SUNNYVALE, CA–(Marketwired – Jul 24, 2013) – Infinera Corporation (NASDAQ: INFN), a leader in Intelligent Transport Networks™, today released financial results for the second quarter ended June 29, 2013.
GAAP revenues for the second quarter of 2013 were $138.4 million compared to $124.6 million in the first quarter of 2013 and $93.5 million in the second quarter of 2012.
GAAP gross margin for the second quarter of 2013 was 37% compared to 34% in the first quarter of 2013 and 35% in the second quarter of 2012. GAAP net loss for the quarter was $(10.0) million, or $(0.09) per share, compared to net loss of $(15.3) million, or $(0.13) per share, in the first quarter of 2013 and net loss of $(29.5) million, or $(0.27) per share, in the second quarter of 2012.
Non-GAAP gross margin for the second quarter of 2013 was 39% compared to 36% in the first quarter of 2013 and 37% in the second quarter of 2012, excluding non-cash stock-based compensation expenses. Non-GAAP net loss for the second quarter of 2013 was $(1.2) million, or $(0.01) per share excluding non-cash stock-based compensation expenses and the amortization of debt discount on our convertible senior notes. This compared to a non-GAAP net loss of $(7.3) million, or $(0.06) per share, in the first quarter of 2013 and a non-GAAP net loss of $(18.6) million, or $(0.16) per share, in the second quarter of 2012.
Management Commentary
“We continued to increase momentum in the second quarter, delivering strong revenue growth, improved gross margin, and positive cash flow from operations,” said Tom Fallon, chief executive officer. “Customer acceptance of the DTN-X platform also continues to grow. During the quarter, we received seven new purchase commitments, including three from customers new to Infinera, bringing the total number of commitments to 34 since the platform was introduced a year ago.
“Our success reflects the strategic commitment of our customers to a new architecture as they face massive traffic growth, operational complexity and increasing demand for instant delivery of services. Infinera’s recently announced Intelligent Transport Network offers a clear path for service providers to address these challenges, while providing a compelling economic value proposition.
“We remain focused on winning new network deployments and expanding our market presence to generate sustainable revenue growth and profitability in the future while we help our customers prepare for the Terabit Era.”
Conference Call Information:
Infinera will host a conference call for analysts and investors to discuss its second quarter results and its outlook for the third quarter 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 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 1-800-846-1910. International parties can access the replay at 1-402-280-9953.
About Infinera
Infinera is a leader in Intelligent Transport Networks. Intelligent Transport Networks 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 regarding the future including statements that customer acceptance of the DTN-X platform continues to grow; that our success reflects the strategic commitment of our customers to a new architecture as they face massive traffic growth, operational complexity and increasing demand for instant delivery of services; and that Infinera’s recently announced Intelligent Transport Network™ offers a clear path for service providers to address these challenges, while providing a compelling economic value proposition. 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 our results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by our competitors, our reliance on single-source suppliers, our ability to protect our intellectual property, claims by others that we infringe their intellectual property, and our ability to respond to rapid technological changes, and other risks that may impact our business are set forth in our annual reports on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2013, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our 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 our convertible senior notes. 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 second quarter results, including an estimate of non-GAAP earnings for the third quarter of 2013 that excludes non-cash stock-based compensation expenses and amortization of debt discount on our convertible senior notes.
A copy of this press release can be found on the Investor Relations’ page of Infinera’s website atwww.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 share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 29, | June 30, | June 29, | June 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||
| Revenue: | ||||||||||||||||||
| Product | $ | 120,153 | $ | 77,843 | $ | 227,962 | $ | 170,234 | ||||||||||
| Ratable product and related support and services | 494 | 523 | 1,028 | 1,054 | ||||||||||||||
| Services | 17,738 | 15,092 | 34,020 | 26,871 | ||||||||||||||
| Total revenue | 138,385 | 93,458 | 263,010 | 198,159 | ||||||||||||||
| Cost of revenue (1): | ||||||||||||||||||
| Cost of product | 80,129 | 56,017 | 155,481 | 115,341 | ||||||||||||||
| Cost of ratable product and related support and services | 69 | 166 | 164 | 357 | ||||||||||||||
| Cost of services | 6,533 | 4,901 | 13,009 | 9,660 | ||||||||||||||
| Total cost of revenue | 86,731 | 61,084 | 168,654 | 125,358 | ||||||||||||||
| Gross profit | 51,654 | 32,374 | 94,356 | 72,801 | ||||||||||||||
| Operating expenses (1): | ||||||||||||||||||
| Research and development | 31,681 | 31,676 | 61,407 | 62,661 | ||||||||||||||
| Sales and marketing | 17,155 | 17,777 | 35,201 | 36,019 | ||||||||||||||
| General and administrative | 11,426 | 12,320 | 21,298 | 23,404 | ||||||||||||||
| Total operating expenses | 60,262 | 61,773 | 117,906 | 122,084 | ||||||||||||||
| Loss from operations | (8,608 | ) | (29,399 | ) | (23,550 | ) | (49,283 | ) | ||||||||||
| Other income (expense), net: | ||||||||||||||||||
| Interest income | 207 | 228 | 404 | 503 | ||||||||||||||
| Interest expense | (849 | ) | – | (849 | ) | – | ||||||||||||
| Other gain (loss), net: | (158 | ) | 149 | (361 | ) | (275 | ) | |||||||||||
| Total other income (expense), net | (800 | ) | 377 | (806 | ) | 228 | ||||||||||||
| Loss before income taxes | (9,408 | ) | (29,022 | ) | (24,356 | ) | (49,055 | ) | ||||||||||
| Provision for income taxes | 601 | 527 | 932 | 1,106 | ||||||||||||||
| Net loss | $ | (10,009 | ) | $ | (29,549 | ) | $ | (25,288 | ) | $ | (50,161 | ) | ||||||
| Net loss per common share, basic and diluted | $ | (0.09 | ) | $ | (0.27 | ) | $ | (0.22 | ) | $ | (0.46 | ) | ||||||
| Weighted average shares used in computing basic and diluted net loss per common share | 116,911 | 110,403 | 115,609 | 109,534 | ||||||||||||||
| (1) | The following table summarizes the effects of stock-based compensation related to employees and non-employees for the three and six months ended June 29, 2013 and June 30, 2012: | |
| Three Months Ended | Six Months Ended | |||||||||||||
| June 29, | June 30, | June 29, | June 30, | |||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||
| Cost of revenue | $ | 474 | $ | 686 | $ | 960 | $ | 1,292 | ||||||
| Research and development | 2,622 | 3,695 | 5,741 | 7,015 | ||||||||||
| Sales and marketing | 1,807 | 2,744 | 3,806 | 4,963 | ||||||||||
| General and administration | 1,591 | 2,705 | 2,360 | 4,928 | ||||||||||
| 6,494 | 9,830 | 12,867 | 18,198 | |||||||||||
| Cost of revenue – amortization from balance sheet* | 1,690 | 1,100 | 3,292 | 2,169 | ||||||||||
| Total stock-based compensation expense | $ | 8,184 | $ | 10,930 | $ | 16,159 | $ | 20,367 | ||||||
| * 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 | Six Months Ended | |||||||||||||||||||
| June 29, | March 30, | June 30, | June 29, | June 30, | ||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Reconciliation of Gross Profit: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | 51,654 | $ | 42,702 | $ | 32,374 | $ | 94,356 | $ | 72,801 | ||||||||||
| Stock-based compensation(1) | 2,164 | 2,088 | 1,786 | 4,252 | 3,461 | |||||||||||||||
| Non-GAAP as adjusted | $ | 53,818 | $ | 44,790 | $ | 34,160 | $ | 98,608 | $ | 76,262 | ||||||||||
| Reconciliation of Gross Margin: | ||||||||||||||||||||
| U.S. GAAP as reported | 37 | % | 34 | % | 35 | % | 36 | % | 37 | % | ||||||||||
| Stock-based compensation(1) | 2 | % | 2 | % | 2 | % | 1 | % | 2 | % | ||||||||||
| Non-GAAP as adjusted | 39 | % | 36 | % | 37 | % | 37 | % | 39 | % | ||||||||||
| Reconciliation of Lossfrom Operations: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (8,608 | ) | $ | (14,942 | ) | $ | (29,399 | ) | $ | (23,550 | ) | $ | (49,283 | ) | |||||
| Stock-based compensation(1) | 8,184 | 7,975 | 10,930 | 16,159 | 20,367 | |||||||||||||||
| Non-GAAP as adjusted | $ | (424 | ) | $ | (6,967 | ) | $ | (18,469 | ) | $ | (7,391 | ) | $ | (28,916 | ) | |||||
| Reconciliation of Net Loss: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (10,009 | ) | $ | (15,279 | ) | $ | (29,549 | ) | $ | (25,288 | ) | $ | (50,161 | ) | |||||
| Stock-based compensation(1) | 8,184 | 7,975 | 10,930 | 16,159 | 20,367 | |||||||||||||||
| Amortization of debt discount(2) | 580 | – | – | 580 | – | |||||||||||||||
| Non-GAAP as adjusted | $ | (1,245 | ) | $ | (7,304 | ) | $ | (18,619 | ) | $ | (8,549 | ) | $ | (29,794 | ) | |||||
| Net Loss per Common Share – Basic: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.27 | ) | $ | (0.22 | ) | $ | (0.46 | ) | |||||
| Non-GAAP as adjusted | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.17 | ) | $ | (0.07 | ) | $ | (0.27 | ) | |||||
| Net Loss per CommonShare – Diluted: | ||||||||||||||||||||
| U.S. GAAP as reported | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.27 | ) | $ | (0.22 | ) | $ | (0.46 | ) | |||||
| Non-GAAP as adjusted(3) | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.07 | ) | $ | (0.26 | ) | |||||
| Weighted average sharesused in computing net lossper common share – U.S. GAAP: | ||||||||||||||||||||
| Basic | 116,911 | 114,308 | 110,403 | 115,609 | 109,534 | |||||||||||||||
| Diluted | 116,911 | 114,308 | 110,403 | 115,609 | 109,534 | |||||||||||||||
| Weighted average sharesused in computing net lossper common share – Non-GAAP: | ||||||||||||||||||||
| Basic | 116,911 | 114,308 | 110,403 | 115,609 | 109,534 | |||||||||||||||
| Diluted(3) | 121,254 | 117,602 | 112,931 | 119,428 | 112,469 | |||||||||||||||
| (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: | |
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 29, | March 30, | June 30, | June 29, | June 30, | |||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Cost of revenue | $ | 474 | $ | 486 | $ | 686 | $ | 960 | $ | 1,292 | |||||||
| Research and development | 2,622 | 3,119 | 3,695 | 5,741 | 7,015 | ||||||||||||
| Sales and marketing | 1,807 | 1,999 | 2,744 | 3,806 | 4,963 | ||||||||||||
| General and administration | 1,591 | 769 | 2,705 | 2,360 | 4,928 | ||||||||||||
| 6,494 | 6,373 | 9,830 | 12,867 | 18,198 | |||||||||||||
| Cost of revenue – amortization from balance sheet* | 1,690 | 1,602 | 1,100 | 3,292 | 2,169 | ||||||||||||
| Total stock-based compensation expense | $ | 8,184 | $ | 7,975 | $ | 10,930 | $ | 16,159 | $ | 20,367 | |||||||
| * 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, we are 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 our $150 million 1.75% convertible debt issuance in May 2013 over the term of the notes. These amounts have been adjusted in arriving at our non-GAAP results because management believes that this non-cash expense is not indicative of ongoing operating performance and provides a better indication of our underlying business performance. | |
| (3) | Diluted shares used to calculate net loss per share on a non-GAAP basis provided for informational purposes only. | |
| Infinera Corporation | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (In thousands, except par values) | ||||||||||
| (Unaudited) | ||||||||||
| June 29, | December 29, | |||||||||
| 2013 | 2012 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 181,211 | $ | 104,666 | ||||||
| Short-term investments | 120,437 | 76,146 | ||||||||
| Accounts receivable, net of allowance for doubtful accounts of $133 in 2013 and $94 in 2012 | 96,668 | 107,039 | ||||||||
| Other receivables | 1,112 | 2,909 | ||||||||
| Inventory | 121,317 | 127,809 | ||||||||
| Deferred inventory costs | 850 | 1,029 | ||||||||
| Prepaid expenses and other current assets | 14,495 | 9,899 | ||||||||
| Total current assets | 536,090 | 429,497 | ||||||||
| Property, plant and equipment, net | 78,391 | 80,343 | ||||||||
| Deferred inventory costs, non-current | 38 | 100 | ||||||||
| Long-term investments | 23,427 | 2,874 | ||||||||
| Cost-method investment | 9,000 | 9,000 | ||||||||
| Long-term restricted cash | 3,850 | 3,868 | ||||||||
| Deferred tax asset | – | 805 | ||||||||
| Other non-current assets | 5,564 | 1,683 | ||||||||
| Total assets | $ | 656,360 | $ | 528,170 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 35,977 | $ | 61,428 | ||||||
| Accrued expenses | 18,221 | 25,483 | ||||||||
| Accrued compensation and related benefits | 24,997 | 22,325 | ||||||||
| Accrued warranty | 8,332 | 7,262 | ||||||||
| Deferred revenue | 31,429 | 26,744 | ||||||||
| Deferred tax liability | – | 805 | ||||||||
| Total current liabilities | 118,956 | 144,047 | ||||||||
| Long-term debt | 105,580 | – | ||||||||
| Accrued warranty, non-current | 11,369 | 9,220 | ||||||||
| Deferred revenue, non-current | 2,964 | 3,210 | ||||||||
| Other long-term liabilities | 18,341 | 15,557 | ||||||||
| 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 June 29, 2013 and December 29, 2012 | ||||||||||
| Issued and outstanding shares – 117,947 as of June 29, 2013 and 112,461 as of December 29, 2012 | 118 | 112 | ||||||||
| Additional paid-in capital | 1,000,106 | 930,618 | ||||||||
| Accumulated other comprehensive loss | (3,420 | ) | (2,228 | ) | ||||||
| Accumulated deficit | (597,654 | ) | (572,366 | ) | ||||||
| Total stockholders’ equity | 399,150 | 356,136 | ||||||||
| Total liabilities and stockholders’ equity | $ | 656,360 | $ | 528,170 | ||||||
| Infinera Corporation | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Six Months Ended | |||||||||||
| June 29, | June 30, | ||||||||||
| 2013 | 2012 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net loss | $ | (25,288 | ) | $ | (50,161 | ) | |||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 12,621 | 11,224 | |||||||||
| (Recovery of) provision for other receivables | (88 | ) | – | ||||||||
| Provision for doubtful accounts | 40 | – | |||||||||
| Amortization of debt discount and issuance costs | 630 | – | |||||||||
| Amortization of premium on investments | 450 | 1,098 | |||||||||
| Stock-based compensation expense | 16,159 | 20,367 | |||||||||
| Other gain | (243 | ) | (501 | ) | |||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | 10,332 | 24,416 | |||||||||
| Other receivables | 1,629 | (477 | ) | ||||||||
| Inventory | 791 | (24,770 | ) | ||||||||
| Prepaid expenses and other assets | (4,083 | ) | 1,533 | ||||||||
| Deferred inventory costs | 216 | 3,910 | |||||||||
| Accounts payable | (23,980 | ) | (8,753 | ) | |||||||
| Accrued liabilities and other expenses | (220 | ) | (2,272 | ) | |||||||
| Deferred revenue | 4,440 | (4,952 | ) | ||||||||
| Accrued warranty | 3,219 | 837 | |||||||||
| Net cash used in operating activities | (3,375 | ) | (28,501 | ) | |||||||
| Cash Flows from Investing Activities: | |||||||||||
| Purchase of available-for-sale investments | (130,828 | ) | (42,853 | ) | |||||||
| Proceeds from sale of available-for-sale investments | 2,850 | 5,194 | |||||||||
| Proceeds from maturities and calls of investments | 62,647 | 70,464 | |||||||||
| Purchase of property and equipment | (9,431 | ) | (19,770 | ) | |||||||
| Reimbursement of manufacturing capacity advance | – | 50 | |||||||||
| Change in restricted cash | (6 | ) | (230 | ) | |||||||
| Net cash provided by (used in) investing activities | (74,768 | ) | 12,855 | ||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Proceeds from issuance of debt, net | 144,469 | – | |||||||||
| Proceeds from issuance of common stock | 12,496 | 7,093 | |||||||||
| Repurchase of common stock | (1,499 | ) | (839 | ) | |||||||
| Net cash provided by financing activities | 155,466 | 6,254 | |||||||||
| Effect of exchange rate changes on cash | (778 | ) | (78 | ) | |||||||
| Net change in cash and cash equivalents | 76,545 | (9,470 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 104,666 | 94,458 | |||||||||
| Cash and cash equivalents at end of period | $ | 181,211 | $ | 84,988 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for income taxes | $ | 1,148 | $ | 595 | |||||||
| Supplemental schedule of non-cash financing activities: | |||||||||||
| Non-cash settlement for manufacturing capacity advance | $ | – | $ | 275 | |||||||
| Transfer of inventory to fixed assets | $ | 4,684 | $ | – | |||||||
| Infinera Corporation | |||||||||||||||||||||||||||||||||
| Supplemental Financial Information | |||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
| Q3’11 | Q4’11 | Q1’12 | Q2’12 | Q3’12 | Q4’12 | Q1’13 | Q2’13 | ||||||||||||||||||||||||||
| Revenue ($ Mil) | $ | 104.0 | $ | 112.0 | $ | 104.7 | $ | 93.5 | $ | 112.2 | $ | 128.1 | $ | 124.6 | $ | 138.4 | |||||||||||||||||
| Gross Margin % (1) | 41 | % | 42 | % | 40 | % | 37 | % | 39 | % | 36 | % | 36 | % | 39 | % | |||||||||||||||||
| Invoiced Shipment Composition: | |||||||||||||||||||||||||||||||||
| Domestic % | 65 | % | 70 | % | 71 | % | 70 | % | 70 | % | 63 | % | 63 | % | 64 | % | |||||||||||||||||
| International % | 35 | % | 30 | % | 29 | % | 30 | % | 30 | % | 37 | % | 37 | % | 36 | % | |||||||||||||||||
| Largest Customer % | % | 14 | % | 13 | % | 15 | % | 13 | % | 13 | % | 14 | % | % | |||||||||||||||||||
| Cash Related Information: | |||||||||||||||||||||||||||||||||
| Cash from (used in) Operations ($ Mil) | $ | 4.1 | $ | (5.1 | ) | $ | (5.8 | ) | $ | (22.7 | ) | $ | (29.3 | ) | $ | 8.3 | $ | (21.3 | ) | $ | 17.9 | ||||||||||||
| Capital Expenditures ($ Mil) | $ | 5.9 | $ | 16.1 | $ | 13.6 | $ | 6.1 | $ | 2.5 | $ | 3.2 | $ | 4.9 | $ | 4.5 | |||||||||||||||||
| Depreciation & Amortization ($ Mil) | $ | 4.9 | $ | 4.5 | $ | 5.5 | $ | 5.7 | $ | 6.1 | $ | 6.4 | $ | 6.3 | $ | 6.3 | |||||||||||||||||
| DSO’s | 60 | 65 | 57 | 55 | 74 | 76 | 82 | 64 | |||||||||||||||||||||||||
| Inventory Metrics: | |||||||||||||||||||||||||||||||||
| Raw Materials ($ Mil) | $ | 7.0 | $ | 12.1 | $ | 15.3 | $ | 14.8 | $ | 12.4 | $ | 13.0 | $ | 12.2 | $ | 9.8 | |||||||||||||||||
| Work in Process ($ Mil) | $ | 26.9 | $ | 37.0 | $ | 41.6 | $ | 49.4 | $ | 59.8 | $ | 57.3 | $ | 53.1 | $ | 41.0 | |||||||||||||||||
| Finished Goods ($ Mil) | $ | 36.4 | $ | 39.9 | $ | 44.7 | $ | 50.9 | $ | 46.3 | $ | 57.5 | $ | 65.7 | $ | 70.5 | |||||||||||||||||
| Total Inventory ($ Mil) | $ | 70.3 | $ | 89.0 | $ | 101.6 | $ | 115.1 | $ | 118.5 | $ | 127.8 | $ | 131.0 | $ | 121.3 | |||||||||||||||||
| Inventory Turns (1) | 3.5 | 2.9 | 2.5 | 2.1 | 2.3 | 2.6 | 2.4 | 2.8 | |||||||||||||||||||||||||
| Worldwide Headcount | 1,151 | 1,181 | 1,210 | 1,228 | 1,235 | 1,242 | 1,219 | 1,238 | |||||||||||||||||||||||||
| (1) | Amounts reflect non-GAAP results. Non-GAAP adjustments include non-cash stock-based compensation expense. | |
Anna Vue
avue@infinera.com
Infinera Corporation
916-595-8157
Investors/Analysts:
Jenifer Kirtland/Bob Jones
jkirtland@infinera.com bjones@infinera.com
Infinera Corporation
408-543-8139/408-543-8140
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