$PI
IMPINJ INC

2017 Q2 Form 10-Q Financial Statement

#000156459017017636 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $34.11M $25.99M
YoY Change 31.26% 35.9%
Cost Of Revenue $15.94M $57.00K
YoY Change 27864.91% -99.36%
Gross Profit $18.17M $25.93M
YoY Change -29.93% 155.15%
Gross Profit Margin 53.27% 99.78%
Selling, General & Admin $11.87M $7.640M
YoY Change 55.31% 54.97%
% of Gross Profit 65.3% 29.46%
Research & Development $7.119M $5.730M
YoY Change 24.24% 42.43%
% of Gross Profit 39.18% 22.1%
Depreciation & Amortization $980.0K $770.0K
YoY Change 27.27% 79.07%
% of Gross Profit 5.39% 2.97%
Operating Expenses $18.99M $13.37M
YoY Change 42.0% 49.34%
Operating Profit -$814.0K $12.56M
YoY Change -106.48% 938.1%
Interest Expense $307.0K $490.0K
YoY Change -37.35% 113.04%
% of Operating Profit 3.9%
Other Income/Expense, Net $189.0K $54.00K
YoY Change 250.0% 125.0%
Pretax Income -$932.0K -$214.0K
YoY Change 335.51% -121.31%
Income Tax $45.00K $40.00K
% Of Pretax Income
Net Earnings -$977.0K -$254.0K
YoY Change 284.65% -126.08%
Net Earnings / Revenue -2.86% -0.98%
Basic Earnings Per Share
Diluted Earnings Per Share -$47.48K -$14.64K
COMMON SHARES
Basic Shares Outstanding 4.423M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.50M $14.40M
YoY Change 417.36% 132.26%
Cash & Equivalents $14.83M $14.43M
Short-Term Investments $59.70M
Other Short-Term Assets $2.300M $1.100M
YoY Change 109.09% 22.22%
Inventory $43.40M $19.23M
Prepaid Expenses
Receivables $25.50M $15.62M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.7M $50.43M
YoY Change 188.94% 50.97%
LONG-TERM ASSETS
Property, Plant & Equipment $17.90M $12.62M
YoY Change 41.83% 125.38%
Goodwill $3.881M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.528M
YoY Change 1428.0%
Total Long-Term Assets $21.81M $18.03M
YoY Change 20.98% 87.81%
TOTAL ASSETS
Total Short-Term Assets $145.7M $50.43M
Total Long-Term Assets $21.81M $18.03M
Total Assets $167.5M $68.46M
YoY Change 144.7% 59.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.920M $7.473M
YoY Change -20.78% 43.71%
Accrued Expenses $6.927M $4.225M
YoY Change 63.95% -30.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.078M $13.16M
YoY Change -69.02% 180.04%
Total Short-Term Liabilities $24.58M $30.52M
YoY Change -19.46% 72.42%
LONG-TERM LIABILITIES
Long-Term Debt $7.547M $15.03M
YoY Change -49.8% 74.8%
Other Long-Term Liabilities $814.0K $724.0K
YoY Change 12.43% -86.84%
Total Long-Term Liabilities $8.361M $15.76M
YoY Change -46.94% 11.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.58M $30.52M
Total Long-Term Liabilities $8.361M $15.76M
Total Liabilities $41.03M $46.28M
YoY Change -11.34% 45.52%
SHAREHOLDERS EQUITY
Retained Earnings -$190.3M -$187.9M
YoY Change 1.3%
Common Stock $316.9M $95.45M
YoY Change 231.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.5M -$92.45M
YoY Change
Total Liabilities & Shareholders Equity $167.5M $68.46M
YoY Change 144.7% 59.2%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$977.0K -$254.0K
YoY Change 284.65% -126.08%
Depreciation, Depletion And Amortization $980.0K $770.0K
YoY Change 27.27% 79.07%
Cash From Operating Activities -$6.160M -$4.160M
YoY Change 48.08% 110.1%
INVESTING ACTIVITIES
Capital Expenditures -$2.910M -$590.0K
YoY Change 393.22% 247.06%
Acquisitions
YoY Change
Other Investing Activities $16.50M
YoY Change
Cash From Investing Activities $13.59M -$590.0K
YoY Change -2403.39% 247.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 4.350M
YoY Change -97.7% 322.33%
NET CHANGE
Cash From Operating Activities -6.160M -4.160M
Cash From Investing Activities 13.59M -590.0K
Cash From Financing Activities 100.0K 4.350M
Net Change In Cash 7.530M -400.0K
YoY Change -1982.5% -64.29%
FREE CASH FLOW
Cash From Operating Activities -$6.160M -$4.160M
Capital Expenditures -$2.910M -$590.0K
Free Cash Flow -$3.250M -$3.570M
YoY Change -8.96% 97.24%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
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us-gaap Proceeds From Warrant Exercises
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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>
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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.
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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111000

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