8-K

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 13, 2018

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)

(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):

☐ 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. ☐

Section 2 Financial Information

Item 2.02 Results of Operations and Financial Conditions.

On February 15, 2018 Impinj Inc. (“Impinj” or the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2017. A copy of the press release, entitled “Impinj Announces Fourth Quarter and Full Year 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.

Item 2.05 Costs Associated with Exit or Disposal Activities.

On February 13, 2018, the management of Impinj began implementation of a restructuring to match strategic and financial objectives and optimize resources for long term growth, including a reduction in force program affecting approximately 9% of the Company’s employees. As part of the restructuring, the Company will also look to reduce leased office space and close some remote offices.

The Company estimates expenses relating to these actions at approximately $3.75 million to $4.25 million. The Company currently expects the reduction in force charges, consisting primarily of severance benefits, to be in the range of $1.0 million to $1.25 million; and the lease space reduction, consisting primarily of sublease costs and lease cease-use charges, to be in the range of $2.75 million to $3.0 million. The Company anticipates that most of these charges will be recognized in the Company’s first and second fiscal quarters of 2018.

This Item 2.05 contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, but are not limited to, statements related to the expected costs associated with termination benefits and the financial impact of the overall restructuring actions. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of those risks and uncertainties, which include, without limitation, risks related to cost reduction efforts. These and other risk factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2017. In addition, the Company’s workforce reduction costs may be greater than anticipated and the workforce reduction and any future workforce and expense reductions may have an adverse impact on the Company’s development activities and results of operations. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. The Company disclaims any obligation to update information contained in any forward-looking statements contained in this Item 2.05 whether as a result of new information, future events, or otherwise.

Section 9 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release entitled “Impinj Announces Fourth Quarter and Full Year 2017 Financial Results” dated February 15, 2018.

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 15, 2018

EX-99.1

Exhibit 99.1

Impinj Announces Fourth Quarter and Full Year 2017 Financial Results

SEATTLE, WA, Feb. 15, 2018 – 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 fourth quarter and full year ended Dec. 31, 2017. Revenue in the fourth quarter of 2017 was $26.9 million, less than the $29.0 to $30.0 million range shared in the February 1 preliminary announcement. The decrease is due to Impinj agreeing to a partner’s request for a one-time product exchange after the preliminary revenue estimates were previously announced, requiring an accounting reserve in the fourth quarter of 2017. Impinj expects to recognize the revenue in the first quarter of 2018 when the exchange is completed. As a result, Impinj is increasing the revenue outlook for the first quarter of 2018 by $3.25 million, to between $23.25 and $25.25 million.

“Our fourth quarter revenue included strong fixed-reader unit-volume growth of 42% year-over-year,” said Chris Diorio, Impinj co-founder and CEO. “As we announced earlier this month, we anticipate softness in our first-quarter 2018 endpoint IC volumes and revenue due to shortened lead times contributing to a reduction in our order backlog, as well as ongoing reductions in inlay-partner inventory,” Diorio continued. “We remain confident in our market opportunity, position, and in our vision of identifying, locating and authenticating every item in our everyday world, and connecting every one of those items to the cloud.”

Fourth Quarter 2017 Financial Summary

• Revenue declined 20% year-over-year to $26.9 million

• GAAP gross margin of 48.4%; non-GAAP gross margin of 50.5%

• GAAP net loss of $9.3 million, or loss of $0.45 per basic and diluted share using 20.9 million shares

• Adjusted EBITDA loss of $5.8 million

• Non-GAAP net loss of $5.9 million, or loss of $0.28 per diluted share using 20.9 million shares

Full Year 2017 Financial Summary

• Revenue grew 12% year-over-year to $125.3 million

• GAAP gross margin of 51.8%; non-GAAP gross margin of 53.4%

• GAAP net loss of $17.3 million, or a loss of $0.84 per basic and diluted share using 20.7 million shares

• Adjusted EBITDA loss of $5.6 million

• Non-GAAP net loss of $6.1 million, or loss of $0.29 per diluted share using 20.7 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.

First Quarter 2018 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 2018 (in millions, except per share data):

	Three Months Ended March 31,
	2018
Revenue	$23.25 to $25.25
GAAP Net income (loss)	$(15.5) to $(14.0)
Adjusted EBITDA	$(7.5) to $(6.0)
Non-GAAP net income (loss)	$(8.9) to $(7.4)
GAAP Weighted-average shares outstanding — basic and diluted	21.0 to 21.4
GAAP Net income (loss) per share — basic and diluted	$(0.74) to $(0.65)
Non-GAAP Weighted-average shares outstanding — basic and diluted	21.0 to 21.4
Non-GAAP Net income (loss) per share — basic and diluted	$(0.42) to $(0.35)

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, Feb. 15, 2018 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to discuss the company’s fourth quarter and full year 2017 results as well as its outlook for its first quarter of 2018. 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 10115853.

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, and financial outlook for the first quarter of 2018. 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

IMPINJ, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value, unaudited)

	December 31, 2017			December 31, 2016
Assets:
Current assets:
Cash and cash equivalents	$	19,285		$	33,636
Short-term investments		38,831			66,905
Accounts receivable, net		22,244			17,447
Inventory		47,083			27,734
Prepaid expenses and other current assets		2,359			3,004
Total current assets		129,802			148,726
Property and equipment, net		18,110			14,929
Other non-current assets		241			—
Goodwill and other intangible assets, net		3,881			3,881
Total assets	$	152,034		$	167,536
Liabilities and stockholders’ equity:
Current liabilities:
Accounts payable	$	4,666		$	7,166
Accrued compensation and employee related benefits		5,729			7,647
Accrued liabilities		3,162			6,098
Current portion of long-term debt		4,088			2,589
Current portion of capital lease obligations		936			1,130
Current portion of deferred rent		628			306
Current portion of deferred revenue		714			445
Total current liabilities		19,923			25,381
Long-term debt, net of current portion		5,500			9,676
Capital lease obligations, net of current portion		745			1,698
Long-term liabilities — other		532			770
Deferred rent, net of current portion		5,891			5,022
Deferred revenue, net of current portion		501			966
Total liabilities		33,092			43,513
Stockholders’ equity:
Preferred stock, $0.001 par value — 5,000 shares authorized, no shares issued and outstanding at December 31, 2017 and December 31, 2016		—			—
Common stock, $0.001 par value — 495,000 shares authorized, 20,973 and 20,336 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively		21			20
Additional paid-in capital		323,482			311,216
Accumulated other comprehensive income (loss)		(36	)		(10	)
Accumulated deficit		(204,525	)		(187,203	)
Total stockholders’ equity		118,942			124,023
Total liabilities and stockholders’ equity	$	152,034		$	167,536

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data, unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
Revenue	$	26,863		$	33,655		$	125,300		$	112,287
Cost of revenue		13,854			15,267			60,359			52,834
Gross profit		13,009			18,388			64,941			59,453
Operating expenses:
Research and development		8,912			7,403			32,220			25,185
Sales and marketing		9,092			6,428			31,579			22,330
General and administrative		4,529			4,212			18,161			12,426
Total operating expenses		22,533			18,043			81,960			59,941
Income (loss) from operations		(9,524	)		345			(17,019	)		(488	)
Interest income (expense) and other income (expense), net:
Interest expense		(4	)		(311	)		(908	)		(1,633	)
Interest income and other income (expense), net		(55	)		139			508			616
Total interest income (expense) and other, net		(59	)		(172	)		(400	)		(1,017	)
Income (loss) before tax expense		(9,583	)		173			(17,419	)		(1,505	)
Income tax benefit (expense)		249			(70	)		97			(168	)
Net income (loss)	$	(9,334	)	$	103		$	(17,322	)	$	(1,673	)
Less: Accretion of preferred stock		—			—			—			(6,258	)
Net income (loss) attributable to common stockholders	$	(9,334	)	$	103		$	(17,322	)	$	(7,931	)
Net income (loss) per share attributable to common stockholders:
Basic	$	(0.45	)	$	0.01		$	(0.84	)	$	(0.74	)
Diluted	$	(0.45	)	$	0.01		$	(0.84	)	$	(0.74	)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic		20,907			19,078			20,680			10,778
Diluted		20,907			20,667			20,680			10,778

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands, unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
Net income (loss)	$	(9,334	)	$	103		$	(17,322	)	$	(1,673	)
Other comprehensive income (loss):
Unrealized gains (losses) on investments		(19	)		(10	)		(26	)		(10	)
Total other comprehensive income (loss)		(19	)		(10	)		(26	)		(10	)
Comprehensive income (loss)	$	(9,353	)	$	93		$	(17,348	)	$	(1,683	)

IMPINJ, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

	Year Ended December 31,
	2017			2016
Operating activities:
Net income (loss)	$	(17,322	)	$	(1,673	)
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		3,950			2,869
Amortization and write-off of debt issuance costs		95			239
Amortization of premium on short-term investments		70			31
Revaluation of warrant liability		—			(559	)
Stock-based compensation		7,428			2,765
Changes in operating assets and liabilities:
Accounts receivable		(4,822	)		(4,515	)
Inventory		(19,349	)		(15,897	)
Prepaid expenses and other assets		439			(1,759	)
Deferred revenue		(196	)		17
Deferred rent		1,191			86
Accounts payable		(2,836	)		3,883
Accrued compensation and benefits		(1,735	)		3,462
Accrued liabilities		(2,799	)		1,554
Net cash provided by (used in) operating activities		(35,886	)		(9,497	)
Investing activities:
Purchases of investments		(49,125	)		(67,103	)
Proceeds from maturities of investments		77,075			—
Purchases of property and equipment		(6,552	)		(3,530	)
Net cash provided by (used in) investing activities		21,398			(70,633	)
Financing activities:
Proceeds from initial public offering, net of offering costs		—			108,096
Payments on capital lease financing obligations		(1,147	)		(1,229	)
Payments on term loans		(2,772	)		(65,320	)
Proceeds from term loans		—			61,436
Proceeds from exercise of stock options and employee stock purchase plan		4,656			600
Proceeds from issuance of preferred stock upon exercise of warrants		—			62
Payments of deferred offering costs		(600	)		—
Net cash provided by (used in) financing activities		137			103,645
Net increase (decrease) in cash and cash equivalents		(14,351	)		23,515
Cash and cash equivalents:
Beginning of period		33,636			10,121
End of period	$	19,285		$	33,636

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except percentages, unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
GAAP Gross Profit	$	13,009		$	18,388		$	64,941		$	59,453
Adjustments:
Depreciation and amortization		465			281			1,738			1,059
Stock-based compensation		86			57			231			96
Non-GAAP Gross Profit	$	13,560		$	18,726		$	66,910		$	60,608
GAAP Gross Margin		48.4	%		54.6	%		51.8	%		52.9	%
Adjustments:
Depreciation and amortization		1.7	%		0.8	%		1.4	%		0.9	%
Stock-based compensation		0.3	%		0.2	%		0.2	%		0.1	%
Non-GAAP Gross Margin		50.5	%		55.6	%		53.4	%		53.9	%
GAAP Research and development expense	$	8,912		$	7,403		$	32,220		$	25,185
Adjustments:
Depreciation and amortization		(369	)		(285	)		(1,329	)		(1,126	)
Stock-based compensation		(881	)		(567	)		(2,431	)		(983	)
Non-GAAP Research and development expense	$	7,662		$	6,551		$	28,460		$	23,076
GAAP Sales and marketing expense	$	9,092		$	6,428		$	31,579		$	22,330
Adjustments:
Depreciation and amortization		(150	)		(108	)		(523	)		(475	)
Stock-based compensation		(1,013	)		(535	)		(3,113	)		(1,289	)
Non-GAAP Sales and marketing expense	$	7,929		$	5,785		$	27,943		$	20,566
GAAP General and administrative expense	$	4,529		$	4,212		$	18,161		$	12,426
Adjustments:
Depreciation and amortization		(98	)		(52	)		(360	)		(209	)
Stock-based compensation		(685	)		(189	)		(1,653	)		(397	)
Non-GAAP General and administrative expense	$	3,746		$	3,971		$	16,148		$	11,820
GAAP Total operating expense	$	22,533		$	18,043		$	81,960		$	59,941
Adjustments:
Depreciation and amortization		(617	)		(445	)		(2,212	)		(1,810	)
Stock-based compensation		(2,579	)		(1,291	)		(7,197	)		(2,669	)
Non-GAAP Total operating expense	$	19,337		$	16,307		$	72,551		$	55,462

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data, unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
GAAP Interest income (expense) and other income (expense), net	$	(59	)	$	(172	)	$	(400	)	$	(1,017	)
Adjustments:
Non-cash interest expense		23			19			95			130
Change in the fair value of preferred stock warrant liability		—			—			—			(559	)
Write-off of unamortized debt issuance costs		—			—			—			109
Non-GAAP Interest income (expense) and other income (expense), net	$	(36	)	$	(153	)	$	(305	)	$	(1,337	)
GAAP Income tax benefit (expense)	$	249		$	(70	)	$	97		$	(168	)
Adjustments:
Non-cash income tax benefit (expense)		(297	)		23			(231	)		91
Non-GAAP Income tax benefit (expense)	$	(48	)	$	(47	)	$	(134	)	$	(77	)
GAAP Net Income	$	(9,334	)	$	103		$	(17,322	)	$	(1,673	)
Adjustments:
Depreciation and amortization		1,082			726			3,950			2,869
Stock-based compensation		2,665			1,348			7,428			2,765
Interest income (expense) and other income (expense), net		59			172			400			1,017
Income tax benefit (expense)		(249	)		70			(97	)		168
Adjusted EBITDA	$	(5,777	)	$	2,419		$	(5,641	)	$	5,146
GAAP Net Income	$	(9,334	)	$	103		$	(17,322	)	$	(1,673	)
Adjustments:
Depreciation and amortization		1,082			726			3,950			2,869
Stock-based compensation		2,665			1,348			7,428			2,765
Non-cash interest expense		23			19			95			130
Change in the fair value of preferred stock warrant liability		—			—			—			(559	)
Write-off of unamortized debt issuance costs		—			—			—			109
Non-cash income tax benefit (expense)		(297	)		23			(231	)		91
Non-GAAP Net income	$	(5,861	)	$	2,219		$	(6,080	)	$	3,732
Non-GAAP Net income per share:
Basic	$	(0.28	)	$	0.12		$	(0.29	)	$	0.24
Diluted	$	(0.28	)	$	0.11		$	(0.29	)	$	0.22

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2017		2016		2017		2016
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic		20,907		19,078		20,680		10,778
Adjustments:
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock		—		—		—		4,685
Weighted-average shares used to compute non-GAAP net income per share — basic		20,907		19,078		20,680		15,463
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — diluted		20,907		20,667		20,680		10,778
Weighted-average shares of common stock issuable upon conversion of mandatorily redeemable convertible preferred stock		—		—		—		4,685
Adjustments:
Effects of dilutive securities
Warrants to purchase common stock		—		—		—		9
Warrants to purchase mandatorily redeemable convertible preferred stock		—		—		—		19
Unvested shares of common stock subject to repurchase		—		—		—		118
Stock awards		—		—		—		1,150
Weighted-average shares used to compute non-GAAP net income per share — diluted		20,907		20,667		20,680		16,759

IMPINJ, INC.

RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK

(in thousands, except per share data, unaudited)

	Three Months Ended March 31,
	2018
GAAP Net income (loss)	$	(14,700	)
Adjustments:
Forecasted Depreciation and amortization		1,100
Forecasted Stock-based compensation		2,700
Forecasted Interest income (expense) and other income (expense), net		75
Forecasted Income tax expense		75
Forecasted Restructuring costs		4,000
Adjusted EBITDA	$	(6,750	)
GAAP Net income (loss)	$	(14,700	)
Adjustments:
Forecasted Depreciation and amortization		1,100
Forecasted Stock-based compensation		2,700
Forecasted Non-cash interest expense		25
Forecasted Non-cash income tax expense		25
Forecasted Non-cash restructuring costs		2,700
Non-GAAP Net income (loss)	$	(8,150	)
Non-GAAP Net income per share — basic and diluted	$	(0.38	)
Weighted-average shares used to compute GAAP net income (loss) per share attributable to common stockholders — basic and diluted		21,200
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		21,200