$AIRG
AIRGAIN INC

2018 Q4 Form 10-Q Financial Statement

#000156459018028540 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $16.56M $15.79M $12.81M
YoY Change 29.32% 26.82% 1.44%
Cost Of Revenue $9.710M $8.922M $6.920M
YoY Change 40.32% 38.44% -3.22%
Gross Profit $6.850M $6.865M $5.888M
YoY Change 16.33% 14.34% 7.52%
Gross Profit Margin 41.36% 43.49% 45.98%
Selling, General & Admin $3.570M $4.083M $3.610M
YoY Change -1.11% 10.1% 28.01%
% of Gross Profit 52.12% 59.48% 61.31%
Research & Development $2.160M $2.475M $1.810M
YoY Change 19.34% 18.15% 18.3%
% of Gross Profit 31.53% 36.05% 30.74%
Depreciation & Amortization $340.0K $156.0K $280.0K
YoY Change 21.43% 36.41% 21.74%
% of Gross Profit 4.96% 2.27% 4.76%
Operating Expenses $5.730M $6.558M $5.418M
YoY Change 5.76% 13.01% 24.69%
Operating Profit $1.120M $307.0K $470.2K
YoY Change 138.17% 53.02% -58.43%
Interest Expense $190.0K $6.000K $90.00K
YoY Change 111.11% -92.5% -400.0%
% of Operating Profit 16.96% 1.95% 19.14%
Other Income/Expense, Net $390.0K $153.0K
YoY Change
Pretax Income $1.270M $460.0K $560.0K
YoY Change 126.79% 64.29% -49.09%
Income Tax -$10.00K $23.00K -$30.00K
% Of Pretax Income -0.79% 5.0% -5.36%
Net Earnings $1.275M $437.0K $591.9K
YoY Change 115.4% 86.47% -46.2%
Net Earnings / Revenue 7.7% 2.77% 4.62%
Basic Earnings Per Share $0.13 $0.05 $0.06
Diluted Earnings Per Share $0.13 $0.04 $0.06
COMMON SHARES
Basic Shares Outstanding 9.915M 9.566M
Diluted Shares Outstanding 10.09M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.79M $31.83M $36.31M
YoY Change -6.95% -13.1% -19.59%
Cash & Equivalents $13.62M $13.06M $15.03M
Short-Term Investments $20.17M $18.77M $21.29M
Other Short-Term Assets $930.0K $880.0K $610.0K
YoY Change 52.46% 17.33% 74.29%
Inventory $1.351M $1.220M $741.6K
Prepaid Expenses
Receivables $7.013M $7.390M $8.418M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.09M $41.31M $46.08M
YoY Change -6.5% -9.61% -9.31%
LONG-TERM ASSETS
Property, Plant & Equipment $1.401M $1.370M $1.037M
YoY Change 35.12% 28.04% 28.47%
Goodwill $3.700M $3.700M
YoY Change -0.01% 196.05%
Intangibles $859.0K $1.052M
YoY Change -18.37% 267.03%
Long-Term Investments
YoY Change
Other Assets $269.0K $340.0K $349.7K
YoY Change -23.09% 78.95% 316.06%
Total Long-Term Assets $9.822M $10.03M $10.22M
YoY Change -3.85% -2.34% 94.55%
TOTAL ASSETS
Total Short-Term Assets $43.09M $41.31M $46.08M
Total Long-Term Assets $9.822M $10.03M $10.22M
Total Assets $52.91M $51.34M $56.30M
YoY Change -6.02% -8.27% 0.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.137M $3.880M $3.969M
YoY Change 4.23% -1.77% 0.51%
Accrued Expenses $1.217M $3.080M $1.122M
YoY Change 8.48% 12.0% 4.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $330.0K $1.330M
YoY Change -100.0% -75.19% -4.32%
Total Short-Term Liabilities $7.511M $7.369M $9.730M
YoY Change -22.81% -19.2% 5.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $210.0K $250.0K $330.0K
YoY Change -36.36% -30.56% -26.67%
Total Long-Term Liabilities $210.0K $250.0K $330.0K
YoY Change -36.36% -63.77% -81.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.511M $7.369M $9.730M
Total Long-Term Liabilities $210.0K $250.0K $330.0K
Total Liabilities $7.760M $7.646M $10.07M
YoY Change -22.96% -22.61% -8.69%
SHAREHOLDERS EQUITY
Retained Earnings -$44.99M -$46.27M -$42.41M
YoY Change 6.09% -2.62%
Common Stock $93.58M $991.00 $89.91M
YoY Change 4.09% 9688340.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.432M $3.094M $1.257M
YoY Change 173.01%
Treasury Stock Shares
Shareholders Equity $45.15M $43.69M $46.23M
YoY Change
Total Liabilities & Shareholders Equity $52.91M $51.34M $56.30M
YoY Change -6.02% -8.27% 0.42%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $1.275M $437.0K $591.9K
YoY Change 115.4% 86.47% -46.2%
Depreciation, Depletion And Amortization $340.0K $156.0K $280.0K
YoY Change 21.43% 36.41% 21.74%
Cash From Operating Activities $2.620M $340.0K $740.0K
YoY Change 254.05% -56.96% -72.59%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K -$100.0K -$60.00K
YoY Change 300.0% 233.33%
Acquisitions
YoY Change
Other Investing Activities -$1.300M $100.0K -$2.770M
YoY Change -53.07% -100.54%
Cash From Investing Activities -$1.530M -$10.00K -$2.830M
YoY Change -45.94% -99.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -520.0K -540.0K -1.040M
YoY Change -50.0% -27.03% -104.06%
NET CHANGE
Cash From Operating Activities 2.620M 340.0K 740.0K
Cash From Investing Activities -1.530M -10.00K -2.830M
Cash From Financing Activities -520.0K -540.0K -1.040M
Net Change In Cash 570.0K -210.0K -3.130M
YoY Change -118.21% -98.86% -111.05%
FREE CASH FLOW
Cash From Operating Activities $2.620M $340.0K $740.0K
Capital Expenditures -$240.0K -$100.0K -$60.00K
Free Cash Flow $2.860M $440.0K $800.0K
YoY Change 257.5% -46.34% -70.37%

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us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
526383
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
624324
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
763279
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
295546
CY2018Q3 us-gaap Cash
Cash
2215116
CY2018Q3 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-3545
CY2018Q3 airg Cash And Cash Equivalents At Carrying Value Available And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAtCarryingValueAvailableAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
31833437
CY2018Q3 airg Cash And Cash Equivalents At Carrying Value And Available For Sale Securities Debt Securities Current
CashAndCashEquivalentsAtCarryingValueAndAvailableForSaleSecuritiesDebtSecuritiesCurrent
31829892
CY2017Q4 us-gaap Cash
Cash
3040696
CY2017Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-16907
CY2018Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
3717
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
18765236
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2799134
CY2018Q3 us-gaap Depreciation
Depreciation
156093
CY2017Q3 us-gaap Depreciation
Depreciation
114358
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6097000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1476787
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4620213
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
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
655052
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0294
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0974
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
CY2018Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2069241
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
998800
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
297719
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
425054
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1479654
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
488427
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1479654
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
9.90
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.07
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11.87
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.60
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.83
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.60
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
airg Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm1
P7Y3M29D
airg Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm1
P10M28D
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
P8Y3M3D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10M28D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y3M3D
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
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3778754
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3596624
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3449919
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1469154
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3244431
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
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
832039
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
134529
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
22527
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1739243

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