$IRBT
IROBOT CORP

2013 Q2 Form 10-Q Financial Statement

#000115916713000018 Filed on August 02, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $130.4M $111.4M
YoY Change 16.97% 4.86%
Cost Of Revenue $68.76M $58.63M
YoY Change 17.27% 4.34%
Gross Profit $61.61M $52.82M
YoY Change 16.64% 21.54%
Gross Profit Margin 47.26% 47.39%
Selling, General & Admin $37.70M $28.00M
YoY Change 34.67% 18.73%
% of Gross Profit 61.2% 53.01%
Research & Development $16.00M $14.18M
YoY Change 12.8% 62.47%
% of Gross Profit 25.97% 26.85%
Depreciation & Amortization $3.200M $2.700M
YoY Change 18.52% 22.73%
% of Gross Profit 5.19% 5.11%
Operating Expenses $53.70M $42.18M
YoY Change 27.31% 30.55%
Operating Profit $7.904M $10.64M
YoY Change -25.69% -4.56%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$105.0K $60.00K
YoY Change -275.0% -70.0%
Pretax Income $7.799M $10.70M
YoY Change -27.08% -6.18%
Income Tax -$495.0K $3.321M
% Of Pretax Income -6.35% 31.05%
Net Earnings $8.294M $7.375M
YoY Change 12.46% -1.36%
Net Earnings / Revenue 6.36% 6.62%
Basic Earnings Per Share $0.29 $0.27
Diluted Earnings Per Share $0.28 $0.26
COMMON SHARES
Basic Shares Outstanding 28.42M shares 27.52M shares
Diluted Shares Outstanding 29.23M shares 28.18M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.9M $176.7M
YoY Change -13.47% 42.16%
Cash & Equivalents $133.9M $156.5M
Short-Term Investments $19.00M $20.20M
Other Short-Term Assets $13.60M $23.80M
YoY Change -42.87% 13.33%
Inventory $41.56M $34.60M
Prepaid Expenses
Receivables $51.10M $41.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $279.4M $276.7M
YoY Change 0.99% 28.16%
LONG-TERM ASSETS
Property, Plant & Equipment $23.06M $26.90M
YoY Change -14.28% -2.54%
Goodwill $48.75M
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $10.50M $27.50M
YoY Change -61.81% 48.65%
Total Long-Term Assets $117.3M $56.70M
YoY Change 106.8% 14.78%
TOTAL ASSETS
Total Short-Term Assets $279.4M $276.7M
Total Long-Term Assets $117.3M $56.70M
Total Assets $396.7M $333.4M
YoY Change 18.98% 25.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.91M $45.20M
YoY Change 19.26% 2.26%
Accrued Expenses $14.05M $23.60M
YoY Change -40.49% 3.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.34M $70.70M
YoY Change 19.29% -0.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.100M $4.100M
YoY Change 0.0% 2.5%
Total Long-Term Liabilities $4.138M $4.100M
YoY Change 0.93% 2.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.34M $70.70M
Total Long-Term Liabilities $4.138M $4.100M
Total Liabilities $88.48M $74.80M
YoY Change 18.28% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings $92.09M
YoY Change
Common Stock $216.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $308.2M $258.6M
YoY Change
Total Liabilities & Shareholders Equity $396.7M $333.4M
YoY Change 18.98% 25.67%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $8.294M $7.375M
YoY Change 12.46% -1.36%
Depreciation, Depletion And Amortization $3.200M $2.700M
YoY Change 18.52% 22.73%
Cash From Operating Activities $8.000M -$4.300M
YoY Change -286.05% -4400.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.400M
YoY Change 21.43% -69.57%
Acquisitions
YoY Change
Other Investing Activities -$5.400M -$5.100M
YoY Change 5.88% 104.0%
Cash From Investing Activities -$7.100M -$6.400M
YoY Change 10.94% -9.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.300M 500.0K
YoY Change 1760.0% -92.42%
NET CHANGE
Cash From Operating Activities 8.000M -4.300M
Cash From Investing Activities -7.100M -6.400M
Cash From Financing Activities 9.300M 500.0K
Net Change In Cash 10.20M -10.20M
YoY Change -200.0% 2450.0%
FREE CASH FLOW
Cash From Operating Activities $8.000M -$4.300M
Capital Expenditures -$1.700M -$1.400M
Free Cash Flow $9.700M -$2.900M
YoY Change -434.48% -161.7%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year-End</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates and reports using a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">-53</font><font style="font-family:inherit;font-size:10pt;"> week fiscal year ending on the Saturday closest to December&#160;31. Accordingly, the Company&#8217;s fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Description of Business</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">iRobot Corporation (&#8220;iRobot&#8221; or the &#8220;Company&#8221;) develops robotics and artificial intelligence technologies and applies these technologies in producing and marketing robots. The majority of the Company&#8217;s revenue is generated from product sales and government and commercial research and development contracts.</font></div></div>
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
280000 USD
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-105000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
53701000 USD
us-gaap Operating Expenses
OperatingExpenses
91264000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
22000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
42000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-161000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
54000 USD
us-gaap Operating Expenses
OperatingExpenses
80055000 USD
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
42180000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
11313000 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10636000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
16868000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7904000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
18146000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1556000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2505000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2747000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2820000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2836000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
5682000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2400000 USD
CY2012Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000 USD
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1400000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2200000 USD
CY2013Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4746000 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4541000 USD
CY2013Q2 us-gaap Other Assets Current
OtherAssetsCurrent
13598000 USD
CY2012Q4 us-gaap Other Assets Current
OtherAssetsCurrent
8853000 USD
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8500000 USD
CY2013Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10501000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
10397000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
5086000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2828000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2956000 USD
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2013Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2500000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
3500000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9843000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2022000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24953000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23060000 USD
CY2012Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1196000 USD
CY2013Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1051000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
30405000 USD
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14182000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28682000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15997000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
92086000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
75437000 USD
CY2013Q2 us-gaap Revenue Recognition Sales Returns Changes In Estimated Returns
RevenueRecognitionSalesReturnsChangesInEstimatedReturns
3.5
CY2012Q2 us-gaap Revenue Recognition Sales Returns Changes In Estimated Returns
RevenueRecognitionSalesReturnsChangesInEstimatedReturns
3.3
CY2012Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
719000 USD
CY2013Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
602000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
199502000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
229371000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
130362000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
236557000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
111445000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
209252000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6192000 USD
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17976000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
33006000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30309000 USD
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
22309000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2700000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2700000 USD
CY2013Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound
700000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10132000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6322000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10306000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5415000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6021000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8990000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
6322000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
6057000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
467000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
354000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
655000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
-675000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
275817000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
308210000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. On an ongoing basis, management evaluates these estimates and judgments, including those related to revenue recognition, sales returns, bad debts, warranty claims, inventory reserves, valuation of investments, assumptions used in valuing stock-based compensation instruments and income taxes. The Company bases these estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may differ from the Company&#8217;s estimates.</font></div></div>
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
660000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
810000 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28182000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29226000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28259000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28972000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28173000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28416000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27441000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27522000 shares
CY2012Q4 irbt Deferred Revenue And Customer Advances
DeferredRevenueAndCustomerAdvances
6257000 USD
CY2013Q2 irbt Deferred Revenue And Customer Advances
DeferredRevenueAndCustomerAdvances
3274000 USD
CY2005Q4 irbt Effective Date For Stock Options Plan
EffectiveDateForStockOptionsPlan
2005-10-10
CY2013Q2 irbt Finitelivedintangibleassetsaccumulatedimpairmentloss
Finitelivedintangibleassetsaccumulatedimpairmentloss
1788000 USD
irbt Income Tax Withholding Payment Associated With Restricted Stock Vesting
IncomeTaxWithholdingPaymentAssociatedWithRestrictedStockVesting
775000 USD
irbt Income Tax Withholding Payment Associated With Restricted Stock Vesting
IncomeTaxWithholdingPaymentAssociatedWithRestrictedStockVesting
864000 USD
irbt Increase Decrease In Other Assets
IncreaseDecreaseInOtherAssets
6000000 USD
irbt Increase Decrease In Other Assets
IncreaseDecreaseInOtherAssets
2000000 USD
CY2013Q2 irbt Increase In Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
IncreaseInShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
0.045
irbt Number Of Customer Generating Major Revenues
NumberOfCustomerGeneratingMajorRevenues
2 customer
CY2012Q4 irbt Accrued Direct Fulfillment Costs
AccruedDirectFulfillmentCosts
999000 USD
CY2013Q2 irbt Accrued Direct Fulfillment Costs
AccruedDirectFulfillmentCosts
973000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001159167
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
28655437 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
IROBOT CORP
dei Trading Symbol
TradingSymbol
IRBT

Files In Submission

Name View Source Status
0001159167-13-000018-index-headers.html Edgar Link pending
0001159167-13-000018-index.html Edgar Link pending
0001159167-13-000018.txt Edgar Link pending
0001159167-13-000018-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
irbt-20130629.xml Edgar Link completed
irbt-20130629.xsd Edgar Link pending
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