$PI
IMPINJ INC

2017 Q1 Form 10-Q Financial Statement

#000156459017010565 Filed on May 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $31.73M $0.00
YoY Change -100.0%
Cost Of Revenue $14.96M $10.53M
YoY Change 42.02% 31.33%
Gross Profit $16.77M $11.10M
YoY Change 51.09% 37.86%
Gross Profit Margin 52.85%
Selling, General & Admin $11.42M $7.532M
YoY Change 51.66% 59.24%
% of Gross Profit 68.12% 67.87%
Research & Development $7.343M $5.434M
YoY Change 35.13% 33.84%
% of Gross Profit 43.79% 48.96%
Depreciation & Amortization $874.0K $710.0K
YoY Change 23.1% 73.17%
% of Gross Profit 5.21% 6.4%
Operating Expenses $18.77M $12.97M
YoY Change 44.73% 47.68%
Operating Profit -$1.998M -$1.868M
YoY Change 6.96% 155.89%
Interest Expense $374.0K -$450.0K
YoY Change -183.11% 104.55%
% of Operating Profit
Other Income/Expense, Net $269.0K
YoY Change
Pretax Income -$2.103M -$2.315M
YoY Change -9.16% 160.11%
Income Tax $57.00K $15.00K
% Of Pretax Income
Net Earnings -$2.160M -$2.330M
YoY Change -7.3% 156.04%
Net Earnings / Revenue -6.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$106.2K -$5.611M
COMMON SHARES
Basic Shares Outstanding 20.56M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.50M $14.80M
YoY Change 464.19%
Cash & Equivalents $7.307M $14.82M
Short-Term Investments $76.20M
Other Short-Term Assets $2.500M $2.100M
YoY Change 19.05%
Inventory $39.20M $13.70M
Prepaid Expenses
Receivables $21.10M $12.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.3M $43.00M
YoY Change 240.23%
LONG-TERM ASSETS
Property, Plant & Equipment $17.00M $12.70M
YoY Change 33.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M
YoY Change
Total Long-Term Assets $20.80M $17.50M
YoY Change 18.86%
TOTAL ASSETS
Total Short-Term Assets $146.3M $43.00M
Total Long-Term Assets $20.80M $17.50M
Total Assets $167.1M $60.50M
YoY Change 176.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.400M $4.100M
YoY Change 80.49%
Accrued Expenses $11.30M $8.100M
YoY Change 39.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.600M $14.90M
YoY Change -69.13%
Total Short-Term Liabilities $24.10M $27.60M
YoY Change -12.68%
LONG-TERM LIABILITIES
Long-Term Debt $10.10M $12.10M
YoY Change -16.53%
Other Long-Term Liabilities $7.700M $9.800M
YoY Change -21.43%
Total Long-Term Liabilities $17.80M $21.90M
YoY Change -18.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.10M $27.60M
Total Long-Term Liabilities $17.80M $21.90M
Total Liabilities $41.90M $49.50M
YoY Change -15.35%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $125.2M $11.00M
YoY Change
Total Liabilities & Shareholders Equity $167.1M $60.50M
YoY Change 176.2%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$2.160M -$2.330M
YoY Change -7.3% 156.04%
Depreciation, Depletion And Amortization $874.0K $710.0K
YoY Change 23.1% 73.17%
Cash From Operating Activities -$16.62M -$2.160M
YoY Change 669.44% 26.32%
INVESTING ACTIVITIES
Capital Expenditures $1.220M $464.0K
YoY Change 162.93% -271.85%
Acquisitions
YoY Change
Other Investing Activities -$9.430M $0.00
YoY Change
Cash From Investing Activities -$10.65M -$460.0K
YoY Change 2215.22% 70.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $159.0K $11.78M
YoY Change -98.65%
Cash From Financing Activities 940.0K 7.330M
YoY Change -87.18% 214.59%
NET CHANGE
Cash From Operating Activities -16.62M -2.160M
Cash From Investing Activities -10.65M -460.0K
Cash From Financing Activities 940.0K 7.330M
Net Change In Cash -26.33M 4.710M
YoY Change -659.02% 1245.71%
FREE CASH FLOW
Cash From Operating Activities -$16.62M -$2.160M
Capital Expenditures $1.220M $464.0K
Free Cash Flow -$17.84M -$2.624M
YoY Change 579.88% 82.22%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2017Q1 pi Increase Decrease In Deferred Rent
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CY2016Q1 pi Increase Decrease In Deferred Rent
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CY2017Q1 us-gaap Cost Of Goods And Services Sold
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CY2016Q1 us-gaap Cost Of Goods And Services Sold
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CY2017Q1 us-gaap Gross Profit
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CY2016Q1 us-gaap Gross Profit
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CY2017Q1 us-gaap Research And Development Expense
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CY2016Q1 us-gaap Research And Development Expense
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CY2017Q1 us-gaap Selling And Marketing Expense
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CY2016Q1 us-gaap Selling And Marketing Expense
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CY2017Q1 us-gaap General And Administrative Expense
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CY2016Q1 us-gaap General And Administrative Expense
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CY2017Q1 us-gaap Operating Expenses
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CY2016Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Operating Income Loss
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CY2017Q1 pi Interest Income Expense And Other Income Expense Net
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CY2016Q1 pi Interest Income Expense And Other Income Expense Net
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Income Tax Expense Benefit
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CY2016Q1 us-gaap Income Tax Expense Benefit
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CY2017Q1 us-gaap Net Income Loss
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CY2016Q1 us-gaap Net Income Loss
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CY2016Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-36000
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-36000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
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CY2016Q1 us-gaap Comprehensive Income Net Of Tax
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-2330000
CY2017Q1 us-gaap Depreciation And Amortization
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CY2016Q1 us-gaap Depreciation And Amortization
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CY2017Q1 us-gaap Amortization Of Financing Costs
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CY2016Q1 us-gaap Amortization Of Financing Costs
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CY2017Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2016Q1 us-gaap Fair Value Adjustment Of Warrants
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CY2017Q1 us-gaap Share Based Compensation
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CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2017Q1 us-gaap Increase Decrease In Inventories
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CY2016Q1 us-gaap Increase Decrease In Inventories
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
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CY2016Q1 us-gaap Increase Decrease In Accounts Payable
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CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2016Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q1 us-gaap Payments To Acquire Investments
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CY2017Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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CY2017Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2017Q1 pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
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CY2016Q1 pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
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CY2017Q1 pi Payment Of Deferred Offering Costs
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CY2016Q1 pi Payment Of Deferred Offering Costs
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q1 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;">Revision</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 condensed consolidated statements of operations, we corrected the classification of certain expenses in prior periods related to depreciation which had not previously been allocated. During the three months ended March 31, 2016, cost of product revenue increased $58,000, research and development expenses increased $263,000, sales and marketing expenses increased $108,000 and general and administrative expenses decreased $429,000. There was no change to net loss as a result of the correction.</p></div>
CY2017Q1 us-gaap Use Of Estimates
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<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;color:#000000;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>
CY2016Q4 us-gaap Liabilities Fair Value Disclosure Recurring
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CY2017Q1 us-gaap Available For Sale Securities Amortized Cost
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CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2017Q1 us-gaap Available For Sale Securities
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CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
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CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2016Q4 us-gaap Available For Sale Securities
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CY2017Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2017Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2016Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2016Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2016Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2017Q1 us-gaap Stockholders Equity Reverse Stock Split
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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
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CY2017Q1 us-gaap Liabilities Fair Value Disclosure Recurring
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CY2017Q1 us-gaap Purchase Obligation
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CY2017Q1 pi Weighted Average Number Basic Shares Outstanding Adjustment
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CY2016Q1 pi Weighted Average Number Basic Shares Outstanding Adjustment
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CY2017Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2016Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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121000

Files In Submission

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pi-10q_20170331.htm Edgar Link pending
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