iRobot 2011 Annual Report Download - page 99

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iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
December 31,
2011
January 1,
2011
January 2,
2010
(In thousands)
Cash flows from operating activities:
Net income ................................................... $ 40,191 $ 25,514 $ 3,330
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization .................................... 10,312 7,541 8,074
Loss on disposal of property and equipment ......................... 599 204 202
Stock based compensation ....................................... 8,784 8,165 7,562
Deferred income taxes, net ....................................... 6,154 (4,998) (1,078)
Tax benefit of excess stock based compensation deductions ............. (6,917) (2,622) (2,239)
Non-cash director deferred compensation ........................... 162 132 132
Changes in operating assets and liabilities — (use) source
Accounts receivable .......................................... (9,282) 1,115 759
Unbilled revenue ............................................. 1,650 (2,181) 183
Inventory ................................................... (3,929) 5,246 2,154
Other assets ................................................. (1,843) (2,082) (816)
Accounts payable ............................................ 9,717 8,130 11,015
Accrued expenses ............................................ 1,421 1,495 3,385
Accrued compensation ........................................ 52 4,302 7,132
Deferred revenue ............................................. (2,007) (374) 1,276
Long term liabilities .......................................... 671 (430) (430)
Net cash provided by operating activities ............................ 55,735 49,157 40,641
Cash flows from investing activities:
Additions of property and equipment ............................... (13,011) (12,597) (5,038)
Purchase of Nekton Research, LLC, net of cash received ............... — — (2,500)
Purchase of investments ......................................... (9,189) (30,461) (5,000)
Sales of investments ............................................ 5,000 21,500 —
Net cash used in investing activities ................................ (17,200) (21,558) (12,538)
Cash flows from financing activities:
Income tax withholding payment associated with restricted stock vesting . . (928) (284) (76)
Proceeds from stock option exercises ............................... 13,401 6,590 738
Tax benefit of excess stock based compensation deductions ............. 6,917 2,622 2,239
Net cash provided by financing activities ............................ 19,390 8,928 2,901
Net increase in cash and cash equivalents ........................... 57,925 36,527 31,004
Cash and cash equivalents, at beginning of period ..................... 108,383 71,856 40,852
Cash and cash equivalents, at end of period .......................... $166,308 $108,383 $ 71,856
Supplemental disclosure of cash flow information
Cash paid for income taxes ....................................... $ 8,046 $ 17,807 $ 1,127
See accompanying Notes to Consolidated Financial Statements
52