IRobot, IRBT

작년말에 IRobot Roomba를 처음샀습니다. 가정에서 매주 하는 청소에 대해서 새로운 역사를 쓰는것 같습니다. 이런거 로봇으로 대체할수 없을까 했는데 상당히 만족하고 있습니다. 저런것이 잘 될까했는데 많은 분들이 상당히 마음에 든다고 하셔서 구입한거 였습니다. 제가 이것을 구입한 이후로 주변에 이런게 될까 고민하는 많은 사람에게 강추를 몇번 날렸습니다. 

그런 제 모습을 보며 이 회사에 투자를 해야겠다고 생각하고 있습니다. 회사를 조사해 보니 제가 맘에 든느 부분은 For The HOME 부분 인데 For the Business는 제품도 별로고 판매도 별로일것 같고요. For Defense & Security는 상당히 좋을것이라고 생각됩니다.각 부문이 매출과 이득에 차치하는 비율을 잘 계산해본다음에 추천일까 아닐까를 update할까합니다. (청소로봇 룸바와 브라바는 무조건 강추입니다.)

지금 인기를 끌고 있는 Drone쪽으로 룸바같은것을 만들면 완전 이회사 대박일것이라고 생각됩니다. 이미 기술을 다 가지고 있고 많은 사람들이 필요로하는 demand를 잘 파악해야겠지요.

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KEY STATISTICS

Industry Range: Low      High Mouseover quintile for more detail

 Reuters Investment Profile Report

 

SHAREHOLDER EQUITY

Shares Outstanding	29.7 M
Institutional Ownership	68.84%
Number of Floating Shares	28.8 M
Short Interest as % of Float	13.78%

FINANCIAL STRENGTH (MRQ)

Quick Ratio	4.88x
Current Ratio	5.72x
Debt/Equity	0.00x
Debt/Assets	0.00x

VALUATION (MRQ)

Price/Earnings (TTM)	25.90x
Price/Sales (TTM)	1.69x
Price/Book	2.41x
Price/Cash Flow	28.48x

IRBT's P/E Ratio is greater than 79% of other companies in the Appliance & Tool industry. This typically means that investors are willing to pay more for its level of earnings relative to future growth.

PROFITABILITY (TTM)

Gross Margin	46.39%
Operating Margin	9.46%
EBITDA Margin	11.86%
Net Profit Margin	6.65%

IRBT's Gross Margin is more than 87% of other companies in the Appliance & Tool industry, which means it has more cash to spend on business operations as compared to its peers. As indicated by theOperating Margin, IRBT controls its costs and expenses better than 75% of its peers.

MANAGEMENT EFFECTIVENESS (TTM)

Return on Assets	8.58%
Return on Equity	10.06%
Return on Inves. Capital	9.95%

The Return on Equity for IRBT shows that it is able to reinvest its earnings as efficiently as its competitors in the Appliance & Tool industry. Typically, companies that have higher return on equity values are more attractive to investors.

GROWTH RATE (TTM)

Earnings Per Share	48.6
Sales	13.2
Dividend (MRQ)	--

IRBT's EPS Growth Rate is greater than 72% of its peers in the Appliance & Tool industry.

DIVIDEND (TTM)

Dividend Yield	--
Payout Ratio	0.00%
Annual Dividend	0.00

The average dividend yield for companies in the Appliance & Tool industry is 1.44%.

OPERATING RATIOS (TTM)

Asset Turnover	1.29%
Inventory Turnover	6.60%
Receivables Turnover	14.79%
Effective Tax Rate	27.93%

These ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods (i.e. automotive, computer hardware) as compared to its peers.

COMPANY OFFICERS

Chairman	Colin M. Angle
Chief Financial Officer	Alison Dean
Executive Vice President	Paolo Pirjanian
Executive Vice President	Glen D. Weinstein
Executive Vice President	Russell J. Campanello
Senior Vice President	Christian Cerda
Lead Director	George C. McNamee
Independent Director	Ronald D. Chwang
Independent Director	Gail Deegan

COMPANY CONTACT

Employees	589
Headquarters	8 Crosby Dr BEDFORD, MA 01730-1402
Phone	781-430-3000
Fax	781-430-3001
Web Address http://www.irobot.com/

 

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BALANCE SHEET

	5 yr Trend	2011 01/01/11	2011 12/31/11	2012 12/29/12	2013 12/28/13	2014 12/27/14

ASSETS

Cash & Equivalents		108,383	166,308	126,770	165,404	185,957
Short Term Investments		13,928	17,811	12,430	21,954	36,166
Cash and Short Term Inv		122,311	184,119	139,200	187,358	222,123
Trade Accts Recvble, Gross		34,144	43,425	29,524	39,415	71,123
Prov. for Doubtful Accts		(88)	(87)	(111)	(67)	(67)
Total Receivables, Net		38,068	45,700	30,609	40,204	73,670
Invent. - Finished Goods		20,410	23,320	28,056	37,587	38,402
Invent. - Work In Progress		27	0	60	0	0
Invent. - Raw Materials		6,723	7,769	8,849	8,520	9,455
Total Inventory		27,160	31,089	36,965	46,107	47,857
Deferred Income Tax		12,917	15,344	19,266	20,144	21,505
Other Current Assets		6,137	7,928	8,853	6,848	9,704
Other Curr. Assets, Total		19,054	23,272	28,119	26,992	31,209
Total Current Assets		206,593	284,180	234,893	300,661	374,859
Buildings		13,532	15,459	15,758	15,983	20,833
Machinery/Equipment		29,817	36,632	37,897	37,810	47,308
Other Prop./Plant/Equip.		2,484	2,732	2,762	1,845	2,297
Prop./Plant/Equip. - Gross		45,833	54,823	56,417	55,638	70,438
Accumulated Depreciation		(20,213)	(25,794)	(31,464)	(31,977)	(39,141)
Prop./Plant/Equip. - Net		25,620	29,029	24,953	23,661	31,297
Goodwill, Net		7,910	7,910	48,951	48,751	48,751
Intangibles, Gross		4,500	4,500	31,500	31,500	31,500
Accum. Intangible Amort.		(1,130)	(2,033)	(3,276)	(8,832)	(12,354)
Intangibles, Net		3,370	2,467	28,224	22,668	19,146
Long Term Investments		2,500	2,500	--	10,501	10,751
Other Long Term Assets		--	--	8,500	--	--
Total Assets		254,331	332,213	354,313	416,337	493,213

LIABILITIES

Accounts Payable		38,689	48,406	42,515	41,344	60,256
Accrued Expenses		33,617	34,110	24,787	33,552	33,367
Notes Payable/ST Debt		0	0	0	0	0
Customer Advances		3,534	1,527	6,257	5,188	4,551
Income Taxes Payable		--	957	719	831	867
Other Curr. Lblts, Total		3,534	2,484	6,976	6,019	5,418
Total Current Liabilities		75,840	85,000	74,278	80,915	99,041
Total Long Term Debt		0	0	0	0	0
Total Debt		0	0	0	0	0
Other Liabilities, Total		3,584	4,255	4,218	4,733	3,736
Total Liabilities		79,424	89,255	78,496	85,648	102,777

SHAREHOLDER EQUITY

Redeemable Preferred Stock		0	--	0	0	0
Common Stock		258	272	278	289	297
Additional Paid-In Capital		156,620	184,395	199,903	227,175	249,409
Ret. Earn.(Accum. Deficit)		17,949	58,140	75,437	103,078	140,881
Other Equity, Total		80	151	199	147	(151)
Total Equity		174,907	242,958	275,817	330,689	390,436
Total Liabilities & Shareholders� Equity		254,331	332,213	354,313	416,337	493,213
Ttl Comm. Shares Outs.		25,845	27,217	27,782	28,935	29,645
Trsy. Shrs-Comm. Primary Iss.		0	0	0	0	0

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INCOME STATEMENT

	5 yr Trend	2011 01/01/11	2011 12/31/11	2012 12/29/12	2013 12/28/13	2014 12/27/14

REVENUE AND GROSS PROFIT

Total Revenue

401

466

436

487

557

OPERATING EXPENSES

Cost of Revenue, Total		256	258	242	266	299
Selling/Gen/Admin Expense		87	88	104	115	126
Labor & Related Expense		--	6	8	10	10
Sell/Gen/AdminExpenses,Tot		87	94	112	125	136
Research & Development		25	60	57	64	69
Total Operating Expense		367	412	411	455	504
Operating Income		33	53	25	33	53

NON-OPERATING INCOME & EXPENSES

Other, Net		1	0	0	0	(1)
Income Before Tax		34	54	26	32	52

INCOME TAXES

Income Tax - Total		8	13	8	5	15
Income After Tax		26	40	17	28	38

MINORITY INTEREST AND EQUITY IN AFFILIATES

Net Inc Before Extra Items		26	40	17	28	38
Net Income		26	40	17	28	38

ADJUSTMENTS TO NET INCOME

Income Available to Common Excl. Extra. Items		26	40	17	28	38
Income Available to Common Incl. Extra. Items		26	40	17	28	38

EPS RECONCILIATION

Basic/Primary Weighted Average Shares		25	27	28	28	29
Basic/Primary EPS Excl. Extra. Items		1.00	1.50	0.63	0.97	1.28
Basic/Primary EPS Incl. Extra. Items		1.00	1.50	0.63	0.97	1.28
Dilution Adjustment		0	0	--	--	--
Diluted Weighted Average Shares		26	28	28	29	30
Diluted EPS Excl. Extra. Items		0.96	1.44	0.61	0.94	1.25
Diluted EPS Incl. Extra. Items		0.96	1.44	0.61	0.94	1.25

COMMON STOCK DIVIDENDS

Div/Share-ComStockPrimIssue		0.00	0.00	0.00	0.00	0.00
Gross Divid - Common Stock		0	0	0	0	0

PRO FORMA INCOME

Pro Forma Net Income

--

--

--

--

--

SUPPLEMENTAL ITEMS

Depreciat/Amort, Suppl

7

10

12

12

13

NORMALIZED INCOME

Total Special Items		0	--	--	--	--
Normalized Income Before Tax		34	54	26	32	52
EffectSpecItemsInclTax(STEC)		0	--	--	--	--
InclTaxExcl/ImpactSpecItems		9	13	8	5	15
Normalized Income After Tax		26	40	17	28	38
Normalized Inc Avail to Common		26	40	17	28	38
Basic Normalized EPS		1.02	1.50	0.63	0.97	1.28
Diluted Normalized EPS		0.97	1.44	0.61	0.94	1.25

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CASH FLOW STATEMENT

	5 yr Trend	2011 01/01/11	2011 12/31/11	2012 12/29/12	2013 12/28/13	2014 12/27/14

CASH FROM (USED BY) OPERATING ACTIVITIES

Net Income		25,514	40,191	17,297	27,641	37,803
Depreciation/Depletion		7,541	10,312	11,672	12,169	13,049
Deferred Taxes		(4,998)	6,154	(3,763)	(768)	3,101
Unusual Items		204	599	1,332	2,177	246
Other Non-Cash Items		5,675	2,029	9,625	11,047	10,776
Non-Cash Items		5,879	2,628	10,957	13,224	11,022
Cash Taxes Pd, Supplemental		17,807	8,046	11,663	7,235	15,508
Accounts Receivable		(1,066)	(7,632)	16,726	(9,595)	(33,466)
Inventories		5,246	(3,929)	(807)	(9,365)	(2,387)
Other Assets		(2,082)	(1,843)	(2,892)	1,980	(2,856)
Accounts Payable		8,130	9,717	(8,684)	(1,743)	16,249
Accrued Expenses		5,797	1,473	(6,762)	9,006	324
Changes in Working Capital		15,221	(3,550)	1,698	(10,374)	(24,369)
Total Cash from Operations		49,157	55,735	37,861	41,892	40,606

PLUS: CASH FROM (USED BY) INVESTING ACTIVITIES

Capital Expenditures		(12,597)	(13,011)	(6,770)	(6,829)	(13,774)
Acquisition of Business		0	0	(74,530)	0	0
Sale of Fixed Assets		--	--	--	650	0
Sale/Maturity of Investment		21,500	5,000	10,000	8,044	16,500
Purchase of Investments		(30,461)	(9,189)	(5,086)	(17,946)	(31,219)
Other Investing Cash Flow		0	0	(6,000)	(2,000)	(250)
OtherInvestCashFlowItms,Tot		(8,961)	(4,189)	(75,616)	(11,252)	(14,969)
Total Cash from Investing		(21,558)	(17,200)	(82,386)	(18,081)	(28,743)

PLUS: CASH FROM (USED BY) FINANCING ACTIVITIES

Financing Cash Flow Items		2,338	5,989	661	1,194	1,425
Common Stock, Net		--	--	--	--	(1,678)
Options Exercised		6,590	13,401	4,326	13,629	8,943
Iss (Retirmnt) of Stock,Net		6,590	13,401	4,326	13,629	7,265
Total Cash From Financing		8,928	19,390	4,987	14,823	8,690

EQUALS: INCREASE (DECREASE) IN CASH

Net Change in Cash		36,527	57,925	(39,538)	38,634	20,553
NetCash-BeginBal/RsvdforFutUse		71,856	108,383	166,308	126,770	165,404
NetCash-EndBal/RsrvforFutUse		108,383	166,308	126,770	165,404	185,957
Depreciation, Supplemental		7,541	10,312	11,672	12,169	13,049
Cash Taxes Pd, Supplemental		17,807	8,046	11,663	7,235	15,508

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