$AIRG
AIRGAIN INC

2018 Q2 Form 10-Q Financial Statement

#000156459018021030 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $14.97M $13.01M
YoY Change 15.05% 32.03%
Cost Of Revenue $8.370M $6.892M
YoY Change 21.45% 29.8%
Gross Profit $6.602M $6.122M
YoY Change 7.85% 34.63%
Gross Profit Margin 44.1% 47.04%
Selling, General & Admin $7.833M $4.429M
YoY Change 76.84% 98.6%
% of Gross Profit 118.65% 72.36%
Research & Development $2.418M $1.819M
YoY Change 32.91% 35.52%
% of Gross Profit 36.63% 29.72%
Depreciation & Amortization $145.0K $107.0K
YoY Change 35.5% -10.01%
% of Gross Profit 2.2% 1.75%
Operating Expenses $10.25M $6.249M
YoY Change 64.05% 74.89%
Operating Profit -$3.649M -$127.2K
YoY Change 2769.75% -113.05%
Interest Expense $10.00K $26.71K
YoY Change -62.57% -43.52%
% of Operating Profit
Other Income/Expense, Net $508.0K $27.25K
YoY Change 1764.08% -91.84%
Pretax Income -$3.141M -$99.90K
YoY Change 3044.08% -107.64%
Income Tax $49.00K -$29.78K
% Of Pretax Income
Net Earnings -$3.190M -$70.12K
YoY Change 4449.28% -105.35%
Net Earnings / Revenue -21.31% -0.54%
Basic Earnings Per Share -$0.34 -$0.01
Diluted Earnings Per Share -$0.34 -$0.01
COMMON SHARES
Basic Shares Outstanding 9.439M 9.520M
Diluted Shares Outstanding 9.439M 9.520M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.08M $36.58M
YoY Change -12.31% 595.44%
Cash & Equivalents $13.26M $36.58M
Short-Term Investments $18.82M
Other Short-Term Assets $640.0K $400.0K
YoY Change 60.0% -18.37%
Inventory $793.9K $610.0K
Prepaid Expenses
Receivables $6.855M $8.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.36M $45.69M
YoY Change -11.66% 337.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.423M $1.160M
YoY Change 22.69% 37.58%
Goodwill $3.700M
YoY Change
Intangibles $955.1K
YoY Change
Long-Term Investments
YoY Change
Other Assets $338.1K $200.0K
YoY Change 69.06% 18.85%
Total Long-Term Assets $10.25M $10.44M
YoY Change -1.81% 87.71%
TOTAL ASSETS
Total Short-Term Assets $40.36M $45.69M
Total Long-Term Assets $10.25M $10.44M
Total Assets $50.62M $56.13M
YoY Change -9.82% 250.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.975M $4.150M
YoY Change -4.21% 11.96%
Accrued Expenses $1.043M $2.450M
YoY Change -57.42% 206.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $670.0K $1.330M
YoY Change -49.62% -13.64%
Total Short-Term Liabilities $7.270M $9.010M
YoY Change -19.31% 13.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $670.0K
YoY Change -100.0% -66.5%
Other Long-Term Liabilities $280.0K $390.0K
YoY Change -28.21% -23.53%
Total Long-Term Liabilities $280.0K $1.060M
YoY Change -73.58% -57.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.270M $9.010M
Total Long-Term Liabilities $280.0K $1.060M
Total Liabilities $7.580M $10.10M
YoY Change -24.95% -3.13%
SHAREHOLDERS EQUITY
Retained Earnings -$46.71M
YoY Change
Common Stock $975.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.580M
YoY Change
Treasury Stock Shares
Shareholders Equity $43.04M $46.03M
YoY Change
Total Liabilities & Shareholders Equity $50.62M $56.13M
YoY Change -9.82% 250.71%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.190M -$70.12K
YoY Change 4449.28% -105.35%
Depreciation, Depletion And Amortization $145.0K $107.0K
YoY Change 35.5% -10.01%
Cash From Operating Activities $250.0K $1.340M
YoY Change -81.34% -25.97%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$50.00K
YoY Change 200.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$1.250M -$6.350M
YoY Change -80.31%
Cash From Investing Activities -$1.390M -$6.400M
YoY Change -78.28% 63900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.050M -220.0K
YoY Change 377.27% -62.71%
NET CHANGE
Cash From Operating Activities 250.0K 1.340M
Cash From Investing Activities -1.390M -6.400M
Cash From Financing Activities -1.050M -220.0K
Net Change In Cash -2.190M -5.280M
YoY Change -58.52% -536.36%
FREE CASH FLOW
Cash From Operating Activities $250.0K $1.340M
Capital Expenditures -$150.0K -$50.00K
Free Cash Flow $400.0K $1.390M
YoY Change -71.22% -23.63%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of intangible assets and goodwill.</p></div>
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3596624
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1065896
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1469154
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3777271
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
680630
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1203523
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
384538
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1400836
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
366732
CY2018Q2 us-gaap Cash
Cash
2472787
CY2018Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7950
CY2018Q2 airg Cash And Cash Equivalents At Carrying Value Available And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAtCarryingValueAvailableAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
32084962
CY2018Q2 airg Cash And Cash Equivalents At Carrying Value And Available For Sale Securities Debt Securities Current
CashAndCashEquivalentsAtCarryingValueAndAvailableForSaleSecuritiesDebtSecuritiesCurrent
32077012
CY2017Q4 us-gaap Cash
Cash
3040696
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
16907
CY2017Q4 airg Cash And Cash Equivalents At Carrying Value Available And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAtCarryingValueAvailableAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
36330039
CY2017Q4 airg Cash And Cash Equivalents At Carrying Value And Available For Sale Securities Debt Securities Current
CashAndCashEquivalentsAtCarryingValueAndAvailableForSaleSecuritiesDebtSecuritiesCurrent
36313132
CY2018Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
11362444
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
7725
CY2018Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
18817655
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4066251
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3413445
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2643040
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2376585
CY2018Q2 us-gaap Depreciation
Depreciation
145038
CY2017Q2 us-gaap Depreciation
Depreciation
107012
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6097000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1307441
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4789559
CY2017 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6097000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
968749
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5128251
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
169346
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
337836
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
655052
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
627667
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
598420
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
563000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2007584
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0208
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0513
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2018Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2230867
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
2453342
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
508257
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
867417
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1955875
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.43
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.66
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.07
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.66
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
832039
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
502461
CY2017Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1987682
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1203627
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
963800
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
136094
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
134529
airg Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm1
P7Y9M14D
airg Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm1
P1Y5M4D
airg Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledWeightedAverageRemainingContractualTerm1
P14D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M3D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M23D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.98
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.02
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3358788
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.06
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.88
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
22527
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1999813

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