$PI
IMPINJ INC

2023 Q3 Form 10-Q Financial Statement

#000095017023034747 Filed on July 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $65.01M $85.99M $76.59M
YoY Change -4.78% 43.8% 45.68%
Cost Of Revenue $34.24M $42.17M $36.42M
YoY Change 11.03% 49.05% 55.71%
Gross Profit $30.77M $43.81M $40.17M
YoY Change -17.81% 39.08% 37.64%
Gross Profit Margin 47.33% 50.95% 52.45%
Selling, General & Admin $23.61M $26.63M $21.23M
YoY Change 15.64% 23.25% 12.73%
% of Gross Profit 76.72% 60.79% 52.86%
Research & Development $21.59M $23.40M $18.98M
YoY Change 15.04% 27.4% 7.99%
% of Gross Profit 70.16% 53.41% 47.26%
Depreciation & Amortization $3.660M $4.273M $1.588M
YoY Change 146.8% 191.67% 10.97%
% of Gross Profit 11.9% 9.75% 3.95%
Operating Expenses $46.60M $50.04M $40.21M
YoY Change 18.95% 25.16% 10.44%
Operating Profit -$15.83M -$6.223M -$46.00K
YoY Change 807.91% -26.58% -99.36%
Interest Expense $1.213M -$1.211M -$1.207M
YoY Change 0.66% -196.88% 23.92%
% of Operating Profit
Other Income/Expense, Net $1.090M $1.165M $1.150M
YoY Change 40.83% 171.56% -110.15%
Pretax Income -$15.96M -$8.415M -$1.000K
YoY Change 633.66% -27.01% -99.99%
Income Tax -$195.0K -$349.0K $117.0K
% Of Pretax Income
Net Earnings -$15.76M -$8.066M -$118.0K
YoY Change 616.78% -30.0% -99.41%
Net Earnings / Revenue -24.25% -9.38% -0.15%
Basic Earnings Per Share -$0.59 -$0.30
Diluted Earnings Per Share -$0.59 -$0.30 $0.00
COMMON SHARES
Basic Shares Outstanding 26.86M 26.65M 25.91M
Diluted Shares Outstanding 26.92M 26.71M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.2M $108.9M $173.7M
YoY Change -37.75% -33.31% -10.14%
Cash & Equivalents $78.10M $45.24M $19.60M
Short-Term Investments $35.10M $63.66M $154.1M
Other Short-Term Assets $4.400M $3.455M $5.032M
YoY Change -20.1% -4.11% -0.34%
Inventory $106.8M $112.3M $46.40M
Prepaid Expenses
Receivables $48.48M $58.95M $50.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $273.0M $283.6M $275.2M
YoY Change 5.01% 18.63% 7.57%
LONG-TERM ASSETS
Property, Plant & Equipment $44.92M $56.08M $39.03M
YoY Change 44.35% 95.23% 41.92%
Goodwill $19.05M $19.52M $3.881M
YoY Change 0.0%
Intangibles $14.73M $16.59M
YoY Change
Long-Term Investments $0.00 $5.995M $19.20M
YoY Change -100.0% -70.67% 34.97%
Other Assets $1.613M $1.744M $1.969M
YoY Change -27.44% -22.14% -20.02%
Total Long-Term Assets $90.64M $99.92M $74.57M
YoY Change 33.61% 52.95% 24.83%
TOTAL ASSETS
Total Short-Term Assets $273.0M $283.6M $275.2M
Total Long-Term Assets $90.64M $99.92M $74.57M
Total Assets $363.6M $383.5M $349.7M
YoY Change 10.93% 26.0% 10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.02M $27.63M $25.02M
YoY Change -16.85% 173.56% 113.3%
Accrued Expenses $20.30M $20.73M $15.10M
YoY Change 16.16% 66.05% 16.21%
Deferred Revenue $2.425M $2.523M $2.250M
YoY Change -13.64% -4.14% 303.23%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $33.76M $50.88M $42.37M
YoY Change 0.37% 100.84% 19.34%
LONG-TERM LIABILITIES
Long-Term Debt $281.4M $281.0M $280.2M
YoY Change 0.57% 0.57% 0.57%
Other Long-Term Liabilities $13.60M $14.83M $118.0K
YoY Change 11935.4% 13021.24% -57.71%
Total Long-Term Liabilities $281.4M $295.9M $280.4M
YoY Change 0.53% 5.83% 0.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.76M $50.88M $42.37M
Total Long-Term Liabilities $281.4M $295.9M $280.4M
Total Liabilities $328.8M $346.8M $334.1M
YoY Change 0.94% 9.85% 2.31%
SHAREHOLDERS EQUITY
Retained Earnings -$415.0M -$399.2M -$386.8M
YoY Change 7.32% 3.83% 6.7%
Common Stock $450.8M $436.3M $403.6M
YoY Change 15.45% 16.53% 14.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.80M $36.80M $15.59M
YoY Change
Total Liabilities & Shareholders Equity $363.6M $383.5M $349.7M
YoY Change 10.93% 26.0% 10.84%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$15.76M -$8.066M -$118.0K
YoY Change 616.78% -30.0% -99.41%
Depreciation, Depletion And Amortization $3.660M $4.273M $1.588M
YoY Change 146.8% 191.67% 10.97%
Cash From Operating Activities -$1.710M -$22.54M -$6.172M
YoY Change -111.83% -413.24% 56.57%
INVESTING ACTIVITIES
Capital Expenditures $2.770M $5.866M $6.104M
YoY Change -223.06% -970.33% -397.9%
Acquisitions
YoY Change
Other Investing Activities $35.26M $34.93M -$10.39M
YoY Change -408.3% -260.18% -71.12%
Cash From Investing Activities $32.49M $29.06M -$16.50M
YoY Change -337.36% -229.29% -56.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.140M 1.233M 2.954M
YoY Change -64.13% -107.86% -97.07%
NET CHANGE
Cash From Operating Activities -1.710M -22.54M -6.172M
Cash From Investing Activities 32.49M 29.06M -16.50M
Cash From Financing Activities 2.140M 1.233M 2.954M
Net Change In Cash 32.92M 7.754M -19.71M
YoY Change 389.15% -125.04% -133.58%
FREE CASH FLOW
Cash From Operating Activities -$1.710M -$22.54M -$6.172M
Capital Expenditures $2.770M $5.866M $6.104M
Free Cash Flow -$4.480M -$28.41M -$12.28M
YoY Change -126.82% -460.95% 548.49%

Facts In Submission

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IMPINJ, INC.
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Preparing financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements, as well as the reported revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, sales incentives, percentage completion of development contracts, inventory excess and obsolescence, income taxes and fair value of stock awards. To the extent there are material differences between our estimates, judgments, or assumptions and actual results, our financial statements will be affected.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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