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): October 28, 2026
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 |
(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)
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)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
PI |
The Nasdaq Global Select Market |
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. ☐
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Item 2.02 |
Results of Operations and Financial Condition |
On October 28, 2026, Impinj, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release, entitled “Impinj Reports Third Quarter 2026 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 9.01 Financial Statements and Exhibits
(d) Exhibits
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99.1 |
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Press release dated October 28, 2026. |
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104 |
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Inline XBRL for the cover page of this Current Report on Form 8-K. |
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.
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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: October 28, 2026
Impinj Reports Third Quarter 2026 Financial Results
SEATTLE, WA, October 28, 2026– Impinj, Inc. (Nasdaq: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the third quarter ended September 30, 2026.
“Our third-quarter results were strong, with endpoint IC revenue and unit volumes, as well as total revenue, all setting new quarterly records,” said Chris Diorio, Impinj co-founder and CEO. “M800’s market strength, resilient retail demand, growth at our lighthouse accounts and Gen2X momentum all contributed to those record results, and we see those trends continuing.”
Third Quarter 2026 Financial Summary
•Revenue of $112.1 million
•GAAP gross margin of 52.8%; non-GAAP gross margin of 54.9%
•GAAP net income of $4.7 million, or income of $0.15 per diluted share using 31.5 million shares
•Adjusted EBITDA of $24.5 million
•Non-GAAP net income of $22.1 million, or income of $0.69 per diluted share using 32.6 million shares
A reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.
Fourth Quarter 2026 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 2026 (in millions, except per share data):
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Three Months Ending |
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December 31, 2026 |
Revenue |
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$104.0 to $107.0 |
GAAP Net income |
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$1.2 to $2.7 |
Adjusted EBITDA income |
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$19.2 to $20.7 |
GAAP Weighted-average shares — diluted |
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31.8 to 32.0 |
GAAP Net income per share — diluted |
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$0.04 to $0.08 |
Non-GAAP Net income |
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$17.6 to $19.1 |
Non-GAAP Weighted-average shares — diluted(1) |
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32.5 to 32.7 |
Non-GAAP Net income per share — diluted(1) |
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$0.55 to $0.60 |
(1) Non-GAAP diluted net income per share includes the impact of our convertible debt, using the if-converted method, which assumes conversion at the beginning of a period and full share settlement. Interest expense of $0.4 million is added back to Non-GAAP net income of $17.6 to $19.1 million then divided by 32.5 to 32.7 million Non-GAAP diluted weighted average shares.
A reconciliation between GAAP and non-GAAP financial measures is provided in the “Non-GAAP Financial Measures” section below.
Conference Call Information
Impinj will host a conference call and webcast to discuss its third-quarter 2026 results and fourth-quarter 2026 outlook today, October 28, 2026 at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties may access the call by dialing +1-412-317-1863. A live webcast and replay will also be available on the company’s website at investor.impinj.com. Following the call, a telephonic replay will be available for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 1208951.
Management’s prepared written remarks, along with quarterly financial data, will be made available on Impinj’s website at investor.impinj.com along 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 our strategy, our competitive position and conditions in the markets in which we compete, as well as financial guidance and considerations for the fourth quarter of 2026 and future periods.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
About Impinj
Impinj (Nasdaq: PI) delivers the Physical Intelligence that connects the physical world to the AI-powered digital world, fueling automated workflows and improving consumer experiences. From retail merchandise and groceries to packages and shipping pallets, Impinj products and solutions identify and track tens of billions of everyday items, providing real-time operational insights that enable businesses to visualize everything, waste nothing and act instantly. www.impinj.com
Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.
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For more information, contact:
Investor Relations
Andy Cobb, CFA
Vice President, Corporate Finance & Investor Relations
+1-206-315-4470
ir@impinj.com
Media Relations
Bassil Elkadi
Senior Director, Communications & Public Relations
+1 206-517-5300
comms@impinj.com
IMPINJ, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited)
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September 30, 2026 |
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December 31, 2025 |
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Assets: |
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Current assets: |
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Cash and cash equivalents |
$ |
38,741 |
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$ |
48,206 |
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Short-term investments |
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74,238 |
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127,130 |
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Accounts receivable, net |
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78,131 |
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70,785 |
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Inventory |
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83,369 |
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84,961 |
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Prepaid expenses and other current assets |
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60,053 |
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8,135 |
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Total current assets |
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334,532 |
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339,217 |
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Long-term investments |
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115,344 |
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103,766 |
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Property and equipment, net |
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48,755 |
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50,290 |
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Intangible assets, net |
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7,613 |
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9,501 |
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Operating lease right-of-use assets |
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21,334 |
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20,896 |
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Other non-current assets |
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425 |
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795 |
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Goodwill |
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20,109 |
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20,721 |
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Total assets |
$ |
548,112 |
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$ |
545,186 |
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Liabilities and stockholders’ equity: |
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Current liabilities: |
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Accounts payable |
$ |
13,337 |
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$ |
13,614 |
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Accrued compensation and employee related benefits |
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15,068 |
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9,936 |
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Accrued and other current liabilities |
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2,765 |
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3,664 |
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Current portion of operating lease liabilities |
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1,969 |
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776 |
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Current portion of long-term debt |
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995 |
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96,745 |
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Current portion of deferred revenue |
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1,375 |
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1,791 |
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Total current liabilities |
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35,509 |
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126,526 |
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Long-term debt |
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185,311 |
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184,141 |
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Operating lease liabilities, net of current portion |
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22,738 |
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22,536 |
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Deferred tax liabilities, net |
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1,694 |
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2,062 |
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Deferred revenue, net of current portion |
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529 |
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690 |
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Total liabilities |
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245,781 |
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335,955 |
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Stockholders’ equity: |
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Common stock, $0.001 par value |
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31 |
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30 |
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Additional paid-in capital |
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711,573 |
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606,852 |
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Accumulated other comprehensive income (loss) |
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(749 |
) |
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2,509 |
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Accumulated deficit |
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(408,524 |
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(400,160 |
) |
Total stockholders’ equity |
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302,331 |
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209,231 |
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Total liabilities and stockholders’ equity |
$ |
548,112 |
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$ |
545,186 |
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IMPINJ, INC.
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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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
112,083 |
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$ |
96,055 |
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$ |
294,704 |
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$ |
268,226 |
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Cost of revenue |
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52,954 |
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47,727 |
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135,583 |
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126,604 |
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Gross profit |
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59,129 |
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48,328 |
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159,121 |
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141,622 |
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Operating expenses: |
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Research and development |
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30,581 |
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25,720 |
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88,567 |
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75,686 |
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Sales and marketing |
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10,271 |
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9,380 |
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29,857 |
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26,173 |
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General and administrative |
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13,175 |
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12,035 |
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39,188 |
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36,259 |
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Amortization of intangibles |
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511 |
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537 |
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1,582 |
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1,543 |
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Total operating expenses |
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54,538 |
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47,672 |
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159,194 |
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139,661 |
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Income (loss) from operations |
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4,591 |
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656 |
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(73 |
) |
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1,961 |
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Other income, net |
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2,515 |
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2,592 |
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7,436 |
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6,705 |
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Induced conversion expense |
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(1,793 |
) |
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(15,026 |
) |
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(13,731 |
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(15,026 |
) |
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Interest expense |
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(596 |
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(1,121 |
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(2,000 |
) |
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(3,569 |
) |
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Income (loss) before income taxes |
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4,717 |
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(12,899 |
) |
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(8,368 |
) |
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(9,929 |
) |
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Income tax benefit (expense) |
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(40 |
) |
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89 |
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4 |
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221 |
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Net income (loss) |
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$ |
4,677 |
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$ |
(12,810 |
) |
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$ |
(8,364 |
) |
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$ |
(9,708 |
) |
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Net income (loss) per share — basic |
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$ |
0.15 |
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$ |
(0.44 |
) |
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$ |
(0.27 |
) |
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$ |
(0.33 |
) |
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Net income (loss) per share — diluted |
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$ |
0.15 |
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$ |
(0.44 |
) |
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$ |
(0.27 |
) |
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$ |
(0.33 |
) |
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Weighted-average shares outstanding — basic |
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30,617 |
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29,338 |
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30,463 |
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28,995 |
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Weighted-average shares outstanding — diluted |
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31,495 |
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29,338 |
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30,463 |
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28,995 |
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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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|
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2026 |
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2025 |
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Operating activities: |
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Net loss |
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$ |
(8,364 |
) |
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$ |
(9,708 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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11,538 |
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11,082 |
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Stock-based compensation |
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47,092 |
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40,096 |
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Loss on fixed asset disposal |
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114 |
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— |
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Gain on remeasurement of capped call transactions |
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(102 |
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— |
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Accretion of discount or amortization of premium on investments |
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(685 |
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(1,860 |
) |
Amortization of debt issuance costs |
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1,444 |
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1,274 |
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Induced conversion expense related to convertible notes |
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13,731 |
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15,026 |
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Deferred tax expense |
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(308 |
) |
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(297 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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(7,372 |
) |
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(4,153 |
) |
Inventory |
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1,553 |
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6,806 |
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Prepaid expenses and other assets |
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(1,937 |
) |
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(1,409 |
) |
Accounts payable |
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(204 |
) |
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(977 |
) |
Accrued compensation and employee related benefits |
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5,179 |
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(12,906 |
) |
Accrued and other liabilities |
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(899 |
) |
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|
659 |
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Operating lease right-of-use assets |
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|
1,211 |
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|
|
2,019 |
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Operating lease liabilities |
|
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(255 |
) |
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(2,699 |
) |
Deferred revenue |
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(544 |
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|
657 |
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Net cash provided by operating activities |
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61,192 |
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|
43,610 |
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Investing activities: |
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Purchases of investments |
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(120,959 |
) |
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(146,293 |
) |
Proceeds from sales of investments |
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45,183 |
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|
12,937 |
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Proceeds from maturities of investments |
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|
115,072 |
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|
115,480 |
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Purchases of property and equipment |
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(9,186 |
) |
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(11,343 |
) |
Net cash provided by (used in) investing activities |
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30,110 |
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(29,219 |
) |
Financing activities: |
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|
|
|
|
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Proceeds from issuance of 2025 Notes, net of issuance costs |
|
|
— |
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|
|
183,658 |
|
Premiums paid for capped call transactions |
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|
— |
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|
|
(11,210 |
) |
Payment of 2021 Notes |
|
|
(103,560 |
) |
|
|
(190,000 |
) |
Proceeds from exercise of stock options and employee stock purchase plan |
|
|
5,296 |
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|
|
11,025 |
|
Payments of taxes on restricted stock units |
|
|
(2,415 |
) |
|
|
(2,550 |
) |
Net cash used in financing activities |
|
|
(100,679 |
) |
|
|
(9,077 |
) |
Effect of exchange rate changes on cash and cash equivalents |
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|
(88 |
) |
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|
359 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
(9,465 |
) |
|
|
5,673 |
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Cash and cash equivalents |
|
|
|
|
|
|
Beginning of period |
|
|
48,206 |
|
|
|
46,053 |
|
End of period |
|
$ |
38,741 |
|
|
$ |
51,726 |
|
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, our key non-GAAP performance measures include adjusted EBITDA, non-GAAP net income (loss) and free cash flow as defined below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We use free cash flow as a key measure when assessing our sources of liquidity, capital resources, and quality of earnings. We believe these measures provide useful information for period-to-period comparisons of our business to allow investors and others to understand and evaluate our operating results in the same manner as our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from similarly termed non-GAAP measures used by other companies.
Adjusted EBITDA
We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; other income, net; interest expense; acquisition related expense and related purchase accounting adjustments; and income tax benefit (expense).
Non-GAAP Net Income (Loss)
We define non-GAAP net income as net income (loss), excluding, if applicable for the periods presented, the effects of stock-based compensation; depreciation and amortization; restructuring costs; settlement income and related costs; induced conversion expense; acquisition related expense and related purchase accounting adjustments; and the corresponding income tax impacts of adjustments to net income (loss).
Free cash flow
We define free cash flow as net cash provided by (used in) operating activities, determined in accordance with GAAP, less purchases of property and equipment.
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages, unaudited)
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|
|
|
|
|
|
|
|
|
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Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
GAAP Gross margin |
|
|
52.8 |
% |
|
|
50.3 |
% |
|
|
54.0 |
% |
|
|
52.8 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1.8 |
% |
|
|
2.1 |
% |
|
|
2.1 |
% |
|
|
2.2 |
% |
|
Stock-based compensation |
|
|
0.3 |
% |
|
|
0.5 |
% |
|
|
0.4 |
% |
|
|
0.6 |
% |
|
Non-GAAP Gross margin |
|
|
54.9 |
% |
|
|
53.0 |
% |
|
|
56.5 |
% |
|
|
55.6 |
% |
|
Certain amounts may be off due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
$ |
4,677 |
|
|
$ |
(12,810 |
) |
|
$ |
(8,364 |
) |
|
$ |
(9,708 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,804 |
|
|
|
3,852 |
|
|
|
11,538 |
|
|
|
11,082 |
|
|
Stock-based compensation |
|
|
16,106 |
|
|
|
14,551 |
|
|
|
47,092 |
|
|
|
40,096 |
|
|
Other income, net |
|
|
(2,515 |
) |
|
|
(2,592 |
) |
|
|
(7,436 |
) |
|
|
(6,705 |
) |
|
Induced conversion expense |
|
|
1,793 |
|
|
|
15,026 |
|
|
|
13,731 |
|
|
|
15,026 |
|
|
Interest expense |
|
|
596 |
|
|
|
1,121 |
|
|
|
2,000 |
|
|
|
3,569 |
|
|
Income tax expense (benefit) |
|
|
40 |
|
|
|
(89 |
) |
|
|
(4 |
) |
|
|
(221 |
) |
|
Adjusted EBITDA |
|
$ |
24,501 |
|
|
$ |
19,059 |
|
|
$ |
58,557 |
|
|
$ |
53,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
$ |
4,677 |
|
|
$ |
(12,810 |
) |
|
$ |
(8,364 |
) |
|
$ |
(9,708 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,804 |
|
|
|
3,852 |
|
|
|
11,538 |
|
|
|
11,082 |
|
|
Stock-based compensation |
|
|
16,106 |
|
|
|
14,551 |
|
|
|
47,092 |
|
|
|
40,096 |
|
|
Induced conversion expense |
|
|
1,793 |
|
|
|
15,026 |
|
|
|
13,731 |
|
|
|
15,026 |
|
|
Income tax effects of adjustments (1) |
|
|
(4,296 |
) |
|
|
(2,918 |
) |
|
|
(10,505 |
) |
|
|
(7,975 |
) |
|
Non-GAAP Net income |
|
$ |
22,084 |
|
|
$ |
17,701 |
|
|
$ |
53,492 |
|
|
$ |
48,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net income per share — diluted |
|
$ |
0.69 |
|
(2) |
$ |
0.58 |
|
(2) |
$ |
1.71 |
|
(2) |
$ |
1.61 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Weighted-average shares — diluted |
|
|
31,495 |
|
(3) |
|
29,338 |
|
|
|
30,463 |
|
|
|
28,995 |
|
|
Dilutive shares from stock plans |
|
|
— |
|
|
|
1,000 |
|
|
|
704 |
|
|
|
818 |
|
|
Dilutive shares from convertible debt |
|
|
1,150 |
|
|
|
2,339 |
|
|
|
1,302 |
|
|
|
2,506 |
|
|
Non-GAAP Weighted-average shares — diluted |
|
|
32,645 |
|
(2) |
|
32,677 |
|
(2) |
|
32,469 |
|
(2) |
|
32,319 |
|
(2) |
(1) The tax effects of the adjustments are calculated using the statutory rate, taking into consideration the nature of the item and relevant taxing jurisdictions. |
(2) Diluted net income per share includes the impact of all convertible debt outstanding at period end, using the if-converted method, which assumes full share settlement. Interest expense is added back to net income and weighted average shares includes total shares issuable at conversion. |
(3) GAAP Weighted average shares — diluted includes the impact of dilutive shares from stock plans. |
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, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
GAAP Net cash provided by operating activities |
|
$ |
25,608 |
|
|
$ |
20,893 |
|
|
$ |
61,192 |
|
|
$ |
43,610 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(5,020 |
) |
|
|
(2,940 |
) |
|
|
(9,186 |
) |
|
|
(11,343 |
) |
Free cash flow |
|
$ |
20,588 |
|
|
$ |
17,953 |
|
|
$ |
52,006 |
|
|
$ |
32,267 |
|
IMPINJ, INC.
RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK
(in thousands, except per share data, unaudited – calculated at the midpoint of the outlook range)
|
|
|
|
|
|
|
Three Months Ending |
|
|
|
December 31, |
|
|
|
2026 |
|
GAAP Net income |
|
$ |
1,972 |
|
Adjustments: |
|
|
|
Forecasted Depreciation and amortization |
|
|
3,910 |
|
Forecasted Stock-based compensation |
|
|
16,210 |
|
Forecasted Interest expense |
|
|
396 |
|
Forecasted Other income, net |
|
|
(2,488 |
) |
Forecasted Income tax expense (benefit) |
|
|
(100 |
) |
Adjusted EBITDA |
|
$ |
19,900 |
|
|
|
|
|
GAAP Net income |
|
$ |
1,972 |
|
Adjustments: |
|
|
|
Forecasted Depreciation and amortization |
|
|
3,910 |
|
Forecasted Stock-based compensation |
|
|
16,210 |
|
Forecasted Income tax effects of adjustments |
|
|
(3,709 |
) |
Non-GAAP Net income |
|
$ |
18,383 |
|
|
|
|
|
GAAP Net income per share — diluted |
|
$ |
0.06 |
|
Non-GAAP Net income per share — diluted(1) |
|
$ |
0.58 |
|
|
|
|
|
GAAP Weighted-average shares — diluted |
|
|
31,900 |
|
Dilutive shares |
|
|
700 |
|
Non-GAAP Weighted-average shares — diluted(1) |
|
|
32,600 |
|
(1) Non-GAAP diluted net income per share includes the impact of our convertible debt, using the if-converted method, which assumes conversion at the beginning of a period and full share settlement. Interest expense of $0.4 million is added back to Non-GAAP net income of $18.4 million then divided by 32.6 million Non-GAAP diluted weighted average shares.
