Technology
iRobot Reports Third-Quarter 2024 Financial Results
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4 hours agoon
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Continues to Make Progress on “iRobot Elevate” Strategy
Revises Full-year 2024 Outlook
BEDFORD, Mass., Nov. 6, 2024 /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the third quarter ended September 28, 2024.
“We continue to make progress on our turnaround strategy,” said Gary Cohen, iRobot’s CEO. “In the third quarter, we expanded our non-GAAP gross margin by 590 basis points year over year and improved our use of operating cash. However, our overall results did not meet the expectations we set in August, as persistent market segment and competitive headwinds impacted our sell-through performance. Although we now expect it will take more time to stabilize our revenue trend, we are on track to exceed our operating expense targets for the year, while at the same time continuing to invest in areas that are expected to drive growth.
“Our ongoing restructuring has fundamentally changed the way we innovate, develop and build our robots, which is central to improving our performance and generating long-term shareholder value. With the benefit of lower operating costs, we expect to enhance margins and improve profitability in 2025.
“As we move forward in this new chapter in iRobot’s history, one thing is abundantly clear: we have a powerful brand that will serve as the foundation for the turnaround of this Company. That brand power is at the heart of our turnaround strategy, iRobot Elevate. In executing that strategy, we are focused on providing our iconic brand with an improved platform to drive long-term profitable growth.”
Third-Quarter 2024 Financial Results (in millions, except per share amounts and percentages)
Q3 2024
Q3 2023
Revenue
$193.4
$186.2
GAAP Gross Margin
32.2 %
25.8 %
Non-GAAP Gross Margin
32.4 %
26.5 %
GAAP Operating Expenses
$55.1
$107.5
Non-GAAP Operating Expenses
$47.7
$90.1
GAAP Operating Income (Loss)
$7.3
($59.5)
Non-GAAP Operating Income (Loss)
$15.1
($40.6)
GAAP Net Loss Per Share
($0.21)
($2.86)
Non-GAAP Net Income (Loss) Per Share*
$0.03
($2.82)
*Beginning in the fourth quarter of fiscal 2023, the Company updated its calculation of non-GAAP financial measures to no longer exclude “IP litigation expense, net.” The metrics are presented in accordance with this updated methodology. As a result, the third quarter ended September 30, 2023 differs from those previously presented by the amount of IP litigation expense, net recorded in such period.
Additional Financial Highlights
The Company increased non-GAAP gross margin in the third quarter by 590 basis points year over year as a result of its restructuring and iRobot Elevate initiatives.As of September 28, 2024, the Company’s cash and cash equivalents totaled $99.4 million, compared with $108.5 million as of the end of the second quarter of 2024. The Company also had an additional $41.1 million restricted cash set aside for future repayment of its term loan, subject to limited rights for inventory purchases, of which $40.0 million was drawn down at the close of the third quarter and received in the fourth quarter.As of September 28, 2024, the Company’s inventory totaled $149.2 million, compared with $244.5 million as of the end of the third quarter of 2023.During the third quarter, the Company sold 0.2 million shares under its at-the-market (ATM) offering program for total net proceeds of $1.4 million. At quarter end, the Company had $79.6 million remaining under its $100 million ATM offering program.As of September 28, 2024, iRobot had reduced its total headcount by 41% since year-end 2023.In the third quarter of 2024, revenue increased 23% in the U.S., declined 20% in Japan, and declined 11% in EMEA over the prior-year period. Excluding the unfavorable foreign currency impact, Japan revenue decreased 15% over the prior-year period.Revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 79% of total robot sales in the third quarter of 2024, compared with 80% in the same period last year.
Marketing Highlights
iRobot introduced the 2-in-1 Roomba Combo 2 Essential robot globally and Roomba Vac 2 Essential robot in North America. These robots are the first in the Company’s affordable Essential series that automatically empty their dustbins into the AutoEmpty dock after cleaning. The robots also provide twice the cleaning power of the original Essential series, include an enhanced bumper design to more seamlessly navigate floor space, and have the ability to recharge and resume during cleaning missions.In August, iRobot launched the Roomba Combo 10 Max in Japan, earning positive coverage in media outlets including Nikkei, NHK and Gizmodo.iRobot Roomba Combo Essential received the PCMag Editor’s Choice designation.iRobot products received favorable media coverage across the globe, including from CBS News, Engadget, The Verge, Tom’s Guide, ZDNet, The Ambient, and Europa Press.Roomba was a featured product in Amazon’s Prime Big Deal Days event in October. iRobot’s products received Prime Big Deal Day related media coverage in outlets including Good Morning America, NBC Select, The Sun, Frandroid and El Confidencial.
Fourth-Quarter and Full-Year 2024 Outlook
iRobot is providing GAAP and non-GAAP financial expectations for the fourth quarter ending December 28, 2024 and updating the full-year 2024 outlook it provided on August 7, 2024. A detailed reconciliation between the Company’s GAAP and non-GAAP expectations is included in the financial tables that appear at the end of this press release.
Fourth Quarter 2024:
Metric
GAAP
Adjustments
Non-GAAP
Revenue
$175 – $200 million
—
$175 – $200 million
Gross Margin
24% – 27%
~0%
24% – 27%
Operating Loss
($43) – ($34) million
~$12 million
($31) – ($22) million
Net Loss Per Share
($1.88) – ($1.58)
~$0.38
($1.50) – ($1.20)
Fiscal Year 2024:
Metric
GAAP
Adjustments
Non-GAAP
Revenue
$685 – $710 million
—
$685 – $710 million
Gross Margin
25% – 26%
~0%
25% – 26%
Operating Loss
($84) – ($75) million
~($20) million
($104) – ($95) million
Net Loss Per Share
($4.27) – ($3.96)
~($0.64)
($4.91) – ($4.60)
Third-Quarter 2024 Results Conference Call
On November 6, the Company will host a live conference call and webcast to review its financial results and discuss its outlook. The conference call details are as follows:
Date: Wednesday, November 6, 2024
Time: 8:30 a.m. ET
Call-In Number: 800-274-8461 (Alternate: 203-518-9814)
Conference ID: IRBTQ324
A live webcast of the conference call will be accessible on the event section of the Company’s website at https://investor.irobot.com/financial-information/quarterly-results. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event.
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 fourth quarter and fiscal year 2024 revenue, gross margin, operating (loss) income and net (loss) income per share, as well as fiscal year 2025 operating costs, margins and profitability; executing on the Company’s iRobot Elevate strategy; stabilization of revenue trends; and the Company’s business plans and strategies and the anticipated impact thereof. 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) the Company’s ability to realize the benefits of its operational restructuring; (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 operational 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 the Red Sea conflict; (xiii) the financial strength of our 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 nine months ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Revenue
$ 193,435
$ 186,176
$ 509,811
$ 583,036
Cost of revenue:
Cost of product revenue
131,058
137,888
383,865
443,932
Amortization of acquired intangible assets
–
292
–
864
Total cost of revenue
131,058
138,180
383,865
444,796
Gross profit
62,377
47,996
125,946
138,240
Operating expenses:
Research and development
19,630
37,336
76,739
116,576
Selling and marketing
29,270
41,558
98,966
139,630
General and administrative
3,232
28,270
(33,552)
85,116
Restructuring and other
1,922
152
24,298
8,236
Amortization of acquired intangible assets
1,066
174
1,405
529
Total operating expenses
55,120
107,490
167,856
350,087
Operating income (loss)
7,257
(59,494)
(41,910)
(211,847)
Other expense, net
(12,548)
(19,113)
(24,583)
(24,217)
Loss before income taxes
(5,291)
(78,607)
(66,493)
(236,064)
Income tax expense
1,080
598
1,917
5,053
Net loss
$ (6,371)
$ (79,205)
$ (68,410)
$ (241,117)
Net loss per share:
Basic
$ (0.21)
$ (2.86)
$ (2.34)
$ (8.73)
Diluted
$ (0.21)
$ (2.86)
$ (2.34)
$ (8.73)
Number of shares used in per share calculations:
Basic
30,348
27,738
29,276
27,608
Diluted
30,348
27,738
29,276
27,608
Stock-based compensation included in above figures:
Cost of revenue
$ 387
$ 838
$ 1,486
$ 2,226
Research and development
1,296
3,355
4,994
8,737
Selling and marketing
903
1,384
3,403
4,221
General and administrative
2,894
3,798
8,054
10,696
Total
$ 5,480
$ 9,375
$ 17,937
$ 25,880
iRobot Corporation
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
September 28, 2024
December 30, 2023
Assets
Cash and cash equivalents
$ 99,447
$ 185,121
Restricted cash
41,082
–
Accounts receivable, net
101,326
79,387
Inventory
149,156
152,469
Other current assets
32,774
48,513
Total current assets
423,785
465,490
Property and equipment, net
25,405
40,395
Operating lease right-of-use assets
15,137
19,642
Deferred tax assets
9,093
8,512
Goodwill
175,928
175,105
Intangible assets, net
3,635
5,044
Other assets
16,932
19,510
Total assets
$ 669,915
$ 733,698
Liabilities and stockholders’ equity
Accounts payable
$ 195,133
$ 178,318
Accrued expenses
88,384
97,999
Deferred revenue and customer advances
9,121
10,830
Total current liabilities
292,638
287,147
Term loan
186,713
201,501
Operating lease liabilities
22,892
27,609
Other long-term liabilities
17,510
20,954
Total long-term liabilities
227,115
250,064
Total liabilities
519,753
537,211
Stockholders’ equity
150,162
196,487
Total liabilities and stockholders’ equity
$ 669,915
$ 733,698
iRobot Corporation
Consolidated Statements of Cash Flows
(unaudited, in thousands)
For the nine months ended
September 28, 2024
September 30, 2023
Cash flows from operating activities:
Net loss
$ (68,410)
$ (241,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
16,912
21,367
Loss on equity investment
375
3,910
Stock-based compensation
17,937
25,880
Provision for inventory excess and obsolescence
11,800
1,740
Change in fair value of term loan
13,515
5,292
Debt issuance costs expensed under fair value option
529
11,837
Deferred income taxes, net
(651)
4,115
Other
(6,318)
(8,618)
Changes in operating assets and liabilities — (use) source
Accounts receivable
(22,073)
(7,943)
Inventory
(10,539)
32,935
Other assets
15,598
12,544
Accounts payable
16,674
28,904
Accrued expenses and other liabilities
(15,825)
(4,483)
Net cash used in operating activities
(30,476)
(113,637)
Cash flows from investing activities:
Additions of property and equipment
(118)
(3,132)
Purchase of investments
(56)
(213)
Net cash used in investing activities
(174)
(3,345)
Cash flows from financing activities:
Proceeds from employee stock plans
–
9
Income tax withholding payment associated with restricted stock vesting
(491)
(1,924)
Proceeds from issuance of common stock, net of issuance costs
19,359
–
Repayment of term loan
(34,947)
–
Proceeds from term loan
–
200,000
Payment of debt issuance costs
(529)
(11,837)
Net cash (used in) provided by financing activities
(16,608)
186,248
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1,251
4,193
Net (decrease) increase in cash, cash equivalents and restricted cash
(46,007)
73,459
Cash, cash equivalents and restricted cash, at beginning of period
187,887
117,949
Cash, cash equivalents and restricted cash, at end of period
$ 141,880
$ 191,408
Cash, cash equivalents and restricted cash, at end of period:
Cash and cash equivalents
$ 99,447
$ 189,649
Restricted cash
41,082
–
Restricted cash, non-current (included in other assets)
1,351
1,759
Cash, cash equivalents and restricted cash, at end of period
$ 141,880
$ 191,408
iRobot Corporation
Supplemental Information
(unaudited)
For the three months ended
For the nine months ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Revenue by Geography: *
Domestic
$ 105,137
$ 85,781
$ 258,398
$ 288,725
International
88,298
100,395
251,413
294,311
Total
$ 193,435
$ 186,176
$ 509,811
$ 583,036
Robot Units Shipped *
Solo and other
287
446
854
1,492
2-in-1
445
181
908
403
Total
732
627
1,762
1,895
Revenue by Product Category **
Solo and other
$ 83
$ 126
$ 268
$ 449
2-in-1
110
60
242
134
Total
$ 193
$ 186
$ 510
$ 583
Average gross selling prices for robot units
$ 313
$ 331
$ 329
$ 354
Headcount
661
1,126
* in thousands
** in millions
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. It also includes business combination adjustments including adjustments after the measurement period has ended. During the first quarter of fiscal 2024, the adjustment included the one-time net termination fee received as a result of the termination of the iRobot-Amazon Merger. 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.
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 and related costs, charges related to paused work unrelated to our core business, costs associated with the Chief Executive Officer transition and other non-recurring costs directly associated with resource realignments tied to strategic initiatives or changes in business conditions. We exclude these items 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. 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.
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 the non-GAAP profitability and other factors. We also exclude certain tax items, including the impact from stock-based compensation windfalls/shortfalls, which 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 nine months ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
GAAP Revenue
$ 193,435
$ 186,176
$ 509,811
$ 583,036
GAAP Gross Profit
$ 62,377
$ 47,996
$ 125,946
$ 138,240
Amortization of acquired intangible assets
–
292
–
864
Stock-based compensation
387
838
1,486
2,226
Net merger, acquisition and divestiture expense
–
288
–
898
Non-GAAP Gross Profit
$ 62,764
$ 49,414
$ 127,432
$ 142,228
GAAP Gross Margin
32.2 %
25.8 %
24.7 %
23.7 %
Non-GAAP Gross Margin
32.4 %
26.5 %
25.0 %
24.4 %
GAAP Operating Expenses
$ 55,120
$ 107,490
$ 167,856
$ 350,087
Amortization of acquired intangible assets
(1,066)
(174)
(1,405)
(529)
Stock-based compensation
(5,093)
(8,537)
(16,451)
(23,654)
Net merger, acquisition and divestiture income (expense)
656
(8,564)
74,813
(21,991)
Restructuring and other
(1,922)
(152)
(24,298)
(8,236)
Non-GAAP Operating Expenses*
$ 47,695
$ 90,063
$ 200,515
$ 295,677
GAAP Operating Expenses as a % of GAAP Revenue
28.5 %
57.7 %
32.9 %
60.0 %
Non-GAAP Operating Expenses as a % of Non-GAAP Revenue*
24.7 %
48.4 %
39.3 %
50.7 %
GAAP Operating Income (Loss)
$ 7,257
$ (59,494)
$ (41,910)
$ (211,847)
Amortization of acquired intangible assets
1,066
466
1,405
1,393
Stock-based compensation
5,480
9,375
17,937
25,880
Net merger, acquisition and divestiture (income) expense
(656)
8,852
(74,813)
22,889
Restructuring and other
1,922
152
24,298
8,236
Non-GAAP Operating Income (Loss)*
$ 15,069
$ (40,649)
$ (73,083)
$ (153,449)
GAAP Operating Margin
3.8 %
(32.0) %
(8.2) %
(36.3) %
Non-GAAP Operating Margin*
7.8 %
(21.8) %
(14.3) %
(26.3) %
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 nine months ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
GAAP Income Tax Expense
$ 1,080
$ 598
$ 1,917
$ 5,053
Tax effect of non-GAAP adjustments
650
32,045
1,667
565
Other tax adjustments
(203)
(1,638)
(811)
(4,150)
Non-GAAP Income Tax Expense
$ 1,527
$ 31,005
$ 2,773
$ 1,468
GAAP Net Loss
$ (6,371)
$ (79,205)
$ (68,410)
$ (241,117)
Amortization of acquired intangible assets
1,066
466
1,405
1,393
Stock-based compensation
5,480
9,375
17,937
25,880
Net merger, acquisition and divestiture (income) expense
(656)
8,852
(74,813)
22,889
Restructuring and other
1,922
152
24,298
8,236
Loss on strategic investments
–
758
375
3,910
Debt issuance costs
52
11,837
529
11,837
Income tax effect
(447)
(30,407)
(856)
3,585
Non-GAAP Net Income (Loss)*
$ 1,046
$ (78,172)
$ (99,535)
$ (163,387)
GAAP Net Loss Per Diluted Share
$ (0.21)
$ (2.86)
$ (2.34)
$ (8.73)
Amortization of acquired intangible assets
0.03
0.02
0.05
0.05
Stock-based compensation
0.18
0.34
0.61
0.93
Net merger, acquisition and divestiture (income) expense
(0.02)
0.32
(2.55)
0.83
Restructuring and other
0.06
–
0.83
0.30
Loss on strategic investments
–
0.03
0.01
0.14
Debt issuance costs
–
0.43
0.02
0.43
Income tax effect
(0.01)
(1.10)
(0.03)
0.13
Non-GAAP Net Income (Loss) Per Diluted Share*
$ 0.03
$ (2.82)
$ (3.40)
$ (5.92)
Number of shares used in diluted per share calculation
30,551
27,738
29,276
27,608
Supplemental Information
Days sales outstanding
48
36
GAAP Days in inventory
104
161
Non-GAAP Days in inventory(1)
104
163
* Beginning in the fourth quarter of fiscal 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 third quarter and the nine months ended September 30, 2023 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 Reconciliation of Fourth Quarter and Full Year 2024 GAAP to Non-GAAP Guidance
(unaudited)
Q4-24
FY-24
GAAP Gross Profit
$42 – $54 million
$168 – $179 million
Stock-based compensation
~$0 million
~$2 million
Total adjustments
~$0 million
~$2 million
Non-GAAP Gross Profit
$42 – $54 million
$170 – $181 million
Q4-24
FY-24
GAAP Gross Margin
24% – 27%
25% – 26%
Stock-based compensation
~0%
~0%
Total adjustments
~0%
~0%
Non-GAAP Gross Margin
24% – 27%
25% – 26%
Q4-24
FY-24
GAAP Operating Expenses
$85 – $86 million
$252 – $254 million
Amortization of acquired intangible assets
~($0) million
~($2) million
Stock-based compensation
~($6) million
~($23) million
Net merger, acquisition and divestiture income (expense)
–
~$75 million
Restructuring and other
~($5) million
~($29) million
Total adjustments
~($11) million
~$22 million
Non-GAAP Operating Expenses
$74 – $75 million
$274 – $276 million
Q4-24
FY-24
GAAP Operating Loss
($43) – ($34) million
($84) – ($75) million
Amortization of acquired intangible assets
~$0 million
~$2 million
Stock-based compensation
~$7 million
~$25 million
Net merger, acquisition and divestiture expense (income)
–
~($75) million
Restructuring and other
~$5 million
~$29 million
Total adjustments
~$12 million
~($20) million
Non-GAAP Operating Loss
($31) – ($22) million
($104) – ($95) million
Q4-24
FY-24
GAAP Net Loss Per Share
($1.88) – ($1.58)
($4.27) – ($3.96)
Amortization of acquired intangible assets
~$0.01
~$0.05
Stock-based compensation
~$0.22
~$0.83
Net merger, acquisition and divestiture expense (income)
–
~($2.53)
Restructuring and other
~$0.15
~$0.98
Loss on strategic investments
–
~$0.01
Debt issuance costs
–
~$0.02
Income tax effect
~$0
~$0
Total adjustments
~$0.38
~($0.64)
Non-GAAP Net Loss Per Share
($1.50) – ($1.20)
($4.91) – ($4.60)
Number of shares used in per share calculations*
~30.6 million
~29.6 million
* Number of shares does not include any additional issuances under our ATM
Certain numbers may not total due to rounding
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SOURCE iRobot Corporation
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Simulation Software Market worth USD 36.22 billion by 2030- Exclusive Report by MarketsandMarkets™
Published
3 mins agoon
November 6, 2024By
DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ — The global Simulation Software Market is estimated to grow from USD 19.95 billion by 2024 to USD 36.22 billion in 2030, at a CAGR of 10.4% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Simulation Software Market”
350– Tables
50 – Figures
300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
Value (USD Billion)
Segments Covered
By Offering, Service, Software Type, Deployment Mode, Organization Size, Application, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East and Africa, Latin America
Companies covered
Major vendors in the Simulation Software Market include Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks(US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US), aPriori (US), AnyLogic (US), Simscale (Germany), Simul8 (UK), Simio (US), FlexSim (US), MOSIMTEC (US), Fives ProSim (France), Cybernet (US), Cesim (Finland), AirShaper (Belgium).
Simulation software is gaining popularity due to its cost-effectiveness and efficiency in product development. Simul8, a leading provider, helps businesses identify the best course of action by comparing solutions based on desired outcomes. By increasing throughput and improving patient flow, simulation tools allow for quick, data-driven decisions. These tools reduce the need for expensive physical prototypes, shorten development time, and identify design issues early on. For example, a steel producer used AnyLogic to optimize limestone reclamation processes, maximizing utilization and reducing machine running hours, leading to substantial savings on electricity costs.
In addition, simulation software has also become essential for ensuring safety, performance, and meeting regulatory needs, particularly in technologies like electric vehicles. It also aids in drug development, resource optimization, and maximizes efficiency through smoother production with reduced manufacturing costs. Key drivers for the Simulation Software Market include the growing emphasis on reducing production and training costs, as well as the adoption of advanced technologies like digital twins, AI, IoT, and augmented reality.
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Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.
Large enterprises have substantial financial and human resources and can afford to invest hugely in leading-edge simulation technologies to improve product design and development, training, and operations. Large enterprises undertake massive, complex projects that require high-performance simulation solutions to deal with vast amounts of data and elaborate modeling. The growth is further accelerated by Industry 4.0, where digital twins and IoT integration applications are used for monitoring and real-time optimization. Simulation software also helps large enterprises reduce the cost of development and risks. Simulations provide businesses with various benefits in terms of cost reduction, including optimization of resources in identifying less used areas, effectiveness of operational processes, and risk reduction as scenarios are experimented in controlled environments. They also allow for more informed decision-making with data-driven insights and promote innovation as it avails the chance to experiment with new strategies without applying the risk to actual business operations.
Simulation tools aid in quality assurance and help organizations meet industry standards while minimizing product recalls in markets such as healthcare and automotive. For instance, strategic investments and partnerships are being made through organizations like Accenture and Cosmo Tech. BMW further, uses digital twin technology to enhance vehicle design by creating virtual replicas of physical systems to simulate product workflow. These are examples of driving innovation in the large enterprise segment.
By Vertical, Automation will account for the highest market size during the forecast period.
The complexity of today’s modern vehicle systems-including electric drive trains and autonomous driving technologies, require advanced simulation tools to create accurate models for complex interactions and verify component functionality. Electric vehicles and autonomous driving systems are contributing to this growth as simulation software optimizes the performance of the hardware such as batteries, creates expansive virtual environments that can be used to test autonomous technologies, and is cost-effective because simulation minimizes the requirement for physical prototypes, which reduces the expenses on development and accelerates time-to-market. Simulation ensures that the manufacturer adheres to tight safety regulations and environmental conditions, as it is possible to test the safety features and emissions through thorough virtual simulation. Developments include scope enhancements, for example, PTV Vissim Automotive, which is a specialized extension of the PTV Vissim traffic simulation software for dynamic traffic simulations, used to address the industry’s evolving needs for safe, efficient, and future-proof vehicles and digital twin technology by way of Ansys, with HIL testing where real hardware is interfaced with virtual simulations. Furthermore, simulation software provides a faster cycle of design iterations, encourages interdisciplinarity collaboration among engineering groups, and remains vitally important for improving the safety and reliability of autonomous vehicles by taking full advantage of thorough testing in controlled environments.
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By deployment mode, On-premises will grow at the highest market size during the forecast period.
The on-premises deployment holds the major market share in the Simulation Software Market as it offers benefits such as data security, customization, and performance. It allows enterprises to have complete control over all the sensitive data, particularly in cases of businesses that are compelled by stringent privacy regulations and data-privacy policies to retain their simulation data within their premises. On-premises deployment also enables organizations to customize the software functionalities according to their requirements and workflows. Many organizations also benefit from easier integration with legacy systems and established IT infrastructure. These factors, combined with a higher level of control and reliability, make on-premises deployment the preferred choice for many.
By region, Asia-Pacific accounts for the highest CAGR during the forecast period.
Asia Pacific region is expected have highest market size in Simulation Software Market because of rapid industrialization, technological development, and rising demand in the automotive, healthcare, and aerospace sectors. Economic growth and urbanization in China and India have caused an increased adoption of simulation tools in industries such as automotive, mainly EV and ADAS simulations. Technological advancements in AI, IoT, and digital twin technologies improve simulation technology. They optimize procedures by creating virtual models through simulation and reduce reliance on physical prototypes. The simulation tools are used in healthcare in countries like Japan and South Korea, especially in medical training and surgical planning, due to requirements for meeting regulatory needs and patient care. Government policies such as smart cities accelerating market growth boost technological development and infrastructure readiness. There is also a growing awareness in the corporate sector about the benefits of simulation software in making operations more efficient, cost-effective, and qualitative, especially in industries like aerospace and electronics. China and India are the two major role playing countries in Simulation Software Market in Asia Pacific region, as China is expected to dominate this market, whereas India is expected to grow at a high rate due to the development of automobile industries and infrastructure development.
Top Key Companies in Simulation Software Market:
The report profiles key players such as Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks (US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US).
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Technology
Invicti Security Appoints Kevin Gallagher as President
Published
3 mins agoon
November 6, 2024By
AUSTIN, Texas, Nov. 6, 2024 /PRNewswire/ — Invicti Security, a leading global application security platform, is pleased to announce the appointment of Kevin Gallagher, former CEO of CoSoSys, as President. In his new role, Gallagher will scale operations, accelerate growth, and advance Invicti’s mission to secure the web applications that run customers’ businesses.
Gallagher first joined Invicti in 2017 and played a key role in the company’s growth and success before transitioning to other ventures. Returning to Invicti as President, Gallagher brings over 20 years of experience in cybersecurity and software, with a proven track record of driving strategic growth and operational excellence. At CoSoSys, he led the company through accelerated expansion, solidifying its position as a leader in data loss prevention and endpoint security. Kevin brings a wealth of leadership experience and a deep commitment to Invicti’s mission of delivering innovative and impactful security solutions to businesses around the world.
“Kevin’s extensive experience and commitment to innovation in cybersecurity and software make him an ideal fit for Invicti as we continue to expand and enhance our capabilities,” said Neil Roseman, CEO of Invicti. “Kevin’s leadership will help us strengthen our operational foundation, deliver growth, and create even more value for our customers.”
Invicti’s application security platform, including the award-winning Acunetix and Invicti (formerly Netsparker) DAST products, empowers security teams to find, fix, and prevent vulnerabilities in real time, ensuring the protection of critical assets and data. Gallagher’s strategic insight and operational expertise will be instrumental as Invicti continues to advance its solutions to meet the evolving needs of modern organizations worldwide.
“I’m excited to rejoin Invicti at such an exciting time in the company’s journey,” said Gallagher. “The cybersecurity landscape continues to evolve, and Invicti’s solutions are at the forefront of helping businesses protect their most critical assets. I look forward to working with the incredible team here to drive continued success and create even greater value for our customers.”
The addition of Gallagher to Invicti’s executive team reflects the company’s ongoing commitment to attracting top industry talent to drive innovation and provide organizations with the most effective and comprehensive web application security solutions.
This announcement follows the launch of Invicti’s new API Security solution, which expands the company’s security capabilities to provide customers with more comprehensive coverage on one platform.
ABOUT INVICTI SECURITY
Invicti Security—which acquired and combined AppSec leaders Acunetix and Netsparker—is on a mission: application security with zero noise. An AppSec leader for more than 15 years, Invicti delivers continuous web application and API security, designed to be both reliable for security and practical for development while serving critical compliance requirements. Customers choose the Invicti platform to leverage DAST, SAST, SCA, and IAST solutions to better secure their environments and ultimately reduce risk across their web applications and APIs. Invicti operates globally with employees in over 11 countries and serves more than 4,000 customer organizations. For more information, visit www.invicti.com or follow us on LinkedIn.
Media Contact:
Charmaine Odums
Invicti Security
charmaine.odums@invicti.com
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SOURCE Invicti Security
Technology
Sunseeker Pushes Boundaries with Wireless Smart Lawn Mower at Elevate Conference
Published
3 mins agoon
November 6, 2024By
CHARLOTTE, N.C., Nov. 6, 2024 /PRNewswire/ — With the smart lawnmower industry in full swing, landscaping industry professionals from across the United States convened at the Elevate Conference from November 3rd to 6th to explore the industry’s vast potential. Sunseeker, a pivotal player in this sector, seized the opportunity to showcase their cutting-edge products, such as the X Series Wire-Free Robotic Mower, at the event. This engagement with experts further solidified their dedication to the U.S. market.
During the conference, Sunseeker highlighted its dedication to meeting the evolving needs of both residential and commercial customers. The company presented its X Series Wire-Free Robotic Mower, which includes the X7, X5, and X3 models, alongside its high-performance 60V Commercial series, emphasizing their adaptability to different lawn sizes and maintenance requirements with a focus on both practical applications and user experiences, as well as technological features. Sunseeker’s attendance also underscored its commitment to future growth and innovation. The company shared its vision of becoming a leading provider of robotic mowers in the North American market with plans to expand its product range to cover properties ranging from 0.2 acres to 15 acres over the next two years to address both residential and commercial needs.
Speaking to the brand’s attendance at Elevate, Sales Director of Sunseeker US, Matt More said, “Being part of the Elevate Conference allowed us to connect directly with professionals who use our products daily. Their insights are invaluable as we strive to develop solutions that are innovative, practical, and user-friendly. Engaging with the industry community is essential for our growth. It helps us stay attuned to market needs and trends, ensuring that we continue to provide relevant and high-quality products.”
A significant theme highlighted during the event was the pivotal role of dealer networks in delivering quality service and support to end-users. Sunseeker has announced ambitious plans to substantially expand its dealer network over the next two years. In 2025, Sunseeker is dedicated to a substantial expansion of its dealer network across the United States and Canada, with a commitment to sustaining these efforts into 2026 and beyond.
The X Series by the team introduces cutting-edge technologies like the AONavi™ Positioning and Navigation System, blending Real-Time Kinematic (RTK) satellite positioning with VSLAM visual navigation for precise mowing in challenging terrains. The Vision AI System, with a 3D binocular camera, enhances surroundings mapping and adaptability. Notably, the X5 and X3 Plus models are exclusively reserved for dealers, while the X7 was recently chosen by Tech Hive as one of the best smart lawnmowers of 2024.
Advantages of the X Series:
Precision Navigation: The AONavi™ Technology integrates RTK-GNSS satellite positioning and VSLAM visual technology, delivering precise positioning accuracy down to the centimeter, and avoiding signal loss in any diverse outdoor environment. It identifies and optimizes mowing paths for individual or multiple areas without physical markers. Once users establish boundaries via the app, the mower operates wirelessly, efficiently mowing designated areas.Vision AI System: The utilization of a 3D binocular camera enables smart obstacle avoidance and precise environmental perception. Supported by the proprietary deep learning algorithms, it consistently enhances its comprehension of garden landscapes through continuous data accumulation.All-Terrain Capability: All-wheel drive allows X7 to handle 70% slopes and X5, 60% inclines.Tender to Turf: This series excels in precision and efficiency, catering to the needs of various terrains. Its floating cutting design ensures a meticulous trim across all landscapes, preserving uniformity. Powered by driven and steering motors, it navigates with finesse, executing precise turns while treating grass gently. Additionally, the mower simplifies maintenance with simultaneous trimming and scarifying, offering hassle-free care for lush, vibrant lawns.App Control: The features include multi-zone planning, intelligent path planning, auto height adjustment and customized schedules for simplified lawn management.
Sunseeker’s 60V Commercial series is also a point of interest at the conference. Designed for professional landscapers, this range includes lawn mowers, blowers, chainsaws, hedge trimmers, pole hedges, and brush cutters. Emphasizing durability, power, and user comfort, the series caters to the demands of professional use. The company is also developing outdoor robotic solutions, such as leaf and snow robots, reflecting a commitment to offering comprehensive outdoor maintenance solutions that leverage advanced technology for efficiency and sustainability.
“Expanding our dealer network is one of our strategic plans in the US market and we strive to boost our presence on the global stage,” stated Justin Novosel, Executive Vice President and General Manager of North American Operations for Sunseeker US. “Dealers play a crucial role in ensuring customers have access to our products and receive the support they need. By offering exclusive products to our dealers, we strengthen these partnerships and enhance the overall customer experience. Our goal is to integrate technology seamlessly into everyday life. By developing a variety of outdoor robotic products, we aim to provide tools that make tasks easier and more efficient, ultimately enriching users’ lives.”
Moving forward, Sunseeker will continue its mission to enrich lives by integrating technology and civilization into everyday experiences. Guided by core values that emphasize conviction, a relentless pursuit of excellence, a positive mindset, and a commitment to continuous learning and action, the company fosters a culture of positivity and ongoing development.
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SOURCE Sunseeker
Simulation Software Market worth USD 36.22 billion by 2030- Exclusive Report by MarketsandMarkets™
Invicti Security Appoints Kevin Gallagher as President
Sunseeker Pushes Boundaries with Wireless Smart Lawn Mower at Elevate Conference
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