iRobot 2014 Annual Report Download - page 102
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29
Long-Lived Assets, including Purchased Intangible Assets
We periodically evaluate the recoverability of long-lived assets, including other purchased intangible assets whenever
events and changes in circumstances, such as reductions in demand or significant economic slowdowns in the industry, indicate
that the carrying amount of an asset may not be fully recoverable. When indicators of impairment are present, the carrying
values of the asset group are evaluated in relation to the future undiscounted cash flows of the underlying business. The net
book value of the underlying asset is adjusted to fair value if the sum of the expected discounted cash flows is less than book
value. Fair values are based on estimates of market prices and assumptions concerning the amount and timing of estimated
future cash flows and assumed discount rates, reflecting varying degrees of perceived risk.
Overview of Results of Operations
The following table sets forth our results of operations for the periods shown:
Fiscal Year Ended
December 27,
2014 December 28,
2013 December 29,
2012
(In thousands)
Revenue $ 556,846 $ 487,401 $ 436,244
Cost of revenue (1) 298,791 266,247 241,896
Gross margin 258,055 221,154 194,348
Operating expenses
Research and development(1) 69,408 63,649 57,066
Selling and marketing(1) 86,091 71,529 66,412
General and administrative(1) 49,439 53,358 45,698
Total operating expenses 204,938 188,536 169,176
Operating income 53,117 32,618 25,172
Other income (expense), net (708)(203) 435
Income before income taxes 52,409 32,415 25,607
Income tax expense 14,606 4,774 8,310
Net income $ 37,803 $ 27,641 $ 17,297
___________________
(1) Stock-based compensation recorded in fiscal 2014, 2013 and 2012 breaks down by expense classification as follows.
Fiscal Year Ended
December 27,
2014 December 28,
2013 December 29,
2012
(In thousands)
Cost of revenue $ 865 $ 700 $ 889
Research and development 3,359 2,700 1,904
Selling and marketing 1,296 1,246 808
General and administrative 8,258 8,763 7,382