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Infinera Corporation Reports Second Quarter 2014 Financial Results

Infinera Corporation (NASDAQ: INFN), provider of Intelligent Transport Networks, today released financial results for the second quarter of 2014 ended June 28, 2014.

GAAP revenue for the quarter was $165.4 million compared to $142.8 million in the first quarter of 2014 and $138.4 million in the second quarter of 2013.

GAAP gross margin for the quarter was 42.5% compared to 40.9% in the first quarter of 2014 and 37.3% in the second quarter of 2013.

GAAP net income for the quarter was $4.8 million, or $0.04 per diluted share, compared to net loss of $(4.4) million, or $(0.04) per share, in the first quarter of 2014, and a net loss of $(10.0) million, or $(0.09) per share, in the second quarter of 2013.

Non-GAAP gross margin for the quarter was 43.3% compared to 41.8% in the first quarter of 2014 and 38.9% in the second quarter of 2013.

Non-GAAP net income for the quarter was $13.5 million, or $0.11 per diluted share, compared to net income of $4.2 million, or $0.03 per diluted share in the first quarter of 2014, and net loss of $(1.2) million, or $(0.01) per share, in the second 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:

"We continued the strong momentum from our solid first quarter results delivering record quarterly revenue, an expanded gross margin and significant earnings growth in the second quarter. We had record 100G port shipments as we experienced excellent DTN-X deployments across a broad base of customer verticals. We were pleased to add four new invoiced DTN-X customers this quarter, including a new customer to Infinera, allowing us to further capitalize on the 100G technology cycle with this new footprint" said Tom Fallon, Infinera’s Chief Executive Officer. "We see video and cloud driving bandwidth growth across our markets as well as Internet Content Providers building significant amounts of new capacity. Our technological innovation and proven operating excellence supports continued growth in the long haul market as we enter the second half of the year and positions us well as we begin the process of expanding into new adjacent high capacity transport markets.”

Conference Call Information:

Infinera will host a conference call for analysts and investors to discuss its second quarter of 2014 results and its outlook for the third 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 1-866-423-4837. International parties can access the replay at 1-203-369-0849.

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 expectations for continued bandwidth growth across Infinera’s markets as well as Internet Content Providers building significant amounts of new capacity; Infinera’s ability to support continued growth; and Infinera’s ability to expand into new adjacent high capacity transport markets. 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; delays in the development and introduction of Infinera’s products and market acceptance of these products; the effect of changes in product pricing or mix, and/or increases in component costs could have on Infinera’s gross margin; 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; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; Infinera’s ability to respond to rapid technological changes; and other risks detailed in Infinera’s SEC filings from time to time. More information on potential factors that may impact Infinera’s business are set forth in its Quarterly Report on Form 10-Q for the quarter ended March 29, 2014 and filed with the SEC on April 30, 2014, as well as subsequent reports filed with or furnished to the SEC from time to time. 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 second quarter results, including an estimate of non-GAAP earnings for the third 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.

       
                 
Infinera Corporation
GAAP Condensed Consolidated Statements of Operations
(In thousands, except share data)
(Unaudited)
Three Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2014 2013 2014 2013
Revenue:
Product $ 142,364 $ 120,647 $ 266,606 $ 228,990
Services   23,035     17,738     41,608     34,020  
Total revenue 165,399 138,385 308,214 263,010
 
Cost of revenue:
Cost of product 85,906 80,198 164,344 155,645
Cost of services   9,240     6,533     15,211     13,009  
Total cost of revenue 95,146 86,731 179,555 168,654
 
Gross profit 70,253 51,654 128,659 94,356
 
Operating expenses:
Research and development 31,738 31,681 61,084 61,407
Sales and marketing 18,082 17,155 35,944 35,201
General and administrative   12,381     11,426     24,635     21,298  
Total operating expenses 62,201 60,262 121,663 117,906
 
Income (loss) from operations 8,052 (8,608 ) 6,996 (23,550 )
 
Other income (expense), net:
Interest income 337 207 673 404
Interest expense (2,728 ) (849 ) (5,405 ) (849 )
Other gain (loss), net   (264 )   (158 )   (993 )   (361 )
Total other income (expense), net (2,655 ) (800 ) (5,725 ) (806 )
 
Income (loss) before income taxes 5,397 (9,408 ) 1,271 (24,356 )
Provision for income taxes   617     601     865     932  
Net income (loss) $ 4,780   $ (10,009 ) $ 406   $ (25,288 )
 
Net income (loss) per common share
Basic $ 0.04   $ (0.09 ) $ 0.00   $ (0.22 )
Diluted $ 0.04   $ (0.09 ) $ 0.00   $ (0.22 )
 

Weighted average shares used in computing net income (loss) per common share

 
Basic   123,128     116,911     122,240     115,609  
Diluted   126,758     116,911     126,112     115,609  
 
                         
Infinera Corporation          
GAAP to Non-GAAP Reconciliations
(In thousands, except percentages and per share data)
(Unaudited)
   
Three Months Ended Six Months Ended
June 28, March 29, June 29, June 28, June 29,
  2014     2014     2013     2014     2013  
Reconciliation of Gross Profit:
U.S. GAAP as reported $ 70,253 $ 58,406 $ 51,654 $ 128,659 $ 94,356
Stock-based compensation(1)   1,360     1,284     2,164     2,644     4,252  
Non-GAAP as adjusted $ 71,613   $ 59,690   $ 53,818   $ 131,303   $ 98,608  
 
Reconciliation of Gross Margin:
U.S. GAAP as reported 42.5 % 40.9 % 37.3 % 41.7 % 35.9 %
Stock-based compensation(1)   0.8 %   0.9 %   1.6 %   0.9 %   1.6 %
Non-GAAP as adjusted   43.3 %   41.8 %   38.9 %   42.6 %   37.5 %
 
Reconciliation of Income (Loss) from Operations:
 
U.S. GAAP as reported $ 8,052 $ (1,056 ) $ (8,608 ) $ 6,996 $ (23,550 )
Stock-based compensation(1)   6,804     6,672     8,184     13,476     16,159  
Non-GAAP as adjusted $ 14,856   $ 5,616   $ (424 ) $ 20,472   $ (7,391 )
 
Reconciliation of Net Income (Loss):
U.S. GAAP as reported $ 4,780 $ (4,374 ) $ (10,009 ) $ 406 $ (25,288 )
Stock-based compensation(1) 6,804 6,672 8,184 13,476 16,159
Amortization of debt discount(2)   1,908     1,860     580     3,768     580  
Non-GAAP as adjusted $ 13,492   $ 4,158   $ (1,245 ) $ 17,650   $ (8,549 )
 
Net Income (Loss) per Common Share - Basic:
 
U.S. GAAP as reported $ 0.04   $ (0.04 ) $ (0.09 ) $ 0.00   $ (0.22 )
Non-GAAP as adjusted $ 0.11   $ 0.03   $ (0.01 ) $ 0.14   $ (0.07 )
 

Net Income (Loss) per Common Share - Diluted:

 
U.S. GAAP as reported $ 0.04   $ (0.04 ) $ (0.09 ) $ 0.00   $ (0.22 )
Non-GAAP as adjusted(3) $ 0.11   $ 0.03   $ (0.01 ) $ 0.14   $ (0.07 )
 
Weighted average shares used in computing net income (loss) per common share - U.S. GAAP:
 
 
Basic   123,128     121,352     116,911     122,240     115,609  
Diluted   126,758     121,352     116,911     126,112     115,609  
 
Weighted average shares used in computing net income (loss) per common share - Non-GAAP:
 
 
Basic   123,128     121,352     116,911     122,240     115,609  
Diluted(3)   126,758     125,435     121,254     126,112     119,428  
           

(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 Six Months Ended
June 28, March 29, June 29, June 28, June 29,
2014 2014 2013 2014 2013
Cost of revenue $ 477 $ 452 $ 474 $ 929 $ 960
Research and development 2,080 2,138 2,622 4,218 5,741
Sales and marketing 1,815 1,720 1,807 3,535 3,806
General and administration   1,549   1,530   1,591   3,079   2,360
5,921 5,840 6,494 11,761 12,867
Cost of revenue - amortization from balance sheet*   883   832   1,690   1,715   3,292
Total stock-based compensation expense $ 6,804 $ 6,672 $ 8,184 $ 13,476 $ 16,159
 
* 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.
 

(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 28, December 28,
2014   2013
ASSETS
 
Current assets:
Cash and cash equivalents $ 83,307 $ 124,330
Short-term investments 230,694 172,660

Accounts receivable, net of allowance for doubtful accounts of $41 in 2014 and $43 in 2013

120,686 100,643
Inventory 130,853 123,685
Prepaid expenses and other current assets   20,167     17,752  
Total current assets 585,707 539,070
 
Property, plant and equipment, net 76,886 79,668
Long-term investments 37,086 64,419
Cost-method investment 9,000 9,000
Long-term restricted cash 4,404 3,904
Other non-current assets   5,571     4,865  

Total assets

$ 718,654   $ 700,926  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 33,162 $ 39,843
Accrued expenses 22,546 22,431
Accrued compensation and related benefits 28,742 33,899
Accrued warranty 13,860 12,374
Deferred revenue   29,657     32,402  
Total current liabilities 127,967 140,949
 
Long-term debt, net 112,932 109,164
Accrued warranty, non-current 14,088 10,534
Deferred revenue, non-current 6,187 4,888
Other long-term liabilities 18,173 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 June 28, 2014 and December 28, 2013
Issued and outstanding shares – 123,615 as of June 28, 2014 and 119,887 as of December 28, 2013

 
124 120
Additional paid-in capital 1,046,375 1,025,661
Accumulated other comprehensive loss (3,113 ) (3,486 )
Accumulated deficit   (604,079 )   (604,485 )
Total stockholders’ equity   439,307     417,810  
Total liabilities and stockholders’ equity $ 718,654   $ 700,926  
 
         
Infinera Corporation  
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Six Months Ended
June 28, June 29,
2014   2013  
Cash Flows from Operating Activities:
Net income (loss) $ 406 $ (25,288 )

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization 12,813 12,621
(Recovery of) provision for other receivables - (88 )
Provision for doubtful accounts - 40
Amotization of debt discount and issuance costs 4,092 630
Amortization of premium on investments 1,747 450
Stock-based compensation expense 13,476 16,159
Other gain (22 ) (243 )
Changes in assets and liabilities:
Accounts receivable (20,043 ) 10,332
Inventory (8,107 ) 791
Prepaid expenses and other assets (3,389 ) (2,238 )
Accounts payable (6,428 ) (23,980 )
Accrued liabilities and other expenses (3,318 ) (220 )
Deferred revenue (1,448 ) 4,440
Accrued warranty   5,040     3,219  
Net cash used in operating activities (5,181 ) (3,375 )
 
Cash Flows from Investing Activities:
Purchase of available-for-sale investments (158,496 ) (130,828 )
Proceeds from sale of available-for-sale investments 9,824 2,850
Proceeds from maturities and calls of investments 116,290 62,647
Purchase of property and equipment (9,985 ) (9,431 )
Change in restricted cash   (491 )   (6 )
Net cash used in investing activities (42,858 ) (74,768 )
 
Cash Flows from Financing Activities:
Proceeds from issuance of debt, net - 144,469
Proceeds from issuance of common stock 8,401 12,496
Minimum tax withholding paid on behalf of employees for net share settlement   (1,619 )   (1,499 )
Net cash provided by financing activities 6,782 155,466
 
Effect of exchange rate changes on cash 234 (778 )
 
Net change in cash and cash equivalents (41,023 ) 76,545
Cash and cash equivalents at beginning of period   124,330     104,666  
Cash and cash equivalents at end of period $ 83,307   $ 181,211  
 
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds $ 482 $ 1,148
Cash paid for interest $ 1,313 $ -
Supplemental schedule of non-cash financing activities:
Transfer of inventory to fixed assets $ 978 $ 4,684
                                 
Infinera Corporation                
Supplemental Financial Information
(Unaudited)
                                 
    Q3'12   Q4'12   Q1'13   Q2'13   Q3'13   Q4'13   Q1'14   Q2'14
Revenue ($ Mil) $112.2 $128.1 $124.6 $138.4 $142.0 $139.1 $142.8 $165.4
Gross Margin % (1)   39.1%   35.9%   35.9%   38.9%   49.2%   41.4%   41.8%   43.3%
Revenue Composition:
Domestic % 70% 63% 63% 64% 73% 54% 78% 82%
International % 30% 37% 37% 36% 27% 46% 22% 18%
Customers >10% of Revenue   1   1   1   -   3   1   2   2
Cash Related Information:
Cash from (Used in) Operations ($ Mil) $(29.3) $8.3 $(21.3) $17.9 $12.8 $25.8 $(15.4) $10.3
Capital Expenditures ($ Mil) $2.5 $3.2 $4.9 $4.5 $4.2 $7.5 $5.6 $4.4
Depreciation & Amortization ($ Mil) $6.1 $6.4 $6.3 $6.3 $5.9 $6.0 $6.3 $6.5
DSO's   74   76   82   64   56   66   68   66
Inventory Metrics:
Raw Materials ($ Mil) $12.4 $13.0 $12.2 $9.8 $12.1 $14.3 $13.2 $11.2
Work in Process ($ Mil) $59.8 $57.3 $53.1 $41.0 $45.7 $49.2 $47.8 $40.6
Finished Goods ($ Mil)   $46.3   $57.5   $65.7   $70.5   $65.7   $60.2   $65.5   $79.1
Total Inventory ($ Mil) $118.5 $127.8 $131.0 $121.3 $123.5 $123.7 $126.5 $130.9
Inventory Turns (2)   2.3   2.6   2.4   2.8   2.3   2.6   2.6   2.9
Worldwide Headcount   1,235   1,242   1,219   1,238   1,296   1,318   1,346   1,396
 
 
 
  (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.

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