$IRBT
IROBOT CORP

2015 Q2 Form 10-Q Financial Statement

#000115916715000041 Filed on July 31, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $148.8M $139.8M
YoY Change 6.43% 7.24%
Cost Of Revenue $78.76M $77.68M
YoY Change 1.38% 12.98%
Gross Profit $70.03M $62.12M
YoY Change 12.74% 0.84%
Gross Profit Margin 47.07% 44.43%
Selling, General & Admin $40.23M $35.20M
YoY Change 14.3% -6.64%
% of Gross Profit 57.45% 56.67%
Research & Development $18.73M $17.25M
YoY Change 8.62% 7.8%
% of Gross Profit 26.75% 27.76%
Depreciation & Amortization $3.400M $3.200M
YoY Change 6.25% 0.0%
% of Gross Profit 4.85% 5.15%
Operating Expenses $58.97M $52.45M
YoY Change 12.43% -2.34%
Operating Profit $11.07M $9.675M
YoY Change 14.39% 22.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$61.00K $92.00K
YoY Change -166.3% -187.62%
Pretax Income $11.01M $9.767M
YoY Change 12.69% 25.23%
Income Tax $3.754M $1.237M
% Of Pretax Income 34.11% 12.67%
Net Earnings $7.252M $8.530M
YoY Change -14.98% 2.85%
Net Earnings / Revenue 4.87% 6.1%
Basic Earnings Per Share $0.24 $0.29
Diluted Earnings Per Share $0.24 $0.28
COMMON SHARES
Basic Shares Outstanding 29.79M shares 29.53M shares
Diluted Shares Outstanding 30.27M shares 30.13M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.8M $182.7M
YoY Change 22.5% 19.49%
Cash & Equivalents $186.6M $147.7M
Short-Term Investments $37.20M $35.00M
Other Short-Term Assets $10.49M $16.70M
YoY Change -37.18% 22.82%
Inventory $45.98M $50.80M
Prepaid Expenses
Receivables $65.59M $53.88M
Other Receivables $0.00 $0.00
Total Short-Term Assets $368.1M $326.0M
YoY Change 12.91% 16.67%
LONG-TERM ASSETS
Property, Plant & Equipment $29.83M $25.81M
YoY Change 15.57% 11.92%
Goodwill $48.75M $48.75M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.77M $10.50M
YoY Change 12.05% 0.0%
Total Long-Term Assets $116.1M $117.1M
YoY Change -0.93% -0.1%
TOTAL ASSETS
Total Short-Term Assets $368.1M $326.0M
Total Long-Term Assets $116.1M $117.1M
Total Assets $484.1M $443.1M
YoY Change 9.25% 11.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.17M $48.67M
YoY Change -5.14% -9.72%
Accrued Expenses $15.60M $17.08M
YoY Change -8.66% 21.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.31M $79.51M
YoY Change -5.29% -5.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.400M $4.300M
YoY Change -20.93% 4.88%
Total Long-Term Liabilities $3.370M $4.349M
YoY Change -22.51% 5.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.31M $79.51M
Total Long-Term Liabilities $3.370M $4.349M
Total Liabilities $78.68M $83.86M
YoY Change -6.18% -5.22%
SHAREHOLDERS EQUITY
Retained Earnings $152.9M $116.9M
YoY Change 30.8% 26.93%
Common Stock $252.8M $242.3M
YoY Change 4.3% 12.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $405.5M $359.3M
YoY Change
Total Liabilities & Shareholders Equity $484.1M $443.1M
YoY Change 9.25% 11.71%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $7.252M $8.530M
YoY Change -14.98% 2.85%
Depreciation, Depletion And Amortization $3.400M $3.200M
YoY Change 6.25% 0.0%
Cash From Operating Activities $4.100M $0.00
YoY Change -100.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$3.300M
YoY Change -66.67% 94.12%
Acquisitions
YoY Change
Other Investing Activities -$600.0K -$4.500M
YoY Change -86.67% -16.67%
Cash From Investing Activities -$1.700M -$7.800M
YoY Change -78.21% 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 600.0K 700.0K
YoY Change -14.29% -92.47%
NET CHANGE
Cash From Operating Activities 4.100M 0.000
Cash From Investing Activities -1.700M -7.800M
Cash From Financing Activities 600.0K 700.0K
Net Change In Cash 3.000M -7.100M
YoY Change -142.25% -169.61%
FREE CASH FLOW
Cash From Operating Activities $4.100M $0.00
Capital Expenditures -$1.100M -$3.300M
Free Cash Flow $5.200M $3.300M
YoY Change 57.58% -65.98%

Facts In Submission

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CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
58966000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
22000 USD
us-gaap Other Noncash Expense
OtherNoncashExpense
75000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Operating Expenses
OperatingExpenses
104775000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9675000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
17655000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9704000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
10491000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10751000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11766000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
45000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-91000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-163000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-42000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11067000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
18966000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
14702000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1793000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2925000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2916000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2906000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3184000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
978000 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1200000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2300000 USD
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1200000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2400000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6618000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4570000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4924000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1494000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1268000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
20714000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
14180000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5524000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5539000 USD
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
7500000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
13000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7651000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2102000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31297000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2660000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29826000 USD
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
637000 USD
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
157000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17245000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34179000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18732000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
37764000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
140881000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
152887000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
139803000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
254007000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
148788000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
266749000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
23535000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38067000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27329000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
41517000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6225000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6562000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
90000 shares
CY2015Q2 us-gaap Share Price
SharePrice
32.38
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6497000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6358000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7602000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7769000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7574000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7081000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
7769000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
7081000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1388000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1393000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2838000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2632000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3765000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
900000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2150000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
390436000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
405456000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2614000 USD
CY2015Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
885000 USD
CY2014Q2 us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
2100000 USD
us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
2100000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
596000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
761000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
483000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
564000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30129000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30122000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30268000 shares
us-gaap Nature Of Operations
NatureOfOperations
<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;">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 Company&#8217;s revenue is primarily generated from product sales.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30283000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29533000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29361000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29785000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29719000 shares
us-gaap Fiscal Period
FiscalPeriod
<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>
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, valuation of goodwill and intangible assets, 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>

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