10-Q Filing

INSEEGO CORP. CIK: 1022652 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-188026`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	nvtl-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 34 Cash Flow Statement 58 Stockholders Equity 6

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.49M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.45M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$64.21M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$62.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.27M	USD	Point-in-time
Intangible assets, accumulated amortization	`AcquiredIntangibleAssetsAccumulatedAmortization`	$12.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.83M	USD	Point-in-time
Intangible assets, accumulated amortization	`AcquiredIntangibleAssetsAccumulatedAmortization`	$13.23M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$16.61M	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
Marketable securities	`MarketableSecuritiesCurrent`	$15.04M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Restricted marketable securities	`MarketableSecuritiesRestrictedCurrent`	$298.00K	USD	Point-in-time
Restricted marketable securities	`MarketableSecuritiesRestrictedCurrent`	$2.57M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $2,491 at March 31, 2014 and $2,449 at December 31, 2013	`AccountsReceivableNetCurrent`	$30.03M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $2,491 at March 31, 2014 and $2,449 at December 31, 2013	`AccountsReceivableNetCurrent`	$39.98M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$27.79M	USD	Point-in-time
Inventories	`InventoryNet`	$25.13M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$100.00K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetCurrent`	$100.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$5.66M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$2.79M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.10M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$95.63M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.31M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.10M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$85.21M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $64,207 at March 31, 2014 and $62,334 at December 31, 2013	`PropertyPlantAndEquipmentNet`	$9.90M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $64,207 at March 31, 2014 and $62,334 at December 31, 2013	`PropertyPlantAndEquipmentNet`	$8.25M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.44M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$720.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$3.44M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $13,235 at March 31, 2014 and $12,983 at December 31, 2013	`IntangibleAssetsNetExcludingGoodwill`	$1.88M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $13,235 at March 31, 2014 and $12,983 at December 31, 2013	`IntangibleAssetsNetExcludingGoodwill`	$2.13M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$81.00K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$81.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$731.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$280.00K	USD	Point-in-time
Total assets	`Assets`	$96.87M	USD	Point-in-time
Total assets	`Assets`	$111.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.54M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$21.14M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$23.27M	USD	Point-in-time
Current portion of contingent loss for litigation	`LossContingencyAccrualCarryingValueCurrent`	$4.33M	USD	Point-in-time
Current portion of contingent loss for litigation	`LossContingencyAccrualCarryingValueCurrent`	$4.33M	USD	Point-in-time
Short-term margin loan facility	`LinesOfCreditCurrent`	$2.57M	USD	Point-in-time
Short-term margin loan facility	`LinesOfCreditCurrent`	$298.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.95M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.72M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.85M	USD	Point-in-time
Long-term portion of contingent loss for litigation	`LossContingencyAccrualCarryingValueNoncurrent`	$10.00M	USD	Point-in-time
Long-term portion of contingent loss for litigation	`LossContingencyAccrualCarryingValueNoncurrent`	$10.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$60.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$66.55M	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, 34,315 and 34,097 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Common stock, par value $0.001; 50,000 shares authorized, 34,315 and 34,097 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$441.37M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$441.63M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-380.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-371.49M	USD	Point-in-time
Stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$69.92M	USD	Point-in-time
Stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$61.20M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Treasury stock at cost; 2,436 common shares at March 31, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$25.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$36.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$44.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$111.47M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$96.87M	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`	$48.28M	USD	1 Quarter
Cost of net revenues	`CostOfRevenue`	$38.22M	USD	1 Quarter
Cost of net revenues	`CostOfRevenue`	$69.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.07M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.81M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.62M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.76M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.08M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.33M	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$140.00K	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$140.00K	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	-	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$1.17M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$19.00M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$26.03M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-9.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.93M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$57.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$15.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-77.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-44.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-9.21M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.96M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$25.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-83.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.26	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.72M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.17M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.12M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$156.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$30.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$65.00K	USD	1 Quarter
Inventory provision	`InventoryWriteDown`	$180.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$477.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$949.00K	USD	1 Quarter
Non-cash income tax benefit	`NonCashIncomeTaxExpenseBenefit`	$120.00K	USD	1 Quarter
Non-cash income tax benefit	`NonCashIncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.93M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.03M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.48M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.76M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-55.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.42M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.18M	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`	$-2.08M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.88M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.39M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.85M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$513.00K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.75M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Marketable securities maturities / sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.56M	USD	1 Quarter
Marketable securities maturities / sales	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.16M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.45M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.05M	USD	1 Quarter
Proceeds from the issuance of short-term debt, net of issuance costs	`ProceedsFromRepaymentsOfShortTermDebt`	$7.00M	USD	1 Quarter
Proceeds from the issuance of short-term debt, net of issuance costs	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Principal repayments of short-term debt	`RepaymentsOfShortTermDebt`	$2.27M	USD	1 Quarter
Principal repayments of short-term debt	`RepaymentsOfShortTermDebt`	$2.18M	USD	1 Quarter
Restricted cash relating to short-term debt	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-661.00K	USD	1 Quarter
Restricted cash relating to short-term debt	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	1 Quarter
Proceeds from stock option exercises and ESPP net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionExercisesAndEsppNetOfTaxesPaidOnVestedRestrictedStockUnits`	$-217.00K	USD	1 Quarter
Proceeds from stock option exercises and ESPP net of taxes paid on vested restricted stock units	`ProceedsFromStockOptionExercisesAndEsppNetOfTaxesPaidOnVestedRestrictedStockUnits`	$-304.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.48M	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`	$-45.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-65.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.92M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.23M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.27M	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`	$11.83M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.91M	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`	$16.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.83M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$6.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$26.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$64.00K	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.12M	USD	1 Quarter
Unrealized gain (loss) on cash equivalents and marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Unrealized gain (loss) on cash equivalents and marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-9.12M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.98M	USD	1 Quarter

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