irbt-20211002

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 10-Q

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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED October 2, 2021


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 001-36414

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iROBOT CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware			77-0259335
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

8 Crosby Drive

Bedford, MA 01730

(Address of principal executive offices, including zip code)

(781) 430-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	IRBT	The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares outstanding of the Registrant’s Common Stock as of October 29, 2021 was 26,958,286.

iROBOT CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED OCTOBER 2, 2021

INDEX


			Page
PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of October 2 , 2021 and January 2, 2021			3
Consolidated Statements of Income for the three and nine months ended October 2, 2021 and September 2 6 , 2020			4
Consolidated Statements of Comprehensive Income for the three and nine months ended October 2 , 2021 and September 2 6 , 2020			5
Consolidated Statements of Stockholders' Equity for the three and nine months ended October 2, 2021 and September 2 6 , 2020			6
Consolidated Statements of Cash Flows for the nine months ended October 2, 2021 and September 26 , 2020			8
Notes to Consolidated Financial Statements			9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures about Market Risk			28
Item 4. Controls and Procedures			29

PART II: OTHER INFORMATION

Item 1. Legal Proceedings			30
Item 1A. Risk Factors			30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			31
Item 5. Other Information			31
Item 6. Exhibits			33
Signatures			34

iROBOT CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)


	October 2, 2021		January 2, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	218,012	$	432,635
Short term investments	29,909		51,081
Accounts receivable, net	240,722		170,526
Inventory	353,724		181,756

Other current assets	46,367		45,223
Total current assets	888,734		881,221
Property and equipment, net	80,227		76,584
Operating lease right-of-use assets	39,096		43,682
Deferred tax assets	39,778		33,404
Goodwill	121,909		125,872
Intangible assets, net	8,348		9,902
Other assets	31,542		19,063
Total assets	$	1,209,634	$	1,189,728
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	259,396	$	165,779
Accrued expenses	130,958		131,388

Deferred revenue and customer advances	11,076		10,400

Total current liabilities	401,430		307,567
Operating lease liabilities	45,206		50,485
Deferred tax liabilities	118		705
Other long-term liabilities	22,344		26,537
Total long-term liabilities	67,668		77,727
Total liabilities	469,098		385,294
Commitments and contingencies (Note 10)
Preferred stock, 5,000 shares authorized and none outstanding	—		—
Common stock, $0.01 par value, 100,000 shares authorized; 26,954 and

SEC Form 10-Q filed by iRobot Corporation