August 6, 20240001159167false00011591672024-08-062024-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934


Date of report (Date of earliest event reported): August 6, 2024


 iROBOT CORPORATION 

(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
001-3641477-0259335
(Commission File Number)(I.R.S. Employer
Identification No.)

8 Crosby Drive
Bedford, MA 01730
(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (781) 430-3000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueIRBTThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).



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. ¨


Item 2.02 Results of Operations and Financial Condition.
On August 6, 2024, iRobot Corporation announced its financial results for the fiscal quarter ended June 29, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8‑K.
The information in this Item 2.02, Item 9.01 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No.Description
Press Release issued by the registrant on August 6, 2024, furnished herewith.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 6, 2024
iRobot Corporation
By: /s/ Tonya S. Drake
Name: Tonya S. Drake
Title: EVP & General Counsel







































EX-99.1
Contacts:
Karian WongCharlie Vaida
Investor RelationsMedia Relations
iRobot Corp.iRobot Corp.
(781) 430-3003(781) 430-3182
investorrelations@irobot.comcvaida@irobot.com

iRobot Reports Second-Quarter 2024 Financial Results

Company Executing on “iRobot Elevate” Strategy to Focus on Branding, Innovation and Operating Performance

Delivers on Plan to Lower Cost Structure and Refresh Product Line

Introduces Q3 2024 Outlook and Revises Fiscal Year 2024 Expectations

BEDFORD, Mass., August 6, 2024 - iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the second quarter ended June 29, 2024.

“We are executing iRobot Elevate, a strategy focused on five pillars of financial performance, customer-centricity, bringing innovative products to market in an entirely new and more profitable way, continuing our operational and organization improvements, and developing and retaining our best talent,” said Gary Cohen, iRobot CEO. “We are elevating everything we do at iRobot to improve our performance and generate long-term shareholder value.

“In the second quarter, we made significant progress, specifically in lowering the Company’s cost structure through aggressive restructuring efforts. As part of our iRobot Elevate strategy, we strengthened our balance sheet, narrowed our operating loss, decreased headcount, and substantially reduced inventory. Without a non-recurring charge related to the write-off of excess component inventory and the losses on non-cancelable purchase commitments as part of the transition to our new product development paradigm with our contract manufacturers, we would have met our Q2 improvement targets for gross margin, operating loss, and net loss per share.

“On the top line, second-quarter revenue came in at the low end of our outlook and was affected by a more challenging consumer spending environment, heightened competition in our market segment and greater-than-expected foreign currency impact. The impact of these headwinds is reflected in our updated revenue outlook for the full year.

“In July, we announced our most advanced product, the Roomba Combo 10 Max robot + AutoWash Dock. It represents an important milestone in our product innovation roadmap. Our talented team is focused on bringing innovative products to market to refresh our entire product line and enable iRobot to be significantly more competitive. In 2025, we plan to launch significant technological enhancements and new products across the price points we serve.

“Looking ahead, I am confident we can capitalize on our iconic brand with a renewed consumer-centric emphasis and a sharply focused innovation and product roadmap to advance our growth initiatives and deliver long-term shareholder value.”



Second Quarter 2024 Financial Results (in millions, except per share amounts and percentages)
Q2 2024
Q2 2023
Revenue
$166.4
$236.6
GAAP Gross Margin¹
16.5%
22.6%
Non-GAAP Gross Margin¹
16.7%
23.2%
GAAP Operating Expenses
$88.5
$124.6
Non-GAAP Operating Expenses
$75.9
$105.4
GAAP Operating Loss²
($61.1)
($71.1)
Non-GAAP Operating Loss²
($48.2)
($50.5)
GAAP Net Loss Per Share³
($2.41)
($2.93)
Non-GAAP Net Loss Per Share³
($1.96)
($1.42)
1) In Q2'24, GAAP and Non-GAAP gross margin were negatively impacted by an $18.4 million non-recurring charge related to the write-off of excess component inventory and the losses on non-cancelable purchase commitments as part of the transition to our new product development paradigm with our contract manufacturers (the “Manufacturing Transition Charge”), which reduced GAAP and non-GAAP gross margin by 11.1 percentage points.

2) In Q2'24, GAAP and Non-GAAP operating loss were negatively impacted by the Manufacturing Transition Charge.

3) In Q2'24, GAAP and Non-GAAP net loss per share were negatively impacted by the Manufacturing Transition Charge, which reduced GAAP and non-GAAP net loss per share by $0.63.

Balance Sheet and Operational Highlights
•As of June 29, 2024, the Company’s cash and cash equivalents totaled $108.5 million, compared with $118.4 million as of first quarter 2024. The Company also had an additional $40.5 million restricted cash set aside for future repayment of its term loan, subject to limited rights for the purchase of inventory in the third quarters of fiscal 2024 and 2025.
•As of June 29, 2024, the Company’s inventory totaled $101.4 million, representing a 41% reduction from the second quarter of 2023.
•During the second quarter, the Company sold 1.1 million shares under its at-the-market (ATM) offering program for total net proceeds of $12.3 million. At quarter end, the Company had $81.1 million remaining under its $100 million ATM offering program.
•As of June 29, 2024, iRobot has reduced its total headcount by 35% since year-end 2023.
•In the second quarter of 2024, revenue declined 35.6% in the U.S., 34.7% in Japan and 21.6% in EMEA over the prior-year period. Excluding the unfavorable foreign currency impact, Japan revenue decreased 28% over the prior-year period.
•Revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 76% of total robot sales in the second quarter of 2024 versus 84% from the same period last year, reflecting the introduction of the Roomba Combo Essential, which provides the iRobot 2-in-1 cleaning experience at a lower price point.
Marketing Highlights
•The recently introduced Roomba Essential successfully reached full distribution coverage, launching in 14,000 stores across all three regions. In Japan, Roomba Essential was number one in units sold in May and June in the robot vacuum cleaner market, according to GfK.


•iRobot introduced its most advanced robot vacuum and mop, the Roomba Combo 10 Max Robot + AutoWash Dock. The newly designed 2-in-1 Roomba Combo 10 Max brings independent cleaning to a new level with iRobot’s first multifunction AutoWash Dock and added intelligence.
•The Roomba Combo 10 Max received favorable launch coverage in the US and EMEA, including in The Verge, Mashable, Reviewed, PCMag, ZDNet, Frandroid, El Espanol and T3.
•For the 10th consecutive year, Roomba was a featured product in Amazon’s Prime Day event, which was held on July 16-17. The Company’s products received Prime Day related media coverage in outlets including CNET, CNN Underscored, Engadget, Real Simple, USA Today and Forbes Vetted.
•The Roomba j9 series and Roomba Essential series continued to receive favorable media coverage, reviews and awards, including in GQ, Men’s Health, Reviewed and Insider.

Third Quarter and Full Year 2024 Outlook
iRobot is providing GAAP and non-GAAP financial expectations for the third quarter ending September 28, 2024. Due to the aforementioned Manufacturing Transition Charge, persistent foreign currency headwinds, and consumer market softness, the Company also is updating the full-year 2024 outlook it provided on May 7, 2024. A detailed reconciliation between the Company’s GAAP and non-GAAP expectations is included in the financial tables that appear at the end of this press release.

Third Quarter 2024:
MetricGAAPAdjustmentsNon-GAAP
Revenue$217 - $223 million —$217 - $223 million
Gross Margin33% to 34%~0%33% to 34%
Operating (Loss) Income ($2) - $1 million ~$9 million$7 – $10 million
Net Loss Per Share($0.40) – ($0.30)~$0.29($0.11) – ($0.01)

Fiscal Year 2024:
MetricGAAPAdjustmentsNon-GAAP
Revenue$765 - $800 million —$765 - $800 million
Gross Margin*27% to 28%~1%28% to 29%
Operating Loss*($56) – ($42) million ~($23) million($79) – ($65) million
Net Loss Per Share*($3.01) – ($2.55)~($0.76)($3.77) – ($3.31)
*The Company revised these three FY2024 metrics primarily to reflect the impact of the Manufacturing Transition Charge.

As previously noted, the Company expects to generate modest positive cash flow from operations during the second half of the year.



Second-Quarter 2024 Results Conference Call
On August 7, the Company will host a live conference call and webcast to review its financial results and discuss its outlook. The conference call details are as follows:
Date:Wednesday, August 7, 2024
Time:8:30 a.m. ET
Call-In Number:800-343-5172 (Alternate: 203-518-9856)
Conference ID:IRBTQ224

A live webcast of the conference call will be accessible on the event section of the Company's website at https://investor.irobot.com/financial-information/quarterly-results. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event.

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 more than 50 million 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, which relate to, among other things: the Company’s expectations regarding future financial performance, including with respect to third quarter and fiscal year 2024 revenue, gross margin, operating (loss) income and net (loss) income per share, as well as cash flow from operations during the last two quarters of the fiscal year; executing on the Company’s iRobot Elevate strategy; the impact of foreign currency, consumer spending environment and competition on the Company’s outlook; the Company’s plans for launching products and technological enhancements and the anticipated impact thereof; and the Company’s business plans and strategies and the anticipated impact thereof. 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 Company’s ability to obtain capital when desired on favorable terms, if at all; (ii) the Company’s ability to realize the benefits of its operational restructuring; (iii) the impact of the COVID-19 pandemic and various global conflicts on the Company’s business and general economic conditions; (iv) the Company’s ability to implement its business strategy; (v) the risk that disruptions from the operational restructuring will harm the Company’s business, including current plans and operations; (vi) the ability of the Company to retain and hire key personnel, including successfully navigating its leadership transition; (vii) legislative, regulatory and economic developments affecting the Company’s business; (viii) general economic and market developments and conditions; (ix) the evolving legal, regulatory and tax regimes under which the Company operates; (x) potential business uncertainty, including changes to existing business relationships that could affect the Company’s financial performance; (xi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities; (xii) current supply chain challenges including the Red Sea conflict; (xiii) the financial strength of our customers and retailers; (xiv) the impact of tariffs on goods imported into the United States; and (xv) 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 endedFor the six months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Revenue$166,361 $236,568 $316,375 $396,860 
Cost of revenue:
Cost of product revenue138,895 182,775 252,808 306,044 
Amortization of acquired intangible assets— 290 — 572 
Total cost of revenue138,895 183,065 252,808 306,616 
Gross profit27,466 53,503 63,567 90,244 
Operating expenses:
Research and development23,230 37,971 57,108 79,240 
Selling and marketing39,980 55,596 69,696 98,072 
General and administrative16,926 26,537 (36,785)56,846 
Restructuring and other8,230 4,278 22,377 8,084 
Amortization of acquired intangible assets168 177 339 355 
Total operating expenses88,534 124,559 112,735 242,597 
Operating loss(61,068)(71,056)(49,168)(152,353)
Other expense, net(8,849)(4,027)(12,034)(5,104)
Loss before income taxes(69,917)(75,083)(61,202)(157,457)
Income tax expense729 5,717 837 4,455 
Net loss$(70,646)$(80,800)$(62,039)$(161,912)
Net loss per share:
Basic$(2.41)$(2.93)$(2.16)$(5.88)
Diluted$(2.41)$(2.93)$(2.16)$(5.88)
Number of shares used in per share calculations:
Basic29,309 27,619 28,740 27,543 
Diluted29,309 27,619 28,740 27,543 
Stock-based compensation included in above figures:
Cost of revenue$270 $801 $1,099 $1,387 
Research and development802 2,737 3,699 5,383 
Selling and marketing1,163 1,371 2,500 2,837 
General and administrative2,275 3,664 5,160 6,898 
Total$4,510 $8,573 $12,458 $16,505 





 iRobot Corporation
 Condensed Consolidated Balance Sheets
 (unaudited, in thousands)
June 29, 2024December 30, 2023
 Assets
 Cash and cash equivalents$108,513 $185,121 
 Restricted cash40,543 — 
 Accounts receivable, net68,132 79,387 
 Inventory101,365 152,469 
 Other current assets21,559 48,513 
Total current assets340,112 465,490 
 Property and equipment, net29,461 40,395 
 Operating lease right-of-use assets15,930 19,642 
 Deferred tax assets9,273 8,512 
 Goodwill169,384 175,105 
 Intangible assets, net4,404 5,044 
 Other assets17,375 19,510 
Total assets$585,939 $733,698 
 Liabilities and stockholders' equity
 Accounts payable$113,557 $178,318 
 Accrued expenses96,935 97,999 
 Deferred revenue and customer advances11,152 10,830 
Total current liabilities221,644 287,147 
 Term loan172,421 201,501 
 Operating lease liabilities24,036 27,609 
 Other long-term liabilities18,762 20,954 
Total long-term liabilities215,219 250,064 
Total liabilities436,863 537,211 
 Stockholders' equity149,076 196,487 
Total liabilities and stockholders' equity$585,939 $733,698 



 iRobot Corporation
Consolidated Statements of Cash Flows
 (unaudited, in thousands)
For the six months ended
June 29, 2024July 1, 2023
Cash flows from operating activities:
Net loss$(62,039)$(161,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization11,116 14,843 
Loss on equity investment375 3,152 
Stock-based compensation12,458 16,505 
Provision for inventory excess and obsolescence11,715 641 
Change in fair value of term loan4,746 — 
Debt issuance costs expensed under fair value option477 — 
Deferred income taxes, net(1,682)1,999 
Other(3,858)(3,085)
Changes in operating assets and liabilities — (use) source
Accounts receivable9,240 (6,114)
Inventory35,848 109,249 
Other assets26,117 13,204 
Accounts payable (63,875)(44,149)
Accrued expenses and other liabilities(871)(2,444)
Net cash used in operating activities(20,233)(58,111)
Cash flows from investing activities:
Additions of property and equipment(118)(2,514)
Purchase of investments(46)(158)
Net cash used in investing activities(164)(2,672)
Cash flows from financing activities:
Proceeds from employee stock plans— 9 
Income tax withholding payment associated with restricted stock vesting(463)(1,819)
Proceeds from issuance of common stock, net of issuance costs17,942 — 
Repayment of term loan(34,947)— 
Payment of debt issuance costs(477)— 
Net cash used in by financing activities(17,945)(1,810)
Effect of exchange rate changes on cash, cash equivalents and restricted cash853 2,598 
Net decrease in cash, cash equivalents and restricted cash(37,489)(59,995)
Cash, cash equivalents and restricted cash, at beginning of period187,887 117,949 
Cash, cash equivalents and restricted cash, at end of period$150,398 $57,954 
Cash, cash equivalents and restricted cash, at end of period:
Cash and cash equivalents$108,513 $57,954 
Restricted cash40,543 — 
Restricted cash, non-current (included in other assets)1,342 — 
Cash, cash equivalents and restricted cash, at end of period$150,398 $57,954 


 iRobot Corporation
Supplemental Information
(unaudited)
For the three months endedFor the six months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Revenue by Geography: *
    Domestic$84,364 $130,958 $153,260 $202,944 
    International81,997 105,610 163,115 193,916 
Total$166,361 $236,568 $316,375 $396,860 
Robot Units Shipped *
    Solo and other300 672 567 1,044 
    2-in-1274 159 463 222 
Total574 831 1,030 1,266 
Revenue by Product Category **
    Solo and other$90 $188 $184 $323 
    2-in-176 49 132 74 
Total$166 $237 $316 $397 
Average gross selling prices for robot units$330 $347 $337 $366 
Headcount726 1,139 
* in thousands
** in millions
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. During the first quarter of fiscal 2024, the adjustment included the one-time net termination fee received as a result of the termination of the iRobot-Amazon Merger. 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.
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 and related costs, charges related to paused work unrelated to our core business, costs associated with the Chief Executive Officer transition and other non-recurring costs directly associated with resource realignments tied to strategic initiatives or changes in business conditions. We exclude these items 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.
Debt issuance costs: Debt issuance costs include various incremental fees and commissions paid to third parties in connection with the issuance of debt.
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 regularly assess the need to record valuation allowance based on the non-GAAP profitability and other factors. We also exclude certain tax items, including the impact from stock-based compensation windfalls/shortfalls, which 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 endedFor the six months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
 GAAP Revenue$166,361 $236,568 $316,375 $396,860 
 GAAP Gross Profit$27,466 $53,503 $63,567 $90,244 
Amortization of acquired intangible assets— 290 — 572 
Stock-based compensation270 801 1,099 1,387 
Net merger, acquisition and divestiture expense— 289 — 610 
 Non-GAAP Gross Profit$27,736 $54,883 $64,666 $92,813 
 GAAP Gross Margin16.5 %22.6 %20.1 %22.7 %
 Non-GAAP Gross Margin16.7 %23.2 %20.4 %23.4 %
 GAAP Operating Expenses$88,534 $124,559 $112,735 $242,597 
Amortization of acquired intangible assets(168)(177)(339)(355)
Stock-based compensation (4,240)(7,772)(11,359)(15,118)
Net merger, acquisition and divestiture income (expense)43 (6,964)74,159 (13,427)
Restructuring and other(8,230)(4,278)(22,377)(8,084)
 Non-GAAP Operating Expenses*$75,939 $105,368 $152,819 $205,613 
 GAAP Operating Expenses as a % of GAAP Revenue53.2 %52.7 %35.6 %61.1 %
 Non-GAAP Operating Expenses as a % of Non-GAAP Revenue*45.6 %44.5 %48.3 %51.8 %
 GAAP Operating Loss$(61,068)$(71,056)$(49,168)$(152,353)
Amortization of acquired intangible assets168 467 339 927 
Stock-based compensation4,510 8,573 12,458 16,505 
Net merger, acquisition and divestiture (income) expense(43)7,253 (74,159)14,037 
Restructuring and other8,230 4,278 22,377 8,084 
 Non-GAAP Operating Loss*$(48,203)$(50,485)$(88,153)$(112,800)
 GAAP Operating Margin(36.7)%(30.0)%(15.5)%(38.4)%
 Non-GAAP Operating Margin*(29.0)%(21.3)%(27.9)%(28.4)%


iRobot Corporation
Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals continued
(in thousands, except per share amounts)
(unaudited)
For the three months endedFor the six months ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
 GAAP Income Tax Expense
$729 $5,717 $837 $4,455 
Tax effect of non-GAAP adjustments416 (15,215)1,017 (31,481)
Other tax adjustments(416)(2,529)(608)(2,511)
 Non-GAAP Income Tax Expense (Benefit)$729 $(12,027)$1,246 $(29,537)
 GAAP Net Loss$(70,646)$(80,800)$(62,039)$(161,912)
Amortization of acquired intangible assets168 467 339 927 
Stock-based compensation4,510 8,573 12,458 16,505 
Net merger, acquisition and divestiture (income) expense(43)7,253 (74,159)14,037 
Restructuring and other8,230 4,278 22,377 8,084 
Loss on strategic investments— 3,152 375 3,152 
Debt issuance costs238 — 477 — 
Income tax effect— 17,744 (409)33,992 
 Non-GAAP Net Loss*$(57,543)$(39,333)$(100,581)$(85,215)
 GAAP Net Loss Per Diluted Share$(2.41)$(2.93)$(2.16)$(5.88)
Amortization of acquired intangible assets0.01 0.02 0.01 0.04 
Stock-based compensation0.15 0.31 0.43 0.60 
Net merger, acquisition and divestiture (income) expense— 0.26 (2.58)0.51 
Restructuring and other0.28 0.16 0.78 0.30 
Loss on strategic investments— 0.12 0.01 0.11 
Debt issuance costs0.01 — 0.02 — 
Income tax effect— 0.64 (0.01)1.23 
 Non-GAAP Net Loss Per Diluted Share*$(1.96)$(1.42)$(3.50)$(3.09)
Number of shares used in diluted per share calculation29,309 27,619 28,740 27,543 
Supplemental Information
Days sales outstanding37 28 
GAAP Days in inventory67 85 
Non-GAAP Days in inventory(1)
67 86 
* Beginning in the fourth quarter of fiscal 2023, we updated our calculation of non-GAAP financial measures to no longer exclude "IP litigation expense, net." The metrics for each period are presented in accordance with this updated methodology; as a result, the second quarter and first half of 2023 differ from those previously presented by the amount of IP litigation expense, net recorded in such period.
(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 Reconciliation of Third Quarter and Full Year 2024 GAAP to Non-GAAP Guidance
(unaudited)
Q3-24FY-24
GAAP Gross Profit$72 - $76 million$210 - $227 million
Stock-based compensation~$0 million~$2 million
Total adjustments~$0 million~$2 million
Non-GAAP Gross Profit$72 - $76 million$212 - $229 million
Q3-24FY-24
GAAP Gross Margin33% - 34%27% - 28%
Stock-based compensation~0%~1%
Total adjustments~0%~1%
Non-GAAP Gross Margin33% - 34%28% - 29%
Q3-24FY-24
GAAP Operating Expenses$74 million$267 - $271 million
Amortization of acquired intangible assets~($0) million~($1) million
Stock-based compensation~($7) million~($25) million
Net merger, acquisition and divestiture income (expense)-~$74 million
Restructuring and other~($1) million~($24) million
Total adjustments~($8) million~$24 million
Non-GAAP Operating Expenses$66 million$291 - $295 million
Q3-24FY-24
GAAP Operating Income (Loss)($2) - $1 million($56) - ($42) million
Amortization of acquired intangible assets~$0 million~$1 million
Stock-based compensation~$7 million~$27 million
Net merger, acquisition and divestiture expense (income)-~($74) million
Restructuring and other~$1 million~$24 million
Total adjustments~$9 million~($23) million
Non-GAAP Operating Income (Loss)$7 - $10 million($79) - ($65) million
Q3-24FY-24
GAAP Net Loss Per Share($0.40) - ($0.30)($3.01) - ($2.55)
Amortization of acquired intangible assets~$0.01~$0.02
Stock-based compensation~$0.23~$0.91
Net merger, acquisition and divestiture expense (income)-~($2.52)
Restructuring and other~$0.05~$0.82
Loss on strategic investments-~$0.01
Income tax effect~$0~$0
Total adjustments~$0.29~($0.76)
Non-GAAP Net Loss Per Share($0.11) - ($0.01)($3.77) - ($3.31)
Number of shares used in per share calculations*~30.1 million~29.5 million
* Number of shares does not include any additional issuances under our ATM
Certain numbers may not total due to rounding

v3.24.2.u1
DEI Document
Aug. 06, 2024
DEI [Abstract]  
Entity Central Index Key 0001159167
Entity Incorporation, State or Country Code DE
Title of 12(b) Security Common Stock, $0.01 par value
Document Type 8-K
Document Period End Date Aug. 06, 2024
Entity Registrant Name iROBOT CORPORATION
Entity Address, Address Line One 8 Crosby Drive
Entity Address, City or Town Bedford
Entity Address, State or Province MA
City Area Code 781
Local Phone Number 430-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Trading Symbol IRBT
Security Exchange Name NASDAQ
Entity File Number 001-36414
Entity Tax Identification Number 77-0259335
Entity Address, Postal Zip Code 01730
Amendment Flag false
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