IROBOT CORP: restructuring charge — iRobot Q4 revenue $357.9M, GAAP loss $3.07/share; plans to cut 85 jobs (7% workforce)

IROBOT CORP

2022-FY EPS reported -$10.52 revenue$1,183,383,000

Q4 2022 revenue $357.9M, down from $455.4M in Q4 2021; full-year revenue $1.18B, down 24% YoY.
GAAP net loss per share $3.07 in Q4 vs $1.17 loss prior year; full-year loss per share $10.52 vs income $1.08.
Non-GAAP operating loss $61.6M in Q4; full-year operating loss $168.0M vs operating income $38.3M in 2021.
New restructuring: reduce workforce by ~85 (7%), expects $4M charges in Q1 2023, net annual savings ~$14M.
Cash and short-term investments $117.9M at Dec 31, 2022, down from $234.5M at end of 2021; repaid $90M credit facility.

item 2.02 item 9.01 item 2.05

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

IROBOT CORP reported financial results for the fourth quarter and full year ended December 31, 2022.

Period: the fourth quarter and full year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 13, 2023, iRobot Corporation (the "Company") announced its financial results for the fiscal quarter and year ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

IROBOT CORP announced a restructuring with charges of approximately $4 million (approximately 85 employees, which represents 7% of the Company’s global workforce).

Type: restructuring
Charge: approximately $4 million
Headcount: approximately 85 employees, which represents 7% of the Company’s global workforce

Exact text from the filing

the Company expects to record restructuring charges of approximately $4 million in the first quarter of 2023

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Source: SEC EDGAR

accession 0001159167-23-000007

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