Pixelworks Reports Third Quarter 2014 Financial Results

* Our non-GAAP gross profit, non-GAAP gross profit margin, 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     Nine Months Ended
September 30,     June 30,     September 30, September 30,     September 30,
2014 2014 2013 2014 2013
Reconciliation of GAAP net income (loss) and adjusted EBITDA
GAAP net income (loss) $ (2,300 ) $ (2,382 ) $ 1,509 $ (7,189 ) $ (8,820 )
Stock-based compensation 1,257 941 539 3,901 1,823
Additional amortization of non-cancelable prepaid royalty 4 35 77 95 266
Tax effect of non-GAAP adjustments   91     (47 )   8   6     (17 )
Non-GAAP net income (loss) $ (948 ) $ (1,453 ) $ 2,133 $ (3,187 ) $ (6,748 )
EBITDA adjustments:
Depreciation and amortization $ 1,130 $ 1,141 $ 1,103 $ 3,415 $ 3,242
Interest expense and other, net 123 130 101 375 296
Non-GAAP provision for income taxes   118     364     174   466     166  
Adjusted EBITDA $ 423   $ 182   $ 3,511 $ 1,069   $ (3,044 )

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