Infinera Corporation Reports First Quarter 2014 Financial Results
April 23 2014 - 04:15PM
Marketwired
Infinera Corporation Reports First Quarter 2014 Financial Results
SUNNYVALE, CA--(Marketwired - Apr 23, 2014) - Infinera
Corporation (NASDAQ: INFN), a provider of Intelligent Transport
Networks™, today released financial results for the first quarter
of 2014 ended March 29, 2014.
GAAP revenue for the quarter was $142.8 million compared to
$139.1 million in the fourth quarter of 2013 and $124.6 million in
the first quarter of 2013.
GAAP gross margins for the quarter were 40.9% compared to 40.2%
in the fourth quarter of 2013 and 34.2% in the first quarter of
2013.
GAAP net loss for the quarter was $(4.4) million, or $(0.04) per
share, compared to net loss of $(10.2) million, or $(0.08) per
share, in the fourth quarter of 2013, and a net loss of $(15.3)
million, or $(0.13) per share, in the first quarter of 2013.
Non-GAAP gross margins for the quarter were 41.8% compared to
41.4% in the fourth quarter of 2013 and 35.9% in the first quarter
of 2013.
Non-GAAP net income for the quarter was $4.2 million, or $0.03
per share, compared to net loss of $(0.2) million, or break even on
an earnings per share basis in the fourth quarter of 2013, and net
loss of $(7.3) million, or $(0.06) per share, in the first quarter
of 2013.
These non-GAAP measures exclude non-cash stock-based
compensation expenses and the amortization of debt discount on
Infinera's convertible senior notes. A further explanation of the
use of non-GAAP financial information and a reconciliation of the
non-GAAP financial measures to the GAAP equivalents can be found at
the end of this release.
Management
Commentary:
"Our first quarter performance was exceptionally strong in what
is typically a soft quarter for our industry. We are benefitting
from the continued investment cycle in 100G and network
convergence. The favorable economics of our PIC-based architectures
and the operational benefits of super-channels positions us as the
industry recognized leader in the optical market," said Tom Fallon,
Chief Executive Officer. "I remain optimistic about our short-,
intermediate- and long-term opportunity. Our focus this year
remains on winning footprint, gaining market share, and servicing
customers. We believe the continued growth of our business in
long-haul, combined with product investments in adjacent markets,
is the best way for us to provide long-term shareholder value."
Conference Call
Information:
Infinera will host a conference call for analysts and investors
to discuss its first quarter of 2014 results and its outlook for
the second quarter of 2014 today at 5:00 p.m. Eastern Time (2:00
p.m. Pacific Time). A live webcast of the conference call will also
be accessible from the Investor Relations' section of Infinera's
website at www.infinera.com. Following the webcast, an archived
version will be available on the website for 90 days. To hear the
replay, parties in the United States and Canada should call
1-888-566-0689.
International parties can access the replay at 1-402-998-0823.
About Infinera Infinera provides Intelligent Transport Networks
to help carriers exploit the increasing demand for cloud-based
services and data center connectivity as they advance into the
Terabit Era. Infinera is unique in its use of breakthrough
semiconductor technology to deliver large scale Photonic Integrated
Circuit (PICs) and the application of PICs to vertically integrated
optical networking solutions that deliver the industry's only
commercially available 500 Gb/s FlexCoherent super-channels.
Infinera Intelligent Transport Network solutions include the DTN-X,
DTN and ATN platforms. Find more at www.infinera.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
based on current expectations, forecasts and assumptions that
involve risks and uncertainties. These statements are based on
information available to Infinera as of the date hereof and actual
results could differ materially from those stated or implied due to
risks and uncertainties. Forward-looking statements include
statements regarding Infinera's expectations, beliefs, intentions
or strategies including statements regarding Infinera's opportunity
in the short-, intermediate- and long-term; Infinera's ability to
win footprint and gain market share; and Infinera's belief that
continued growth of its business in long haul, combined with
product investments, is the best way for Infinera to provide
long-term shareholder value. Such forward-looking statements can be
identified by forward-looking words such as "anticipated,"
"believed," "could," "estimate," "expect," "intend," "may,"
"should," "will," and "would" or similar words. The risks and
uncertainties that could cause Infinera's results to differ
materially from those expressed or implied by such forward-looking
statements include aggressive business tactics by Infinera's
competitors, Infinera's reliance on single-source suppliers,
Infinera's ability to protect Infinera's intellectual property,
claims by others that Infinera infringes their intellectual
property, and Infinera's ability to respond to rapid technological
changes, and other risks that may impact Infinera's business are
set forth in its annual report on Form 10-K filed with the
Securities and Exchange Commission (SEC) on February 21, 2014, as
well as subsequent reports filed with or furnished to the SEC.
These reports are available on Infinera's website at
www.infinera.com and the SEC's website at www.sec.gov. Infinera
assumes no obligation to, and does not currently intend to, update
any such forward-looking statements.
Use of Non-GAAP Financial Information
In addition to disclosing financial measures prepared in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), this press release and the accompanying tables contain
certain non-GAAP measures that exclude non-cash stock-based
compensation expenses and amortization of debt discount on
Infinera's convertible senior notes. Infinera believes these
adjustments are appropriate to enhance an overall understanding of
its underlying financial performance and also its prospects for the
future and are considered by management for the purpose of making
operational decisions. In addition, these results are the primary
indicators management uses as a basis for its planning and
forecasting of future periods. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for net income (loss), basic and diluted net income
(loss) per share, or gross margin prepared in accordance with GAAP.
Non-GAAP financial measures are not based on a comprehensive set of
accounting rules or principles and are subject to limitations. For
a description of these non-GAAP financial measures and a
reconciliation to the most directly comparable GAAP financial
measures, please see the section titled, "GAAP to Non-GAAP
Reconciliations." Infinera anticipates disclosing
forward-looking non-GAAP information in its conference call to
discuss its first quarter results, including an estimate of
non-GAAP earnings for the second quarter of 2014 that excludes
non-cash stock-based compensation expenses and amortization of debt
discount on Infinera's convertible senior notes.
A copy of this press release can be found on the Investor
Relations' page of Infinera's website at www.infinera.com.
Infinera and the Infinera logo are trademarks or registered
trademarks of Infinera Corporation. All other trademarks used or
mentioned herein belong to their respective owners.
|
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Infinera Corporation |
|
GAAP Condensed Consolidated Statements of
Operations |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
Three Months Ended |
|
|
March 29, |
|
March 30, |
|
|
2014 |
|
2013 |
|
Revenue: |
|
|
|
|
|
Product |
$ |
124,242 |
|
$ |
108,343 |
|
|
Services |
|
18,573 |
|
|
16,282 |
|
|
|
Total
revenue |
|
142,815 |
|
|
124,625 |
|
|
|
|
|
|
|
|
|
Cost of revenue (1): |
|
|
|
|
|
|
|
Cost of product |
|
78,438 |
|
|
75,447 |
|
|
Cost of services |
|
5,971 |
|
|
6,476 |
|
|
|
Total
cost of revenue |
|
84,409 |
|
|
81,923 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
58,406 |
|
|
42,702 |
|
|
|
|
|
|
|
|
|
Operating expenses (1): |
|
|
|
|
|
|
|
Research and development |
|
29,346 |
|
|
29,726 |
|
|
Sales and marketing |
|
17,862 |
|
|
18,046 |
|
|
General and administrative |
|
12,254 |
|
|
9,872 |
|
|
|
Total
operating expenses |
|
59,462 |
|
|
57,644 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(1,056 |
) |
|
(14,942 |
) |
|
|
|
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
|
|
|
Interest income |
|
336 |
|
|
197 |
|
|
Interest expense |
|
(2,677 |
) |
|
- |
|
|
Other gain (loss), net: |
|
(729 |
) |
|
(203 |
) |
|
|
Total
other income (expense), net |
|
(3,070 |
) |
|
(6 |
) |
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(4,126 |
) |
|
(14,948 |
) |
Provision for income taxes |
|
248 |
|
|
331 |
|
Net loss |
$ |
(4,374 |
) |
$ |
(15,279 |
) |
|
|
|
|
|
|
|
|
Net loss per common share, basic and diluted |
$ |
(0.04 |
) |
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
Weighted average shares used in computing basicand
diluted net loss per common share |
|
121,352 |
|
|
114,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1) |
|
The following table summarizes the effects
of stock-based compensation related to employees and non-employees
for the three months ended March 29, 2014 and March 30, 2013: |
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 29, |
|
|
March 30, |
|
|
|
|
|
2014 |
|
|
2013 |
|
|
Cost of revenue |
|
$ |
452 |
|
$ |
486 |
|
|
Research and development |
|
|
2,138 |
|
|
3,119 |
|
|
Sales and marketing |
|
|
1,720 |
|
|
1,999 |
|
|
General and administration |
|
|
1,530 |
|
|
769 |
|
|
|
|
|
5,840 |
|
|
6,373 |
|
|
Cost of revenue - amortization from balance sheet* |
|
|
832 |
|
|
1,602 |
|
|
Total stock-based compensation expense |
|
$ |
6,672 |
|
$ |
7,975 |
|
|
|
|
|
|
|
|
|
|
|
* Stock-based compensation expense deferred to
inventory and deferred inventory costs in prior periods and
recognized in the current period. |
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Infinera Corporation |
|
GAAP to Non-GAAP Reconciliations |
|
(In thousands, except percentages and per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended |
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|
March 29, |
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|
|
December 28, |
|
|
March 30, |
|
|
2014 |
|
|
|
2013 |
|
|
2013 |
|
Reconciliation of Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
$ |
58,406 |
|
|
|
$ |
55,912 |
|
|
$ |
42,702 |
|
Stock-based compensation(1) |
|
1,284 |
|
|
|
|
1,695 |
|
|
|
2,088 |
|
Non-GAAP as adjusted |
$ |
59,690 |
|
|
|
$ |
57,607 |
|
|
$ |
44,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
|
40.9 |
% |
|
|
|
40.2 |
% |
|
|
34.2 |
% |
Stock-based compensation(1) |
|
0.9 |
% |
|
|
|
1.2 |
% |
|
|
1.7 |
% |
Non-GAAP as adjusted |
|
41.8 |
% |
|
|
|
41.4 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Income (Loss) from Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
$ |
(1,056 |
) |
|
|
$ |
(7,081 |
) |
|
$ |
(14,942 |
) |
Stock-based compensation(1) |
|
6,672 |
|
|
|
|
8,174 |
|
|
|
7,975 |
|
Non-GAAP as adjusted |
$ |
5,616 |
|
|
|
$ |
1,093 |
|
|
$ |
(6,967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
$ |
(4,374 |
) |
|
|
$ |
(10,178 |
) |
|
$ |
(15,279 |
) |
Stock-based compensation(1) |
|
6,672 |
|
|
|
|
8,174 |
|
|
|
7,975 |
|
Amortization of debt discount(2) |
|
1,860 |
|
|
|
|
1,814 |
|
|
|
- |
|
Non-GAAP as adjusted |
$ |
4,158 |
|
|
|
$ |
(190 |
) |
|
$ |
(7,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Common Share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
$ |
(0.04 |
) |
|
|
$ |
(0.08 |
) |
|
$ |
(0.13 |
) |
Non-GAAP as adjusted |
$ |
0.03 |
|
|
|
$ |
- |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Common Share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
$ |
(0.04 |
) |
|
|
$ |
(0.08 |
) |
|
$ |
(0.13 |
) |
Non-GAAP as adjusted(3) |
$ |
0.03 |
|
|
|
$ |
- |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net income
(loss) per common share - U.S. GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
121,352 |
|
|
|
|
119,743 |
|
|
|
114,308 |
|
Diluted |
|
121,352 |
|
|
|
|
119,743 |
|
|
|
114,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net income
(loss) per common share - Non-GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
121,352 |
|
|
|
|
119,743 |
|
|
|
114,308 |
|
Diluted(3) |
|
125,435 |
|
|
|
|
125,134 |
|
|
|
117,602 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
(1) |
Stock-based compensation expense is calculated in
accordance with the fair value recognition provisions of Financial
Accounting Standards Board Accounting Standards Codification (ASC)
Topic 718, Compensation-Stock Compensation effective
January 1, 2006. The following table summarizes the effects of
stock-based compensation related to employees and non-employees (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 29, |
|
December 28, |
|
March 30, |
|
|
|
2014 |
|
2013 |
|
2013 |
|
Cost
of revenue |
|
$ |
452 |
|
$ |
489 |
|
$ |
486 |
|
Research and development |
|
|
2,138 |
|
|
2,725 |
|
|
3,119 |
|
Sales
and marketing |
|
|
1,720 |
|
|
1,965 |
|
|
1,999 |
|
General and administration |
|
|
1,530 |
|
|
1,789 |
|
|
769 |
|
|
|
|
5,840 |
|
|
6,968 |
|
|
6,373 |
|
Cost
of revenue - amortization from balance sheet* |
|
|
832 |
|
|
1,206 |
|
|
1,602 |
|
Total
stock-based compensation expense |
|
$ |
6,672 |
|
$ |
8,174 |
|
$ |
7,975 |
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based compensation expense deferred to
inventory and deferred inventory costs in prior periods and
recognized in the current period. |
|
|
|
|
|
|
|
|
|
|
|
(2) |
Under GAAP, certain convertible debt instruments that
may be settled in cash on conversion are required to be separately
accounted for as liability (debt) and equity (conversion option)
components of the instrument in a manner that reflects the issuer's
non-convertible debt borrowing rate. Accordingly, for GAAP
purposes, Infinera is required to amortize as a debt discount an
amount equal to the fair value of the conversion option that was
recorded in equity as interest expense on its $150 million 1.75%
convertible debt issuance in May 2013 over the term of the notes.
These amounts have been adjusted in arriving at Infinera's non-GAAP
results because management believes that this non-cash expense is
not indicative of ongoing operating performance and provides a
better indication of Infinera's underlying business
performance. |
|
|
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|
|
|
|
|
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|
(3) |
Diluted shares used to calculate net loss per share on
a non-GAAP basis provided for informational purposes only. |
|
|
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|
|
|
Infinera Corporation |
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
(In thousands, except par values) |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 29, |
|
|
December 28, |
|
|
|
2014 |
|
|
2013 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
85,249 |
|
|
$ |
124,330 |
|
|
Short-term investments |
|
|
226,705 |
|
|
|
172,660 |
|
|
Accounts receivable, net of allowance for doubtful
accounts |
|
|
|
|
|
|
|
|
|
of $41 in 2014 and $43 in 2013 |
|
|
107,405 |
|
|
|
100,643 |
|
|
Inventory |
|
|
126,465 |
|
|
|
123,685 |
|
|
Prepaid expenses and other current assets |
|
|
20,537 |
|
|
|
17,752 |
|
|
|
Total current assets |
|
|
566,361 |
|
|
|
539,070 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
78,801 |
|
|
|
79,668 |
|
Long-term investments |
|
|
32,756 |
|
|
|
64,419 |
|
Cost-method investment |
|
|
9,000 |
|
|
|
9,000 |
|
Long-term restricted cash |
|
|
4,392 |
|
|
|
3,904 |
|
Other non-current assets |
|
|
5,776 |
|
|
|
4,865 |
|
|
|
Total assets |
|
$ |
697,086 |
|
|
$ |
700,926 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
37,843 |
|
|
$ |
39,843 |
|
|
Accrued expenses |
|
|
20,244 |
|
|
|
22,431 |
|
|
Accrued compensation and related benefits |
|
|
21,377 |
|
|
|
33,899 |
|
|
Accrued warranty |
|
|
14,351 |
|
|
|
12,374 |
|
|
Deferred revenue |
|
|
31,496 |
|
|
|
32,402 |
|
|
|
Total current liabilities |
|
|
125,311 |
|
|
|
140,949 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
|
111,024 |
|
|
|
109,164 |
|
|
Accrued warranty, non-current |
|
|
12,034 |
|
|
|
10,534 |
|
|
Deferred revenue, non-current |
|
|
4,886 |
|
|
|
4,888 |
|
|
Other long-term liabilities |
|
|
17,563 |
|
|
|
17,581 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value |
|
|
|
|
|
|
|
|
|
Authorized shares - 25,000 and no shares issued and
outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.001 par value |
|
|
|
|
|
|
|
|
|
Authorized shares - 500,000 as of March 29, 2014 and
December 28, 2013 |
|
|
|
|
|
|
|
|
|
Issued and outstanding shares - 122,485 as of March 29,
2014 and 119,887 |
|
|
|
|
|
|
|
|
|
as of December 28, 2013 |
|
|
123 |
|
|
|
120 |
|
|
Additional paid-in capital |
|
|
1,038,216 |
|
|
|
1,025,661 |
|
|
Accumulated other comprehensive loss |
|
|
(3,212 |
) |
|
|
(3,486 |
) |
|
Accumulated deficit |
|
|
(608,859 |
) |
|
|
(604,485 |
) |
|
Total stockholders' equity |
|
|
426,268 |
|
|
|
417,810 |
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
697,086 |
|
|
$ |
700,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infinera Corporation |
|
Condensed Consolidated Statements of Cash Flows |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 29, |
|
|
March 30, |
|
|
|
|
2014 |
|
|
2013 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(4,374 |
) |
|
$ |
(15,279 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,314 |
|
|
|
6,334 |
|
|
(Recovery of) provision for other receivables |
|
|
- |
|
|
|
(88 |
) |
|
Amotization of debt discount and issuance costs |
|
|
2,020 |
|
|
|
- |
|
|
Amortization of premium on investments |
|
|
828 |
|
|
|
314 |
|
|
Stock-based compensation expense |
|
|
6,672 |
|
|
|
7,975 |
|
|
Other gain |
|
|
(20 |
) |
|
|
(243 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(6,762 |
) |
|
|
(5,094 |
) |
|
|
Inventory |
|
|
(3,354 |
) |
|
|
(5,041 |
) |
|
|
Prepaid expenses and other assets |
|
|
(3,797 |
) |
|
|
(361 |
) |
|
|
Accounts payable |
|
|
(2,080 |
) |
|
|
(8,045 |
) |
|
|
Accrued liabilities and other expenses |
|
|
(13,448 |
) |
|
|
(6,301 |
) |
|
|
Deferred revenue |
|
|
(909 |
) |
|
|
4,340 |
|
|
|
Accrued warranty |
|
|
3,477 |
|
|
|
190 |
|
|
|
|
Net
cash used in operating activities |
|
|
(15,433 |
) |
|
|
(21,299 |
) |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Purchase of available-for-sale investments |
|
|
(80,223 |
) |
|
|
(20,023 |
) |
|
Proceeds from sale of available-for-sale
investments |
|
|
- |
|
|
|
2,850 |
|
|
Proceeds from maturities and calls of investments |
|
|
57,063 |
|
|
|
33,835 |
|
|
Purchase of property and equipment |
|
|
(5,608 |
) |
|
|
(4,936 |
) |
|
Change in restricted cash |
|
|
(479 |
) |
|
|
44 |
|
|
|
Net cash provided by (used in) investing
activities |
|
|
(29,247 |
) |
|
|
11,770 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
7,054 |
|
|
|
5,560 |
|
|
Minimum tax withholding paid on behalf of employees for
net share settlement |
|
|
(1,619 |
) |
|
|
(1,493 |
) |
|
|
Net cash provided by financing activities |
|
|
5,435 |
|
|
|
4,067 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
164 |
|
|
|
(206 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(39,081 |
) |
|
|
(5,668 |
) |
Cash and cash equivalents at beginning of period |
|
|
124,330 |
|
|
|
104,666 |
|
Cash and cash equivalents at end of period |
|
$ |
85,249 |
|
|
$ |
98,998 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid for income taxes, net of refunds |
|
$ |
303 |
|
|
$ |
210 |
|
Supplemental schedule of non-cash financing
activities: |
|
|
|
|
|
|
|
|
|
Transfer of inventory to fixed assets |
|
$ |
603 |
|
|
$ |
1,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infinera Corporation |
Supplemental Financial Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Q2'12 |
Q3'12 |
Q4'12 |
Q1'13 |
Q2'13 |
Q3'13 |
Q4'13 |
Q1'14 |
Revenue ($ Mil) |
$93.5 |
$112.2 |
$128.1 |
$124.6 |
$138.4 |
$142.0 |
$139.1 |
$142.8 |
Gross Margin % (1) |
36.6% |
39.1% |
35.9% |
35.9% |
38.9% |
49.2% |
41.4% |
41.8% |
Invoiced Shipment Composition: |
|
|
|
|
|
|
|
|
Domestic % |
70% |
70% |
63% |
63% |
64% |
73% |
54% |
78% |
International % |
30% |
30% |
37% |
37% |
36% |
27% |
46% |
22% |
Largest Customer % |
15% |
13% |
13% |
14% |
< 10% |
17% |
11% |
21% |
Cash Related Information: |
|
|
|
|
|
|
|
|
Cash from (used in) Operations ($ Mil) |
$(22.7) |
$(29.3) |
$8.3 |
$(21.3) |
$17.9 |
$12.8 |
$25.8 |
$(15.4) |
Capital Expenditures ($ Mil) |
$6.1 |
$2.5 |
$3.2 |
$4.9 |
$4.5 |
$4.2 |
$7.5 |
$5.6 |
Depreciation & Amortization ($ Mil) |
$5.7 |
$6.1 |
$6.4 |
$6.3 |
$6.3 |
$5.9 |
$6.0 |
$6.3 |
DSO's |
55 |
74 |
76 |
82 |
64 |
56 |
66 |
68 |
Inventory Metrics: |
|
|
|
|
|
|
|
|
Raw Materials ($ Mil) |
$14.8 |
$12.4 |
$13.0 |
$12.2 |
$9.8 |
$12.1 |
$14.3 |
$13.2 |
Work in Process ($ Mil) |
$49.4 |
$59.8 |
$57.3 |
$53.1 |
$41.0 |
$45.7 |
$49.2 |
$47.8 |
Finished Goods ($ Mil) |
$50.9 |
$46.3 |
$57.5 |
$65.7 |
$70.5 |
$65.7 |
$60.2 |
$65.5 |
Total Inventory ($ Mil) |
$115.1 |
$118.5 |
$127.8 |
$131.0 |
$121.3 |
$123.5 |
$123.7 |
$126.5 |
Inventory Turns (2) |
2.1 |
2.3 |
2.6 |
2.4 |
2.8 |
2.3 |
2.6 |
2.6 |
Worldwide Headcount |
1,228 |
1,235 |
1,242 |
1,219 |
1,238 |
1,296 |
1,318 |
1,346 |
|
(1) |
Amounts reflect non-GAAP results. Non-GAAP adjustments include
non-cash stock-based compensation expense. |
(2) |
Infinera calculates non-GAAP inventory turns as annualized non-GAAP
cost of revenue before adjustments for non-cash stock-based
compensation expense divided by the average inventory for the
quarter. |
Contacts: Media and analysts: Anna Vue Tel.
+1 (916) 595-8157
avue@infinera.com Investors: Leigh Salvo Tel. +1 (408) 543-8139
lsalvo@infinera.com
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