$IRBT
IROBOT CORP

2012 Q4 Form 10-Q Financial Statement

#000119312512448716 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q4
Revenue $100.7M $126.3M $100.7M
YoY Change 0.0% 16.85% 6.89%
Cost Of Revenue $56.20M $67.82M $70.33M
YoY Change -20.09% 3.55% 29.11%
Gross Profit $41.35M $58.48M $44.50M
YoY Change -7.08% 37.47% 33.65%
Gross Profit Margin 41.07% 46.3% 44.2%
Selling, General & Admin $38.00M $22.70M $25.52M
YoY Change 48.93% -0.86% 29.93%
% of Gross Profit 91.89% 38.82% 57.33%
Research & Development $15.30M $13.04M $8.948M
YoY Change 70.99% 60.99% 44.67%
% of Gross Profit 37.0% 22.3% 20.11%
Depreciation & Amortization $3.500M $2.900M $2.600M
YoY Change 34.62% 20.83% 36.84%
% of Gross Profit 8.46% 4.96% 5.84%
Operating Expenses $53.40M $35.74M $34.46M
YoY Change 54.95% 14.93% 33.46%
Operating Profit -$12.05M $22.73M $15.58M
YoY Change -177.32% 98.79% 108.37%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $197.0K -$92.00K
YoY Change -100.0% 97.0% -130.67%
Pretax Income -$8.900M $22.93M $15.49M
YoY Change -157.46% 97.68% 101.14%
Income Tax -$3.000M $7.724M $1.436M
% Of Pretax Income 33.68% 9.27%
Net Earnings -$5.938M $15.21M -$5.938M
YoY Change 0.0% 89.52% -184.83%
Net Earnings / Revenue -5.9% 12.04% -5.9%
Basic Earnings Per Share $0.55 $0.52
Diluted Earnings Per Share -$0.21 $0.54 -$0.21
COMMON SHARES
Basic Shares Outstanding 27.76M shares 27.65M shares 26.90M shares
Diluted Shares Outstanding 28.32M shares 27.94M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.2M $189.7M $145.3M
YoY Change -4.2% 54.86% 35.54%
Cash & Equivalents $126.8M $169.7M $166.3M
Short-Term Investments $12.40M $20.10M $13.70M
Other Short-Term Assets $8.853M $4.608M $7.928M
YoY Change 11.67% -80.88% -39.02%
Inventory $36.97M $32.59M $31.09M
Prepaid Expenses
Receivables $29.41M $53.38M $43.34M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $234.9M $296.9M $284.2M
YoY Change -17.34% 32.89% 54.03%
LONG-TERM ASSETS
Property, Plant & Equipment $24.95M $24.84M $29.03M
YoY Change -14.04% -11.61% 29.59%
Goodwill $48.95M $7.910M
YoY Change 518.85%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.500M $18.60M $2.500M
YoY Change 240.0% -2.62% -86.56%
Total Long-Term Assets $119.4M $53.86M $48.03M
YoY Change 148.62% 6.66% 8.18%
TOTAL ASSETS
Total Short-Term Assets $234.9M $296.9M $284.2M
Total Long-Term Assets $119.4M $53.86M $48.03M
Total Assets $354.3M $350.7M $332.2M
YoY Change 6.65% 28.05% 45.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.52M $38.32M $48.41M
YoY Change -12.17% 15.07% 35.59%
Accrued Expenses $13.64M $18.71M $17.19M
YoY Change -20.63% -30.43% -34.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $74.28M $68.19M $85.00M
YoY Change -12.61% 9.45% 30.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.200M $3.900M $3.700M
YoY Change 13.51% 0.0% 0.0%
Total Long-Term Liabilities $4.218M $3.940M $4.255M
YoY Change -0.87% 1.03% 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.28M $68.19M $85.00M
Total Long-Term Liabilities $4.218M $3.940M $4.255M
Total Liabilities $78.50M $72.13M $89.26M
YoY Change -12.05% 9.11% 30.11%
SHAREHOLDERS EQUITY
Retained Earnings $75.44M $81.38M $58.14M
YoY Change 29.75%
Common Stock $200.2M $197.0M $184.7M
YoY Change 8.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $275.8M $278.6M $243.0M
YoY Change
Total Liabilities & Shareholders Equity $354.3M $350.7M $332.2M
YoY Change 6.65% 28.05% 45.13%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income -$5.938M $15.21M -$5.938M
YoY Change 0.0% 89.52% -184.83%
Depreciation, Depletion And Amortization $3.500M $2.900M $2.600M
YoY Change 34.62% 20.83% 36.84%
Cash From Operating Activities $26.60M $11.80M $25.00M
YoY Change 6.4% -296.67% 157.73%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$1.100M -$3.200M
YoY Change -15.63% -57.69% 77.78%
Acquisitions
YoY Change
Other Investing Activities -$67.00M $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$69.70M -$1.200M -$3.200M
YoY Change 2078.13% 1100.0% -169.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 2.400M 1.200M
YoY Change -75.0% -64.71% 140.0%
NET CHANGE
Cash From Operating Activities 26.60M 11.80M 25.00M
Cash From Investing Activities -69.70M -1.200M -3.200M
Cash From Financing Activities 300.0K 2.400M 1.200M
Net Change In Cash -42.80M 13.00M 23.00M
YoY Change -286.09% 1757.14% 55.41%
FREE CASH FLOW
Cash From Operating Activities $26.60M $11.80M $25.00M
Capital Expenditures -$2.700M -$1.100M -$3.200M
Free Cash Flow $29.30M $12.90M $28.20M
YoY Change 3.9% -479.41% 145.22%

Facts In Submission

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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-29
dei Entity Central Index Key
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0001159167
dei Current Fiscal Year End Date
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--12-29
dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
IROBOT CORP
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27520000 shares
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2078000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32 pure
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
591000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10041000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
34524000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-8842000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
32390000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28323000 shares
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1318000
us-gaap Share Based Compensation
ShareBasedCompensation
8023000
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-669000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3350000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
45128000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3200000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2500000
us-gaap Operating Income Loss
OperatingIncomeLoss
34047000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
197188000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
1596000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1503000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
184078000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2855000
us-gaap Net Income Loss
NetIncomeLoss
23235000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
477000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
us-gaap Contract Revenue Cost
ContractRevenueCost
13110000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4706000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
803000 shares
us-gaap Gross Profit
GrossProfit
138362000
us-gaap Contracts Revenue
ContractsRevenue
14874000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
23339000
us-gaap Other Noncash Expense
OtherNoncashExpense
64000
us-gaap Operating Expenses
OperatingExpenses
104315000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11289000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
104000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4067000
us-gaap Sales Revenue Net
SalesRevenueNet
335550000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1461000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
320676000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
5086000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-778000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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&#x2019;s estimates.</font></p> </div>
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-10089000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11297000
us-gaap Fiscal Period
FiscalPeriod
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Fiscal Year-End</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company operates and reports using a 52-53 week fiscal year ending on the Saturday closest to December&#xA0;31. Accordingly, the Company&#x2019;s fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter.</font></p> </div>
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1461000
irbt Increase Decrease In Other Assets
IncreaseDecreaseInOtherAssets
6000000
irbt Income Tax Withholding Payment Associated With Restricted Stock Vesting
IncomeTaxWithholdingPaymentAssociatedWithRestrictedStockVesting
777000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2012Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
25.99
CY2011Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8948000
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26902000 shares
CY2011Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
479000
CY2011Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.31 pure
CY2011Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15488000
CY2011Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1266000
CY2011Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14553000
CY2011Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
15580000
CY2011Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
70330000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2011Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
63670000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
14052000
CY2011Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-92000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2011Q4 us-gaap Contract Revenue Cost
ContractRevenueCost
6660000
CY2011Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10962000
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27940000 shares
CY2011Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1038000 shares
CY2011Q4 us-gaap Gross Profit
GrossProfit
50043000
CY2011Q4 us-gaap Contracts Revenue
ContractsRevenue
10380000
CY2011Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13955000
CY2011Q4 us-gaap Operating Expenses
OperatingExpenses
34463000
CY2011Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1436000
CY2011Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-97000
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
120373000
CY2011Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
109993000
CY2011Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2012Q2 irbt Increase In Revenue From Adjustment In Accrual Rates
IncreaseInRevenueFromAdjustmentInAccrualRates
3300000
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8406000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27650000 shares
CY2012Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
524000
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32 pure
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
22931000
CY2012Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1080000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12436000
CY2012Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
22734000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
71396000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
67008000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
15207000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
197000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2012Q3 us-gaap Contract Revenue Cost
ContractRevenueCost
4388000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11326000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28321000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
671000 shares
CY2012Q3 us-gaap Gross Profit
GrossProfit
54902000
CY2012Q3 us-gaap Contracts Revenue
ContractsRevenue
5124000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15257000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
32168000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7724000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
50000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
126298000
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
121174000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000 shares
CY2012Q3 irbt Increase In Revenue From Adjustment In Accrual Rates
IncreaseInRevenueFromAdjustmentInAccrualRates
7700000

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