iRobot 2011 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2011 iRobot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

Overview of Results of Operations
The following table sets forth our results of operations for the periods shown:
Fiscal Year Ended
December 31,
2011
January 1,
2011
January 2,
2010
(In thousands)
Revenue
Product revenue .................................. $426,525 $360,394 $262,199
Contract revenue .................................. 38,975 40,558 36,418
Total revenue ................................ 465,500 400,952 298,617
Cost of Revenue
Cost of product revenue(1) .......................... 246,905 228,403 176,631
Cost of contract revenue(1) ......................... 26,477 27,117 30,790
Total cost of revenue .......................... 273,382 255,520 207,421
Gross margin ................................... 192,118 145,432 91,196
Operating Expenses
Research and development(1) ....................... 36,498 24,809 14,747
Selling and marketing(1) ........................... 58,544 50,535 40,902
General and administrative(1) ....................... 43,753 36,618 30,110
Total operating expenses ....................... 138,795 111,962 85,759
Operating Income ................................... 53,323 33,470 5,437
Other Income (Expense), Net .......................... 218 504 (81)
Income Before Income Taxes .......................... 53,541 33,974 5,356
Income Tax Expense ................................ 13,350 8,460 2,026
Net Income ........................................ $ 40,191 $ 25,514 $ 3,330
(1) Stock-based compensation recorded in fiscal 2011, 2010 and 2009 breaks down by expense classification as
follows.
Fiscal Year Ended
December 31,
2011
January 1,
2011
January 2,
2010
(In thousands)
Cost of product revenue .............................. $1,197 $1,311 $1,127
Cost of contract revenue .............................. 478 446 575
Research and development ............................ 743 725 351
Selling and marketing ................................ 724 1,161 1,410
General and administrative ............................ 5,642 4,522 4,099
34