$IRBT
IROBOT CORP

2023 Q4 Form 10-Q Financial Statement

#000115916723000069 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $307.5M
YoY Change 10.55%
Cost Of Revenue $249.4M
YoY Change 23.6%
Gross Profit $58.13M
YoY Change -23.92%
Gross Profit Margin 18.9%
Selling, General & Admin $78.58M
YoY Change -14.39%
% of Gross Profit 135.17%
Research & Development $26.95M
YoY Change -34.94%
% of Gross Profit 46.36%
Depreciation & Amortization $11.39M
YoY Change -41.17%
% of Gross Profit 19.6%
Operating Expenses $110.4M
YoY Change -23.77%
Operating Profit -$52.23M
YoY Change -23.6%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$4.758M
YoY Change 386.01%
Pretax Income -$56.99M
YoY Change -17.82%
Income Tax $6.603M
% Of Pretax Income
Net Earnings -$63.59M
YoY Change -50.46%
Net Earnings / Revenue -20.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.28
COMMON SHARES
Basic Shares Outstanding 27.87M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.1M
YoY Change 106.64%
Cash & Equivalents $185.1M
Short-Term Investments
Other Short-Term Assets $48.51M
YoY Change -42.29%
Inventory $152.5M
Prepaid Expenses
Receivables $79.39M
Other Receivables $0.00
Total Short-Term Assets $465.5M
YoY Change -35.87%
LONG-TERM ASSETS
Property, Plant & Equipment $40.40M
YoY Change -39.86%
Goodwill $175.1M
YoY Change 9.76%
Intangibles $5.044M
YoY Change -53.93%
Long-Term Investments $11.40M
YoY Change -28.75%
Other Assets $19.51M
YoY Change -48.78%
Total Long-Term Assets $268.2M
YoY Change -14.17%
TOTAL ASSETS
Total Short-Term Assets $465.5M
Total Long-Term Assets $268.2M
Total Assets $733.7M
YoY Change -29.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.3M
YoY Change -23.52%
Accrued Expenses $98.00M
YoY Change 16.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $287.1M
YoY Change -31.7%
LONG-TERM LIABILITIES
Long-Term Debt $201.5M
YoY Change
Other Long-Term Liabilities $20.95M
YoY Change -4.06%
Total Long-Term Liabilities $250.1M
YoY Change 345.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $287.1M
Total Long-Term Liabilities $250.1M
Total Liabilities $537.2M
YoY Change 12.74%
SHAREHOLDERS EQUITY
Retained Earnings -$105.3M
YoY Change -137.14%
Common Stock $291.0M
YoY Change 17.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $196.5M
YoY Change
Total Liabilities & Shareholders Equity $733.7M
YoY Change -29.34%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income -$63.59M
YoY Change -50.46%
Depreciation, Depletion And Amortization $11.39M
YoY Change -41.17%
Cash From Operating Activities -$1.193M
YoY Change -95.43%
INVESTING ACTIVITIES
Capital Expenditures -$238.0K
YoY Change -94.05%
Acquisitions
YoY Change
Other Investing Activities -$33.00K
YoY Change -111.79%
Cash From Investing Activities $205.0K
YoY Change -105.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -830.0K
YoY Change -101.51%
NET CHANGE
Cash From Operating Activities -1.193M
Cash From Investing Activities 205.0K
Cash From Financing Activities -830.0K
Net Change In Cash -1.818M
YoY Change -107.21%
FREE CASH FLOW
Cash From Operating Activities -$1.193M
Capital Expenditures -$238.0K
Free Cash Flow -$955.0K
YoY Change -95.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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us-gaap Nature Of Operations
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Nature of the Business<div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">iRobot Corporation ("iRobot" or the "Company") designs, builds and sells robots and home innovations that make life better. The Company's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions. iRobot's durable and high-performing robots are designed using the close integration of software, electronics and hardware. The Company's revenue is primarily generated from product sales through a variety of distribution channels, including chain stores and other national retailers, through the Company's own website and app, dedicated e-commerce websites, the online arms of traditional retailers and through value-added distributors and resellers worldwide. </span></div><div style="margin-top:5pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Merger Agreement</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 4, 2022, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Amazon.com, Inc., a Delaware corporation ("Parent" or "Amazon") and Martin Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, prior to its amendment (as described herein), as a result of the Merger, each share of common stock of the Company, par value $0.01 per share ("Common Stock"), outstanding immediately prior to the effective time of the Merger (the "Effective Time") (subject to certain exceptions, including shares of Common Stock owned by the Company, Merger Sub, Parent or any of their respective direct or indirect wholly owned subsidiaries and shares of Common Stock owned by stockholders of the Company who have validly demanded and not withdrawn appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware) would have, at the Effective Time, automatically been cancelled and converted into the right to receive $61.00 in cash, without interest and subject to applicable withholding taxes.</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 24, 2023, the Company, Parent and Merger Sub entered into an Amendment to Agreement and Plan of Merger (the "Merger Agreement Amendment"), which amends the Merger Agreement (as amended and supplemented by the Merger Agreement Amendment, the "Amended Merger Agreement"), which provides, among other things, that each share of Common Stock, outstanding immediately prior to the Effective Time (subject to certain exceptions set forth in the Amended Merger Agreement) will, at the Effective Time, automatically be cancelled and converted into the right to receive $51.75 in cash, without interest and subject to applicable withholding taxes. Other than as expressly modified pursuant to the Merger Agreement Amendment, the Merger Agreement remains in full force and effect. The Company held a special meeting of stockholders on October 12, 2023 and the Company's stockholders voted to approve and adopt the Amended Merger Agreement. The adjustment in the merger consideration from $61.00 to $51.75 is intended to reflect the incurre</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">nce of the Term Loan as described in Note 8 to the consolidated financial statements. If the Merger is consummated, the Company's Common Stock will be delisted from the Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934.</span></div>
us-gaap Fiscal Period
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The Company operates and reports using a 52-53 week fiscal year ending on the Saturday closest to December 31. Accordingly, the Company’s fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter.
irbt Revenue Increase Decrease
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117900000 usd
CY2022Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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100 employee
CY2022Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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0.08
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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85 employee
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0.07
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irbt Increase Decrease In Employees Employed By The Entity
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CY2023Q3 irbt Number Of Sublease Agreements
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irbt Increase Decrease In Operating Expenses
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CY2023Q3 us-gaap Inventory Net
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irbt Days In Inventory
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irbt Increase Decrease In Inventory Net
IncreaseDecreaseInInventoryNet
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CY2023 irbt Increase Decrease In Inventory Net
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us-gaap Use Of Estimates
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<div style="margin-top:5pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses. These estimates and judgments, include but are not limited to, revenue recognition, including performance obligations, standalone selling price, variable consideration and other obligations such as sales incentives and product returns; allowance for credit losses; impairment of goodwill and long-lived assets; valuation of non-marketable equity investments; valuation of debt; product warranties; inventory excess and obsolescence; loss contingencies; and accounting for income taxes and related valuation allowances. The Company bases its estimates and assumptions on historical experience, market participant fair value considerations, projected future cash flows, current economic conditions, and various other factors that the Company believes are reasonable under the circumstances. Actual results and outcomes may differ from the Company’s estimates and assumptions.</span></div>
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023Q3 irbt Cash From Recovery Of Import Duties Net
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CY2023Q3 us-gaap Receivable For Recovery Of Import Duties Net
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irbt Equity Securities Without Readily Determinable Fair Value Impairment Loss Quarterly Amount
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CY2023Q3 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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0.07
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us-gaap Restructuring Charges
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CY2023Q3 us-gaap Net Income Loss
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CY2022Q4 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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27738000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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27608000 shares
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CY2023Q3 us-gaap Earnings Per Share Basic
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CY2022Q4 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q3 irbt Refundliabilityproductreturns
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CY2023Q3 irbt Refundliabilityothercreditsandincentives
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54800000 usd
CY2022Q4 irbt Refundliabilityproductreturns
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CY2022Q4 irbt Refundliabilityothercreditsandincentives
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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irbt Number Of Sublease Agreements
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q4 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2023Q3 us-gaap Variable Lease Cost
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CY2022Q4 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2023Q3 us-gaap Sublease Income
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CY2022Q4 us-gaap Sublease Income
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us-gaap Sublease Income
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us-gaap Sublease Income
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CY2023Q3 us-gaap Operating Lease Impairment Loss
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CY2022Q4 us-gaap Operating Lease Impairment Loss
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us-gaap Operating Lease Impairment Loss
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CY2023Q3 us-gaap Lease Cost
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CY2022Q4 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2023Q3 us-gaap Operating Lease Payments
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CY2022Q4 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Remainder Of Fiscal Year
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year One
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Two
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Three
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due Year Four
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CY2023Q3 irbt Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q3 irbt Lessor Operating Lease Payment To Be Received After Year Four
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDueAfterYearFour
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q3 irbt Lessee Operating Lease Liability Payments Net Of Sublease Income Due
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Liability Current
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CY2023Q3 us-gaap Operating Lease Impairment Loss
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CY2023Q3 us-gaap Tangible Asset Impairment Charges
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CY2023Q3 irbt Equity Securities Without Readily Determinable Fair Value Impairment Loss Quarterly Amount
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irbt Equity Securities Without Readily Determinable Fair Value Impairment Loss Quarterly Amount
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3900000 usd
CY2022Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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us-gaap Amortization Of Intangible Assets
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Standard Product Warranty Accrual Current
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CY2023Q3 us-gaap Accrued Employee Benefits Current And Noncurrent
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CY2022Q4 us-gaap Accrued Employee Benefits Current And Noncurrent
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CY2023Q3 irbt Accrued Merger And Related Liabilities Current
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CY2022Q4 irbt Accrued Merger And Related Liabilities Current
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CY2023Q3 us-gaap Customer Refund Liability Current
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CY2022Q4 us-gaap Customer Refund Liability Current
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CY2023Q3 irbt Accrued Manufacturing And Logistics Costs
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CY2022Q4 irbt Accrued Manufacturing And Logistics Costs
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CY2023Q3 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Taxes Payable Current
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CY2023Q3 irbt Accrued Interest Current
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CY2022Q4 irbt Accrued Interest Current
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CY2023Q3 us-gaap Derivative Liabilities Current
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CY2022Q4 us-gaap Derivative Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q3 us-gaap Amortization Of Financing Costs
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CY2023Q3 irbt Accrued Interest Current
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CY2023Q3 us-gaap Derivative Remaining Maturity1
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CY2023Q3 us-gaap Revenues
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CY2022Q4 us-gaap Revenues
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us-gaap Revenues
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583036000 usd
us-gaap Revenues
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CY2023Q3 us-gaap Contractual Obligation
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205500000 usd
CY2023Q3 irbt Contractual Obligation Inventory
ContractualObligationInventory
102500000 usd
CY2023Q3 irbt Contractual Obligation Noncancellable Without Penalty
ContractualObligationNoncancellableWithoutPenalty
45100000 usd
CY2023Q3 irbt Payments For Contractual Obligations
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4900000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23935000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27379000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
32019000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2869000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
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4035000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
11229000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
14071000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4484000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5029000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
16288000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
20270000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
22320000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25820000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
22320000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25820000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
57500000 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
600000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59000000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.851
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26700000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.021
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.152
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
irbt-20230930_cal.xml Edgar Link unprocessable
irbt-20230930_def.xml Edgar Link unprocessable
0001159167-23-000069-index-headers.html Edgar Link pending
0001159167-23-000069-index.html Edgar Link pending
0001159167-23-000069.txt Edgar Link pending
0001159167-23-000069-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
irbt-20230930.htm Edgar Link pending
irbt-20230930.xsd Edgar Link pending
irbtexhibit31193023.htm Edgar Link pending
irbtexhibit31293023.htm Edgar Link pending
irbtexhibit32193023.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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irbt-20230930_lab.xml Edgar Link unprocessable
irbt-20230930_pre.xml Edgar Link unprocessable
irbt-20230930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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