Company Exceeds Q122 EPS Targets; Company
Increases High End of FY22 EPS Target Range
BEDFORD,
Mass., May 4, 2022 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced its
financial results for the first quarter ended April 2, 2022.
Colin Angle, chairman and chief
executive officer of iRobot, stated, "Our recent tariff exclusion,
combined with prudent cost management, enabled us to outperform our
initial operating loss and net loss per share expectations for the
first quarter of 2022. In terms of our first-quarter 2022 revenue,
we delivered solid performances in the U.S. and Japan, which mostly was offset by a decline in
EMEA. The first quarter was also highlighted by important progress
to advance each element of our 'INNOVATE. GET. KEEP. GROW.'
strategy."
Commenting on the company's outlook, Angle concluded, "Looking
ahead, we plan to manage our business in ways that will enable us
to navigate the potential for disruptions in the consumer
marketplace, particularly in EMEA, primarily driven by a
combination of heightened inflation and reduced consumer confidence
stemming from the Russia-Ukraine war. While we still anticipate solid
revenue growth in North America
and our prospects in Japan are
strengthening, we have reduced our full-year revenue growth
expectations due primarily to the prospect of muted category growth
in EMEA. Nevertheless, the combination of tariff-related savings
and ongoing actions to carefully manage spending will help us
preserve our profitability and enable us to slightly increase the
high end of our FY22 EPS targets. We believe that our anticipated
revenue and EPS trajectory in the second half of FY22 will leave us
well positioned to deliver on our long-term financial targets."
Financial Performance Highlights
- Revenue for the first quarter of 2022 was $292.0 million, compared with $303.3 million in the first quarter of 2021.
-
- iRobot's revenue in the U.S. grew 33% and the company's revenue
increased 25% in Japan for the
first quarter of 2022 versus the same period one year ago. iRobot's
first-quarter 2022 revenue in EMEA declined 44% against a very
strong quarter in EMEA one year ago.
- Revenue from premium robots with an MSRP of $500 or more grew by over 30% in the first
quarter of 2022. Mid-tier robots (with an MSRP between $300 and $499) and
premium robots accounted for 86% of first-quarter 2022 robot sales,
versus 84% from the prior year's first quarter.
- Aeris air purifier revenue was approximately $3 million in the first quarter of 2022.
- We estimate that iRobot's first-quarter 2022 revenue to support
e-commerce, which spans the company's own website and app,
dedicated e-commerce websites and the online arms of traditional
retailers, grew by 6% from the same period last year and
represented approximately 62% of total quarterly revenue.
Direct-to-consumer revenue of $41
million in the first quarter of 2022 grew 17% from the same
quarter last year and represented 14% of total revenue.
- GAAP operating loss for the first quarter of 2022 was
$23.3 million, compared with GAAP
operating income of $6.4 million in
the first quarter of 2021. First-quarter 2022 non-GAAP operating
loss of $18.5 million compared with
non-GAAP operating income of $15.0
million in the same period one year ago.
- GAAP net loss per share was $1.12
for the first quarter of 2022, compared with GAAP net income per
share of $0.26 for the same period
one year ago. Non-GAAP net loss per share was $0.66 for the first quarter of 2022 versus
non-GAAP first-quarter 2021 net income per share of $0.41.
- As of April 2, 2022, the
company's cash, cash equivalents and short-term investments were
$113.5 million, compared with
$234.5 million at the end of
2021.
Q122 and Recent Business Highlights
- During the first quarter of 2022, iRobot further expanded its
community of engaged, connected customers who have opted-in to its
digital communications to approximately 14.9 million, a 40%
increase over the same period one year ago.
- In mid-March, iRobot released version 4.0 of its Genius Home
Intelligence platform, which delivers an array of new features and
functionality for its fleet of WiFi-connected Roomba and Braava
floor cleaning robots. Among the more significant capabilities of
Genius 4.0 is the addition of Imprint Smart Mapping to the Roomba
i3 Series, which enables customers to create customizable Smart
Maps and then have their robot clean specific rooms via the iRobot
Home app or through their preferred voice assistant. Genius 4.0
also adds towels and clothes to the range of objects that the
Roomba j7 Series can identify and avoid, thereby further improving
mission completion rates.
- During the first quarter of 2022, the Roomba j7 Series was
introduced in Japan and other key
markets around the world.
- On March 23, 2022, the United
States Trade Representative reinstated the exclusion for robotic
vacuum cleaners from Section 301 tariffs. This exclusion, which
became retroactively effective on October
12, 2021, will extend through December 31, 2022.
- iRobot made solid progress during the first quarter to increase
overall supply chain resiliency and continuity while also taking
steps to increase efficiency across its warehouse network in
North America.
- iRobot continued to build strong brand awareness while the
company's products continued to win major awards and receive
favorable reviews. During the first quarter, iRobot was named to
Newsweek's 'America's Most Trustworthy Companies' list and was
named manufacturer of the year for robot vacuums by Chip.De. The
Roomba j7 Series was lauded by Tom's Guide, Better Homes &
Gardens and TechHive in North
America, La Vanguardia in Spain, BBC Science Focus Magazine in the U.K.
and Presse Citron in France. In addition, the Aair 3-in-1 Pro air
purifier was named a Product Design Finalist by IHA.
- In early April, in conjunction with supporting National
Robotics Week, an event that iRobot founded and organized, the
company introduced the Create 3, an advanced developer platform
based on the Roomba i3 Series robot that is designed to promote
higher-level exploration for those seeking to advance their
education or career in robotics.
Financial Expectations
iRobot updated its full-year
2022 GAAP and non-GAAP financial expectations, which were
originally issued on February 9,
2022. A detailed reconciliation between the company's GAAP
and non-GAAP expectations is included in the attached financial
tables.
Fiscal Year 2022 ending December 31,
2022:
Metric
|
|
GAAP
|
|
|
Adjustments
|
|
Non-GAAP
|
Revenue
|
$1.64 billion - $1.74
billion
|
|
—
|
|
$1.64 billion - $1.74
billion
|
Gross Profit
|
$586 million - $638
million
|
|
~($3
million)
|
|
$583 million - $635
million
|
Operating
Income
|
$5.3 million - $21.3
million
|
|
~$39.7
million
|
|
$45 million - $61
million
|
(Loss) Earnings Per
Share
|
($0.37) -
$0.23
|
|
~$1.87
|
|
$1.50 -
$2.10
|
First-Quarter 2022 Results Conference Call
iRobot
will host a conference call tomorrow at 8:30
a.m. ET to review its first-quarter 2022 financial results,
and discuss its outlook going forward. Pertinent conference call
details include:
Date:
May 5, 2022
Time:
8:30 a.m. ET
Call-In Number:
785-424-1734
Conference ID:
31564
A live webcast of the conference call, along with the conference
call prepared remarks, will be accessible on the event section of
the company's IR website at
https://investor.irobot.com/events/event-details/q122-financial-results-conference-call.
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
May 12, and can be accessed by
dialing either 402-220-2676 or 800-753-6121 (no conference ID
necessary).
About iRobot Corp.
iRobot, the leading global consumer robot company, designs and
builds the world's most thoughtful robots and intelligent home
innovations that make life better. iRobot created the home robot
cleaning category with the introduction of its Roomba® robot vacuum
in 2002. Today, iRobot is a global enterprise that has sold more
than 40 million robots worldwide. iRobot's product portfolio
features proprietary technologies and advanced concepts in
cleaning, mapping and navigation. Leveraging this portfolio, iRobot
engineers are working to build an ecosystem of 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.
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,
including with respect to 2022 revenue, gross profit, operating
profit and EPS; our plans to manage our business in ways that will
enable us to navigate potential disruptions in the consumer
marketplace,; our expectation for solid revenue growth in
North America; the strengthening
of our business in Japan; and the
reduction of our full-year revenue growth expectations due
primarily to the prospect of muted category growth in EMEA; and our
view that our anticipated revenue and EPS trajectory in the second
half of FY22 will leave us well positioned to deliver on our
long-term financial targets. 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: the impacts of the
Russia-Ukraine war and COVID-19 on our business, the
industry and markets in which we operate, and the global economy;
current supply chain challenges including current constraints in
the availability of certain semiconductor components used in our
products; our ability to operate in an emerging market; the
financial strength of our customers and retailers; the impact of
tariffs on goods imported into the United
States; general economic conditions; market acceptance of
and adoption of our products; 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.
iRobot Corporation
|
Consolidated Statements of
Operations
|
(in thousands, except per share
amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
April 2,
2022
|
|
April 3,
2021
|
|
|
|
|
Revenue
|
$ 291,969
|
|
$ 303,261
|
Cost of
revenue:
|
|
|
|
Cost of product
revenue
|
183,633
|
|
180,092
|
Amortization of
acquired intangible assets
|
821
|
|
225
|
Total cost of
revenue
|
184,454
|
|
180,317
|
|
|
|
|
Gross profit
|
107,515
|
|
122,944
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
42,529
|
|
41,920
|
Selling and
marketing
|
61,065
|
|
50,990
|
General and
administrative
|
26,698
|
|
23,440
|
Amortization of
acquired intangible assets
|
510
|
|
205
|
Total operating
expenses
|
130,802
|
|
116,555
|
|
|
|
|
Operating (loss)
income
|
(23,287)
|
|
6,389
|
|
|
|
|
Other expense,
net
|
(16,746)
|
|
(160)
|
|
|
|
|
(Loss) income before
income taxes
|
(40,033)
|
|
6,229
|
Income tax
benefit
|
(9,627)
|
|
(1,214)
|
Net (loss)
income
|
$ (30,406)
|
|
$
7,443
|
|
|
|
|
Net (loss) income per
share:
|
|
|
|
Basic
|
$
(1.12)
|
|
$
0.26
|
Diluted
|
$
(1.12)
|
|
$
0.26
|
|
|
|
|
Number of shares used
in per share calculations:
|
|
|
|
Basic
|
27,051
|
|
28,257
|
Diluted
|
27,051
|
|
29,086
|
|
|
|
|
Stock-based
compensation included in above figures:
|
|
|
|
Cost of
revenue
|
$
441
|
|
$
362
|
Research and
development
|
2,682
|
|
2,149
|
Selling and
marketing
|
1,450
|
|
959
|
General and
administrative
|
2,635
|
|
3,312
|
Total
|
$
7,208
|
|
$
6,782
|
iRobot Corporation
|
Condensed
Consolidated Balance Sheets
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
April 2,
2022
|
|
January 1,
2022
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 112,038
|
|
$
201,457
|
Short term
investments
|
1,461
|
|
33,044
|
Accounts
receivable, net
|
105,573
|
|
160,642
|
Inventory
|
331,085
|
|
333,296
|
Other current
assets
|
96,749
|
|
61,094
|
Total current
assets
|
646,906
|
|
789,533
|
Property and
equipment, net
|
71,877
|
|
78,887
|
Operating lease
right-of-use assets
|
31,262
|
|
37,609
|
Deferred tax
assets
|
50,995
|
|
37,945
|
Goodwill
|
169,964
|
|
173,292
|
Intangible
assets, net
|
26,627
|
|
28,410
|
Other
assets
|
38,834
|
|
38,753
|
Total assets
|
$
1,036,465
|
|
$
1,184,429
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Accounts
payable
|
$ 172,908
|
|
$
251,298
|
Accrued
expenses
|
89,382
|
|
132,618
|
Deferred revenue
and customer advances
|
13,298
|
|
11,767
|
Total current
liabilities
|
275,588
|
|
395,683
|
Operating lease
liabilities
|
36,904
|
|
43,462
|
Deferred tax
liabilities
|
3,187
|
|
3,250
|
Other long-term
liabilities
|
25,584
|
|
25,311
|
Total long-term
liabilities
|
65,675
|
|
72,023
|
Total
liabilities
|
341,263
|
|
467,706
|
Stockholders'
equity
|
695,202
|
|
716,723
|
Total liabilities and
stockholders' equity
|
$
1,036,465
|
|
$
1,184,429
|
iRobot Corporation
|
Consolidated Statements of Cash
Flows
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
April 2,
2022
|
|
April 3,
2021
|
Cash flows from
operating activities:
|
|
|
|
Net (loss)
income
|
$ (30,406)
|
|
$
7,443
|
Adjustments to
reconcile net (loss) income to net cash (used in) provided by
operating activities, net of the effects of acquisition:
|
|
|
|
Depreciation and
amortization
|
11,241
|
|
7,501
|
Loss on equity
investment
|
16,835
|
|
-
|
Stock-based
compensation
|
7,208
|
|
6,782
|
Deferred income taxes,
net
|
(15,571)
|
|
(95)
|
Other
|
1,539
|
|
1,582
|
Changes in operating
assets and liabilities — (use) source
|
|
|
|
Accounts
receivable
|
54,299
|
|
101,459
|
Inventory
|
(1,688)
|
|
(51,443)
|
Other assets
|
(26,734)
|
|
3,425
|
Accounts
payable
|
(77,006)
|
|
(15,438)
|
Accrued expenses and
other liabilities
|
(42,032)
|
|
(32,522)
|
Net cash (used in)
provided by operating activities
|
(102,315)
|
|
28,694
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Additions of property
and equipment
|
(3,113)
|
|
(11,272)
|
Purchase of
investments
|
(500)
|
|
(8,664)
|
Sales and maturities of
investments
|
16,213
|
|
63,644
|
Net cash provided by
investing activities
|
12,600
|
|
43,708
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from employee
stock plans
|
797
|
|
2,589
|
Income tax withholding
payment associated with restricted stock vesting
|
(1,524)
|
|
(4,756)
|
Net cash used in
financing activities
|
(727)
|
|
(2,167)
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
1,023
|
|
(2,116)
|
Net (decrease) increase
in cash and cash equivalents
|
(89,419)
|
|
68,119
|
Cash and cash
equivalents, at beginning of period
|
201,457
|
|
432,635
|
Cash and cash
equivalents, at end of period
|
$ 112,038
|
|
$ 500,754
|
iRobot Corporation
|
Supplemental Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
April 2,
2022
|
|
April 3,
2021
|
Revenue by Geography:
*
|
|
|
|
Domestic
|
$ 153,174
|
|
$ 114,772
|
International
|
138,795
|
|
188,489
|
Total
|
$ 291,969
|
|
$ 303,261
|
|
|
|
|
Robot Units Shipped
*
|
|
|
|
Vacuum
|
865
|
|
971
|
Mopping
|
109
|
|
117
|
Total
|
974
|
|
1,088
|
|
|
|
|
Revenue by Product
Category **
|
|
|
|
Vacuum***
|
$
259
|
|
$
270
|
Mopping and
other****
|
33
|
|
33
|
Total
|
$
292
|
|
$
303
|
|
|
|
|
Average gross selling
prices for robot units
|
$
333
|
|
$
319
|
|
|
|
|
Headcount
|
1,415
|
|
1,267
|
|
* 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. 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. 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 the Company's
products imported from China until
December 31, 2022 and entitles the
Company to a refund of all related tariffs previously paid since
October 12, 2021. We exclude the
refunds for tariffs paid in 2021 from our 2022 first-quarter
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 the
company's cost structure in support of the company's 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 warehouses, 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 2,
2022
|
April 3,
2021
|
|
GAAP
Revenue
|
$ 291,969
|
$ 303,261
|
|
|
|
|
|
GAAP Gross
Profit
|
$ 107,515
|
$ 122,944
|
|
Amortization of
acquired intangible assets
|
821
|
225
|
|
Stock-based
compensation
|
441
|
362
|
|
Tariff
refunds
|
(11,727)
|
-
|
|
Restructuring and
other
|
3,538
|
-
|
|
Non-GAAP Gross
Profit
|
$ 100,588
|
$ 123,531
|
|
Non-GAAP Gross
Margin
|
34.5%
|
40.7%
|
|
|
|
|
|
GAAP Operating
Expenses
|
$ 130,802
|
$ 116,555
|
|
Amortization of
acquired intangible assets
|
(510)
|
(205)
|
|
Stock-based
compensation
|
(6,767)
|
(6,420)
|
|
Net merger, acquisition
and divestiture expense
|
(109)
|
-
|
|
IP litigation expense,
net
|
(3,487)
|
(1,140)
|
|
Restructuring and
other
|
(825)
|
(213)
|
|
Non-GAAP
Operating Expenses
|
$ 119,104
|
$ 108,577
|
|
Non-GAAP
Operating Expenses as a % of Non-GAAP Revenue
|
40.8%
|
35.8%
|
|
|
|
|
|
GAAP Operating
(Loss) Income
|
$ (23,287)
|
$
6,389
|
|
Amortization of
acquired intangible assets
|
1,331
|
430
|
|
Stock-based
compensation
|
7,208
|
6,782
|
|
Tariff
refunds
|
(11,727)
|
-
|
|
Net merger, acquisition
and divestiture expense
|
109
|
-
|
|
IP litigation expense,
net
|
3,487
|
1,140
|
|
Restructuring and
other
|
4,363
|
213
|
|
Non-GAAP
Operating (Loss) Income
|
$ (18,516)
|
$
14,954
|
|
Non-GAAP
Operating Margin
|
-6.3%
|
4.9 %
|
|
|
|
|
|
|
|
|
|
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 2,
2022
|
April 3,
2021
|
|
GAAP Income
Tax Benefit
|
$
(9,627)
|
$
(1,214)
|
|
Tax effect of non-GAAP
adjustments
|
9,891
|
1,398
|
|
Other tax
adjustments
|
(706)
|
2,653
|
|
Non-GAAP Income
Tax (Benefit) Expense
|
$
(442)
|
$
2,837
|
|
|
|
|
|
GAAP Net (Loss)
Income
|
$ (30,406)
|
$
7,443
|
|
Amortization of
acquired intangible assets
|
1,331
|
430
|
|
Stock-based
compensation
|
7,208
|
6,782
|
|
Tariff
refunds
|
(11,727)
|
-
|
|
Net merger, acquisition
and divestiture expense
|
109
|
-
|
|
IP litigation expense,
net
|
3,487
|
1,140
|
|
Restructuring and
other
|
4,363
|
213
|
|
Loss (gain) on
strategic investments
|
16,835
|
(38)
|
|
Income tax
effect
|
(9,185)
|
(4,051)
|
|
Non-GAAP Net
(Loss) Income
|
$ (17,985)
|
$
11,919
|
|
|
|
|
|
GAAP Net
(Loss) Income Per Diluted Share
|
$
(1.12)
|
$
0.26
|
|
Amortization of
acquired intangible assets
|
0.05
|
0.01
|
|
Stock-based
compensation
|
0.27
|
0.23
|
|
Tariff
refunds
|
(0.43)
|
-
|
|
Net merger, acquisition
and divestiture expense
|
-
|
-
|
|
IP litigation expense,
net
|
0.13
|
0.04
|
|
Restructuring and
other
|
0.16
|
0.01
|
|
Loss (gain) on
strategic investments
|
0.62
|
-
|
|
Income tax
effect
|
(0.34)
|
(0.14)
|
|
Non-GAAP Net
(Loss) Income Per Diluted Share
|
$
(0.66)
|
$
0.41
|
|
|
|
|
|
Number of shares used
in diluted per share calculation
|
27,051
|
29,086
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
Days sales
outstanding
|
33
|
20
|
|
GAAP Days in
inventory
|
164
|
118
|
|
Non-GAAP Days in
inventory
|
158
|
118
|
|
iRobot Corporation
|
|
|
|
Supplemental Data - Impact of Section 301
Tariffs
|
|
|
|
(in thousands, except per share
amounts)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
April 2,
2022
|
|
April 3,
2021
|
|
|
|
|
Section 301 Tariff
Costs
|
$
998
|
|
$
3,383
|
Impact of Section 301
tariff costs to gross and operating margin (GAAP &
non-GAAP)
|
(0.3)%
|
|
(1.1)%
|
Tax effected impact of
Section 301 tariff costs to net income per diluted share
(GAAP)
|
$
(0.03)
|
|
$
(0.09)
|
Tax effected impact of
Section 301 tariff costs to net income per diluted share
(non-GAAP)
|
$
(0.04)
|
|
$
(0.09)
|
|
Certain numbers may not
total due to rounding
|
iRobot Corporation
|
Supplemental Reconciliation of Fiscal Year 2022 GAAP
to Non-GAAP Guidance
|
(unaudited)
|
|
|
|
|
|
FY-22
|
GAAP Gross
Profit
|
$586 - $638
million
|
Amortization of
acquired intangible assets
|
~$3 million
|
Stock-based
compensation
|
~$2 million
|
Tariff
refunds
|
~($12)
million
|
Restructuring and
other
|
~$4
million
|
Total
adjustments
|
~($3)
million
|
Non-GAAP Gross
Profit
|
$583 - $635
million
|
|
|
|
FY-22
|
GAAP Operating
Income
|
$5.3 - $21.3
million
|
Amortization of
acquired intangible assets
|
~$5 million
|
Stock-based
compensation
|
~$36.7
million
|
Tariff
refunds
|
~($11.7)
million
|
Net merger, acquisition
and divestiture expense
|
~$0.1
million
|
IP litigation expense,
net
|
~$5.2
million
|
Restructuring and
other
|
~$4.4
million
|
Total
adjustments
|
~$39.7
million
|
Non-GAAP Operating
Income
|
$45 - $61
million
|
|
|
|
FY-22
|
GAAP Net (Loss) Income
Per Diluted Share
|
($0.37) -
$0.23
|
Amortization of
acquired intangible assets
|
~$0.18
|
Stock-based
compensation
|
~$1.34
|
Tariff
refunds
|
~($0.43)
|
Net merger, acquisition
and divestiture expense (income)
|
~$0.00
|
IP litigation expense,
net
|
~$0.19
|
Restructuring and
other
|
~$0.16
|
Loss on strategic
investments
|
~$0.62
|
Income tax
effect
|
~($0.19)
|
Total
adjustments
|
~$1.87
|
Non-GAAP Net Income Per
Diluted Share
|
$1.50 -
$2.10
|
|
|
Number of shares used
in diluted per share calculations
|
~ 27.3
million
|
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SOURCE iRobot Corporation