$PI
IMPINJ INC

2018 Q3 Form 10-Q Financial Statement

#000156459018025418 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $34.41M $32.60M
YoY Change 5.54% 5.11%
Cost Of Revenue $17.86M $15.61M
YoY Change 14.42% 6.61%
Gross Profit $16.55M $16.99M
YoY Change -2.62% 3.77%
Gross Profit Margin 48.1% 52.13%
Selling, General & Admin $14.56M $12.83M
YoY Change 13.48% 43.51%
% of Gross Profit 87.98% 75.5%
Research & Development $8.804M $8.846M
YoY Change -0.47% 33.59%
% of Gross Profit 53.2% 52.06%
Depreciation & Amortization $1.130M $1.020M
YoY Change 10.78% 54.55%
% of Gross Profit 6.83% 6.0%
Operating Expenses $23.36M $21.68M
YoY Change 7.78% 39.29%
Operating Profit -$6.815M -$4.683M
YoY Change 45.53% -676.01%
Interest Expense $390.0K -$220.0K
YoY Change -277.27% -163.77%
% of Operating Profit
Other Income/Expense, Net $204.0K $110.0K
YoY Change 85.45% -71.05%
Pretax Income -$7.000M -$4.801M
YoY Change 45.8% -664.16%
Income Tax $70.00K $50.00K
% Of Pretax Income
Net Earnings -$7.070M -$4.851M
YoY Change 45.74% -700.37%
Net Earnings / Revenue -20.55% -14.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$330.4K -$232.8K
COMMON SHARES
Basic Shares Outstanding 20.83M
Diluted Shares Outstanding 20.83M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.70M $62.50M
YoY Change -12.48% 0.81%
Cash & Equivalents $17.59M $17.56M
Short-Term Investments $37.10M $44.90M
Other Short-Term Assets $2.000M $2.600M
YoY Change -23.08% 62.5%
Inventory $49.20M $45.80M
Prepaid Expenses
Receivables $19.60M $25.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $125.5M $136.5M
YoY Change -8.06% 34.29%
LONG-TERM ASSETS
Property, Plant & Equipment $20.60M $17.70M
YoY Change 16.38% 33.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0K $200.0K
YoY Change 1.0%
Total Long-Term Assets $24.60M $21.80M
YoY Change 12.84% 26.86%
TOTAL ASSETS
Total Short-Term Assets $125.5M $136.5M
Total Long-Term Assets $24.60M $21.80M
Total Assets $150.1M $158.3M
YoY Change -5.18% 33.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.441M $2.800M
YoY Change 22.89% -20.9%
Accrued Expenses $7.514M $9.000M
YoY Change -16.51% 107.52%
Deferred Revenue $719.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.261M $5.100M
YoY Change -16.45% 259.41%
Total Short-Term Liabilities $22.85M $18.20M
YoY Change 25.57% 10.89%
LONG-TERM LIABILITIES
Long-Term Debt $19.53M $7.500M
YoY Change 160.44% -24.93%
Other Long-Term Liabilities $738.0K $7.100M
YoY Change -89.61% 850.47%
Total Long-Term Liabilities $20.27M $14.60M
YoY Change 38.84% 35.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.85M $18.20M
Total Long-Term Liabilities $20.27M $14.60M
Total Liabilities $49.64M $32.80M
YoY Change 51.33% -6.4%
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 $100.5M $125.4M
YoY Change
Total Liabilities & Shareholders Equity $150.1M $158.3M
YoY Change -5.18% 33.22%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$7.070M -$4.851M
YoY Change 45.74% -700.37%
Depreciation, Depletion And Amortization $1.130M $1.020M
YoY Change 10.78% 54.55%
Cash From Operating Activities -$400.0K -$10.27M
YoY Change -96.11% 222.96%
INVESTING ACTIVITIES
Capital Expenditures -$1.980M -$2.030M
YoY Change -2.46% 58.59%
Acquisitions
YoY Change
Other Investing Activities $360.0K $14.77M
YoY Change -97.56% -204.6%
Cash From Investing Activities -$1.630M $12.74M
YoY Change -112.79% -182.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.110M 250.0K
YoY Change 1544.0% -99.52%
NET CHANGE
Cash From Operating Activities -400.0K -10.27M
Cash From Investing Activities -1.630M 12.74M
Cash From Financing Activities 4.110M 250.0K
Net Change In Cash 2.080M 2.720M
YoY Change -23.53% -91.88%
FREE CASH FLOW
Cash From Operating Activities -$400.0K -$10.27M
Capital Expenditures -$1.980M -$2.030M
Free Cash Flow $1.580M -$8.240M
YoY Change -119.17% 333.68%

Facts In Submission

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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 and incentives, inventory excess and obsolescence, <font style="Background-color:#FFFFFF;">recoverability of long-lived assets</font> and deferred tax assets 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>
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RevenueFromContractWithCustomerExcludingAssessedTax
34405000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32599000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88015000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98437000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3372000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
48000
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
1215000
CY2016Q4 us-gaap Deferred Revenue
DeferredRevenue
1411000
pi Deferral Of Revenue
DeferralOfRevenue
559000
pi Deferral Of Revenue
DeferralOfRevenue
959000
pi Sales Commissions Maximum Amortization Period
SalesCommissionsMaximumAmortizationPeriod
P1Y
pi Sales Contracts With Original Expected Length
SalesContractsWithOriginalExpectedLength
one year or less
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
54679000
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2018Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
54662000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
58152000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
36000
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58116000
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2519000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
14432000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
32244000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
700000
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
17.33
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2850000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2312000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
316000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1474000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
847000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1129000
CY2017Q3 us-gaap Deferred Revenue
DeferredRevenue
1241000

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