0001159167-23-000059 | 10-Q | XBRL Viewer

Commitments and Contingencies (Tables)

6 Months Ended

Jul. 01, 2023

Commitments and Contingencies Disclosure [Abstract]

Activity related to the warranty accrual was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Balance at beginning of period	$	24,618	$	30,239	$	27,379	$	32,019

Provision	4,883		4,000		8,360		10,036
Warranty usage	(5,566)		(7,425)		(11,804)		(15,241)
Balance at end of period	$	23,935	$	26,814	$	23,935	$	26,814

Accrued Expenses

6 Months Ended

Jul. 01, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following at (in thousands):


	July 1, 2023		December 31, 2022
Accrued warranty	$	23,935	$	27,379
Accrued compensation and benefits	17,408		17,620
Accrued merger related liabilities	14,328		10,895
Accrued returns and sales incentives	13,287		1,312
Derivative liability	7,826		7,310
Current portion of operating lease liabilities	5,344		5,415
Accrued manufacturing and logistics cost	4,878		970
Accrued sales and other indirect taxes payable	4,339		7,683
Accrued bonus	3,729		4,538






Accrued income taxes	1,355		5,070
Accrued other	9,278		10,767
	$	105,707	$	98,959

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net loss	$ (161,912)	$ (73,827)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14,843	19,715
Gain (Loss) on Investments	(3,152)	(18,814)
Stock-based compensation	16,505	15,231
Deferred income taxes, net	1,999	(35,467)
Other	(3,085)	2,844
Changes in operating assets and liabilities — (use) source
Accounts receivable	(6,114)	70,372
Inventory	109,890	(70,400)
Other assets	13,204	(31,657)
Accounts payable	(44,149)	(58,520)
Accrued expenses and other liabilities	(2,444)	(43,617)
Net cash used in operating activities	(58,111)	(186,512)
Cash flows from investing activities:
Additions of property and equipment	(2,514)	(4,894)
Purchase of investments	(158)	(3,090)
Sales and maturities of investments	0	17,383
Net cash (used in) provided by investing activities	(2,672)	9,399
Cash flows from financing activities:
Proceeds from employee stock plans	9	3,088
Income tax withholding payment associated with restricted stock vesting	(1,819)	(1,601)
Proceeds from borrowings	0	35,000
Net cash (used in) provided by financing activities	(1,810)	36,487
Effect of exchange rate changes on cash and cash equivalents	2,598	2,578
Net decrease in cash and cash equivalents	(59,995)	(138,048)
Cash and cash equivalents, at beginning of period	117,949	201,457
Cash and cash equivalents, at end of period	$ 57,954	$ 63,409

Leases - Financial Statement Impact of Adopting ASC 842 (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 21,720	$ 26,084
Present value of future minimum lease payments	$ 35,861

Description of Business (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 24, 2023	Aug. 04, 2022	Jul. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit
Business Acquisition [Line Items]
Face amount	$ 200.0
Proceeds net of debt issuance costs	$ 188.0
Amazon.com, Inc. and Martin Merger Sub, Inc.
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Cash portion, cash per share for common stock converted (in dollars per share)		$ 61.00
Amazon.com, Inc. and Martin Merger Sub, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Cash portion, cash per share for common stock converted (in dollars per share)	$ 51.75

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Accounts receivable, net	$ 68,701		$ 68,701		$ 60,268
Unbilled receivables	4,210		4,210		6,569
Contract liabilities	20,623		20,623		$ 24,140
Contract with Customer, Liability, Revenue Recognized	$ 3,800	$ 5,800	$ 7,700	$ 7,600

Derivative Instruments and Hedging Activities

6 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

The Company enters into derivative instruments that are designated as cash flow hedges to reduce its exposure to foreign currency exchange risk in sales. These contracts have historically had a maturity of three years or less. During the first quarter of 2023, the Company terminated foreign currency forward contracts with a notional value of $151.7 million, resulting in a net cash payment of $2.5 million which was recognized within cash used in operating activities in the consolidated statement of cash flows. Amounts previously recorded in AOCI were frozen at the time of termination, and will be recognized in earnings when the original forecasted transaction occurs. At July 1, 2023 and December 31, 2022, the Company had outstanding cash flow hedges with a total notional value of $175.7 million and $362.9 million, respectively. The outstanding contracts have average maturities of 1.5 years or less.

The Company also enters into economic hedges that are not designated as hedges from an accounting standpoint to reduce foreign currency exchange risk related to short term trade receivables and payables. These contracts typically have maturities of twelve months or less. At July 1, 2023 and December 31, 2022, the Company had outstanding foreign currency economic hedges with a total notional value of $180.6 million and $242.0 million, respectively.

The fair values of derivative instruments were as follows (in thousands):


		Fair Value
	Classification	July 1, 2023		December 31, 2022
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	3,323	$	4,288

Foreign currency forward contracts	Accrued expenses	2,871		3,249

Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	2,492	$	—
Foreign currency forward contracts	Other assets	571		1,331
Foreign currency forward contracts	Accrued expenses	4,955		4,061
Foreign currency forward contracts	Long-term liabilities	963		6,483

Gain associated with derivative instruments not designated as hedging instruments were as follows (in thousands):


		Three Months Ended				Six Months Ended
	Classification	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Gain recognized in income	Other expense, net	$	2,077	$	4,168	$	1,266	$	6,232

The following tables reflect the effect of derivatives designated as cash flow hedging (in thousands):


	Gain recognized in OCI on Derivative (1)
	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Foreign currency forward contracts	$	3,797	$	33,204	$	1,974	$	43,461

(1)The amount represents the change in fair value of derivative contracts due to changes in spot rates.


	Gain recognized in earnings on cash flow hedging instruments
	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
	Revenue				Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	236,568	$	255,351	$	396,860	$	547,320

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings	$	3,280	$	3,742	$	8,683	$	5,381

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

6 Months Ended

Jul. 01, 2023

Leases [Abstract]

Leases

The Company's leasing arrangements primarily consist of operating leases for its facilities which include corporate, sales and marketing and research and development offices and equipment under various non-cancelable lease arrangements. The operating leases expire at various dates through 2030. The Company currently has three sublease agreements for space at its headquarters. At July 1, 2023, the Company's weighted average discount rate was 4.16%, while the weighted average remaining lease term was 6.33 years.

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating lease cost	$	1,753	$	2,163	$	3,467	$	3,014
Variable lease cost	903		1,010		1,728		1,928
Sublease income	(280)		—		(324)		—
Right-of-use asset impairment	3,048		—		3,048		—
Net lease cost	$	5,424	$	3,173	$	7,919	$	4,942

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,269	$	1,995	$	4,277	$	4,034
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	683	$	—	$	683	$	—

Maturities of operating lease liabilities and sublease payments were as follows as of July 1, 2023 (in thousands):


	Operating Lease Payments		Sublease Payments		Net
Remainder of 2023	$	3,040	$	(576)	$	2,464
2024	6,866		(1,123)		5,743
2025	6,086		(556)		5,530
2026	6,050		(572)		5,478
2027	5,905		(589)		5,316
Thereafter	13,048		(1,447)		11,601
Total minimum lease payments	$	40,995	$	(4,863)	$	36,132
Less: imputed interest	5,134
Present value of future minimum lease payments	$	35,861
Less: current portion of operating lease liabilities (Note 7)	$	5,344
Long-term lease liabilities	$	30,517

Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 01, 2023

Jul. 02, 2022

Jul. 01, 2023

Jul. 02, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Derivative, Remaining Maturity

3 years

Revenue

$ 236,568

$ 255,351

$ 396,860

$ 547,320

Foreign Exchange Forward [Member] | Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in OCI on Derivative

^[1]

3,797

33,204

1,974

43,461

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

3,280

3,742

8,683

5,381

Other Nonoperating Income (Expense) [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

$ 2,077

$ 4,168

$ 1,266

$ 6,232

[1]	The amount represents the change in fair value of derivative contracts due to changes in spot rates.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Accounts Payable, Current [Abstract]
Accrued warranty	$ 23,935	$ 27,379
Accrued compensation and benefits	17,408	17,620
Accrued returns and sales incentives	13,287	1,312
Accrued merger related liabilities	14,328	10,895
Derivative liability	7,826	7,310
Current portion of operating lease liabilities	5,344	5,415
Accrued manufacturing and logistics cost	4,878	970
Accrued bonus	3,729	4,538
Accrued sales and other indirect taxes payable	4,339	7,683
Accrued income taxes	1,355	5,070
Accrued other	9,278	10,767
Accrued expenses	$ 105,707	$ 98,959

Revenue Recognition

6 Months Ended

Jul. 01, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

The Company primarily derives its revenue from the sale of consumer robots and accessories. The Company sells products directly to consumers through online stores and indirectly through resellers and distributors. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and other credits and incentives. Revenue is recognized only to the extent that it is probable that a significant reversal of revenue will not occur and when collection is considered probable. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from revenue. Shipping and handling expenses are considered fulfillment activities and are expensed as incurred.

Frequently, the Company’s contracts with customers contain multiple promised goods or services. Such contracts may include any of the following, the consumer robot, downloadable app, cloud services, accessories on demand, potential future unspecified software upgrades, premium customer care and extended warranties. For these contracts, the Company accounts for the promises separately as individual performance obligations if they are distinct. Performance obligations are considered distinct if they are both capable of being distinct and distinct within the context of the contract. In determining whether performance obligations meet the criteria for being distinct, the Company considers a number of factors, such as the degree of interrelation and interdependence between obligations, and whether or not the good or service significantly modifies or transforms another good or service in the contract. The Company’s consumer robots are highly dependent on, and interrelated with, the embedded software and cannot function without the software. As such, the consumer robots are accounted for as a single performance obligation. The Company has determined that the app, cloud services and potential future unspecified software upgrades represent one performance obligation to the customer to enhance the functionality and interaction with the robot (referred to collectively as "Cloud Services"). Other services and support are considered distinct and therefore are treated as separate performance obligations.

The Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices ("SSPs"). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the facts and circumstances related to each performance obligation including market data or the estimated cost of providing the products or services. The transaction price allocated to the robot is recognized as revenue at a point in time when control is transferred, generally as title and risk of loss pass, and when collection is considered probable. The transaction price allocated to the Cloud Services is deferred and recognized on a straight-line basis over the estimated term of the Cloud Services. Other services and support are recognized over their service periods. For contracts with a duration of greater than one year, the transaction price allocated to performance obligations that are unsatisfied as of July 1, 2023 and December 31, 2022 was $19.5 million and $23.2 million, respectively.

The Company’s products generally carry a one-year or two-year limited warranty that promises customers that delivered products are as specified. The Company does not consider these assurance-type warranties as a separate performance obligation and therefore, the Company accounts for such warranties under ASC 460, "Guarantees." For contracts with the right to upgrade to a new product after a specified period of time, the Company accounts for this trade-in right as a guarantee obligation under ASC 460. The total transaction price is reduced by the full amount of the trade-in right's fair value and the remaining transaction price is allocated between the performance obligations within the contract.

The Company provides limited rights of returns for direct-to-consumer sales generated through its online stores and certain resellers and distributors. The Company records an allowance for product returns based on specific terms and conditions included in the customer agreements or based on historical experience and the Company's expectation of future returns. In addition, the Company may provide other credits or incentives which are accounted for as variable consideration when estimating the amount of revenue to recognize. Where appropriate, these estimates take into consideration relevant factors such as the Company’s historical experience, current contractual requirements, specific known market events and forecasted inventory level in the channels. Overall, these reserves reflect the Company’s best estimates, and the actual amounts of consideration ultimately received may differ from the Company’s estimates. Returns and credits are estimated at the time of sale and updated at the end of each reporting period as additional information becomes available. As of July 1, 2023, the Company had reserves for product returns of $17.7 million and other credits and incentives of $70.6 million. As of December 31, 2022, the Company had reserves for product returns of $49.2 million and other credits and incentives of $106.5 million. The Company regularly evaluates the adequacy of its estimates for product returns and other credits and incentives. Future market conditions and product transitions may require the Company to take action to change such programs and related estimates. When the variables used to estimate these reserves change, or if actual results differ significantly from the estimates, the Company increases or reduces revenue to reflect the impact. During the three and six months ended July 1, 2023 and July 2, 2022, changes to these estimates related to performance obligations satisfied in prior periods were not material.

Disaggregation of Revenue

The following table provides information about disaggregated revenue by geographical region (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
United States	$	130,958	$	139,377	$	202,944	$	292,551
EMEA	50,879		55,922		97,560		121,583
Japan	42,579		38,929		75,473		89,450
Other	12,152		21,123		20,883		43,736
Total revenue	$	236,568	$	255,351	$	396,860	$	547,320

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers (in thousands):


	July 1, 2023		December 31, 2022
Accounts receivable, net	$	68,701	$	60,268
Unbilled receivables	4,210		6,569
Contract liabilities	20,623		24,140

The Company invoices customers based upon contractual billing schedules, and accounts receivable are recorded when the right to consideration becomes unconditional. Unbilled receivables represent revenue recognized in excess of billings. Contract liabilities include deferred revenue associated with the Cloud Services and extended warranty plans as well as prepayments received from customers in advance of product shipments. During the three months ended July 1, 2023 and July 2, 2022, the Company recognized $3.8 million and $5.8 million, respectively, of the contract liability balance as revenue upon transfer of the products or services to customers. During the six months ended July 1, 2023 and July 2, 2022, the Company recognized $7.7 million and $7.6 million, respectively, of the contract liability balance as revenue upon transfer of the products or services to customers.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Valuation allowance recorded against deferred tax assets	$ 600		$ 600
Income tax expense (benefit)	$ 5,717	$ (22,675)	$ 4,455	$ (32,302)
Effective Income Tax Rate Reconciliation, Percent	(7.60%)	34.30%	(2.80%)	30.40%
Increase in unrecognized tax benefits	$ 2,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Accrued Expenses (Tables)

6 Months Ended

Jul. 01, 2023

Accrued Liabilities, Current [Abstract]

Components of Accrued Expenses

Accrued expenses consisted of the following at (in thousands):


	July 1, 2023		December 31, 2022
Accrued warranty	$	23,935	$	27,379
Accrued compensation and benefits	17,408		17,620
Accrued merger related liabilities	14,328		10,895
Accrued returns and sales incentives	13,287		1,312
Derivative liability	7,826		7,310
Current portion of operating lease liabilities	5,344		5,415
Accrued manufacturing and logistics cost	4,878		970
Accrued sales and other indirect taxes payable	4,339		7,683
Accrued bonus	3,729		4,538






Accrued income taxes	1,355		5,070
Accrued other	9,278		10,767
	$	105,707	$	98,959

Description of Business	6 Months Ended
Description of Business	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Nature of the Business iRobot Corporation ("iRobot" or the "Company") designs, builds and sells robots and home innovations that make life better. The Company's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions. iRobot's durable and high-performing robots are designed using the close integration of software, electronics and hardware. The Company’s revenue is primarily generated from product sales through a variety of distribution channels, including chain stores and other national retailers, through the Company's own website and app, dedicated e-commerce websites, the online arms of traditional retailers and through value-added distributors and resellers worldwide. Term Loan On July 24, 2023, the Company entered into a Credit Agreement with a syndicate of lenders providing for a $200.0 million senior secured term loan credit facility (the "Term Loan"). Total proceeds from the Term Loan were approximately $188.0 million, net of debt issuance costs, which will be used to fund its ongoing operations. The Term Loan matures on July 24, 2026 with additional terms more fully described in Note 13 to the consolidated financial statements. Merger Agreement On August 4, 2022, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Amazon.com, Inc., a Delaware corporation ("Parent" or "Amazon") and Martin Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, prior to its amendment (as described herein), as a result of the Merger, each share of common stock of the Company, par value $0.01 per share ("Common Stock"), outstanding immediately prior to the effective time of the Merger (the "Effective Time") (subject to certain exceptions, including shares of Common Stock owned by the Company, Merger Sub, Parent or any of their respective direct or indirect wholly owned subsidiaries and shares of Common Stock owned by stockholders of the Company who have validly demanded and not withdrawn appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware) would have, at the Effective Time, automatically been cancelled and converted into the right to receive $61.00 in cash, without interest and subject to applicable withholding taxes. On July 24, 2023, the Company, Parent and Merger Sub entered into an Amendment to Agreement and Plan of Merger (the "Merger Agreement Amendment"), which amends the Merger Agreement (as amended and supplemented by the Merger Agreement Amendment, the "Amended Merger Agreement"), which provides, among other things, that each share of Common Stock, outstanding immediately prior to the Effective Time (subject to certain exceptions set forth in the Amended Merger Agreement) will, at the Effective Time, automatically be cancelled and converted into the right to receive $51.75 in cash, without interest and subject to applicable withholding taxes. Other than as expressly modified pursuant to the Merger Agreement Amendment, the Merger Agreement remains in full force and effect. The Company has agreed to convene a Company stockholder meeting for the purpose of obtaining the affirmative vote of the holders of a majority of all outstanding shares of Common Stock to adopt the Amended Merger Agreement. The adjustment in the merger consideration from $61.00 to $51.75 is intended to reflect the incurrence of the Company's new Term Loan as described in Note 13 to the consolidated financial statements. If the Merger is consummated, the Company’s Common Stock will be delisted from the Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934.

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Jan. 01, 2022		27,006,000
Beginning balance at Jan. 01, 2022	$ 716,723	$ 270	$ 222,653	$ 485,710	$ 8,090
Issuance of common stock under employee stock plans (in shares)		84,000
Stock Issued During Period, Value, Stock Options Exercised	3,088	$ 1	3,087
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		166,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 1	(1)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	15,231		15,231
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(27,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(1,601)	$ 0	(1,601)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	17,162		17,162
Net loss	(73,827)			(73,827)
Ending balance (in shares) at Jul. 02, 2022		27,229,000
Ending balance at Jul. 02, 2022	676,776	$ 272	239,369	411,883	25,252
Beginning balance (in shares) at Apr. 02, 2022		27,116,000
Beginning balance at Apr. 02, 2022	$ 695,202	$ 271	229,133	455,304	10,494
Issuance of common stock under employee stock plans (in shares)	2,291,000	61,000
Stock Issued During Period, Value, Stock Options Exercised		$ 1	2,290
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		54,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 0	$ 0	0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	8,023		8,023
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(2,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(77)	$ 0	(77)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	14,758
Net loss	(43,421)			(43,421)
Ending balance (in shares) at Jul. 02, 2022		27,229,000
Ending balance at Jul. 02, 2022	$ 676,776	$ 272	239,369	411,883	25,252
Beginning balance (in shares) at Dec. 31, 2022	27,423,000	27,423,000
Beginning balance at Dec. 31, 2022	$ 475,716	$ 274	257,498	199,415	18,529
Issuance of common stock under employee stock plans (in shares)		9,000
Stock Issued During Period, Value, Stock Options Exercised	9	$ 0	9
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		307,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 3	(3)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	16,505		16,505
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(43,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(1,819)	$ 0	(1,819)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(3,080)				(3,080)
Net loss	$ (161,912)			(161,912)
Ending balance (in shares) at Jul. 01, 2023	27,696,000	27,696,000
Ending balance at Jul. 01, 2023	$ 325,419	$ 277	272,190	37,503	15,449
Beginning balance (in shares) at Apr. 01, 2023		27,594,000
Beginning balance at Apr. 01, 2023	395,439	$ 276	263,837	118,303	13,023
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		108,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 1	(1)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	8,573		8,573
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(6,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(219)	$ 0	(219)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,426				2,426
Net loss	$ (80,800)			(80,800)
Ending balance (in shares) at Jul. 01, 2023	27,696,000	27,696,000
Ending balance at Jul. 01, 2023	$ 325,419	$ 277	$ 272,190	$ 37,503	$ 15,449

Commitments and Contingencies - Activity Related to Warranty Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 24,618	$ 30,239	$ 27,379	$ 32,019
Provision	4,883	4,000	8,360	10,036
Warranty usage	(5,566)	(7,425)	(11,804)	(15,241)
Balance at end of period	$ 23,935	$ 26,814	$ 23,935	$ 26,814

Income Taxes (Notes)	6 Months Ended
Income Taxes (Notes)	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s interim provision for income taxes is determined using an estimate of the annual effective tax rate. The Company records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs. The Company also records the tax effects of certain discrete items during the interim period in which they occur. Such discrete items include the tax effects of changes in a valuation allowance. In assessing the recoverability of its deferred tax assets, the Company evaluates all available evidence, both positive and negative, to assess whether it is more likely than not that sufficient future taxable income will be generated to permit use of existing deferred tax assets in each taxpaying jurisdiction. For any deferred tax asset that exceeds the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. During the three months ended July 1, 2023, the Company concluded that, based on its evaluation of available positive and negative evidence, it is no longer more likely than not that certain of its foreign net deferred tax assets are recoverable and recorded a valuation allowance of $0.6 million. A valuation allowance is a non-cash charge which does not limit the Company’s ability to utilize its deferred tax assets, including its ability to utilize tax loss and credit carryforward amounts, against future taxable income. The amount of the deferred tax assets considered realizable, and the associated valuation allowance, could be adjusted in a future period if estimates of future taxable income change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth. For the three months ended July 1, 2023, the Company recorded an income tax expense of $5.7 million. For the three months ended July 2, 2022, the Company recorded an income tax benefit of $22.7 million. The Company’s effective income tax rates were (7.6)% and 34.3% for the three months ended July 1, 2023 and July 2, 2022, respectively. The change in the effective income tax rate was primarily driven by the impact of the valuation allowance against the Company's U.S. and certain foreign net deferred tax assets. In addition, the Company recorded an increase of $2.2 million in unrecognized tax benefits during the three months ended July 1, 2023. The Company recorded an income tax expense of $4.5 million and a tax benefit of $32.3 million for the six months ended July 1, 2023 and July 2, 2022, respectively. The $4.5 million income tax expense for the six months ended July 1, 2023 resulted in an effective tax rate of (2.8)%. The $32.3 million income tax benefit for the six months ended July 2, 2022 resulted in an effective tax rate of 30.4%. The change in the effective income tax rate was primarily driven by the impact of the valuation allowance against the Company's U.S. and certain foreign net deferred tax assets. In addition, the Company recorded an increase of $2.2 million in unrecognized tax benefits during the second quarter of fiscal 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 24, 2023	Aug. 04, 2022
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Face amount	$ 200.0
Proceeds net of debt issuance costs	$ 188.0
PIK interest	2.50%
Deposit payable	$ 25.0
Minimum of consolidated core assets	250.0
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit \| Maximum \| Repay Term Loan
Subsequent Event [Line Items]
Termination fee	35.0
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit \| Maximum \| Repay Term Loan Or Set Aside For Future Repayments Of Term Loan
Subsequent Event [Line Items]
Termination fee	$ 40.0
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit \| Term SOFR
Subsequent Event [Line Items]
Basis spread on variable rate	9.00%
Subsequent Event \| Secured Debt \| Credit Agreement \| Line of Credit \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate	8.00%
Amazon.com, Inc. and Martin Merger Sub, Inc.
Subsequent Event [Line Items]
Cash portion, cash per share for common stock converted (in dollars per share)		$ 61.00
Amazon.com, Inc. and Martin Merger Sub, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Cash portion, cash per share for common stock converted (in dollars per share)	$ 51.75

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Document Period End Date			Jul. 01, 2023
Operating Lease, Payments	$ 2,269	$ 1,995	$ 4,277	$ 4,034
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 683	$ 0	$ 683	$ 0

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Basis of Presentation and Foreign Currency Translation

The accompanying consolidated financial statements include those of iRobot and its subsidiaries, after elimination of all intercompany balances and transactions. iRobot has prepared the accompanying unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP").

In the opinion of management, all adjustments necessary to the unaudited interim consolidated financial statements have been made to state fairly the Company's financial position. Interim results are not necessarily indicative of results for the full fiscal year or any future periods. The information included in this Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on February 14, 2023.

Fiscal Period, Policy

The Company operates and reports using a 52-53 week fiscal year ending on the Saturday closest to December 31. Accordingly, the Company’s fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

Use of Estimates

The preparation of these financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses. These estimates and judgments, include but are not limited to, revenue recognition, including performance obligations, standalone selling price, variable consideration and other obligations such as sales incentives and product returns; allowance for credit losses; impairment of goodwill and long-lived assets; valuation of non-marketable equity investments; product warranties; inventory excess and obsolescence; loss contingencies; and accounting for income taxes and related valuation allowances. The Company bases its estimates and assumptions on historical experience, market participant fair value considerations, projected future cash flows, current economic conditions, and various other factors that the Company believes are reasonable under the circumstances. Actual results and outcomes may differ from the Company’s estimates and assumptions.

Allowance for Credit Losses

The Company maintains an allowance for credit losses for accounts receivable using an expected loss model that requires the use of forward-looking information to calculate credit loss estimate. The expected loss methodology is developed through consideration of factors including, but not limited to, historical collection experience, current customer credit ratings, customer concentrations, current and future economic and market conditions and age of the receivable. The Company reviews and adjusts the allowance for credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance when the Company determines that the balances are not recoverable. As of July 1, 2023 and December 31, 2022, the Company had an allowance for credit losses of $2.7 million and $4.7 million, respectively.

Inventory

InventoryInventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from contract manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventory costs primarily consist of materials, inbound freight, import duties and other handling fees. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is the estimated selling price less estimated costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of revenue and have not been significant for the periods presented.

Short-Term and Strategic Investments

Strategic Investments

The Company holds non-marketable equity securities as part of its strategic investments portfolio. The Company classifies the majority of these securities as equity securities without readily determinable fair values and measures these investments at cost, less any impairment, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. These investments are valued using significant unobservable inputs or data in an inactive market and the valuation requires the Company's judgment due to the absence of market prices and inherent lack of liquidity. The Company monitors non-marketable equity investments for impairment indicators, such as deterioration in the investee's financial condition and business forecasts and lower valuations in recent or proposed financings. The estimated fair value is based on quantitative and qualitative factors including, but not limited to, subsequent financing activities by the investee and projected discounted cash flows. The Company performs an assessment on a quarterly basis to assess whether triggering events for impairment exist and to identify any observable price changes. During the three months ended July 1, 2023, the Company recorded impairment charges of $3.2 million related to investments in non-marketable equity securities. Changes in fair value of non-marketable equity investments are recorded in other expense, net on the consolidated statement of operations. At July 1, 2023 and December 31, 2022, the Company's equity securities without readily determinable fair values totaled $12.1 million and $15.1 million, respectively, and are included in other assets on the consolidated balance sheets.

Net (Loss) Income Per Share

Net Loss Per Share

Basic loss per share is calculated using the Company's weighted-average outstanding common shares. Diluted loss per share is calculated using the Company's weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method.

The following table presents the calculation of both basic and diluted net loss per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net loss	$	(80,800)	$	(43,421)	$	(161,912)	$	(73,827)
Weighted-average shares outstanding	27,619		27,161		27,543		27,106


Basic and diluted loss per share	$	(2.93)	$	(1.60)	$	(5.88)	$	(2.72)

Employee stock awards representing approximately 1.5 million and 1.3 million shares of Common Stock for the three months ended July 1, 2023 and July 2, 2022, and approximately 0.9 million and 1.0 million shares of Common Stock for the six months ended July 1, 2023 and July 2, 2022, respectively, were excluded from the computation of diluted earnings per share as their effect would have been antidilutive.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479391/326-20-30-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 35
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479366/326-20-35-8A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 30
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479175/326-30-30-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 13A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479148/326-30-35-13A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479391/326-20-30-4A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479148/326-30-35-7A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147479106/326-30-50-7

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-17

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.Q4)
-SubTopic 20
-Topic 326
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483530/326-20-S99-1

+ Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Fair Value Measurements

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements - Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of July 1, 2023
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	49,482	$	—	$	—



Derivative instruments (Note 9)	—		6,386		—
Total assets measured at fair value	$	49,482	$	6,386	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	8,789	$	—
Total liabilities measured at fair value	$	—	$	8,789	$	—


	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	79,005	$	—	$	—



Derivative instruments (Note 9)	—		5,619		—
Total assets measured at fair value	$	79,005	$	5,619	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	13,793	$	—
Total liabilities measured at fair value	$	—	$	13,793	$	—

(1)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Fair Value Measurements - Nonrecurring Basis

The Company measures the fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During the three months ended July 1, 2023, in connection with the long-lived assets impairment analysis, right-of-use assets and property and equipment were measured and written down to fair value on a nonrecurring basis as a result of impairment. The fair value measurements were determined using a discounted cash flow method with unobservable inputs and were classified within Level 3 of the fair value hierarchy. The fair value of the remaining right-of-use assets and property and equipment were $1.5 million and zero, respectively. The Company recognized impairment charges of $3.0 million and $1.0 million, respectively, related to right-of-use assets and property and equipment on its consolidated statement of operations. See Note 2 to the consolidated financial statements, Summary of Significant Accounting Policies, for additional information.

The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. During the three months ended July 1, 2023, the Company recorded impairment charges of $3.2 million related to investments in non-marketable equity securities and is recorded in other expense, net on the consolidated statement of operations. See Note 2 to the consolidated financial statements, Summary of Significant Accounting Policies, for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenue	$ 236,568	$ 255,351	$ 396,860	$ 547,320
Cost of product revenue	182,776	173,531	306,235	357,164
Amortization of acquired intangible assets	290	875	572	1,696
Total cost of revenue	183,066	174,406	306,807	358,860
Gross profit	53,502	80,945	90,053	188,460
Research and development	37,964	41,937	79,898	84,466
Selling and marketing	55,493	76,017	100,258	137,082
General and administrative	30,924	26,380	61,895	53,078
Amortization of acquired intangible assets	177	525	355	1,035
Total operating expenses	124,558	144,859	242,406	275,661
Operating loss	(71,056)	(63,914)	(152,353)	(87,201)
Other expense, net	(4,027)	(2,182)	(5,104)	(18,928)
Loss before income taxes	(75,083)	(66,096)	(157,457)	(106,129)
Income tax expense (benefit)	5,717	(22,675)	4,455	(32,302)
Net loss	$ (80,800)	$ (43,421)	$ (161,912)	$ (73,827)
Basic	$ (2.93)	$ (1.60)	$ (5.88)	$ (2.72)
Diluted	$ (2.93)	$ (1.60)	$ (5.88)	$ (2.72)
Basic	27,619	27,161	27,543	27,106
Diluted	27,619	27,161	27,543	27,106

Leases - Maturity of Operating Lease Liability (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Operating Lease Payments
Remainder of 2023	$ 3,040
2024	6,866
2025	6,086
2026	6,050
2027	5,905
Thereafter	13,048
Total minimum lease payments	40,995
Less: imputed interest	5,134
Present value of future minimum lease payments	35,861
Current portion of operating lease liabilities	5,344	$ 5,415
Long-term lease liabilities	30,517	$ 33,247
Sublease Payments
Remainder of 2023	(576)
2024	(1,123)
2025	(556)
2026	(572)
2027	(589)
Thereafter	(1,447)
Total minimum lease payments	(4,863)
Net
Remainder of 2023	2,464
2024	5,743
2025	5,530
2026	5,478
2027	5,316
Thereafter	11,601
Total minimum lease payments	$ 36,132

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of both basic and diluted net loss per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net loss	$	(80,800)	$	(43,421)	$	(161,912)	$	(73,827)
Weighted-average shares outstanding	27,619		27,161		27,543		27,106


Basic and diluted loss per share	$	(2.93)	$	(1.60)	$	(5.88)	$	(2.72)

Working Capital Facility (Details) - Revolving Credit Facility - Line of Credit - USD ($) $ in Millions	6 Months Ended	20 Months Ended
	Jul. 01, 2023	Sep. 17, 2024	Dec. 29, 2023	Jan. 17, 2023
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 100.0			$ 150.0
Current borrowing capacity				$ 100.0
Fourth Amendment To Amended And Restated Credit Agreement
Line of Credit Facility [Line Items]
Interest rate, Term SOFR Loans				4.50%
Interest rate, base rate loans				3.50%
Interest rate, unused commitments				3.50%
Borrowing base, eligible receivables				80.00%
Borrowing base, eligible inventory				50.00%
Borrowing base, eligible in-transit inventory				30.00%
Minimum cash requirement				$ 25.0
Clean Down Provision, minimum borrowings				$ 75.0
Clean Down Provision, minimum term (in consecutive days)	10 days
Borrowings under revolving credit facility	$ 0.0
Available for borrowing under revolving credit facility	$ 100.0
Fourth Amendment To Amended And Restated Credit Agreement \| Forecast
Line of Credit Facility [Line Items]
Clean Down Provision, minimum borrowings			$ 25.0
Clean Down Provision, minimum term (in consecutive days)		30 days

Leases - Narrative (Details)	Jul. 01, 2023
Leases [Abstract]
Weighted average discount rate	4.16%
Weighted average remaining lease term (in years)	6 years 3 months 29 days

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Operating lease cost	$ 1,753	$ 2,163	$ 3,467	$ 3,014
Variable lease cost	903	1,010	1,728	1,928
Sublease income	(280)	0	(324)	0
Right-of-use asset impairment	3,048	0	3,048	0
Net lease cost	$ 5,424	$ 3,173	$ 7,919	$ 4,942

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The fair values of derivative instruments were as follows (in thousands):


		Fair Value
	Classification	July 1, 2023		December 31, 2022
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	3,323	$	4,288

Foreign currency forward contracts	Accrued expenses	2,871		3,249

Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	2,492	$	—
Foreign currency forward contracts	Other assets	571		1,331
Foreign currency forward contracts	Accrued expenses	4,955		4,061
Foreign currency forward contracts	Long-term liabilities	963		6,483

Derivative Instruments, Gain (Loss) [Table Text Block]

ain associated with derivative instruments not designated as hedging instruments were as follows (in thousands):


		Three Months Ended				Six Months Ended
	Classification	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Gain recognized in income	Other expense, net	$	2,077	$	4,168	$	1,266	$	6,232


	Gain recognized in earnings on cash flow hedging instruments
	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
	Revenue				Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	236,568	$	255,351	$	396,860	$	547,320

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings	$	3,280	$	3,742	$	8,683	$	5,381

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following tables reflect the effect of derivatives designated as cash flow hedging (in thousands):


	Gain recognized in OCI on Derivative (1)
	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Foreign currency forward contracts	$	3,797	$	33,204	$	1,974	$	43,461

(1)The amount represents the change in fair value of derivative contracts due to changes in spot rates.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of July 1, 2023
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	49,482	$	—	$	—



Derivative instruments (Note 9)	—		6,386		—
Total assets measured at fair value	$	49,482	$	6,386	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	8,789	$	—
Total liabilities measured at fair value	$	—	$	8,789	$	—


	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	79,005	$	—	$	—



Derivative instruments (Note 9)	—		5,619		—
Total assets measured at fair value	$	79,005	$	5,619	$	—

Liabilities:
Derivative instruments (Note 9)	$	—	$	13,793	$	—
Total liabilities measured at fair value	$	—	$	13,793	$	—

Summary of Significant Accounting Policies - Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net loss	$ (80,800)	$ (43,421)	$ (161,912)	$ (73,827)
Basic	27,619	27,161	27,543	27,106
Diluted	27,619	27,161	27,543	27,106
Basic income per share	$ (2.93)	$ (1.60)	$ (5.88)	$ (2.72)
Diluted income per share	$ (2.93)	$ (1.60)	$ (5.88)	$ (2.72)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 57,954	$ 117,949
Accounts receivable, net	72,306	66,025
Inventory	170,561	285,250
Other current assets	47,424	59,076
Total current assets	348,245	528,300
Property and equipment, net	49,894	60,909
Operating lease right-of-use assets	21,720	26,084
Deferred tax assets	12,972	16,248
Goodwill	170,873	167,724
Intangible Assets, Net	10,421	11,260
Other assets	20,014	24,918
Total assets	634,139	835,443
Current liabilities:
Accounts payable	138,803	184,016
Accrued expenses	105,707	98,959
Deferred revenue and customer advances	12,172	13,208
Total current liabilities	256,682	296,183
Operating lease liabilities	30,517	33,247
Deferred tax liabilities	398	931
Other long-term liabilities	21,123	29,366
Total long-term liabilities	52,038	63,544
Total liabilities	308,720	359,727
Commitments and contingencies (Note 10)
Preferred stock, 5,000 shares authorized and none outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized; 27,696 and 27,423 shares issued and outstanding, respectively	277	274
Additional paid-in capital	272,190	257,498
Retained earnings	37,503	199,415
Accumulated other comprehensive income	15,449	18,529
Total stockholders’ equity	325,419	475,716
Total liabilities and stockholders’ equity	$ 634,139	$ 835,443
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares outstanding	27,696,000	27,423,000
Common stock, shares issued	27,696,000	27,423,000
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01

Goodwill and Other Intangible Assets

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the six months ended July 1, 2023 (in thousands):


	Goodwill		Intangible assets
Balance as of December 31, 2022	$	167,724	$	11,260

Amortization	—		(927)
Effect of foreign currency translation	3,149		88
Balance as of July 1, 2023	$	170,873	$	10,421

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 01, 2023 USD ($)
Other Commitments [Line Items]
Outstanding purchase orders	$ 314.1	$ 314.1
Outstanding purchase orders related to inventory	194.0	194.0
Noncancellable without penalty contractual obligation	69.9	69.9
Payments for contractual obligations	$ 3.0
Amazon.com, Inc.
Other Commitments [Line Items]
Expected professional fees and expenses to be incurred		$ 27.0

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Term Loan On July 24, 2023, the Company entered into a Credit Agreement (the "Credit Agreement") by and among the Company, as borrower, each lender from time to time party thereto and TCG Senior Funding L.L.C., an affiliate of The Carlyle Group, as administrative agent and collateral agent, providing for a $200.0 million senior secured term loan credit facility. Total proceeds from the Term Loan were approximately $188.0 million, net of debt issuance costs. The Term Loan matures on July 24, 2026. The Term Loan bears interest at a rate per annum equal to, at the Company’s option, (i) a rate based on term SOFR plus a credit spread adjustment plus a 9.00% spread or (ii) a rate based on the base rate plus a rate adjustment plus an 8.00% spread. Included in each of the aforementioned options is 2.5% of PIK interest which increases the principal of the Term Loan and can be paid quarterly or at the date of maturity. In the event of repayment, prepayment or acceleration of all or any portion of the Term Loan, the Company is required to pay to the lenders an additional amount which represents a minimum guaranteed return on the Term Loan that ranges between 1.30x and 1.75x of the principal in accordance with the provisions within the Credit Agreement. The Credit Agreement provides for mandatory prepayments of borrowings under certain circumstances, including non-ordinary course asset sales and incurrence of other indebtedness, subject to customary exceptions. In addition, in the event that the Company is paid a termination fee (or an amount in lieu of such termination fee) by Amazon pursuant to the Amended Merger Agreement, up to $35.0 million of such termination fee (or amount in lieu of such termination fee) will be used immediately to repay the Term Loan, and up to $40.0 million of such termination fee (or an amount in lieu of such termination fee) will, at the option of the Company, be used to either repay the Term Loan at the same time as the foregoing repayment or be set aside to be used for future repayments of the Term Loan subject to limited rights of the Company to utilize such amounts for the purchase of inventory. In the event that the Merger does not occur and the termination fee is not paid to the Company, the Company may instead be required to deposit $25.0 million (plus any settlement amounts received in lieu of the termination fee in excess of $35.0 million received after such termination fee was not paid) in an alternative account which will, at the option of the Company, be used to either repay the Term Loan or be set aside to be used for future repayments of the Term Loan subject to limited rights of the Company to utilize such amounts for the purchase of inventory. The obligations under the Term Loan are guaranteed by the Company and certain of its subsidiaries located in the United States and United Kingdom. The Company is also required to cause certain other subsidiaries to guarantee the obligations under the Term Loan on a post-closing basis. In addition, the obligations under the Term Loan are secured by a first priority lien on substantially all tangible and intangible property of the Company and the guarantors and pledges of the equity of certain subsidiaries, in each case subject to certain exceptions, limitations and exclusions from the collateral. The Credit Agreement contains customary affirmative and negative covenants as well as customary events of default. In addition, the Credit Agreement contains a financial covenant that the Company will not permit its consolidated core assets (comprising cash, accounts receivable and inventory), tested on the last day of each fiscal month, to be less than $250.0 million which amount is subject to increase or decrease upon certain triggers related to the payment or non-payment of any termination fees under the Amended Merger Agreement (or fees in lieu of such termination fees) and the occurrence or non-occurrence of the Merger. Merger Agreement On August 4, 2022, the Company entered into the Merger Agreement, pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the Merger as a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, prior to its amendment (as described herein), as a result of the Merger, each share of Common Stock, outstanding immediately prior to the Effective Time (subject to certain exceptions, including shares of Common Stock owned by the Company, Merger Sub, Parent or any of their respective direct or indirect wholly owned subsidiaries and shares of Common Stock owned by stockholders of the Company who have validly demanded and not withdrawn appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware) would have, at the Effective Time, automatically been cancelled and converted into the right to receive $61.00 in cash, without interest and subject to applicable withholding taxes. On July 24, 2023, the Company, Parent and Merger Sub entered into the Merger Agreement Amendment, which amends the Merger Agreement, which provides, among other things, that each share of Common Stock, outstanding immediately prior to the Effective Time (subject to certain exceptions set forth in the Amended Merger Agreement) will, at the Effective Time, automatically be cancelled and converted into the right to receive $51.75 in cash, without interest and subject to applicable withholding taxes. Other than as expressly modified pursuant to the Merger Agreement Amendment, the Merger Agreement remains in full force and effect. The Company has agreed to convene a Company stockholder meeting for the purpose of obtaining the affirmative vote of the holders of a majority of all outstanding shares of Common Stock to adopt the Amended Merger Agreement. The adjustment in the merger consideration from $61.00 to $51.75 is intended to reflect the incurrence of the Company's new Term Loan as described in this Note 13. If the Merger is consummated, the Company’s Common Stock will be delisted from the Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934.

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($)
Goodwill
Balance as of December 31, 2022	$ 167,724
Effect of foreign currency translation	3,149
Balance as of July 1, 2023	170,873
Intangible assets
Balance as of December 31, 2022	11,260
Amortization	(927)
Effect of foreign currency translation	88
Balance as of July 1, 2023	$ 10,421

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the six months ended July 1, 2023 (in thousands):


	Goodwill		Intangible assets
Balance as of December 31, 2022	$	167,724	$	11,260

Amortization	—		(927)
Effect of foreign currency translation	3,149		88
Balance as of July 1, 2023	$	170,873	$	10,421

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Fair Value Measurements - Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands

Jul. 01, 2023

Dec. 31, 2022

Fair Value, Inputs, Level 1 [Member]

Assets:

Total assets measured at fair value

$ 49,482

$ 79,005

Liabilities:

Total liabilities measured at fair value

Fair Value, Inputs, Level 1 [Member] | Derivative Instrument

Assets:

Derivative instruments (Note 9)

Liabilities:

Derivative instruments (Note 9)

Fair Value, Inputs, Level 1 [Member] | Money Market Funds

Assets:

Money market funds

49,482

79,005

Fair Value, Inputs, Level 2 [Member]

Assets:

Total assets measured at fair value

^[1]

6,386

5,619

Liabilities:

Total liabilities measured at fair value

^[1]

8,789

13,793

Fair Value, Inputs, Level 2 [Member] | Derivative Instrument

Assets:

Derivative instruments (Note 9)

^[1]

6,386

5,619

Liabilities:

Derivative instruments (Note 9)

^[1]

8,789

13,793

Fair Value, Inputs, Level 2 [Member] | Money Market Funds

Assets:

Money market funds

^[1]

Fair Value, Inputs, Level 3

Assets:

Total assets measured at fair value

Liabilities:

Total liabilities measured at fair value

Fair Value, Inputs, Level 3 | Derivative Instrument

Assets:

Derivative instruments (Note 9)

Liabilities:

Derivative instruments (Note 9)

Fair Value, Inputs, Level 3 | Money Market Funds

Assets:

Money market funds

$ 0

[1]

Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Working Capital Facility	6 Months Ended
Working Capital Facility	Jul. 01, 2023
Debt Disclosure [Abstract]
Working Capital Facility	Working Capital Facility Credit Facility As of July 1, 2023, the Company had a $100.0 million secured revolving line of credit which expires in September 2024. On January 17, 2023, the Company entered into a Fourth Amendment (the "Fourth Amendment") to the Amended and Restated Credit Agreement (as amended, the "Credit Facility") with Bank of America N.A., which reduced the amount of the facility from $150.0 million to $100.0 million and increased the interest rate of (1) Term SOFR Loans to 4.50%, (2) Base Rate Loans to 3.50%, and (3) unused Commitments to 3.50%. In addition, the Fourth Amendment established a borrowing base for the revolving facility equal to the total of 80% of eligible receivables, 50% of eligible inventory, and upon the satisfaction of certain conditions, up to 30% of eligible in-transit inventory, all subject to any applicable reserves. Additionally, the Fourth Amendment requires the Company to maintain $25.0 million of cash in the U.S. at all times, which is tested monthly, and replaced the requirement that the borrowing under the Credit Facility be under $75.0 million (1) on December 30, 2022 and (2) for ten consecutive days during the first quarter in 2023 with a requirement that the borrowing under the Credit Facility be $25.0 million or less (1) on December 29, 2023 and (2) for thirty consecutive days between January 17, 2023 and September 17, 2024. The Fourth Amendment also extended the maturity date of the Credit Facility from June 30, 2023 to September 17, 2024, and continues to be secured by substantially all of its U.S. assets. As of July 1, 2023, the Company had no outstanding borrowings under the revolving credit facility, with $100.0 million available for borrowing. As of July 1, 2023, the Company was in compliance with the covenants under the Credit Facility. In conjunction with the Term Loan on July 24, 2023 (as described in Note 13 to the consolidated financial statements), the Company has terminated this Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Right-of-use asset impairment	$ 3,048	$ 0	$ 3,048	$ 0
Impairment loss on property and equipment	1,000
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of remaining right-of-use asset	1,500		1,500
Fair value of remaining property and equipment	$ 0		$ 0

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 236,568	$ 255,351	$ 396,860	$ 547,320
United States
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	130,958	139,377	202,944	292,551
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,879	55,922	97,560	121,583
Japan
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	42,579	38,929	75,473	89,450
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 12,152	$ 21,123	$ 20,883	$ 43,736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Foreign Currency Translation

Liquidity

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

The Company has a long history of profitable operations, positive operating cash flows and substantial liquidity that was further strengthened during the first year of the COVID-19 pandemic as consumer demand for iRobot's products increased considerably. For the six months ended July 1, 2023, the Company’s revenue declined 27.5% from the six months ended July 2, 2022 due to lower orders from retailers and distributors largely resulting from a decline in consumer sentiment, and resultant spending, as well as increased pricing competition in the market. The lower revenue has resulted in operating losses of $152.4 million and operating cash outflows of $58.1 million for the six months ended July 1, 2023. As a result, the Company's cash and cash equivalents have declined from $117.9 million as of December 31, 2022 to $58.0 million as of July 1, 2023. On July 24, 2023, the Company entered into the $200.0 million Term Loan. Total proceeds from the Term Loan were approximately $188.0 million, net of debt issuance costs, which will be used to fund its ongoing operations.

Management has considered and assessed its ability to continue as a going concern for the one year from the date that the unaudited consolidated financial statements are issued. Management’s assessment included the preparation of cash flow forecasts taking into account actions already implemented. Management considered additional actions within its control that it would implement, if necessary, to maintain liquidity and operations in the ordinary course. Management has already undertaken the following actions to improve profitability and operating cash flows and align the organization to the lower revenue level:

•In August 2022, the Company initiated a restructuring of its operations designed to better realign its cost structure with near-term revenue and cash flow generation, advance key strategic priorities, increase efficiencies and improve its profitability going forward (the "August 2022 Restructuring Plan"). As part of the August 2022 Restructuring Plan, the Company reduced its workforce and terminated approximately 100 employees, which represented 8% of its workforce and eliminated a number of open positions entering the third quarter of 2022. As a follow-on action to the Company’s August 2022 Restructuring Plan and in anticipation that market conditions will remain challenging in 2023, the Company initiated a new restructuring program at the beginning of February 2023 and reduced its workforce by approximately 85 employees, which represented 7% of the Company's global workforce as of December 31, 2022 (the "February 2023 Restructuring Plan"). At July 1, 2023, the Company had 1,139 employees, a total reduction of 233 employees since the end of fiscal 2021. In addition to the reduction of its headcount, the Company signed a sublease agreement during the fourth quarter of fiscal 2022 and two additional sublease agreements in the second quarter of fiscal 2023 to sublease portions of its headquarters. iRobot currently anticipates that its August 2022 and February 2023 restructuring actions will deliver net cost savings of approximately $42.0 million in 2023, including actions associated with the facilities consolidation. iRobot’s 2023 operating plan also incorporates scaled back working media and other demand-generation activities, limited investment in non-robotic product categories and minimal new hiring plans in 2023.

•Inventory has consumed a significant amount of cash and the Company continues to manage its inventory level carefully. As of July 1, 2023, the inventory balance was $170.6 million, or 85 days, a reduction of $114.7 million, from the end of fiscal 2022 and a reduction of $226.5 million from the same period last year. In 2023, the Company will continue to manage its inventory to a level that aligns with current run rates of the business.

Management estimates such actions, together with the proceeds from the Term Loan, will be sufficient to allow it to maintain liquidity and its operations in the ordinary course for at least 12 months from the issuance of these financial statements. While management estimates such actions and loan proceeds will be sufficient to allow it to maintain liquidity and its operations in the ordinary course for at least 12 months from the issuance of these financial statements, there can be no assurance the Company will generate sufficient future cash flows from operations due to potential factors, including, but not limited to, further inflation, the continued rising interest rates, ongoing recessionary conditions or continued reduced demand for the Company’s products. If the Company is not successful in increasing demand for its products, or if macroeconomic conditions further constrain consumer demand, the Company may continue to experience adverse impacts to revenue and profitability. Additional actions within the Company’s control to maintain its liquidity and operations include optimizing its production volumes with contract manufacturers by reducing inventory supply forecast for cancellable purchase orders, further reducing discretionary spending in all areas of the business, decreasing working media spending and realigning resources through ongoing attrition without rehiring activity.

The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.

Recently Issued Accounting Standards

Use of Estimates

Allowance for Credit Losses

Tariff Refunds

In March 2022, the Company was granted a temporary exclusion from Section 301 List 3 tariffs by the United States Trade Representative ("USTR"). This exclusion, which was subsequently extended until September 30, 2023, entitled the Company to a refund of approximately $32.0 million in tariffs paid. During the first quarter of 2022, the Company recognized a benefit of $11.7 million from tariff refunds as a reduction to cost of product revenue related to tariffs paid on products imported after October 12, 2021 and sold during fiscal 2021. As of July 1, 2023, the Company had received $31.9 million of the tariff refund and the outstanding refund receivable of $0.2 million is recorded in other current assets on the consolidated balance sheet.

Inventory

Inventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from contract manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventory costs primarily consist of materials, inbound freight, import duties and other handling fees. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is the estimated selling price less estimated costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of revenue and have not been significant for the periods presented.

Strategic Investments

Restructuring Charges

In August 2022, the Company initiated a restructuring of its operations designed to realign its cost structure with near-term revenue and cash flow generation, advance key strategy priorities, increase efficiencies and improve its profitability going forward. As a follow-on action to the Company’s August 2022 Restructuring Plan and in anticipation that market conditions remain challenging in 2023, the Company initiated a new restructuring program at the beginning of February 2023 to further reduce its workforce by approximately 85 employees, which represented 7% of the Company's global workforce as of December 31, 2022. During the three and six months ended July 1, 2023, the Company recorded restructuring charges of $0.6 million and $4.5 million for employee severance and benefit costs related to the February 2023 Restructuring Plan. As of July 1, 2023, the Company had outstanding restructuring liability related to these plans of approximately $0.7 million and expects the remaining balance to be substantially paid during the second half of 2023. These restructuring charges are recorded in the consolidated statement of operations.

During June 2023, as part of the Company's plan to reduce its global office footprint ("Facility Restructuring"), the Company executed two agreements to sublease portions of its headquarters. As a result of the execution of the sublease agreements, the Company determined that indicators of impairment existed related to the right-of-use asset and property and equipment associated with each subleased space. Accordingly, the Company conducted an impairment test to assess whether the fair value of the asset group was lower than its carrying value. The results of the impairment tests indicated that the fair value of each asset group was lower than its carrying value. The Company determined the fair value of each asset group using a discounted cash flow method. The assumptions used in the discounted cash flow analysis included projected sublease income over the sublease term and a discount rate based on the weighted-average cost of capital. Based on the results of the Company's assessment, the Company recognized an impairment loss of $4.0 million, of which $3.0 million was allocated to the right-of-use assets and $1.0 million was allocated to property and equipment. This impairment loss is recorded under general and administrative expenses in the consolidated statement of operations.

Net Loss Per Share

The following table presents the calculation of both basic and diluted net loss per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net loss	$	(80,800)	$	(43,421)	$	(161,912)	$	(73,827)
Weighted-average shares outstanding	27,619		27,161		27,543		27,106


Basic and diluted loss per share	$	(2.93)	$	(1.60)	$	(5.88)	$	(2.72)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net loss	$ (80,800)	$ (43,421)	$ (161,912)	$ (73,827)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue Recognition - Significant Judgments (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 19.5	$ 23.2
Refund liability, product returns	17.7	49.2
Refund liability, other credits and incentives	$ 70.6	$ 106.5

Industry Segment, Geographic Information and Significant Customers	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Industry Segment, Geographic Information and Significant Customers	Industry Segment, Geographic Information and Significant Customers The Company operates as one operating segment. The Company's consumer robots are offered to consumers through a variety of distribution channels, including chain stores and other national retailers, through the Company's own website and app, dedicated e-commerce websites, the online arms of traditional retailers, and through value-added distributors and resellers worldwide. Significant Customers For the three months ended July 1, 2023 and July 2, 2022, the Company generated 40.3% and 27.1%, respectively, of total revenue from one of its retailers. The increase in concentration is largely due to timing of certain orders and overall decrease in revenue from other customers. For the six months ended July 1, 2023 and July 2, 2022, the Company generated 48.4% and 26.8%, respectively, of total revenue from one of its retailers. The increase in concentration is due to the decrease in revenue for the six months ended July 1, 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

6 Months Ended

Jul. 01, 2023

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating lease cost	$	1,753	$	2,163	$	3,467	$	3,014
Variable lease cost	903		1,010		1,728		1,928
Sublease income	(280)		—		(324)		—
Right-of-use asset impairment	3,048		—		3,048		—
Net lease cost	$	5,424	$	3,173	$	7,919	$	4,942

Schedule of Leases, Supplemental Cash Flow [Table Text Block]

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,269	$	1,995	$	4,277	$	4,034
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	683	$	—	$	683	$	—

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of operating lease liabilities and sublease payments were as follows as of July 1, 2023 (in thousands):


	Operating Lease Payments		Sublease Payments		Net
Remainder of 2023	$	3,040	$	(576)	$	2,464
2024	6,866		(1,123)		5,743
2025	6,086		(556)		5,530
2026	6,050		(572)		5,478
2027	5,905		(589)		5,316
Thereafter	13,048		(1,447)		11,601
Total minimum lease payments	$	40,995	$	(4,863)	$	36,132
Less: imputed interest	5,134
Present value of future minimum lease payments	$	35,861
Less: current portion of operating lease liabilities (Note 7)	$	5,344
Long-term lease liabilities	$	30,517

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (80,800)	$ (43,421)	$ (161,912)	$ (73,827)
Other comprehensive (loss) income, net of tax:
Net foreign currency translation adjustments	1,909	(7,360)	3,629	(11,375)
Net unrealized gains on cash flow hedges, net of tax	3,797	24,934	1,974	32,587
Net gains on cash flow hedge reclassified into earnings, net of tax	(3,280)	(2,816)	(8,683)	(4,050)
Total comprehensive loss	$ (78,374)	$ (28,663)	$ (164,992)	$ (56,665)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue Recognition (Tables)

6 Months Ended

Jul. 01, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table provides information about disaggregated revenue by geographical region (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
United States	$	130,958	$	139,377	$	202,944	$	292,551
EMEA	50,879		55,922		97,560		121,583
Japan	42,579		38,929		75,473		89,450
Other	12,152		21,123		20,883		43,736
Total revenue	$	236,568	$	255,351	$	396,860	$	547,320

Contract with Customer, Asset and Liability [Table Text Block]

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers (in thousands):


	July 1, 2023		December 31, 2022
Accounts receivable, net	$	68,701	$	60,268
Unbilled receivables	4,210		6,569
Contract liabilities	20,623		24,140

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 01, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jul. 01, 2023
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0001159167
Entity File Number	001-36414
Entity Registrant Name	iROBOT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0259335
Amendment Flag	false
Entity Address, Address Line One	8 Crosby Drive
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	430-3000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	IRBT
Security Exchange Name	NASDAQ
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-30
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		27,696,213

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 01, 2023	Dec. 31, 2022
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	27,696,000	27,423,000
Common stock, shares issued	27,696,000	27,423,000

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands, shares in Millions		1 Months Ended		3 Months Ended				6 Months Ended		12 Months Ended		18 Months Ended
	Jul. 24, 2023 USD ($)	Jun. 30, 2023 sublease_agreement	Feb. 28, 2023 employee	Jul. 01, 2023 USD ($) employee sublease_agreement shares	Oct. 01, 2022 employee	Jul. 02, 2022 USD ($) shares	Apr. 02, 2022 USD ($)	Jul. 01, 2023 USD ($) employee sublease_agreement shares	Jul. 02, 2022 USD ($) shares	Dec. 30, 2023 USD ($)	Jul. 01, 2023 USD ($) employee	Jul. 01, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Decrease in revenue								27.50%
Operating loss				$ 71,056		$ 63,914		$ 152,353	$ 87,201
Decrease in operating activities								58,111	186,512
Cash and cash equivalents				$ 57,954				$ 57,954			$ 57,954	$ 57,954	$ 117,949
Number of positions eliminated \| employee			85		100
Percentage of workforce eliminated			7.00%		8.00%
Number of employees \| employee				1,139				1,139			1,139	1,139
Decrease in number of employees \| employee												233
Number of sublease agreements \| sublease_agreement		2		2				3
Inventory				$ 170,561				$ 170,561			$ 170,561	$ 170,561	285,250
Days in inventory								85 days
Decrease in inventory								$ 114,700			226,500
Allowance for credit loss				2,700				2,700			2,700	2,700	4,700
Refund in tariffs paid				200				200			200	200		$ 32,000
Cash received from tariff refund				31,900				31,900			31,900	31,900
Impairment loss related to investments in non-marketable equity securities				3,200
Equity securities without readily determinable fair value				12,100				12,100			12,100	12,100	$ 15,100
Restructuring charges				600				4,500
Outstanding restructuring liability				700				700			$ 700	$ 700
Impairment charges related to right-of-use assets and property and equipment				4,000
Right-of-use asset impairment				3,048		$ 0		$ 3,048	$ 0
Impairment loss on property and equipment				$ 1,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares				1.5		1.3		0.9	1.0
Forecast
Debt and Equity Securities, FV-NI [Line Items]
Decrease in operating expenses and cost of goods										$ 42,000
Secured Debt \| Line of Credit \| Credit Agreement \| Subsequent Event
Debt and Equity Securities, FV-NI [Line Items]
Face amount	$ 200,000
Proceeds net of debt issuance costs	$ 188,000
Roomba Robots \| Imported After October, 12, 2021
Debt and Equity Securities, FV-NI [Line Items]
Tariffs paid							$ 11,700

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 01, 2023	Jul. 01, 2023	Dec. 31, 2022
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount, Terminated Contracts	$ 151,700
Payments for derivative instruments	$ 2,500
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 175,700	$ 362,900
Derivative, Term of Contract		1 year 6 months
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 180,600	242,000
Not Designated as Hedging Instrument [Member] \| Maximum
Derivative [Line Items]
Derivative, Term of Contract		12 months
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 9)		$ 3,323	4,288
Derivative instruments (Note 9)		2,871	3,249
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Forward [Member] \| Other Current Assets [Member]
Derivative [Line Items]
Derivative instruments (Note 9)		2,492	0
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Forward [Member] \| Other Assets
Derivative [Line Items]
Derivative instruments (Note 9)		571	1,331
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Forward [Member] \| Accrued Liabilities [Member]
Derivative [Line Items]
Derivative instruments (Note 9)		4,955	4,061
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Forward [Member] \| Other Noncurrent Liabilities [Member]
Derivative [Line Items]
Derivative instruments (Note 9)		$ 963	$ 6,483

Industry Segment, Geographic Information and Significant Customers - Additional Information (Detail) - segment	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Reportable Segments			1
Revenue Benchmark \| Retail Customer \| Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration Risk, Percentage	40.30%	27.10%	48.40%	26.80%

Commitments and Contingencies

6 Months Ended

Jul. 01, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time to time and in the ordinary course of business, the Company is subject to various claims, charges and litigation. The outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, which could materially affect our financial condition or results of operations.

Outstanding Purchase Orders

As of July 1, 2023, the Company had outstanding purchase orders aggregating approximately $314.1 million. The purchase orders are typically related to the purchase of inventory and marketing and media spend in the normal course of

business. Included in these outstanding purchase orders is $194.0 million related to inventory purchases at the Company's contract manufacturers, of which $69.9 million are not cancellable without penalty.

The Company utilizes contract manufacturers to build its products and accessories. These contract manufacturers acquire components and build products based on a forecasted production plan, which typically covers a rolling 24-month period. If the Company cancels all or part of the orders, or materially reduces forecasted orders, in certain circumstances the Company may be liable to its contract manufacturers for the cost of the excess components purchased by its contract manufacturers. During the second quarter of 2023, the Company paid $3.0 million to its contract manufacturers for such liabilities and recorded as inventory components.

Guarantees and Indemnification Obligations

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other proprietary right infringement claim by any third party. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company had no liabilities recorded for these agreements as of July 1, 2023 and December 31, 2022, respectively.

Warranty

The Company provides warranties on most products and has established a reserve for warranty obligations based on estimated warranty costs. The reserve is included as part of accrued expenses (Note 7) in the accompanying consolidated balance sheets.

Activity related to the warranty accrual was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Balance at beginning of period	$	24,618	$	30,239	$	27,379	$	32,019

Provision	4,883		4,000		8,360		10,036
Warranty usage	(5,566)		(7,425)		(11,804)		(15,241)
Balance at end of period	$	23,935	$	26,814	$	23,935	$	26,814

Merger Contingencies

On August 4, 2022, the Company entered into the Merger Agreement with Amazon.com, Inc., subject to the terms of which Amazon has agreed to acquire the Company. On July 24, 2023, the Company entered into the Merger Agreement Amendment which amends the Merger Agreement. The Merger is conditioned upon, among other things, the adoption of the Amended Merger Agreement by holders of a majority of the outstanding shares of Common Stock, the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), certain other approvals, clearances or expirations of waiting periods under other antitrust laws and foreign investment laws, and other customary closing conditions. On September 19, 2022, the Company and Amazon each received a request for additional information and documentary material (the "Second Request") from the Federal Trade Commission ("FTC") in connection with the FTC's review of the transactions contemplated by the Amended Merger Agreement. The effect of the Second Request is to extend the waiting period imposed by the HSR Act, until 30 days after the Company and Amazon have substantially complied with the Second Request. Completion of the Merger remains subject to the expiration or termination of the waiting period under the HSR Act.

On April 18, 2023, Amazon notified the Merger to the UK Competition and Markets Authority (the "CMA"). On June 16, 2023, the CMA announced a decision to approve unconditionally the Merger. On June 1, 2023, Amazon notified the Merger to the European Commission. On July 6, 2023, the European Commission referred the Merger for an in-depth Phase 2 review which currently has a deadline of December 13, 2023.

At a special meeting of stockholders of the Company on October 17, 2022, stockholders approved the Merger; however, as noted above, a new vote of stockholders will be solicited as a result of the Merger Agreement Amendment. In connection with the transaction, the Company expects to incur professional fees and expenses of approximately $27.0 million that are contingent upon consummation of the Merger.