iRobot 2014 Annual Report Download - page 119

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46
iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
December 27,
2014 December 28,
2013 December 29,
2012
(In thousands)
Cash flows from operating activities:
Net income $ 37,803 $ 27,641 $ 17,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 13,049 12,169 11,672
Loss on disposal of property and equipment 246 189 1,332
Goodwill and intangible assets impairment — 1,988 —
Stock-based compensation 13,778 13,409 10,983
Deferred income taxes, net 3,101 (768) (3,763)
Tax benefit of excess stock based compensation deductions (3,051) (2,406) (1,445)
Non-cash director deferred compensation 49 44 87
Changes in operating assets and liabilities — (use) source
Accounts receivable (31,708) (9,935) 15,560
Unbilled revenue (1,758) 340 1,166
Inventory (2,387) (9,365) (807)
Other assets (2,856) 1,980 (2,892)
Accounts payable 16,249 (1,743) (8,684)
Accrued expenses 3,695 1,255 (656)
Accrued compensation (3,371) 7,751 (6,106)
Deferred revenue (1,236) (1,172) 4,730
Long term liabilities (997) 515 (613)
Net cash provided by operating activities 40,606 41,892 37,861
Cash flows from investing activities:
Additions of property and equipment (13,774) (6,829) (6,770)
Change in other assets (250) (2,000) (6,000)
Purchase of Evolution Robotics, Inc., net of cash received — — (74,530)
Purchase of investments (31,219) (17,946) (5,086)
Sales of investments 16,500 8,044 10,000
Proceeds from sale of assets — 650 —
Net cash used in investing activities (28,743) (18,081) (82,386)
Cash flows from financing activities:
Income tax withholding payment associated with restricted stock vesting (1,626) (1,212) (784)
Proceeds from stock option exercises 8,943 13,629 4,326
Stock repurchases (1,678) — —
Tax benefit of excess stock based compensation deductions 3,051 2,406 1,445
Net cash provided by financing activities 8,690 14,823 4,987
Net increase (decrease) in cash and cash equivalents 20,553 38,634 (39,538)
Cash and cash equivalents, at beginning of period 165,404 126,770 166,308
Cash and cash equivalents, at end of period $ 185,957 $ 165,404 $ 126,770
Supplemental disclosure of cash flow information
Cash paid for income taxes $ 15,508 $ 7,235 $ 11,663
Non-cash investing and financing activities:
Transfer of inventory to property and equipment 637 223 —
Additions of property and equipment included in accounts payable 3,235 572 —
See accompanying Notes to Consolidated Financial Statements
Form 10-K