$PI
IMPINJ INC

2022 Q1 Form 10-Q Financial Statement

#000156459022016077 Filed on April 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $53.14M $45.25M
YoY Change 17.45% -5.38%
Cost Of Revenue $24.37M $23.27M
YoY Change 4.72% -11.96%
Gross Profit $28.78M $21.98M
YoY Change 30.93% 2.74%
Gross Profit Margin 54.15% 48.58%
Selling, General & Admin $20.11M $15.80M
YoY Change 27.25% 15.07%
% of Gross Profit 69.86% 71.88%
Research & Development $17.99M $13.79M
YoY Change 30.45% 24.72%
% of Gross Profit 62.51% 62.74%
Depreciation & Amortization $1.508M $1.040M
YoY Change 45.0% -10.96%
% of Gross Profit 5.24% 4.73%
Operating Expenses $38.09M $30.85M
YoY Change 23.47% 179.04%
Operating Profit -$9.315M -$8.872M
YoY Change 4.99% -185.83%
Interest Expense -$1.261M -$530.0K
YoY Change 137.92% -140.4%
% of Operating Profit
Other Income/Expense, Net $164.0K $20.00K
YoY Change 720.0% -95.12%
Pretax Income -$10.41M -$9.370M
YoY Change 11.12% 117.91%
Income Tax $49.00K $42.00K
% Of Pretax Income
Net Earnings -$10.46M -$9.416M
YoY Change 11.1% 117.66%
Net Earnings / Revenue -19.68% -20.81%
Basic Earnings Per Share -$0.42
Diluted Earnings Per Share -$418.8K -$398.0K
COMMON SHARES
Basic Shares Outstanding 24.98M 23.40M
Diluted Shares Outstanding 24.98M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.3M $119.3M
YoY Change 38.53% 0.08%
Cash & Equivalents $63.54M $49.80M
Short-Term Investments $101.7M $69.60M
Other Short-Term Assets $7.195M $2.800M
YoY Change 156.96% 47.37%
Inventory $31.56M $28.07M
Prepaid Expenses
Receivables $38.53M $23.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $242.6M $173.7M
YoY Change 39.64% -4.03%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00M $34.50M
YoY Change 15.93% 5.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $28.14M
YoY Change
Other Assets $2.365M $2.300M
YoY Change 2.83% 283.33%
Total Long-Term Assets $74.39M $40.80M
YoY Change 82.32% 9.68%
TOTAL ASSETS
Total Short-Term Assets $242.6M $173.7M
Total Long-Term Assets $74.39M $40.80M
Total Assets $316.9M $214.5M
YoY Change 47.76% -1.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.103M $8.800M
YoY Change 3.44% 31.34%
Accrued Expenses $12.44M $12.00M
YoY Change 3.63% -0.83%
Deferred Revenue $6.209M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.643M $84.00M
YoY Change -88.52%
Total Short-Term Liabilities $32.64M $112.2M
YoY Change -70.91% 469.54%
LONG-TERM LIABILITIES
Long-Term Debt $279.1M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $11.54M $15.90M
YoY Change -27.45% -14.52%
Total Long-Term Liabilities $290.6M $15.90M
YoY Change 1727.6% -77.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.64M $112.2M
Total Long-Term Liabilities $290.6M $15.90M
Total Liabilities $323.2M $128.1M
YoY Change 152.29% 42.35%
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 -$6.289M $86.38M
YoY Change
Total Liabilities & Shareholders Equity $316.9M $214.5M
YoY Change 47.76% -1.7%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$10.46M -$9.416M
YoY Change 11.1% 117.66%
Depreciation, Depletion And Amortization $1.508M $1.040M
YoY Change 45.0% -10.96%
Cash From Operating Activities -$14.84M $9.369M
YoY Change -258.35% 407.8%
INVESTING ACTIVITIES
Capital Expenditures -$3.050M $4.398M
YoY Change -169.35% 295.5%
Acquisitions
YoY Change
Other Investing Activities -$47.09M $12.67M
YoY Change -471.63% -10.65%
Cash From Investing Activities -$50.14M $8.269M
YoY Change -706.3% -36.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.611M 8.522M
YoY Change -45.89% 344.78%
NET CHANGE
Cash From Operating Activities -14.84M 9.369M
Cash From Investing Activities -50.14M 8.269M
Cash From Financing Activities 4.611M 8.522M
Net Change In Cash -60.36M 26.16M
YoY Change -330.73% 55.49%
FREE CASH FLOW
Cash From Operating Activities -$14.84M $9.369M
Capital Expenditures -$3.050M $4.398M
Free Cash Flow -$11.79M $4.971M
YoY Change -337.1% 578.17%

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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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3219000
CY2022Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Two
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearTwo
3219000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3315000
CY2022Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Three
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearThree
3315000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3414000
CY2022Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueYearFour
3414000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17239000
CY2022Q1 pi Lessee Operating Lease Sublease Income Due
LesseeOperatingLeaseSubleaseIncomeDue
1221000
CY2022Q1 pi Lessee Operating Lease Liability Payments Net Of Sublease Income Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue
16018000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2170000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15069000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3967000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11102000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-10461000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-9416000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24980000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23671000
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53144000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
45248000
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6000000.0
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
139000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
638000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
794000
CY2022Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
572000
CY2022Q1 pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
139000
CY2021Q1 pi Contract With Customer Liability Revenue Recognition Of Deferred Revenue
ContractWithCustomerLiabilityRevenueRecognitionOfDeferredRevenue
638000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1227000
CY2022Q1 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 $1.7 million for employee termination benefits as well as $50,000 in other associated costs for legal expenses for the year ended December 31, 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
CY2021 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1721000
CY2021 pi Restructuring Cash Payments
RestructuringCashPayments
-1130000
CY2022Q1 pi Restructuring Cash Payments
RestructuringCashPayments
-37000
CY2022Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
554000

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