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iRobot Reports Second-Quarter 2021 Financial Results
Second-Quarter Revenue Grew 31% Despite Supply Chain Challenges;
Company Updates Full-Year 2021 Outlook Due to Semiconductor Chip Shortage;
Company Announces Plans to Execute a $100 million Accelerated Share Repurchase

BEDFORD, Mass., July 28, 2021 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the second quarter ended July 3, 2021.

Colin Angle, chairman and chief executive officer of iRobot, stated, "We delivered a solid second-quarter financial performance as we navigated an increasingly challenging supply chain environment. Our results were generally in line with our plans entering the quarter despite $17 million in orders that we could not fulfill due to COVID-related disruptions to shipping activities in southern China in late June. Revenue grew 31% over last year's second quarter primarily due to strong orders for our mid-tier and premium floor cleaning robots from retailers in North America and from our retail and distribution partners across EMEA."

"Overall, retailer demand trends and consumer interest in our products remain favorable," continued Angle. "However, the semiconductor chip shortage, which continues to disrupt a wide range of industries, is constraining our ability to fulfill anticipated second-half orders. To manage through this short-term turbulence, we are focused on carefully managing channel and product mix, adjusting promotional activities, qualifying new alternative suppliers, optimizing inventory levels and reducing our second-half spending plans. As we balance investing for the future with cost management discipline, we anticipate that our second-half profitability will be aided by the expected reinstatement of a tariff exclusion covering all of 2021. Accordingly, we have updated our 2021 outlook to reflect these and other dynamics."

Angle concluded, "Despite this temporary supply chain headwind, we remain confident in our strategic direction. Although visibility is limited right now, we believe our efforts to enhance our supply chain resiliency will help lead to improved availability of components starting in the beginning of next year and steadily strengthen as we move into the second half of 2022. With household penetration still low, a growing global connected customer base and many exciting growth initiatives now underway or in the advanced planning stages, we believe that our exit trajectory for the second half of 2022 in combination with continued strategic progress will set the stage for sustaining solid annual top-line expansion that can be converted into improving double-digit operating profit margins, substantial EPS growth, and robust operating cash flow generation. Our upcoming plan to execute a $100 million Accelerated Share Repurchase agreement demonstrates our confidence in our strategic direction and in our ability to capitalize on the exciting opportunities that lie ahead."

Financial Performance Highlights

  • Revenue for the second quarter of 2021 was $365.6 million, an increase of 31% from $279.9 million in the second quarter of 2020. The growth primarily reflected healthy demand from retailers in North America and from the company's retail and distribution partners in EMEA. Revenue for the first half of 2021 was $668.9 million versus $472.4 million in the first half of 2020.
    • The second-quarter 2021 revenue performance was highlighted by 40% growth in the U.S., 29% in EMEA and 7% in Japan over the prior year period.
    • 42% revenue growth in mid-tier and premium robots, which accounted for 82% of total quarterly robot sales.
    • We estimate that iRobot's second-quarter 2021 revenue to support e-commerce, which spans the company's own website and app, dedicated e-commerce websites and the online arms of traditional retailers, grew by 20% over the second quarter of 2020 and represented 66% of second-quarter 2021 revenue. iRobot's direct-to-consumer (DTC) revenue of $45 million grew 36% from the prior year's second quarter.
  • The company's second-quarter 2021 GAAP operating loss was $3.0 million, compared with GAAP operating income of $70.3 million in the second quarter of 2020. Second-quarter 2021 non-GAAP operating income of $9.0 million compared with non-GAAP operating income of $40.5 million in the same period one year ago. The company's second-quarter 2020 GAAP and non-GAAP operating profitability benefited from the timing and impact of receiving an exclusion from Section 301 tariffs. GAAP operating income for the first six months of 2021 was $3.3 million, compared with GAAP operating income of $50.1 million in the first half of 2020. First-half 2021 non-GAAP operating income was $23.9 million versus non-GAAP operating income of $26.1 million in the same period one year ago.
  • iRobot's GAAP net loss per share was $0.10 for the second quarter of 2021, compared with GAAP net income per share of $2.07 in the second quarter of 2020. Non-GAAP net income per share was $0.27 for the second quarter of 2021 versus non-GAAP second-quarter 2020 net income per share of $1.06. First-half 2021 GAAP net income per share was $0.16, compared with $1.42 in the first half of 2020. First-half 2021 non-GAAP net income per share was $0.68, compared with $0.73 in the first half of 2020.
  • As of July 3, 2021, the company's cash, cash equivalents and short-term investments were $415.8 million, compared with $500.8 million as of April 3, 2021 and $483.7 million at the end of 2020. The company, which has no debt, also has access to an unsecured revolving line of credit of $150 million, with an additional $75 million accordion feature.

Second-Quarter and Recent Business Highlights

  • During the second quarter of 2021, the company repurchased 446,954 shares of common stock at an average purchase price of $111.85 per share, totaling approximately $50 million.
  • On June 3, 2021, iRobot announced the appointment of Faris Habbaba as EVP and Chief Research and Development Officer.
  • For the 7th consecutive year, Roomba® was a featured product in Amazon's Prime Day event, which was held on June 21-22, 2021. Roomba was cited by Amazon as a top-selling product.
  • The company's community of engaged, connected customers who have opted-in to its digital communications grew to 11.6 million, an increase of 67% from the second quarter of 2020.
  • Roomba and Braava were cited as best-in-class floor cleaning robots in Consumer Reports (North America), Fortune (North America), TechRadar (EMEA – United Kingdom), Xataka (EMEA – Spain), Lee (Japan) and Story (Japan).
  • iRobot is planning to hold an Investor Day later this year. Additional details about this event will be made publicly available in advance.

Share Repurchase Plans
iRobot also announced that it plans to enter into an accelerated share repurchase ("ASR") agreement to repurchase $100 million of its common stock, subject to the terms of the ASR agreement. The planned ASR is expected to be executed next month. The company will fund the ASR from cash on hand. iRobot plans to file a Current Report on Form 8-K when the ASR is formally executed.

Financial Expectations
iRobot has updated its full-year 2021 GAAP and non-GAAP financial expectations, all of which were most recently provided on May 3, 2021. The updated outlook reflects the company's results to date and anticipated performance during the second half of the year as well as the impact of an anticipated tariff exclusion and anticipated share repurchase activities. A detailed reconciliation between the company's GAAP and non-GAAP expectations is included in the attached financial tables.

Fiscal Year 2021 ending January 1, 2022:

Metric

GAAP


Adjustments


Non-GAAP

Revenue

$1.55 - $1.62 billion



$1.55 - $1.62 billion

Gross Profit

$609 - $642 million


~$3 million


$612 - $645 million

Operating Income

$37 - $67 million


~$43 million


$80 - $110 million

Earnings Per Share

$1.02 - $1.89


~$1.23 - ~$1.26


$2.25 - $3.15

Second-Quarter 2021 Results Conference Call
iRobot will host a conference call tomorrow at 8:30 a.m. ET to review its second-quarter 2021 financial results, and discuss its outlook going forward. Pertinent conference call details include:

Date:                  

Thursday, July 29

Time:                    

8:30 a.m. ET

Call-In Number:    

213-358-0894   

Conference ID:    

1444896

A live webcast of the conference call, along with the conference call prepared remarks, will be accessible on the event section of the company's website at https://investor.irobot.com/events/event-details/q2-2021-irobot-corp-financial-results-conference-call. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through August 5, and can be accessed by dialing 404-537-3406, passcode 1444896.

About iRobot Corp.
iRobot®, the leading global consumer robot company, designs and builds robots that empower people to do more both inside and outside of the home. iRobot created the home robot cleaning category with the introduction of its Roomba® Robot Vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 30 million robots worldwide. iRobot's product line, including the Roomba and the Braava® family of mopping robots, feature proprietary technologies and advanced concepts in cleaning, mapping and navigation. iRobot engineers are building an ecosystem of robots and technologies to enable the smart home. For more information about iRobot, please visit www.irobot.com.

For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.'s expectations regarding: future financial performance, including with respect to 2021 revenue, gross profit, operating profit and EPS; the anticipated impact of the semiconductor chip shortage and our plans to manage through such shortage; the expected reinstatement of a tariff exclusion; the company's plans to execute a $100 million share repurchase through an ASR; the potential for the company's strategies activities to lead to improved availability of components; and the future potential for sustaining solid annual top-line expansion that can be converted into improving double-digit operating profit margins, substantial EPS growth and robust operating cash flow generation. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: the impact of COVID-19 on our business, the industry and markets in which we operate, and the global economy; the limited number of manufacturers and suppliers of key components; our ability to operate in an emerging market; the financial strength of our customers and retailers; the impact of tariffs on goods imported into the United States and any exclusions therefrom; general economic conditions; market acceptance of and adoption of our products; and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.

 

iRobot Corporation

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)


















For the three months ended


For the six months ended


July 3, 2021


June 27, 2020


July 3, 2021


June 27, 2020









Revenue

$              365,596


$          $  279,883


$              668,857


$          $  472,418

Cost of revenue:








Cost of product revenue

226,395


100,686


406,487


214,981

Amortization of acquired intangible assets

225


1,185


450


1,470

Total cost of revenue

226,620


101,871


406,937


216,451









Gross profit

138,976


178,012


261,920


255,967









Operating expenses:








Research and development

38,677


36,557


80,597


73,316

Selling and marketing

76,677


49,062


127,668


85,656

General and administrative

26,459


21,856


49,899


46,429

Amortization of acquired intangible assets

205


254


409


508

Total operating expenses

142,018


107,729


258,573


205,909









Operating (loss) income

(3,042)


70,283


3,347


50,058









Other expense, net

(286)


(384)


(446)


(403)









(Loss) income before income taxes

(3,328)


69,899


2,901


49,655

Income tax (benefit) expense

(570)


11,283


(1,784)


9,174

Net (loss) income

$                (2,758)


$                58,616


$                  4,685


$                40,481









Net (loss) income per share:








Basic

$                  (0.10)


$                    2.10


$                    0.17


$                    1.44

Diluted

$                  (0.10)


$                    2.07


$                    0.16


$                    1.42









Number of shares used in per share calculations:                                         







Basic

28,100


27,923


28,178


28,110

Diluted

28,100


28,280


28,908


28,414

















Stock-based compensation included in above figures:                            





Cost of revenue

$                     283


$                     292


$                     646


$                     819

Research and development

2,386


2,167


4,534


4,645

Selling and marketing

1,128


700


2,087


1,466

General and administrative

3,543


2,711


6,855


4,131

Total

$                  7,340


$                  5,870


$                14,122


$                11,061

 


 

 iRobot Corporation

 Condensed Consolidated Balance Sheets

 (unaudited, in thousands)






July 3, 2021


January 2, 2021





 Assets








 Cash and cash equivalents

$                        415,841


$                      432,635

 Short term investments

-


51,081

 Accounts receivable, net

74,759


170,526

 Inventory

276,517


181,756

 Other current assets

48,816


45,223

Total current assets

815,933


881,221

 Property and equipment, net

81,161


76,584

 Operating lease right-of-use assets

40,551


43,682

 Deferred tax assets

34,076


33,404

 Goodwill

123,735


125,872

 Intangible assets, net

8,927


9,902

 Other assets

29,436


19,063

Total assets

$                     1,133,819


$                   1,189,728





 Liabilities and stockholders' equity








 Accounts payable

$                        166,779


$                      165,779

 Accrued expenses

104,538


131,388

 Deferred revenue and customer advances

11,445


10,400

Total current liabilities

282,762


307,567

 Operating lease liabilities

47,014


50,485

 Deferred tax liabilities

1,458


705

 Other long-term liabilities

21,353


26,537

Total long-term liabilities

69,825


77,727

Total liabilities

352,587


385,294

 Stockholders' equity

781,232


804,434

Total liabilities and stockholders' equity

$                     1,133,819


$                   1,189,728


 

 iRobot Corporation

Consolidated Statements of Cash Flows

 (unaudited, in thousands)










For the six months ended


July 3, 2021


June 27, 2020

Cash flows from operating activities:




Net income

$                4,685


$                40,481

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

15,635


17,784

Stock-based compensation

14,122


11,061

Deferred income taxes, net

210


2,579

Other

3,286


3,162

Changes in operating assets and liabilities — (use) source




Accounts receivable

94,477


17,891

Inventory

(94,918)


24,137

Other assets

(7,554)


(57,813)

Accounts payable 

2,071


(20,576)

Accrued expenses and other liabilities

(30,215)


(10,549)

Net cash provided by operating activities

1,799


28,157





Cash flows from investing activities:




Additions of property and equipment

(21,924)


(18,968)

Purchase of investments

(9,606)


(2,125)

Sales and maturities of investments

63,644


7,000

Net cash provided by (used in) investing activities

32,114


(14,093)





Cash flows from financing activities:




Proceeds from employee stock plans

5,131


3,690

Income tax withholding payment associated with restricted stock vesting

(4,799)


(1,816)

Stock repurchases

(50,000)


(25,000)

Net cash used in financing activities

(49,668)


(23,126)





Effect of exchange rate changes on cash and cash equivalents

(1,039)


404

Net decrease in cash and cash equivalents

(16,794)


(8,658)

Cash and cash equivalents, at beginning of period

432,635


239,392

Cash and cash equivalents, at end of period

$            415,841


$              230,734

 

 iRobot Corporation

Supplemental Information

(unaudited)


















For the three months ended


For the six months ended


July 3, 2021


June 27, 2020


July 3, 2021


June 27, 2020

Revenue by Geography: *








    Domestic

$              196,824


$              140,146


$              311,596


$              222,113

    International

168,772


139,737


357,261


250,305

Total

$              365,596


$              279,883


$              668,857


$              472,418









Robot Units Shipped *








      Vacuum

1,146


930


2,117


1,553

      Mopping

168


114


285


210

Total

1,314


1,044


2,402


1,763









Revenue by Product Category **








      Vacuum***

$                     323


$                     251


$                     593


$                     420

      Mopping***

43


29


76


52

Total

$                     366


$                     280


$                     669


$                     472









Average gross selling prices for robot units

$                     325


$                     307


$                     322


$                     310









Section 301 tariff costs *

$                11,622


$                (6,609)


$                15,005


$                          -

Section 301 tariff impact on gross and operating margin

(3.2)%


2.4 %


(2.2)%


- %









Headcount

1,321


1,120





















* in thousands








** in millions








*** includes accessory revenue
















Certain numbers may not total due to rounding








 

iRobot Corporation
Explanation of Non-GAAP Measures

In addition to disclosing financial results in accordance with U.S. GAAP, this earnings release contains references to the non-GAAP financial measures described below. We use non-GAAP measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Amortization of acquired intangible assets: Amortization of acquired intangible assets consists of amortization of intangible assets including completed technology, customer relationships, and reacquired distribution rights acquired in connection with business combinations. Amortization charges for our acquisition-related intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Net Merger, Acquisition and Divestiture (Income) Expense: Net merger, acquisition and divestiture (income) expense primarily consists of transaction fees, professional fees, and transition and integration costs directly associated with mergers, acquisitions and divestitures. It also includes business combination adjustments including adjustments after the measurement period has ended. The occurrence and amount of these costs will vary depending on the timing and size of these transactions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Stock-Based Compensation: Stock-based compensation is a non-cash charge relating to stock-based awards. We exclude this expense as it is a non-cash expense, and we assess our internal operations excluding this expense and believe it facilitates comparisons to the performance of other companies.

IP Litigation Expense, Net: IP litigation expense, net relates to legal costs incurred to litigate patent, trademark, copyright and false advertising infringements, or to oppose or defend against interparty actions related to intellectual property. Any settlement payment or proceeds resulting from these infringements are included or netted against the costs. We exclude these costs from our non-GAAP measures as we do not believe these costs have a direct correlation to the operations of our business and may vary in size depending on the timing and results of such litigations and settlements.

Gain/Loss on Strategic Investments: Gain/loss on strategic investments includes fair value adjustments, realized gains and losses on the sales of these investments and losses on the impairment of these investments. We exclude these items from our non-GAAP measures because we do not believe they correlate to the performance of our core business and may vary in size based on market conditions and events. We believe that the exclusion of these gains or losses provides investors with a supplemental view of our operational performance.

Income tax adjustments: Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate statutory tax rate for each adjustment. We reassess the need for any valuation allowance recorded based on the non-GAAP profitability and have eliminated the effect of the valuation allowance recorded in the U.S. jurisdiction. We also exclude certain tax items, including impact from stock-based compensation windfalls/shortfalls, that are not reflective of income tax expense incurred as a result of current period earnings. We believe disclosure of the income tax provision before the effect of such tax items is important to permit investors' consistent earnings comparison between periods.

 

iRobot Corporation

Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals

(in thousands, except per share amounts)

(unaudited)













For the three months ended


For the six months ended


July 3, 2021

June 27, 2020


July 3, 2021

June 27, 2020

 GAAP Revenue

$                    365,596

$                279,883


$                        668,857

$                    472,418







 GAAP Gross Profit

$                    138,976

$                178,012


$                        261,920

$                    255,967

Amortization of acquired intangible assets

225

1,185


450

1,470

Stock-based compensation

283

292


646

819

Tariff refunds

-

(40,017)


-

(40,017)

 Non-GAAP Gross Profit

$                    139,484

$                139,472


$                        263,016

$                    218,239

 Non-GAAP Gross Margin

38.2 %

49.8 %


39.3 %

46.2 %







 GAAP Operating Expenses

$                    142,018

$                107,729


$                        258,573

$                    205,909

Amortization of acquired intangible assets

(205)

(254)


(409)

(508)

Stock-based compensation 

(7,057)

(5,578)


(13,476)

(10,242)

Net merger, acquisition and divestiture (expense) income

(640)

66


(640)

566

IP litigation expense, net 

(3,583)

(1,137)


(4,724)

(1,753)

Restructuring and other

-

(1,863)


(213)

(1,863)

 Non-GAAP Operating Expenses

$                    130,533

$                  98,963


$                        239,111

$                    192,109

 Non-GAAP Operating Expenses as a % of Non-GAAP Revenue

35.7 %

35.4 %


35.7 %

40.7 %







 GAAP Operating (Loss) Income

$                       (3,042)

$                  70,283


$                            3,347

$                      50,058

Amortization of acquired intangible assets

430

1,439


859

1,978

Stock-based compensation

7,340

5,870


14,122

11,061

Tariff refunds

-

(40,017)


-

(40,017)

Net merger, acquisition and divestiture expense (income)

640

(66)


640

(566)

IP litigation expense, net

3,583

1,137


4,724

1,753

Restructuring and other

-

1,863


213

1,863

 Non-GAAP Operating Income

$                        8,951

$                  40,509


$                          23,905

$                      26,130

 Non-GAAP Operating Margin

2.4 %

14.5 %


3.6 %

5.5 %









iRobot Corporation

Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals – Continued

(in thousands, except per share amounts)

(unaudited) 



For the three months ended


For the six months ended


July 3, 2021

June 27, 2020


July 3, 2021

June 27, 2020

 GAAP Income Tax (Benefit) Expense

$                          (570)

$                  11,283


$                           (1,784)

$                        9,174

Tax effect of non-GAAP adjustments

1,512

(1,892)


2,910

(3,723)

Other tax adjustments

120

206


2,773

(1,178)

 Non-GAAP Income Tax Expense

$                        1,062

$                    9,597


$                            3,899

$                        4,273







 GAAP Net (Loss) Income

$                       (2,758)

$                  58,616


$                            4,685

$                      40,481

Amortization of acquired intangible assets

430

1,439


859

1,978

Stock-based compensation

7,340

5,870


14,122

11,061

Tariff refunds

-

(40,017)


-

(40,017)

Net merger, acquisition and divestiture expense (income)

640

(741)


640

(1,241)

IP litigation expense, net

3,583

1,137


4,724

1,753

Restructuring and other

-

1,863


213

1,863

Loss (gain) on strategic investments

250

-


212

(87)

Income tax effect

(1,632)

1,686


(5,683)

4,901

 Non-GAAP Net Income

$                        7,853

$                  29,853


$                          19,772

$                      20,692







 GAAP Net (Loss) Income Per Diluted Share

$                         (0.10)

$                      2.07


$                              0.16

$                          1.42

Amortization of acquired intangible assets

0.01

0.05


0.03

0.07

Stock-based compensation

0.26

0.21


0.49

0.39

Tariff refunds

-

(1.41)


-

(1.41)

Net merger, acquisition and divestiture expense (income)

0.02

(0.03)


0.02

(0.04)

IP litigation expense, net

0.13

0.04


0.16

0.06

Restructuring and other

-

0.07


0.01

0.07

Loss (gain) on strategic investments

0.01

-


0.01

-

Income tax effect

(0.06)

0.06


(0.20)

0.17

 Non-GAAP Net Income Per Diluted Share

$                          0.27

$                      1.06


$                              0.68

$                          0.73







Number of shares used in diluted per share calculation

28,700

28,280


28,908

28,414













Section 301 Tariff Costs






Section 301 tariff costs

$                      11,622

$                  (6,609)


$                          15,005

$                               -

Impact of Section 301 tariff costs to gross and operating margin (GAAP & non-
GAAP)

(3.2)%

2.4 %


(2.2)%

- %

Impact of Section 301 tariff costs to net (loss) income per diluted share (GAAP
& non-GAAP)

$                         (0.40)

$                      0.23


$                             (0.52)

$                               -







Supplemental Information






Days sales outstanding

19

42




Days in inventory

112

86




 


 iRobot Corporation

Supplemental Reconciliation of Fiscal Year 2021 GAAP to Non-GAAP Guidance

(unaudited)






FY-21

GAAP Gross Profit

$609 - $642 million

Amortization of acquired intangible assets

~$1 million

Stock-based compensation

~$2 million

Total adjustments

~$3 million

Non-GAAP Gross Profit

$612 - $645 million




FY-21

GAAP Operating Income 

$37 - $67 million

Amortization of acquired intangible assets

~$1.5 million

Stock-based compensation

~$30.8 million

Net merger, acquisition and divestiture expense (income)

~$1.0 million

IP litigation expense, net

~$9.5 million

Restructuring and other

~$0.2 million

Loss on strategic investments

~$0.2 million

Total adjustments

~$43 million

Non-GAAP Operating Income 

$80 - $110 million




FY-21

GAAP Net Income Per Diluted Share

$1.02 - $1.89

Amortization of acquired intangible assets

 ~ $0.05

Stock-based compensation

 ~ $1.08

Net merger, acquisition and divestiture expense (income)

~ $0.04

IP litigation expense, net

~ $0.33

Restructuring and other

~ $0.01

Loss on strategic investments

~ $0.01

Income tax effect

~ ($0.29) - ($0.26)

Total adjustments

~ $1.23 - $1.26

Non-GAAP Net Income Per Diluted Share

$2.25 - $3.15



Number of shares used in diluted per share calculations

~ 28.5 million

 

 

SOURCE iRobot Corporation

For further information: Andrew Kramer, Investor Relations, iRobot Corp., (781) 430-3003, akramer@irobot.com; James Baussmann, Media Relations, iRobot Corp., (781) 430-3664, jbaussmann@irobot.com