$PI
IMPINJ INC

2019 Q1 Form 10-Q Financial Statement

#000156459019013733 Filed on April 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $33.06M $25.07M
YoY Change 31.89% -21.0%
Cost Of Revenue $17.19M $13.31M
YoY Change 29.19% -11.05%
Gross Profit $15.87M $11.76M
YoY Change 34.95% -29.85%
Gross Profit Margin 48.01% 46.92%
Selling, General & Admin $14.24M $14.08M
YoY Change 1.14% 23.3%
% of Gross Profit 89.74% 119.74%
Research & Development $8.561M $8.003M
YoY Change 6.97% 8.99%
% of Gross Profit 53.93% 68.04%
Depreciation & Amortization $1.155M $1.120M
YoY Change 3.13% 28.15%
% of Gross Profit 7.28% 9.52%
Operating Expenses $22.81M $26.01M
YoY Change -12.34% 38.62%
Operating Profit -$6.932M -$14.25M
YoY Change -51.36% 613.31%
Interest Expense $429.0K $229.0K
YoY Change 87.34% -38.77%
% of Operating Profit
Other Income/Expense, Net $321.0K $90.00K
YoY Change 256.67% -66.54%
Pretax Income -$7.040M -$14.39M
YoY Change -51.08% 584.31%
Income Tax $28.00K $51.00K
% Of Pretax Income
Net Earnings -$7.068M -$14.44M
YoY Change -51.06% 568.61%
Net Earnings / Revenue -21.38% -57.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$328.2K -$683.4K
COMMON SHARES
Basic Shares Outstanding 21.49M 21.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.60M $57.90M
YoY Change -2.25% -30.66%
Cash & Equivalents $18.66M $28.00M
Short-Term Investments $38.00M $29.90M
Other Short-Term Assets $1.500M $1.800M
YoY Change -16.67% -28.0%
Inventory $41.22M $54.70M
Prepaid Expenses
Receivables $17.96M $17.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $117.3M $131.4M
YoY Change -10.72% -10.18%
LONG-TERM ASSETS
Property, Plant & Equipment $18.76M $17.50M
YoY Change 7.21% 2.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $286.0K $200.0K
YoY Change 43.0%
Total Long-Term Assets $41.16M $21.60M
YoY Change 90.57% 3.85%
TOTAL ASSETS
Total Short-Term Assets $117.3M $131.4M
Total Long-Term Assets $41.16M $21.60M
Total Assets $158.5M $153.0M
YoY Change 3.58% -8.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.483M $4.500M
YoY Change 21.84% -39.19%
Accrued Expenses $2.766M $10.20M
YoY Change -72.88% -9.73%
Deferred Revenue $849.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.603M $800.0K
YoY Change 850.38% -82.61%
Total Short-Term Liabilities $24.50M $16.40M
YoY Change 49.4% -31.95%
LONG-TERM LIABILITIES
Long-Term Debt $15.73M $20.50M
YoY Change -23.28% 102.97%
Other Long-Term Liabilities $302.0K $7.600M
YoY Change -96.03% -1.3%
Total Long-Term Liabilities $16.03M $28.10M
YoY Change -42.95% 57.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.50M $16.40M
Total Long-Term Liabilities $16.03M $28.10M
Total Liabilities $62.31M $44.50M
YoY Change 40.01% 6.21%
SHAREHOLDERS EQUITY
Retained Earnings -$246.8M -$219.0M
YoY Change 12.72%
Common Stock $343.0M $327.6M
YoY Change 4.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.17M $108.6M
YoY Change
Total Liabilities & Shareholders Equity $158.5M $153.0M
YoY Change 3.55% -8.41%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$7.068M -$14.44M
YoY Change -51.06% 568.61%
Depreciation, Depletion And Amortization $1.155M $1.120M
YoY Change 3.13% 28.15%
Cash From Operating Activities -$731.0K -$11.54M
YoY Change -93.66% -30.59%
INVESTING ACTIVITIES
Capital Expenditures $305.0K $698.0K
YoY Change -56.3% -42.79%
Acquisitions
YoY Change
Other Investing Activities $720.0K $8.990M
YoY Change -91.99% -195.33%
Cash From Investing Activities $417.0K $8.295M
YoY Change -94.97% -177.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $250.0K $2.147M
YoY Change -88.36% 1250.31%
Cash From Financing Activities 1.445M 11.96M
YoY Change -87.91% 1171.91%
NET CHANGE
Cash From Operating Activities -731.0K -11.54M
Cash From Investing Activities 417.0K 8.295M
Cash From Financing Activities 1.445M 11.96M
Net Change In Cash 1.131M 8.715M
YoY Change -87.02% -133.1%
FREE CASH FLOW
Cash From Operating Activities -$731.0K -$11.54M
Capital Expenditures $305.0K $698.0K
Free Cash Flow -$1.036M -$12.23M
YoY Change -91.53% -31.42%

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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
178000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3454000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1066000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3477000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2065000
CY2019Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
15100000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5750000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7667000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7667000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2333000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
23417000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1046000
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
18000
CY2019Q1 pi Variable Sublease Income
VariableSubleaseIncome
139000
CY2019Q1 pi Operating Lease Costs Net Of Sublease Income
OperatingLeaseCostsNetOfSubleaseIncome
998000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
115000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
18000
CY2018Q1 us-gaap Restructuring And Related Activities Initiation Date
RestructuringAndRelatedActivitiesInitiationDate
2018-02-13
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.097
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue
25622000
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
411000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
270000
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
681000
CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
47000
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
634000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3573000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3340000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3305000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3193000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3140000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
9947000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
26498000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
575000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
270000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
845000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
64000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
781000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3465000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4755000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4790000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4650000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3263000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
9948000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
30871000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6285000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24586000
CY2019Q1 pi Lessee Operating Lease Sublease Income Remainder Of Fiscal Year
LesseeOperatingLeaseSubleaseIncomeRemainderOfFiscalYear
882000
CY2019Q1 pi Lessee Operating Lease Sublease Income Due Year Two
LesseeOperatingLeaseSubleaseIncomeDueYearTwo
1373000
CY2019Q1 pi Lessee Operating Lease Sublease Income Due Year Three
LesseeOperatingLeaseSubleaseIncomeDueYearThree
1414000
CY2019Q1 pi Lessee Operating Lease Sublease Income Due Year Four
LesseeOperatingLeaseSubleaseIncomeDueYearFour
1457000
CY2019Q1 pi Lessee Operating Lease Sublease Income Due Year Five
LesseeOperatingLeaseSubleaseIncomeDueYearFive
123000
CY2019Q1 pi Lessee Operating Lease Sublease Income Due
LesseeOperatingLeaseSubleaseIncomeDue
5249000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeRemainderOfFiscalYear
2583000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Two
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearTwo
3382000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Three
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearThree
3376000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearFour
3193000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Five
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearFive
3140000
CY2019Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueAfterYearFive
9948000
CY2018Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
523000
CY2018Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
258000
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
1069000
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
94000
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33063000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25068000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
834000
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1215000
CY2019Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
236000
CY2018Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
13000
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
69000
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
486000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1001000
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
742000

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