iRobot(US:IRBT)2024-05-07 20:21Revenue Performance - Revenue for Q1 2024 was $150.0 million, a decrease of 6.4% compared to $160.3 million in Q1 2023[2] - Revenue for the three months ended March 30, 2024, was $150,014, a decrease of 6.9% compared to $160,292 for the same period in 2023[22] - Domestic revenue was $68,896, down from $71,986, while international revenue decreased to $81,118 from $88,306[28] - The full-year 2024 revenue outlook is revised to between $815 million and $860 million, reflecting unfavorable currency impacts and timing of new product introductions[14] - For Q2 2024, revenue is expected to be between $167 million and $172 million, with a gross margin of 23% to 24%[12] Profitability and Income - GAAP net income per share was $0.30, a significant improvement from a GAAP net loss per share of ($2.95) in Q1 2023[2] - Net income for the period was $8,607, a significant improvement from a net loss of $(81,112) in the same quarter last year[22] - GAAP net income for the three months ended March 30, 2024, was $8.607 million, compared to a net loss of $81.112 million for the same period in 2023[40] - Non-GAAP net loss for the three months ended March 30, 2024, was $(43.039) million, slightly improved from $(45.883) million in the prior year[40] Cash Flow and Expenses - Positive cash flow from operations was $1.4 million, aided by a one-time net proceeds of $75 million from a transaction termination fee from Amazon[2] - GAAP operating expenses for the three months ended March 30, 2024, were $24.201 million, significantly lower than $118.038 million in the same period last year, reflecting a decrease of approximately 79.5%[38] - GAAP operating loss for Q2 2024 is anticipated to be between $(57) million and $(54) million, and for FY 2024, between $(44) million and $(32) million[42] Workforce and Restructuring - The company reduced its workforce by approximately 330 employees, representing a 30% decrease in total workforce, resulting in a $14 million charge related to the restructuring plan[7] - Headcount as of March 30, 2024, was 1,058, down from 1,156, reflecting cost-cutting measures[28] Product and Market Strategy - Revenue from mid-tier and premium robots accounted for 81% of total robot sales in Q1 2024, down from 88% in the same period last year[8] - iRobot launched the Roomba Combo Essential and Roomba Vac Essential robots, with the Combo priced at $275, aimed at providing a more affordable cleaning solution[9] - Total robot units shipped increased to 456, compared to 436 units shipped in the same period last year[28] - Average gross selling prices for robot units decreased to $346 from $402, indicating a shift in pricing strategy or product mix[28] Leadership Changes - Gary Cohen has been appointed as the new CEO, bringing over 25 years of executive leadership experience to lead the company's transformational strategy[5] Financial Outlook - The company anticipates a mid-single-digit percentage improvement in revenue for the second half of 2024 compared to the second half of 2023[15] - The company expects GAAP gross profit for Q2 2024 to be between $39 million and $42 million, and for FY 2024 to be between $247 million and $277 million[42] - Non-GAAP gross margin for Q2 2024 is projected to be between 24% and 25%, while for FY 2024, it is expected to be between 31% and 33%[42] Asset and Liability Management - Total current assets decreased to $371,864 from $465,490, primarily due to a reduction in cash and accounts receivable[24] - Total liabilities decreased to $422,054 from $537,211, reflecting a reduction in accounts payable and long-term debt[24] Operational Metrics - Gross profit for the same period was $36,101, slightly down from $36,741, resulting in a gross margin of 24.1%[22] - Operating income for the three months ended March 30, 2024, was $11,900, compared to an operating loss of $(81,297) in the prior year[22] - Non-GAAP gross profit for the three months ended March 30, 2024, was $36.929 million, down from $37.930 million in the prior year, indicating a decline of about 2.6%[38] - Days sales outstanding increased to 24 days for the three months ended March 30, 2024, compared to 17 days in the prior year[40]