Impinj, Inc. (NASDAQ:PI), a leading provider and pioneer of
RAIN RFID solutions for identifying, locating and authenticating
everyday items, today announced its financial results for the
fourth quarter and full year ended Dec. 31, 2016.
“The fourth quarter was a strong close to a landmark and
transformational year for Impinj. During the year, our continued
execution of our strategy and the dedication of the entire Impinj
team resulted in 43% revenue growth, approximately 70% endpoint IC
volume growth and improved margin,” said Chris Diorio, Impinj
co-founder and CEO. “We raised a total of approximately $107
million in net proceeds in two successful equity offerings,
expanding our available capital to continue investing in the
massive market opportunity and enhance our leading market
position.”
Fourth Quarter 2016 Financial Summary
- Revenue grew 49% year-over-year to $33.7 million
- GAAP gross margin of 54.6%; non-GAAP gross margin of 55.6%
- GAAP net income and net income attributable to common
stockholders of $0.1 million, or income of $0.01 per diluted share
using 20.7 million shares
- Adjusted EBITDA of $2.4 million
- Non-GAAP net income of $2.2 million, or income of $0.11 per
diluted share using 20.7 million shares
Full Year 2016 Financial Summary
- Revenue grew 43% year-over-year to $112.3 million
- GAAP gross margin of 52.9%; non-GAAP gross margin of 53.9%
- GAAP net loss of $1.7 million; GAAP net loss attributable to
common stockholders of $7.9 million or a loss of $0.74 per diluted
share using 10.8 million shares
- Adjusted EBITDA of $5.1 million
- Non-GAAP net income of $3.7 million, or income of $0.22 per
diluted share using 16.8 million shares
A reconciliation between historical GAAP and non-GAAP
information, including weighted average basic and diluted shares,
is contained in the tables below. Additionally, descriptions of
these non-GAAP financial measures are provided in the "Non-GAAP
Financial Measures" section below.
First Quarter 2017 Financial Outlook
Impinj provides guidance based on current market conditions and
expectations; actual results may differ materially. Please refer to
the comments below regarding forward-looking statements. For the
first quarter of 2017, Impinj currently expects:
- Revenue in the range of $30.0 million to $31.5 million
- Adjusted EBITDA in the range of a loss of $1.0 million to
income of $0.5 million
- Non-GAAP earnings in the range of a loss of $1.25 million to
income of $0.25 million, and non-GAAP diluted earnings per share in
the range of a loss of $0.06 and income of $0.01 with an expected
share count in the range of 21.0 million to 22.0 million
shares
All forward-looking non-GAAP financial measures in this section
titled "First Quarter 2017 Financial Outlook" exclude non-cash
income and expenses. Impinj has not reconciled guidance for these
non-GAAP measures to their most directly comparable GAAP measures
because some items that impact these measures are either not within
our control or not reasonably predictable, at least not without
unreasonable effort.
Conference Call Information
Impinj will host a conference call and webcast today, Feb. 16,
2017 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to
discuss the company’s fourth quarter and full year 2016 results as
well as its outlook for its first quarter of 2017. Open to the
public, investors may access the call by dialing +1-412-317-6060. A
live webcast of the conference call will also be accessible on the
company's website at investor.impinj.com. Following the webcast, an
archived version will be available on the website for one year. A
telephonic replay of the call will be available one hour after the
call and will run for five business days and may be accessed by
dialing +1-412-317-0088 and entering passcode 10098908.
Management’s prepared written remarks, along with quarterly
financial data for the last eight quarters, will be made available
on the company’s website at investor.impinj.com commensurate
with this release. Management encourages interested parties to
review the prepared remarks before the conference call and submit
questions via email to ir@impinj.com. Questions received prior to
the call will be considered for discussion on the live conference
call.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements regarding the market for RAIN RFID,
our strategy, prospects, and our financial outlook for the first
quarter of 2017. Forward-looking statements are subject to known
and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Actual results may differ materially from the results
predicted, and reported results should not be considered as an
indication of future performance. The potential risks and
uncertainties that could cause actual results to differ from the
results predicted include, among others, those risks and
uncertainties included under the caption "Risk Factors" and
elsewhere in our filings with the U.S. Securities and Exchange
Commission, including, but not limited to, the Form 10-Q filed with
the SEC on November 15, 2016. All information provided in this
release and in the attachments is as of the date hereof, and we
undertake no duty to update this information unless required by
law.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which we have prepared and presented in accordance with Generally
Accepted Accounting Principles in the United States of America
(GAAP), we use the following non-GAAP financial measures: non-GAAP
gross margin, net income and earnings per share and Adjusted
EBITDA. In computing these non-GAAP financial measures, we exclude
the effects of stock-based compensation expense, depreciation and
amortization, non-cash interest and other income/expense, and
non-cash income tax expense not considered to be indicative of our
ongoing core business operating results. The presentation of this
non-GAAP financial information is not intended to be considered in
isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. We believe these non-GAAP financial
measures provide meaningful supplemental information regarding our
performance and liquidity by excluding certain income, expenses and
expenditures that may not be indicative of our ongoing core
business operating results. We believe that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing our performance. Our presentation of these
non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for our financial results prepared in
accordance with GAAP, and our non-GAAP measures may be different
from non-GAAP measures used by other companies.
For a reconciliation of these non-GAAP financial measures to
GAAP measures, please see the tables captioned "Reconciliations of
GAAP Financial Measures to Non-GAAP Financial Measures" included at
the end of this release.
About Impinj
Impinj (NASDAQ:PI) is a leading provider of RAIN RFID solutions.
The Impinj Platform connects billions of everyday items such as
apparel, medical supplies, automobile parts, drivers’ licenses,
food and luggage to applications such as inventory management,
patient safety, asset tracking and item authentication, delivering
real-time information to businesses about items they create,
manage, transport and sell. The Impinj Platform wirelessly delivers
information about these items’ unique identity, location and
authenticity, or Item Intelligence™, to the digital world, which
Impinj believes is the essence of the Internet of Things.
IMPINJ, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands,
except par value, unaudited) |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Assets: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
33,636 |
|
|
$ |
10,121 |
|
Short-term investments |
|
|
66,905 |
|
|
|
— |
|
Accounts
receivable, net |
|
|
17,447 |
|
|
|
12,889 |
|
Inventory |
|
|
27,734 |
|
|
|
11,837 |
|
Prepaid
expenses and other current assets |
|
|
3,004 |
|
|
|
1,095 |
|
Total
current assets |
|
|
148,726 |
|
|
|
35,942 |
|
Property
and equipment, net |
|
|
14,929 |
|
|
|
12,351 |
|
Other
non-current assets |
|
|
— |
|
|
|
637 |
|
Goodwill |
|
|
3,881 |
|
|
|
3,881 |
|
Other
intangible assets, net |
|
|
— |
|
|
|
37 |
|
Total
assets |
|
$ |
167,536 |
|
|
$ |
52,848 |
|
Liabilities,
redeemable convertible preferred stock and stockholders' equity
(deficit): |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
7,166 |
|
|
$ |
3,182 |
|
Accrued
compensation and employee related benefits |
|
|
7,647 |
|
|
|
4,038 |
|
Accrued
liabilities |
|
|
6,098 |
|
|
|
2,895 |
|
Current
portion of long-term debt |
|
|
2,589 |
|
|
|
5,227 |
|
Current
portion of capital lease obligations |
|
|
1,130 |
|
|
|
1,190 |
|
Current
portion of deferred rent |
|
|
306 |
|
|
|
258 |
|
Current
portion of deferred revenue |
|
|
445 |
|
|
|
684 |
|
Total
current liabilities |
|
|
25,381 |
|
|
|
17,474 |
|
Long-term
debt, net of current portion |
|
|
9,676 |
|
|
|
10,683 |
|
Capital
lease obligations, net of current portion |
|
|
1,698 |
|
|
|
2,526 |
|
Long-term
liabilities—other |
|
|
770 |
|
|
|
678 |
|
Warrant
liability |
|
|
— |
|
|
|
2,865 |
|
Deferred
rent, net of current portion |
|
|
5,022 |
|
|
|
4,984 |
|
Deferred
revenue, net of current portion |
|
|
966 |
|
|
|
710 |
|
Total
liabilities |
|
|
43,513 |
|
|
|
39,920 |
|
Commitment and
contingencies |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.001 par value |
|
|
|
|
|
|
|
|
Series 1:
none authorized and issued at December 31, 2016; 5,334 shares
authorized, issued and outstanding at December 31, 2015 |
|
|
— |
|
|
|
60,184 |
|
Series 2:
none authorized and issued at December 31, 2016; 2,979 shares
authorized and 2,557 shares issued and outstanding at December 31,
2015 |
|
|
— |
|
|
|
37,779 |
|
Total
redeemable convertible preferred stock |
|
|
— |
|
|
|
97,963 |
|
Stockholders'
equity (deficit): |
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value — 5,000 shares authorized; no shares issued
and outstanding at December 31, 2016; no shares authorized, issued
and outstanding at December 31, 2015 |
|
|
— |
|
|
|
— |
|
Common
stock, $0.001 par value, 495,000 shares authorized; 20,336 and
4,382 shares issued and outstanding at December 31, 2016 and
December 31, 2015, respectively |
|
|
20 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
311,216 |
|
|
|
100,276 |
|
Accumulated other comprehensive income (loss) |
|
|
(10 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(187,203 |
) |
|
|
(185,315 |
) |
Total
stockholders' equity (deficit) |
|
|
124,023 |
|
|
|
(85,035 |
) |
Total
liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit) |
|
$ |
167,536 |
|
|
$ |
52,848 |
|
IMPINJ, INC.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data, unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue |
|
$ |
33,467 |
|
|
$ |
22,224 |
|
|
$ |
111,769 |
|
|
$ |
77,389 |
|
Development, service and licensing revenue |
|
|
188 |
|
|
|
403 |
|
|
|
518 |
|
|
|
1,090 |
|
Total
revenue |
|
|
33,655 |
|
|
|
22,627 |
|
|
|
112,287 |
|
|
|
78,479 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
product revenue |
|
|
15,206 |
|
|
|
10,471 |
|
|
|
52,614 |
|
|
|
37,360 |
|
Cost of
development, service and licensing revenue |
|
|
61 |
|
|
|
117 |
|
|
|
220 |
|
|
|
273 |
|
Total
cost of revenue |
|
|
15,267 |
|
|
|
10,588 |
|
|
|
52,834 |
|
|
|
37,633 |
|
Gross profit |
|
|
18,388 |
|
|
|
12,039 |
|
|
|
59,453 |
|
|
|
40,846 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
7,403 |
|
|
|
5,091 |
|
|
|
25,185 |
|
|
|
17,579 |
|
Sales and
marketing |
|
|
6,428 |
|
|
|
4,428 |
|
|
|
22,330 |
|
|
|
14,579 |
|
General
and administrative |
|
|
4,212 |
|
|
|
1,998 |
|
|
|
12,426 |
|
|
|
7,087 |
|
Total
operating expenses |
|
|
18,043 |
|
|
|
11,517 |
|
|
|
59,941 |
|
|
|
39,245 |
|
Income (loss) from
operations |
|
|
345 |
|
|
|
522 |
|
|
|
(488 |
) |
|
|
1,601 |
|
Interest income
(expense) and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(311 |
) |
|
|
(466 |
) |
|
|
(1,633 |
) |
|
|
(1,208 |
) |
Interest
income and other income (expense), net |
|
|
139 |
|
|
|
850 |
|
|
|
616 |
|
|
|
673 |
|
Total
interest income (expense) and other income (expense), net |
|
|
(172 |
) |
|
|
384 |
|
|
|
(1,017 |
) |
|
|
(535 |
) |
Income (loss) before
tax expense |
|
|
173 |
|
|
|
906 |
|
|
|
(1,505 |
) |
|
|
1,066 |
|
Income tax expense |
|
|
(70 |
) |
|
|
(88 |
) |
|
|
(168 |
) |
|
|
(166 |
) |
Net income (loss) |
|
$ |
103 |
|
|
$ |
818 |
|
|
$ |
(1,673 |
) |
|
$ |
900 |
|
Less:
Accretion of preferred stock |
|
|
— |
|
|
|
(2,825 |
) |
|
|
(6,258 |
) |
|
|
(11,301 |
) |
Net income (loss)
attributable to common stockholders |
|
$ |
103 |
|
|
$ |
(2,007 |
) |
|
$ |
(7,931 |
) |
|
$ |
(10,401 |
) |
Net income (loss) per
share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.49 |
) |
|
$ |
(0.74 |
) |
|
$ |
(2.67 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.49 |
) |
|
$ |
(0.74 |
) |
|
$ |
(2.67 |
) |
Weighted-average shares
used to compute net income (loss) per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,078 |
|
|
|
4,127 |
|
|
|
10,778 |
|
|
|
3,893 |
|
Diluted |
|
|
20,667 |
|
|
|
4,127 |
|
|
|
10,778 |
|
|
|
3,893 |
|
IMPINJ, INC.CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)(in thousands, unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net income (loss) |
|
$ |
103 |
|
|
$ |
818 |
|
|
$ |
(1,673 |
) |
|
$ |
900 |
|
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on investments |
|
|
(17 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
Foreign
currency translation |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
Total other
comprehensive income (loss) |
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
Comprehensive income
(loss) |
|
$ |
93 |
|
|
$ |
818 |
|
|
$ |
(1,683 |
) |
|
$ |
900 |
|
IMPINJ, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands, unaudited) |
|
|
|
|
|
|
Year Ended |
|
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Operating
activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(1,673 |
) |
|
$ |
900 |
|
Adjustment to reconcile
net income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,869 |
|
|
|
1,972 |
|
Amortization and write-off of debt issuance costs |
|
|
239 |
|
|
|
152 |
|
Amortization of premium on short-term investments |
|
|
31 |
|
|
|
— |
|
Revaluation of warrant liability |
|
|
(559 |
) |
|
|
(703 |
) |
Stock-based compensation |
|
|
2,765 |
|
|
|
1,178 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(4,515 |
) |
|
|
(3,327 |
) |
Inventory |
|
|
(15,897 |
) |
|
|
(2,783 |
) |
Prepaid
expenses and other assets |
|
|
(1,759 |
) |
|
|
(360 |
) |
Deferred
revenue |
|
|
17 |
|
|
|
(466 |
) |
Deferred
rent |
|
|
86 |
|
|
|
4,601 |
|
Accounts
payable |
|
|
3,883 |
|
|
|
754 |
|
Accrued
compensation and benefits |
|
|
3,462 |
|
|
|
1,356 |
|
Accrued
liabilities |
|
|
1,554 |
|
|
|
182 |
|
Net cash
provided by (used in) operating activities |
|
|
(9,497 |
) |
|
|
3,456 |
|
Investing
activities: |
|
|
|
|
|
|
|
|
Purchases of
investments |
|
|
(67,103 |
) |
|
|
— |
|
Purchases of property
and equipment |
|
|
(3,530 |
) |
|
|
(7,450 |
) |
Net cash
used in investing activities |
|
|
(70,633 |
) |
|
|
(7,450 |
) |
Financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from public
offerings, net of offering costs |
|
|
108,096 |
|
|
|
— |
|
Payments on capital
lease financing obligations |
|
|
(1,229 |
) |
|
|
(824 |
) |
Payments on term
loans |
|
|
(65,320 |
) |
|
|
(6,115 |
) |
Proceeds from term
loans |
|
|
61,436 |
|
|
|
13,899 |
|
Proceeds from exercise
of stock options |
|
|
600 |
|
|
|
538 |
|
Proceeds from exercise
of warrants |
|
|
62 |
|
|
|
— |
|
Payments of deferred
offering costs |
|
|
— |
|
|
|
(322 |
) |
Net cash
provided by (used in) financing activities |
|
|
103,645 |
|
|
|
7,176 |
|
Net increase (decrease)
in cash and cash equivalents |
|
|
23,515 |
|
|
|
3,182 |
|
Cash and cash
equivalents |
|
|
|
|
|
|
|
|
Beginning of
period |
|
|
10,121 |
|
|
|
6,939 |
|
End of period |
|
$ |
33,636 |
|
|
$ |
10,121 |
|
IMPINJ, INC.RECONCILIATIONS
OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(in thousands, except percentages,
unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Gross profit |
|
$ |
18,388 |
|
|
$ |
12,039 |
|
|
$ |
59,453 |
|
|
$ |
40,846 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
281 |
|
|
265 |
|
|
|
1,059 |
|
|
952 |
|
Stock-based compensation |
|
57 |
|
|
5 |
|
|
96 |
|
|
31 |
|
Non-GAAP Gross
profit |
|
$ |
18,726 |
|
|
$ |
12,309 |
|
|
$ |
60,608 |
|
|
$ |
41,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross margin |
|
|
54.6 |
% |
|
|
53.2 |
% |
|
|
52.9 |
% |
|
|
52.0 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
0.8 |
% |
|
|
1.2 |
% |
|
|
0.9 |
% |
|
|
1.2 |
% |
Stock-based compensation |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
Non-GAAP Gross
margin |
|
|
55.6 |
% |
|
|
54.4 |
% |
|
|
53.9 |
% |
|
|
53.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expense |
|
$ |
7,403 |
|
|
$ |
5,091 |
|
|
$ |
25,185 |
|
|
$ |
17,579 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(285 |
) |
|
|
(250 |
) |
|
|
(1,126 |
) |
|
|
(574 |
) |
Stock-based compensation |
|
|
(567 |
) |
|
|
(64 |
) |
|
|
(983 |
) |
|
|
(305 |
) |
Non-GAAP Research and
development expense |
|
$ |
6,551 |
|
|
$ |
4,777 |
|
|
$ |
23,076 |
|
|
$ |
16,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and
marketing expense |
|
$ |
6,428 |
|
|
$ |
4,428 |
|
|
$ |
22,330 |
|
|
$ |
14,579 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(108 |
) |
|
|
(125 |
) |
|
|
(475 |
) |
|
|
(325 |
) |
Stock-based compensation |
|
|
(535 |
) |
|
|
(185 |
) |
|
|
(1,289 |
) |
|
|
(692 |
) |
Non-GAAP Sales and
marketing expense |
|
$ |
5,785 |
|
|
$ |
4,118 |
|
|
$ |
20,566 |
|
|
$ |
13,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and
administrative expense |
|
$ |
4,212 |
|
|
$ |
1,998 |
|
|
$ |
12,426 |
|
|
$ |
7,087 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(52 |
) |
|
|
(49 |
) |
|
|
(209 |
) |
|
|
(121 |
) |
Stock-based compensation |
|
|
(189 |
) |
|
|
(39 |
) |
|
|
(397 |
) |
|
|
(150 |
) |
Non-GAAP General and
administrative expense |
|
$ |
3,971 |
|
|
$ |
1,910 |
|
|
$ |
11,820 |
|
|
$ |
6,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Total operating
expense |
|
$ |
18,043 |
|
|
$ |
11,517 |
|
|
$ |
59,941 |
|
|
$ |
39,245 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(445 |
) |
|
|
(424 |
) |
|
|
(1,810 |
) |
|
|
(1,020 |
) |
Stock-based compensation |
|
|
(1,291 |
) |
|
|
(288 |
) |
|
|
(2,669 |
) |
|
|
(1,147 |
) |
Non-GAAP Total
operating expense |
|
$ |
16,307 |
|
|
$ |
10,805 |
|
|
$ |
55,462 |
|
|
$ |
37,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Interest
expense |
|
$ |
(311 |
) |
|
$ |
(466 |
) |
|
$ |
(1,633 |
) |
|
$ |
(1,208 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
interest expense |
|
|
19 |
|
|
|
56 |
|
|
|
130 |
|
|
|
152 |
|
Non-GAAP Interest
expense |
|
$ |
(292 |
) |
|
$ |
(410 |
) |
|
$ |
(1,503 |
) |
|
$ |
(1,056 |
) |
IMPINJ, INC.RECONCILIATIONS
OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(in thousands, except per share data,
unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
GAAP Interest income
and other income (expense), net |
|
$ |
139 |
|
|
$ |
850 |
|
|
$ |
616 |
|
|
$ |
673 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
(880 |
) |
|
|
(559 |
) |
|
|
(703 |
) |
Write-off
of unamortized debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
Non-GAAP Interest
income and other income (expense), net |
|
$ |
139 |
|
|
$ |
(30 |
) |
|
$ |
166 |
|
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income tax
expense |
|
$ |
(70 |
) |
|
$ |
(88 |
) |
|
$ |
(168 |
) |
|
$ |
(166 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
income tax expense |
|
|
23 |
|
|
|
23 |
|
|
|
91 |
|
|
|
91 |
|
Non-GAAP Income tax
expense |
|
$ |
(47 |
) |
|
$ |
(65 |
) |
|
$ |
(77 |
) |
|
$ |
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income
(loss) |
|
$ |
103 |
|
|
$ |
818 |
|
|
$ |
(1,673 |
) |
|
$ |
900 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
726 |
|
|
|
689 |
|
|
|
2,869 |
|
|
|
1,972 |
|
Stock-based compensation |
|
|
1,348 |
|
|
|
293 |
|
|
|
2,765 |
|
|
|
1,178 |
|
Interest
income (expense) and other, net |
|
|
172 |
|
|
|
(384 |
) |
|
|
1,017 |
|
|
|
535 |
|
Income
tax expense |
|
|
70 |
|
|
|
88 |
|
|
|
168 |
|
|
|
166 |
|
Adjusted EBITDA |
|
$ |
2,419 |
|
|
$ |
1,504 |
|
|
$ |
5,146 |
|
|
$ |
4,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income
(loss) |
|
$ |
103 |
|
|
$ |
818 |
|
|
$ |
(1,673 |
) |
|
$ |
900 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
726 |
|
|
|
689 |
|
|
|
2,869 |
|
|
|
1,972 |
|
Stock-based compensation |
|
|
1,348 |
|
|
|
293 |
|
|
|
2,765 |
|
|
|
1,178 |
|
Non-cash
interest expense |
|
|
19 |
|
|
|
56 |
|
|
|
130 |
|
|
|
152 |
|
Change in
the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
(880 |
) |
|
|
(559 |
) |
|
|
(703 |
) |
Write-off
of unamortized debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
Non-cash
income tax expense |
|
|
23 |
|
|
|
23 |
|
|
|
91 |
|
|
|
91 |
|
Non-GAAP Net income
(loss) |
|
$ |
2,219 |
|
|
$ |
999 |
|
|
$ |
3,732 |
|
|
$ |
3,590 |
|
Non-GAAP Net income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
0.08 |
|
|
$ |
0.24 |
|
|
$ |
0.29 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.22 |
|
|
$ |
0.26 |
|
IMPINJ, INC.RECONCILIATIONS
OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(in thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Weighted-average shares
used to compute GAAP net income (loss) per share attributable to
common stockholders — basic |
|
|
19,078 |
|
|
|
4,127 |
|
|
|
10,778 |
|
|
|
3,893 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock issuable upon conversion of
mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
8,522 |
|
|
|
4,685 |
|
|
|
8,522 |
|
Weighted-average shares
used to compute non-GAAP net income (loss) per share — basic |
|
|
19,078 |
|
|
|
12,649 |
|
|
|
15,463 |
|
|
|
12,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used to compute GAAP net income (loss) per share attributable to
common stockholders — diluted |
|
|
20,667 |
|
|
|
4,127 |
|
|
|
10,778 |
|
|
|
3,893 |
|
Weighted-average shares of common stock issuable upon conversion of
mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
8,522 |
|
|
|
4,685 |
|
|
|
8,522 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of dilutive
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
to purchase common stock |
|
|
— |
|
|
|
17 |
|
|
|
9 |
|
|
|
16 |
|
Warrants
to purchase mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
33 |
|
|
|
19 |
|
|
|
— |
|
Weighted-average unvested shares of common stock subject to
repurchase |
|
|
— |
|
|
|
136 |
|
|
|
118 |
|
|
|
136 |
|
Stock
Options |
|
|
— |
|
|
|
911 |
|
|
|
1,150 |
|
|
|
1,083 |
|
Weighted-average shares
used to compute non-GAAP net income (loss) per share — diluted |
|
|
20,667 |
|
|
|
13,746 |
|
|
|
16,759 |
|
|
|
13,650 |
|
Investor Relations
Maria Riley & Chelsea Lish
The Blueshirt Group
ir@impinj.com
+1-206-315-4470
Media Relations
Erika Goodmanson
Sr. Director, Marketing and Communications
egoodmanson@impinj.com
+1-206-812-9744
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