$PI
IMPINJ INC

2016 Q4 Form 10-Q Financial Statement

#000156459016027932 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $33.66M $31.01M $22.63M
YoY Change 48.74% 50.08% 48.98%
Cost Of Revenue $15.27M $14.64M $10.59M
YoY Change 44.19% 45.68% 38.61%
Gross Profit $18.39M $16.38M $12.04M
YoY Change 52.74% 54.25% 59.47%
Gross Profit Margin 54.63% 52.8% 53.2%
Selling, General & Admin $10.64M $8.940M $6.430M
YoY Change 65.47% 56.57% 57.21%
% of Gross Profit 57.86% 54.6% 53.41%
Research & Development $7.400M $6.622M $5.090M
YoY Change 45.38% 53.86% 30.85%
% of Gross Profit 40.24% 40.44% 42.28%
Depreciation & Amortization $730.0K $660.0K $690.0K
YoY Change 5.8% 50.0% 81.58%
% of Gross Profit 3.97% 4.03% 5.73%
Operating Expenses $18.04M $15.56M $11.52M
YoY Change 56.6% 55.4% 15.9%
Operating Profit $350.0K $813.0K $520.0K
YoY Change -32.69% 35.05% -121.76%
Interest Expense -$310.0K $345.0K -$470.0K
YoY Change -34.04% 16.16% 135.0%
% of Operating Profit -88.57% 42.44% -90.38%
Other Income/Expense, Net $140.0K $380.0K $850.0K
YoY Change -83.53% -246.15% -42.57%
Pretax Income $170.0K $851.0K $910.0K
YoY Change -81.32% 1926.19% -181.98%
Income Tax $70.00K $43.00K $90.00K
% Of Pretax Income 41.18% 5.05% 9.89%
Net Earnings $100.0K $808.0K $820.0K
YoY Change -87.8% 6115.38% -172.57%
Net Earnings / Revenue 0.3% 2.61% 3.62%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $4.916K $0.01 $46.59K
COMMON SHARES
Basic Shares Outstanding 18.78M 15.32M
Diluted Shares Outstanding 16.86M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.5M $62.00M $10.10M
YoY Change 895.05% 507.84%
Cash & Equivalents $33.64M $47.94M $10.12M
Short-Term Investments $66.90M $14.10M
Other Short-Term Assets $3.000M $1.600M $1.100M
YoY Change 172.73% 77.78%
Inventory $27.70M $20.49M $11.84M
Prepaid Expenses
Receivables $17.40M $17.53M $12.89M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $148.7M $101.6M $35.94M
YoY Change 313.72% 179.24%
LONG-TERM ASSETS
Property, Plant & Equipment $14.90M $13.30M $12.35M
YoY Change 20.64% 6.42%
Goodwill $3.881M $3.881M $3.881M
YoY Change 0.0%
Intangibles $37.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $637.0K
YoY Change -100.0%
Total Long-Term Assets $18.80M $17.18M $16.91M
YoY Change 11.2% -0.67%
TOTAL ASSETS
Total Short-Term Assets $148.7M $101.6M $35.94M
Total Long-Term Assets $18.80M $17.18M $16.91M
Total Assets $167.5M $118.8M $52.85M
YoY Change 216.95% 121.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.200M $3.540M $3.182M
YoY Change 126.27% 36.15%
Accrued Expenses $13.70M $4.337M $2.895M
YoY Change 373.23% -40.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.700M $1.419M $5.227M
YoY Change -29.21% -81.57%
Total Short-Term Liabilities $25.40M $16.41M $17.47M
YoY Change 45.36% -13.16%
LONG-TERM LIABILITIES
Long-Term Debt $11.40M $9.991M $10.68M
YoY Change 6.71% -29.14%
Other Long-Term Liabilities $6.800M $747.0K $678.0K
YoY Change 902.95% -91.88%
Total Long-Term Liabilities $18.20M $10.74M $11.36M
YoY Change 60.2% -53.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.40M $16.41M $17.47M
Total Long-Term Liabilities $18.20M $10.74M $11.36M
Total Liabilities $43.51M $35.04M $39.92M
YoY Change 9.0% -16.77%
SHAREHOLDERS EQUITY
Retained Earnings -$187.2M -$187.3M -$185.3M
YoY Change 1.02%
Common Stock $311.2M $271.1M $100.3M
YoY Change 210.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $124.0M $83.79M -$85.04M
YoY Change
Total Liabilities & Shareholders Equity $167.5M $118.8M $52.85M
YoY Change 217.01% 121.28%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $100.0K $808.0K $820.0K
YoY Change -87.8% 6115.38% -172.57%
Depreciation, Depletion And Amortization $730.0K $660.0K $690.0K
YoY Change 5.8% 50.0% 81.58%
Cash From Operating Activities $0.00 -$3.180M $2.960M
YoY Change -100.0% -175.89% -331.25%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$1.280M -$500.0K
YoY Change 140.0% -80.34% 35.14%
Acquisitions
YoY Change
Other Investing Activities -$52.98M -$14.12M $0.00
YoY Change
Cash From Investing Activities -$54.19M -$15.39M -$500.0K
YoY Change 10738.0% 136.41% 35.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.70M $68.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.89M 52.08M -2.540M
YoY Change -1670.47% 718.87% -6450.0%
NET CHANGE
Cash From Operating Activities 0.000 -3.180M 2.960M
Cash From Investing Activities -54.19M -15.39M -500.0K
Cash From Financing Activities 39.89M 52.08M -2.540M
Net Change In Cash -14.30M 33.51M -80.00K
YoY Change 17775.0% 729.46% -95.03%
FREE CASH FLOW
Cash From Operating Activities $0.00 -$3.180M $2.960M
Capital Expenditures -$1.200M -$1.280M -$500.0K
Free Cash Flow $1.200M -$1.900M $3.460M
YoY Change -65.32% -117.76% -480.22%

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WeightedAverageNumberOfDilutedSharesOutstanding
3813000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2143000
pi Amortization And Write Off Of Deferred Debt Issuance Cost
AmortizationAndWriteOffOfDeferredDebtIssuanceCost
220000
pi Amortization And Write Off Of Deferred Debt Issuance Cost
AmortizationAndWriteOffOfDeferredDebtIssuanceCost
96000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-559000
us-gaap Share Based Compensation
ShareBasedCompensation
1417000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-27000
pi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
79000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
377000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
1118000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1254000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9499000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
14116000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
68808000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
550000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2040000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
12021000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
344000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
62000
pi Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
59000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
63756000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
9716000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3263000
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10202000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
37814000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6939000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.48
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M15D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y2M27D
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8666000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
66175000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 nine months ended September 30, 2015, respectively, cost of product revenue increased $26,000 and $72,000, research and development expenses increased $115,000 and $324,000, sales and marketing expenses increased $48,000 and $134,000 and general and administrative expenses decreased $189,000 and $530,000. There was no change to the net income as a result of the reclassification.</p></div>
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;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of 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 the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, reserve for returns, collectability of accounts receivable, estimated costs to complete development contracts, warranty obligations, deferred revenue, inventory excess and obsolescence, depreciable lives of fixed assets, the determination of the fair value of stock awards and warrants and accrued liabilities, compensation and employee related benefits. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected.</p></div>
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
35704000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On June 16, 2016, our board of directors and stockholders approved an amendment to our certificate of incorporation to effect a reverse split of our authorized, issued and outstanding common stock and redeemable convertible preferred stock at a 1-for-12 ratio per share.
CY2016Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0833
CY2016Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3400000
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1839000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
852000
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5543000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3269000
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
13104000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7716000
CY2016Q3 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
16500000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1896000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
582000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
168000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
73000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2237000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1022000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.72
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
19.62
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.64
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.84
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
136000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
58000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
54000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
140000
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.76
pi Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriodWeightedAverageExercisePrice
5.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.70
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.26
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7000000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
755000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
285000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1417000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
885000
CY2016Q3 pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
15460000
pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
3997000
CY2015Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
161000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
126000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
184000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
141000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.20
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.20
CY2015Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
0
CY2016Q3 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
0
CY2016Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
62002000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7000
CY2016Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
61998000
CY2015Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
10121000
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
10121000

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