 $ (1,268 ) $ (351 ) $ 1,611  

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