$PI
IMPINJ INC

2018 Q1 Form 10-Q Financial Statement

#000156459018011919 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $25.07M $31.73M
YoY Change -21.0%
Cost Of Revenue $13.31M $14.96M
YoY Change -11.05% 42.02%
Gross Profit $11.76M $16.77M
YoY Change -29.85% 51.09%
Gross Profit Margin 46.92% 52.85%
Selling, General & Admin $14.08M $11.42M
YoY Change 23.3% 51.66%
% of Gross Profit 119.74% 68.12%
Research & Development $8.003M $7.343M
YoY Change 8.99% 35.13%
% of Gross Profit 68.04% 43.79%
Depreciation & Amortization $1.120M $874.0K
YoY Change 28.15% 23.1%
% of Gross Profit 9.52% 5.21%
Operating Expenses $26.01M $18.77M
YoY Change 38.62% 44.73%
Operating Profit -$14.25M -$1.998M
YoY Change 613.31% 6.96%
Interest Expense $229.0K $374.0K
YoY Change -38.77% -183.11%
% of Operating Profit
Other Income/Expense, Net $90.00K $269.0K
YoY Change -66.54%
Pretax Income -$14.39M -$2.103M
YoY Change 584.31% -9.16%
Income Tax $51.00K $57.00K
% Of Pretax Income
Net Earnings -$14.44M -$2.160M
YoY Change 568.61% -7.3%
Net Earnings / Revenue -57.61% -6.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$683.4K -$106.2K
COMMON SHARES
Basic Shares Outstanding 21.32M 20.56M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.90M $83.50M
YoY Change -30.66% 464.19%
Cash & Equivalents $28.00M $7.307M
Short-Term Investments $29.90M $76.20M
Other Short-Term Assets $1.800M $2.500M
YoY Change -28.0% 19.05%
Inventory $54.70M $39.20M
Prepaid Expenses
Receivables $17.00M $21.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $131.4M $146.3M
YoY Change -10.18% 240.23%
LONG-TERM ASSETS
Property, Plant & Equipment $17.50M $17.00M
YoY Change 2.94% 33.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change
Total Long-Term Assets $21.60M $20.80M
YoY Change 3.85% 18.86%
TOTAL ASSETS
Total Short-Term Assets $131.4M $146.3M
Total Long-Term Assets $21.60M $20.80M
Total Assets $153.0M $167.1M
YoY Change -8.44% 176.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $7.400M
YoY Change -39.19% 80.49%
Accrued Expenses $10.20M $11.30M
YoY Change -9.73% 39.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $4.600M
YoY Change -82.61% -69.13%
Total Short-Term Liabilities $16.40M $24.10M
YoY Change -31.95% -12.68%
LONG-TERM LIABILITIES
Long-Term Debt $20.50M $10.10M
YoY Change 102.97% -16.53%
Other Long-Term Liabilities $7.600M $7.700M
YoY Change -1.3% -21.43%
Total Long-Term Liabilities $28.10M $17.80M
YoY Change 57.87% -18.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.40M $24.10M
Total Long-Term Liabilities $28.10M $17.80M
Total Liabilities $44.50M $41.90M
YoY Change 6.21% -15.35%
SHAREHOLDERS EQUITY
Retained Earnings -$219.0M
YoY Change
Common Stock $327.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.6M $125.2M
YoY Change
Total Liabilities & Shareholders Equity $153.0M $167.1M
YoY Change -8.41% 176.2%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$14.44M -$2.160M
YoY Change 568.61% -7.3%
Depreciation, Depletion And Amortization $1.120M $874.0K
YoY Change 28.15% 23.1%
Cash From Operating Activities -$11.54M -$16.62M
YoY Change -30.59% 669.44%
INVESTING ACTIVITIES
Capital Expenditures $698.0K $1.220M
YoY Change -42.79% 162.93%
Acquisitions
YoY Change
Other Investing Activities $8.990M -$9.430M
YoY Change -195.33%
Cash From Investing Activities $8.295M -$10.65M
YoY Change -177.89% 2215.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.147M $159.0K
YoY Change 1250.31% -98.65%
Cash From Financing Activities 11.96M 940.0K
YoY Change 1171.91% -87.18%
NET CHANGE
Cash From Operating Activities -11.54M -16.62M
Cash From Investing Activities 8.295M -10.65M
Cash From Financing Activities 11.96M 940.0K
Net Change In Cash 8.715M -26.33M
YoY Change -133.1% -659.02%
FREE CASH FLOW
Cash From Operating Activities -$11.54M -$16.62M
Capital Expenditures $698.0K $1.220M
Free Cash Flow -$12.23M -$17.84M
YoY Change -31.42% 579.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q4 us-gaap Preferred Stock Shares Outstanding
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CY2017Q4 us-gaap Preferred Stock Value
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CY2018Q1 us-gaap Preferred Stock Value
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CY2017Q1 us-gaap General And Administrative Expense
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CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2017Q1 us-gaap Interest Expense
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CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2017Q1 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Share Based Compensation
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CY2017Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2018Q1 us-gaap Amortization Of Financing Costs
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CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2018Q1 pi Increase Decrease In Deferred Rent
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CY2017Q1 pi Increase Decrease In Deferred Rent
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CY2018Q1 us-gaap Increase Decrease In Accounts Payable
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
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CY2018Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2018Q1 us-gaap Increase Decrease In Restructuring Reserve
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CY2017Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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CY2018Q1 us-gaap Repayments Of Long Term Debt
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CY2017Q1 us-gaap Repayments Of Long Term Debt
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CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2018Q1 pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
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CY2017Q1 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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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:12pt;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 sales returns, inventory excess and obsolescence, <font style="Background-color:#FFFFFF;">recoverability of long-lived assets</font> and stock-based compensation, among others. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected.</p></div>
CY2018Q1 us-gaap Revenue Recognition Sales Returns
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<div> <p style="margin-top:12pt;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;">Allowance for Sales Returns</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%;">Sales agreements do not generally provide for a right of return for refund but for certain distributors provide for a right of return in exchange for other similar products, subject to time and quantity limitations. The allowance for sales returns is our best estimate based on historical returns and currently available evidence.&#160;<font style="Background-color:#FFFFFF;">We record changes in our estimate to the allowance for sales returns through revenue and reduce the allowance when product returns are received.&#160;</font>In the fourth quarter of 2017, we reserved $3.2 million related to a partner&#8217;s request for a one-time product exchange. We completed the exchange transaction in the first quarter of 2018 and reduced the balance in the allowance for sales returns by $3.2 million<font style="Background-color:#FFFFFF;">.&#160;</font><font style="color:#000000;"> </font></p></div>
CY2018Q1 pi Sales Commissions Maximum Amortization Period
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P1Y
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CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2018Q1 us-gaap Long Term Debt
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CY2018Q1 us-gaap Restructuring And Related Activities Initiation Date
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2018-02-13
CY2018Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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0.09
CY2017Q4 us-gaap Restructuring Reserve
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0
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RestructuringReserveSettledWithoutCash2
454000
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
3638000
CY2018Q1 us-gaap Restructuring And Related Cost Expected Cost1
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200000
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q4 us-gaap Deferred Revenue
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CY2016Q4 us-gaap Deferred Revenue
DeferredRevenue
1411000
CY2018Q1 pi Deferral Of Revenue
DeferralOfRevenue
13000
CY2017Q1 pi Deferral Of Revenue
DeferralOfRevenue
245000
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
486000
CY2017Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
106000
CY2018Q1 us-gaap Deferred Revenue
DeferredRevenue
742000
CY2017Q1 us-gaap Deferred Revenue
DeferredRevenue
1550000
CY2018Q1 pi Tender Offer Expiration Date
TenderOfferExpirationDate
2018-05-16

Files In Submission

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0001564590-18-011919-index-headers.html Edgar Link pending
0001564590-18-011919-index.html Edgar Link pending
0001564590-18-011919.txt Edgar Link pending
0001564590-18-011919-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
g201805081923092092237.jpg Edgar Link pending
g201805081923124012339.jpg Edgar Link pending
pi-10q_20180331.htm Edgar Link pending
pi-20180331.xml Edgar Link completed
pi-20180331.xsd Edgar Link pending
pi-20180331_cal.xml Edgar Link unprocessable
pi-20180331_def.xml Edgar Link unprocessable
pi-20180331_lab.xml Edgar Link unprocessable
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