Pixelworks Reports First Quarter 2016 Financial Results; Names Todd DeBonis Chief Executive Officer

The forward-looking statements contained in this release speak as of the date of this release, and we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.

 
 
PIXELWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
   
Three Months Ended
March 31,     December 31,     March 31,
2016 2015 2015
Revenue, net $ 11,167 $ 13,477 $ 14,392
Cost of revenue (1)   7,575     6,663     7,425  
Gross profit 3,592 6,814 6,967
Operating expenses:
Research and development (2) 5,675 6,076 6,318
Selling, general and administrative (3) 3,865 3,648 3,887
Restructuring   2,538          
Total operating expenses   12,078     9,724     10,205  
Loss from operations (8,486 ) (2,910 ) (3,238 )
Interest expense and other, net   (99 )   (129 )   (107 )
Loss before income taxes (8,585 ) (3,039 ) (3,345 )
Provision for income taxes   57     128     19  
Net loss $ (8,642 ) $ (3,167 ) $ (3,364 )
Net loss per share - basic and diluted $ (0.31 ) $ (0.11 ) $ (0.14 )
Weighted average shares outstanding - basic and diluted   27,936     27,697     23,328  
——————
(1) Includes:
Restructuring $ 1,723 $ $
Stock-based compensation 44 49 53
(2) Includes stock-based compensation 429 485 489
(3) Includes stock-based compensation (107 ) 397 536
 
 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands, except per share data)
(Unaudited)
       
Three Months Ended
March 31,     December 31, March 31,
2016 2015 2015
Reconciliation of GAAP and non-GAAP gross profit
GAAP gross profit $ 3,592 $ 6,814 $ 6,967
Restructuring 1,723
Stock-based compensation   44     49     53  
Total reconciling items included in cost of revenue   1,767     49     53  
Non-GAAP gross profit $ 5,359   $ 6,863   $ 7,020  
Non-GAAP gross profit margin   48.0 %   50.9 %   48.8 %
 
Reconciliation of GAAP and non-GAAP operating expenses
GAAP operating expenses $ 12,078 $ 9,724 $ 10,205
Reconciling item included in research and development:
Stock-based compensation 429 485 489
Reconciling item included in selling, general and administrative:
Stock-based compensation (107 ) 397 536
Restructuring   2,538          
Total reconciling items included in operating expenses   2,860     882     1,025  
Non-GAAP operating expenses $ 9,218   $ 8,842   $ 9,180  
 
Reconciliation of GAAP and non-GAAP net loss
GAAP net loss $ (8,642 ) $ (3,167 ) $ (3,364 )
Reconciling items included in cost of revenue 1,767 49 53
Reconciling items included in operating expenses 2,860 882 1,025
Tax effect of non-GAAP adjustments   (2 )       (20 )
Non-GAAP net loss $ (4,017 ) $ (2,236 ) $ (2,306 )
Non-GAAP net loss per share - basic and diluted $ (0.14 ) $ (0.08 ) $ (0.10 )
Non-GAAP weighted average shares outstanding - basic and diluted   27,936     27,697     23,328  
* Our non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share differs from GAAP gross profit, GAAP operating expenses, GAAP net loss and GAAP net loss per share due to the exclusion of restructuring charges and stock-based compensation expense. Pixelworks' management believes the presentation of non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net 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
March 31,     December 31, March 31,
2016 2015 2015
Reconciliation of GAAP net loss and adjusted EBITDA
GAAP net loss $ (8,642 ) $ (3,167 ) $ (3,364 )
Restructuring 4,261
Stock-based compensation 366 931 1,078
Tax effect of non-GAAP adjustments   (2 )       (20 )
Non-GAAP net loss $ (4,017 ) $ (2,236 ) $ (2,306 )
EBITDA adjustments:
Depreciation and amortization $ 990 $ 1,038 $ 1,098
Interest expense and other, net 99 129 107
Non-GAAP provision for income taxes   59     128     39  
Adjusted EBITDA $ (2,869 ) $ (941 ) $ (1,062 )
* Adjusted EBITDA differs from GAAP net loss due to the exclusion of restructuring charges, stock-based compensation expense, interest expense and other, net, income tax provision and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 

March 31,
2016

December 31,
2015

ASSETS
Current assets:
Cash and cash equivalents $ 22,935 $ 26,591
Accounts receivable, net 5,694 5,988
Inventories 2,197 3,266
Prepaid expenses and other current assets   681   644
Total current assets 31,507 36,489
Property and equipment, net 4,320 6,543
Other assets, net   756   810
Total assets $ 36,583 $ 43,842
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,179 $ 2,944
Accrued liabilities and current portion of long-term liabilities 11,471 8,528
Current portion of income taxes payable 164 221
Short-term line of credit   3,000   3,000
Total current liabilities 15,814 14,693
Long-term liabilities, net of current portion 629 831
Income taxes payable, net of current portion   1,860   1,942
Total liabilities 18,303 17,466
Shareholders’ equity   18,280   26,376
Total liabilities and shareholders’ equity $ 36,583 $ 43,842

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