iRobot 2015 Annual Report Download - page 135

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52
iROBOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
January 2,
2016
December 27,
2014
December 28,
2013
(In thousands)
Cash flows from operating activities:
Net income $ 44,130 $ 37,803 $ 27,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 15,090 13,049 12,169
Loss on disposal of property and equipment 214 246 189
Gain on sale of cost method investment (3,287)
—
—
Goodwill and intangible assets impairment
—
—
1,988
Stock-based compensation 14,183 13,778 13,409
Deferred income taxes, net (985)3,101 (768)
Tax benefit of excess stock-based compensation deductions (1,467) (3,051) (2,406)
Non-cash director deferred compensation 149 49 44
Changes in operating assets and liabilities — (use) source
Accounts receivable (33,623)(31,708)(9,935)
Unbilled revenue 2,162 (1,758) 340
Inventory (13,978)(2,387)(9,365)
Other assets 203 (2,856) 1,980
Accounts payable 3,786 16,249 (1,743)
Accrued expenses (2,768) 3,695 1,255
Accrued compensation (483)(3,371)7,751
Deferred revenue and customer advances (584) (1,236) (1,172)
Long term liabilities 3,970 (997)515
Net cash provided by operating activities 26,712 40,606 41,892
Cash flows from investing activities:
Additions of property and equipment (9,372) (13,774) (6,829)
Change in other assets (1,015)(250)(2,000)
Proceeds from sale of cost method investment 5,645
—
—
Purchases of investments (17,755)(31,219)(17,946)
Sales and maturities of investments 20,500 16,500 8,044
Proceeds from sale of assets
—
—
650
Net cash used in investing activities (1,997) (28,743) (18,081)
Cash flows from financing activities:
Income tax withholding payment associated with restricted stock vesting (1,295) (1,626) (1,212)
Proceeds from stock option exercises 6,464 8,943 13,629
Stock repurchases (37,393) (1,678)
—
Tax benefit of excess stock-based compensation deductions 1,467 3,051 2,406
Net cash provided by (used in) financing activities (30,757) 8,690 14,823
Net increase (decrease) in cash and cash equivalents (6,042)20,553 38,634
Cash and cash equivalents, at beginning of period 185,957 165,404 126,770
Cash and cash equivalents, at end of period $179,915 $ 185,957 $165,404
Supplemental disclosure of cash flow information
Cash paid for income taxes $14,341 $ 15,508 $7,235
Non-cash investing and financing activities:
Transfer of inventory to property and equipment 157 637 223
Additions of property and equipment included in accounts payable $ 848 $ 3,235 $ 572
See accompanying Notes to Consolidated Financial Statements
Form 10-K