Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IROBOT CORP | d478276d8k.htm |
Exhibit 99.1
| Contacts: | ||
| Elise Caffrey | Matthew Lloyd | |
| Investor Relations | Media Relations | |
| iRobot Corp. | iRobot Corp. | |
| (781) 430-3003 | (781) 430-3720 | |
| ecaffrey@irobot.com | mlloyd@irobot.com |
iRobot Reports Fourth-Quarter and Full-Year Financial Results
Home Robot Business Expected to Grow More Than 20 Percent in 2013
BEDFORD, Mass., Feb. 6, 2013 – iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the fourth quarter and full year ended December 29, 2012.
“Our Home Robot business had a phenomenal year with revenue increasing 28 percent over 2011, but as expected, the decline in Defense & Security revenue resulted in lower total company revenue and profit for the year,” said Colin Angle, chairman and chief executive officer of iRobot.
“2012 was a transformational year for our business, and as we enter 2013, we are a different company than we were a year ago. Our business performance over the next few years will be driven by our rapidly growing home technology business. Home Robots is expected to grow roughly 20 percent this year and comprise 90 percent of total company revenue. In addition, we have an emerging remote presence business and have stabilized our defense business.”
| • | Revenue for the fourth quarter of 2012 was $100.7 million, compared with $130.8 million for the same quarter one year ago. Revenue for the full year 2012 was $436.2 million, compared with $465.5 million for the full year 2011. |
| • | Net loss in the fourth quarter of 2012 was $5.9 million, compared with net income of $10.6 million in the fourth quarter of 2011. Net income for the full year 2012 was $17.3 million, compared with $40.2 million for the same period in 2011. |
| • | Quarterly loss per share was ($0.21), compared with earnings per share of $0.38 in the fourth quarter last year. Full-year earnings per share were $0.61, compared with $1.44 last year. The Q4 and full year results include the negative impact of $0.22 and $0.27, respectively, from restructuring the Defense & Security business and the inclusion of Evolution Robotics, acquired on October 1, 2012. |
| • | Adjusted EBITDA for the fourth quarter of 2012 was $1.0 million, compared with $21.3 million in the fourth quarter of 2011. Adjusted EBITDA for the full year 2012 was $52.5 million, compared with $73.0 million for the same period a year ago. |
Business Highlights
| • | Full-year domestic Home Robot revenue growth of more than 40 percent, coupled with international revenue growth of 22 percent drove a 28 percent year-over-year increase in full-year home robot revenue. International home robot revenue of $239 million comprised 67 percent of total home robot 2012 revenue. |
| • | Closed the acquisition of Evolution Robotics (ER) on October 1, 2012. We are on schedule with our integration and ahead of schedule on our planned rollout of ER’s Mint® floor sweeping robot to our international distributors. |
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
| • | Received a $7 million order from a foreign government for PackBot® systems. International sales are expected to contribute roughly one-third of 2013 product revenue in our Defense & Security business unit. |
| • | Received FDA approval for RP-VITA, the first self-navigating communications robot for use in hospitals. |
| • | Our 2013 Home Robot expectations reflect continued strong growth domestically and continuing economic uncertainties in Europe. |
Financial Expectations
Management provides the following expectations with respect to the year ending December 28, 2013 and first quarter ending March 30, 2013.
| Fiscal Year 2013: | ||
| Revenue | $480 - $490 million | |
| Earnings Per Share | $0.57 - $0.72 | |
| Adjusted EBITDA | $46 - $52 million | |
| Full-Year 2013 BU Revenue: | ||
| Home Robots | $430 - $435 million | |
| Defense & Security Robots | $45 - $55 million | |
| Q1 2013: | ||
| Revenue | $98 - $102 million | |
| Earnings Per Share | $0.00 - $0.07 | |
| Adjusted EBITDA | $4 - $6 million | |
Fourth-Quarter and Full-Year Conference Call
iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the fourth fiscal quarter and full year 2012, business outlook, and outlook for 2013 financial performance. Pertinent details include:
| Date: |
Thursday, February 7, 2013 | |
| Time: |
8:30 a.m. ET | |
| Call-In Number: |
847-619-6818 | |
| Passcode: |
34160560 |
A live, audio broadcast of the conference call will also be available at http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-eventDetails&EventId=4897481. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through February 14, and can be accessed by dialing 630-652-3000, passcode 34160560#.
About iRobot Corp.
iRobot designs and builds robots that make a difference. The company’s home robots help people find smarter ways to clean, and its defense & security robots protect those in harm’s way. iRobot’s consumer and military robots feature iRobot Aware® robot intelligence systems, proprietary technology incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations regarding future financial performance, operating performance and growth, demand for our robots, anticipated growth of our Home Robots business and anticipated increase of Home Robots revenue as a percentage of total revenue, anticipated revenue, earnings per share and Adjusted EBITDA for fiscal year 2013 and the first quarter ending March 30, 2013, and anticipated business unit revenue for the fiscal year 2013. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our ability to operate in an emerging market, the financial strength of our customers and retailers, general economic conditions, our dependence on the U.S. federal government and government contracts, the timing of government contracts and orders, market acceptance of our products, changes in government policies or spending priorities, and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.
This press release includes Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income (loss) per share, each of which is a non-GAAP financial measure as defined by SEC Regulation G. We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, merger and acquisition expenses, net intellectual property litigation expenses, restructuring expenses, and non-cash stock compensation. We define Adjusted net income (loss) and Adjusted net income (loss) per share as net income (loss) and net income (loss) per share, respectively, excluding the impact of a one-time tax benefit. Reconciliations between net income (loss) and Adjusted EBITDA, net income (loss) and Adjusted net income (loss), and net income (loss) per share and Adjusted net income (loss) per share are provided in the financial tables at the end of this press release.
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Consolidated Statement of Income
(in thousands, except per share amounts)
(unaudited)
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue |
||||||||||||||||
| Product revenue |
$ | 97,874 | $ | 122,425 | $ | 418,550 | $ | 426,525 | ||||||||
| Contract revenue |
2,820 | 8,343 | 17,694 | 38,975 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
100,694 | 130,768 | 436,244 | 465,500 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cost of Revenue |
||||||||||||||||
| Product revenue |
55,667 | 69,210 | 239,745 | 246,905 | ||||||||||||
| Contract revenue |
3,673 | 5,473 | 16,783 | 26,477 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
59,340 | 74,683 | 256,528 | 273,382 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross Margin |
41,354 | 56,085 | 179,716 | 192,118 | ||||||||||||
| Operating Expense |
||||||||||||||||
| Research & development |
10,418 | 10,675 | 37,215 | 36,498 | ||||||||||||
| Selling & marketing |
26,503 | 18,243 | 71,631 | 58,544 | ||||||||||||
| General & administrative |
13,308 | 12,094 | 45,698 | 43,753 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
50,229 | 41,012 | 154,544 | 138,795 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income (loss) |
(8,875 | ) | 15,073 | 25,172 | 53,323 | |||||||||||
| Other income (expense), net |
(42 | ) | (40 | ) | 435 | 218 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Pre-tax income (loss) |
(8,917 | ) | 15,033 | 25,607 | 53,541 | |||||||||||
| Income tax expense (benefit) |
(2,979 | ) | 4,395 | 8,310 | 13,350 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | (5,938 | ) | $ | 10,638 | $ | 17,297 | $ | 40,191 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) per common share: |
||||||||||||||||
| Basic |
$ | (0.21 | ) | $ | 0.39 | $ | 0.63 | $ | 1.50 | |||||||
| Diluted |
$ | (0.21 | ) | $ | 0.38 | $ | 0.61 | $ | 1.44 | |||||||
| Shares used in per common share calculations: |
||||||||||||||||
| Basic |
27,802 | 27,119 | 27,577 | 26,712 | ||||||||||||
| Diluted |
27,802 | 28,147 | 28,301 | 27,924 | ||||||||||||
| Stock-based compensation included in above figures: |
||||||||||||||||
| Cost of product revenue |
$ | 295 | $ | 281 | $ | 1,187 | $ | 1,197 | ||||||||
| Cost of contract revenue |
90 | 113 | 410 | 478 | ||||||||||||
| Research & development |
422 | 262 | 1,195 | 743 | ||||||||||||
| Selling & marketing |
234 | 211 | 808 | 724 | ||||||||||||
| General & administrative |
1,919 | 1,531 | 7,383 | 5,642 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 2,960 | $ | 2,398 | $ | 10,983 | $ | 8,784 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Condensed Consolidated Balance Sheet
(unaudited, in thousands)
| December 29, | December 31, | |||||||
| 2012 | 2011 | |||||||
| Assets |
||||||||
| Cash and equivalents |
$ | 126,770 | $ | 166,308 | ||||
| Short term investments |
12,430 | 17,811 | ||||||
| Accounts receivable, net |
29,413 | 43,338 | ||||||
| Unbilled revenues |
1,196 | 2,362 | ||||||
| Inventory |
36,965 | 31,089 | ||||||
| Deferred tax assets |
19,266 | 15,344 | ||||||
| Other current assets |
11,518 | 7,928 | ||||||
|
|
|
|
|
|||||
| Total current assets |
237,558 | 284,180 | ||||||
| Property, plant and equipment, net |
24,953 | 29,029 | ||||||
| Deferred tax assets |
8,610 | 6,127 | ||||||
| Goodwill |
48,951 | 7,910 | ||||||
| Intangible assets, net |
28,224 | 2,467 | ||||||
| Other assets |
8,500 | 2,500 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 356,796 | $ | 332,213 | ||||
|
|
|
|
|
|||||
| Liabilities and stockholders’ equity |
||||||||
| Accounts payable |
$ | 42,515 | $ | 48,406 | ||||
| Accrued expenses |
16,527 | 17,188 | ||||||
| Accrued compensation |
11,864 | 17,879 | ||||||
| Deferred revenue and customer advances |
6,257 | 1,527 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
77,163 | 85,000 | ||||||
|
|
|
|
|
|||||
| Long term liabilities |
3,816 | 4,255 | ||||||
|
|
|
|
|
|||||
| Stockholders’ equity |
275,817 | 242,958 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 356,796 | $ | 332,213 | ||||
|
|
|
|
|
|||||
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Consolidated Statement of Cash Flows
(unaudited, in thousands)
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Cash flows from operating activities: |
||||||||||||||||
| Net income (loss) |
$ | (5,938 | ) | $ | 10,638 | $ | 17,297 | $ | 40,191 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||||||||||
| Depreciation and amortization |
3,491 | 3,075 | 11,672 | 10,312 | ||||||||||||
| Loss on disposal of property and equipment |
554 | 123 | 1,332 | 599 | ||||||||||||
| Stock-based compensation |
2,960 | 2,398 | 10,983 | 8,784 | ||||||||||||
| Deferred income taxes, net |
(908 | ) | (295 | ) | (3,763 | ) | 6,154 | |||||||||
| Tax benefit of excess stock based compensation deductions |
16 | (915 | ) | (1,445 | ) | (6,917 | ) | |||||||||
| Non-cash director deferred compensation |
23 | 36 | 87 | 162 | ||||||||||||
| Changes in operating assets and liabilities — (use) source |
||||||||||||||||
| Accounts receivable |
25,601 | (1,938 | ) | 15,560 | (9,282 | ) | ||||||||||
| Unbilled revenue |
497 | 5,537 | 1,166 | 1,650 | ||||||||||||
| Inventory |
696 | 900 | (807 | ) | (3,929 | ) | ||||||||||
| Other assets |
(6,158 | ) | 4,729 | (2,892 | ) | (1,843 | ) | |||||||||
| Accounts payable |
1,405 | 7,884 | (8,684 | ) | 9,717 | |||||||||||
| Accrued expenses |
(2,252 | ) | 1,951 | (656 | ) | 1,421 | ||||||||||
| Accrued compensation |
2,736 | 2,834 | (6,106 | ) | 52 | |||||||||||
| Deferred revenue |
4,139 | (831 | ) | 4,730 | (2,007 | ) | ||||||||||
| Change in long term liabilities |
(298 | ) | 528 | (613 | ) | 671 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by operating activities |
26,564 | 36,654 | 37,861 | 55,735 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash flows from investing activities: |
||||||||||||||||
| Purchase of property and equipment |
(2,703 | ) | (2,654 | ) | (6,770 | ) | (13,011 | ) | ||||||||
| Change in other assets |
— | — | (6,000 | ) | — | |||||||||||
| Purchase of Evolution net of cash received |
(74,530 | ) | — | (74,530 | ) | — | ||||||||||
| Purchases of investments |
— | (4,189 | ) | (5,086 | ) | (9,189 | ) | |||||||||
| Sales of investments |
7,500 | — | 10,000 | 5,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in investing activities |
(69,733 | ) | (6,843 | ) | (82,386 | ) | (17,200 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash flows from financing activities: |
||||||||||||||||
| Proceeds from stock option exercises |
304 | 4,003 | 4,326 | 13,401 | ||||||||||||
| Income tax withholding payment associated with restricted stock vesting |
(7 | ) | (83 | ) | (784 | ) | (928 | ) | ||||||||
| Tax benefit of excess stock based compensation deductions |
(16 | ) | 915 | 1,445 | 6,917 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by financing activities |
281 | 4,835 | 4,987 | 19,390 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in cash and cash equivalents |
(42,888 | ) | 34,646 | (39,538 | ) | 57,925 | ||||||||||
| Cash and cash equivalents, at beginning of period |
169,658 | 131,662 | 166,308 | 108,383 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents, at end of period |
$ | 126,770 | $ | 166,308 | $ | 126,770 | $ | 166,308 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Supplemental Information
(unaudited)
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenue: * |
||||||||||||||||
| Home Robots |
$ | 82,918 | $ | 74,435 | $ | 356,805 | $ | 278,551 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Domestic |
$ | 31,820 | $ | 24,371 | $ | 117,689 | $ | 82,787 | ||||||||
| International |
$ | 51,098 | $ | 50,064 | $ | 239,116 | $ | 195,764 | ||||||||
| Defense & Security |
$ | 17,776 | $ | 56,333 | $ | 79,439 | $ | 186,949 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Domestic |
$ | 15,364 | $ | 51,458 | $ | 68,635 | $ | 170,968 | ||||||||
| International |
$ | 2,412 | $ | 4,875 | $ | 10,804 | $ | 15,981 | ||||||||
| Product |
$ | 14,956 | $ | 47,990 | $ | 61,745 | $ | 147,974 | ||||||||
| Contract |
$ | 2,820 | $ | 8,343 | $ | 17,694 | $ | 38,975 | ||||||||
| Product Life Cycle |
$ | 12,648 | $ | 10,974 | $ | 37,433 | $ | 42,579 | ||||||||
| Gross Margin Percent: |
||||||||||||||||
| Home Robots |
49.6 | % | 45.8 | % | 49.5 | % | 45.2 | % | ||||||||
| Defense & Security |
1.1 | % | 39.0 | % | 4.0 | % | 35.5 | % | ||||||||
| Total Company |
41.1 | % | 42.9 | % | 41.2 | % | 41.3 | % | ||||||||
| Units shipped: |
||||||||||||||||
| Home Robots * |
387 | 358 | 1,621 | 1,371 | ||||||||||||
| Defense & Security |
34 | 273 | 289 | 773 | ||||||||||||
| Average gross selling prices for robot units: |
||||||||||||||||
| Home Robots |
$ | 227 | $ | 218 | $ | 222 | $ | 207 | ||||||||
| Defense & Security * |
$ | 68 | $ | 132 | $ | 84 | $ | 136 | ||||||||
| Defense & Security Funded Product Backlog * |
$ | 11,356 | $ | 7,600 | $ | 11,356 | $ | 7,600 | ||||||||
| Days sales outstanding |
28 | 32 | 28 | 32 | ||||||||||||
| Days in inventory |
61 | 41 | 61 | 41 | ||||||||||||
| Headcount |
534 | 619 | 534 | 619 | ||||||||||||
| * | in thousands |
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Adjusted EBITDA Reconciliation to GAAP
(unaudited, in thousands)
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net income (loss) |
$ | (5,938 | ) | $ | 10,638 | $ | 17,297 | $ | 40,191 | |||||||
| Interest income, net |
(201 | ) | (212 | ) | (1,016 | ) | (967 | ) | ||||||||
| Income tax expense (benefit) |
(2,979 | ) | 4,395 | 8,310 | 13,350 | |||||||||||
| Depreciation |
2,418 | 2,387 | 9,898 | 9,002 | ||||||||||||
| Amortization |
1,073 | 688 | 1,774 | 1,310 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
(5,627 | ) | 17,896 | 36,263 | 62,886 | |||||||||||
| Stock-based compensation expense |
2,960 | 2,398 | 10,983 | 8,784 | ||||||||||||
| Merger and acquisition expense |
717 | 11 | 1,404 | 41 | ||||||||||||
| Net intellectual property litigation expense |
26 | 116 | 155 | 287 | ||||||||||||
| Restructuring expense |
2,905 | 914 | 3,679 | 1,015 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 981 | $ | 21,335 | $ | 52,484 | $ | 73,013 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Use of Non-GAAP Financial Measures |
||||||||||||||||
In evaluating its business, iRobot considers and uses Adjusted EBITDA as a supplemental measure of its operating performance. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, merger and acquisition expenses, net intellectual property litigation expenses, restructuring expenses and non-cash stock compensation. The Company also presents Adjusted EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.
The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than iRobot, limiting their usefulness as comparative tools. iRobot compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA only supplementally.
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com
iRobot Corporation
Adjusted Net Income and Earnings Per Share Reconciliations to GAAP
(in thousands, except per share amounts)
(unaudited)
| For the three months ended | For the twelve months ended | |||||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| GAAP net income (loss) |
$ | (5,938 | ) | $ | 10,638 | $ | 17,297 | $ | 40,191 | |||||||
| Less one-time net income tax benefit associated with Section 199 deductions and R&D tax credit true-ups |
— | — | — | (3,455 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted net income (loss) |
$ | (5,938 | ) | $ | 10,638 | $ | 17,297 | $ | 36,736 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| GAAP net income (loss) per common share: |
||||||||||||||||
| Basic |
$ | (0.21 | ) | $ | 0.39 | $ | 0.63 | $ | 1.50 | |||||||
| Diluted |
$ | (0.21 | ) | $ | 0.38 | $ | 0.61 | $ | 1.44 | |||||||
| Less one-time net income tax benefit associated with Section 199 deductions and R&D tax credit true-ups: |
||||||||||||||||
| Basic |
$ | — | $ | — | $ | — | $ | (0.12 | ) | |||||||
| Diluted |
$ | — | $ | — | $ | — | $ | (0.12 | ) | |||||||
| Adjusted net income (loss) per common share: |
||||||||||||||||
| Basic |
$ | (0.21 | ) | $ | 0.39 | $ | 0.63 | $ | 1.38 | |||||||
| Diluted |
$ | (0.21 | ) | $ | 0.38 | $ | 0.61 | $ | 1.32 | |||||||
| Shares used in Per Common Share Calculations: |
||||||||||||||||
| Basic |
27,802 | 27,119 | 27,577 | 26,712 | ||||||||||||
| Diluted |
27,802 | 28,147 | 28,301 | 27,924 | ||||||||||||
In evaluating its business, iRobot also considers and uses Adjusted net income and Adjusted net income per common share as supplemental measures of its operating performance. The Company defines Adjusted net income and Adjusted net income per share as net income and net income per share, respectively, excluding the impact of a one-time tax benefit.
The terms Adjusted net income and Adjusted net income per common share are not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the Company’s operating performance, investors should not consider Adjusted net income, Adjusted net income per common share or both in isolation, or as a substitute for net income, net income per common share or other consolidated income statement data prepared in accordance with U.S. GAAP.
iRobot Corporation
8 Crosby Drive, Bedford, MA 01730-1402 • 781.430.3000 • Fax 781.430.3001 • www.irobot.com