irbt-20220702

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 July 2, 2022


☐			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 July 29, 2022 was 27,229,605.

iROBOT CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED JULY 2, 2022

INDEX


			Page
PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of July 2, 2022 and January 1, 2022			3
Consolidated Statements of Operations for the three and six months ended July 2, 2022 and July 3, 2021			4
Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended July 2, 2022 and July 3, 2021			5
Consolidated Statements of Stockholders' Equity for the three and six months ended July 2, 2022 and July 3, 2021			6
Consolidated Statements of Cash Flows for the six months ended July 2, 2022 and July 3, 2021			8
Notes to Consolidated Financial Statements			9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures about Market Risk			29
Item 4. Controls and Procedures			29

PART II: OTHER INFORMATION

Item 1. Legal Proceedings			29
Item 1A. Risk Factors			30
Item 5. Other Information			33
Item 6. Exhibits			34
Signatures			35

iROBOT CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)


	July 2, 2022		January 1, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	63,409	$	201,457
Short-term investments	—		33,044
Accounts receivable, net	87,766		160,642
Inventory	397,012		333,296

Other current assets	111,654		61,094
Total current assets	659,841		789,533
Property and equipment, net	69,294		78,887
Operating lease right-of-use assets	29,875		37,609
Deferred tax assets	62,698		37,945
Goodwill	164,869		173,292
Intangible assets, net	24,072		28,410
Other assets	59,312		38,753
Total assets	$	1,069,961	$	1,184,429
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	192,388	$	251,298
Accrued expenses	91,084		132,618

Deferred revenue and customer advances	13,645		11,767
Short-term notes payable	35,000		—

Total current liabilities	332,117		395,683
Operating lease liabilities	35,066		43,462
Deferred tax liabilities	2,904		3,250
Other long-term liabilities	23,098		25,311
Total long-term liabilities	61,068		72,023
Total liabilities	393,185		467,706
Commitments and contingencies (Note 10)
Preferred stock, 5,000 shares authorized and none outstanding	—		—
Common stock, $0.01 par value, 100,000 shares authorized; 27,229 and 27,006 shares issued and outstanding, respectively	272		270
Additional paid-in capital	239,369		222,653
Retained earnings	411,883

SEC Form 10-Q filed by iRobot Corporation