EX-99.1 2 pi-ex991_6.htm EX-99.1 pi-ex991_6.htm

Exhibit 99.1

Impinj Announces Third Quarter 2016 Financial Results

SEATTLE, WA, Nov. 3, 2016 – 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 third quarter ended Sept. 30, 2016.

“We delivered a strong third quarter, exceeding our revenue and earnings guidance. Revenue in the quarter grew 50% year-over-year to reach a record $31.0 million, driven primarily by accelerating demand for our endpoint ICs, followed by growing demand for our connectivity products. We view endpoint IC volumes as an indicator of market adoption and are excited by the broad-based demand we saw this quarter,” said Chris Diorio, Impinj co-founder and CEO. “We will continue investing in this massive market opportunity to enhance our leading market position and foster adoption of our platform.”

Third Quarter Financial Summary

 

•

Revenue grew 50% year-over-year to $31.0 million

 

•

GAAP gross margin of 52.8%; non-GAAP gross margin of 53.6%

 

•

GAAP net income of $0.8 million; GAAP net income attributable to common shareholders of $0.2 million, or income of $0.01 per diluted share using 16.9 million shares

 

•

Adjusted EBITDA of $2.2 million

 

•

Non-GAAP net income of $1.9 million, or $0.10 per diluted share using 18.6 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.

Fourth Quarter 2016 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 fourth quarter of 2016, Impinj currently expects:

 

•

Revenue in the range of $31.5 million to $33.0 million

 

•

Adjusted EBITDA in the range of $0.75 million to $2.25 million

 

•

Non-GAAP net income in the range of $0.75 million to $2.25 million, and non-GAAP diluted earnings per share in the range of $0.04 and $0.11 using approximately 20.2 million shares

All forward-looking non-GAAP financial measures in this section titled "Fourth Quarter 2016 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, Nov. 3, 2016 at 4:30 p.m. ET / 1:30 p.m. PT for analysts and investors to discuss the company’s third quarter results and outlook for the fourth quarter of 2016. 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 10094192.

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 fourth quarter of 2016. 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 September 2, 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.

 

### 

 

Contacts:

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


IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

Assets:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

47,935

 

 

$

10,121

 

Short-term investments

 

 

14,063

 

 

 

—

 

Accounts receivable, net

 

 

17,531

 

 

 

12,889

 

Inventory

 

 

20,486

 

 

 

11,837

 

Prepaid expenses and other current assets

 

 

1,628

 

 

 

1,095

 

Total current assets

 

 

101,643

 

 

 

35,942

 

Property and equipment, net

 

 

13,303

 

 

 

12,351

 

Other non-current assets

 

 

—

 

 

 

637

 

Goodwill

 

 

3,881

 

 

 

3,881

 

Other intangible assets, net

 

 

—

 

 

 

37

 

Total assets

 

$

118,827

 

 

$

52,848

 

Liabilities, redeemable convertible preferred stock and stockholders' equity

    (deficit):

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,540

 

 

$

3,182

 

Accrued compensation and employee related benefits

 

 

5,374

 

 

 

4,038

 

Accrued liabilities

 

 

4,337

 

 

 

2,895

 

Current portion of long-term debt

 

 

1,419

 

 

 

5,227

 

Current portion of capital lease obligations

 

 

1,103

 

 

 

1,190

 

Current portion of deferred rent

 

 

227

 

 

 

258

 

Current portion of deferred revenue

 

 

413

 

 

 

684

 

Total current liabilities

 

 

16,413

 

 

 

17,474

 

Long-term debt, net of current portion

 

 

9,991

 

 

 

10,683

 

Capital lease obligations, net of current portion

 

 

1,842

 

 

 

2,526

 

Long-term liabilities—other

 

 

747

 

 

 

678

 

Warrant liability

 

 

—

 

 

 

2,865

 

Deferred rent, net of current portion

 

 

5,094

 

 

 

4,984

 

Deferred revenue, net of current portion

 

 

954

 

 

 

710

 

Total liabilities

 

 

35,041

 

 

 

39,920

 

Commitment and contingencies

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.001 par value

 

 

 

 

 

 

 

 

Series 1: none authorized and issued at September 30, 2016; 5,334 shares

    authorized, issued and outstanding at December 31, 2015

 

 

—

 

 

 

60,184

 

Series 2: none authorized and issued at September 30, 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):

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 495,000 shares authorized; 18,780 and 4,382

    shares issued and outstanding at September 30, 2016 and December 31, 2015,

    respectively

 

 

18

 

 

 

4

 

Additional paid-in capital

 

 

271,074

 

 

 

100,276

 

Accumulated deficit

 

 

(187,306

)

 

 

(185,315

)

Total stockholders' equity (deficit)

 

 

83,786

 

 

 

(85,035

)

Total liabilities, redeemable convertible preferred stock and stockholders'

    equity (deficit)

 

$

118,827

 

 

$

52,848

 

 


IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

30,889

 

 

$

20,299

 

 

$

78,302

 

 

$

55,165

 

Development, service and licensing revenue

 

 

124

 

 

 

365

 

 

 

330

 

 

 

687

 

Total revenue

 

 

31,013

 

 

 

20,664

 

 

 

78,632

 

 

 

55,852

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

14,574

 

 

 

9,988

 

 

 

37,408

 

 

 

26,889

 

Cost of development, service and licensing revenue

 

 

64

 

 

 

60

 

 

 

159

 

 

 

156

 

Total cost of revenue

 

 

14,638

 

 

 

10,048

 

 

 

37,567

 

 

 

27,045

 

Gross profit

 

 

16,375

 

 

 

10,616

 

 

 

41,065

 

 

 

28,807

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

6,622

 

 

 

4,304

 

 

 

17,782

 

 

 

12,488

 

Sales and marketing

 

 

5,584

 

 

 

3,772

 

 

 

15,902

 

 

 

10,151

 

General and administrative

 

 

3,356

 

 

 

1,938

 

 

 

8,214

 

 

 

5,089

 

Total operating expenses

 

 

15,562

 

 

 

10,014

 

 

 

41,898

 

 

 

27,728

 

Income (loss) from operations

 

 

813

 

 

 

602

 

 

 

(833

)

 

 

1,079

 

Interest income (expense) and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(345

)

 

 

(297

)

 

 

(1,322

)

 

 

(742

)

Interest income and other income (expense), net

 

 

383

 

 

 

(263

)

 

 

477

 

 

 

(177

)

Total interest income (expense) and other income

   (expense), net

 

 

38

 

 

 

(560

)

 

 

(845

)

 

 

(919

)

Income (loss) before tax expense

 

 

851

 

 

 

42

 

 

 

(1,678

)

 

 

160

 

Income tax expense

 

 

(43

)

 

 

(29

)

 

 

(98

)

 

 

(78

)

Net income (loss)

 

$

808

 

 

$

13

 

 

$

(1,776

)

 

$

82

 

Less: Accretion of preferred stock

 

 

(608

)

 

 

(2,826

)

 

 

(6,258

)

 

 

(8,476

)

Net income (loss) attributable to common stockholders —

    basic and diluted

 

$

200

 

 

$

(2,813

)

 

$

(8,034

)

 

$

(8,394

)

Net income (loss) per share attributable to common

    stockholders — basic and diluted

 

$

0.01

 

 

$

(0.72

)

 

$

(1.01

)

 

$

(2.20

)

Weighted-average shares used to compute net income

    (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,318

 

 

 

3,904

 

 

 

7,991

 

 

 

3,813

 

Diluted

 

 

16,859

 

 

 

3,904

 

 

 

7,991

 

 

 

3,813

 

 

 


IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2016

 

 

2015

 

Operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,776

)

 

$

82

 

Adjustment to reconcile net income (loss) to net cash provided

   by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,143

 

 

 

1,282

 

Amortization and write-off of debt issuance costs

 

 

220

 

 

 

96

 

Revaluation of warrant liability

 

 

(559

)

 

 

177

 

Stock-based compensation

 

 

1,417

 

 

 

885

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,617

)

 

 

(2,703

)

Inventory

 

 

(8,649

)

 

 

(4,254

)

Prepaid expenses and other assets

 

 

(479

)

 

 

(218

)

Deferred revenue

 

 

(27

)

 

 

(318

)

Deferred rent

 

 

79

 

 

 

(510

)

Accounts payable

 

 

377

 

 

 

217

 

Accrued compensation and benefits

 

 

1,118

 

 

 

1,285

 

Accrued liabilities

 

 

1,254

 

 

 

165

 

Net cash provided by (used in) operating activities

 

 

(9,499

)

 

 

(3,814

)

Investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(14,116

)

 

 

—

 

Purchases of property and equipment

 

 

(2,327

)

 

 

(2,639

)

Net cash used in investing activities

 

 

(16,443

)

 

 

(2,639

)

Financing activities:

 

 

 

 

 

 

 

 

Proceeds from initial public offering, net of offering costs

 

 

68,808

 

 

 

—

 

Payments on capital lease financing obligations

 

 

(954

)

 

 

(550

)

Payments on term loans

 

 

(65,233

)

 

 

(2,040

)

Proceeds from term loans

 

 

60,517

 

 

 

12,021

 

Proceeds from issuance of common stock upon exercise of stock options

 

 

556

 

 

 

344

 

Proceeds from issuance of preferred stock upon exercise of warrants

 

 

62

 

 

 

—

 

Payments of deferred offering costs

 

 

—

 

 

 

(59

)

Net cash provided by (used in) financing activities

 

 

63,756

 

 

 

9,716

 

Net increase (decrease) in cash and cash equivalents

 

 

37,814

 

 

 

3,263

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

Beginning of period

 

 

10,121

 

 

 

6,939

 

End of period

 

$

47,935

 

 

$

10,202

 

 


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,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

GAAP Gross Profit

 

$

16,375

 

 

$

10,616

 

 

$

41,065

 

 

$

28,807

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

225

 

 

232

 

 

778

 

 

687

 

Stock-based compensation

 

28

 

 

5

 

 

39

 

 

26

 

Non-GAAP Gross Profit

 

$

16,628

 

 

$

10,853

 

 

$

41,882

 

 

$

29,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Gross Margin

 

 

52.8

%

 

 

51.4

%

 

 

52.2

%

 

 

51.6

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

0.7

%

 

 

1.1

%

 

 

1.0

%

 

 

1.2

%

Stock-based compensation

 

 

0.1

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Non-GAAP Gross Margin

 

 

53.6

%

 

 

52.5

%

 

 

53.2

%

 

 

52.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Research and development expense

 

$

6,622

 

 

$

4,304

 

 

$

17,782

 

 

$

12,488

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(278

)

 

 

(116

)

 

 

(841

)

 

 

(324

)

Stock-based compensation

 

 

(282

)

 

 

(57

)

 

 

(416

)

 

 

(241

)

Non-GAAP Research and development expense

 

$

6,062

 

 

$

4,131

 

 

$

16,525

 

 

$

11,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Sales and marketing expense

 

$

5,584

 

 

$

3,772

 

 

$

15,902

 

 

$

10,151

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(106

)

 

 

(70

)

 

 

(367

)

 

 

(199

)

Stock-based compensation

 

 

(343

)

 

 

(190

)

 

 

(754

)

 

 

(507

)

Non-GAAP Sales and marketing expense

 

$

5,135

 

 

$

3,512

 

 

$

14,781

 

 

$

9,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP General and administrative expense

 

$

3,356

 

 

$

1,938

 

 

$

8,214

 

 

$

5,089

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(50

)

 

 

(25

)

 

 

(157

)

 

 

(72

)

Stock-based compensation

 

 

(102

)

 

 

(33

)

 

 

(208

)

 

 

(111

)

Non-GAAP General and administrative expense

 

$

3,204

 

 

$

1,880

 

 

$

7,849

 

 

$

4,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Total operating expense

 

$

15,562

 

 

$

10,014

 

 

$

41,898

 

 

$

27,728

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(434

)

 

 

(211

)

 

 

(1,365

)

 

 

(595

)

Stock-based compensation

 

 

(727

)

 

 

(280

)

 

 

(1,378

)

 

 

(859

)

Non-GAAP Total operating expense

 

$

14,401

 

 

$

9,523

 

 

$

39,155

 

 

$

26,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Interest expense

 

$

(345

)

 

$

(297

)

 

$

(1,322

)

 

$

(742

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash interest expense

 

 

27

 

 

 

32

 

 

 

111

 

 

 

96

 

Non-GAAP Interest expense

 

$

(318

)

 

$

(265

)

 

$

(1,211

)

 

$

(646

)

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data, unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

GAAP Interest income and other income (expense), net

 

$

383

 

 

$

(263

)

 

$

477

 

 

$

(177

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in the fair value of preferred stock warrant

    liability

 

 

(467

)

 

 

248

 

 

 

(559

)

 

 

177

 

Write-off of unamortized debt issuance costs

 

 

109

 

 

 

—

 

 

 

109

 

 

 

—

 

Non-GAAP Interest income and other income (expense),

    net

 

$

25

 

 

$

(15

)

 

$

27

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Income tax expense

 

$

(43

)

 

$

(29

)

 

$

(98

)

 

$

(78

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash income tax expense

 

 

23

 

 

 

23

 

 

 

68

 

 

 

68

 

Non-GAAP Income tax expense

 

$

(20

)

 

$

(6

)

 

$

(30

)

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income

 

$

808

 

 

$

13

 

 

$

(1,776

)

 

$

82

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

659

 

 

 

443

 

 

 

2,143

 

 

 

1,282

 

Stock-based compensation

 

 

755

 

 

 

285

 

 

 

1,417

 

 

 

885

 

Interest income (expense) and other, net

 

 

(38

)

 

 

560

 

 

 

845

 

 

 

919

 

Income tax expense

 

 

43

 

 

 

29

 

 

 

98

 

 

 

78

 

Adjusted EBITDA

 

$

2,227

 

 

$

1,330

 

 

$

2,727

 

 

$

3,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income

 

$

808

 

 

$

13

 

 

$

(1,776

)

 

$

82

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

659

 

 

 

443

 

 

 

2,143

 

 

 

1,282

 

Stock-based compensation

 

 

755

 

 

 

285

 

 

 

1,417

 

 

 

885

 

Non-cash interest expense

 

 

27

 

 

 

32

 

 

 

111

 

 

 

96

 

Change in the fair value of preferred stock warrant

    liability

 

 

(467

)

 

 

248

 

 

 

(559

)

 

 

177

 

Write-off of unamortized debt issuance costs

 

 

109

 

 

 

—

 

 

 

109

 

 

 

—

 

Non-cash income tax expense

 

 

23

 

 

 

23

 

 

 

68

 

 

 

68

 

Non-GAAP Net income

 

$

1,914

 

 

$

1,044

 

 

$

1,513

 

 

$

2,590

 

Non-GAAP Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.11

 

 

$

0.08

 

 

$

0.11

 

 

$

0.21

 

Diluted

 

$

0.10

 

 

$

0.08

 

 

$

0.10

 

 

$

0.19

 

 

 

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Weighted-average shares used to compute GAAP net

    income (loss) per share attributable to common

    stockholders — basic

 

 

15,318

 

 

 

3,904

 

 

 

7,991

 

 

 

3,813

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock issuable upon

    conversion of mandatorily redeemable convertible   

    preferred stock

 

 

1,762

 

 

 

8,522

 

 

 

6,258

 

 

 

8,522

 

Weighted-average shares used to compute non-GAAP net

    income per share — basic

 

 

17,080

 

 

 

12,426

 

 

 

14,249

 

 

 

12,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute GAAP net

    income (loss) per share attributable to common

    stockholders — diluted

 

 

16,859

 

 

 

3,904

 

 

 

7,991

 

 

 

3,813

 

Weighted-average shares of common stock issuable upon

    conversion of mandatorily redeemable convertible

    preferred stock

 

 

1,762

 

 

 

8,522

 

 

 

6,258

 

 

 

8,522

 

Effects of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants to purchase common stock

 

 

—

 

 

 

17

 

 

 

12

 

 

 

16

 

Warrants to purchase mandatorily redeemable convertible

    preferred stock

 

 

—

 

 

 

33

 

 

 

26

 

 

 

—

 

Weighted-average unvested shares of common stock

    subject to repurchase

 

 

—

 

 

 

154

 

 

 

141

 

 

 

175

 

Stock Options

 

 

—

 

 

 

1,218

 

 

 

795

 

 

 

1,140

 

Weighted-average shares used to compute non-GAAP net

    income per share — diluted

 

 

18,621

 

 

 

13,848

 

 

 

15,223

 

 

 

13,666