Impinj Reports Third Quarter 2024 Financial Results
Impinj (NASDAQ: PI) reported strong Q3 2024 financial results, exceeding guidance with revenue of $95.2 million and a GAAP gross margin of 50.0%. The company achieved GAAP net income of $0.2 million ($0.01 per diluted share) and non-GAAP net income of $16.9 million ($0.56 per diluted share). The quarter demonstrated strong operational leverage, with Adjusted EBITDA reaching $17.3 million. The non-GAAP gross margin stood at 52.4%.
Impinj (NASDAQ: PI) ha riportato risultati finanziari solidi per il Q3 2024, superando le previsioni con un fatturato di 95,2 milioni di dollari e un margine lordo GAAP del 50,0%. L'azienda ha ottenuto un reddito netto GAAP di 0,2 milioni di dollari (0,01 dollari per azione diluita) e un reddito netto non GAAP di 16,9 milioni di dollari (0,56 dollari per azione diluita). Il trimestre ha dimostrato una forte leva operativa, con un EBITDA rettificato che ha raggiunto 17,3 milioni di dollari. Il margine lordo non GAAP si è attestato al 52,4%.
Impinj (NASDAQ: PI) reportó fuertes resultados financieros para el Q3 2024, superando las expectativas con ingresos de 95,2 millones de dólares y un margen bruto GAAP del 50,0%. La compañía logró un ingreso neto GAAP de 0,2 millones de dólares (0,01 dólares por acción diluida) y un ingreso neto no GAAP de 16,9 millones de dólares (0,56 dólares por acción diluida). El trimestre mostró una sólida palanca operativa, con un EBITDA ajustado alcanzando 17,3 millones de dólares. El margen bruto no GAAP se situó en el 52,4%.
Impinj (NASDAQ: PI)는 Q3 2024의 강력한 재무 결과를 발표했으며, 9,520만 달러의 수익으로 가이던스를 초과했습니다. GAAP 총 마진은 50.0%에 달했습니다. 이 회사는 GAAP 순이익 20만 달러(희석 주당 0.01 달러)와 비GAAP 순이익 1,690만 달러(희석 주당 0.56 달러)를 기록했습니다. 이번 분기는 강력한 운영 레버리지를 보여주었으며, 조정 EBITDA는 1,730만 달러에 달했습니다. 비GAAP 총 마진은 52.4%에 달했습니다.
Impinj (NASDAQ: PI) a annoncé de solides résultats financiers pour le T3 2024, dépassant les prévisions avec un chiffre d'affaires de 95,2 millions de dollars et une marge brute GAAP de 50,0%. L'entreprise a réalisé un bénéfice net GAAP de 0,2 million de dollars (0,01 dollar par action diluée) et un bénéfice net non GAAP de 16,9 millions de dollars (0,56 dollar par action diluée). Le trimestre a montré une forte capacité opérationnelle, avec un EBITDA ajusté atteignant 17,3 millions de dollars. La marge brute non GAAP s'est élevée à 52,4%.
Impinj (NASDAQ: PI) hat starke Finanzzahlen für das Q3 2024 gemeldet und die Erwartungen mit einem Umsatz von 95,2 Millionen Dollar übertroffen, während die GAAP-Bruttomarge bei 50,0% lag. Das Unternehmen erreichte einen GAAP-Nettoertrag von 0,2 Millionen Dollar (0,01 Dollar pro verwässerter Aktie) und einen Non-GAAP-Nettoertrag von 16,9 Millionen Dollar (0,56 Dollar pro verwässerter Aktie). Das Quartal zeigte eine starke operative Hebelwirkung, wobei das bereinigte EBITDA 17,3 Millionen Dollar erreichte. Die Non-GAAP-Bruttomarge betrug 52,4%.
- Revenue reached $95.2 million, exceeding guidance
- Strong gross margins at 50.0% GAAP and 52.4% non-GAAP
- Achieved profitability with $0.2 million GAAP net income
- Solid Adjusted EBITDA of $17.3 million
- Non-GAAP net income of $16.9 million ($0.56 per diluted share)
- Minimal GAAP net income at $0.01 per diluted share
Insights
Impinj delivered impressive Q3 results, with revenue reaching
The Adjusted EBITDA of
“Our third-quarter results were strong, with revenue and profitability well above our guidance,” said Chris Diorio, Impinj co-founder and CEO. “These results again demonstrate the leverage in our operating model. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”
Third Quarter 2024 Financial Summary
-
Revenue of
$95.2 million -
GAAP gross margin of
50.0% ; non-GAAP gross margin of52.4% -
GAAP net income of
, or income of$0.2 million per diluted share using 29.7 million shares$0.01 -
Adjusted EBITDA of
$17.3 million -
Non-GAAP net income of
, or income of$16.9 million per diluted share using 32.3 million shares$0.56
A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.
Fourth Quarter 2024 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 fourth quarter of 2024 (in millions, except per share data):
|
|
Three Months Ending |
|
|
December 31, 2024 |
Revenue |
|
|
GAAP Net loss |
|
( |
Adjusted EBITDA income |
|
|
GAAP Weighted-average shares — basic and diluted |
|
28.4 to 28.6 |
GAAP Net loss per share — basic and diluted |
|
( |
Non-GAAP Net income |
|
|
Non-GAAP Weighted-average shares — diluted(1) |
|
32.6 to 32.8 |
Non-GAAP Net income per share — diluted(1) |
|
|
(1) Non-GAAP diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million. |
A reconciliation between GAAP and non-GAAP financial measures is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call today, October 23, 2024 at 5:00 p.m. ET / 2:00 p.m. PT to discuss its third-quarter 2024 results, as well as its outlook for its fourth-quarter 2024. Interested parties may access the call by dialing +1-412-317-1863. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 1320694.
Management’s prepared written remarks, along with quarterly financial data, will be made available on Impinj’s website at investor.impinj.com along 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 our strategy, investment plans and prospects, statements regarding conditions in the markets in which we compete as well as the broader economy, and our financial guidance and considerations for the fourth quarter of 2024 and future periods.
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
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
IMPINJ, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value, unaudited) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
73,704 |
|
|
$ |
94,793 |
|
Short-term investments |
|
96,551 |
|
|
|
18,440 |
|
Accounts receivable, net |
|
64,378 |
|
|
|
54,919 |
|
Inventory |
|
88,357 |
|
|
|
97,172 |
|
Prepaid expenses and other current assets |
|
6,097 |
|
|
|
4,372 |
|
Total current assets |
|
329,087 |
|
|
|
269,696 |
|
Long-term investments |
|
57,122 |
|
|
|
— |
|
Property and equipment, net |
|
49,908 |
|
|
|
44,891 |
|
Intangible assets, net |
|
11,563 |
|
|
|
13,913 |
|
Operating lease right-of-use assets |
|
7,817 |
|
|
|
9,735 |
|
Other non-current assets |
|
1,117 |
|
|
|
1,478 |
|
Goodwill |
|
19,833 |
|
|
|
19,696 |
|
Total assets |
$ |
476,447 |
|
|
$ |
359,409 |
|
Liabilities and stockholders' equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
20,504 |
|
|
$ |
8,661 |
|
Accrued compensation and employee related benefits |
|
18,043 |
|
|
|
8,519 |
|
Accrued and other current liabilities |
|
3,702 |
|
|
|
8,614 |
|
Current portion of operating lease liabilities |
|
3,534 |
|
|
|
3,373 |
|
Current portion of long-term debt |
|
283,081 |
|
|
|
— |
|
Current portion of deferred revenue |
|
2,231 |
|
|
|
1,713 |
|
Total current liabilities |
|
331,095 |
|
|
|
30,880 |
|
Long-term debt |
|
— |
|
|
|
281,855 |
|
Operating lease liabilities, net of current portion |
|
6,660 |
|
|
|
9,360 |
|
Deferred tax liabilities, net |
|
2,454 |
|
|
|
2,911 |
|
Deferred revenue, net of current portion |
|
139 |
|
|
|
272 |
|
Total liabilities |
|
340,348 |
|
|
|
325,278 |
|
Stockholders' equity: |
|
|
|
||||
Common stock, |
|
28 |
|
|
|
27 |
|
Additional paid-in capital |
|
522,100 |
|
|
|
463,900 |
|
Accumulated other comprehensive income |
|
594 |
|
|
|
355 |
|
Accumulated deficit |
|
(386,623 |
) |
|
|
(430,151 |
) |
Total stockholders' equity |
|
136,099 |
|
|
|
34,131 |
|
Total liabilities and stockholders' equity |
$ |
476,447 |
|
|
$ |
359,409 |
|
|
|
|
|
IMPINJ, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
$ |
95,198 |
|
|
$ |
65,005 |
|
|
$ |
274,518 |
|
|
$ |
236,888 |
|
Cost of revenue |
|
|
47,629 |
|
|
|
34,237 |
|
|
|
131,885 |
|
|
|
118,776 |
|
Gross profit |
|
|
47,569 |
|
|
|
30,768 |
|
|
|
142,633 |
|
|
|
118,112 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
25,492 |
|
|
|
21,588 |
|
|
|
72,935 |
|
|
|
67,426 |
|
Sales and marketing |
|
|
9,888 |
|
|
|
10,073 |
|
|
|
29,891 |
|
|
|
30,678 |
|
General and administrative |
|
|
12,452 |
|
|
|
13,532 |
|
|
|
39,040 |
|
|
|
45,098 |
|
Amortization of intangibles |
|
|
506 |
|
|
|
1,409 |
|
|
|
2,411 |
|
|
|
3,555 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
1,812 |
|
|
|
— |
|
Total operating expenses |
|
|
48,338 |
|
|
|
46,602 |
|
|
|
146,089 |
|
|
|
146,757 |
|
Income (loss) from operations |
|
|
(769 |
) |
|
|
(15,834 |
) |
|
|
(3,456 |
) |
|
|
(28,645 |
) |
Other income, net |
|
|
2,416 |
|
|
|
1,090 |
|
|
|
5,830 |
|
|
|
3,620 |
|
Income from settlement of litigation |
|
|
— |
|
|
|
— |
|
|
|
45,000 |
|
|
|
— |
|
Interest expense |
|
|
(1,219 |
) |
|
|
(1,213 |
) |
|
|
(3,652 |
) |
|
|
(3,633 |
) |
Income (loss) before income taxes |
|
|
428 |
|
|
|
(15,957 |
) |
|
|
43,722 |
|
|
|
(28,658 |
) |
Income tax benefit (expense) |
|
|
(207 |
) |
|
|
195 |
|
|
|
(194 |
) |
|
|
472 |
|
Net income (loss) per share attributable to common stockholders: |
|
$ |
221 |
|
|
$ |
(15,762 |
) |
|
$ |
43,528 |
|
|
$ |
(28,186 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share — basic |
|
$ |
0.01 |
|
|
$ |
(0.59 |
) |
|
$ |
1.57 |
|
|
$ |
(1.06 |
) |
Net income (loss) per share — diluted |
|
$ |
0.01 |
|
|
$ |
(0.59 |
) |
|
$ |
1.48 |
|
(1) |
$ |
(1.06 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding — basic |
|
|
28,168 |
|
|
|
26,920 |
|
|
|
27,805 |
|
|
|
26,639 |
|
Weighted-average shares outstanding — diluted |
|
|
29,727 |
|
|
|
26,920 |
|
|
|
31,918 |
|
(1) |
|
26,639 |
|
(1) Diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million. |
||||||||||||||||
IMPINJ, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited) |
||||||||
|
|
Nine Months Ended |
||||||
|
|
September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
43,528 |
|
|
$ |
(28,186 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
10,155 |
|
|
|
9,733 |
|
Stock-based compensation |
|
|
41,336 |
|
|
|
35,679 |
|
Restructuring equity modification expense |
|
|
366 |
|
|
|
— |
|
Accretion of discount or amortization of premium on investments |
|
|
(247 |
) |
|
|
(1,600 |
) |
Amortization of debt issuance costs |
|
|
1,226 |
|
|
|
1,206 |
|
Deferred tax expense |
|
|
(471 |
) |
|
|
(662 |
) |
Revaluation of acquisition-related contingent consideration liability |
|
|
986 |
|
|
|
— |
|
Changes in operating assets and liabilities, net of amounts acquired: |
|
|
|
|
||||
Accounts receivable |
|
|
(9,438 |
) |
|
|
2,683 |
|
Inventory |
|
|
8,825 |
|
|
|
(59,239 |
) |
Prepaid expenses and other assets |
|
|
(610 |
) |
|
|
1,407 |
|
Accounts payable |
|
|
12,056 |
|
|
|
(10,054 |
) |
Accrued compensation and employee related benefits |
|
|
9,515 |
|
|
|
(1,904 |
) |
Accrued and other liabilities |
|
|
1,268 |
|
|
|
1,677 |
|
Acquisition-related contingent consideration liability |
|
|
(2,556 |
) |
|
|
— |
|
Operating lease right-of-use assets |
|
|
1,921 |
|
|
|
1,990 |
|
Operating lease liabilities |
|
|
(2,542 |
) |
|
|
(2,501 |
) |
Deferred revenue |
|
|
369 |
|
|
|
(1,038 |
) |
Net cash provided by (used in) operating activities |
|
|
115,687 |
|
|
|
(50,809 |
) |
Investing activities: |
|
|
|
|
||||
Purchases of investments |
|
|
(154,331 |
) |
|
|
— |
|
Proceeds from sales of investments |
|
|
— |
|
|
|
13,372 |
|
Proceeds from maturities of investments |
|
|
18,605 |
|
|
|
127,449 |
|
Business acquisitions, net of cash acquired |
|
|
— |
|
|
|
(23,357 |
) |
Purchases of intangible assets |
|
|
— |
|
|
|
(250 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
234 |
|
Purchases of property and equipment |
|
|
(12,979 |
) |
|
|
(15,968 |
) |
Net cash provided by (used in) investing activities |
|
|
(148,705 |
) |
|
|
101,480 |
|
Financing activities: |
|
|
|
|
||||
Proceeds from exercise of stock options and employee stock purchase plan |
|
|
16,499 |
|
|
|
7,890 |
|
Payment of acquisition-related contingent consideration |
|
|
(4,602 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
11,897 |
|
|
|
7,890 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
32 |
|
|
|
(58 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
(21,089 |
) |
|
|
58,503 |
|
Cash and cash equivalents |
|
|
|
|
||||
Beginning of period |
|
|
94,793 |
|
|
|
19,597 |
|
End of period |
|
$ |
73,704 |
|
|
$ |
78,100 |
|
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements prepared and presented in accordance with
Adjusted EBITDA
We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; other income, net; interest expense; acquisition related expense and related purchase accounting adjustments; and income tax benefit (expense). During the year ended December 31, 2023, we revised our definition of adjusted EBITDA to exclude acquisition related expenses, related purchase accounting adjustments, and amortization of intangibles in connection with our Voyantic Oy acquisition. During the three months ended March 31, 2024, we further revised our definition of adjusted EBITDA to exclude settlement income. We have excluded these items because we do not believe they reflect our core operations and us excluding them enables more consistent evaluation of our operating performance. The revision to our definition of adjusted EBITDA did not impact adjusted EBITDA for any previously reported periods because there was no impact of a similar nature in such prior periods affecting comparability.
Non-GAAP Net Income (Loss)
We define non-GAAP net income as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; acquisition related expense and related purchase accounting adjustments; and the corresponding income tax impacts of adjustments to net income (loss).
During the year ended December 31, 2023, we revised our definition of non-GAAP net income to adjust for acquisition related expenses, related purchase accounting adjustments, and amortization of intangibles in connection with our Voyantic Oy acquisition. During the three months ended March 31, 2024, we further revised our definition of non-GAAP net income to exclude settlement income. The revisions to our definition of non-GAAP net income did not impact non-GAAP net income for any previously reported periods because there was no impact of a similar nature in such prior periods affecting comparability.
Additionally, during the year ended December 31, 2023, we revised our definition of non-GAAP net income (loss) to adjust for income tax effects of adjustments to net income (loss), calculated at the statutory rate for current and historical periods. We have revised the prior period amounts to conform to our current period presentation.
Free cash flow
We define free cash flow as net cash provided by (used in) operating activities, determined in accordance with GAAP, less purchases of property and equipment. We define adjusted free cash flow as free cash flow less cash received from gain on litigation settlement.
IMPINJ, INC. RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (in thousands, except percentages, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP Gross margin |
|
|
50.0 |
% |
|
|
47.3 |
% |
|
|
52.0 |
% |
|
|
49.9 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
1.9 |
% |
|
|
2.2 |
% |
|
|
1.8 |
% |
|
|
1.5 |
% |
Purchase accounting adjustments |
|
|
0.0 |
% |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
Stock-based compensation |
|
|
0.5 |
% |
|
|
0.8 |
% |
|
|
0.5 |
% |
|
|
0.6 |
% |
Non-GAAP Gross margin |
|
|
52.4 |
% |
|
|
50.5 |
% |
|
|
54.3 |
% |
|
|
52.2 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP Net income (loss) |
|
$ |
221 |
|
|
$ |
(15,762 |
) |
|
$ |
43,528 |
|
|
$ |
(28,186 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
3,247 |
|
|
|
3,668 |
|
|
|
10,155 |
|
|
|
9,734 |
|
Stock-based compensation |
|
|
14,841 |
|
|
|
12,307 |
|
|
|
41,336 |
|
|
|
35,679 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
1,812 |
|
|
|
— |
|
Acquisition related expenses |
|
|
— |
|
|
|
4 |
|
|
|
986 |
|
|
|
1,676 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
388 |
|
Other income, net |
|
|
(2,416 |
) |
|
|
(1,090 |
) |
|
|
(5,830 |
) |
|
|
(3,620 |
) |
Income from settlement of litigation |
|
|
— |
|
|
|
— |
|
|
|
(45,000 |
) |
|
|
— |
|
Interest expense |
|
|
1,219 |
|
|
|
1,213 |
|
|
|
3,652 |
|
|
|
3,633 |
|
Income tax expense (benefit) |
|
|
207 |
|
|
|
(195 |
) |
|
|
194 |
|
|
|
(472 |
) |
Adjusted EBITDA |
|
$ |
17,319 |
|
|
$ |
257 |
|
|
$ |
50,833 |
|
|
$ |
18,832 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Net income (loss) |
|
$ |
221 |
|
|
$ |
(15,762 |
) |
|
$ |
43,528 |
|
|
$ |
(28,186 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
3,247 |
|
|
|
3,668 |
|
|
|
10,155 |
|
|
|
9,734 |
|
Stock-based compensation |
|
|
14,841 |
|
|
|
12,307 |
|
|
|
41,336 |
|
|
|
35,679 |
|
Restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
1,812 |
|
|
|
— |
|
Acquisition transaction expenses |
|
|
— |
|
|
|
4 |
|
|
|
986 |
|
|
|
1,676 |
|
Purchase accounting adjustments |
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
388 |
|
Income from settlement of litigation |
|
|
— |
|
|
|
— |
|
|
|
(45,000 |
) |
|
|
— |
|
Income tax effects of adjustments (1) |
|
|
(1,410 |
) |
|
|
(207 |
) |
|
|
(4,434 |
) |
|
|
(1,990 |
) |
Non-GAAP Net income |
|
$ |
16,899 |
|
|
$ |
122 |
|
|
$ |
48,383 |
|
|
$ |
17,301 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Net income per share — diluted |
|
$ |
0.56 |
|
(2) |
$ |
0.00 |
|
|
$ |
1.63 |
|
(2) |
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Weighted-average shares — diluted |
|
|
29,727 |
|
|
|
26,920 |
|
|
|
31,918 |
|
(3) |
|
26,639 |
|
Dilutive shares from stock plans |
|
|
— |
|
|
|
1,196 |
|
|
|
— |
|
|
|
1,758 |
|
Dilutive shares from convertible debt |
|
|
2,589 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP Weighted-average shares — diluted |
|
|
32,316 |
|
(2) |
|
28,116 |
|
|
|
31,918 |
|
(2) |
|
28,397 |
|
(1) The tax effects of the adjustments are calculated using the statutory rate, taking into consideration the nature of the item and relevant taxing jurisdictions. |
||||||||||||||||
(2) Diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million. |
||||||||||||||||
(3) GAAP weighted average shares — diluted includes the dilutive effect of convertible debt. |
||||||||||||||||
IMPINJ, INC. RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (in thousands, except percentages, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP Net cash provided by (used in) operating activities |
|
$ |
10,068 |
|
|
$ |
(1,705 |
) |
|
$ |
115,687 |
|
|
$ |
(50,809 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
|
(5,411 |
) |
|
|
(2,770 |
) |
|
|
(12,979 |
) |
|
|
(15,968 |
) |
Free cash flow |
|
$ |
4,657 |
|
|
$ |
(4,475 |
) |
|
$ |
102,708 |
|
|
$ |
(66,777 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Income from settlement of litigation |
|
|
— |
|
|
|
— |
|
|
|
(45,000 |
) |
|
|
— |
|
Adjusted free cash flow |
|
$ |
4,657 |
|
|
$ |
(4,475 |
) |
|
$ |
57,708 |
|
|
$ |
(66,777 |
) |
IMPINJ, INC. RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK (in thousands, except per share data, unaudited – calculated at the midpoint of the outlook range) |
||||
|
|
Three Months Ending |
||
|
|
December 31, |
||
|
|
2024 |
||
GAAP Net loss |
|
$ |
(3,178 |
) |
Adjustments: |
|
|
||
Forecasted Depreciation and amortization |
|
|
3,388 |
|
Forecasted Stock-based compensation |
|
|
15,175 |
|
Forecasted Interest expense |
|
|
1,215 |
|
Forecasted Other income, net |
|
|
(2,400 |
) |
Forecasted Income tax expense |
|
|
100 |
|
Adjusted EBITDA |
|
$ |
14,300 |
|
|
|
|
||
GAAP Net loss |
|
$ |
(3,178 |
) |
Adjustments: |
|
|
||
Forecasted Depreciation and amortization |
|
|
3,388 |
|
Forecasted Stock-based compensation |
|
|
15,175 |
|
Forecasted Income tax effects of adjustments |
|
|
(1,252 |
) |
Non-GAAP Net income |
|
$ |
14,133 |
|
|
|
|
||
GAAP Net loss per share — basic and diluted |
|
$ |
(0.11 |
) |
Non-GAAP Net income per share — diluted(1) |
|
$ |
0.47 |
|
|
|
|
||
GAAP weighted-average shares — basic and diluted |
|
|
28,500 |
|
Dilutive shares |
|
|
4,200 |
|
Non-GAAP weighted-average shares — diluted(1) |
|
|
32,700 |
|
(1) Non-GAAP diluted net income per share includes the impact of our convertible debt using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion of 2.6 million. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023862833/en/
Investor Relations
Andy Cobb, CFA
Vice President, Strategic Finance
+1-206-315-4470
ir@impinj.com
Media Relations
Jill West
Vice President, Strategic Communications
+1-206-834-1110
jwest@impinj.com
Source: Impinj, Inc.
FAQ
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