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iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
January 1,
2011
January 2,
2010
December 27,
2008
Fiscal Year Ended
(In thousands)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,514 $ 3,330 $ 756
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,541 8,074 7,029
Loss on disposal of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 204 202 231
Stock based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,165 7,562 5,939
In-process research and development relating to acquisition of Nekton
Research LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 200
Benefit from deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,620) (3,317) (1,967)
Non-cash director deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 132 95
Changes in operating assets and liabilities — (use) source
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 759 12,221
Unbilled revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,181) 183 230
Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,246 2,154 10,662
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,082) (816) (1,042)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,130 11,015 (25,350)
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,495 3,385 3,002
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,302 7,132 1,634
Deferred revenue and customer advances . . . . . . . . . . . . . . . . . . . . . . . . . . (374) 1,276 1,026
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (430) (430) 4,444
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,157 40,641 19,110
Cash flows from investing activities:
Additions of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,597) (5,038) (14,817)
Purchase of Nekton Research, LLC, net of cash received . . . . . . . . . . . . . . . . . — (2,500) (9,743)
Purchase of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30,461) (5,000) (29,997)
Sales of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,500 — 46,547
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,558) (12,538) (8,010)
Cash flows from financing activities:
Borrowings under revolving line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 5,500
Repayment of borrowings under revolving credit line. . . . . . . . . . . . . . . . . . . . — — (5,500)
Income tax withholding payment associated with restricted stock vesting . . . . . . (284) (76) —
Proceeds from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,590 738 1,011
Tax benefit of excess stock based compensation deductions . . . . . . . . . . . . . . . 2,622 2,239 2,006
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,928 2,901 3,017
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,527 31,004 14,117
Cash and cash equivalents, at beginning of period . . . . . . . . . . . . . . . . . . . . . . 71,856 40,852 26,735
Cash and cash equivalents, at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . $108,383 $ 71,856 $ 40,852
Supplemental disclosure of cash flow information
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 60
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,807 $ 1,127 $ 89
Supplemental disclosure of noncash investing and financing activities (in thousands)
During 2010, 2009 and 2008, the Company transferred $3,637, $2,318 and $893 respectively, of inventory to
property and equipment.
See accompanying Notes to Consolidated Financial Statements
51
Form 10-K