10-Q Filing

INSEEGO CORP. CIK: 1022652 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-225847`
Period End Date	20120331
Filing Date	20120510
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	nvtl-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 40 Cash Flow Statement 60

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$245.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$283.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$59.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.38M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$61.62M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$30.82M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$10.90M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$10.51M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$28.27M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $283 at March 31, 2012 and $245 at December 31, 2011	`AccountsReceivableNetCurrent`	$36.85M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $283 at March 31, 2012 and $245 at December 31, 2011	`AccountsReceivableNetCurrent`	$49.80M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Inventories	`InventoryNet`	$43.27M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Inventories	`InventoryNet`	$42.28M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$2.01M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$2.01M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.71M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$5.44M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$160.19M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$153.12M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.26M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.38M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $61,625 at March 31, 2012 and $59,217 at December 31, 2011	`PropertyPlantAndEquipmentNet`	$18.50M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $61,625 at March 31, 2012 and $59,217 at December 31, 2011	`PropertyPlantAndEquipmentNet`	$17.26M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.26M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$16.64M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$13.49M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.38M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $10,508 at March 31, 2012 and $10,899 at December 31, 2011	`IntangibleAssetsNetExcludingGoodwill`	$35.70M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $10,508 at March 31, 2012 and $10,899 at December 31, 2011	`IntangibleAssetsNetExcludingGoodwill`	$11.46M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Goodwill	`Goodwill`	$19.77M	USD	Point-in-time
Goodwill	`Goodwill`	$13.22M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$1.02M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$1.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$504.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$639.00K	USD	Point-in-time
Total assets	`Assets`	$213.37M	USD	Point-in-time
Total assets	`Assets`	$249.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$51.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$54.03M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$25.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$27.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$79.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$79.07M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.08M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$83.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$83.62M	USD	Point-in-time
Preferred stock, par value $0.001; 2,000 shares authorized and none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 2,000 shares authorized and none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001; 50,000 shares authorized, 32,385 and 32,262 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$32.00K	USD	Point-in-time
Common stock, par value $0.001; 50,000 shares authorized, 32,385 and 32,262 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$32.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$431.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$429.81M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$16.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-276.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-238.81M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$154.75M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$191.03M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2012 and December 31, 2011, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2012 and December 31, 2011, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$166.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$129.75M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$213.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$249.18M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$61.78M	USD	1 Quarter
Net revenues	`Revenues`	$100.15M	USD	1 Quarter
Cost of net revenues	`CostOfRevenue`	$79.16M	USD	1 Quarter
Cost of net revenues	`CostOfRevenue`	$55.79M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.99M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.56M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.83M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.68M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.38M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.53M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.59M	USD	1 Quarter
Goodwill and intangible assets impairment losses	`GoodwillImpairmentLoss`	-	USD	1 Quarter
Goodwill and intangible assets impairment losses	`GoodwillImpairmentLoss`	$29.34M	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfAcquiredIntangibleAssets`	$437.00K	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfAcquiredIntangibleAssets`	$528.00K	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$58.81M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$28.06M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-37.83M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-22.07M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$83.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$158.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$122.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-21.79M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-37.74M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$298.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$184.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.92M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-22.09M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-1.17	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.69	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-1.17	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.69	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.30M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.30M	shares	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-22.16M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-37.90M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-37.92M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-22.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.91M	USD	1 Quarter
Loss on goodwill and intangible assets impairments	`GoodwillImpairmentLoss`	-	USD	1 Quarter
Loss on goodwill and intangible assets impairments	`GoodwillImpairmentLoss`	$29.34M	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$13.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$38.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$22.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$120.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$251.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.29M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Excess tax benefits from equity based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$50.00K	USD	1 Quarter
Non-cash income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-658.00K	USD	1 Quarter
Non-cash income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$111.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.41M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.98M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.25M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.86M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.52M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-25.93M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.68M	USD	1 Quarter
Accrued expenses, income taxes, and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.67M	USD	1 Quarter
Accrued expenses, income taxes, and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.93M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.22M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.52M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.41M	USD	1 Quarter
Purchases of securities	`PaymentsToAcquireMarketableSecurities`	$11.14M	USD	1 Quarter
Purchases of securities	`PaymentsToAcquireMarketableSecurities`	$10.88M	USD	1 Quarter
Securities maturities/sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$45.64M	USD	1 Quarter
Securities maturities/sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.47M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.84M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$33.35M	USD	1 Quarter
Principal payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$29.00K	USD	1 Quarter
Principal payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$28.00K	USD	1 Quarter
Proceeds from stock option exercises net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionsExercised`	$-211.00K	USD	1 Quarter
Proceeds from stock option exercises net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionsExercised`	$-568.00K	USD	1 Quarter
Excess tax benefits from equity based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$50.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-546.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-240.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$55.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.66M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-25.29M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.78M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.38M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.78M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.38M	USD	Point-in-time
Interest	`InterestPaidNet`	$1.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$2.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$20.00K	USD	1 Quarter
Marketable equity securities received in settlement of note receivable	`MarketableEquitySecuritiesReceivedInSettlementOfNoteReceivable`	$384.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.