BEDFORD,
Mass., May 9, 2023 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced its
financial results for the first quarter ended April 1, 2023.
Q1 2023 Financial Performance Highlights
- Revenue for the first quarter of 2023 was $160.3 million, compared with $292.0 million in the same period last year.
-
- Geographically, first-quarter 2023 revenue declined 53% in the
U.S., 35% in Japan and 29% in EMEA
over the same period last year. The company's revenue performance,
as expected, was impacted by relatively muted orders during the
first quarter of 2023 due, in part, to order timing. In 2022,
certain large orders from an e-tailer customer occurred in the
first quarter, and in 2023 these orders are scheduled to ship in
the second quarter.
- Revenue from mid-tier robots (with an MSRP between $300 and $499) and
premium robots (with an MSRP of $500
or more) represented 88% of total robot sales in the first quarter
of 2023 versus 86% from the same period last year.
- We estimate that iRobot's first-quarter 2023 revenue from
e-commerce, which spans the company's own website and app,
dedicated e-commerce websites and the online arms of traditional
retailers, declined 50% from the same period last year and
represented 57% of first-quarter 2023 revenue. iRobot's
direct-to-consumer (DTC) revenue of $38.3
million in the first quarter of 2023 decreased 6% from the
prior-year first quarter, mainly impacted by the changes in foreign
exchange rates.
- GAAP operating expense for the first quarter of 2023 was
$117.8 million, compared with GAAP
operating expense of $130.8 million
in the same period last year. First-quarter 2023 non-GAAP operating
expense was $100.2 million, compared
with non-GAAP operating expense of $119.1
million in the same period last year. The decrease in
operating expense is attributable to cost reduction actions in
August 2022 and February 2023, along with careful expense
management and scaled back working media and other
demand-generation activities.
- GAAP operating loss for the first quarter of 2023 was
($81.3) million, compared with GAAP
operating loss of ($23.3) million in
the same period last year. Non-GAAP operating loss for the first
quarter 2023 was ($62.2) million,
compared with non-GAAP operating loss of ($18.5) million in the same period last year. The
company's first-quarter 2023 operating loss reflected the impact of
decreased revenue and a lower gross profit margin. The gross profit
margin in the first quarter of 2023, compared with the same period
last year, was impacted by lower leverage on fixed costs, increased
promotional activities and costs associated with certain exit
activities with the Company's contract manufacturers, while these
were partially offset by improved channel mix.
- GAAP net loss per share for the first quarter of 2023 was
($2.95), compared with GAAP net loss
per share of ($1.12) in the same
period last year. Non-GAAP net loss per share was ($1.67) for the first quarter of 2023, compared
with non-GAAP net loss per share of ($0.66) in the same period last year.
- As of April 1, 2023, the
company's cash and cash equivalents were $47.9 million, compared with $117.9 million at the end of 2022. During the
quarter, the company drew $27 million
from its credit facility.
- The company's inventory balance was $229.7 million as of April
1, 2023, compared with $285.3
million at the end of 2022. GAAP days in inventory (DII) was
169 days, compared with 95 days at the end of 2022. Non-GAAP DII
was 171 days, compared with 96 days at the end of 2022. The
decrease in inventory primarily reflected the use of on-hand
inventory to fulfill first-quarter 2023 orders and a significant
decrease in in-transit inventory as iRobot temporarily reduced
robot production during the first quarter of 2023 at its contract
manufacturing partners in China
and Malaysia. As anticipated,
iRobot began increasing production in April
2023.
First-Quarter and Recent Business Highlights
- iRobot was listed by Newsweek as one of the Most Trusted
Companies in America 2023. iRobot was ranked No. 8 in Appliances
and Electronics, along with companies like GoPro, Sonos and
Bose.
- The company's Roomba j7+ was listed amongst the winners of the
2022 GOOD Design Awards. Roomba j7+ was listed as the best overall
robot vacuum of 2023 by CNN and one of the best vacuums for pet
hair by Forbes.
- The company's Roomba Combo j7+, an advanced 2-in-1 robot
introduced in September 2022, won a
2023 Clean House Award by Better Homes & Gardens. In addition,
the Roomba Combo j7+ received favorable reviews by Evening Standard
in UK, Techtest.org in Germany,
CNET and Vonguru in France, El
Mundo in Spain and My Navi in Japan.
- The company's community of engaged, connected customers who
have opted-in to its digital communications grew to 18.3 million,
an increase of 23% from the first quarter of 2022.
- On January 20, 2023, iRobot
disclosed a new amendment to its credit facility that, among other
changes, extended the expiration date from June 2023 to mid-September
2024, and resized the commitment to $100 million.
Conference Call
In light of the pending transaction
with Amazon.com, Inc., which was announced on August 5, 2022, iRobot will not hold a financial
results conference call, and its practice of providing full-year
financial guidance remains suspended.
About iRobot Corp.
iRobot is a global consumer robot company that designs and builds
thoughtful robots and intelligent home innovations that make life
better. iRobot introduced the first Roomba robot vacuum in 2002.
Today, iRobot is a global enterprise that has sold millions of
robots worldwide. iRobot's product portfolio features technologies
and advanced concepts in cleaning, mapping and navigation. Working
from this portfolio, iRobot engineers are building robots and smart
home devices to help consumers make their homes easier to maintain
and healthier places to live. For more information about iRobot,
please visit www.irobot.com.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on the Company's current
expectations, estimates and projections about its business and
industry, all of which are subject to change. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as "expect," "anticipate," "intend," "plan,"
"believe," "could," "seek," "see," "will," "may," "would," "might,"
"potentially," "estimate," "continue," "expect," "target," similar
expressions or the negatives of these words or other comparable
terminology that convey uncertainty of future events or outcomes.
All forward-looking statements by their nature address matters that
involve risks and uncertainties, many of which are beyond our
control, and are not guarantees of future results, such as
statements about the consummation of the proposed transaction and
the anticipated benefits thereof. These and other forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that could cause actual
results to differ materially from those expressed in any
forward-looking statements. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements and
caution must be exercised in relying on forward-looking statements.
Important risk factors that may cause such a difference include,
but are not limited to: (i) the ability of the parties to
consummate the proposed transaction with Amazon.com, Inc in a
timely manner or at all; (ii) the satisfaction (or waiver) of
closing conditions to the consummation of the proposed transaction;
(iii) potential delays in consummating the proposed transaction;
(iv) the ability of the Company to timely and successfully achieve
the anticipated benefits of the proposed transaction; (v) the
occurrence of any event, change or other circumstance or condition
that could give rise to the termination of the merger agreement;
(vi) the impact of the COVID-19 pandemic and the current conflict
between the Russian Federation and
Ukraine on the Company's business
and general economic conditions; (vii) the Company's ability to
implement its business strategy; (viii) significant transaction
costs associated with the proposed transaction; (ix) potential
litigation relating to the proposed transaction; (x) the risk that
disruptions from the proposed transaction will harm the Company's
business, including current plans and operations; (xi) the ability
of the Company to retain and hire key personnel; (xii) potential
adverse reactions or changes to business relationships resulting
from the announcement or completion of the proposed transaction;
(xiii) legislative, regulatory and economic developments affecting
the Company's business; (xiv) general economic and market
developments and conditions; (xv) the evolving legal, regulatory
and tax regimes under which the Company operates; (xvi) potential
business uncertainty, including changes to existing business
relationships, during the pendency of the merger that could affect
the Company's financial performance; (xvii) restrictions during the
pendency of the proposed transaction that may impact the Company's
ability to pursue certain business opportunities or strategic
transactions; (xviii) unpredictability and severity of catastrophic
events, including, but not limited to, acts of terrorism or
outbreak of war or hostilities, (xviv) current supply chain
challenges including current constraints in the availability of
certain semiconductor components used in our products; (xx) the
financial strength of our customers and retailers; (xxi) the impact
of tariffs on goods imported into the
United States; and (xxii) competition, as well as the
Company's response to any of the aforementioned factors. Additional
risks and uncertainties that could cause actual outcomes and
results to differ materially from those contemplated by the
forward-looking statements are included under the caption "Risk
Factors" in the Company's most recent annual and quarterly reports
filed with the SEC and any subsequent reports on Form 10-K, Form
10-Q or Form 8-K filed from time to time and available at
www.sec.gov. While the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realization of forward-looking statements. Consequences of material
differences in results as compared with those anticipated in the
forward-looking statements could include, among other things,
business disruption, operational problems, financial loss, legal
liability and similar risks, any of which could have a material
adverse effect on the Company's financial condition, results of
operations, or liquidity. The forward-looking statements included
herein are made only as of the date hereof. The Company does not
assume any obligation to publicly provide revisions or updates to
any forward-looking statements, whether as a result of new
information, future developments or otherwise, should circumstances
change, except as otherwise required by securities and other
applicable laws.
iRobot Corporation
|
Consolidated Statements of
Operations
|
(in thousands, except per share
amounts)
|
(unaudited)
|
|
|
|
|
|
|
For the three months
ended
|
|
|
April 1,
2023
|
|
April 2,
2022
|
|
|
|
|
|
|
Revenue
|
$ 160,292
|
|
$ 291,969
|
|
Cost of
revenue:
|
|
|
|
|
Cost of product
revenue
|
123,459
|
|
183,633
|
|
Amortization of
acquired intangible assets
|
282
|
|
821
|
|
Total cost of
revenue
|
123,741
|
|
184,454
|
|
|
|
|
|
|
Gross profit
|
36,551
|
|
107,515
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
41,934
|
|
42,529
|
|
Selling and
marketing
|
44,765
|
|
61,065
|
|
General and
administrative
|
30,971
|
|
26,698
|
|
Amortization of
acquired intangible assets
|
178
|
|
510
|
|
Total operating
expenses
|
117,848
|
|
130,802
|
|
|
|
|
|
|
Operating
loss
|
(81,297)
|
|
(23,287)
|
|
|
|
|
|
|
Other expense,
net
|
(1,077)
|
|
(16,746)
|
|
|
|
|
|
|
Loss before income
taxes
|
(82,374)
|
|
(40,033)
|
|
Income tax
benefit
|
(1,262)
|
|
(9,627)
|
|
Net loss
|
$ (81,112)
|
|
$ (30,406)
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
Basic
|
$
(2.95)
|
|
$
(1.12)
|
|
Diluted
|
$
(2.95)
|
|
$
(1.12)
|
|
|
|
|
|
|
Number of shares used
in per share calculations:
|
|
|
|
Basic
|
27,467
|
|
27,051
|
|
Diluted
|
27,467
|
|
27,051
|
|
|
|
|
|
|
Stock-based
compensation included in above figures:
|
|
Cost of
revenue
|
$
586
|
|
$
441
|
|
Research and
development
|
2,646
|
|
2,682
|
|
Selling and
marketing
|
1,466
|
|
1,450
|
|
General and
administrative
|
3,234
|
|
2,635
|
|
Total
|
$
7,932
|
|
$
7,208
|
|
iRobot
Corporation
|
Condensed
Consolidated Balance Sheets
|
(unaudited, in
thousands)
|
|
|
|
|
|
April 1,
2023
|
|
December 31,
2022
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
47,915
|
|
$
117,949
|
Accounts
receivable, net
|
29,645
|
|
66,025
|
Inventory
|
229,688
|
|
285,250
|
Other current
assets
|
56,987
|
|
59,076
|
Total current
assets
|
364,235
|
|
528,300
|
Property and
equipment, net
|
55,774
|
|
60,909
|
Operating lease
right-of-use assets
|
25,443
|
|
26,084
|
Deferred tax
assets
|
15,226
|
|
16,248
|
Goodwill
|
169,570
|
|
167,724
|
Intangible
assets, net
|
10,919
|
|
11,260
|
Other
assets
|
23,460
|
|
24,918
|
Total assets
|
$ 664,627
|
|
$
835,443
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Accounts
payable
|
$
74,014
|
|
$
184,016
|
Accrued
expenses
|
100,902
|
|
98,959
|
Deferred revenue
and customer advances
|
12,084
|
|
13,208
|
Short-term notes
payable
|
27,000
|
|
-
|
Total current
liabilities
|
214,000
|
|
296,183
|
Operating lease
liabilities
|
31,581
|
|
33,247
|
Deferred tax
liabilities
|
526
|
|
931
|
Other long-term
liabilities
|
23,081
|
|
29,366
|
Total long-term
liabilities
|
55,188
|
|
63,544
|
Total
liabilities
|
269,188
|
|
359,727
|
Stockholders'
equity
|
395,439
|
|
475,716
|
Total liabilities and
stockholders' equity
|
$ 664,627
|
|
$
835,443
|
iRobot Corporation
|
Consolidated Statements of Cash
Flows
|
(unaudited, in
thousands)
|
|
|
|
|
|
For the three months
ended
|
|
April 1,
2023
|
|
April 2,
2022
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$ (81,112)
|
|
$ (30,406)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
7,542
|
|
11,241
|
Loss on equity
investment
|
-
|
|
16,835
|
Stock-based
compensation
|
7,932
|
|
7,208
|
Deferred income taxes,
net
|
647
|
|
(15,571)
|
Other
|
(3,562)
|
|
1,539
|
Changes in operating
assets and liabilities — (use) source
|
|
|
|
Accounts
receivable
|
37,147
|
|
54,299
|
Inventory
|
52,947
|
|
(1,688)
|
Other assets
|
53
|
|
(26,734)
|
Accounts
payable
|
(109,930)
|
|
(77,006)
|
Accrued expenses and
other liabilities
|
(6,171)
|
|
(42,032)
|
Net cash used in
operating activities
|
(94,507)
|
|
(102,315)
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Additions of property
and equipment
|
(1,456)
|
|
(3,113)
|
Purchase of
investments
|
(73)
|
|
(500)
|
Sales and maturities of
investments
|
-
|
|
16,213
|
Net cash (used in)
provided by investing activities
|
(1,529)
|
|
12,600
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from employee
stock plans
|
9
|
|
797
|
Income tax withholding
payment associated with restricted stock vesting
|
(1,600)
|
|
(1,524)
|
Proceeds from
borrowings
|
27,000
|
|
-
|
Net cash provided by
(used in) financing activities
|
25,409
|
|
(727)
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
593
|
|
1,023
|
Net decrease in cash
and cash equivalents
|
(70,034)
|
|
(89,419)
|
Cash and cash
equivalents, at beginning of period
|
117,949
|
|
201,457
|
Cash and cash
equivalents, at end of period
|
$
47,915
|
|
$ 112,038
|
iRobot Corporation
|
Supplemental Information
|
(unaudited)
|
|
|
|
|
|
For the three months
ended
|
|
April 1,
2023
|
|
April 2,
2022
|
Revenue by Geography:
*
|
|
|
|
Domestic
|
$
71,986
|
|
$ 153,174
|
International
|
88,306
|
|
138,795
|
Total
|
$ 160,292
|
|
$ 291,969
|
|
|
|
|
Robot Units Shipped
*
|
|
|
|
Vacuum
|
399
|
|
865
|
Mopping
|
37
|
|
109
|
Total
|
436
|
|
974
|
|
|
|
|
Revenue by Product
Category **
|
|
|
|
Vacuum***
|
$
146
|
|
$
259
|
Mopping and
other****
|
14
|
|
33
|
Total
|
$
160
|
|
$
292
|
|
|
|
|
Average gross selling
prices for robot units
|
402
|
|
333
|
|
|
|
|
Headcount
|
1,156
|
|
1,415
|
|
|
|
|
* in
thousands
|
|
|
|
** in
millions
|
|
|
|
*** Includes Roomba
robot vacuum-related accessory revenue
|
**** Includes Braava
robot mop-related accessory revenue and air purifier, handheld
vacuum and Root
|
|
|
|
|
Certain numbers may
not total due to rounding
|
|
|
|
iRobot Corporation
Explanation of
Non-GAAP Measures
In addition to disclosing financial results in accordance with
U.S. GAAP, this earnings release contains references to the
non-GAAP financial measures described below. We use non-GAAP
measures to internally evaluate and analyze financial results. We
believe these non-GAAP financial measures provide investors with
useful supplemental information about the financial performance of
our business, enable comparison of financial results between
periods where certain items may vary independent of business
performance, and enable comparison of our financial results with
other public companies, many of which present similar non-GAAP
financial measures.
Our non-GAAP financial measures reflect adjustments based on the
following items. These non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP and reconciliations from these
results should be carefully evaluated.
Amortization of acquired intangible
assets: Amortization of acquired intangible assets
consists of amortization of intangible assets including completed
technology, customer relationships, and reacquired distribution
rights acquired in connection with business combinations as well as
any non-cash impairment charges associated with intangible assets
in connection with our past acquisitions. Amortization charges for
our acquisition-related intangible assets are inconsistent in size
and are significantly impacted by the timing and valuation of our
acquisitions. We exclude these charges from our non-GAAP measures
to facilitate an evaluation of our current operating performance
and comparisons to our past operating performance.
Net Merger, Acquisition and Divestiture (Income) Expense:
Net merger, acquisition and divestiture (income) expense primarily
consists of transaction fees, professional fees, and transition and
integration costs directly associated with mergers, acquisitions
and divestitures, including with respect to the iRobot-Amazon
Merger. It also includes business combination adjustments including
adjustments after the measurement period has ended. The occurrence
and amount of these costs will vary depending on the timing and
size of these transactions. We exclude these charges from our
non-GAAP measures to facilitate an evaluation of our current
operating performance and comparisons to our past operating
performance.
Stock-Based Compensation: Stock-based compensation
is a non-cash charge relating to stock-based awards. We exclude
this expense as it is a non-cash expense, and we assess our
internal operations excluding this expense and believe it
facilitates comparisons to the performance of other companies.
Tariff Refunds: iRobot's Section 301 List 3 Tariff
Exclusion was reinstated in March
2022, which temporarily eliminates tariffs on our Roomba
products imported from China
beginning on October 12, 2021 until
December 31, 2022. This temporary
exclusion, which was subsequently extended until September 30, 2023, entitles us to a refund of
all related tariffs previously paid since October 12, 2021. We exclude the refunds for
tariff costs expensed during fiscal 2021 from our 2022 non-GAAP
measures because those tariff refunds associated with tariff costs
incurred in the past have no impact to our current period
earnings.
IP Litigation Expense, Net: IP litigation expense,
net relates to legal costs incurred to litigate patent, trademark,
copyright and false advertising infringements, or to oppose or
defend against interparty actions related to intellectual property.
Any settlement payment or proceeds resulting from these
infringements are included or netted against the costs. We exclude
these costs from our non-GAAP measures as we do not believe these
costs have a direct correlation to the operations of our business
and may vary in size depending on the timing and results of such
litigations and settlements.
Restructuring and Other: Restructuring charges are
related to one-time actions associated with realigning resources,
enhancing operational productivity and efficiency, or improving our
cost structure in support of our strategy. Such actions are not
reflective of ongoing operations and include costs primarily
associated with severance costs, certain professional fees, costs
associated with consolidation of facilities, warehouses and any
other leased properties, and other non-recurring costs directly
associated with resource realignments tied to strategic initiatives
or changes in business conditions. We exclude this item from our
non-GAAP measures when evaluating our recent and prospective
business performance as such items vary significantly based on the
magnitude of the action and do not reflect anticipated future
operating costs. In addition, these charges do not necessarily
provide meaningful insight into the fundamentals of current or past
operations of our business.
Gain/Loss on Strategic Investments: Gain/loss on
strategic investments includes fair value adjustments, realized
gains and losses on the sales of these investments and losses on
the impairment of these investments. We exclude these items from
our non-GAAP measures because we do not believe they correlate to
the performance of our core business and may vary in size based on
market conditions and events. We believe that the exclusion of
these gains or losses provides investors with a supplemental view
of our operational performance.
Income tax adjustments: Income tax adjustments
include the tax effect of the non-GAAP adjustments, calculated
using the appropriate statutory tax rate for each adjustment. We
reassess the need for any valuation allowance recorded based on the
non-GAAP profitability and have eliminated the effect of the
valuation allowance recorded in the U.S. jurisdiction. We also
exclude certain tax items, including impact from stock-based
compensation windfalls/shortfalls, that are not reflective of
income tax expense incurred as a result of current period earnings.
We believe disclosure of the income tax provision before the effect
of such tax items is important to permit investors' consistent
earnings comparison between periods.
iRobot Corporation
|
Supplemental Reconciliation of GAAP Actuals to
Non-GAAP Actuals
|
(in thousands, except per share
amounts)
|
(unaudited)
|
|
|
|
|
For the three months
ended
|
|
April 1,
2023
|
April 2,
2022
|
GAAP
Revenue
|
$ 160,292
|
$ 291,969
|
|
|
|
GAAP Gross
Profit
|
$
36,551
|
$ 107,515
|
Amortization of
acquired intangible assets
|
282
|
821
|
Stock-based
compensation
|
586
|
441
|
Net merger, acquisition
and divestiture expense
|
321
|
-
|
Tariff
refunds
|
-
|
(11,727)
|
Restructuring and
other
|
191
|
3,538
|
Non-GAAP Gross
Profit
|
$
37,931
|
$ 100,588
|
Non-GAAP Gross
Margin
|
23.7 %
|
34.5 %
|
|
|
|
GAAP Operating
Expenses
|
$ 117,848
|
$ 130,802
|
Amortization of
acquired intangible assets
|
(178)
|
(510)
|
Stock-based
compensation
|
(7,346)
|
(6,767)
|
Net merger, acquisition
and divestiture expense
|
(6,463)
|
(109)
|
IP litigation expense,
net
|
(91)
|
(3,487)
|
Restructuring and
other
|
(3,615)
|
(825)
|
Non-GAAP
Operating Expenses
|
$ 100,155
|
$ 119,104
|
Non-GAAP
Operating Expenses as a % of Non-GAAP Revenue
|
62.5 %
|
40.8 %
|
|
|
|
GAAP Operating
Loss
|
$ (81,297)
|
$ (23,287)
|
Amortization of
acquired intangible assets
|
460
|
1,331
|
Stock-based
compensation
|
7,932
|
7,208
|
Tariff
refunds
|
-
|
(11,727)
|
Net merger, acquisition
and divestiture expense
|
6,784
|
109
|
IP litigation expense,
net
|
91
|
3,487
|
Restructuring and
other
|
3,806
|
4,363
|
Non-GAAP
Operating Loss
|
$ (62,224)
|
$ (18,516)
|
Non-GAAP
Operating Margin
|
(38.8) %
|
(6.3) %
|
iRobot
Corporation
|
Supplemental
Reconciliation of GAAP Actuals to Non-GAAP Actuals
continued
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
|
|
For the three months
ended
|
|
April 1,
2023
|
April 2,
2022
|
GAAP Income
Tax Benefit
|
$
(1,262)
|
$
(9,627)
|
Tax effect of non-GAAP
adjustments
|
(16,266)
|
9,891
|
Other tax
adjustments
|
18
|
(706)
|
Non-GAAP Income
Tax Benefit
|
$ (17,510)
|
$
(442)
|
|
|
|
GAAP Net
Loss
|
$ (81,112)
|
$ (30,406)
|
Amortization of
acquired intangible assets
|
460
|
1,331
|
Stock-based
compensation
|
7,932
|
7,208
|
Tariff
refunds
|
-
|
(11,727)
|
Net merger, acquisition
and divestiture expense
|
6,784
|
109
|
IP litigation expense,
net
|
91
|
3,487
|
Restructuring and
other
|
3,806
|
4,363
|
Loss on strategic
investments
|
-
|
16,835
|
Income tax
effect
|
16,248
|
(9,185)
|
Non-GAAP Net
Loss
|
$ (45,791)
|
$ (17,985)
|
|
|
|
GAAP Net Loss Per
Diluted Share
|
$
(2.95)
|
$
(1.12)
|
Amortization of
acquired intangible assets
|
0.02
|
0.05
|
Stock-based
compensation
|
0.29
|
0.27
|
Tariff
refunds
|
-
|
(0.43)
|
Net merger, acquisition
and divestiture expense
|
0.24
|
-
|
IP litigation expense,
net
|
-
|
0.13
|
Restructuring and
other
|
0.14
|
0.16
|
Loss on strategic
investments
|
-
|
0.62
|
Income tax
effect
|
0.59
|
(0.34)
|
Non-GAAP Net Loss
Per Diluted Share
|
$
(1.67)
|
$
(0.66)
|
|
|
|
Number of shares used
in diluted per share calculation
|
27,467
|
27,051
|
|
|
|
Supplemental
Information
|
|
|
Days sales
outstanding
|
17
|
33
|
GAAP Days in
inventory
|
169
|
164
|
Non-GAAP Days in
inventory(1)
|
171
|
158
|
|
(1)Non-GAAP Days in inventory is calculated as inventory
divided by (Revenue minus Non-GAAP Gross Profit), multiplied by 91
days.
|
iRobot Corporation
|
Supplemental Data -
Impact of Section 301 Tariffs
|
(in thousands, except per share
amounts)
|
(unaudited)
|
|
|
|
|
For the three months
ended
|
|
April 1,
2023
|
April 2,
2022
|
Section 301 Tariff
Costs
|
$
347
|
$
998
|
Impact of Section 301
tariff costs to gross and operating margin (GAAP &
non-GAAP)
|
(0.2) %
|
(0.3) %
|
Tax effected impact of
Section 301 tariff costs to net income per diluted share
(GAAP)
|
$
(0.01)
|
$
(0.03)
|
Tax effected impact of
Section 301 tariff costs to net income per diluted share
(non-GAAP)
|
$
(0.01)
|
$
(0.04)
|
|
Certain numbers may not total due to
rounding
|
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SOURCE iRobot Corporation