$PI
IMPINJ INC

2016 Q2 Form 10-Q Financial Statement

#000156459016024912 Filed on September 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $25.99M $19.12M
YoY Change 35.9% 11.18%
Cost Of Revenue $57.00K $8.960M
YoY Change -99.36% 11.03%
Gross Profit $25.93M $10.16M
YoY Change 155.15% 11.31%
Gross Profit Margin 99.78% 53.15%
Selling, General & Admin $7.640M $4.930M
YoY Change 54.97% 10.04%
% of Gross Profit 29.46% 48.51%
Research & Development $5.730M $4.023M
YoY Change 42.43% 2.37%
% of Gross Profit 22.1% 39.58%
Depreciation & Amortization $770.0K $430.0K
YoY Change 79.07% -32.81%
% of Gross Profit 2.97% 4.23%
Operating Expenses $13.37M $8.953M
YoY Change 49.34% 6.58%
Operating Profit $12.56M $1.210M
YoY Change 938.1% 65.75%
Interest Expense $490.0K $230.0K
YoY Change 113.04% -215.0%
% of Operating Profit 3.9% 19.01%
Other Income/Expense, Net $54.00K $24.00K
YoY Change 125.0% -40.0%
Pretax Income -$214.0K $1.004M
YoY Change -121.31% 79.29%
Income Tax $40.00K $30.00K
% Of Pretax Income 2.99%
Net Earnings -$254.0K $974.0K
YoY Change -126.08% 80.37%
Net Earnings / Revenue -0.98% 5.09%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.64K $55.11K
COMMON SHARES
Basic Shares Outstanding 4.423M 4.030M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.40M $6.200M
YoY Change 132.26%
Cash & Equivalents $14.43M $6.200M
Short-Term Investments
Other Short-Term Assets $1.100M $900.0K
YoY Change 22.22%
Inventory $19.23M $13.40M
Prepaid Expenses
Receivables $15.62M $12.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $50.43M $33.40M
YoY Change 50.97%
LONG-TERM ASSETS
Property, Plant & Equipment $12.62M $5.600M
YoY Change 125.38%
Goodwill $3.881M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.528M $100.0K
YoY Change 1428.0%
Total Long-Term Assets $18.03M $9.600M
YoY Change 87.81%
TOTAL ASSETS
Total Short-Term Assets $50.43M $33.40M
Total Long-Term Assets $18.03M $9.600M
Total Assets $68.46M $43.00M
YoY Change 59.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.473M $5.200M
YoY Change 43.71%
Accrued Expenses $4.225M $6.100M
YoY Change -30.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.16M $4.700M
YoY Change 180.04%
Total Short-Term Liabilities $30.52M $17.70M
YoY Change 72.42%
LONG-TERM LIABILITIES
Long-Term Debt $15.03M $8.600M
YoY Change 74.8%
Other Long-Term Liabilities $724.0K $5.500M
YoY Change -86.84%
Total Long-Term Liabilities $15.76M $14.10M
YoY Change 11.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.52M $17.70M
Total Long-Term Liabilities $15.76M $14.10M
Total Liabilities $46.28M $31.80M
YoY Change 45.52%
SHAREHOLDERS EQUITY
Retained Earnings -$187.9M
YoY Change
Common Stock $95.45M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$92.45M $11.20M
YoY Change
Total Liabilities & Shareholders Equity $68.46M $43.00M
YoY Change 59.2%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$254.0K $974.0K
YoY Change -126.08% 80.37%
Depreciation, Depletion And Amortization $770.0K $430.0K
YoY Change 79.07% -32.81%
Cash From Operating Activities -$4.160M -$1.980M
YoY Change 110.1% -700.0%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$170.0K
YoY Change 247.06% -54.05%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$590.0K -$170.0K
YoY Change 247.06% -54.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.350M 1.030M
YoY Change 322.33% -198.1%
NET CHANGE
Cash From Operating Activities -4.160M -1.980M
Cash From Investing Activities -590.0K -170.0K
Cash From Financing Activities 4.350M 1.030M
Net Change In Cash -400.0K -1.120M
YoY Change -64.29% 2.75%
FREE CASH FLOW
Cash From Operating Activities -$4.160M -$1.980M
Capital Expenditures -$590.0K -$170.0K
Free Cash Flow -$3.570M -$1.810M
YoY Change 97.24% -358.57%

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Reclassifications</font></p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In the consolidated statements of operations, certain prior year amounts have been reclassified to conform to the current year presentation. During the three and six months ended June 30, 2015, respectively, cost of product revenue increased $24,000 and $46,000, research and development expenses increased $106,000 and $209,000, sales and marketing expenses increased $44,000 and $86,000 and general and administrative expenses decreased $174,000 and $341,000. There was no change to the net income as a result of the reclassification.</p></div>
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pi Initial Public Offering Closing Date
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8693000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
6490000
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2000000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
111000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
197000
CY2016Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
102000
CY2015Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
185000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2016Q2 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
2711000
CY2015Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
2865000

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