$PI
IMPINJ INC

2018 Q2 Form 10-Q Financial Statement

#000156459018023035 Filed on September 12, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $28.54M $34.11M
YoY Change -16.33% 31.26%
Cost Of Revenue $14.88M $15.94M
YoY Change -6.64% 27864.91%
Gross Profit $13.66M $18.17M
YoY Change -24.83% -29.93%
Gross Profit Margin 47.86% 53.27%
Selling, General & Admin $13.08M $11.87M
YoY Change 10.26% 55.31%
% of Gross Profit 95.78% 65.3%
Research & Development $8.363M $7.119M
YoY Change 17.47% 24.24%
% of Gross Profit 61.22% 39.18%
Depreciation & Amortization $1.140M $980.0K
YoY Change 16.33% 27.27%
% of Gross Profit 8.35% 5.39%
Operating Expenses $21.27M $18.99M
YoY Change 12.03% 42.0%
Operating Profit -$7.609M -$814.0K
YoY Change 834.77% -106.48%
Interest Expense $351.0K $307.0K
YoY Change 14.33% -37.35%
% of Operating Profit
Other Income/Expense, Net $267.0K $189.0K
YoY Change 41.27% 250.0%
Pretax Income -$7.693M -$932.0K
YoY Change 725.43% 335.51%
Income Tax $39.00K $45.00K
% Of Pretax Income
Net Earnings -$7.732M -$977.0K
YoY Change 691.4% 284.65%
Net Earnings / Revenue -27.09% -2.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$362.4K -$47.48K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.80M $74.50M
YoY Change -29.13% 417.36%
Cash & Equivalents $15.50M $14.83M
Short-Term Investments $37.30M $59.70M
Other Short-Term Assets $1.500M $2.300M
YoY Change -34.78% 109.09%
Inventory $53.30M $43.40M
Prepaid Expenses
Receivables $20.00M $25.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $127.6M $145.7M
YoY Change -12.42% 188.94%
LONG-TERM ASSETS
Property, Plant & Equipment $16.90M $17.90M
YoY Change -5.59% 41.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change
Total Long-Term Assets $21.00M $21.81M
YoY Change -3.72% 20.98%
TOTAL ASSETS
Total Short-Term Assets $127.6M $145.7M
Total Long-Term Assets $21.00M $21.81M
Total Assets $148.6M $167.5M
YoY Change -11.29% 144.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.300M $5.920M
YoY Change -10.47% -20.78%
Accrued Expenses $10.70M $6.927M
YoY Change 54.47% 63.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $4.078M
YoY Change -43.6% -69.02%
Total Short-Term Liabilities $19.20M $24.58M
YoY Change -21.88% -19.46%
LONG-TERM LIABILITIES
Long-Term Debt $18.80M $7.547M
YoY Change 149.11% -49.8%
Other Long-Term Liabilities $7.000M $814.0K
YoY Change 759.95% 12.43%
Total Long-Term Liabilities $25.80M $8.361M
YoY Change 208.58% -46.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.20M $24.58M
Total Long-Term Liabilities $25.80M $8.361M
Total Liabilities $44.90M $41.03M
YoY Change 9.44% -11.34%
SHAREHOLDERS EQUITY
Retained Earnings -$190.3M
YoY Change 1.3%
Common Stock $316.9M
YoY Change 231.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.7M $126.5M
YoY Change
Total Liabilities & Shareholders Equity $148.6M $167.5M
YoY Change -11.29% 144.7%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$7.732M -$977.0K
YoY Change 691.4% 284.65%
Depreciation, Depletion And Amortization $1.140M $980.0K
YoY Change 16.33% 27.27%
Cash From Operating Activities -$4.770M -$6.160M
YoY Change -22.56% 48.08%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$2.910M
YoY Change -87.29% 393.22%
Acquisitions
YoY Change
Other Investing Activities -$7.340M $16.50M
YoY Change -144.48%
Cash From Investing Activities -$7.720M $13.59M
YoY Change -156.81% -2403.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 100.0K
YoY Change -110.0% -97.7%
NET CHANGE
Cash From Operating Activities -4.770M -6.160M
Cash From Investing Activities -7.720M 13.59M
Cash From Financing Activities -10.00K 100.0K
Net Change In Cash -12.50M 7.530M
YoY Change -266.0% -1982.5%
FREE CASH FLOW
Cash From Operating Activities -$4.770M -$6.160M
Capital Expenditures -$370.0K -$2.910M
Free Cash Flow -$4.400M -$3.250M
YoY Change 35.38% -8.96%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q4 us-gaap Long Term Debt Current
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CY2017Q4 us-gaap Capital Lease Obligations Current
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CY2017Q4 us-gaap Deferred Rent Credit Current
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CY2017Q4 us-gaap Deferred Revenue Current
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CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2017Q4 us-gaap Long Term Debt Noncurrent
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CY2017Q4 us-gaap Capital Lease Obligations Noncurrent
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CY2017Q4 us-gaap Other Liabilities Noncurrent
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CY2018Q2 us-gaap Restructuring Reserve Noncurrent
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685000
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q4 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2017Q4 us-gaap Common Stock Shares Authorized
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CY2017Q4 us-gaap Common Stock Shares Issued
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CY2017Q4 us-gaap Common Stock Shares Outstanding
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q2 us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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CY2017Q2 us-gaap Gross Profit
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us-gaap Gross Profit
GrossProfit
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CY2018Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2018Q2 us-gaap Operating Expenses
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CY2017Q2 us-gaap Operating Expenses
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CY2018Q2 us-gaap Operating Income Loss
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CY2017Q2 us-gaap Operating Income Loss
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CY2018Q2 us-gaap Interest Expense
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CY2017Q2 us-gaap Interest Expense
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CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Depreciation
Depreciation
2258000
us-gaap Depreciation
Depreciation
1847000
us-gaap Share Based Compensation
ShareBasedCompensation
4678000
us-gaap Share Based Compensation
ShareBasedCompensation
2623000
us-gaap Restructuring Costs
RestructuringCosts
-454000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
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143000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-105000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
39000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2228000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8042000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6195000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
15685000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-864000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-724000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-487000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
196000
pi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-87000
pi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-34000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
691000
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
2275000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16312000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Investments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4131000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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2938000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
557000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2147000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
688000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
12379000
pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan
2203000
pi Proceeds From Exercise Of Stock Options And Employee Stock Purchase Plan
ProceedsFromExerciseOfStockOptionsAndEmployeeStockPurchasePlan
2933000
pi Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
650000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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-3785000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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33636000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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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>
us-gaap Revenue Recognition Sales Returns
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CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
58116000
CY2018Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3345000
pi Sales Commissions Maximum Amortization Period
SalesCommissionsMaximumAmortizationPeriod
P1Y
pi Sales Contracts With Original Expected Length
SalesContractsWithOriginalExpectedLength
one year or less
CY2018Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
52843000
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
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CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2018Q2 us-gaap Inventory Work In Process Net Of Reserves
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InventoryFinishedGoodsNetOfReserves
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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1385000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2018Q2 us-gaap Allocated Share Based Compensation Expense
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CY2017Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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pi Sub Lease Agreement Effective Date
SubLeaseAgreementEffectiveDate
2018-07-01
pi Sub Lease Expiration Period
SubLeaseExpirationPeriod
2023-01
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
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CY2018Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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us-gaap Payments For Restructuring
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us-gaap Restructuring Reserve Settled Without Cash2
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CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
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pi Deferral Of Revenue
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pi Deferral Of Revenue
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us-gaap Deferred Revenue Revenue Recognized1
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us-gaap Deferred Revenue Revenue Recognized1
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CY2018Q2 us-gaap Deferred Revenue
DeferredRevenue
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CY2017Q2 us-gaap Deferred Revenue
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