$PI
IMPINJ INC

2024 Q3 Form 10-Q Financial Statement

#000095017024086075 Filed on July 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $95.20M $102.5M
YoY Change 46.45% 19.2%
Cost Of Revenue $47.63M $44.98M
YoY Change 39.12% 6.66%
Gross Profit $47.57M $57.52M
YoY Change 54.61% 31.27%
Gross Profit Margin 49.97% 56.12%
Selling, General & Admin $22.34M $23.05M
YoY Change -5.36% -13.46%
% of Gross Profit 46.96% 40.08%
Research & Development $25.49M $24.92M
YoY Change 18.08% 6.5%
% of Gross Profit 53.59% 43.33%
Depreciation & Amortization $3.247M $2.999M
YoY Change -11.28% -29.82%
% of Gross Profit 6.83% 5.21%
Operating Expenses $48.34M $48.47M
YoY Change 3.73% -3.13%
Operating Profit -$769.0K $9.046M
YoY Change -95.14% -245.36%
Interest Expense $1.219M $1.217M
YoY Change 0.49% -200.5%
% of Operating Profit 13.45%
Other Income/Expense, Net $2.416M $2.122M
YoY Change 121.65% 82.15%
Pretax Income $428.0K $9.951M
YoY Change -102.68% -218.25%
Income Tax $207.0K -$12.00K
% Of Pretax Income 48.36% -0.12%
Net Earnings $221.0K $9.963M
YoY Change -101.4% -223.52%
Net Earnings / Revenue 0.23% 9.72%
Basic Earnings Per Share $0.01 $0.36
Diluted Earnings Per Share $0.01 $0.34
COMMON SHARES
Basic Shares Outstanding 28.12M 27.71M
Diluted Shares Outstanding 29.73M 29.42M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.3M $220.2M
YoY Change 50.4% 102.22%
Cash & Equivalents $73.70M $214.7M
Short-Term Investments $96.55M $5.563M
Other Short-Term Assets $6.097M $3.148M
YoY Change 38.57% -8.89%
Inventory $88.36M $80.77M
Prepaid Expenses
Receivables $64.38M $54.18M
Other Receivables $0.00 $0.00
Total Short-Term Assets $329.1M $358.3M
YoY Change 20.56% 26.34%
LONG-TERM ASSETS
Property, Plant & Equipment $49.91M $47.21M
YoY Change 11.1% -15.82%
Goodwill $19.83M $19.26M
YoY Change 4.12% -1.33%
Intangibles $11.56M $11.65M
YoY Change -21.48% -29.79%
Long-Term Investments $57.12M
YoY Change
Other Assets $1.117M $1.235M
YoY Change -30.75% -29.19%
Total Long-Term Assets $147.4M $87.77M
YoY Change 62.58% -12.16%
TOTAL ASSETS
Total Short-Term Assets $329.1M $358.3M
Total Long-Term Assets $147.4M $87.77M
Total Assets $476.4M $446.1M
YoY Change 31.04% 16.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.50M $15.31M
YoY Change 86.11% -44.6%
Accrued Expenses $25.28M $18.86M
YoY Change 24.53% -9.02%
Deferred Revenue $2.231M $2.087M
YoY Change -8.0% -17.28%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $283.1M $282.7M
YoY Change
Total Short-Term Liabilities $331.1M $318.9M
YoY Change 880.79% 526.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $9.253M $10.19M
YoY Change -31.96% -31.25%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $331.1M $318.9M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $340.3M $329.1M
YoY Change 3.51% -5.09%
SHAREHOLDERS EQUITY
Retained Earnings -$386.6M -$386.8M
YoY Change -6.83% -3.1%
Common Stock $522.1M $504.2M
YoY Change 15.83% 15.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.1M $117.0M
YoY Change
Total Liabilities & Shareholders Equity $476.4M $446.1M
YoY Change 31.04% 16.31%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $221.0K $9.963M
YoY Change -101.4% -223.52%
Depreciation, Depletion And Amortization $3.247M $2.999M
YoY Change -11.28% -29.82%
Cash From Operating Activities $10.07M $45.48M
YoY Change -688.77% -301.73%
INVESTING ACTIVITIES
Capital Expenditures $5.411M $1.366M
YoY Change 95.34% -76.71%
Acquisitions
YoY Change
Other Investing Activities -$148.8M $1.785M
YoY Change -521.89% -94.89%
Cash From Investing Activities -$154.2M $419.0K
YoY Change -574.52% -98.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.053M 1.927M
YoY Change 42.66% 56.29%
NET CHANGE
Cash From Operating Activities 10.07M 45.48M
Cash From Investing Activities -154.2M 419.0K
Cash From Financing Activities 3.053M 1.927M
Net Change In Cash -141.0M 47.83M
YoY Change -528.46% 516.78%
FREE CASH FLOW
Cash From Operating Activities $10.07M $45.48M
Capital Expenditures $5.411M $1.366M
Free Cash Flow $4.657M $44.11M
YoY Change -203.95% -255.27%

Facts In Submission

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IMPINJ, INC.
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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pi Lease Liabilities Arising From Remeasurement Of Right Of Use Assets
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us-gaap Stock Issued1
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AcquisitionRelatedContingentConsiderationLiability
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CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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AdjustmentsToRestructuringEquityModificationExpense
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CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2024Q1 pi Annual License Fee Payment
AnnualLicenseFeePayment
45000000
CY2024Q1 pi Additional Annual License Fee Payment
AdditionalAnnualLicenseFeePayment
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CY2024Q2 pi Additional Annual License Fee Payment
AdditionalAnnualLicenseFeePayment
15000000
CY2024Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
45000000
CY2024Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
0
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
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CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
2000000
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2000000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
10200000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
25000
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
3600000
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3600000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
8200000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
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CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
18972000
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
21773000
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
37633000
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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InventoryFinishedGoodsNetOfReserves
33182000
CY2024Q2 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Goodwill
Goodwill
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CY2022Q4 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-440000
us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
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CY2024Q2 us-gaap Goodwill
Goodwill
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CY2023Q2 us-gaap Goodwill
Goodwill
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2024Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P6Y
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2100000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
989000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1977000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1939000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1894000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1894000
CY2024Q2 pi Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
2952000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11645000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14705000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13148000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26495000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23372000
CY2024Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
27800000
CY2024Q1 pi Annual License Fee Payment
AnnualLicenseFeePayment
45000000
CY2024Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
45000000
CY2024Q1 pi Additional Annual License Fee Payment
AdditionalAnnualLicenseFeePayment
15000000
CY2024Q2 pi Additional Annual License Fee Payment
AdditionalAnnualLicenseFeePayment
15000000
pi Number Of Business Days In Conversion Condition
NumberOfBusinessDaysInConversionCondition
5
us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
5
CY2024Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
118400000
CY2024Q2 pi Closing Price Of Common Stock
ClosingPriceOfCommonStock
156.77
CY2024Q2 us-gaap Profit Loss
ProfitLoss
9963000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-8066000
us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2024Q2 pi Interest Add Back
InterestAddBack
0
CY2023Q2 pi Interest Add Back
InterestAddBack
0
pi Interest Add Back
InterestAddBack
2433000
pi Interest Add Back
InterestAddBack
0
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9963000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8066000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
45740000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12424000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27889000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26713000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27623000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26499000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29422000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26713000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31718000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26499000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.3
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.57
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.47
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102495000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85986000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179320000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
171883000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1100000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1985000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2599000
pi Opening Balance From Voyantic Acquisition
OpeningBalanceFromVoyanticAcquisition
1233000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
1630000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
1672000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
1347000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
2640000
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2268000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2864000
CY2024Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.10
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1800000
CY2024Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1800000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1812000
pi Restructuring Non Cash Payments
RestructuringNonCashPayments
-366000
pi Restructuring Cash Payments
RestructuringCashPayments
-1446000
CY2024Q2 ecd Trd Arr Ind Name
TrdArrIndName
Jeff Dossett
CY2024Q2 ecd Trd Arr Ind Title
TrdArrIndTitle
Chief Revenue Officer
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q2 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
May 1, 2024
CY2024Q2 ecd Trd Arr Expiration Date
TrdArrExpirationDate
January 31, 2025
CY2024Q2 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
30000

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