Technology
iRobot Reports Fourth-Quarter and Full-Year 2023 Financial Results
Published
7 months agoon
By
Provides Annual Guidance for 2024
BEDFORD, Mass., Feb. 26, 2024 /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the fourth quarter and full year ended December 30, 2023.
Fourth Quarter 2023 Financial Performance Highlights
Revenue was $307.5 million compared to $357.9 million last yearGAAP net loss per share was ($2.28) compared to GAAP net loss per share of ($3.07) last yearNon-GAAP net loss per share was ($1.82) compared to non-GAAP net loss per share of ($1.54) last year
Fiscal 2023 Financial Performance Highlights
Revenue declined to $890.6 million from $1,183.4 million in 2022GAAP net loss per share was ($11.01) compared to GAAP net loss of ($10.52) in 2022Non-GAAP net loss per share was ($7.73) compared to non-GAAP net loss per share of ($4.50) in 2022
“As we shared last month, we are actively implementing an operational restructuring plan designed to both stabilize the business in the current environment and advance our growth initiatives,” said Glen Weinstein, Interim CEO of iRobot. “The plan will simplify our cost structure, create a more sustainable business model, and enable us to focus on our core value drivers. As we move forward with urgency and focus, our management team and Board are confident in iRobot’s ability to build on our innovation and to navigate this period successfully as a standalone company.”
“We are managing through a challenging period and making critical strategic progress that we believe will help expand and better position our business for the future,” added Weinstein. “We are confident that the actions we are taking today will drive improved performance going forward.”
iRobot anticipates full year 2024 revenue between $825 and $865 million. iRobot expects full year 2024 GAAP net loss per share between ($3.13) and ($2.70) and non-GAAP net loss per share between ($3.73) and ($3.30).
iRobot’s top financial priorities are liquidity and careful cash management. With the operational restructuring plan announced last month, iRobot anticipates a significant improvement in cash outflow from operations in fiscal 2024 compared with the reported cash outflow from operations of ($114.8) million for full year 2023. Excluding the net proceeds from the $94 million break-up fee from Amazon, iRobot expects negative cash flow from operations in Q1 and Q2 and anticipates generating modest positive cash flow from operations in both Q3 and Q4 during fiscal 2024.
Operational Restructuring Plan
As announced on January 29, 2024, the Company has initiated an operational restructuring plan designed to more closely align its cost structure with near-term revenue expectations and drive bottom-line improvement. These measures include:
Achieving margin improvements through a focus on design-to-value and more attractive terms with manufacturing partners with an anticipated GAAP gross margin of between 31% and 33% and non-GAAP gross margin of between 32% and 34% in 2024;Reducing research and development expense by approximately $25 million through relocating certain non-core engineering functions and pausing work unrelated to iRobot’s core floorcare business to focus on innovation and development efforts on the Company’s key revenue generators;Centralizing global marketing activities to be more efficient in iRobot’s demand generation efforts, which we anticipate will result in a decrease in overall selling and marketing expenses by $40 million including working marketing reduction of $20 million;Streamlining the Company’s legal entity and real estate footprint to fit its current business needs and near-term revenue expectations; andImplementing workforce reductions of approximately 350 employees, which represents 31 percent of the Company’s workforce as of December 30, 2023, with the majority of notifications taking place by March 30, 2024. As part of this workforce reduction, iRobot expects to record restructuring charges totaling between $12 million and $13 million, primarily for severance and related costs.
Fourth-Quarter Operational and Recent Highlights
Geographically, fourth quarter 2023 revenue declined 20% in the U.S., 19% in Japan and 5% in EMEA over the prior period last year. Full year 2023 revenue declined 30% in the U.S., 21% in Japan and 11% in EMEA.Revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 83% of total robot sales in the fourth quarter of 2023 versus 84% from the same period last year.iRobot’s product lineup received positive reviews across regions in media outlets including Reviewed, TechRadar, Homes & Gardens, CNN Underscored, Lifehacker, TechHive, ZDNET, Xataka, T3, Tom’s Guide and Gear Patrol.The iRobot Roomba Combo j9+ was named ‘Best Robot Vacuum’ by U.S. News & World Report. The Company’s products received other notable accolades from media outlets including GQ, Popular Mechanics, Gear Patrol and GoodsPress.iRobot products were featured as recommended deals and gifts in Black Friday/Cyber Monday and holiday gift guide-related coverage in TODAY, Good Morning America, Esquire and many other top media outlets.
2024 Financial Outlook
iRobot is providing GAAP and non-GAAP financial expectations for the fiscal year ending December 28, 2024. A detailed reconciliation between the Company’s GAAP and non-GAAP expectations is included in the attached financial tables.
Fiscal Year 2024:
Metric
GAAP
Adjustments
Non-GAAP
Revenue
$825 – $865 million
—
$825 – $865 million
Gross Margin
31% to 33%
~1%
32% to 34%
Operating Loss
($41) – ($29) million
~($17) million
($58) – ($46) million
Net Loss Per Share
($3.13) – ($2.70)
~($0.60)
($3.73) – ($3.30)
For the first half of 2024, revenue is expected to decline in the high teens to low 20s percentage range compared to the first half of 2023, with Q2 expected to be the weaker quarter as the Company expects a shifting of orders into Q3.For the second half of the year, the Company anticipates a mid-single-digit percentage improvement in revenue compared to the second half of 2023.iRobot anticipates that the majority of the gross margin improvement will occur in the second half of the year as the Company ramps its initiatives.
Fourth-Quarter 2023 Results Conference Call
iRobot will host a live webcast and conference call tomorrow at 8:30 a.m. ET to discuss its fourth-quarter 2023 financial results and its outlook for fiscal year 2024. Pertinent conference call details include:
Date: February 27, 2024
Time: 8:30 a.m. ET
Call-In Number: 203-518-9783
Conference ID: IRBTQ423
A live webcast of the conference call will be accessible on the event section of the Company’s website at https://investor.irobot.com/events/event-details/q4-2023-irobot-corp-earnings-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 March 5, and can be accessed by dialing 402-220-7330.
About iRobot Corp.
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 50 million robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building 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.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which relate to, among other things: the Company’s expectations regarding future financial performance, including with respect to 2024 revenue, gross margin, operating loss and loss per share; and the Company’s implementation of its operational restructuring plan, the expected business and financial impacts thereof, and related restructuring charges. These forward-looking statements are based on the Company’s current expectations, estimates and projections about its business and industry, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the Company’s ability to obtain capital when desired on favorable terms, if at all; (ii) our restructuring efforts may not be successful; (iii) the impact of the COVID-19 pandemic and various global conflicts on the Company’s business and general economic conditions; (iv) the Company’s ability to implement its business strategy; (v) the risk that disruptions from the proposed restructuring will harm the Company’s business, including current plans and operations; (vi) the ability of the Company to retain and hire key personnel, including successfully navigating its leadership transition; (vii) legislative, regulatory and economic developments affecting the Company’s business; (viii) general economic and market developments and conditions; (ix) the evolving legal, regulatory and tax regimes under which the Company operates; (x) potential business uncertainty, including changes to existing business relationships that could affect the Company’s financial performance; (xi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, (xii) current supply chain challenges including current constraints in the availability of certain semiconductor components used in the Company’s products; (xiii) the financial strength of the Company’s customers and retailers; (xiv) the impact of tariffs on goods imported into the United States; and (xv) competition, as well as the Company’s response to any of the aforementioned factors. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in the Company’s most recent annual and quarterly reports filed with the SEC and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time and available at www.sec.gov. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability and similar risks, any of which could have a material adverse effect on the Company’s financial condition, results of operations, or liquidity. The forward-looking statements included herein are made only as of the date hereof. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
iRobot Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
For the three months ended
For the twelve months ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Revenue
$ 307,544
$ 357,872
$ 890,580
$ 1,183,383
Cost of revenue:
Cost of product revenue
249,112
272,367
693,217
830,478
Amortization of acquired intangible assets
301
280
1,166
2,812
Total cost of revenue
249,413
272,647
694,383
833,290
Gross profit
58,131
85,225
196,197
350,093
Operating expenses:
Research and development
26,951
40,615
144,087
166,508
Selling and marketing
59,673
95,952
201,676
293,307
General and administrative
18,903
33,527
109,148
118,112
Amortization of acquired intangible assets
4,837
(54)
5,366
12,549
Total operating expenses
110,364
170,040
460,277
590,476
Operating loss
(52,233)
(84,815)
(264,080)
(240,383)
Other expense, net
(4,758)
(1,393)
(28,975)
(21,300)
Loss before income taxes
(56,991)
(86,208)
(293,055)
(261,683)
Income tax expense (benefit)
6,603
(2,107)
11,655
24,612
Net loss
$ (63,594)
$ (84,101)
$ (304,710)
$ (286,295)
Net loss per share:
Basic
$ (2.28)
$ (3.07)
$ (11.01)
$ (10.52)
Diluted
$ (2.28)
$ (3.07)
$ (11.01)
$ (10.52)
Number of shares used in per share calculations:
Basic
27,880
27,379
27,676
27,214
Diluted
27,880
27,379
27,676
27,214
Stock-based compensation included in above figures:
Cost of revenue
$ 935
$ 620
$ 3,160
$ 2,194
Research and development
3,653
2,816
12,391
10,473
Selling and marketing
1,622
1,558
5,843
6,358
General and administrative
3,966
3,402
14,662
12,880
Total
$ 10,176
$ 8,396
$ 36,056
$ 31,905
iRobot Corporation
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
December 30, 2023
December 31, 2022
Assets
Cash and cash equivalents
$ 185,121
$ 117,949
Accounts receivable, net
79,387
66,025
Inventory
152,469
285,250
Other current assets
48,513
59,076
Total current assets
465,490
528,300
Property and equipment, net
40,395
60,909
Operating lease right-of-use assets
19,642
26,084
Deferred tax assets
8,512
16,248
Goodwill
175,105
167,724
Intangible assets, net
5,044
11,260
Other assets
19,510
24,918
Total assets
$ 733,698
$ 835,443
Liabilities and stockholders’ equity
Accounts payable
$ 178,318
$ 184,016
Accrued expenses
97,999
98,959
Deferred revenue and customer advances
10,830
13,208
Total current liabilities
287,147
296,183
Term loan
201,501
–
Operating lease liabilities
27,609
33,247
Other long-term liabilities
20,954
30,297
Total long-term liabilities
250,064
63,544
Total liabilities
537,211
359,727
Stockholders’ equity
196,487
475,716
Total liabilities and stockholders’ equity
$ 733,698
$ 835,443
iRobot Corporation
Consolidated Statements of Cash Flows
(unaudited, in thousands)
For the twelve months ended
December 30, 2023
December 31, 2022
Cash flows from operating activities:
Net loss
$ (304,710)
$ (286,295)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
32,791
47,869
Loss on equity investment
3,910
19,718
Stock-based compensation
36,056
31,905
Change in fair value of term loan
5,904
–
Debt issuance costs expensed under fair value option
11,837
–
Deferred income taxes, net
6,563
18,799
Other
(17,694)
(1,003)
Changes in operating assets and liabilities — (use) source
Accounts receivable
(11,748)
94,750
Inventory
125,710
49,399
Other assets
13,941
52,029
Accounts payable
(4,604)
(73,598)
Accrued expenses and other liabilities
(12,749)
(43,594)
Net cash used in operating activities
(114,793)
(90,021)
Cash flows from investing activities:
Additions of property and equipment
(2,862)
(12,325)
Purchase of investments
(233)
(3,150)
Sales and maturities of investments
–
17,723
Net cash (used in) provided by investing activities
(3,095)
2,248
Cash flows from financing activities:
Proceeds from employee stock plans
9
4,719
Income tax withholding payment associated with restricted stock vesting
(2,802)
(1,775)
Proceeds from term loan
200,000
–
Payment of debt issuance costs
(11,837)
–
Net cash provided by financing activities
185,370
2,944
Effect of exchange rate changes on cash, cash equivalents and restricted cash
2,456
1,321
Net increase (decrease) in cash, cash equivalents and restricted cash
69,938
(83,508)
Cash, cash equivalents and restricted cash, at beginning of period
117,949
201,457
Cash, cash equivalents and restricted cash, at end of period
$ 187,887
$ 117,949
Cash, cash equivalents and restricted cash, at end of period:
Cash and cash equivalents
$ 185,121
$ 117,949
Restricted cash, current (included in other current assets)
1,000
–
Restricted cash, non-current (included in other assets)
1,766
–
Cash, cash equivalents and restricted cash, at end of period
$ 187,887
$ 117,949
iRobot Corporation
Supplemental Information
(unaudited)
For the three months ended
For the twelve months ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Revenue by Geography: *
Domestic
$ 139,806
$ 175,481
$ 428,531
$ 615,107
International
167,738
182,391
462,049
568,276
Total
$ 307,544
$ 357,872
$ 890,580
$ 1,183,383
Robot Units Shipped *
Vacuum
1,075
1,213
2,834
3,772
Mopping
64
122
200
410
Total
1,139
1,335
3,034
4,182
Revenue by Product Category **
Vacuum***
$ 291
$ 331
$ 831
$ 1,066
Mopping and other****
17
27
60
117
Total
$ 308
$ 358
$ 891
$ 1,183
Average gross selling prices for robot units
$ 370
$ 362
$ 360
$ 337
Headcount
1,113
1,254
* 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 as well as any non-cash impairment charges associated with intangible assets in connection with our past acquisitions. 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, including with respect to the iRobot-Amazon Merger which was terminated on January 28, 2024. 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: Our exclusion from Section 301 List 3 tariffs was reinstated in March 2022, which temporarily eliminates tariffs on our Roomba products imported from China beginning on October 12, 2021 until December 31, 2022. This temporary exclusion, which was subsequently extended until December 31, 2023, and then further extended until May 31, 2024, entitles us to a refund of all related tariffs previously paid since October 12, 2021. We exclude the refunds for tariff costs expensed during fiscal 2021 from our 2022 non-GAAP measures because those tariff refunds associated with tariff costs incurred in the past have no impact to our current period earnings.
Restructuring and Other: Restructuring charges are related to one-time actions associated with realigning resources, enhancing operational productivity and efficiency, or improving our cost structure in support of our 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 facilities, warehouses and any other leased properties, 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.
Debt issuance costs: Debt issuance costs include various incremental fees and commissions paid to third parties in connection with the issuance of debt.
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 regularly assess the need to record valuation allowances based on non-GAAP profitability and other factors. We also exclude certain tax items, including the impact from stock-based compensation windfalls/shortfalls, that are not reflective of income tax expense incurred as a result of current period earnings. During fiscal 2023, we concluded that, based on the introduction of negative evidence associated with increased expenses expected from the Term Loan issued during 2023, it is no longer more likely than not that the net deferred tax assets are recoverable on a non-GAAP basis. Accordingly, we recorded a valuation allowance as a non-GAAP adjustment during fiscal 2023. 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 twelve months ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
GAAP Revenue
$ 307,544
$ 357,872
$ 890,580
$ 1,183,383
GAAP Gross Profit
$ 58,131
$ 85,225
$ 196,197
$ 350,093
Amortization of acquired intangible assets
301
280
1,166
2,812
Stock-based compensation
935
620
3,160
2,194
Tariff refunds
–
–
–
(11,727)
Net merger, acquisition and divestiture expense
(1,159)
462
(262)
462
Restructuring and other
–
–
174
4,551
Non-GAAP Gross Profit
$ 58,208
$ 86,587
$ 200,435
$ 348,385
GAAP Gross Margin
18.9 %
23.8 %
22.0 %
29.6 %
Non-GAAP Gross Margin
18.9 %
24.2 %
22.5 %
29.4 %
GAAP Operating Expenses
$ 110,364
$ 170,040
$ 460,277
$ 590,476
Amortization of acquired intangible assets
(4,837)
54
(5,366)
(12,549)
Stock-based compensation
(9,241)
(7,776)
(32,896)
(29,711)
Net merger, acquisition and divestiture expense
7,167
(10,079)
(14,824)
(18,195)
Restructuring and other
81
(3,628)
(7,981)
(9,042)
Non-GAAP Operating Expenses*
$ 103,534
$ 148,611
$ 399,210
$ 520,979
GAAP Operating Expenses as a % of GAAP Revenue
35.9 %
47.5 %
51.7 %
49.9 %
Non-GAAP Operating Expenses as a % of Non-GAAP Revenue*
33.7 %
41.5 %
44.8 %
44.0 %
GAAP Operating Loss
$ (52,233)
$ (84,815)
$ (264,080)
$ (240,383)
Amortization of acquired intangible assets
5,138
226
6,532
15,361
Stock-based compensation
10,176
8,396
36,056
31,905
Tariff refunds
–
–
–
(11,727)
Net merger, acquisition and divestiture expense
(8,326)
10,541
14,562
18,657
Restructuring and other
(81)
3,628
8,155
13,593
Non-GAAP Operating Loss*
$ (45,326)
$ (62,024)
$ (198,775)
$ (172,594)
GAAP Operating Margin
(17.0) %
(23.7) %
(29.7) %
(20.3) %
Non-GAAP Operating Margin*
(14.7) %
(17.3) %
(22.3) %
(14.6) %
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 twelve months ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
GAAP Income Tax Expense (Benefit)
$ 6,603
$ (2,107)
$ 11,655
$ 24,612
Tax effect of non-GAAP adjustments
155
(22,986)
720
(50,635)
Other tax adjustments
(6,182)
4,690
(10,331)
(25,789)
Non-GAAP Income Tax Expense (Benefit)
$ 576
$ (20,403)
$ 2,044
$ (51,812)
GAAP Net Loss
$ (63,594)
$ (84,101)
$ (304,710)
$ (286,295)
Amortization of acquired intangible assets
5,138
226
6,532
15,361
Stock-based compensation
10,176
8,396
36,056
31,905
Tariff refunds
–
–
–
(11,727)
Net merger, acquisition and divestiture expense
(8,326)
10,541
14,562
18,657
Restructuring and other
(81)
3,628
8,155
13,593
Loss on strategic investments
–
890
3,910
19,718
Debt issuance costs
–
–
11,837
–
Income tax effect
6,027
18,296
9,611
76,424
Non-GAAP Net Loss*
$ (50,660)
$ (42,124)
$ (214,047)
$ (122,364)
GAAP Net Loss Per Diluted Share
$ (2.28)
$ (3.07)
$ (11.01)
$ (10.52)
Amortization of acquired intangible assets
0.18
0.01
0.24
0.56
Stock-based compensation
0.36
0.31
1.30
1.17
Tariff refunds
–
–
–
(0.43)
Net merger, acquisition and divestiture expense
(0.30)
0.38
0.53
0.69
Restructuring and other
–
0.13
0.29
0.50
Loss on strategic investments
–
0.03
0.14
0.72
Debt issuance costs
–
–
0.43
–
Income tax effect
0.22
0.67
0.35
2.81
Non-GAAP Net Loss Per Diluted Share*
$ (1.82)
$ (1.54)
$ (7.73)
$ (4.50)
Number of shares used in diluted per share calculation
27,880
27,379
27,676
27,214
Supplemental Information
Days sales outstanding
24
17
GAAP Days in inventory
56
95
Non-GAAP Days in inventory(1)
56
96
* Beginning in the fourth quarter of 2023, we updated our calculation of non-GAAP financial measures to no longer exclude “IP litigation expense, net.” The metrics for each period are presented in accordance with this updated methodology; as a result, the 2022 fiscal year measures differ from those previously presented by the amount of IP litigation expense, net recorded in such period.
(1) Non-GAAP Days in inventory is calculated as inventory divided by (Revenue minus Non-GAAP Gross Profit), multiplied by 91 days.
iRobot Corporation
Supplemental Data – Impact of Section 301 Tariffs
(in thousands, except per share amounts)
(unaudited)
For the three months ended
For the twelve months ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Section 301 Tariff Costs
$ 467
$ 497
$ 1,560
$ 2,968
Impact of Section 301 tariff costs to gross and operating margin (GAAP & non-GAAP)
(0.2) %
(0.1) %
(0.2) %
(0.3) %
Tax effected impact of Section 301 tariff costs to net income per diluted share (GAAP)
$ (0.02)
$ (0.02)
$ (0.06)
$ (0.11)
Tax effected impact of Section 301 tariff costs to net income per diluted share (non-GAAP)
$ (0.02)
$ (0.01)
$ (0.06)
$ (0.08)
Certain numbers may not total due to rounding
iRobot Corporation
Supplemental Reconciliation of Fiscal Year 2024 GAAP to Non-GAAP Guidance
(unaudited)
FY-24
GAAP Gross Profit
$258 – $288 million
Stock-based compensation
~$4 million
Restructuring and other
~$2 million
Total adjustments
~$6 million
Non-GAAP Gross Profit
$264 – $294 million
FY-24
GAAP Gross Margin
31% – 33%
Stock-based compensation
~1%
Restructuring and other
~0%
Total adjustments
~1%
Non-GAAP Gross Margin
32% – 34%
FY-24
GAAP Operating Loss
($41) – ($29) million
Amortization of acquired intangible assets
~$1 million
Stock-based compensation
~$41 million
Net merger, acquisition and divestiture expense (income)
~($74) million
Restructuring and other
~$15 million
Total adjustments
~($17) million
Non-GAAP Operating Loss
($58) – ($46) million
FY-24
GAAP Net Loss Per Diluted Share
($3.13) – ($2.70)
Amortization of acquired intangible assets
~$0.03
Stock-based compensation
~$1.45
Net merger, acquisition and divestiture expense (income)
~($2.61)
Restructuring and other
~$0.53
Income tax effect
~$0
Total adjustments
~($0.60)
Non-GAAP Net Loss Per Diluted Share
($3.73) – ($3.30)
Number of shares used in diluted per share calculations
~28.3 million
View original content to download multimedia:https://www.prnewswire.com/news-releases/irobot-reports-fourth-quarter-and-full-year-2023-financial-results-302071604.html
SOURCE iRobot Corporation
You may like
Technology
Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong
Published
54 mins agoon
September 23, 2024By
HONG KONG, Sept. 22, 2024 /PRNewswire/ — Positioned as an essential knowledge exchange platform and a cross-continental meeting place for the industry, Data Center Asia (DCA), organized by Informa Markets Asia, is set to make its grand debut from 15 to 17 July 2025 at AsiaWorld-Expo, Hong Kong. Building on the success of the long-running, AFCOM-affiliated Data Center World event in the US, Data Center Asia will serve as the epicenter for data center technology innovations and business transformations in the fast-growing Asia-Pacific markets, with highlights to the regional hotspots such as the Greater Bay Area (GBA). Hong Kong as a prime event location allows the event to attract a diverse visitor mix across Asia-Pacific region and boost the connectivity with global markets.
By showcasing the end-to-end data center value chain, DCA 2025 promises to be a transformative moment for Asia’s data center ecosystem, offering unparalleled opportunities for education, networking and sourcing that will shape the future of digital infrastructure. The event will be co-located with Build4Asia, The Battery Show Asia and Mobility Tech Asia, bringing content and visitor synergies under a broad renewable energy theme that covers advanced battery technologies, energy storage, electric/hybrid technologies, green facilities and green building solutions, and other relevant subjects.
The Ultimate Showcase of Data Center Innovations
The three-day DCA 2025 will showcase hundreds of advanced solutions designed to help attendees refine their data center strategies. Exhibitors will span the entire data center industry ecosystem, bringing together every key element from data center infrastructure, design engineering and systems integration, intelligent products and technologies, cloud and virtualisation to telecommunications. Corporate users and industry professionals including data center operators, IT and infrastructure managers, facility managers, cloud service experts, cybersecurity specialists and sustainability advocates will have the opportunity to connect with top-tier global suppliers, explore the latest technologies, and rethink the full lifecycle of data center operations.
Held alongside the exhibition, The DCA conference will feature a series of expertly curated tracks, each focused on the latest trends and best practice in the industry. Featuring over 100 top-tier speakers across the region and from outside Asia, attendees will engage in in-depth discussions on key topics such as the current market landscape, energy efficiency & sustainability, data center design & operations, among many others. This dynamic exchange of ideas will inject new energy into the data center communities, offering attendees invaluable insights and practical takeaways.
Hong Kong as a Springboard to China and the Wider Asian Markets
Strategically located in the heart of Asia, Hong Kong bridges between Mainland China and the rest of the world, offering unmatched access for foreign businesses to enter the burgeoning GBA and the wider China markets and meanwhile enabling China local enterprises to expand their global footprint. Situated at AsiaWorld-Expo, which is conveniently located next to the Hong Kong International Airport and near the Hong Kong-Zhuhai-Macao Bridge, DCA 2025 ensures seamless access for visitors from all directions, making it an ideal platform to foster global connections and explore trans-continental business opportunities.
Hong Kong is distinguished by its superior connectivity, deep talent pool and advanced hardware infrastructure that complement the essential needs of the data center industry. The city’s commitment to supporting this sector is evident in its significant government initiatives, including subsidies for relevant R&D projects and the redevelopment initiatives to convert industrial buildings into the state-of-the-art data centers. These efforts are also complemented by Hong Kong’s strong supply-demand dynamics within key industries such as finance, trade, insurance and logistics, which drive lasting and robust needs for data center solutions. All these offer a fertile environment for investment and growth to the data center.
Strategic Co-Location for Maximum Synergy
As a strategic move to create powerful synergies, DCA 2025 will be co-located with three other technology-focused events held across seven standard halls at AsiaWorld-Expo:
the locally acclaimed Build4Asia, which specializes in green building, smart facilities and efficient power managementthe inaugural edition of The Battery Show Asia, which showcases the advancements in advanced battery and energy storage technologiesthe newly created Mobility Tech Asia, which explores the future of new energy vehicles across land, air and water.
This co-location is set to attract a diverse audience encompassing regional professionals from Internet Data Center (IDC) experts, EPC contractors, data center infrastructure manufacturers and distributors, end users and more, which would offer a broader perspective on data applications and drive valuable cross-sector exchange.
In addition, leveraging Informa’s extensive technology media network including Data Center Knowledge, InformationWeek, Network Computing and OMdia, DCA 2025 will serve up unprecedented opportunities for networking, knowledge exchange and business collaborations. The extensive industry expertise and audience base brought by these sister brands will significantly enhance the event’s global impact and educational value.
Join Us to Shape the Future of Data Center
Data Center Asia 2025 is set to be a premier destination for business networking and knowledge exchange and an industry-leading think tank. The event will cultivate a vibrant community of researchers, business leaders, industry associations and opinion makers, all of whom will contribute ground-breaking insights that could make a lasting impact on Asia’s data center industry. Join us in Hong Kong from 15 to 17 July 2025 and be a part of the conversation that will shape the future of Asian data center industry!
About Informa Markets
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/data-center-asia-2025-set-for-ground-breaking-launch-in-hong-kong-302255014.html
SOURCE Informa Markets Asia; Data Center Asia
Technology
On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024
Published
2 hours agoon
September 23, 2024By
BERLIN, Sept. 22, 2024 /PRNewswire/ — Under the theme of On Track for A Low Carbon Future, CRRC Corporation Limited (“CRRC”, SHA: 601766) will display its line-up of passenger and freight transportation offerings, alongside full life-cycle system solutions, at InnoTrans 2024 in Berlin, Germany. Highlighting the event, two innovative, eco-friendly, and intelligent trains will make their world premiere: the CINOVA H2 New Energy Intelligent Intercity Train and the Autonomous Rail Rapid Transit (ART) 2.0, at Stand 210, Hall 4.2 of the venue.
Green Intelligent Passenger Transport Solutions
CRRC will showcase its environmentally responsible and intelligent passenger transport solutions, which include the Intelligent EMU, Intercity/Regional EMU, Intelligent Urban Rail Transit, and New Energy Passenger Transportation. These offerings cater to every speed level and application scenario, envisioning a future of passenger transport that is faster, greener, smarter, and more cost-effective.
The exhibition will highlight standout products that are redefining passenger mobility, including the 350 km/h High-Speed Intelligent EMU, the CINOVA 2.0 New Intelligent Intercity/Regional EMU, the 160 km/h Hydrogen Full-Automatic Intelligent Regional Train, and the Autonomous Rail Rapid Transit (ART).
Diversified Freight Transport Solutions
CRRC introduce a wide range of heavy-duty, fast, and environmentally responsible solutions during the event. To address the growing demand for higher freight capacity, CRRC plans to unveil several new products, among them, the 24-axle Freight Electric Locomotive and the 45-ton Axle Load Ore Car. The 350 km/h High-Speed Freight EMU, the fastest and the most spacious in the industry, will be a focal point. In line with the global push for green transportation, CRRC will launch its serialized new energy locomotives, including the diesel-battery hybrid locomotive, the power battery locomotive, and the hydrogen-battery hybrid locomotive, with power levels from 1000KW to 2000KW. The diversified solutions offer more choices for the global railway freight industry.
Full Life-Cycle System Solutions
CRRC will showcase its expertise beyond just train units with the Train-Ground Integrated Electromechanical System (TIES), a game-changer that centers on the vehicle and incorporates all related operating scenarios. The system reconstructs, integrates, and optimizes the electromechanical system for power supply, signaling, track, depot and passenger service scenarios. It exemplifies the Train-Ground Integration concept, driving overall efficiency gains across disciplines and throughout the entire vehicle-road-station-depot lifecycle.
Focusing on user experience and the diverse needs of the global rail transit market, CRRC will give a detailed presentation on its Digital Life-Cycle System Solution (DLS) at the event. The flexible solution accommodates various city sizes and populations through tailored system designs that support diverse business models such as PPP (public-private partnership), system integration, and electro-mechanical turnkey projects.
For more information about CRRC at the exhibition, please visit https://www.crrcgc.cc/en/.
View original content to download multimedia:https://www.prnewswire.com/news-releases/on-track-for-a-low-carbon-future-crrc-to-unveil-passenger-and-freight-rail-transit-and-full-life-cycle-system-solutions-at-innotrans-2024-302255003.html
SOURCE CRRC Corporation Limited
Technology
Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference
Published
2 hours agoon
September 23, 2024By
BEIJING, Sept. 21, 2024 /PRNewswire/ — On September 19, the 2024 China Apsara Conference, a major annual event for the Chinese cloud computing industry, commenced in Hangzhou. Over three days, industry representatives, media professionals, and numerous AI technology enthusiasts gathered to witness the event’s grandeur.
This year’s summit, themed “AI on Cloud: Recharging• Innovating • Transforming,” spotlighted the evolution of cloud computing across various sectors in the AI era, presenting the world’s largest showcase of generative AI applications. Industry giants including NVIDIA, Intel, Alibaba Cloud, and Tesla were in attendance. Markor distinguished itself as the sole home furnishing company represented at the summit, presenting its cutting-edge “AI Smart Home” system, which introduced a new era of AI-driven home consumption experiences, attracting significant attention.
Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward
From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.
The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.
As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.
Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future
As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”
It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.
Pioneering Future Living with AI: Unlocking New Opportunities
Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.
Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.
View original content:https://www.prnewswire.com/news-releases/reshaping-future-lifestyles-markor-unveils-ai-strategy-at-the-apsara-conference-302255015.html
SOURCE Markor International Home Furnishings
Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong
On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024
Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market3 days ago
Feds end Bitcoin bandits’ luxury life fueled by $230M crypto scam
-
Near Videos4 days ago
[REDACTED] online hackathon workshop workshop with Calimero Network
-
Technology2 days ago
Summit of Whose Future? Girls Have the Answers: Leaders Must Listen
-
Coin Market2 days ago
Indian Supreme Court recovers YouTube account from XRP scammers
-
Near Videos1 day ago
Near AI Tech Showcase recap Singapore Token2049
-
Technology5 days ago
New survey finds UAE emerging as a global tech hub for Asian talent
-
Coin Market4 days ago
Borderless Capital announces $100M for third DePIN fund
-
Technology4 days ago
Wintermute reports a 19x rise in crypto CFD volumes and becomes the first OTC desk to offer GMCI index trading