$IRBT
IROBOT CORP

2016 Q2 Form 10-Q Financial Statement

#000115916716000086 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $130.8M $118.0M
YoY Change -12.09% 3.29%
Cost Of Revenue $68.84M $64.25M
YoY Change -12.59% 2.81%
Gross Profit $61.96M $53.71M
YoY Change -11.53% 3.86%
Gross Profit Margin 47.37% 45.53%
Selling, General & Admin $36.70M $26.78M
YoY Change -8.77% -0.07%
% of Gross Profit 59.24% 49.86%
Research & Development $19.73M $19.03M
YoY Change 5.32% 12.39%
% of Gross Profit 31.84% 35.44%
Depreciation & Amortization $3.375M $3.561M
YoY Change -0.74% 13.34%
% of Gross Profit 5.45% 6.63%
Operating Expenses $56.43M $45.81M
YoY Change -4.3% 4.75%
Operating Profit $5.529M $7.899M
YoY Change -50.04% -1.02%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $200.0K -$794.0K
YoY Change -427.87% 324.6%
Pretax Income $5.729M $7.105M
YoY Change -47.95% -8.83%
Income Tax $1.797M $2.351M
% Of Pretax Income 31.37% 33.09%
Net Earnings $3.932M $4.754M
YoY Change -45.78% -9.96%
Net Earnings / Revenue 3.01% 4.03%
Basic Earnings Per Share $0.14 $0.16
Diluted Earnings Per Share $0.13 $0.16
COMMON SHARES
Basic Shares Outstanding 29.00M shares 29.65M shares
Diluted Shares Outstanding 29.47M shares 30.23M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $246.7M $220.9M
YoY Change 10.23% 19.15%
Cash & Equivalents $216.0M $183.7M
Short-Term Investments $30.70M $37.30M
Other Short-Term Assets $11.77M $9.501M
YoY Change 12.19% -8.96%
Inventory $52.76M $49.70M
Prepaid Expenses
Receivables $28.50M $37.71M
Other Receivables $0.00 $0.00
Total Short-Term Assets $359.9M $340.5M
YoY Change -2.23% 15.57%
LONG-TERM ASSETS
Property, Plant & Equipment $25.60M $30.50M
YoY Change -14.17% 21.43%
Goodwill $48.80M $48.75M
YoY Change 0.1% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.931M $11.27M
YoY Change -15.6% 7.28%
Total Long-Term Assets $130.9M $117.2M
YoY Change 12.82% 0.53%
TOTAL ASSETS
Total Short-Term Assets $359.9M $340.5M
Total Long-Term Assets $130.9M $117.2M
Total Assets $490.8M $457.7M
YoY Change 1.38% 11.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.02M $35.67M
YoY Change -15.49% 4.22%
Accrued Expenses $12.91M $14.32M
YoY Change -17.26% 5.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.39M $59.56M
YoY Change -6.53% -0.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.200M $3.800M
YoY Change 111.76% -13.64%
Total Long-Term Liabilities $7.231M $3.819M
YoY Change 114.57% -13.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.39M $59.56M
Total Long-Term Liabilities $7.231M $3.819M
Total Liabilities $77.62M $63.38M
YoY Change -1.34% -1.52%
SHAREHOLDERS EQUITY
Retained Earnings $188.9M $145.6M
YoY Change 23.58% 34.4%
Common Stock $224.2M $248.7M
YoY Change -11.28% 4.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $413.2M $394.3M
YoY Change
Total Liabilities & Shareholders Equity $490.8M $457.7M
YoY Change 1.38% 11.31%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $3.932M $4.754M
YoY Change -45.78% -9.96%
Depreciation, Depletion And Amortization $3.375M $3.561M
YoY Change -0.74% 13.34%
Cash From Operating Activities $48.62M $7.721M
YoY Change 1085.93% -199.47%
INVESTING ACTIVITIES
Capital Expenditures $2.390M $4.445M
YoY Change -317.27% 104.18%
Acquisitions
YoY Change
Other Investing Activities $523.0K $515.0K
YoY Change -187.17%
Cash From Investing Activities -$413.0K -$6.001M
YoY Change -75.71% -44.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.02M $4.924M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.14M -$4.016M
YoY Change -2122.5% -149.76%
NET CHANGE
Cash From Operating Activities $48.62M $7.721M
Cash From Investing Activities -$413.0K -$6.001M
Cash From Financing Activities -$12.14M -$4.016M
Net Change In Cash $36.08M -$2.296M
YoY Change 1102.5% -78.3%
FREE CASH FLOW
Cash From Operating Activities $48.62M $7.721M
Capital Expenditures $2.390M $4.445M
Free Cash Flow $46.23M $3.276M
YoY Change 789.1% -132.96%

Facts In Submission

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OperatingIncomeLoss
5529000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
20474000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2854000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2126000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4040000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4038000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4188000 USD
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3228000 USD
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1200000 USD
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1400000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4197000 USD
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3618000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
9501000 USD
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
11770000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9408000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9931000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
121000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
237000 USD
CY2015Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
38000 USD
CY2016Q2 us-gaap Other Noncash Expense
OtherNoncashExpense
33000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
515000 USD
CY2016Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
523000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4924000 USD
CY2016Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12021000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1118000 USD
CY2016Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1218000 USD
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
3541000 USD
CY2016Q2 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
0 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4445000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2390000 USD
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2500000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2500000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1466000 USD
CY2016Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
837000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26850000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25600000 USD
CY2015Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
157000 USD
CY2016Q2 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
5000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19032000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19728000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
185011000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
188943000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
117961000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
130804000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14188000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19940000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3107000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3892000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
128595 shares
CY2016Q1 us-gaap Share Price
SharePrice
33.14
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7769000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7574000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6907000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6253000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
6907000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
6253000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1445000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1430000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1250000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
877000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
417411000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
413184000 USD
CY2016Q2 us-gaap Trade Receivables Held For Sale Net
TradeReceivablesHeldForSaleNet
6303000 USD
CY2016Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
452000 USD
CY2016Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
139000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
577000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
470000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30230000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29474000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29653000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29004000 shares
CY2016Q2 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>
CY2016Q2 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 ("iRobot" or the "Company") 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>
CY2016Q2 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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