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Infinera Corporation Reports Second Quarter 2017 Financial Results

SUNNYVALE, Calif., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Infinera Corporation (Nasdaq:INFN), provider of Intelligent Transport Networks, today released financial results for its second quarter ended July 1, 2017.

/EIN News/ -- GAAP revenue for the quarter was $176.8 million compared to $175.5 million in the first quarter of 2017 and $258.8 million in the second quarter of 2016.

GAAP gross margin for the quarter was 36.7% compared to 36.5% in the first quarter of 2017 and 47.8% in the second quarter of 2016. GAAP operating margin for the quarter was (22.9)% compared to (21.6)% in the first quarter of 2017 and 6.2% in the second quarter of 2016.

GAAP net loss for the quarter was $(42.8) million, or $(0.29) per share, compared to a net loss of $(40.5) million, or $(0.28) per share, in the first quarter of 2017, and net income of $11.5 million, or $0.08 per diluted share, in the second quarter of 2016.

Non-GAAP gross margin for the quarter was 40.7% compared to 40.3% in the first quarter of 2017 and 50.4% in the second quarter of 2016. Non-GAAP operating margin for the quarter was (12.2)% compared to (11.4)% in the first quarter of 2017 and 13.2% in the second quarter of 2016.

Non-GAAP net loss for the quarter was $(22.8) million, or $(0.15) per share, compared to a net loss of $(21.7) million, or $(0.15) per share, in the first quarter of 2017, and net income of $30.9 million, or $0.21 per diluted share, in the second quarter of 2016. 

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.

“Highlighted by delivery of ICE4 products to market, I was pleased with our performance in the second quarter,” said Tom Fallon, Infinera's Chief Executive Officer. “We delivered the Cloud Xpress 2 to three customers and had early deployments of the XT-3300. As we continue to deliver on a suite of new products over the upcoming quarters, I believe we are well positioned to grow market share and to gradually improve our financial performance.”

Conference Call Information

Infinera will host a conference call for analysts and investors to discuss its second quarter 2017 results and its outlook for the third quarter of 2017 today at 5:30 p.m. Eastern Time (2:30 p.m. Pacific Time). Interested parties may join the conference call by dialing 1-866-373-6878 (toll free) or 1-412-317-5101 (international). A live webcast of the conference call will also be accessible from the Events & Webcasts section of Infinera’s website at investors.infinera.com. Replay of the audio webcast will be available at investors.infinera.com approximately two hours after the end of the live call.

About Infinera

Infinera provides Intelligent Transport Networks, enabling carriers, cloud operators, governments and enterprises to scale network bandwidth, accelerate service innovation and automate optical network operations. Infinera’s end-to-end packet-optical portfolio is designed for long-haul, subsea, data center interconnect and metro applications. Infinera’s unique large scale photonic integrated circuits enable innovative optical networking solutions for the most demanding networks. To learn more about Infinera visit www.infinera.com, follow us on Twitter @Infinera and read our latest blog posts at www.infinera.com/blog.

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. Such forward-looking statements include, without limitation, Infinera's ability to continue to deliver on a suite of new products over the upcoming quarters; Infinera's belief that it is well positioned to grow market share; and Infinera's ability to gradually improve its financial performance. Forward-looking statements can also be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. 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. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include, delays in the development and introduction of new products or updates to existing products and market acceptance of these products; the effects of increased customer consolidation; fluctuations in demand, sales cycles and prices for products and services, including discounts given in response to competitive pricing pressures, as well as the timing of purchases by our key customers; the effect that changes in product pricing or mix, and/or increases in component costs could have on Infinera’s gross margin; Infinera’s ability to respond to rapid technological changes; aggressive business tactics by Infinera’s competitors; Infinera's reliance on single and limited source suppliers; Infinera’s ability to protect Infinera’s intellectual property; claims by others that Infinera infringes their intellectual property; the effect of global macroeconomic conditions on Infinera's business; war, terrorism, public health issues, natural disasters and other circumstances that could disrupt the supply, delivery or demand of Infinera's products; and other risks and uncertainties 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 on April 1, 2017 as filed with the SEC on May 10, 2017, 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, amortization of debt discount on Infinera’s convertible senior notes, amortization and impairment of acquired intangible assets, acquisition-related costs, and certain purchase accounting adjustments related to Infinera's acquisition of Transmode AB, which closed during the third quarter of 2015, along with related tax effects. 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, gross margin or operating 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 2017 results, including an estimate of certain non-GAAP financial measures for the third quarter of 2017 that excludes non-cash stock-based compensation expenses, amortization of acquired intangible assets and related tax effects, 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
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited) 

    Three Months Ended   Six Months Ended
    July 1, 2017   June 25, 2016   July 1, 2017   June 25, 2016
Revenue:                
Product   $ 143,360     $ 227,532     $ 290,413     $ 443,614  
Services   33,461     31,290     61,930     60,026  
Total revenue   176,821     258,822     352,343     503,640  
Cost of revenue:                
Cost of product   100,302     122,438     199,634     240,500  
Cost of services   11,687     12,638     23,821     23,056  
Total cost of revenue   111,989     135,076     223,455     263,556  
Gross profit   64,832     123,746     128,888     240,084  
Operating expenses:                
Research and development   57,377     59,541     112,460     113,686  
Sales and marketing   29,397     30,465     58,838     60,474  
General and administrative   18,563     17,658     35,922     34,971  
Total operating expenses   105,337     107,664     207,220     209,131  
Income (loss) from operations   (40,505 )   16,082     (78,332 )   30,953  
Other income (expense), net:                
Interest income   862     595     1,613     1,117  
Interest expense   (3,456 )   (3,176 )   (6,859 )   (6,331 )
Other gain (loss), net:   (252 )   (714 )   (382 )   (928 )
Total other income (expense), net   (2,846 )   (3,295 )   (5,628 )   (6,142 )
Income (loss) before income taxes   (43,351 )   12,787     (83,960 )   24,811  
Provision for (benefit from) income taxes   (512 )   1,475     (670 )   1,691  
Net income (loss)   (42,839 )   11,312     (83,290 )   23,120  
Less: Net loss attributable to noncontrolling interest       (171 )       (378 )
Net income (loss) attributable to Infinera Corporation   $ (42,839 )   $ 11,483     $ (83,290 )   $ 23,498  
Net income (loss) per common share attributable to Infinera Corporation:                
Basic   $ (0.29 )   $ 0.08     $ (0.57 )   $ 0.17  
Diluted   $ (0.29 )   $ 0.08     $ (0.57 )   $ 0.16  
Weighted average shares used in computing net income (loss) per common share:                      
Basic   147,538     142,396     146,662     141,600  
Diluted   147,538     145,891     146,662     146,385  


Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands, except percentages and per share data)
(Unaudited) 

  Three Months Ended   Six Months Ended
  July 1, 2017       April 1, 2017       June 25, 2016       July 1, 2017       June 25, 2016    
Reconciliation of Revenue:                                      
U.S. GAAP as reported $ 176,821         $ 175,522         $ 258,822         $ 352,343         $ 503,640      
Acquisition-related deferred revenue adjustment(1)                 174                 400      
Non-GAAP as adjusted $ 176,821         $ 175,522         $ 258,996         $ 352,343         $ 504,040      
                                       
Reconciliation of Gross Profit:                                      
U.S. GAAP as reported $ 64,832     36.7  %   $ 64,056     36.5  %   $ 123,746     47.8  %   $ 128,888     36.6  %   $ 240,084     47.7  %
Acquisition-related deferred revenue adjustment(1)                 174                 400      
Stock-based compensation(2) 2,071         1,831         1,658         3,902         3,190      
Amortization of acquired intangible assets(3) 5,035         4,880         4,998         9,915         9,868      
Acquisition-related costs(4) 6         40         40         46         79      
Non-GAAP as adjusted $ 71,944     40.7  %   $ 70,807     40.3  %   $ 130,616     50.4  %   $ 142,751     40.5  %   $ 253,621     50.3  %
                                       
Reconciliation of Operating Expenses:                                      
U.S. GAAP as reported $ 105,337         $ 101,883         $ 107,664         $ 207,220         $ 209,131      
Stock-based compensation(2) 10,309         9,046         9,335         19,355         15,790      
Amortization of acquired intangible assets(3) 1,515         1,468         1,584         2,983         3,216      
Acquisition-related costs(4) 16         306         402         322         890      
Intangible asset impairment(5)         252                 252              
Non-GAAP as adjusted $ 93,497         $ 90,811         $ 96,343         $ 184,308         $ 189,235      
                                       
Reconciliation of Income (Loss) from Operations:                                      
U.S. GAAP as reported $ (40,505 )   (22.9 )%   $ (37,827 )   (21.6 )%   $ 16,082     6.2  %   $ (78,332 )   (22.2 )%   $ 30,953     6.1  %
Acquisition-related deferred revenue adjustment(1)                 174                 400      
Stock-based compensation(2) 12,380         10,877         10,993         23,257         18,980      
Amortization of acquired intangible assets(3) 6,550         6,348         6,582         12,898         13,084      
Acquisition-related costs(4) 22         346         442         368         969      
Intangible asset impairment(5)         252                 252              
Non-GAAP as adjusted $ (21,553 )   (12.2 )%   $ (20,004 )   (11.4 )%   $ 34,273     13.2  %   $ (41,557 )   (11.8 )%   $ 64,386     12.8  %
                                       
                                       
  Three Months Ended   Six Months Ended
  July 1,
2017
      April 1,
2017
      June 25,
2016
      July 1, 2017       June 25, 2016    
Reconciliation of Net Income (Loss) Attributable to Infinera Corporation:                                      
U.S. GAAP as reported $ (42,839 )       $ (40,451 )       $ 11,483         $ (83,290 )       $ 23,498      
Acquisition-related deferred revenue adjustment(1)                 174                 400      
Stock-based compensation(2) 12,380         10,877         10,993         23,257         18,980      
Amortization of acquired intangible assets(3) 6,550         6,348         6,582         12,898         13,084      
Acquisition-related costs(4) (4 )       261         862         257         1,389      
Intangible asset impairment(5)         252                 252              
Amortization of debt discount(6) 2,577         2,514         2,331         5,091         4,605      
Income tax effects(7) (1,450 )       (1,474 )       (1,510 )       (2,924 )       (3,012 )    
Non-GAAP as adjusted $ (22,786 )       $ (21,673 )       $ 30,915         $ (44,459 )       $ 58,944      
                                       
Net Income (Loss) per Common Share Attributable to Infinera Corporation - Basic:                                       
U.S. GAAP as reported $ (0.29 )       $ (0.28 )       $ 0.08         $ (0.57 )       $ 0.17      
Non-GAAP as adjusted $ (0.15 )       $ (0.15 )       $ 0.22         $ (0.30 )       $ 0.42      
Net Income (Loss) per Common Share Attributable to Infinera Corporation - Diluted:                                      
U.S. GAAP as reported $ (0.29 )       $ (0.28 )       $ 0.08         $ (0.57 )       $ 0.16      
Non-GAAP as adjusted $ (0.15 )       $ (0.15 )       $ 0.21         $ (0.30 )       $ 0.40      
Weighted Average Shares Used in Computing Net Income (Loss) per Common Share:                                      
Basic 147,538         145,786         142,396         146,662         141,600      
Diluted 147,538         145,786         145,891         146,662         146,385      

____________________________

(1)          Business combination accounting principles require Infinera to write down to fair value its maintenance support contracts assumed in the Transmode acquisition. The revenue for these support contracts is deferred and typically recognized over a one year period, so Infinera's GAAP revenue for the one year period after the acquisition will not reflect the full amount of revenue that would have been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP adjustment eliminates the effect of the deferred revenue write-down. Management believes these adjustments to the revenue from these support contracts are useful to investors as an additional means to reflect revenue trends of Infinera's business.

(2)          Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of non-cash stock-based compensation related to employees and non-employees (in thousands):

    Three Months Ended   Six Months Ended
     July 1, 2017     April 1, 2017     June 25, 2016     July 1, 2017     June 25, 2016 
Cost of revenue   $ 834     $ 724     $ 746     $ 1,558     $ 1,419  
Research and development   4,184     3,780     3,904     7,964     6,225  
Sales and marketing   3,273     2,726     2,945     5,999     5,180  
General and administration   2,852     2,540     2,486     5,392     4,385  
    11,143     9,770     10,081     20,913     17,209  
Cost of revenue - amortization from balance sheet*         1,237     1,107     912     2,344     1,771  
Total stock-based compensation expense   $ 12,380     $ 10,877     $ 10,993     $ 23,257     $ 18,980  

_____________________________

*      Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period.

(3)          Amortization of acquisition-related intangible assets consists of amortization of developed technology, trade names, and customer relationships acquired in connection with the Transmode acquisition. U.S. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP operating expenses, gross margin and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera's underlying business performance.

(4)          Acquisition-related costs associated with the Transmode acquisition include legal, financial, employee retention costs and other professional fees incurred in connection with the transaction, including squeeze-out proceedings. These amounts have been adjusted in arriving at Infinera's non-GAAP results because management believes that these expenses are non-recurring, not indicative of ongoing operating performance and their exclusion provides a better indication of Infinera's underlying business performance.

(5)          Intangible asset impairment is associated with previously acquired intangibles, which Infinera has determined that the carrying value will not be recoverable. Management has excluded the impact of this charge in arriving at Infinera's non-GAAP results because it is non-recurring and management believes that these expenses are not indicative of ongoing operating performance.

(6)          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 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 in aggregate principal amount of 1.75% convertible debt issuance in May 2013 over the term of the notes. Interest expense has been excluded from 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.

(7)          The difference between the GAAP and non-GAAP tax is due to the net tax effects of the purchase accounting adjustments, acquisition-related costs and amortization of acquired intangible assets.


Infinera Corporation
Condensed Consolidated Balance Sheets
(In thousands, except par values)
(Unaudited)

    July 1, 2017   December 31, 2016
ASSETS        
Current assets:        
Cash and cash equivalents   $ 119,820     $ 162,641  
Short-term investments   137,929     141,697  
Short-term restricted cash   1,423     8,490  
Accounts receivable, net of allowance for doubtful accounts of $918 in 2017 and $772 in 2016   123,903     150,370  
Inventory   245,976     232,955  
Prepaid expenses and other current assets   42,885     34,270  
Total current assets   671,936     730,423  
Property, plant and equipment, net   142,424     124,800  
Intangible assets   102,933     108,475  
Goodwill   189,989     176,760  
Long-term investments   69,105     40,779  
Cost-method investment   7,000     7,000  
Long-term restricted cash   5,030     6,449  
Other non-current assets   4,201     3,897  
Total assets   $ 1,192,618     $ 1,198,583  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable   $ 80,684     $ 62,486  
Accrued expenses   32,018     31,580  
Accrued compensation and related benefits   43,625     46,637  
Short-term debt, net   139,115      
Accrued warranty   14,078     16,930  
Deferred revenue   64,723     58,900  
Total current liabilities   374,243     216,533  
Long-term debt, net       133,586  
Accrued warranty, non-current   18,322     23,412  
Deferred revenue, non-current   23,723     19,362  
Deferred tax liability   24,185     25,327  
Other long-term liabilities   14,558     18,035  
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 July 1, 2017 and December 31, 2016        
Issued and outstanding shares - 148,189 as of July 1, 2017 and 145,021 as of December 31, 2016     148     145  
Additional paid-in capital   1,388,045     1,354,082  
Accumulated other comprehensive loss   (3,741 )   (28,324 )
Accumulated deficit   (646,865 )   (563,575 )
Total stockholders’ equity   737,587     762,328  
Total liabilities and stockholders’ equity   $ 1,192,618     $ 1,198,583  


Infinera Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

    Six Months Ended
    July 1, 2017   June 25, 2016
Cash Flows from Operating Activities:        
Net income (loss)   $ (83,290 )   $ 23,120  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:            
Depreciation and amortization   32,623     29,891  
Amortization of debt discount and issuance costs   5,529     5,001  
Amortization of premium on investments   234     733  
Impairment of intangible assets   252      
Stock-based compensation expense   23,257     18,980  
Other loss   86     84  
Changes in assets and liabilities:        
Accounts receivable   27,629     (7,404 )
Inventory   (12,700 )   (31,304 )
Prepaid expenses and other assets   (8,127 )   (328 )
Accounts payable   16,927     (7,339 )
Accrued liabilities and other expenses   (4,392 )   (5,528 )
Deferred revenue   10,065     10,129  
Accrued warranty   (8,111 )   2,165  
Net cash provided by (used in) operating activities   (18 )   38,200  
Cash Flows from Investing Activities:        
Purchase of available-for-sale investments   (107,854 )   (97,051 )
Proceeds from sales of available-for-sale investments   3,998      
Proceeds from maturities of investments   79,003     91,714  
Purchase of property and equipment   (39,200 )   (23,278 )
Change in restricted cash   2,974     (60 )
Net cash used in investing activities   (61,079 )   (28,675 )
Cash Flows from Financing Activities:        
Security pledge to acquire noncontrolling interest   5,596     (24,942 )
Acquisition of noncontrolling interest   (471 )    
Proceeds from issuance of common stock   11,115     8,586  
Minimum tax withholding paid on behalf of employees for net share settlement   (823 )   (3,082 )
Net cash provided by (used in) financing activities   15,417     (19,438 )
Effect of exchange rate changes on cash   2,859     (808 )
Net change in cash and cash equivalents   (42,821 )   (10,721 )
Cash and cash equivalents at beginning of period   162,641     149,101  
Cash and cash equivalents at end of period   $ 119,820     $ 138,380  
Supplemental disclosures of cash flow information:        
Cash paid for income taxes, net of refunds   $ 2,683     $ 3,237  
Cash paid for interest   $ 1,316     $ 1,410  
Supplemental schedule of non-cash investing activities:        
Transfer of inventory to fixed assets   $ 2,087     $ 4,009  


Infinera Corporation
Supplemental Financial Information
(Unaudited)

    Q3'15   Q4'15   Q1'16   Q2'16   Q3'16   Q4'16   Q1'17   Q2'17
GAAP Revenue ($ Mil)   $ 232.5     $ 260.0     $ 244.8     $ 258.8     $ 185.5     $ 181.0     $ 175.5     $ 176.8  
GAAP Gross Margin %     44.2 %     44.5 %     47.5 %     47.8 %     45.6 %     38.1 %     36.5 %     36.7 %
Non-GAAP Gross Margin %(1)     47.5 %     48.3 %     50.2 %     50.4 %     49.2 %     41.8 %     40.3 %     40.7 %
Revenue Composition:                                                                
Domestic %     68 %     62 %     71 %     64 %     56 %     53 %     57 %     63 %
International %     32 %     38 %     29 %     36 %     44 %     47 %     43 %     37 %
Customers >10% of Revenue     2       2       3       2       2       2       1       3  
Cash Related Information:                                                                
Cash from Operations ($ Mil)   $ 32.5     $ 25.8     $ 10.0     $ 28.2     $ 5.2     $ (5.0 )   $ 3.0     $ (3.0 )
Capital Expenditures ($ Mil)   $ 10.6     $ 15.3     $ 10.8     $ 12.5     $ 9.6     $ 10.4     $ 14.7     $ 24.5  
Depreciation & Amortization ($ Mil)   $ 9.2     $ 13.7     $ 14.7     $ 15.2     $ 15.9     $ 15.7     $ 16.0     $ 16.6  
DSOs     55       65       69       68       75       81       64       64  
Inventory Metrics:                                                                
Raw Materials ($ Mil)   $ 24.2     $ 27.9     $ 33.1     $ 39.1     $ 37.2     $ 33.2     $ 34.8     $ 36.7  
Work in Process ($ Mil)   $ 48.5     $ 52.6     $ 59.4     $ 61.0     $ 65.5     $ 74.5     $ 81.1     $ 91.6  
Finished Goods ($ Mil)   $ 97.2     $ 94.2     $ 97.2     $ 102.2     $ 128.8     $ 125.3     $ 118.0     $ 117.7  
Total Inventory ($ Mil)   $ 169.9     $ 174.7     $ 189.7     $ 202.3     $ 231.5     $ 233.0     $ 233.9     $ 246.0  
Inventory Turns(2)     2.9       3.1       2.6       2.5       1.6       1.8       1.8       1.7  
Worldwide Headcount     1,978       2,056       2,128       2,218       2,262       2,240       2,245       2,272  
Weighted Average Shares Outstanding (in thousands):                                                                
Basic     134,834       140,015       140,805       142,396       143,850       144,770       145,786       147,538  
Diluted     145,300       149,439       146,880       145,891       144,993       145,497       147,017       148,662  

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(1)          Non-GAAP adjustments include non-cash stock-based compensation expense, certain purchase accounting adjustments related to Infinera's acquisition of Transmode and amortization of acquired intangible assets. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures.

(2)          Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue before adjustments for non-cash stock-based compensation expense and certain purchase accounting adjustments, divided by the average inventory for the quarter.

 

Contacts:
Media:
Anna Vue
Tel. +1 (916) 595-8157
avue@infinera.com

Investors:
Jeff Hustis
Tel. +1 (408) 213-7150
jhustis@infinera.com

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