$PI
IMPINJ INC

2020 Q2 Form 10-Q Financial Statement

#000156459020034365 Filed on July 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $26.46M $40.82M $38.19M
YoY Change -30.72% 17.91% 33.8%
Cost Of Revenue $13.50M $20.89M $19.77M
YoY Change -31.73% 14.09% 32.87%
Gross Profit $12.96M $19.93M $18.42M
YoY Change -29.63% 22.19% 34.82%
Gross Profit Margin 48.99% 48.82% 48.22%
Selling, General & Admin $18.57M $15.55M $13.64M
YoY Change 36.11% 15.1% 4.27%
% of Gross Profit 143.29% 78.02% 74.08%
Research & Development $10.66M $11.20M $8.773M
YoY Change 21.51% 24.44% 4.9%
% of Gross Profit 82.25% 56.2% 47.64%
Depreciation & Amortization $1.120M $1.170M $1.260M
YoY Change -11.11% 2.63% 10.53%
% of Gross Profit 8.64% 5.87% 6.84%
Operating Expenses $29.23M $26.75M $22.42M
YoY Change 30.4% 18.89% 5.39%
Operating Profit -$16.27M -$6.820M -$4.000M
YoY Change 306.75% 10.18% -47.43%
Interest Expense -$1.350M -$530.0K $421.0K
YoY Change -420.67% 23.26% 19.94%
% of Operating Profit
Other Income/Expense, Net $126.0K $300.0K $309.0K
YoY Change -59.22% 20.0% 15.73%
Pretax Income -$17.49M -$7.630M -$4.112M
YoY Change 325.41% 19.59% -46.55%
Income Tax $41.00K $50.00K $46.00K
% Of Pretax Income
Net Earnings -$17.53M -$7.680M -$4.158M
YoY Change 321.69% 28.21% -46.22%
Net Earnings / Revenue -66.27% -18.81% -10.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$771.6K -$346.4K -$191.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.9M $116.5M $59.80M
YoY Change 102.17% 107.66% 13.26%
Cash & Equivalents $97.49M $66.90M $22.15M
Short-Term Investments $23.40M $49.60M $37.60M
Other Short-Term Assets $1.800M $2.400M $1.500M
YoY Change 20.0% 20.0% 0.0%
Inventory $37.09M $34.15M $37.91M
Prepaid Expenses
Receivables $15.50M $23.74M $21.26M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $175.2M $176.8M $120.5M
YoY Change 45.4% 45.83% -5.57%
LONG-TERM ASSETS
Property, Plant & Equipment $31.50M $17.44M $17.76M
YoY Change 77.37% -11.81% 5.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $453.0K $237.0K
YoY Change 195.36% 131.12% 18.5%
Total Long-Term Assets $36.10M $38.28M $39.66M
YoY Change -8.98% 60.46% 88.87%
TOTAL ASSETS
Total Short-Term Assets $175.2M $176.8M $120.5M
Total Long-Term Assets $36.10M $38.28M $39.66M
Total Assets $211.3M $215.0M $160.2M
YoY Change 31.93% 48.24% 7.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $5.600M $5.407M
YoY Change -16.77% 20.61% 2.02%
Accrued Expenses $19.10M $3.755M $2.982M
YoY Change 540.51% 30.07% -72.13%
Deferred Revenue $551.0K $964.0K
YoY Change -15.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $1.241M
YoY Change -94.94% -46.04%
Total Short-Term Liabilities $24.45M $19.50M $20.25M
YoY Change 20.72% -15.32% 5.48%
LONG-TERM LIABILITIES
Long-Term Debt $52.67M $50.88M $22.13M
YoY Change 138.04% 188.53% 17.69%
Other Long-Term Liabilities $608.0K $314.0K $301.0K
YoY Change 101.99% 3.29% -95.7%
Total Long-Term Liabilities $53.28M $51.19M $22.43M
YoY Change 137.56% 185.39% -13.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.45M $19.50M $20.25M
Total Long-Term Liabilities $53.28M $51.19M $22.43M
Total Liabilities $77.73M $89.81M $63.52M
YoY Change 22.36% 90.33% 41.48%
SHAREHOLDERS EQUITY
Retained Earnings -$262.7M -$251.0M
YoY Change 9.59%
Common Stock $387.9M $347.6M
YoY Change 14.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $116.3M $125.2M $96.63M
YoY Change
Total Liabilities & Shareholders Equity $211.3M $215.0M $160.2M
YoY Change 31.93% 48.24% 7.78%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$17.53M -$7.680M -$4.158M
YoY Change 321.69% 28.21% -46.22%
Depreciation, Depletion And Amortization $1.120M $1.170M $1.260M
YoY Change -11.11% 2.63% 10.53%
Cash From Operating Activities $960.0K $4.500M $2.570M
YoY Change -62.65% -8.72% -153.88%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$1.460M -$490.0K
YoY Change -73.47% -56.02% 32.43%
Acquisitions
YoY Change
Other Investing Activities $11.99M -$3.430M $510.0K
YoY Change 2250.98% 161.83% -106.95%
Cash From Investing Activities $11.88M -$4.890M $10.00K
YoY Change 118700.0% 5.84% -100.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 930.0K 50.36M 910.0K
YoY Change 2.2% -13710.81% -9200.0%
NET CHANGE
Cash From Operating Activities 960.0K 4.500M 2.570M
Cash From Investing Activities 11.88M -4.890M 10.00K
Cash From Financing Activities 930.0K 50.36M 910.0K
Net Change In Cash 13.77M 49.97M 3.490M
YoY Change 294.56% -83383.33% -127.92%
FREE CASH FLOW
Cash From Operating Activities $960.0K $4.500M $2.570M
Capital Expenditures -$130.0K -$1.460M -$490.0K
Free Cash Flow $1.090M $5.960M $3.060M
YoY Change -64.38% -27.76% -169.55%

Facts In Submission

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<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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparing financial statements in conformity with GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures as of 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, sales incentives, estimated costs to complete development contracts, deferred revenue, inventory excess and obsolescence, income taxes, determination of the fair value of stock awards and 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. Covid-19 has introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others. </p>
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697000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeRemainderOfFiscalYear
1684000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4790000
CY2020Q2 pi Lessee Operating Lease Sublease Income Due Year One
LesseeOperatingLeaseSubleaseIncomeDueYearOne
1414000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year One
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearOne
3376000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4650000
CY2020Q2 pi Lessee Operating Lease Sublease Income Due Year Two
LesseeOperatingLeaseSubleaseIncomeDueYearTwo
1457000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Two
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearTwo
3193000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
471000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
378000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
204000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1044000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1101000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
371000
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.97
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26457000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38190000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74279000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
764000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
834000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
658000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71253000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-17534000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-4158000
us-gaap Net Income Loss
NetIncomeLoss
-21860000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3263000
CY2020Q2 pi Lessee Operating Lease Sublease Income Due Year Three
LesseeOperatingLeaseSubleaseIncomeDueYearThree
123000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Three
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearThree
3140000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3219000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearFour
3219000
CY2020Q2 pi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6729000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueAfterYearFour
6729000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25032000
CY2020Q2 pi Lessee Operating Lease Sublease Income Due
LesseeOperatingLeaseSubleaseIncomeDue
3691000
CY2020Q2 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue
21341000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4404000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
20628000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3546000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17082000
us-gaap Net Income Loss
NetIncomeLoss
-11226000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22716000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21709000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22564000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21626000
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.77
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
132000

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