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Irobot Corp (IRBT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 2, 2021

Irobot Corp

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CIK: 1159167 Ticker: IRBT

EX-99.1
Contacts:
Andrew KramerCharlie Vaida
Investor RelationsMedia Relations
iRobot Corp.iRobot Corp.
(781) 430-3003(781) 430-3182
akramer@irobot.comcvaida@irobot.com

iRobot Reports Fourth-Quarter and Full-Year 2020 Financial Results
28% Revenue Growth Drives Better-than-Expected Operating Income and EPS

BEDFORD, Mass., February 10, 2021 –
 iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the fourth quarter and full year ended January 2, 2021.

“iRobot delivered a strong finish to 2020 with revenue, operating income and EPS that surpassed the plans that we outlined at the end of October,” said Colin Angle, chairman and chief executive officer of iRobot. “Solid demand combined with excellent collaboration and execution among our sales, marketing and operations teams and our broader supply chain enabled us to grow fourth-quarter revenue in excess of 25% in each major geographic region. We converted this top-line performance into increased operating income and EPS.”

Angle continued, “Maintaining a clean home has taken on increasing importance while the pandemic forces people to stay at home. It is gratifying to see that our efforts to differentiate our floor cleaning robots with innovative features and functionality that support the fluid lifestyles of their owners are resonating in the marketplace. To that end, we generated significant growth with our premium floor cleaning robots throughout the year. We were also pleased with the substantial expansion of our connected customer base, which grew over 80% in 2020.”

Angle concluded, “Our outlook for 2021 reflects our confidence that the growth drivers for our business will remain largely intact over the coming quarters. We believe that our success in continuing to drive solid top-line expansion in 2021 will also enable us to fund investment into key areas of our business and help mitigate the impact of tariffs on our 2021 profitability. As we move forward, we believe that our success in scaling Malaysia volumes, advancing key R&D initiatives and building stronger, more enduring relationships with millions of connected customers will further strengthen our business, enhance our ability to drive overall top-line growth and accelerate our profitability over the long term. As we continue to execute on our plans, we are excited about our prospects to sustain solid top-line growth into 2022 and convert that expansion into 2022 profit margins and EPS that exceed 2020 levels.”

Financial Performance Highlights
•Revenue for the fourth quarter of 2020 grew 28% to $544.8 million over $426.8 million for the fourth quarter of 2019. Full-year 2020 revenue was $1,430.4 million, an increase of 18% over $1,214.0 million in 2019.
◦Fourth-quarter 2020 revenue growth was highlighted by 28% growth in the U.S. and 27% international growth. Growth outside of the U.S. was led by 39% expansion in Japan and a 26% increase in EMEA. Full-year 2020 revenue grew 23% in the U.S., 20% in Japan and 8% in EMEA.
◦We estimate that iRobot's fourth-quarter 2020 revenue to support e-commerce, which spans the company’s own website and app, dedicated e-commerce websites and the online arms

The following information was filed by Irobot Corp (IRBT) on Wednesday, February 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Irobot Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Nature Of The Business
- Accounts Receivable Allowances (Details)
- Net Income Per Share (Details)
- Property And Equipment (Details)
- Short Term Investments (Details)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details 1)
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Fair Value Of Derivatives (Details)
Derivative Instruments And Hedging Activities - Gain (Loss) On Derivatives (Details)
Employee Benefits (Details)
Employee Benefits (Notes)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Income (Loss) Before Provision For Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Net Deferred Tax Assets (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Industry Segment, Geographic Information And Significant Customers
Industry Segment, Geographic Information And Significant Customers (Details Textual)
Industry Segment, Geographic Information And Significant Customers Revenue By Geography (Tables)
Leases (Details)
Leases (Notes)
Leases (Tables)
Leases Maturity Of Operating Lease Liability (Details)
Maturity Of Operating Lease Liability (Details) (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment 1 (Details)
Quarterly Information (Unaudited)
Quarterly Information (Unaudited) (Details)
Quarterly Information (Unaudited) (Tables)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition - Performance Obligations (Details)
Revenue Recognition Contract Balances (Details)
Revenue Recognition Disaggregation Of Revenue (Details)
Revenue Recognition Significant Judgments (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Espp (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Rsus And Psus (Details)
Stock-Based Compensation - Stock Options Activity (Details)
Stock-Based Compensation - Stock Options Assumptions (Details)
Stock-Based Compensation Stock Comp Expense Classification (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies Income Taxes (Details)
Summary Of Significant Accounting Policies Other Assets (Details)
Working Capital Facilities
Working Capital Facilities (Details)
Ticker: IRBT
CIK: 1159167
Form Type: 10-K Annual Report
Accession Number: 0001159167-21-000008
Submitted to the SEC: Tue Feb 16 2021 5:28:23 PM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Saturday, January 2, 2021
Industry: Household Appliances

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