$PI
IMPINJ INC

2017 Q3 Form 10-Q Financial Statement

#000156459017023200 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $32.60M $33.66M $31.01M
YoY Change 5.11% 48.74% 50.08%
Cost Of Revenue $15.61M $15.27M $14.64M
YoY Change 6.61% 44.19% 45.68%
Gross Profit $16.99M $18.39M $16.38M
YoY Change 3.77% 52.74% 54.25%
Gross Profit Margin 52.13% 54.63% 52.8%
Selling, General & Admin $12.83M $10.64M $8.940M
YoY Change 43.51% 65.47% 56.57%
% of Gross Profit 75.5% 57.86% 54.6%
Research & Development $8.846M $7.400M $6.622M
YoY Change 33.59% 45.38% 53.86%
% of Gross Profit 52.06% 40.24% 40.44%
Depreciation & Amortization $1.020M $730.0K $660.0K
YoY Change 54.55% 5.8% 50.0%
% of Gross Profit 6.0% 3.97% 4.03%
Operating Expenses $21.68M $18.04M $15.56M
YoY Change 39.29% 56.6% 55.4%
Operating Profit -$4.683M $350.0K $813.0K
YoY Change -676.01% -32.69% 35.05%
Interest Expense -$220.0K -$310.0K $345.0K
YoY Change -163.77% -34.04% 16.16%
% of Operating Profit -88.57% 42.44%
Other Income/Expense, Net $110.0K $140.0K $380.0K
YoY Change -71.05% -83.53% -246.15%
Pretax Income -$4.801M $170.0K $851.0K
YoY Change -664.16% -81.32% 1926.19%
Income Tax $50.00K $70.00K $43.00K
% Of Pretax Income 41.18% 5.05%
Net Earnings -$4.851M $100.0K $808.0K
YoY Change -700.37% -87.8% 6115.38%
Net Earnings / Revenue -14.88% 0.3% 2.61%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share -$232.8K $4.916K $0.01
COMMON SHARES
Basic Shares Outstanding 20.83M 18.78M 15.32M
Diluted Shares Outstanding 20.83M 16.86M

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.50M $100.5M $62.00M
YoY Change 0.81% 895.05% 507.84%
Cash & Equivalents $17.56M $33.64M $47.94M
Short-Term Investments $44.90M $66.90M $14.10M
Other Short-Term Assets $2.600M $3.000M $1.600M
YoY Change 62.5% 172.73% 77.78%
Inventory $45.80M $27.70M $20.49M
Prepaid Expenses
Receivables $25.60M $17.40M $17.53M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.5M $148.7M $101.6M
YoY Change 34.29% 313.72% 179.24%
LONG-TERM ASSETS
Property, Plant & Equipment $17.70M $14.90M $13.30M
YoY Change 33.05% 20.64% 6.42%
Goodwill $3.881M $3.881M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $0.00
YoY Change -100.0%
Total Long-Term Assets $21.80M $18.80M $17.18M
YoY Change 26.86% 11.2% -0.67%
TOTAL ASSETS
Total Short-Term Assets $136.5M $148.7M $101.6M
Total Long-Term Assets $21.80M $18.80M $17.18M
Total Assets $158.3M $167.5M $118.8M
YoY Change 33.22% 216.95% 121.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.800M $7.200M $3.540M
YoY Change -20.9% 126.27% 36.15%
Accrued Expenses $9.000M $13.70M $4.337M
YoY Change 107.52% 373.23% -40.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.100M $3.700M $1.419M
YoY Change 259.41% -29.21% -81.57%
Total Short-Term Liabilities $18.20M $25.40M $16.41M
YoY Change 10.89% 45.36% -13.16%
LONG-TERM LIABILITIES
Long-Term Debt $7.500M $11.40M $9.991M
YoY Change -24.93% 6.71% -29.14%
Other Long-Term Liabilities $7.100M $6.800M $747.0K
YoY Change 850.47% 902.95% -91.88%
Total Long-Term Liabilities $14.60M $18.20M $10.74M
YoY Change 35.97% 60.2% -53.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.20M $25.40M $16.41M
Total Long-Term Liabilities $14.60M $18.20M $10.74M
Total Liabilities $32.80M $43.51M $35.04M
YoY Change -6.4% 9.0% -16.77%
SHAREHOLDERS EQUITY
Retained Earnings -$187.2M -$187.3M
YoY Change 1.02%
Common Stock $311.2M $271.1M
YoY Change 210.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $125.4M $124.0M $83.79M
YoY Change
Total Liabilities & Shareholders Equity $158.3M $167.5M $118.8M
YoY Change 33.22% 217.01% 121.28%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$4.851M $100.0K $808.0K
YoY Change -700.37% -87.8% 6115.38%
Depreciation, Depletion And Amortization $1.020M $730.0K $660.0K
YoY Change 54.55% 5.8% 50.0%
Cash From Operating Activities -$10.27M $0.00 -$3.180M
YoY Change 222.96% -100.0% -175.89%
INVESTING ACTIVITIES
Capital Expenditures -$2.030M -$1.200M -$1.280M
YoY Change 58.59% 140.0% -80.34%
Acquisitions
YoY Change
Other Investing Activities $14.77M -$52.98M -$14.12M
YoY Change -204.6%
Cash From Investing Activities $12.74M -$54.19M -$15.39M
YoY Change -182.78% 10738.0% 136.41%
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 250.0K 39.89M 52.08M
YoY Change -99.52% -1670.47% 718.87%
NET CHANGE
Cash From Operating Activities -10.27M 0.000 -3.180M
Cash From Investing Activities 12.74M -54.19M -15.39M
Cash From Financing Activities 250.0K 39.89M 52.08M
Net Change In Cash 2.720M -14.30M 33.51M
YoY Change -91.88% 17775.0% 729.46%
FREE CASH FLOW
Cash From Operating Activities -$10.27M $0.00 -$3.180M
Capital Expenditures -$2.030M -$1.200M -$1.280M
Free Cash Flow -$8.240M $1.200M -$1.900M
YoY Change 333.68% -65.32% -117.76%

Facts In Submission

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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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AvailableForSaleSecuritiesAmortizedCost
62491000
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
100551000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
19000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
100541000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5482000
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5556000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
16696000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2310000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1237000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
425000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
208000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2914000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
923000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.84
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
36.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
51000
pi Share Based Compensation Arrangement By Share Based Payment Award Options Repurchased In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsRepurchasedInPeriod
2000
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
66000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
2.50
pi Share Based Compensation Arrangement By Share Based Payment Award Shares Repurchased In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesRepurchasedInPeriodWeightedAverageExercisePrice
3.08
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.93
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2140000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
755000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4763000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1417000
CY2017Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
957000
CY2016Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
748000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2100000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
737000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4219000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4252000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4379000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4511000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
18020000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
36118000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
304000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
1047000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
575000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
271000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
2197000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
216000
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
1981000
CY2017Q3 us-gaap Purchase Obligation
PurchaseObligation
14800000
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1041000
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4167000
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4077000
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1458000
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
10743000
CY2017Q3 pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
20900000
CY2016Q3 pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
15460000
pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
20695000
pi Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
8117000
CY2017Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
74000
CY2016Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
142000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
91000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
126000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
141000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1400000

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