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iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 27,
2008 December 29,
2007 December 30,
2006
Fiscal Year Ended
(In thousands)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 756 $ 9,060 $ 3,565
Adjustments to reconcile net income to net cash provided by (used in)
operating activities Depreciation and amortization . . . . . . . . . . . . . . . . 7,029 5,311 3,743
Loss on disposal of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 48 7
Stock based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,939 4,711 2,569
In-process research and development relating to acquisition of Nekton
Research LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 — —
Benefit from deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,967) (10,198) —
Non-cash director deferred compensation. . . . . . . . . . . . . . . . . . . . . . . . 95 111 —
Changes in working capital — (use) source
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,221 (19,171) (5,465)
Unbilled revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 (283) (537)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,662 (24,332) (4,987)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,042) 595 (1,330)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,350) 17,012 3,964
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,002 967 3,536
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,634 (624) 1,225
Provision for contract settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (5,154)
Deferred revenue and customer advances . . . . . . . . . . . . . . . . . . . . . . 1,026 1,121 (561)
Change in long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,444 — —
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . 19,110 (15,672) 575
Cash flows from investing activities:
Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,817) (10,352) (7,485)
Purchase of Nekton Research, LLC, net of cash received. . . . . . . . . . . . . (9,743) — —
Change in other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2,500) —
Purchase of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,997) (52,950) (174,100)
Sales of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,547 101,200 109,300
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . (8,010) 35,398 (72,285)
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 stock option exercise . . . — (1,588) —
Proceeds from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011 1,388 1,049
Tax benefit of excess stock based compensation deductions . . . . . . . . . . . 2,006 1,626 —
Tax benefit of disqualifying dispositions . . . . . . . . . . . . . . . . . . . . . . . . — — 180
Net cash provided by financing activities. . . . . . . . . . . . . . . . . . . . . . . . 3,017 1,426 1,229
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . 14,117 21,152 (70,481)
Cash and cash equivalents, at beginning of period. . . . . . . . . . . . . . . . . . 26,735 5,583 76,064
Cash and cash equivalents, at end of period . . . . . . . . . . . . . . . . . . . . . . $ 40,852 $ 26,735 $ 5,583
Supplemental disclosure of cash flow information
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60 $ 41 $ 15
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89 $ 140 $ 155
Supplemental disclosure of noncash investing and financing activities (in thousands)
During 2008, 2007 and 2006, the Company transferred $893, $1,509 and $1,260 respectively, of inventory to
fixed assets.
See accompanying Notes to Consolidated Financial Statements
61
Form 10-K