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iRobot Reports First-Quarter 2022 Financial Results

04 May 2022

Company Exceeds Q122 EPS Targets; Company Increases High End of FY22 EPS Target Range 

iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the first quarter ended April 2, 2022.

iRobot logo. (PRNewsfoto/iRobot Corp.)

Colin Angle, chairman and chief executive officer of iRobot, stated, "Our recent tariff exclusion, combined with prudent cost management, enabled us to outperform our initial operating loss and net loss per share expectations for the first quarter of 2022. In terms of our first-quarter 2022 revenue, we delivered solid performances in the U.S. and Japan, which mostly was offset by a decline in EMEA. The first quarter was also highlighted by important progress to advance each element of our 'INNOVATE. GET. KEEP. GROW.' strategy."

Commenting on the company's outlook, Angle concluded, "Looking ahead, we plan to manage our business in ways that will enable us to navigate the potential for disruptions in the consumer marketplace, particularly in EMEA, primarily driven by a combination of heightened inflation and reduced consumer confidence stemming from the Russia-Ukraine war. While we still anticipate solid revenue growth in North America and our prospects in Japan are strengthening, we have reduced our full-year revenue growth expectations due primarily to the prospect of muted category growth in EMEA. Nevertheless, the combination of tariff-related savings and ongoing actions to carefully manage spending will help us preserve our profitability and enable us to slightly increase the high end of our FY22 EPS targets. We believe that our anticipated revenue and EPS trajectory in the second half of FY22 will leave us well positioned to deliver on our long-term financial targets."

Financial Performance Highlights

  • Revenue for the first quarter of 2022 was $292.0 million, compared with $303.3 million in the first quarter of 2021.
    • iRobot's revenue in the U.S. grew 33% and the company's revenue increased 25% in Japan for the first quarter of 2022 versus the same period one year ago. iRobot's first-quarter 2022 revenue in EMEA declined 44% against a very strong quarter in EMEA one year ago.
    • Revenue from premium robots with an MSRP of $500 or more grew by over 30% in the first quarter of 2022. Mid-tier robots (with an MSRP between $300 and $499) and premium robots accounted for 86% of first-quarter 2022 robot sales, versus 84% from the prior year's first quarter.
    • Aeris air purifier revenue was approximately $3 million in the first quarter of 2022.
    • We estimate that iRobot's first-quarter 2022 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 6% from the same period last year and represented approximately 62% of total quarterly revenue. Direct-to-consumer revenue of $41 million in the first quarter of 2022 grew 17% from the same quarter last year and represented 14% of total revenue.
  • GAAP operating loss for the first quarter of 2022 was $23.3 million, compared with GAAP operating income of $6.4 million in the first quarter of 2021. First-quarter 2022 non-GAAP operating loss of $18.5 million compared with non-GAAP operating income of $15.0 million in the same period one year ago.
  • GAAP net loss per share was $1.12 for the first quarter of 2022, compared with GAAP net income per share of $0.26 for the same period one year ago. Non-GAAP net loss per share was $0.66 for the first quarter of 2022 versus non-GAAP first-quarter 2021 net income per share of $0.41.
  • As of April 2, 2022, the company's cash, cash equivalents and short-term investments were $113.5 million, compared with $234.5 million at the end of 2021.

Q122 and Recent Business Highlights

  • During the first quarter of 2022, iRobot further expanded its community of engaged, connected customers who have opted-in to its digital communications to approximately 14.9 million, a 40% increase over the same period one year ago.
  • In mid-March, iRobot released version 4.0 of its Genius Home Intelligence platform, which delivers an array of new features and functionality for its fleet of WiFi-connected Roomba and Braava floor cleaning robots. Among the more significant capabilities of Genius 4.0 is the addition of Imprint Smart Mapping to the Roomba i3 Series, which enables customers to create customizable Smart Maps and then have their robot clean specific rooms via the iRobot Home app or through their preferred voice assistant. Genius 4.0 also adds towels and clothes to the range of objects that the Roomba j7 Series can identify and avoid, thereby further improving mission completion rates.
  • During the first quarter of 2022, the Roomba j7 Series was introduced in Japan and other key markets around the world.
  • On March 23, 2022, the United States Trade Representative reinstated the exclusion for robotic vacuum cleaners from Section 301 tariffs. This exclusion, which became retroactively effective on October 12, 2021, will extend through December 31, 2022.
  • iRobot made solid progress during the first quarter to increase overall supply chain resiliency and continuity while also taking steps to increase efficiency across its warehouse network in North America.
  • iRobot continued to build strong brand awareness while the company's products continued to win major awards and receive favorable reviews. During the first quarter, iRobot was named to Newsweek's 'America's Most Trustworthy Companies' list and was named manufacturer of the year for robot vacuums by Chip.De. The Roomba j7 Series was lauded by Tom's Guide, Better Homes & Gardens and TechHive in North America, La Vanguardia in Spain, BBC Science Focus Magazine in the U.K. and Presse Citron in France. In addition, the Aair 3-in-1 Pro air purifier was named a Product Design Finalist by IHA.
  • In early April, in conjunction with supporting National Robotics Week, an event that iRobot founded and organized, the company introduced the Create 3, an advanced developer platform based on the Roomba i3 Series robot that is designed to promote higher-level exploration for those seeking to advance their education or career in robotics.

Financial Expectations
iRobot updated its full-year 2022 GAAP and non-GAAP financial expectations, which were originally issued on February 9, 2022. A detailed reconciliation between the company's GAAP and non-GAAP expectations is included in the attached financial tables. 

Fiscal Year 2022 ending December 31, 2022:

Metric

 

GAAP

  

Adjustments

 

Non-GAAP

Revenue

$1.64 billion - $1.74 billion

 

 

$1.64 billion - $1.74 billion

Gross Profit

$586 million - $638 million

 

~($3 million)

 

$583 million - $635 million

Operating Income

$5.3 million - $21.3 million 

 

~$39.7 million

 

$45 million - $61 million 

(Loss) Earnings Per Share

($0.37) - $0.23

 

~$1.87

 

$1.50 - $2.10

First-Quarter 2022 Results Conference Call
iRobot will host a conference call tomorrow at 8:30 a.m. ET to review its first-quarter 2022 financial results, and discuss its outlook going forward. Pertinent conference call details include:

Date:                           May 5, 2022
Time:                           8:30 a.m. ET
Call-In Number:          785-424-1734
Conference ID:           31564

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 IR website at https://investor.irobot.com/events/event-details/q122-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 May 12, and can be accessed by dialing either 402-220-2676 or 800-753-6121 (no conference ID necessary).

About iRobot Corp.
iRobot, the leading global consumer robot company, designs and builds the world's most thoughtful robots and intelligent home innovations that make life better. 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 40 million robots worldwide. iRobot's product portfolio features proprietary technologies and advanced concepts in cleaning, mapping and navigation. Leveraging this portfolio, iRobot engineers are working to build an ecosystem of robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. 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 2022 revenue, gross profit, operating profit and EPS; our plans to manage our business in ways that will enable us to navigate potential disruptions in the consumer marketplace,; our expectation for solid revenue growth in North America; the strengthening of our business in Japan; and the reduction of our full-year revenue growth expectations due primarily to the prospect of muted category growth in EMEA; and our view that our anticipated revenue and EPS trajectory in the second half of FY22 will leave us well positioned to deliver on our long-term financial targets. 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 impacts of the Russia-Ukraine war and COVID-19 on our business, the industry and markets in which we operate, and the global economy; current supply chain challenges including current constraints in the availability of certain semiconductor components used in our products; 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; 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

 

April 2, 2022

 

April 3, 2021

    

Revenue

$     291,969

 

$     303,261

Cost of revenue:

   

Cost of product revenue

183,633

 

180,092

Amortization of acquired intangible assets

821

 

225

Total cost of revenue

184,454

 

180,317

    

Gross profit

107,515

 

122,944

    

Operating expenses:

   

Research and development

42,529

 

41,920

Selling and marketing

61,065

 

50,990

General and administrative

26,698

 

23,440

Amortization of acquired intangible assets

510

 

205

Total operating expenses

130,802

 

116,555

    

Operating (loss) income

(23,287)

 

6,389

    

Other expense, net

(16,746)

 

(160)

    

(Loss) income before income taxes

(40,033)

 

6,229

Income tax benefit

(9,627)

 

(1,214)

Net (loss) income

$      (30,406)

 

$         7,443

    

Net (loss) income per share:

   

Basic

$          (1.12)

 

$           0.26

Diluted

$          (1.12)

 

$           0.26

    

Number of shares used in per share calculations:

   

Basic

27,051

 

28,257

Diluted

27,051

 

29,086

    

Stock-based compensation included in above figures:

   

Cost of revenue

$            441

 

$            362

Research and development

2,682

 

2,149

Selling and marketing

1,450

 

959

General and administrative

2,635

 

3,312

Total

$         7,208

 

$         6,782

iRobot Corporation

 Condensed Consolidated Balance Sheets

 (unaudited, in thousands)

    
    
 

April 2, 2022

 

January 1, 2022

    

 Assets

   
    

 Cash and cash equivalents

$     112,038

 

$          201,457

 Short term investments

1,461

 

33,044

 Accounts receivable, net

105,573

 

160,642

 Inventory

331,085

 

333,296

 Other current assets

96,749

 

61,094

Total current assets

646,906

 

789,533

 Property and equipment, net

71,877

 

78,887

 Operating lease right-of-use assets

31,262

 

37,609

 Deferred tax assets

50,995

 

37,945

 Goodwill

169,964

 

173,292

 Intangible assets, net

26,627

 

28,410

 Other assets

38,834

 

38,753

Total assets

$  1,036,465

 

$       1,184,429

    

 Liabilities and stockholders' equity

   
    

 Accounts payable

$     172,908

 

$          251,298

 Accrued expenses

89,382

 

132,618

 Deferred revenue and customer advances

13,298

 

11,767

Total current liabilities

275,588

 

395,683

 Operating lease liabilities

36,904

 

43,462

 Deferred tax liabilities

3,187

 

3,250

 Other long-term liabilities

25,584

 

25,311

Total long-term liabilities

65,675

 

72,023

Total liabilities

341,263

 

467,706

 Stockholders' equity

695,202

 

716,723

Total liabilities and stockholders' equity

$  1,036,465

 

$       1,184,429

iRobot Corporation

Consolidated Statements of Cash Flows

 (unaudited, in thousands)

    
    
 

For the three months ended

 

April 2, 2022

 

April 3, 2021

Cash flows from operating activities:

   

Net (loss) income

$      (30,406)

 

$         7,443

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities, net of the effects of acquisition:

   

Depreciation and amortization

11,241

 

7,501

Loss on equity investment

16,835

 

-

Stock-based compensation

7,208

 

6,782

Deferred income taxes, net

(15,571)

 

(95)

Other

1,539

 

1,582

Changes in operating assets and liabilities — (use) source

   

Accounts receivable

54,299

 

101,459

Inventory

(1,688)

 

(51,443)

Other assets

(26,734)

 

3,425

Accounts payable 

(77,006)

 

(15,438)

Accrued expenses and other liabilities

(42,032)

 

(32,522)

Net cash (used in) provided by operating activities

(102,315)

 

28,694

    

Cash flows from investing activities:

   

Additions of property and equipment

(3,113)

 

(11,272)

Purchase of investments

(500)

 

(8,664)

Sales and maturities of investments

16,213

 

63,644

Net cash provided by investing activities

12,600

 

43,708

    

Cash flows from financing activities:

   

Proceeds from employee stock plans

797

 

2,589

Income tax withholding payment associated with restricted stock vesting

(1,524)

 

(4,756)

Net cash used in financing activities

(727)

 

(2,167)

    

Effect of exchange rate changes on cash and cash equivalents

1,023

 

(2,116)

Net (decrease) increase in cash and cash equivalents

(89,419)

 

68,119

Cash and cash equivalents, at beginning of period

201,457

 

432,635

Cash and cash equivalents, at end of period

$     112,038

 

$     500,754

iRobot Corporation

Supplemental Information

(unaudited)

    
    
 

For the three months ended

 

April 2, 2022

 

April 3, 2021

Revenue by Geography: *

   

    Domestic

$     153,174

 

$     114,772

    International

138,795

 

188,489

Total

$     291,969

 

$     303,261

    

Robot Units Shipped *

   

      Vacuum

865

 

971

      Mopping

109

 

117

Total

974

 

1,088

    

Revenue by Product Category **

   

      Vacuum***

$            259

 

$            270

      Mopping and other****

33

 

33

Total

$            292

 

$            303

    

Average gross selling prices for robot units

$            333

 

$            319

    

Headcount

1,415

 

1,267

 

* in thousands

** in millions

*** Includes Roomba robot vacuum-related accessory revenue

**** Includes Braava robot mop-related accessory revenue and air purifier, handheld vacuum and Root

 

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.

Tariff Refunds: iRobot's Section 301 List 3 Tariff Exclusion was reinstated in March 2022, which temporarily eliminates tariffs on the Company's products imported from China until December 31, 2022 and entitles the Company to a refund of all related tariffs previously paid since October 12, 2021. We exclude the refunds for tariffs paid in 2021 from our 2022 first-quarter non-GAAP measures because those tariff refunds associated with tariff costs incurred in the past have no impact to our current period earnings.

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.

Restructuring and Other: Restructuring charges are related to one-time actions associated with realigning resources, enhancing operational productivity and efficiency, or improving the company's cost structure in support of the company's strategy. Such actions are not reflective of ongoing operations and include costs primarily associated with severance costs, certain professional fees, costs associated with consolidation of warehouses, and other non-recurring costs directly associated with resource realignments tied to strategic initiatives or changes in business conditions. We exclude this item from our non-GAAP measures when evaluating our recent and prospective business performance as such items vary significantly based on the magnitude of the action and do not reflect anticipated future operating costs. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

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

 
 

April 2, 2022

April 3, 2021

 

 GAAP Revenue

$     291,969

$     303,261

 
    

 GAAP Gross Profit

$     107,515

$     122,944

 

Amortization of acquired intangible assets

821

225

 

Stock-based compensation

441

362

 

Tariff refunds

(11,727)

-

 

Restructuring and other

3,538

-

 

 Non-GAAP Gross Profit

$     100,588

$     123,531

 

 Non-GAAP Gross Margin

34.5%

40.7%

 
    

 GAAP Operating Expenses

$     130,802

$     116,555

 

Amortization of acquired intangible assets

(510)

(205)

 

Stock-based compensation 

(6,767)

(6,420)

 

Net merger, acquisition and divestiture expense

(109)

-

 

IP litigation expense, net 

(3,487)

(1,140)

 

Restructuring and other

(825)

(213)

 

 Non-GAAP Operating Expenses

$     119,104

$     108,577

 

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

40.8%

35.8%

 
    

 GAAP Operating (Loss) Income

$      (23,287)

$         6,389

 

Amortization of acquired intangible assets

1,331

430

 

Stock-based compensation

7,208

6,782

 

Tariff refunds

(11,727)

-

 

Net merger, acquisition and divestiture expense

109

-

 

IP litigation expense, net

3,487

1,140

 

Restructuring and other

4,363

213

 

 Non-GAAP Operating (Loss) Income

$      (18,516)

$       14,954

 

 Non-GAAP Operating Margin

-6.3%

4.9 %

 
    
    

iRobot Corporation

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

(in thousands, except per share amounts)

(unaudited)

 
 
 

For the three months ended

 
 

April 2, 2022

April 3, 2021

 

 GAAP Income Tax Benefit

$        (9,627)

$        (1,214)

 

Tax effect of non-GAAP adjustments

9,891

1,398

 

Other tax adjustments

(706)

2,653

 

 Non-GAAP Income Tax (Benefit) Expense

$           (442)

$         2,837

 
    

 GAAP Net (Loss) Income

$      (30,406)

$         7,443

 

Amortization of acquired intangible assets

1,331

430

 

Stock-based compensation

7,208

6,782

 

Tariff refunds

(11,727)

-

 

Net merger, acquisition and divestiture expense

109

-

 

IP litigation expense, net

3,487

1,140

 

Restructuring and other

4,363

213

 

Loss (gain) on strategic investments

16,835

(38)

 

Income tax effect

(9,185)

(4,051)

 

 Non-GAAP Net (Loss) Income

$      (17,985)

$       11,919

 
    

 GAAP Net (Loss)  Income Per Diluted Share

$          (1.12)

$           0.26

 

Amortization of acquired intangible assets

0.05

0.01

 

Stock-based compensation

0.27

0.23

 

Tariff refunds

(0.43)

-

 

Net merger, acquisition and divestiture expense

-

-

 

IP litigation expense, net

0.13

0.04

 

Restructuring and other

0.16

0.01

 

Loss (gain) on strategic investments

0.62

-

 

Income tax effect

(0.34)

(0.14)

 

 Non-GAAP Net (Loss) Income Per Diluted Share

$          (0.66)

$           0.41

 
    

Number of shares used in diluted per share calculation

27,051

29,086

 
    

Supplemental Information

   

Days sales outstanding

33

20

 

GAAP Days in inventory

164

118

 

Non-GAAP Days in inventory

158

118

 

iRobot Corporation

   

Supplemental Data - Impact of Section 301 Tariffs 

   

(in thousands, except per share amounts)

   

(unaudited)

   
    
    
 

For the three months ended

 

April 2, 2022

 

April 3, 2021

    

Section 301 Tariff Costs

$            998

 

$         3,383

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

(0.3)%

 

(1.1)%

Tax effected impact of Section 301 tariff costs to net income per diluted share (GAAP)

$          (0.03)

 

$          (0.09)

Tax effected impact of Section 301 tariff costs to net income per diluted share (non-GAAP)

$          (0.04)

 

$          (0.09)

 

Certain numbers may not total due to rounding

iRobot Corporation

Supplemental Reconciliation of Fiscal Year 2022 GAAP to Non-GAAP Guidance

(unaudited)

  
  
 

FY-22

GAAP Gross Profit

$586 - $638 million

Amortization of acquired intangible assets

~$3 million

Stock-based compensation

~$2 million

Tariff refunds

 ~($12) million 

Restructuring and other

 ~$4 million 

Total adjustments

~($3) million

Non-GAAP Gross Profit

$583 - $635 million

  
 

FY-22

GAAP Operating Income 

$5.3 - $21.3 million

Amortization of acquired intangible assets

~$5 million

Stock-based compensation

~$36.7 million

Tariff refunds

~($11.7) million

Net merger, acquisition and divestiture expense

~$0.1 million

IP litigation expense, net

~$5.2 million

Restructuring and other

~$4.4  million

Total adjustments

~$39.7 million

Non-GAAP Operating Income 

$45 - $61 million

  
 

FY-22

GAAP Net (Loss) Income Per Diluted Share

($0.37) - $0.23

Amortization of acquired intangible assets

 ~$0.18 

Stock-based compensation

 ~$1.34  

Tariff refunds

 ~($0.43) 

Net merger, acquisition and divestiture expense (income)

 ~$0.00

IP litigation expense, net

 ~$0.19 

Restructuring and other

 ~$0.16 

Loss on strategic investments

~$0.62 

Income tax effect

~($0.19)

Total adjustments

~$1.87

Non-GAAP Net Income Per Diluted Share

$1.50 - $2.10

  

Number of shares used in diluted per share calculations

~ 27.3 million

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