$PI
IMPINJ INC

2021 Q1 Form 10-Q Financial Statement

#000156459021021384 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $45.25M $47.82M
YoY Change -5.38% 44.64%
Cost Of Revenue $23.27M $26.43M
YoY Change -11.96% 53.74%
Gross Profit $21.98M $21.39M
YoY Change 2.74% 34.78%
Gross Profit Margin 48.58% 44.74%
Selling, General & Admin $15.80M $13.73M
YoY Change 15.07% -3.61%
% of Gross Profit 71.88% 64.18%
Research & Development $13.79M $11.06M
YoY Change 24.72% 29.16%
% of Gross Profit 62.74% 51.68%
Depreciation & Amortization $1.040M $1.168M
YoY Change -10.96% 1.13%
% of Gross Profit 4.73% 5.46%
Operating Expenses $30.85M $11.06M
YoY Change 179.04% -51.52%
Operating Profit -$8.872M $10.34M
YoY Change -185.83% -249.12%
Interest Expense -$530.0K $1.312M
YoY Change -140.4% 205.83%
% of Operating Profit 12.69%
Other Income/Expense, Net $20.00K $410.0K
YoY Change -95.12% 27.73%
Pretax Income -$9.370M -$4.300M
YoY Change 117.91% -38.92%
Income Tax $42.00K $30.00K
% Of Pretax Income
Net Earnings -$9.416M -$4.326M
YoY Change 117.66% -38.79%
Net Earnings / Revenue -20.81% -9.05%
Basic Earnings Per Share
Diluted Earnings Per Share -$398.0K -$193.2K
COMMON SHARES
Basic Shares Outstanding 23.40M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.3M $119.2M
YoY Change 0.08% 110.6%
Cash & Equivalents $49.80M $83.72M
Short-Term Investments $69.60M $35.50M
Other Short-Term Assets $2.800M $1.900M
YoY Change 47.37% 26.67%
Inventory $28.07M $31.80M
Prepaid Expenses
Receivables $23.50M $28.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $173.7M $181.0M
YoY Change -4.03% 54.29%
LONG-TERM ASSETS
Property, Plant & Equipment $34.50M $32.80M
YoY Change 5.18% 74.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.300M $600.0K
YoY Change 283.33% 109.79%
Total Long-Term Assets $40.80M $37.20M
YoY Change 9.68% -9.63%
TOTAL ASSETS
Total Short-Term Assets $173.7M $181.0M
Total Long-Term Assets $40.80M $37.20M
Total Assets $214.5M $218.2M
YoY Change -1.7% 37.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.800M $6.700M
YoY Change 31.34% 22.2%
Accrued Expenses $12.00M $12.10M
YoY Change -0.83% 337.45%
Deferred Revenue $6.209M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $84.00M
YoY Change
Total Short-Term Liabilities $112.2M $19.70M
YoY Change 469.54% -19.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $51.80M
YoY Change -100.0% 229.35%
Other Long-Term Liabilities $15.90M $18.60M
YoY Change -14.52% 6058.94%
Total Long-Term Liabilities $15.90M $70.40M
YoY Change -77.41% 339.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.2M $19.70M
Total Long-Term Liabilities $15.90M $70.40M
Total Liabilities $128.1M $90.00M
YoY Change 42.35% 44.45%
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 $86.38M $128.2M
YoY Change
Total Liabilities & Shareholders Equity $214.5M $218.2M
YoY Change -1.7% 37.69%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$9.416M -$4.326M
YoY Change 117.66% -38.79%
Depreciation, Depletion And Amortization $1.040M $1.168M
YoY Change -10.96% 1.13%
Cash From Operating Activities $9.369M $1.845M
YoY Change 407.8% -352.39%
INVESTING ACTIVITIES
Capital Expenditures $4.398M $1.112M
YoY Change 295.5% 264.59%
Acquisitions
YoY Change
Other Investing Activities $12.67M $14.18M
YoY Change -10.65% 1869.44%
Cash From Investing Activities $8.269M $13.06M
YoY Change -36.7% 3032.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.522M 1.916M
YoY Change 344.78% 32.6%
NET CHANGE
Cash From Operating Activities 9.369M 1.845M
Cash From Investing Activities 8.269M 13.06M
Cash From Financing Activities 8.522M 1.916M
Net Change In Cash 26.16M 16.82M
YoY Change 55.49% 1387.53%
FREE CASH FLOW
Cash From Operating Activities $9.369M $1.845M
Capital Expenditures $4.398M $1.112M
Free Cash Flow $4.971M $733.0K
YoY Change 578.17% -170.75%

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, estimates 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 about current and forecasted demand, which may materially impact the estimates previously listed, among others. </p>
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CY2021Q1 us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
On February 2, 2021, we executed a restructuring plan in our go-to-market organization to strategically align our global sales, product, partner development and marketing teams. As part of the plan, we expect to eliminate approximately seven full-time positions within our go-to-market organization, representing about 2% of our workforce. We incurred restructuring charges of $1.2 million for employee termination benefits as well as $50,000 in other associated costs for legal expenses for the three months ended March 31, 2021. We expect to substantially complete our restructuring plan by June 30, 2021.
CY2021Q1 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
7
CY2021Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Inception To Date Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedInceptionToDatePercent
0.02
CY2021Q1 us-gaap Restructuring And Related Activities Completion Date
RestructuringAndRelatedActivitiesCompletionDate
2021-06-30
CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1263000
CY2021Q1 pi Restructuring Cash Payments
RestructuringCashPayments
-28000
CY2021Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1235000

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