SEATTLE, Feb. 15, 2018 (GLOBE NEWSWIRE) -- 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, 2017. Revenue in the fourth quarter of 2017 was $26.9 million, less than the $29.0 to $30.0 million range shared in the February 1 preliminary announcement. The decrease is due to Impinj agreeing to a partner’s request for a one-time product exchange after the preliminary revenue estimates were previously announced, requiring an accounting reserve in the fourth quarter of 2017. Impinj expects to recognize the revenue in the first quarter of 2018 when the exchange is completed. As a result, Impinj is increasing the revenue outlook for the first quarter of 2018 by $3.25 million, to between $23.25 and $25.25 million.
“Our fourth quarter revenue included strong fixed-reader unit-volume growth of 42% year-over-year,” said Chris Diorio, Impinj co-founder and CEO. "As we announced earlier this month, we anticipate softness in our first-quarter 2018 endpoint IC volumes and revenue due to shortened lead times contributing to a reduction in our order backlog, as well as ongoing reductions in inlay-partner inventory,” Diorio continued. “We remain confident in our market opportunity, position, and in our vision of identifying, locating and authenticating every item in our everyday world, and connecting every one of those items to the cloud.”
Fourth Quarter 2017 Financial Summary
- Revenue declined 20% year-over-year to $26.9 million
- GAAP gross margin of 48.4%; non-GAAP gross margin of 50.5%
- GAAP net loss of $9.3 million, or loss of $0.45 per basic and diluted share using 20.9 million shares
- Adjusted EBITDA loss of $5.8 million
- Non-GAAP net loss of $5.9 million, or loss of $0.28 per diluted share using 20.9 million shares
Full Year 2017 Financial Summary
- Revenue grew 12% year-over-year to $125.3 million
- GAAP gross margin of 51.8%; non-GAAP gross margin of 53.4%
- GAAP net loss of $17.3 million, or a loss of $0.84 per basic and diluted share using 20.7 million shares
- Adjusted EBITDA loss of $5.6 million
- Non-GAAP net loss of $6.1 million, or loss of $0.29 per diluted share using 20.7 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 2018 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. The following table presents Impinj’s financial outlook for the first quarter of 2018 (in millions, except per share data):
| |
|
Three Months Ended |
| |
|
March 31, |
| |
|
2018 |
| Revenue |
|
$23.25 to $25.25 |
| GAAP Net income (loss) |
|
$(15.5) to $(14.0) |
| Adjusted EBITDA |
|
$(7.5) to $(6.0) |
| Non-GAAP net income (loss) |
|
$(8.9) to $(7.4) |
| GAAP Weighted-average shares outstanding — basic and diluted |
|
21.0 to 21.4 |
| GAAP Net income (loss) per share — basic and diluted |
|
$(0.74) to $(0.65) |
| Non-GAAP Weighted-average shares outstanding — basic and diluted |
|
21.0 to 21.4 |
| Non-GAAP Net income (loss) per share — basic and diluted |
|
$(0.42) to $(0.35) |
Impinj has reconciled guidance provided as non-GAAP measures to their most directly comparable GAAP measures in the tables provided below.
Conference Call Information
Impinj will host a conference call and webcast today, Feb. 15, 2018 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 2017 results as well as its outlook for its first quarter of 2018. Open to the public, investors may access the call by dialing +1-412-317-5196. 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 10115853.
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.
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 financial outlook for the first quarter of 2018. 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 annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. 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. 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 are not considered to 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, Inc. (NASDAQ:PI) wirelessly connects billions of everyday items such as apparel, medical supplies, automobile parts, luggage and food to consumer and business applications such as inventory management, patient safety, asset tracking and item authentication. The Impinj platform uses RAIN RFID to deliver timely information about these items to the digital world, thereby enabling the Internet of Things.
IMPINJ, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited) |
| |
|
|
|
|
|
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Assets: |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
19,285 |
|
|
$ |
33,636 |
|
| Short-term investments |
|
|
38,831 |
|
|
|
66,905 |
|
| Accounts receivable, net |
|
|
22,244 |
|
|
|
17,447 |
|
| Inventory |
|
|
47,083 |
|
|
|
27,734 |
|
| Prepaid expenses and other current assets |
|
|
2,359 |
|
|
|
3,004 |
|
| Total current assets |
|
|
129,802 |
|
|
|
148,726 |
|
| Property and equipment, net |
|
|
18,110 |
|
|
|
14,929 |
|
| Other non-current assets |
|
|
241 |
|
|
|
— |
|
| Goodwill and other intangible assets, net |
|
|
3,881 |
|
|
|
3,881 |
|
| Total assets |
|
$ |
152,034 |
|
|
$ |
167,536 |
|
| Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
4,666 |
|
|
$ |
7,166 |
|
| Accrued compensation and employee related benefits |
|
|
5,729 |
|
|
|
7,647 |
|
| Accrued liabilities |
|
|
3,162 |
|
|
|
6,098 |
|
| Current portion of long-term debt |
|
|
4,088 |
|
|
|
2,589 |
|
| Current portion of capital lease obligations |
|
|
936 |
|
|
|
1,130 |
|
| Current portion of deferred rent |
|
|
628 |
|
|
|
306 |
|
| Current portion of deferred revenue |
|
|
714 |
|
|
|
445 |
|
| Total current liabilities |
|
|
19,923 |
|
|
|
25,381 |
|
| Long-term debt, net of current portion |
|
|
5,500 |
|
|
|
9,676 |
|
| Capital lease obligations, net of current portion |
|
|
745 |
|
|
|
1,698 |
|
| Long-term liabilities — other |
|
|
532 |
|
|
|
770 |
|
| Deferred rent, net of current portion |
|
|
5,891 |
|
|
|
5,022 |
|
| Deferred revenue, net of current portion |
|
|
501 |
|
|
|
966 |
|
| Total liabilities |
|
|
33,092 |
|
|
|
43,513 |
|
| Stockholders' equity: |
|
|
|
|
|
|
|
|
| Preferred stock, $0.001 par value — 5,000 shares authorized, no shares issued and outstanding at December 31, 2017 and December 31, 2016 |
|
|
— |
|
|
|
— |
|
| Common stock, $0.001 par value — 495,000 shares authorized, 20,973 and 20,336 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively |
|
|
21 |
|
|
|
20 |
|
| Additional paid-in capital |
|
|
323,482 |
|
|
|
311,216 |
|
| Accumulated other comprehensive income (loss) |
|
|
(36 |
) |
|
|
(10 |
) |
| Accumulated deficit |
|
|
(204,525 |
) |
|
|
(187,203 |
) |
| Total stockholders' equity |
|
|
118,942 |
|
|
|
124,023 |
|
| Total liabilities and stockholders' equity |
|
$ |
152,034 |
|
|
$ |
167,536 |
|
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited) |
| |
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Year Ended |
| |
|
December 31, |
|
|
December 31, |
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
| Revenue |
|
$ |
26,863 |
|
|
$ |
33,655 |
|
|
$ |
125,300 |
|
|
$ |
112,287 |
|
|
| Cost of revenue |
|
|
13,854 |
|
|
|
15,267 |
|
|
|
60,359 |
|
|
|
52,834 |
|
|
| Gross profit |
|
|
13,009 |
|
|
|
18,388 |
|
|
|
64,941 |
|
|
|
59,453 |
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
8,912 |
|
|
|
7,403 |
|
|
|
32,220 |
|
|
|
25,185 |
|
|
| Sales and marketing |
|
|
9,092 |
|
|
|
6,428 |
|
|
|
31,579 |
|
|
|
22,330 |
|
|
| General and administrative |
|
|
4,529 |
|
|
|
4,212 |
|
|
|
18,161 |
|
|
|
12,426 |
|
|
| Total operating expenses |
|
|
22,533 |
|
|
|
18,043 |
|
|
|
81,960 |
|
|
|
59,941 |
|
|
| Income (loss) from operations |
|
|
(9,524 |
) |
|
|
345 |
|
|
|
(17,019 |
) |
|
|
(488 |
) |
|
| Interest income (expense) and other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(4 |
) |
|
|
(311 |
) |
|
|
(908 |
) |
|
|
(1,633 |
) |
|
| Interest income and other income (expense), net |
|
|
(55 |
) |
|
|
139 |
|
|
|
508 |
|
|
|
616 |
|
|
| Total interest income (expense) and other, net |
|
|
(59 |
) |
|
|
(172 |
) |
|
|
(400 |
) |
|
|
(1,017 |
) |
|
| Income (loss) before tax expense |
|
|
(9,583 |
) |
|
|
173 |
|
|
|
(17,419 |
) |
|
|
(1,505 |
) |
|
| Income tax benefit (expense) |
|
|
249 |
|
|
|
(70 |
) |
|
|
97 |
|
|
|
(168 |
) |
|
| Net income (loss) |
|
$ |
(9,334 |
) |
|
$ |
103 |
|
|
$ |
(17,322 |
) |
|
$ |
(1,673 |
) |
|
| Less: Accretion of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,258 |
) |
|
| Net income (loss) attributable to common stockholders |
|
$ |
(9,334 |
) |
|
$ |
103 |
|
|
$ |
(17,322 |
) |
|
$ |
(7,931 |
) |
|
| Net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.45 |
) |
|
$ |
0.01 |
|
|
$ |
(0.84 |
) |
|
$ |
(0.74 |
) |
|
| Diluted |
|
$ |
(0.45 |
) |
|
$ |
0.01 |
|
|
$ |
(0.84 |
) |
|
$ |
(0.74 |
) |
|
| Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
20,907 |
|
|
|
19,078 |
|
|
|
20,680 |
|
|
|
10,778 |
|
|
| Diluted |
|
|
20,907 |
|
|
|
20,667 |
|
|
|
20,680 |
|
|
|
10,778 |
|
|
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Year Ended |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Net income (loss) |
|
$ |
(9,334 |
) |
|
$ |
103 |
|
|
$ |
(17,322 |
) |
|
$ |
(1,673 |
) |
| Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on investments |
|
|
(19 |
) |
|
|
(10 |
) |
|
|
(26 |
) |
|
|
(10 |
) |
| Total other comprehensive income (loss) |
|
|
(19 |
) |
|
|
(10 |
) |
|
|
(26 |
) |
|
|
(10 |
) |
| Comprehensive income (loss) |
|
$ |
(9,353 |
) |
|
$ |
93 |
|
|
$ |
(17,348 |
) |
|
$ |
(1,683 |
) |
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited) |
| |
|
|
|
| |
|
Year Ended |
|
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Operating activities: |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(17,322 |
) |
|
$ |
(1,673 |
) |
| Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
3,950 |
|
|
|
2,869 |
|
| Amortization and write-off of debt issuance costs |
|
|
95 |
|
|
|
239 |
|
| Amortization of premium on short-term investments |
|
|
70 |
|
|
|
31 |
|
| Revaluation of warrant liability |
|
|
— |
|
|
|
(559 |
) |
| Stock-based compensation |
|
|
7,428 |
|
|
|
2,765 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(4,822 |
) |
|
|
(4,515 |
) |
| Inventory |
|
|
(19,349 |
) |
|
|
(15,897 |
) |
| Prepaid expenses and other assets |
|
|
439 |
|
|
|
(1,759 |
) |
| Deferred revenue |
|
|
(196 |
) |
|
|
17 |
|
| Deferred rent |
|
|
1,191 |
|
|
|
86 |
|
| Accounts payable |
|
|
(2,836 |
) |
|
|
3,883 |
|
| Accrued compensation and benefits |
|
|
(1,735 |
) |
|
|
3,462 |
|
| Accrued liabilities |
|
|
(2,799 |
) |
|
|
1,554 |
|
| Net cash provided by (used in) operating activities |
|
|
(35,886 |
) |
|
|
(9,497 |
) |
| Investing activities: |
|
|
|
|
|
|
|
|
| Purchases of investments |
|
|
(49,125 |
) |
|
|
(67,103 |
) |
| Proceeds from maturities of investments |
|
|
77,075 |
|
|
|
— |
|
| Purchases of property and equipment |
|
|
(6,552 |
) |
|
|
(3,530 |
) |
| Net cash provided by (used in) investing activities |
|
|
21,398 |
|
|
|
(70,633 |
) |
| Financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from initial public offering, net of offering costs |
|
|
— |
|
|
|
108,096 |
|
| Payments on capital lease financing obligations |
|
|
(1,147 |
) |
|
|
(1,229 |
) |
| Payments on term loans |
|
|
(2,772 |
) |
|
|
(65,320 |
) |
| Proceeds from term loans |
|
|
— |
|
|
|
61,436 |
|
| Proceeds from exercise of stock options and employee stock purchase plan |
|
|
4,656 |
|
|
|
600 |
|
| Proceeds from issuance of preferred stock upon exercise of warrants |
|
|
— |
|
|
|
62 |
|
| Payments of deferred offering costs |
|
|
(600 |
) |
|
|
— |
|
| Net cash provided by (used in) financing activities |
|
|
137 |
|
|
|
103,645 |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
(14,351 |
) |
|
|
23,515 |
|
| Cash and cash equivalents: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
33,636 |
|
|
|
10,121 |
|
| End of period |
|
$ |
19,285 |
|
|
$ |
33,636 |
|
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, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| GAAP Gross Profit |
|
$ |
13,009 |
|
|
$ |
18,388 |
|
|
$ |
64,941 |
|
|
$ |
59,453 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
465 |
|
|
|
281 |
|
|
|
1,738 |
|
|
|
1,059 |
|
| Stock-based compensation |
|
|
86 |
|
|
|
57 |
|
|
|
231 |
|
|
|
96 |
|
| Non-GAAP Gross Profit |
|
$ |
13,560 |
|
|
$ |
18,726 |
|
|
$ |
66,910 |
|
|
$ |
60,608 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Gross Margin |
|
|
48.4 |
% |
|
|
54.6 |
% |
|
|
51.8 |
% |
|
|
52.9 |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
1.7 |
% |
|
|
0.8 |
% |
|
|
1.4 |
% |
|
|
0.9 |
% |
| Stock-based compensation |
|
|
0.3 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
| Non-GAAP Gross Margin |
|
|
50.5 |
% |
|
|
55.6 |
% |
|
|
53.4 |
% |
|
|
53.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Research and development expense |
|
$ |
8,912 |
|
|
$ |
7,403 |
|
|
$ |
32,220 |
|
|
$ |
25,185 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(369 |
) |
|
|
(285 |
) |
|
|
(1,329 |
) |
|
|
(1,126 |
) |
| Stock-based compensation |
|
|
(881 |
) |
|
|
(567 |
) |
|
|
(2,431 |
) |
|
|
(983 |
) |
| Non-GAAP Research and development expense |
|
$ |
7,662 |
|
|
$ |
6,551 |
|
|
$ |
28,460 |
|
|
$ |
23,076 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Sales and marketing expense |
|
$ |
9,092 |
|
|
$ |
6,428 |
|
|
$ |
31,579 |
|
|
$ |
22,330 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(150 |
) |
|
|
(108 |
) |
|
|
(523 |
) |
|
|
(475 |
) |
| Stock-based compensation |
|
|
(1,013 |
) |
|
|
(535 |
) |
|
|
(3,113 |
) |
|
|
(1,289 |
) |
| Non-GAAP Sales and marketing expense |
|
$ |
7,929 |
|
|
$ |
5,785 |
|
|
$ |
27,943 |
|
|
$ |
20,566 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP General and administrative expense |
|
$ |
4,529 |
|
|
$ |
4,212 |
|
|
$ |
18,161 |
|
|
$ |
12,426 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(98 |
) |
|
|
(52 |
) |
|
|
(360 |
) |
|
|
(209 |
) |
| Stock-based compensation |
|
|
(685 |
) |
|
|
(189 |
) |
|
|
(1,653 |
) |
|
|
(397 |
) |
| Non-GAAP General and administrative expense |
|
$ |
3,746 |
|
|
$ |
3,971 |
|
|
$ |
16,148 |
|
|
$ |
11,820 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Total operating expense |
|
$ |
22,533 |
|
|
$ |
18,043 |
|
|
$ |
81,960 |
|
|
$ |
59,941 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(617 |
) |
|
|
(445 |
) |
|
|
(2,212 |
) |
|
|
(1,810 |
) |
| Stock-based compensation |
|
|
(2,579 |
) |
|
|
(1,291 |
) |
|
|
(7,197 |
) |
|
|
(2,669 |
) |
| Non-GAAP Total operating expense |
|
$ |
19,337 |
|
|
$ |
16,307 |
|
|
$ |
72,551 |
|
|
$ |
55,462 |
|
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, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| GAAP Interest income (expense) and other income (expense), net |
|
$ |
(59 |
) |
|
$ |
(172 |
) |
|
$ |
(400 |
) |
|
$ |
(1,017 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash interest expense |
|
|
23 |
|
|
|
19 |
|
|
|
95 |
|
|
|
130 |
|
| Change in the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(559 |
) |
| Write-off of unamortized debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109 |
|
| Non-GAAP Interest income (expense) and other income (expense), net |
|
$ |
(36 |
) |
|
$ |
(153 |
) |
|
$ |
(305 |
) |
|
$ |
(1,337 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Income tax benefit (expense) |
|
$ |
249 |
|
|
$ |
(70 |
) |
|
$ |
97 |
|
|
$ |
(168 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash income tax benefit (expense) |
|
|
(297 |
) |
|
|
23 |
|
|
|
(231 |
) |
|
|
91 |
|
| Non-GAAP Income tax benefit (expense) |
|
$ |
(48 |
) |
|
$ |
(47 |
) |
|
$ |
(134 |
) |
|
$ |
(77 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Net Income |
|
$ |
(9,334 |
) |
|
$ |
103 |
|
|
$ |
(17,322 |
) |
|
$ |
(1,673 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
1,082 |
|
|
|
726 |
|
|
|
3,950 |
|
|
|
2,869 |
|
| Stock-based compensation |
|
|
2,665 |
|
|
|
1,348 |
|
|
|
7,428 |
|
|
|
2,765 |
|
| Interest income (expense) and other income (expense), net |
|
|
59 |
|
|
|
172 |
|
|
|
400 |
|
|
|
1,017 |
|
| Income tax benefit (expense) |
|
|
(249 |
) |
|
|
70 |
|
|
|
(97 |
) |
|
|
168 |
|
| Adjusted EBITDA |
|
$ |
(5,777 |
) |
|
$ |
2,419 |
|
|
$ |
(5,641 |
) |
|
$ |
5,146 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Net Income |
|
$ |
(9,334 |
) |
|
$ |
103 |
|
|
$ |
(17,322 |
) |
|
$ |
(1,673 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
1,082 |
|
|
|
726 |
|
|
|
3,950 |
|
|
|
2,869 |
|
| Stock-based compensation |
|
|
2,665 |
|
|
|
1,348 |
|
|
|
7,428 |
|
|
|
2,765 |
|
| Non-cash interest expense |
|
|
23 |
|
|
|
19 |
|
|
|
95 |
|
|
|
130 |
|
| Change in the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(559 |
) |
| Write-off of unamortized debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109 |
|
| Non-cash income tax benefit (expense) |
|
|
(297 |
) |
|
|
23 |
|
|
|
(231 |
) |
|
|
91 |
|
| Non-GAAP Net income |
|
$ |
(5,861 |
) |
|
$ |
2,219 |
|
|
$ |
(6,080 |
) |
|
$ |
3,732 |
|
| Non-GAAP Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.28 |
) |
|
$ |
0.12 |
|
|
$ |
(0.29 |
) |
|
$ |
0.24 |
|
| Diluted |
|
$ |
(0.28 |
) |
|
$ |
0.11 |
|
|
$ |
(0.29 |
) |
|
$ |
0.22 |
|
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Year Ended |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic |
|
|
20,907 |
|
|
|
19,078 |
|
|
|
20,680 |
|
|
|
10,778 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,685 |
|
| Weighted-average shares used to compute non-GAAP net income per share — basic |
|
|
20,907 |
|
|
|
19,078 |
|
|
|
20,680 |
|
|
|
15,463 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — diluted |
|
|
20,907 |
|
|
|
20,667 |
|
|
|
20,680 |
|
|
|
10,778 |
|
| Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,685 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effects of dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants to purchase common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
| Warrants to purchase mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
| Unvested shares of common stock subject to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
118 |
|
| Stock awards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,150 |
|
| Weighted-average shares used to compute non-GAAP net income per share — diluted |
|
|
20,907 |
|
|
|
20,667 |
|
|
|
20,680 |
|
|
|
16,759 |
|
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK
(in thousands, except per share data, unaudited) |
| |
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2018 |
|
| GAAP Net income (loss) |
|
$ |
(14,700 |
) |
| Adjustments: |
|
|
|
|
| Forecasted Depreciation and amortization |
|
|
1,100 |
|
| Forecasted Stock-based compensation |
|
|
2,700 |
|
| Forecasted Interest income (expense) and other income (expense), net |
|
|
75 |
|
| Forecasted Income tax expense |
|
|
75 |
|
| Forecasted Restructuring costs |
|
|
4,000 |
|
| Adjusted EBITDA |
|
$ |
(6,750 |
) |
| |
|
|
|
|
| GAAP Net income (loss) |
|
$ |
(14,700 |
) |
| Adjustments: |
|
|
|
|
| Forecasted Depreciation and amortization |
|
|
1,100 |
|
| Forecasted Stock-based compensation |
|
|
2,700 |
|
| Forecasted Non-cash interest expense |
|
|
25 |
|
| Forecasted Non-cash income tax expense |
|
|
25 |
|
| Forecasted Non-cash restructuring costs |
|
|
2,700 |
|
| Non-GAAP Net income (loss) |
|
|
(8,150 |
) |
| Non-GAAP Net income per share — basic and diluted |
|
$ |
(0.38 |
) |
| |
|
|
|
|
| Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic and diluted |
|
|
21,200 |
|
| Effects of dilutive securities |
|
|
|
|
| Forecasted Unvested shares of common stock subject to repurchase |
|
|
— |
|
| Forecasted Stock awards |
|
|
— |
|
| Weighted-average shares used to compute non-GAAP net income per share — basic and diluted |
|
|
21,200 |
|
Contacts:
Investor Relations
Maria Riley & Chelsea Lish
The Blueshirt Group
ir@impinj.com
+1-206-315-4470
Media Relations
Gaylene Meyer
Sr. Director Communications
gmeyer@impinj.com
+1-206-812-9816
Impinj, Inc.