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  "documentTitle": "iRobot Corp (IRBT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-05-20 00:00:00",
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  "pageNumber": 39,
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  "notes": "The slide highlights a discrepancy between management's stated share repurchase programs and their actual selling behavior.",
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      "kind": "callout",
      "text": "CEO's ownership down 65% since 2009; Down 24% in past 2yrs",
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      "text": "Since coming public in 2005, insider ownership has declined dramatically from heavy liquidations in almost every single year. Meanwhile, iRobot's diluted share count has increased ~3.0% per annum. The Company has announced two share repurchase programs of $25m and $50m in 2013 and 2014, yet has never repurchased a single share!",
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      "kind": "callout",
      "text": "Recently large decline in ownership",
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      "text": "Insider Holdings / Total Dil. Shares: 4.9%",
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      "kind": "source-note",
      "text": "Source: iRobot Proxy Statements, ownership period as of end of March",
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      "kind": "table",
      "text": "Beneficial Ownership of iRobot Insiders (million of shares) table from 2005-2014",
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      "kind": "title",
      "text": "What Incentives Does Management Have; Insiders Are Selling Stock Hand-Over-Fist",
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