SUNNYVALE, CA–(Marketwire – Feb 2, 2012) – Infinera Corporation (NASDAQ: INFN), a leading provider of digital optical communications systems, today released financial results for the fourth quarter and fiscal year ended December 31, 2011.
GAAP revenues for the quarter were $112.0 million compared to $104.0 million in the third quarter of 2011 and $117.1 million in the fourth quarter of 2010.
GAAP gross margins for the quarter were 40% compared to 39% in the third quarter of 2011 and 49% in the fourth quarter of 2010. GAAP net loss for the quarter was $(19.4) million, or $(0.18) per share, compared to net loss of $(21.8) million, or $(0.21) per share, in the third quarter of 2011 and a net loss of $(2.7) million, or $(0.03) per share, in the fourth quarter of 2010.
Non-GAAP gross margins for the quarter were 42% compared to 41% in the third quarter of 2011 and 51% in the fourth quarter of 2010. Non-GAAP net loss for the quarter was $(6.7) million, or $(0.06) per diluted share, compared to net loss of $(9.2) million, or $(0.08) per diluted share in the third quarter of 2011 and net income of $7.6 million, or $0.07 per diluted share, in the fourth quarter of 2010. These Non-GAAP measures exclude non-cash stock-based compensation expenses and restructuring and other related costs.
GAAP revenues for the year were $404.9 million compared to $454.4 million in 2010.
GAAP gross margins for the year were 41% compared to 45% in 2010. GAAP net loss for the year was $(81.7) million, or $(0.78) per share compared to $(27.9) million, or $(0.28) per share in 2010.
Non-GAAP gross margins for the year were 43% compared to 47% in 2010. Non-GAAP net loss for the year was $(31.7) million or $(0.29) per diluted share in 2011, compared to net income of $22.4 million or $0.21 per diluted share in 2010. These Non-GAAP measures exclude non-cash stock-based compensation expenses and restructuring and other related costs.
Management Commentary on Q4
“Our fourth quarter revenue performance was higher than our expectations, and reflects continued solid demand from customers for Infinera’s unique digital optical networks including cable, Tier One and bandwidth wholesale service providers,” said Tom Fallon, president and chief executive officer. “We benefitted from unanticipated year-end budget spending by a number of customers and were able to execute to our disaster recovery process following the historic flooding in Thailand.”
The company reported these additional fourth quarter highlights:
- Achievement of its first 40G revenue, addressing demand from key customers;
- Two cable companies among the top 5 customers, including one in excess of 10% of revenue;
- A Tier One customer among the top five for the second consecutive quarter;
- The addition of five new customers for a total of 16 during 2011 and 98 overall; and
- 36 network customers to date — customers who have purchased multiple products across multiple applications.
DTN-X Update
The company indicated that the development of its recently launched DTN-X remains on track with trials in Q1, expected volume production starting in Q2 and initial revenue recognition expected for the second half of calendar year 2012. Four lab trials with Tier One carriers have been scheduled in Q1 2012, and the company is in the process of preparing for the production ramp of the product.
“Customer interest in our new DTN-X since its launch has been very strong,” said Fallon. “We believe this interest is in recognition of the unique advantage that Infinera’s integrated platform brings to market — the only platform offering integrated DWDM and OTN switching functionality without compromise.”
Conference Call Information:
Infinera will host a conference call for analysts and investors to discuss its fourth quarter and fiscal year 2011 results and first quarter outlook 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 the company’s website at http://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 1-800-925-5459. International parties can access the replay at 1-203-369-3851.
About Infinera
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera’s systems are unique in their use of a breakthrough semiconductor technology: the photonic integrated circuit (PIC). Infinera’s systems and PIC technology are designed to provide customers with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit http://www.infinera.com/.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the development and production of, the expected revenue from, the customer interest in, the integration and functionality of our DTN-X product. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include unexpected delays in the development or production of the DTN-X product, decisions by Tier One carriers or others to delay lab trials of the product, changes in the marketplace that would affect customer demand for the product, as well as our general ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs and develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our customers; our ability to reduce customer concentration; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; our ability to operate profitably; aggressive business tactics by our competitors; our reliance on single-source suppliers; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; and general, political, economic and market conditions and events. Further information about these risks and uncertainties, and other risks and uncertainties that affect our business, are contained in the risk factors section and other sections of our annual report on Form 10-K filed with the Securities Exchange Commission on March 1, 2011, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our website at http://www.infinera.com/ and the SEC’s website at http://www.sec.gov/. We assume no obligation to, and do 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 non-recurring restructuring and other related costs. We believe these adjustments are appropriate to enhance an overall understanding of our underlying financial performance and also our 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 our 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.” We anticipate disclosing forward-looking non-GAAP information in our conference call to discuss our fourth quarter and fiscal year 2011 results, including an estimate of non-GAAP earnings for the first quarter of 2012 that excludes non-cash stock-based compensation expenses.
A copy of this press release can be found on the investor relations page of Infinera’s website at http://www.infinera.com/.
Infinera Corporation and the Infinera logo are trademarks or registered trademarks of Infinera Corporation. All other trademarks used or mentioned herein belong to their respective owners.
| Infinera Corporation | ||||||||||||||||||
| GAAP Condensed Consolidated Statements of Operations | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2011 | December 25, 2010 | December 31, 2011 | December 25, 2010 | |||||||||||||||
| Revenue: | ||||||||||||||||||
| Product | $ | 93,025 | $ | 102,255 | $ | 349,468 | $ | 401,578 | ||||||||||
| Ratable product and related support and services | 593 | 1,417 | 3,176 | 6,155 | ||||||||||||||
| Services | 18,391 | 13,461 | 52,233 | 46,619 | ||||||||||||||
| Total revenue | 112,009 | 117,133 | 404,877 | 454,352 | ||||||||||||||
| Cost of revenue (1): | ||||||||||||||||||
| Cost of product | 61,103 | 53,523 | 219,710 | 225,183 | ||||||||||||||
| Cost of ratable product and related support and services | 250 | 659 | 1,096 | 3,217 | ||||||||||||||
| Cost of services | 5,972 | 5,659 | 18,580 | 19,945 | ||||||||||||||
| Restructuring and other credit related to cost of revenue | – | – | – | (182 | ) | |||||||||||||
| Total cost of revenue | 67,325 | 59,841 | 239,386 | 248,163 | ||||||||||||||
| Gross profit | 44,684 | 57,292 | 165,491 | 206,189 | ||||||||||||||
| Operating expenses (1): | ||||||||||||||||||
| Research and development | 31,218 | 31,226 | 127,120 | 118,518 | ||||||||||||||
| Sales and marketing | 18,336 | 16,537 | 64,773 | 58,103 | ||||||||||||||
| General and administrative | 14,119 | 12,304 | 54,375 | 58,098 | ||||||||||||||
| Restructuring and other costs (credit) | (129 | ) | – | (129 | ) | 159 | ||||||||||||
| Total operating expenses | 63,544 | 60,067 | 246,139 | 234,878 | ||||||||||||||
| Loss from operations | (18,860 | ) | (2,775 | ) | (80,648 | ) | (28,689 | ) | ||||||||||
| Other income (expense), net: | ||||||||||||||||||
| Interest income | 272 | 296 | 1,014 | 1,390 | ||||||||||||||
| Other gain (loss), net | (216 | ) | 36 | (419 | ) | (316 | ) | |||||||||||
| Total other income (expense), net | 56 | 332 | 595 | 1,074 | ||||||||||||||
| Loss before income taxes | (18,804 | ) | (2,443 | ) | (80,053 | ) | (27,615 | ) | ||||||||||
| Provision for income taxes | 546 | 297 | 1,691 | 317 | ||||||||||||||
| Net loss | $ | (19,350 | ) | $ | (2,740 | ) | $ | (81,744 | ) | $ | (27,932 | ) | ||||||
| Net loss per common share – basic and diluted | $ | (0.18 | ) | $ | (0.03 | ) | $ | (0.78 | ) | $ | (0.28 | ) | ||||||
| Weighted average shares used in computing net loss per common share – basic and diluted | 106,893 | 101,654 | 105,432 | 99,380 | ||||||||||||||
| (1) | The following table summarizes the effects of stock-based compensation related to employees and non-employees for the three and twelve months ended December 31, 2011 and December 25, 2010: |
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, 2011 | December 25, 2010 | December 31, 2011 | December 25, 2010 | |||||||||
| Cost of revenue | $ | 710 | $ | 740 | $ | 2,923 | $ | 2,598 | ||||
| Research and development | 3,915 | 3,755 | 14,990 | 14,301 | ||||||||
| Sales and marketing | 2,317 | 1,709 | 8,818 | 7,896 | ||||||||
| General and administration | 4,481 | 2,715 | 18,502 | 19,903 | ||||||||
| 11,423 | 8,919 | 45,233 | 44,698 | |||||||||
| Cost of revenue – amortization from balance sheet* | 1,307 | 1,455 | 4,924 | 5,637 | ||||||||
| Total stock-based compensation expense | $ | 12,730 | $ | 10,374 | $ | 50,157 | $ | 50,335 | ||||
| * | Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period. | |
| Infinera Corporation | ||||||||||||||||||||
| GAAP to Non-GAAP Reconciliations | ||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, 2011 | September 24, 2011 | December 25, 2010 | December 31, 2011 | December 25, 2010 | ||||||||||||||||
| Reconciliation of Gross Profit: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | 44,684 | $ | 40,649 | $ | 57,292 | $ | 165,491 | $ | 206,189 | ||||||||||
| Restructuring and other related costs (credit)(1) | – | – | – | – | (182 | ) | ||||||||||||||
| Stock-based compensation(2) | 2,017 | 2,209 | 2,195 | 7,847 | 8,235 | |||||||||||||||
| Non-GAAP as adjusted | $ | 46,701 | $ | 42,858 | $ | 59,487 | $ | 173,338 | $ | 214,242 | ||||||||||
| Reconciliation of Gross Margin: | ||||||||||||||||||||
| U.S. GAAP as reported | 40 | % | 39 | % | 49 | % | 41 | % | 45 | % | ||||||||||
| Restructuring and other related costs (credit)(1) | – | % | – | % | – | % | – | % | – | % | ||||||||||
| Stock-based compensation(2) | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||
| Non-GAAP as adjusted | 42 | % | 41 | % | 51 | % | 43 | % | 47 | % | ||||||||||
| Reconciliation of Income (Loss) from Operations: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (18,860 | ) | $ | (21,702 | ) | $ | (2,775 | ) | $ | (80,648 | ) | $ | (28,689 | ) | |||||
| Restructuring and other related costs (credit)(1) | (129 | ) | – | – | (129 | ) | (23 | ) | ||||||||||||
| Stock-based compensation(2) | 12,730 | 12,580 | 10,374 | 50,157 | 50,335 | |||||||||||||||
| Non-GAAP as adjusted | $ | (6,259 | ) | $ | (9,122 | ) | $ | 7,599 | $ | (30,620 | ) | $ | 21,623 | |||||||
| Reconciliation of Net Income (Loss): | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (19,350 | ) | $ | (21,806 | ) | $ | (2,740 | ) | $ | (81,744 | ) | $ | (27,932 | ) | |||||
| Restructuring and other related costs (credit)(1) | (129 | ) | – | – | (129 | ) | (23 | ) | ||||||||||||
| Stock-based compensation(2) | 12,730 | 12,580 | 10,374 | 50,157 | 50,335 | |||||||||||||||
| Non-GAAP as adjusted | $ | (6,749 | ) | $ | (9,226 | ) | $ | 7,634 | $ | (31,716 | ) | $ | 22,380 | |||||||
| Reconciliation of Net Income (Loss) per Common Share – Basic: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.03 | ) | $ | (0.78 | ) | $ | (0.28 | ) | |||||
| Restructuring and other related costs (credit)(1) | – | – | – | – | – | |||||||||||||||
| Stock-based compensation(2) | 0.12 | 0.12 | 0.11 | 0.48 | 0.51 | |||||||||||||||
| Non-GAAP as adjusted | $ | (0.06 | ) | $ | (0.09 | ) | $ | 0.08 | $ | (0.30 | ) | $ | 0.23 | |||||||
| Reconciliation of Net Income (Loss) per Common Share – Diluted: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.03 | ) | $ | (0.78 | ) | $ | (0.28 | ) | |||||
| Non-GAAP as adjusted | $ | (0.06 | ) | * | $ | (0.08 | ) | * | $ | 0.07 | $ | (0.29 | ) | * | $ | 0.21 | ||||
| Weighted average shares used in computing net income (loss) per common share – U.S. GAAP: | ||||||||||||||||||||
| Basic | 106,893 | 106,264 | 101,654 | 105,432 | 99,380 | |||||||||||||||
| Diluted | 106,893 | 106,264 | 101,654 | 105,432 | 99,380 | |||||||||||||||
| Weighted average shares used in computing net income (loss) per common share – Non-GAAP: | ||||||||||||||||||||
| Basic | 106,893 | 106,264 | 101,654 | 105,432 | 99,380 | |||||||||||||||
| Diluted | 110,018 | * | 108,885 | * | 108,393 | 108,770 | * | 104,622 | ||||||||||||
| * Diluted shares used to calculate net loss per share on a non-GAAP basis provided for informational purposes only. | ||||||||||||||||||||
| (1) Adjustment amount represents restructuring and other related costs (credit) recorded in relation to the closure of our Maryland FAB announced on July 21, 2009. These amounts have been adjusted in arriving at our non-GAAP results as they are non-recurring in nature and the adjusted numbers provide a better indication of our underlying business performance. | ||||||||||||||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2011 | December 25, 2010 | ||||||||||||||
| Operating Expenses | Cost of Revenue | Operating Expenses | Total | ||||||||||||
| Severance and related expenses (credits) | $ | – | $ | (144 | ) | $ | 55 | $ | (89 | ) | |||||
| Equipment and facility-related costs (credits) | (129 | ) | (38 | ) | – | (38 | ) | ||||||||
| Lease termination | – | – | 104 | 104 | |||||||||||
| Total | $ | (129 | ) | $ | (182 | ) | $ | 159 | $ | (23 | ) | ||||
| (2) 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: | |||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, 2011 | September 24, 2011 | December 25, 2010 | December 31, 2011 | December 25, 2010 | ||||||||||
| Cost of revenue | $ | 710 | $ | 722 | $ | 740 | $ | 2,923 | $ | 2,598 | ||||
| Research and development | 3,915 | 3,745 | 3,755 | 14,990 | 14,301 | |||||||||
| Sales and marketing | 2,317 | 2,216 | 1,709 | 8,818 | 7,896 | |||||||||
| General and administration | 4,481 | 4,410 | 2,715 | 18,502 | 19,903 | |||||||||
| 11,423 | 11,093 | 8,919 | 45,233 | 44,698 | ||||||||||
| Cost of revenue – amortization from balance sheet** | 1,307 | 1,487 | 1,455 | 4,924 | 5,637 | |||||||||
| Total stock-based compensation expense | $ | 12,730 | $ | 12,580 | $ | 10,374 | $ | 50,157 | $ | 50,335 | ||||
| ** Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period. | ||||||||||||||
| Infinera Corporation | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| (In thousands, except par values) | ||||||||||||
| (Unaudited) | ||||||||||||
| December 31, | December 25, | |||||||||||
| 2011 | 2010 | |||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 94,458 | $ | 113,649 | ||||||||
| Short-term investments | 101,296 | 168,013 | ||||||||||
| Short-term restricted cash | – | 1,856 | ||||||||||
| Accounts receivable | 80,616 | 75,931 | ||||||||||
| Other receivables | 1,346 | 4,420 | ||||||||||
| Inventories, net | 88,996 | 81,893 | ||||||||||
| Deferred inventory costs | 5,987 | 6,715 | ||||||||||
| Prepaid expenses and other current assets | 10,532 | 9,118 | ||||||||||
| Total current assets | 383,231 | 461,595 | ||||||||||
| Property, plant and equipment, net | 76,753 | 51,740 | ||||||||||
| Deferred inventory costs, non-current | 1,020 | 2,512 | ||||||||||
| Long-term investments | 54,315 | 9,953 | ||||||||||
| Cost-method investment | 9,000 | 4,500 | ||||||||||
| Long-term restricted cash | 3,047 | 2,235 | ||||||||||
| Deferred tax asset | 822 | 11,882 | ||||||||||
| Other non-current assets | 3,516 | 7,108 | ||||||||||
| Total assets | $ | 531,704 | $ | 551,525 | ||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 48,838 | $ | 35,658 | ||||||||
| Accrued expenses | 22,421 | 19,790 | ||||||||||
| Accrued compensation and related benefits | 18,966 | 25,098 | ||||||||||
| Accrued warranty | 5,692 | 5,696 | ||||||||||
| Deferred revenue | 22,781 | 21,958 | ||||||||||
| Deferred tax liability | 767 | 11,882 | ||||||||||
| Total current liabilities | 119,465 | 120,082 | ||||||||||
| Accrued warranty, non-current | 7,173 | 5,726 | ||||||||||
| Deferred revenue, non-current | 3,410 | 4,633 | ||||||||||
| Other long-term liabilities | 13,853 | 10,335 | ||||||||||
| 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 December 31, 2011 and December 25, 2010 | ||||||||||||
| Issued and outstanding shares – 106,976 as of December 31, 2011 and 102,492 as of December 25, 2010 | 107 | 102 | ||||||||||
| Additional paid-in capital | 876,927 | 817,200 | ||||||||||
| Accumulated other comprehensive loss | (2,195 | ) | (1,261 | ) | ||||||||
| Accumulated deficit | (487,036 | ) | (405,292 | ) | ||||||||
| Total stockholders’ equity | 387,803 | 410,749 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 531,704 | $ | 551,525 | ||||||||
| Infinera Corporation | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Twelve Months Ended | |||||||||||
| December 31, | December 25, | ||||||||||
| 2011 | 2010 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net loss | $ | (81,744 | ) | $ | (27,932 | ) | |||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 17,859 | 15,619 | |||||||||
| Provision for other receivables | 563 | – | |||||||||
| Non-cash restructuring and other costs (credit) | (129 | ) | 100 | ||||||||
| Amortization of premium on investments | 4,215 | 3,761 | |||||||||
| Stock-based compensation expense | 50,157 | 50,335 | |||||||||
| Unrealized loss on Put Rights | – | 1,696 | |||||||||
| Unrealized holding gain for trading securities | – | (1,696 | ) | ||||||||
| Non-cash tax benefit | (95 | ) | (316 | ) | |||||||
| Other gain | (335 | ) | (275 | ) | |||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (4,686 | ) | (6,448 | ) | |||||||
| Other receivables | 3,440 | (307 | ) | ||||||||
| Inventories, net | (6,007 | ) | (13,143 | ) | |||||||
| Prepaid expenses and other assets | 12,695 | (2,640 | ) | ||||||||
| Deferred inventory costs | 1,999 | 928 | |||||||||
| Accounts payable | 9,342 | 1,161 | |||||||||
| Accrued liabilities and other expenses | (10,282 | ) | 9,196 | ||||||||
| Deferred revenue | (401 | ) | 216 | ||||||||
| Accrued warranty | 1,444 | 282 | |||||||||
| Net cash provided by (used in) operating activities | (1,965 | ) | 30,537 | ||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Purchase of available-for-sale investments | (273,334 | ) | (253,130 | ) | |||||||
| Purchase of cost-method investment | (4,500 | ) | (4,500 | ) | |||||||
| Proceeds from sale of available-for-sale investments | 4,072 | – | |||||||||
| Proceeds from maturities and calls of investments, and exercise of Put Rights | 287,781 | 232,333 | |||||||||
| Proceeds from disposal of assets | 262 | 324 | |||||||||
| Purchase of property and equipment | (39,382 | ) | (20,672 | ) | |||||||
| Advance to secure manufacturing capacity | (1,500 | ) | – | ||||||||
| Reimbursement of manufacturing capacity advance | 450 | – | |||||||||
| Change in restricted cash | 983 | (77 | ) | ||||||||
| Net cash used in investing activities | (25,168 | ) | (45,722 | ) | |||||||
| Cash Flows from Financing Activities: | |||||||||||
| Proceeds from issuance of common stock | 10,023 | 19,348 | |||||||||
| Repurchase of common stock | (1,248 | ) | (14 | ) | |||||||
| Payments for purchase of assets under financing arrangement | (262 | ) | (349 | ) | |||||||
| Net cash provided by financing activities | 8,513 | 18,985 | |||||||||
| Effect of exchange rate changes on cash | (571 | ) | (10 | ) | |||||||
| Net change in cash and cash equivalents | (19,191 | ) | 3,790 | ||||||||
| Cash and cash equivalents at beginning of period | 113,649 | 109,859 | |||||||||
| Cash and cash equivalents at end of period | $ | 94,458 | $ | 113,649 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for income taxes | $ | 1,487 | $ | 739 | |||||||
| Infinera Corporation | |||||||||
| Supplemental Financial Information | |||||||||
| (Unaudited) | |||||||||
| Q1’10 | Q2’10 | Q3’10 | Q4’10 | Q1’11 | Q2’11 | Q3’11 | Q4’11 | ||
| Revenue ($ Mil) | $95.8 | $111.4 | $130.1 | $117.1 | $92.9 | $96.0 | $104.0 | $112.0 | |
| Gross Margin % (1) | 41% | 44% | 51% | 51% | 48% | 41% | 41% | 42% | |
| Invoiced Shipment Composition: | |||||||||
| Domestic % | 79% | 81% | 73% | 70% | 74% | 72% | 65% | 70% | |
| International % | 21% | 19% | 27% | 30% | 26% | 28% | 35% | 30% | |
| Largest Customer % | 22% | 13% | 19% | 10% | 14% | 10% | < 10% | 14% | |
| Cash Related Information: | |||||||||
| Cash from Operations ($ Mil) | $2.3 | $11.2 | $10.0 | $7.0 | ($0.9) | ($0.1) | $4.1 | ($5.1) | |
| Capital Expenditures ($ Mil) | $4.7 | $5.0 | $5.9 | $5.0 | $10.6 | $6.7 | $5.9 | $16.1 | |
| Depreciation & Amortization ($ Mil) | $4.0 | $3.7 | $3.9 | $4.0 | $4.2 | $4.2 | $4.9 | $4.5 | |
| DSO’s | 56 | 45 | 45 | 59 | 60 | 70 | 60 | 65 | |
| Inventory Metrics: | |||||||||
| Raw Materials ($ Mil) | $7.5 | $9.1 | $11.0 | $23.1 | $20.1 | $7.3 | $7.0 | $12.1 | |
| Work in Process ($ Mil) | $31.5 | $29.2 | $36.5 | $14.8 | $17.2 | $27.7 | $26.9 | $37.0 | |
| Finished Goods ($ Mil) | $33.0 | $45.9 | $41.2 | $44.0 | $41.0 | $34.4 | $36.4 | $39.9 | |
| Total Inventory ($ Mil) | $72.0 | $84.2 | $88.7 | $81.9 | $78.3 | $69.4 | $70.3 | $89.0 | |
| Inventory Turns (1) | 3.2 | 3.0 | 2.9 | 2.8 | 2.5 | 3.3 | 3.5 | 2.9 | |
| Worldwide Headcount | 999 | 1,028 | 1,040 | 1,072 | 1,118 | 1,136 | 1,151 | 1,181 | |
| (1) Amounts reflect non-GAAP results. Non-GAAP adjustments include restructuring and other related costs and non-cash stock-based compensation expense. | |||||||||
Contacts:
Media:
Anna Vue
avue@infinera.com
Infinera Corporation
916-595-8157
Investors/Analysts:
Bob Blair
bblair@infinera.com
Infinera Corporation
408-716-4879
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