iRobot 2008 Annual Report Download - page 84

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December 27,
2008 December 29,
2007 December 30,
2006 December 31,
2005 December 31,
2004
(In thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents........ $ 40,852 $ 26,735 $ 5,583 $ 76,064 $ 19,441
Short term investments .......... — 16,550 64,800 — —
Total assets................... 163,678 169,092 135,308 124,935 45,137
Total liabilities ................ 44,002 58,865 40,389 37,379 31,921
Total redeemable convertible
preferred stock .............. — — — — 37,506
Total stockholders’ equity
(deficit) ................... 119,676 110,227 94,919 87,556 (24,290)
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The information contained in this section has been derived from our consolidated financial statements and
should be read together with our consolidated financial statements and related notes included elsewhere in this
Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange
Act of 1934, as amended, or the Exchange Act, and are subject to the “safe harbor” created by those sections. In
particular, statements contained in this Annual Report on Form 10-K that are not historical facts, including, but not
limited to statements concerning new product sales, product development and offerings, Roomba, Scooba, Looj and
Verro products, PackBot tactical military robots, our home robot and government and industrial robot divisions,
competition and strategy and our market position, market acceptance of our products, seasonal factors, revenue
recognition, profits, growth of revenues, composition of revenues, cost of revenues, operating expenses, sales,
marketing and support expenses, general and administrative expenses, research and development expenses,
compensation costs, our ability to attract and retain qualified personnel, credit facility and equipment facility,
valuations of investments, valuation and composition of stock-based awards, SFAS No. 123(R), and liquidity,
constitute forward-looking statements and are made under these safe harbor provisions. Some of the forward-
looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,”
“will,” “should,” “could,” “seek,” “intends,” “plans,” “estimates,” “anticipates,” or other comparable terms.
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. We urge you to consider the risks and uncertainties
discussed in greater detail under the heading “Risk Factors” in evaluating our forward-looking statements. We have
no plans to update our forward-looking statements to reflect events or circumstances after the date of this report. We
caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the
date made.
Overview
iRobot designs and builds robots that make a difference. Founded in 1990 by roboticists who performed
research at the Massachusetts Institute of Technology, we have developed proprietary technology incorporating
advanced concepts in navigation, mobility, manipulation and artificial intelligence to build industry-leading robots.
Our Roomba floor vacuuming robot and Scooba floor washing robot perform time- consuming domestic chores, in
the home, while our Looj gutter cleaning robot and Verro pool cleaning robot perform tasks outside the home, and
our PackBot tactical military robots perform battlefield reconnaissance and bomb disposal. In addition, we are
developing the SUGV reconnaissance robot for the U.S. Army’s FCS program. We sell our robots to consumers
through a variety of distribution channels, including chain stores and other national retailers, and our on-line store,
and to the U.S. military and other government agencies worldwide.
As of December 27, 2008, we had 479 full-time employees. We have developed expertise in all the disciplines
necessary to build durable, high-performance and cost-effective robots through the close integration of software,
electronics and hardware. Our core technologies serve as reusable building blocks that we adapt and expand to
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