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  "documentTitle": "iRobot Corp (IRBT)",
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  "authorName": "Spruce Point Management",
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  "presentationDate": "2014-05-20 00:00:00",
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      "kind": "callout",
      "text": "Note: Almost No Change In AR+Inventory Despite a 17% YoY Inc in Home Robots (7.5% YoY inc in Total Sales",
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      "text": "First Time Net Income Has Been Positive, and OCF Negative in Q1 Period",
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      "text": "IRBT has historically reported positive operating cash flow (OCF) in its first quarter results. However, in Q1 2014, IRBT reported its first ever Q1 OCF burn in over 8 years (and the only time its GAAP Net Income has been positive, while its OCF has been negative!)",
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      "text": "GAAP Net Income vs Operating Cash Flow (OCF) 2006-2014",
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      "text": "Operating Cash Flow: $7.0 million",
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      "text": "IRBT has historically reported positive operating cash flow (OCF) in its first quarter results. However, in Q1 2014, IRBT reported its first ever Q1 OCF burn in over 8 years...",
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      "text": "Source: Company 10Q filings",
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      "text": "Cash flows from operating activities statement extract",
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      "kind": "title",
      "text": "Milk the Cow: Fat Compensation Drives First Q1 Cash Flow Burn in 8 Years!",
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