10-Q Filing

INSEEGO CORP. CIK: 1022652 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-211741`
Period End Date	20130331
Filing Date	20130510
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	nvtl-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 34 Cash Flow Statement 62 Comprehensive Income 6

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$627.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$787.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$59.70M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$61.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`AcquiredIntangibleAssetsAccumulatedAmortization`	$12.23M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`AcquiredIntangibleAssetsAccumulatedAmortization`	$11.95M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$661.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$38.06M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$25.83M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Restricted marketable securities	`MarketableSecuritiesRestrictedCurrent`	-	USD	Point-in-time
Restricted marketable securities	`MarketableSecuritiesRestrictedCurrent`	$4.16M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $787 at March 31, 2013 and $627 at December 31,2012	`AccountsReceivableNetCurrent`	$43.52M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $787 at March 31, 2013 and $627 at December 31,2012	`AccountsReceivableNetCurrent`	$42.65M	USD	Point-in-time
Inventories	`InventoryNet`	$30.19M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories	`InventoryNet`	$39.02M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$126.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.89M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.66M	shares	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$126.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$4.83M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.89M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$4.78M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.66M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$140.73M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$127.55M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $61,702 at March 31,2013 and $59,702 at December 31,2012	`PropertyPlantAndEquipmentNet`	$15.23M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $61,702 at March 31,2013 and $59,702 at December 31,2012	`PropertyPlantAndEquipmentNet`	$14.24M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$1.20M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$9.86M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $12,226 at March 31, 2013 and $11,951 at December 31, 2012	`IntangibleAssetsNetExcludingGoodwill`	$3.16M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $12,226 at March 31, 2013 and $11,951 at December 31, 2012	`IntangibleAssetsNetExcludingGoodwill`	$2.89M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$584.00K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$534.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$619.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$623.00K	USD	Point-in-time
Total assets	`Assets`	$155.68M	USD	Point-in-time
Total assets	`Assets`	$161.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$45.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.21M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$27.80M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$28.23M	USD	Point-in-time
Short-term margin loan facility	`LinesOfCreditCurrent`	$4.82M	USD	Point-in-time
Short-term margin loan facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$76.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.53M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.55M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$76.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.72M	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, 33,893 and 33,655 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Common stock, par value $0.001; 50,000 shares authorized, 33,893 and 33,655 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$438.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$439.12M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$14.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-328.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-337.20M	USD	Point-in-time
Stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$110.45M	USD	Point-in-time
Stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$101.97M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2013 and December 31, 2012, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2013 and December 31, 2012, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$85.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$76.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$155.68M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$161.53M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$85.92M	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`	$69.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.99M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.83M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.81M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.68M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.33M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.53M	USD	1 Quarter
Goodwill and intangible assets impairment	`GoodwillAndIntangibleAssetImpairment`	$29.34M	USD	1 Quarter
Goodwill and intangible assets impairment	`GoodwillAndIntangibleAssetImpairment`	-	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfAcquiredIntangibleAssets`	$437.00K	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfAcquiredIntangibleAssets`	$140.00K	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$26.03M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$58.81M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-9.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-37.83M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$83.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$57.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-77.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-9.21M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-37.74M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$184.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-83.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.92M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.17	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.30M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.72M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-37.92M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.99M	USD	1 Quarter
Impairment of goodwill and purchased intangible assets	`GoodwillAndIntangibleAssetImpairment`	$29.34M	USD	1 Quarter
Impairment of goodwill and purchased intangible assets	`GoodwillAndIntangibleAssetImpairment`	-	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$38.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$156.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$65.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$251.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$949.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Non-cash income tax expense (benefit)	`NonCashIncomeTaxExpenseBenefit`	$-111.00K	USD	1 Quarter
Non-cash income tax expense (benefit)	`NonCashIncomeTaxExpenseBenefit`	$120.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.03M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.98M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.76M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.25M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.86M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-55.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.68M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-644.00K	USD	1 Quarter
Accrued expenses, income taxes, and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$499.00K	USD	1 Quarter
Accrued expenses, income taxes, and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.91M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.22M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.88M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.85M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$11.14M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.75M	USD	1 Quarter
Marketable securities maturities / sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.47M	USD	1 Quarter
Marketable securities maturities / sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.16M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.84M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.45M	USD	1 Quarter
Proceeds from the issuance of short-term debt	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Proceeds from the issuance of short-term debt	`ProceedsFromRepaymentsOfShortTermDebt`	$7.00M	USD	1 Quarter
Principal repayments of short-term debt	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Principal repayments of short-term debt	`RepaymentsOfShortTermDebt`	$2.18M	USD	1 Quarter
Restricted cash relating to short-term debt	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	1 Quarter
Restricted cash relating to short-term debt	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-661.00K	USD	1 Quarter
Principal payments under capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$29.00K	USD	1 Quarter
Principal payments under capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	-	USD	1 Quarter
Proceeds from stock option exercises and ESPP net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionsExercised`	$-304.00K	USD	1 Quarter
Proceeds from stock option exercises and ESPP net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionsExercised`	$-211.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-240.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.86M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-65.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-25.29M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.23M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.27M	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`	$16.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.27M	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`	$16.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.07M	USD	Point-in-time
Interest	`InterestPaidNet`	$1.00K	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$26.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$20.00K	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-37.92M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Unrealized gain (loss) on cash equivalents and marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$24.00K	USD	1 Quarter
Unrealized gain (loss) on cash equivalents and marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-9.12M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-37.90M	USD	1 Quarter

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