Last10K.com

Impinj Inc (PI) SEC Filing 8-K Material Event for the period ending Tuesday, February 19, 2019

Impinj Inc

CIK: 1114995 Ticker: PI

Exhibit 99.1

Impinj Reports Fourth Quarter and Full Year 2018 Financial Results

SEATTLE, WA, Feb. 20, 2019 – Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today released its financial results for the fourth quarter and year ended Dec. 31, 2018.  

“I'm proud of our team's execution in fourth quarter 2018 and feel we have strong momentum heading into 2019. We delivered our second consecutive quarter of record revenue and record systems sales,” said Chris Diorio, Impinj co-founder and CEO. “We also shipped our 30 billionth endpoint IC, marking another step in our journey to connect every item in our everyday world.”

Fourth Quarter 2018 Financial Summary

 

Revenue of $34.6 million

 

GAAP gross margin of 47.1%; non-GAAP gross margin of 49.0%

 

GAAP net loss of $6.0 million, or loss of $0.28 per diluted share using 21.5 million shares

 

Adjusted EBITDA loss of $1.7 million

 

Non-GAAP net loss of $2.0 million, or loss of $0.09 per diluted share using 21.5 million shares

Full Year 2018 Financial Summary

 

Revenue of $122.6 million

 

GAAP gross margin of 47.5%; non-GAAP gross margin of 49.5%

 

GAAP net loss of $35.2 million, or loss of $1.65 per diluted share using 21.3 million shares

 

Adjusted EBITDA loss of $13.8 million


 

Non-GAAP net loss of $14.5 million, or loss of $0.68 per diluted share using 21.3 million shares

A reconciliation between 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” sections below.

First Quarter 2019 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 2019 (in millions, except per share data):

 

 

Three Months Ended

 

 

March 31, 2019

Revenue

 

$30.0 to $32.0

GAAP Net loss

 

$(10.6) to $(9.6)

Adjusted EBITDA

 

$(5.9) to $(4.4)

Non-GAAP net loss

 

$(6.2) to $(4.7)

GAAP Weighted-average shares outstanding — basic and diluted

 

21.50 to 21.60

GAAP Net loss per share — basic and diluted

 

$(0.49) to $(0.44)

Non-GAAP Weighted-average shares outstanding — basic and diluted

 

21.50 to 21.60

Non-GAAP Net loss per share — basic and diluted

 

$(0.29) to $(0.22)

A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.

Conference Call Information

Impinj will host a conference call today, Feb. 20, 2019 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to ask questions on our fourth quarter and year 2018 results, as well as its outlook for its first quarter of 2019. 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 our 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 10127448.


Management’s prepared written remarks, along with quarterly financial data, will be made available on our 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 2019. 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.

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.

### 

Contacts:

Investor Relations

ir@impinj.com

+1-206-315-4470



IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

 

 

 

December 31, 2018

 

 

December 31, 2017

 

Assets:

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

17,530

 

 

$

19,285

 

Short-term investments

 

38,543

 

 

 

38,831

 

Accounts receivable, net

 

18,462

 

 

 

22,244

 

Inventory

 

44,725

 

 

 

47,083

 

Prepaid expenses and other current assets

 

1,954

 

 

 

2,359

 

Total current assets

 

121,214

 

 

 

129,802

 

Property and equipment, net

 

19,778

 

 

 

18,110

 

Other non-current assets

 

196

 

 

 

241

 

Goodwill

 

3,881

 

 

 

3,881

 

Total assets

$

145,069

 

 

$

152,034

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

4,643

 

 

$

4,666

 

Accrued compensation and employee related benefits

 

7,409

 

 

 

5,729

 

Accrued liabilities

 

2,887

 

 

 

3,162

 

Current portion of restructuring liabilities

 

582

 

 

 

 

Current portion of long-term debt

 

5,930

 

 

 

4,088

 

Current portion of capital lease obligations

 

523

 

 

 

936

 

Current portion of deferred rent

 

402

 

 

 

628

 

Current portion of deferred revenue

 

649

 

 

 

714

 

Total current liabilities

 

23,025

 

 

 

19,923

 

Long-term debt, net of current portion

 

17,633

 

 

 

5,500

 

Capital lease obligations, net of current portion

 

258

 

 

 

745

 

Long-term liabilities — other

 

304

 

 

 

532

 

Long-term restructuring liabilities

 

487

 

 

 

 

Deferred rent, net of current portion

 

5,294

 

 

 

5,891

 

Deferred revenue, net of current portion

 

185

 

 

 

501

 

Total liabilities

$

47,186

 

 

$

33,092

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Preferred stock, $0.001 par value

$

 

 

$

 

Common stock, $0.001 par value

 

21

 

 

 

21

 

Additional paid-in capital

 

337,627

 

 

 

323,482

 

Accumulated other comprehensive loss

 

(9

)

 

 

(36

)

Accumulated deficit

 

(239,756

)

 

 

(204,525

)

Total stockholders' equity

 

97,883

 

 

 

118,942

 

Total liabilities and stockholders' equity

$

145,069

 

 

$

152,034

 



IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

Revenue

 

$

34,618

 

 

$

26,863

 

 

$

122,633

 

 

$

125,300

 

 

Cost of revenue

 

 

18,307

 

 

 

13,854

 

 

 

64,352

 

 

 

60,359

 

 

Gross profit

 

 

16,311

 

 

 

13,009

 

 

 

58,281

 

 

 

64,941

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

8,998

 

 

 

8,912

 

 

 

34,168

 

 

 

32,220

 

 

Sales and marketing

 

 

8,188

 

 

 

9,092

 

 

 

32,934

 

 

 

31,579

 

 

General and administrative

 

 

5,318

 

 

 

4,529

 

 

 

22,299

 

 

 

18,161

 

 

Restructuring costs

 

 

 

 

 

 

 

 

3,749

 

 

 

 

 

Total operating expenses

 

 

22,504

 

 

 

22,533

 

 

 

93,150

 

 

 

81,960

 

 

Loss from operations

 

 

(6,193

)

 

 

(9,524

)

 

 

(34,869

)

 

 

(17,019

)

 

Other income (expense), net

 

 

247

 

 

 

(55

)

 

 

808

 

 

 

508

 

 

Interest expense

 

 

(433

)

 

 

(4

)

 

 

(1,403

)

 

 

(908

)

 

Loss before income taxes

 

 

(6,379

)

 

 

(9,583

)

 

 

(35,464

)

 

 

(17,419

)

 

Income tax benefit

 

 

392

 

 

 

249

 

 

 

233

 

 

 

97

 

 

Net loss

 

$

(5,987

)

 

$

(9,334

)

 

$

(35,231

)

 

$

(17,322

)

 

Net loss per share — basic and diluted

 

$

(0.28

)

 

$

(0.45

)

 

$

(1.65

)

 

$

(0.84

)

 

Weighted-average shares used to compute net loss per shares — basic and diluted

 

 

21,477

 

 

 

20,907

 

 

 

21,334

 

 

 

20,680

 

 

 



IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(35,231

)

 

$

(17,322

)

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

4,534

 

 

 

3,950

 

Stock-based compensation

 

 

11,317

 

 

 

7,428

 

Non-cash restructuring benefit

 

 

(454

)

 

 

 

Accretion of discount or amortization of premium on short-term investments

 

 

(419

)

 

 

70

 

Amortization of debt issuance costs

 

 

75

 

 

 

95

 

Deferred income taxes

 

 

(395

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

3,782

 

 

 

(4,822

)

Inventory

 

 

2,358

 

 

 

(19,349

)

Prepaid expenses and other assets

 

 

473

 

 

 

439

 

Deferred revenue

 

 

(381

)

 

 

(196

)

Deferred rent

 

 

(260

)

 

 

1,191

 

Accounts payable

 

 

326

 

 

 

(2,836

)

Accrued compensation and employee related benefits

 

 

1,819

 

 

 

(1,735

)

Accrued liabilities

 

 

(390

)

 

 

(2,799

)

Restructuring liabilities

 

 

1,069

 

 

 

 

Net cash used in operating activities

 

 

(11,777

)

 

 

(35,886

)

Investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(51,651

)

 

 

(49,125

)

Proceeds from maturities of investments

 

 

52,352

 

 

 

77,075

 

Purchases of property and equipment

 

 

(6,367

)

 

 

(6,552

)

Net cash provided by (used in) investing activities

 

 

(5,666

)

 

 

21,398

 

Financing activities:

 

 

 

 

 

 

 

 

Payments on capital lease financing obligations

 

 

(900

)

 

 

(1,147

)

Payments on term loans

 

 

(2,451

)

 

 

(2,772

)

Proceeds from term loans, net of debt issuance costs

 

 

16,350

 

 

 

 

Proceeds from exercise of stock options and employee stock purchase plan

 

 

2,689

 

 

 

4,656

 

Payments of deferred offering costs

 

 

 

 

 

(600

)

Net cash provided by financing activities

 

 

15,688

 

 

 

137

 

Net decrease in cash and cash equivalents

 

 

(1,755

)

 

 

(14,351

)

Cash and cash equivalents

 

 

 

 

 

 

 

 

Beginning of period

 

 

19,285

 

 

 

33,636

 

End of period

 

$

17,530

 

 

$

19,285

 


Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, we use non-GAAP financial measures by financial statement line items that exclude the effects of stock-based compensation, depreciation, restructuring costs, investigation costs and other expenses that we believe do not reflect our core operating performance. Our key non-GAAP liquidity and performance measures include adjusted EBITDA and non-GAAP net income (loss), see definitions of such below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We believe excluding those income and expenses inherent in calculating adjusted EBITDA and non-GAAP net income (loss) can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that adjusted EBITDA and non-GAAP net income (loss) provide useful information to investors and others in understanding and evaluating our operating results in the same manner as it does for our management and board of directors. 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.

Adjusted EBITDA

We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation; depreciation; restructuring costs; investigation costs; other income (expense), net; interest expense; and income tax benefit (expense). Restructuring costs relate to us initiating an effort in the first quarter 2018 to reduce headcount and sublease office space to align our strategic and financial objectives and to optimize resources for long-term growth. Investigation costs relate to costs incurred by us to investigate a complaint made by a former employee. We have excluded from adjusted EBITDA the net restructuring and investigation costs because we do not believe they reflect our core operations.


Non-GAAP Net Income (Loss)

We define non-GAAP net income (loss) as net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation; depreciation; restructuring costs; investigation costs (for more information about restructuring and investigation costs, please refer to the description in adjusted EBITDA above); amortization of debt issuance costs; and non-cash income tax benefit (expense). We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of future income tax liabilities by utilizing our deferred tax assets, which comprise primarily federal net operating loss carryforwards and federal research and experimentation credit carryforwards. We have excluded from non-GAAP net income (loss) the net restructuring and investigation costs because we do not believe they reflect our core operations.



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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

GAAP Gross profit

 

$

16,311

 

 

$

13,009

 

 

$

58,281

 

 

$

64,941

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

508

 

 

 

465

 

 

 

2,008

 

 

 

1,738

 

Stock-based compensation

 

 

144

 

 

 

86

 

 

 

469

 

 

 

231

 

Non-GAAP Gross profit

 

$

16,963

 

 

$

13,560

 

 

$

60,758

 

 

$

66,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Gross margin

 

 

47.1

%

 

 

48.4

%

 

 

47.5

%

 

 

51.8

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1.5

%

 

 

1.8

%

 

 

1.6

%

 

 

1.4

%

Stock-based compensation

 

 

0.4

%

 

 

0.3

%

 

 

0.4

%

 

 

0.2

%

Non-GAAP Gross margin

 

 

49.0

%

 

 

50.5

%

 

 

49.5

%

 

 

53.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Research and development expense

 

$

8,998

 

 

$

8,912

 

 

$

34,168

 

 

$

32,220

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

(399

)

 

 

(369

)

 

 

(1,589

)

 

 

(1,329

)

Stock-based compensation

 

 

(1,043

)

 

 

(881

)

 

 

(3,663

)

 

 

(2,431

)

Non-GAAP Research and development expense

 

$

7,556

 

 

$

7,662

 

 

$

28,916

 

 

$

28,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Sales and marketing expense

 

$

8,188

 

 

$

9,092

 

 

$

32,934

 

 

$

31,579

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

(127

)

 

 

(150

)

 

 

(516

)

 

 

(523

)

Stock-based compensation

 

 

(1,290

)

 

 

(1,013

)

 

 

(4,166

)

 

 

(3,113

)

Non-GAAP Sales and marketing expense

 

$

6,771

 

 

$

7,929

 

 

$

28,252

 

 

$

27,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP General and administrative expense

 

$

5,318

 

 

$

4,529

 

 

$

22,299

 

 

$

18,161

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

(106

)

 

 

(98

)

 

 

(421

)

 

 

(360

)

Stock-based compensation

 

 

(827

)

 

 

(685

)

 

 

(3,019

)

 

 

(1,653

)

Investigation costs

 

 

 

 

 

 

 

 

(1,449

)

 

 

 

Non-GAAP General and administrative expense

 

$

4,385

 

 

$

3,746

 

 

$

17,410

 

 

$

16,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Total operating expenses

 

$

22,504

 

 

$

22,533

 

 

$

93,150

 

 

$

81,960

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

(632

)

 

 

(617

)

 

 

(2,526

)

 

 

(2,212

)

Stock-based compensation

 

 

(3,160

)

 

 

(2,579

)

 

 

(10,848

)

 

 

(7,197

)

Investigation costs

 

 

 

 

 

 

 

 

(1,449

)

 

 

 

Restructuring costs

 

 

 

 

 

 

 

 

(3,749

)

 

 

 

Non-GAAP Total operating expenses

 

$

18,712

 

 

$

19,337

 

 

$

74,578

 

 

$

72,551

 


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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

GAAP Net loss

 

$

(5,987

)

 

$

(9,334

)

 

$

(35,231

)

 

$

(17,322

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1,140

 

 

 

1,082

 

 

 

4,534

 

 

 

3,950

 

Stock-based compensation

 

 

3,304

 

 

 

2,665

 

 

 

11,317

 

 

 

7,428

 

Investigation costs

 

 

 

 

 

 

 

 

1,449

 

 

 

 

Restructuring costs

 

 

 

 

 

 

 

 

3,749

 

 

 

 

Other income (expense), net

 

 

(247

)

 

 

55

 

 

 

(808

)

 

 

(508

)

Interest expense

 

 

433

 

 

 

4

 

 

 

1,403

 

 

 

908

 

Income tax benefit

 

 

(392

)

 

 

(249

)

 

 

(233

)

 

 

(97

)

Adjusted EBITDA

 

$

(1,749

)

 

$

(5,777

)

 

$

(13,820

)

 

$

(5,641

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net loss

 

$

(5,987

)

 

$

(9,334

)

 

$

(35,231

)

 

$

(17,322

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

1,140

 

 

 

1,082

 

 

 

4,534

 

 

 

3,950

 

Stock-based compensation

 

 

3,304

 

 

 

2,665

 

 

 

11,317

 

 

 

7,428

 

Investigation costs

 

 

 

 

 

 

 

 

1,449

 

 

 

 

Restructuring costs

 

 

 

 

 

 

 

 

3,749

 

 

 

 

Amortization of debt issuance costs

 

 

18

 

 

 

23

 

 

 

75

 

 

 

95

 

Non-cash income tax benefit

 

 

(444

)

 

 

(297

)

 

 

(404

)

 

 

(231

)

Non-GAAP Net loss

 

$

(1,969

)

 

$

(5,861

)

 

$

(14,511

)

 

$

(6,080

)

Non-GAAP Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.09

)

 

$

(0.28

)

 

$

(0.68

)

 

$

(0.29

)

Diluted

 

$

(0.09

)

 

$

(0.28

)

 

$

(0.68

)

 

$

(0.29

)

Weighted-average shares used to compute GAAP and non-GAAP net loss per share — basic and diluted

 

 

21,477

 

 

 

20,907

 

 

 

21,334

 

 

 

20,680

 

 

 

 

 

 


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 Ended

 

 

 

March 31,

 

 

 

2019

 

GAAP Net loss

 

$

(10,080

)

Adjustments:

 

 

 

 

Forecasted Depreciation

 

 

1,140

 

Forecasted Stock-based compensation

 

 

3,500

 

Forecasted Interest expense

 

 

440

 

Forecasted Other income, net

 

 

(160

)

Forecasted Income tax expense

 

 

60

 

Adjusted EBITDA

 

$

(5,100

)

 

 

 

 

 

GAAP Net loss

 

$

(10,080

)

Adjustments:

 

 

 

 

Forecasted Depreciation

 

 

1,140

 

Forecasted Stock-based compensation

 

 

3,500

 

Forecasted Amortization of debt issuance costs

 

 

20

 

Forecasted Non-cash income tax expense

 

 

20

 

Non-GAAP Net loss

 

$

(5,400

)

Non-GAAP Net loss per share — basic and diluted

 

$

(0.25

)

Weighted-average shares used to compute GAAP and Non-GAAP net loss per share attributable to common stockholders — basic and diluted

 

 

21,550

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2019

 

Impinj, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware

 

001-37824

 

91-2041398

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

 

(IRS Employer

Identification No.)

400 Fairview Avenue North, Suite 1200

Seattle, Washington 98109

(Address of principal executive offices, including zip code)

 

(206) 517-5300

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       

 


 

 

Item 2.02

Results of Operations and Financial Conditions.

 

On February 20, 2019, Impinj Inc. (“Impinj” or the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2018. A copy of the press release, entitled “Impinj Reports Fourth Quarter and Full Year 2018 Financial Results” is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

 

The information in this current report on Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

 

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 19, 2019, Impinj awarded Chris Diorio, Ph.D., Chief Executive Officer and Vice Chair, and Eric Brodersen, President and Chief Operating Officer, annual cash bonuses of $270,922 and $211,810, respectively, pursuant to the Company’s 2018 Senior Leadership Bonus Program, after considering the Company’s achievement of its budgeted bookings target for fiscal year 2018, and their 2018 target annual bonus opportunities. Annual target bonus opportunities for Messrs. Diorio and Brodersen, were 85% and 75%, respectively, up to July 1, 2018 and 100% and 85%, respectively, thereafter.

 

 

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Impinj, Inc.

 

 

By:

 

/s/ Chris Diorio

 

 

Chris Diorio

Chief Executive Officer

 

Date: February 20, 2019

 

View differences made from one to another to evaluate Impinj Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Impinj Inc.

Continue

Assess how Impinj Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Impinj Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Material Contracts, Statements, Certifications & more

Impinj Inc provided additional information to their SEC Filing as exhibits

Ticker: PI
CIK: 1114995
Form Type: 8-K Corporate News
Accession Number: 0001564590-19-003458
Submitted to the SEC: Wed Feb 20 2019 4:20:21 PM EST
Accepted by the SEC: Wed Feb 20 2019
Period: Tuesday, February 19, 2019
Industry: Electronic Components
Events:
  1. Earnings Release
  2. Event for Officers
  3. Financial Exhibit

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/pi/0001564590-19-003458.htm