iRobot 2009 Annual Report Download - page 96

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iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
January 2,
2010
December 27,
2008
December 29,
2007
Fiscal Year Ended
(In thousands)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,330 $ 756 $ 9,060
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,074 7,029 5,311
Loss on disposal of property and equipment. . . . . . . . . . . . . . . . . . . . . . . . 202 231 48
Stock based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,562 5,939 4,711
In-process research and development relating to acquisition of Nekton
Research LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 200 —
Benefit from deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,317) (1,967) (10,198)
Non-cash director deferred compensation. . . . . . . . . . . . . . . . . . . . . . . . . . 132 95 111
Changes in operating assets and liabilities — (use) source
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759 12,221 (19,171)
Unbilled revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 230 (283)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,154 10,662 (24,332)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (816) (1,042) 595
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,015 (25,350) 17,012
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,385 3,002 967
Accrued compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,132 1,634 (624)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,276 1,026 1,121
Long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (430) 4,444 —
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . 40,641 19,110 (15,672)
Cash flows from investing activities:
Additions of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,038) (14,817) (10,352)
Purchase of Nekton Research, LLC, net of cash received. . . . . . . . . . . . . . . (2,500) (9,743) —
Change in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2,500)
Purchase of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,000) (29,997) (52,950)
Sales of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 46,547 101,200
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . . . (12,538) (8,010) 35,398
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)
Income tax withholding payment associated with restricted stock vesting . . . (76)
Proceeds from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . 738 1,011 1,388
Tax benefit of excess stock based compensation deductions . . . . . . . . . . . . . 2,239 2,006 1,626
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . 2,901 3,017 1,426
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . 31,004 14,117 21,152
Cash and cash equivalents, at beginning of period . . . . . . . . . . . . . . . . . . . 40,852 26,735 5,583
Cash and cash equivalents, at end of period . . . . . . . . . . . . . . . . . . . . . . . . $ 71,856 $ 40,852 $ 26,735
Supplemental disclosure of cash flow information
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 60 $ 41
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,127 $ 89 $ 140
Supplemental disclosure of noncash investing and financing activities (in thousands)
During 2009, 2008 and 2007, the Company transferred $2,318, $893 and $1,509 respectively, of inventory to
property and equipment.
See accompanying Notes to Consolidated Financial Statements
62