$INSG
INSEEGO CORP.

2016 Q3 Form 10-Q Financial Statement

#000102265216000112 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $60.88M $62.81M $51.67M
YoY Change 12.19% 21.57% 38.63%
Cost Of Revenue $37.96M $39.57M $36.34M
YoY Change -4.63% 8.88% 9.2%
Gross Profit $22.92M $23.24M $15.32M
YoY Change 58.45% 51.65% 284.32%
Gross Profit Margin 37.65% 37.0% 29.66%
Selling, General & Admin $22.50M $18.35M $13.22M
YoY Change 72.34% 38.82% 77.34%
% of Gross Profit 98.17% 78.97% 86.27%
Research & Development $7.942M $8.281M $9.690M
YoY Change 3.32% -14.54% 13.47%
% of Gross Profit 34.64% 35.64% 63.24%
Depreciation & Amortization $3.610M $3.630M $1.140M
YoY Change 72.73% 218.42% -40.31%
% of Gross Profit 15.75% 15.62% 7.44%
Operating Expenses $34.84M $27.88M $23.57M
YoY Change 58.58% 18.29% 10.19%
Operating Profit -$11.92M -$4.638M -$8.242M
YoY Change 58.84% -43.73% -52.63%
Interest Expense -$3.877M -$3.907M -$838.0K
YoY Change 61.07% 366.23% -4290.0%
% of Operating Profit
Other Income/Expense, Net -$3.560M $5.842M -$66.00K
YoY Change 891.64% -8951.52% 407.69%
Pretax Income -$19.36M -$2.703M -$9.146M
YoY Change -6.96% -70.45% -47.41%
Income Tax -$799.0K -$10.00K $74.00K
% Of Pretax Income
Net Earnings -$18.60M -$2.701M -$9.220M
YoY Change -10.58% -70.7% -47.06%
Net Earnings / Revenue -30.55% -4.3% -17.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$345.1K -$50.37K -$172.3K
COMMON SHARES
Basic Shares Outstanding 53.85M shares 53.40M shares 50.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.20M $18.50M $17.90M
YoY Change 68.63% 3.35% -20.09%
Cash & Equivalents $17.17M $18.54M $17.91M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $12.40M $5.900M $96.50M
YoY Change 33.33% -93.89% 2915.63%
Inventory $39.97M $34.26M $39.61M
Prepaid Expenses
Receivables $27.50M $35.52M $33.42M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $97.02M $94.26M $187.4M
YoY Change 3.37% -49.7% 142.48%
LONG-TERM ASSETS
Property, Plant & Equipment $7.820M $7.686M $4.340M
YoY Change 102.12% 77.1% -39.71%
Goodwill $33.12M $31.12M $1.704M
YoY Change 936.85% 1726.23%
Intangibles $41.01M $42.51M $21.07M
YoY Change 116.45% 101.77% 1195.69%
Long-Term Investments
YoY Change
Other Assets $36.00K $771.0K $201.0K
YoY Change -82.09% 283.58% -70.31%
Total Long-Term Assets $88.56M $88.71M $27.31M
YoY Change -14.98% 224.79% 185.02%
TOTAL ASSETS
Total Short-Term Assets $97.02M $94.26M $187.4M
Total Long-Term Assets $88.56M $88.71M $27.31M
Total Assets $185.6M $183.0M $214.7M
YoY Change -6.28% -14.78% 147.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.40M $19.91M $26.99M
YoY Change 15.47% -26.26% 0.37%
Accrued Expenses $37.09M $35.37M $30.42M
YoY Change 51.5% 16.27% 31.76%
Deferred Revenue
YoY Change
Short-Term Debt $2.700M $3.500M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.19M $58.81M $57.41M
YoY Change 37.4% 2.44% 5.72%
LONG-TERM LIABILITIES
Long-Term Debt $88.80M $86.70M $78.20M
YoY Change 10.45% 10.87%
Other Long-Term Liabilities $13.39M $13.08M $15.86M
YoY Change -15.55% -17.52% 788.85%
Total Long-Term Liabilities $13.39M $13.08M $15.86M
YoY Change -15.55% -17.52% 788.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.19M $58.81M $57.41M
Total Long-Term Liabilities $13.39M $13.08M $15.86M
Total Liabilities $177.8M $161.8M $151.5M
YoY Change 19.55% 6.82% 129.25%
SHAREHOLDERS EQUITY
Retained Earnings -$496.6M -$478.1M -$428.2M
YoY Change 10.59% 11.64% 7.62%
Common Stock $54.00K $54.00K $50.00K
YoY Change 1.89% 8.0% 47.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $7.704M $21.08M $63.19M
YoY Change
Total Liabilities & Shareholders Equity $185.6M $183.0M $214.7M
YoY Change -6.28% -14.78% 147.17%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$18.60M -$2.701M -$9.220M
YoY Change -10.58% -70.7% -47.06%
Depreciation, Depletion And Amortization $3.610M $3.630M $1.140M
YoY Change 72.73% 218.42% -40.31%
Cash From Operating Activities $820.0K $5.570M -$12.05M
YoY Change -111.52% -146.22% 176.38%
INVESTING ACTIVITIES
Capital Expenditures -$1.160M -$710.0K -$500.0K
YoY Change 205.26% 42.0% -31.51%
Acquisitions
YoY Change
Other Investing Activities $420.0K $8.610M -$88.28M
YoY Change -109.75% -3548.44%
Cash From Investing Activities -$730.0K $7.910M -$88.77M
YoY Change 87.18% -108.91% -4950.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.300M -3.100M 109.6M
YoY Change 2066.67% -102.83% -30530.56%
NET CHANGE
Cash From Operating Activities 820.0K 5.570M -12.05M
Cash From Investing Activities -730.0K 7.910M -88.77M
Cash From Financing Activities -1.300M -3.100M 109.6M
Net Change In Cash -1.210M 10.38M 8.730M
YoY Change -84.02% 18.9% -402.08%
FREE CASH FLOW
Cash From Operating Activities $820.0K $5.570M -$12.05M
Capital Expenditures -$1.160M -$710.0K -$500.0K
Free Cash Flow $1.980M $6.280M -$11.55M
YoY Change -129.38% -154.37% 218.18%

Facts In Submission

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us-gaap Inventory Write Down
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us-gaap Inventory Write Down
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us-gaap Net Income Loss
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8000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Number Of Reportable Segments
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CY2015Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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OperatingIncomeLoss
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us-gaap Operating Income Loss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q4 us-gaap Other Assets Noncurrent
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201000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
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771000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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0 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
317000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2595000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
18142000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13079000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
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OtherNoncashIncomeExpense
-895000 USD
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OtherNonoperatingIncomeExpense
-66000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-83000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5842000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4546000 USD
us-gaap Payments For Proceeds From Investments
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0 USD
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PaymentsForProceedsFromInvestments
-1210000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
1513000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3540000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
9063000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1875000 USD
us-gaap Payments To Acquire Intangible Assets
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224000 USD
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PaymentsToAcquireIntangibleAssets
1318000 USD
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PaymentsToAcquirePropertyPlantAndEquipment
613000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
493000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6039000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5942000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
120000000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
9250000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
45000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-5158000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
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ProceedsFromSaleOfPropertyPlantAndEquipment
145000 USD
us-gaap Proceeds From Warrant Exercises
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8644000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
932000 USD
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ProductWarrantyAccrual
788000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
502000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
358000 USD
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ProfitLoss
-9220000 USD
us-gaap Profit Loss
ProfitLoss
-17046000 USD
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ProfitLoss
-2693000 USD
us-gaap Profit Loss
ProfitLoss
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PropertyPlantAndEquipmentNet
7686000 USD
us-gaap Provision For Doubtful Accounts
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-43000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
134000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
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2633000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
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RepaymentsOfLongTermCapitalLeaseObligations
450000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
112000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9690000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20448000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8281000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16306000 USD
CY2016Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
11474000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
891000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
-164000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
269000 USD
us-gaap Restructuring Charges
RestructuringCharges
891000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
1730000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
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RestructuringReserveCurrent
1044000 USD
CY2016Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
900000 USD
CY2016Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
866000 USD
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RestructuringReserveNoncurrent
400000 USD
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
159000 USD
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
14000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-463451000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-478054000 USD
CY2015Q2 us-gaap Revenues
Revenues
51667000 USD
us-gaap Revenues
Revenues
105161000 USD
CY2016Q2 us-gaap Revenues
Revenues
62811000 USD
us-gaap Revenues
Revenues
129755000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
49272000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
102283000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
49145000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
103306000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2395000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2878000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
13666000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
26449000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4231000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8455000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8356000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16109000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1973000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2322000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1554152 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6656737 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3064880 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6084836 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6734241 shares
CY2015Q4 us-gaap Short Term Investments
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1267000 USD
CY2016Q2 us-gaap Short Term Investments
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0 USD
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
30432000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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30463000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21125000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53403148 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49852411 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53622554 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53436611 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (&#8220;GAAP&#8221;) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Significant estimates include allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, valuation of debt obligations, royalty costs, accruals relating to litigation and restructuring, provision for warranty costs, income taxes and share-based compensation expense.</font></div></div>

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