Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock has traded on The Nasdaq Global Select Market under the symbol “PI” since July 21, 2016.
Holders of Record
As of February 5, 2021, there were 55 holders of record of our common stock. The actual number of stockholders is greater than the number of holders of record and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. The number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividends
We have never declared or paid a cash dividend on our common stock and we intend to retain all available funds and any future earnings to fund the development and growth of our business. We therefore do not anticipate paying any cash dividends on our common stock for the foreseeable future. In addition, future debt instruments, if any, may materially restrict our ability to pay dividends on our common stock. Any future determination to pay dividends on our common stock will depend at least on our results of operations, our financial condition and liquidity requirements, restrictions that may be imposed by applicable law or by contracts, and any other factors that our board of directors may consider relevant.
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Performance Graph
The following graph compares our cumulative total stockholder return on Impinj’s common stock with the NASDAQ Composite Index and the Philadelphia Semiconductor Index:
This graph covers the period from July 21, 2016, using the closing price for the first day of trading immediately following the effectiveness of our initial public offering per SEC regulations, through December 31, 2020. This graph assumes that the value of the investment in Impinj’s common stock and each index (including reinvestment of dividends) was $100 on July 21, 2016.
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Item 6. Selected Financial Data
You should read the selected financial data set forth below in conjunction with the information in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, our audited consolidated financial statements and related notes included elsewhere in this report and our previous financial statements, the latter not included in this report.
Year Ended December 31,
2020
2019
2018
2017
2016
(in thousands, except per share data)
Statements of Operations Data:
Revenue
$
138,923
$
152,836
$
122,633
$
125,300
$
112,287
Cost of revenue
73,783
78,834
64,352
60,359
52,834
Gross profit
65,140
74,002
58,281
64,941
59,453
Operating expenses:
Research and development expense
48,590
38,880
34,168
32,220
25,185
Sales and marketing expense
28,663
32,642
32,934
31,579
22,330
General and administrative expense
34,958
24,141
22,299
18,161
12,426
Restructuring costs
—
—
3,749
—
—
Total operating expenses
112,211
95,663
93,150
81,960
59,941
Income (loss) from operations
(47,071
)
(21,661
)
(34,869
)
(17,019
)
(488
)
Other income, net
650
1,242
808
508
616
Interest expense
(5,413
)
(1,794
)
(1,403
)
(908
)
(1,633
)
Loss on debt extinguishment
—
(576
)
—
—
—
Income (loss) before income taxes
(51,834
)
(22,789
)
(35,464
)
(17,419
)
(1,505
)
Income tax benefit (expense)
(89
)
(198
)
233
97
(168
)
Net income (loss)
(51,923
)
(22,987
)
(35,231
)
(17,322
)
(1,673
)
Less: Accretion of preferred stock
—
—
—
—
(6,258
)
Net loss attributable to common stockholders
$
(51,923
)
$
(22,987
)
$
(35,231
)
$
(17,322
)
$
(7,931
)
Net loss per share attributable to common stockholders — basic and diluted
$
(2.28
)
$
(1.05
)
$
(1.65
)
$
(0.84
)
$
(0.74
)
Weighted-average shares used to compute net loss per share attributable to common stockholders — basic and diluted
22,819
21,847
21,334
20,680
10,778
As of December 31,
2020
2019
2018
2017
2016
(in thousands)
Balance Sheet Data (1) :
Cash, cash equivalents and short-term investments
$
106,089
$
116,495
$
56,073
$
58,116
$
100,541
Working capital
143,771
157,272
98,189
109,879
123,345
Total assets
207,616
215,046
145,069
152,034
167,536
Total long-term debt
54,556
50,876
23,563
9,588
12,265
Accumulated deficit
(314,666
)
(262,743
)
(239,756
)
(204,525
)
(187,203
)
Total stockholders’ equity (deficit)
$
109,119
$
125,239
$
97,883
$
118,942
$
124,023
(1) The summary balance sheet data for the year ended December 31, 2020 and 2019 reflects the adoption of Accounting Standard Update (“ASU”) No. 2016-02, Leases (“Topic 842”). The summary balance sheets for the years ended December 2018, 2017 and 2016 does not reflect the adoption of Topic 842.
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