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iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 29,
2007
December 30,
2006
December 31,
2005
Fiscal Year Ended
(In thousands)
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,060 $ 3,565 $ 2,610
Adjustments to reconcile net income to net cash provided by (used in)
operating activities
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,311 3,743 2,078
Loss on disposal of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 7 —
Stock based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,711 2,569 598
Benefit from deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,198) — —
Non-cash director deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . 111 — —
Changes in working capital — (use) source
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,171) (5,465) (9,786)
Unbilled revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (283) (537) (650)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,332) (4,987) (8,235)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 (1,330) (1,051)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,012 3,964 4,140
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967 3,536 842
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (624) 1,225 851
Provision for contract settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (5,154) (37)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,121 (561) (270)
Change in long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (67)
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . (15,672) 575 (8,977)
Cash flows from investing activities:
Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,352) (7,485) (5,531)
Change in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,500) — —
Purchase of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (52,950) (174,100) —
Sales of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,200 109,300 —
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . . . 35,398 (72,285) (5,531)
Cash flows from financing activities:
Repayment of note receivable from stockholder . . . . . . . . . . . . . . . . . . . . . — — 43
Income tax withholding payment associated with stock option exercise . . . . . (1,588) — —
Proceeds from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,388 1,049 637
Proceeds from initial public offering, net of offering costs . . . . . . . . . . . . . . — — 70,407
Tax benefit of excess stock based compensation deductions . . . . . . . . . . . . . 1,626 — —
Tax benefit of disqualifying dispositions . . . . . . . . . . . . . . . . . . . . . . . . . . — 180 44
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,426 1,229 71,131
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . 21,152 (70,481) 56,623
Cash and cash equivalents, at beginning of period . . . . . . . . . . . . . . . . . . . . 5,583 76,064 19,441
Cash and cash equivalents, at end of period . . . . . . . . . . . . . . . . . . . . . . . . $ 26,735 $ 5,583 $76,064
Supplemental disclosure of cash flow information
Cash paid for interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41 $ 15 $ 13
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 $ 155 $ 11
Supplemental disclosure of noncash investing and financing activities (in thousands)
During 2007, 2006 and 2005, the Company transferred $1,509, $1,260 and $327, respectively, of inventory to
fixed assets.
On November 15, 2005, in connection with the Company’s initial public offering of common stock, the
Company converted 9,557 shares of outstanding preferred stock into an equivalent number of shares of common
stock.
See accompanying Notes to Consolidated Financial Statements
64