$PI
IMPINJ INC

2021 Q3 Form 10-Q Financial Statement

#000156459021052329 Filed on October 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $45.19M $28.20M $26.46M
YoY Change 60.28% -30.83% -30.72%
Cost Of Revenue $22.18M $14.82M $13.50M
YoY Change 49.66% -29.36% -31.73%
Gross Profit $23.01M $13.37M $12.96M
YoY Change 72.1% -32.4% -29.63%
Gross Profit Margin 50.92% 47.43% 48.99%
Selling, General & Admin $18.60M $14.49M $18.57M
YoY Change 28.34% 8.58% 36.11%
% of Gross Profit 80.81% 108.36% 143.29%
Research & Development $16.79M $11.90M $10.66M
YoY Change 41.07% 15.05% 21.51%
% of Gross Profit 72.95% 89.0% 82.25%
Depreciation & Amortization $1.095M $1.110M $1.120M
YoY Change -1.35% -9.02% -11.11%
% of Gross Profit 4.76% 8.3% 8.64%
Operating Expenses $35.39M $11.90M $29.23M
YoY Change 197.33% -49.76% 30.4%
Operating Profit -$12.37M $1.471M -$16.27M
YoY Change -941.06% -137.64% 306.75%
Interest Expense -$526.0K -$1.360M -$1.350M
YoY Change -61.32% -429.3% -420.67%
% of Operating Profit -92.45%
Other Income/Expense, Net $2.000K $50.00K $126.0K
YoY Change -96.0% -84.23% -59.22%
Pretax Income -$12.90M -$14.33M -$17.49M
YoY Change -10.01% 258.25% 325.41%
Income Tax $28.00K $20.00K $41.00K
% Of Pretax Income
Net Earnings -$12.92M -$14.35M -$17.53M
YoY Change -9.91% 251.53% 321.69%
Net Earnings / Revenue -28.6% -50.88% -66.27%
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share -$531.2K -$625.8K -$771.6K
COMMON SHARES
Basic Shares Outstanding 24.33M
Diluted Shares Outstanding 24.33M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.3M $105.1M $120.9M
YoY Change 7.84% 66.56% 102.17%
Cash & Equivalents $65.19M $40.10M $97.49M
Short-Term Investments $48.15M $65.10M $23.40M
Other Short-Term Assets $4.238M $3.300M $1.800M
YoY Change 28.42% 43.48% 20.0%
Inventory $18.43M $37.98M $37.09M
Prepaid Expenses
Receivables $27.05M $17.70M $15.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $163.1M $164.2M $175.2M
YoY Change -0.69% 29.89% 45.4%
LONG-TERM ASSETS
Property, Plant & Equipment $40.88M $30.80M $31.50M
YoY Change 32.72% 84.39% 77.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.573M $1.200M $700.0K
YoY Change 114.42% 368.75% 195.36%
Total Long-Term Assets $47.33M $35.90M $36.10M
YoY Change 31.85% -5.5% -8.98%
TOTAL ASSETS
Total Short-Term Assets $163.1M $164.2M $175.2M
Total Long-Term Assets $47.33M $35.90M $36.10M
Total Assets $210.4M $200.1M $211.3M
YoY Change 5.14% 21.71% 31.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.439M $8.600M $4.500M
YoY Change -1.87% 41.59% -16.77%
Accrued Expenses $13.91M $10.00M $19.10M
YoY Change 39.07% 267.38% 540.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $84.14M
YoY Change
Total Short-Term Liabilities $107.2M $19.60M $24.45M
YoY Change 447.02% -8.57% 20.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $53.60M $52.67M
YoY Change -100.0% 165.57% 138.04%
Other Long-Term Liabilities $13.90M $17.50M $608.0K
YoY Change -20.57% 5694.7% 101.99%
Total Long-Term Liabilities $13.90M $71.10M $53.28M
YoY Change -80.45% 247.08% 137.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.2M $19.60M $24.45M
Total Long-Term Liabilities $13.90M $71.10M $53.28M
Total Liabilities $121.1M $90.70M $77.73M
YoY Change 33.53% 46.59% 22.36%
SHAREHOLDERS EQUITY
Retained Earnings -$342.5M
YoY Change
Common Stock $431.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.28M $109.4M $116.3M
YoY Change
Total Liabilities & Shareholders Equity $210.4M $200.1M $211.3M
YoY Change 5.14% 21.71% 31.93%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$12.92M -$14.35M -$17.53M
YoY Change -9.91% 251.53% 321.69%
Depreciation, Depletion And Amortization $1.095M $1.110M $1.120M
YoY Change -1.35% -9.02% -11.11%
Cash From Operating Activities $5.426M -$16.36M $960.0K
YoY Change -133.17% 903.68% -62.65%
INVESTING ACTIVITIES
Capital Expenditures -$6.323M -$1.100M -$130.0K
YoY Change 474.82% 547.06% -73.47%
Acquisitions
YoY Change
Other Investing Activities $12.39M -$41.79M $11.99M
YoY Change -129.66% 393.39% 2250.98%
Cash From Investing Activities $6.071M -$42.90M $11.88M
YoY Change -114.15% 396.53% 118700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.518M 1.830M 930.0K
YoY Change 37.6% -63.69% 2.2%
NET CHANGE
Cash From Operating Activities 5.426M -16.36M 960.0K
Cash From Investing Activities 6.071M -42.90M 11.88M
Cash From Financing Activities 2.518M 1.830M 930.0K
Net Change In Cash 14.02M -57.43M 13.77M
YoY Change -124.4% 998.09% 294.56%
FREE CASH FLOW
Cash From Operating Activities $5.426M -$16.36M $960.0K
Capital Expenditures -$6.323M -$1.100M -$130.0K
Free Cash Flow $11.75M -$15.26M $1.090M
YoY Change -176.99% 945.21% -64.38%

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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1231000
CY2021Q3 pi Lessee Operating Lease Sublease Income Remainder Of Fiscal Year
LesseeOperatingLeaseSubleaseIncomeRemainderOfFiscalYear
359000
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeRemainderOfFiscalYear
872000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5018000
CY2021Q3 pi Lessee Operating Lease Sublease Income Due Year One
LesseeOperatingLeaseSubleaseIncomeDueYearOne
1457000
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year One
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearOne
3561000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3573000
CY2021Q3 pi Lessee Operating Lease Sublease Income Due Year Two
LesseeOperatingLeaseSubleaseIncomeDueYearTwo
123000
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Two
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearTwo
3450000
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Three
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearThree
3289000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3315000
us-gaap Net Income Loss
NetIncomeLoss
-31246000
us-gaap Net Income Loss
NetIncomeLoss
-36206000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24330000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22931000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24040000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22686000
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearFour
3315000
CY2021Q3 pi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3415000
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.63
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.30
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.60
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueAfterYearFour
3415000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19841000
CY2021Q3 pi Lessee Operating Lease Sublease Income Due
LesseeOperatingLeaseSubleaseIncomeDue
1939000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q3 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue
17902000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3008000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16833000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3990000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12843000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-12924000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-14346000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
45193000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28196000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
137709000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102475000
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6000000.0
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7088000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
764000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
956000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
1086000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
7062000
pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
637000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
982000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1213000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6700000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
411000
us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
On February 2, 2021, we restructured our go-to-market organization to strategically align our global sales, product, partner development and marketing teams. As part of the restructuring, we eliminated 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 nine months ended September 30, 2021. We substantially completed our restructuring by June 30, 2021
CY2021Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
7
CY2021Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.02
CY2021Q1 us-gaap Restructuring And Related Activities Completion Date
RestructuringAndRelatedActivitiesCompletionDate
2021-06-30
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1263000
pi Restructuring Cash Payments
RestructuringCashPayments
-1130000
CY2021Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
133000

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