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): November 1, 2017
Impinj, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-37824 |
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91-2041398 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(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)
(Former name or former address, if changed since last report)
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):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
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).
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Emerging growth company |
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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. ☐
On November 1, 2017 Impinj Inc. (“Impinj”) issued a press release announcing its financial results for the quarter ended September 30, 2017. A copy of the press release, entitled "Impinj Announces Third Quarter 2017 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.
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Section 9 |
Financial Statements and Exhibits |
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Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
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.
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Impinj, Inc. |
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By: |
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/s/ Chris Diorio |
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Chris Diorio Chief Executive Officer |
Date: November 1, 2017
Exhibit 99.1
Impinj Announces Third Quarter 2017 Financial Results
SEATTLE, WA, Nov. 1, 2017 – 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, 2017.
“We delivered a solid third quarter with strong reader and gateway volume growth,” said Chris Diorio, Impinj co-founder and CEO. “Our 2017 endpoint IC unit guidance remains unchanged at between 7.0 and 7.2 billion units. We see indicators of growing adoption for RAIN, and the Impinj platform, however, we expect to see a slight decrease in endpoint IC volumes in the second half of the year. We remain confident in our market opportunity and will continue investing in and delivering solutions and enterprise partnerships that leverage our platform, accelerate adoption and drive scale in this gigantic market opportunity.”
Third Quarter 2017 Financial Summary
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• |
Revenue grew 5% year-over-year to $32.6 million |
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• |
GAAP gross margin of 52.1%; non-GAAP gross margin of 53.7% |
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• |
GAAP net loss of $4.9 million, or loss of $0.23 per basic and diluted share using 20.8 million shares |
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• |
Adjusted EBITDA loss of $1.5 million |
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• |
Non-GAAP net loss of $1.6 million, or loss of $0.08 per diluted share using 20.8 million shares |
A reconciliation between historical GAAP and non-GAAP information, including weighted-average basic and diluted shares, is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the "Non-GAAP Financial Measures" section below.
Fourth Quarter 2017 Financial Outlook
Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the fourth quarter of 2017 (in millions, except per share data):
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Three Months Ended |
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December 31, |
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2017 |
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Revenue |
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$28.25 to $29.75 |
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GAAP Net income (loss) |
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$(8.75) to $(7.25) |
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Adjusted EBITDA |
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$(4.85) to $(3.35) |
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Non-GAAP net income (loss) |
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$(4.95) to $(3.45) |
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GAAP Weighted-average shares outstanding — basic and diluted |
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20.9 to 21.4 |
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GAAP Net income (loss) per share — basic and diluted |
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$(0.42) to $(0.34) |
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Non-GAAP Weighted-average shares outstanding — basic and diluted |
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20.9 to 21.4 |
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Non-GAAP Net income (loss) per share — basic and diluted |
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$(0.24) to $(0.16) |
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, Nov. 1, 2017 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to discuss the company’s third quarter 2017 results as well as its outlook for its fourth quarter 2017. 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 10111865.
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, financial outlook for the fourth quarter of 2017 and our outlook regarding 2017 endpoint IC volumes. 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 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.
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
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited)
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September 30, |
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December 31, |
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2017 |
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2016 |
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Assets: |
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Current assets: |
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Cash and cash equivalents |
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$ |
17,558 |
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$ |
33,636 |
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Short-term investments |
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44,916 |
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66,905 |
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Accounts receivable, net |
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25,610 |
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17,447 |
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Inventory |
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45,817 |
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27,734 |
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Prepaid expenses and other current assets |
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2,585 |
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3,004 |
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Total current assets |
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136,486 |
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148,726 |
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Property and equipment, net |
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17,715 |
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14,929 |
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Other non-current assets |
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171 |
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— |
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Goodwill and other intangible assets, net |
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3,881 |
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3,881 |
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Total assets |
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$ |
158,253 |
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$ |
167,536 |
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Liabilities and stockholders' equity: |
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Current liabilities: |
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Accounts payable |
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$ |
2,843 |
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$ |
7,166 |
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Accrued compensation and employee related benefits |
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3,770 |
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7,647 |
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Accrued liabilities |
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5,227 |
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6,098 |
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Current portion of long-term debt |
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4,083 |
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2,589 |
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Current portion of capital lease obligations |
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1,017 |
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1,130 |
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Current portion of deferred rent |
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536 |
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306 |
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Current portion of deferred revenue |
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756 |
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445 |
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Total current liabilities |
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18,232 |
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25,381 |
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Long-term debt, net of current portion |
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6,524 |
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9,676 |
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Capital lease obligations, net of current portion |
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964 |
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1,698 |
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Long-term liabilities — other |
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836 |
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770 |
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Deferred rent, net of current portion |
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5,769 |
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5,022 |
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Deferred revenue, net of current portion |
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485 |
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966 |
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Total liabilities |
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32,810 |
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43,513 |
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Stockholders' equity: |
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Preferred stock, $0.001 par value — 5,000 shares authorized, no shares issued and outstanding at September 30, 2017 and December 31, 2016 |
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— |
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— |
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Common stock, $0.001 par value — 495,000 shares authorized, 20,955 and 20,336 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively |
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21 |
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20 |
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Additional paid-in capital |
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320,630 |
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311,216 |
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Accumulated other comprehensive income (loss) |
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(17 |
) |
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(10 |
) |
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Accumulated deficit |
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(195,191 |
) |
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(187,203 |
) |
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Total stockholders' equity |
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125,443 |
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|
124,023 |
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Total liabilities and stockholders' equity |
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$ |
158,253 |
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$ |
167,536 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Revenue |
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$ |
32,599 |
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$ |
31,013 |
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$ |
98,437 |
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$ |
78,632 |
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Cost of revenue |
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15,606 |
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14,638 |
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46,505 |
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37,567 |
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Gross profit |
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16,993 |
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16,375 |
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51,932 |
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41,065 |
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Operating expenses: |
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Research and development |
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8,846 |
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6,622 |
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23,308 |
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17,782 |
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Sales and marketing |
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8,107 |
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5,584 |
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22,487 |
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15,902 |
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General and administrative |
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4,723 |
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3,356 |
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13,632 |
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8,214 |
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Total operating expenses |
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21,676 |
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15,562 |
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59,427 |
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41,898 |
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Income (loss) from operations |
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|
(4,683 |
) |
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|
813 |
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|
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(7,495 |
) |
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(833 |
) |
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Interest income (expense) and other income (expense), net |
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(118 |
) |
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38 |
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(341 |
) |
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(845 |
) |
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Income (loss) before tax expense |
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(4,801 |
) |
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|
851 |
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(7,836 |
) |
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(1,678 |
) |
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Income tax expense |
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(50 |
) |
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(43 |
) |
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(152 |
) |
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(98 |
) |
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Net income (loss) |
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$ |
(4,851 |
) |
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$ |
808 |
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$ |
(7,988 |
) |
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$ |
(1,776 |
) |
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Less: Accretion of preferred stock |
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— |
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|
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(608 |
) |
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— |
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|
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(6,258 |
) |
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Net income (loss) attributable to common stockholders |
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$ |
(4,851 |
) |
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$ |
200 |
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$ |
(7,988 |
) |
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$ |
(8,034 |
) |
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Net income (loss) per share attributable to common stockholders — basic and diluted |
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$ |
(0.23 |
) |
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$ |
0.01 |
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$ |
(0.39 |
) |
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$ |
(1.01 |
) |
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Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: |
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Basic |
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20,826 |
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15,318 |
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20,604 |
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7,991 |
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Diluted |
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20,826 |
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16,859 |
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20,604 |
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|
7,991 |
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IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Net income (loss) |
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$ |
(4,851 |
) |
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$ |
808 |
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$ |
(7,988 |
) |
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$ |
(1,776 |
) |
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Other comprehensive income (loss): |
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Unrealized gains (losses) on investments |
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33 |
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— |
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(7 |
) |
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— |
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Total other comprehensive income (loss) |
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33 |
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— |
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(7 |
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— |
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Comprehensive income (loss) |
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$ |
(4,818 |
) |
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$ |
808 |
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$ |
(7,995 |
) |
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$ |
(1,776 |
) |
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
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Nine Months Ended |
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September 30, |
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2017 |
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2016 |
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||
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Operating activities: |
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|
|
|
|
|
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Net income (loss) |
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$ |
(7,988 |
) |
|
$ |
(1,776 |
) |
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Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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|
|
|
|
|
|
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Depreciation and amortization |
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2,868 |
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|
|
2,143 |
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Amortization and write-off of debt issuance costs |
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72 |
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|
|
220 |
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Amortization of premium on short-term investments |
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|
120 |
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|
|
— |
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Revaluation of warrant liability |
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— |
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|
|
(559 |
) |
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Stock-based compensation |
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|
4,763 |
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|
|
1,417 |
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Changes in operating assets and liabilities: |
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|
|
|
|
|
|
|
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Accounts receivable |
|
|
(8,138 |
) |
|
|
(4,617 |
) |
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Inventory |
|
|
(18,083 |
) |
|
|
(8,649 |
) |
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Prepaid expenses and other assets |
|
|
278 |
|
|
|
(479 |
) |
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Deferred revenue |
|
|
(170 |
) |
|
|
(27 |
) |
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Deferred rent |
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|
977 |
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|
79 |
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Accounts payable |
|
|
(4,125 |
) |
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|
377 |
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Accrued compensation and benefits |
|
|
(3,745 |
) |
|
|
1,118 |
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Accrued liabilities |
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|
117 |
|
|
|
1,254 |
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Net cash provided by (used in) operating activities |
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|
(33,054 |
) |
|
|
(9,499 |
) |
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Investing activities: |
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|
|
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Purchases of investments |
|
|
(28,887 |
) |
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|
(14,116 |
) |
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Proceeds from maturities of investments |
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|
50,726 |
|
|
|
— |
|
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Purchases of property and equipment |
|
|
(6,156 |
) |
|
|
(2,327 |
) |
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Net cash provided by (used in) investing activities |
|
|
15,683 |
|
|
|
(16,443 |
) |
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Financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from initial public offering, net of offering costs |
|
|
— |
|
|
|
68,808 |
|
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Payments on capital lease financing obligations |
|
|
(847 |
) |
|
|
(954 |
) |
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Payments on term loans |
|
|
(1,730 |
) |
|
|
(65,233 |
) |
|
Proceeds from term loans |
|
|
— |
|
|
|
60,517 |
|
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
|
4,520 |
|
|
|
556 |
|
|
Proceeds from issuance of preferred stock upon exercise of warrants |
|
|
— |
|
|
|
62 |
|
|
Payments of deferred offering costs |
|
|
(650 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
1,293 |
|
|
|
63,756 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
(16,078 |
) |
|
|
37,814 |
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
33,636 |
|
|
|
10,121 |
|
|
End of period |
|
$ |
17,558 |
|
|
$ |
47,935 |
|
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, |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
GAAP Gross Profit |
|
$ |
16,993 |
|
|
$ |
16,375 |
|
|
$ |
51,932 |
|
|
$ |
41,065 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
450 |
|
|
|
225 |
|
|
|
1,273 |
|
|
|
778 |
|
|
Stock-based compensation |
|
|
62 |
|
|
|
28 |
|
|
|
145 |
|
|
|
39 |
|
|
Non-GAAP Gross Profit |
|
$ |
17,505 |
|
|
$ |
16,628 |
|
|
$ |
53,350 |
|
|
$ |
41,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Margin |
|
|
52.1 |
% |
|
|
52.8 |
% |
|
|
52.8 |
% |
|
|
52.2 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1.4 |
% |
|
|
0.7 |
% |
|
|
1.3 |
% |
|
|
1.0 |
% |
|
Stock-based compensation |
|
|
0.2 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
|
Non-GAAP Gross Margin |
|
|
53.7 |
% |
|
|
53.6 |
% |
|
|
54.2 |
% |
|
|
53.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development expense |
|
$ |
8,846 |
|
|
$ |
6,622 |
|
|
$ |
23,308 |
|
|
$ |
17,782 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(343 |
) |
|
|
(278 |
) |
|
|
(960 |
) |
|
|
(841 |
) |
|
Stock-based compensation |
|
|
(652 |
) |
|
|
(282 |
) |
|
|
(1,550 |
) |
|
|
(416 |
) |
|
Non-GAAP Research and development expense |
|
$ |
7,851 |
|
|
$ |
6,062 |
|
|
$ |
20,798 |
|
|
$ |
16,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing expense |
|
$ |
8,107 |
|
|
$ |
5,584 |
|
|
$ |
22,487 |
|
|
$ |
15,902 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(128 |
) |
|
|
(106 |
) |
|
|
(373 |
) |
|
|
(367 |
) |
|
Stock-based compensation |
|
|
(921 |
) |
|
|
(343 |
) |
|
|
(2,100 |
) |
|
|
(754 |
) |
|
Non-GAAP Sales and marketing expense |
|
$ |
7,058 |
|
|
$ |
5,135 |
|
|
$ |
20,014 |
|
|
$ |
14,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative expense |
|
$ |
4,723 |
|
|
$ |
3,356 |
|
|
$ |
13,632 |
|
|
$ |
8,214 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(100 |
) |
|
|
(50 |
) |
|
|
(262 |
) |
|
|
(157 |
) |
|
Stock-based compensation |
|
|
(505 |
) |
|
|
(102 |
) |
|
|
(968 |
) |
|
|
(208 |
) |
|
Non-GAAP General and administrative expense |
|
$ |
4,118 |
|
|
$ |
3,204 |
|
|
$ |
12,402 |
|
|
$ |
7,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Total operating expense |
|
$ |
21,676 |
|
|
$ |
15,562 |
|
|
$ |
59,427 |
|
|
$ |
41,898 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(571 |
) |
|
|
(434 |
) |
|
|
(1,595 |
) |
|
|
(1,365 |
) |
|
Stock-based compensation |
|
|
(2,078 |
) |
|
|
(727 |
) |
|
|
(4,618 |
) |
|
|
(1,378 |
) |
|
Non-GAAP Total operating expense |
|
$ |
19,027 |
|
|
$ |
14,401 |
|
|
$ |
53,214 |
|
|
$ |
39,155 |
|
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, |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
GAAP Interest income (expense) and other income (expense), net |
|
$ |
(118 |
) |
|
$ |
38 |
|
|
$ |
(341 |
) |
|
$ |
(845 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash interest expense |
|
|
24 |
|
|
|
27 |
|
|
|
72 |
|
|
|
111 |
|
|
Change in the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
(468 |
) |
|
|
— |
|
|
|
(559 |
) |
|
Write-off of unamortized debt issuance costs |
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
Non-GAAP Interest income (expense) and other income (expense), net |
|
$ |
(94 |
) |
|
$ |
(294 |
) |
|
$ |
(269 |
) |
|
$ |
(1,184 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income tax expense |
|
$ |
(50 |
) |
|
$ |
(43 |
) |
|
$ |
(152 |
) |
|
$ |
(98 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash income tax expense |
|
|
21 |
|
|
|
23 |
|
|
|
66 |
|
|
|
68 |
|
|
Non-GAAP Income tax expense |
|
$ |
(29 |
) |
|
$ |
(20 |
) |
|
$ |
(86 |
) |
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
(4,851 |
) |
|
$ |
808 |
|
|
$ |
(7,988 |
) |
|
$ |
(1,776 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,021 |
|
|
|
659 |
|
|
|
2,868 |
|
|
|
2,143 |
|
|
Stock-based compensation |
|
|
2,140 |
|
|
|
755 |
|
|
|
4,763 |
|
|
|
1,417 |
|
|
Interest income (expense) and other income (expense), net |
|
|
118 |
|
|
|
(38 |
) |
|
|
341 |
|
|
|
845 |
|
|
Income tax expense |
|
|
50 |
|
|
|
43 |
|
|
|
152 |
|
|
|
98 |
|
|
Adjusted EBITDA |
|
$ |
(1,522 |
) |
|
$ |
2,227 |
|
|
$ |
136 |
|
|
$ |
2,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
(4,851 |
) |
|
$ |
808 |
|
|
$ |
(7,988 |
) |
|
$ |
(1,776 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,021 |
|
|
|
659 |
|
|
|
2,868 |
|
|
|
2,143 |
|
|
Stock-based compensation |
|
|
2,140 |
|
|
|
755 |
|
|
|
4,763 |
|
|
|
1,417 |
|
|
Non-cash interest expense |
|
|
24 |
|
|
|
27 |
|
|
|
72 |
|
|
|
111 |
|
|
Change in the fair value of preferred stock warrant liability |
|
|
— |
|
|
|
(468 |
) |
|
|
— |
|
|
|
(559 |
) |
|
Write-off of unamortized debt issuance costs |
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
Non-cash income tax expense |
|
|
21 |
|
|
|
23 |
|
|
|
66 |
|
|
|
68 |
|
|
Non-GAAP Net income |
|
$ |
(1,645 |
) |
|
$ |
1,913 |
|
|
$ |
(219 |
) |
|
$ |
1,513 |
|
|
Non-GAAP Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.08 |
) |
|
$ |
0.11 |
|
|
$ |
(0.01 |
) |
|
$ |
0.11 |
|
|
Diluted |
|
$ |
(0.08 |
) |
|
$ |
0.10 |
|
|
$ |
(0.01 |
) |
|
$ |
0.10 |
|
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic |
|
|
20,826 |
|
|
|
15,318 |
|
|
|
20,604 |
|
|
|
7,991 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
1,762 |
|
|
|
— |
|
|
|
6,258 |
|
|
Weighted-average shares used to compute non-GAAP net income per share — basic |
|
|
20,826 |
|
|
|
17,080 |
|
|
|
20,604 |
|
|
|
14,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — diluted |
|
|
20,826 |
|
|
|
16,859 |
|
|
|
20,604 |
|
|
|
7,991 |
|
|
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
1,762 |
|
|
|
— |
|
|
|
6,258 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
Warrants to purchase mandatorily redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
Unvested shares of common stock subject to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
141 |
|
|
Stock awards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
795 |
|
|
Weighted-average shares used to compute non-GAAP net income per share — diluted |
|
|
20,826 |
|
|
|
18,621 |
|
|
|
20,604 |
|
|
|
15,223 |
|
RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK
(in thousands, except per share data, unaudited)
|
|
|
Three Months Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
2017 |
|
|
|
GAAP Net income (loss) |
|
$ |
(8,000 |
) |
|
Adjustments: |
|
|
|
|
|
Forecasted Depreciation and amortization |
|
|
1,200 |
|
|
Forecasted Stock-based compensation |
|
|
2,550 |
|
|
Forecasted Interest income (expense) and other income (expense), net |
|
|
100 |
|
|
Forecasted Income tax expense |
|
|
50 |
|
|
Adjusted EBITDA |
|
$ |
(4,100 |
) |
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
$ |
(8,000 |
) |
|
Adjustments: |
|
|
|
|
|
Forecasted Depreciation and amortization |
|
|
1,200 |
|
|
Forecasted Stock-based compensation |
|
|
2,550 |
|
|
Forecasted Non-cash interest expense |
|
|
25 |
|
|
Forecasted Non-cash income tax expense |
|
|
25 |
|
|
Non-GAAP Net income (loss) |
|
$ |
(4,200 |
) |
|
Non-GAAP Net income per share — basic and diluted |
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic and diluted |
|
|
21,150 |
|
|
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 |
|
|
21,150 |
|