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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Infinera Corporation | NASDAQ:INFN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.38% | 5.24 | 5.05 | 5.75 | 5.64 | 5.22 | 5.47 | 1,976,802 | 01:00:00 |
Delaware | 001-33486 | 77-0560433 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press release dated January 22, 2015. |
INFINERA CORPORATION | ||||
Date: January 22, 2015 | By: | /s/ BRAD FELLER | ||
Brad Feller Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release dated January 22, 2015. |
Contacts: | ||
Media: Anna Vue | Investors: Jeff Hustis | |
Tel. +1 (916) 595-8157 | Tel. +1 (408) 213-7150 | |
avue@infinera.com | jhustis@infinera.com |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Product | $ | 158,492 | $ | 115,102 | $ | 572,276 | $ | 465,424 | ||||||||
Services | 27,814 | 23,990 | 95,803 | 78,698 | ||||||||||||
Total revenue | 186,306 | 139,092 | 668,079 | 544,122 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Cost of product | 89,809 | 73,385 | 340,856 | 295,715 | ||||||||||||
Cost of services | 12,154 | 9,795 | 38,919 | 29,768 | ||||||||||||
Total cost of revenue | 101,963 | 83,180 | 379,775 | 325,483 | ||||||||||||
Gross profit | 84,343 | 55,912 | 288,304 | 218,639 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 37,349 | 30,859 | 133,484 | 124,794 | ||||||||||||
Sales and marketing | 22,288 | 19,857 | 79,026 | 72,778 | ||||||||||||
General and administrative | 11,840 | 12,277 | 48,452 | 45,253 | ||||||||||||
Total operating expenses | 71,477 | 62,993 | 260,962 | 242,825 | ||||||||||||
Income (loss) from operations | 12,866 | (7,081 | ) | 27,342 | (24,186 | ) | ||||||||||
Other income (expense), net: | ||||||||||||||||
Interest income | 410 | 287 | 1,456 | 923 | ||||||||||||
Interest expense | (2,835 | ) | (2,634 | ) | (11,021 | ) | (6,061 | ) | ||||||||
Other gain (loss), net: | (348 | ) | (336 | ) | (1,365 | ) | (1,141 | ) | ||||||||
Total other income (expense), net | (2,773 | ) | (2,683 | ) | (10,930 | ) | (6,279 | ) | ||||||||
Income (loss) before income taxes | 10,093 | (9,764 | ) | 16,412 | (30,465 | ) | ||||||||||
Provision for income taxes | 1,683 | 414 | 2,753 | 1,654 | ||||||||||||
Net income (loss) | $ | 8,410 | $ | (10,178 | ) | $ | 13,659 | $ | (32,119 | ) | ||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 0.07 | $ | (0.08 | ) | $ | 0.11 | $ | (0.27 | ) | ||||||
Diluted | $ | 0.06 | $ | (0.08 | ) | $ | 0.11 | $ | (0.27 | ) | ||||||
Weighted average shares used in computing net income (loss) per common share: | ||||||||||||||||
Basic | 125,830 | 119,743 | 123,672 | 117,425 | ||||||||||||
Diluted | 133,072 | 119,743 | 128,565 | 117,425 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 27, 2014 | September 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||
Reconciliation of Gross Profit: | ||||||||||||||||||||
U.S. GAAP as reported | $ | 84,343 | $ | 75,302 | $ | 55,912 | $ | 288,304 | $ | 218,639 | ||||||||||
Stock-based compensation(1) | 1,472 | 1,491 | 1,695 | 5,607 | 7,496 | |||||||||||||||
Non-GAAP as adjusted | $ | 85,815 | $ | 76,793 | $ | 57,607 | $ | 293,911 | $ | 226,135 | ||||||||||
Reconciliation of Gross Margin: | ||||||||||||||||||||
U.S. GAAP as reported | 45.3 | % | 43.4 | % | 40.2 | % | 43.2 | % | 40.2 | % | ||||||||||
Stock-based compensation(1) | 0.8 | % | 0.8 | % | 1.2 | % | 0.8 | % | 1.4 | % | ||||||||||
Non-GAAP as adjusted | 46.1 | % | 44.2 | % | 41.4 | % | 44.0 | % | 41.6 | % | ||||||||||
Reconciliation of Income (Loss) from Operations: | ||||||||||||||||||||
U.S. GAAP as reported | $ | 12,866 | $ | 7,480 | $ | (7,081 | ) | $ | 27,342 | $ | (24,186 | ) | ||||||||
Stock-based compensation(1) | 7,547 | 7,371 | 8,174 | 28,394 | 31,976 | |||||||||||||||
Non-GAAP as adjusted | $ | 20,413 | $ | 14,851 | $ | 1,093 | $ | 55,736 | $ | 7,790 | ||||||||||
Reconciliation of Operating Margin: | ||||||||||||||||||||
U.S. GAAP as reported | 6.9 | % | 4.3 | % | (5.1 | )% | 4.1 | % | (4.5 | )% | ||||||||||
Stock-based compensation(1) | 4.1 | % | 4.3 | % | 5.9 | % | 4.2 | % | 5.9 | % | ||||||||||
Non-GAAP as adjusted | 11.0 | % | 8.6 | % | 0.8 | % | 8.3 | % | 1.4 | % | ||||||||||
Reconciliation of Net Income (Loss): | ||||||||||||||||||||
U.S. GAAP as reported | $ | 8,410 | $ | 4,843 | $ | (10,178 | ) | $ | 13,659 | $ | (32,119 | ) | ||||||||
Stock-based compensation(1) | 7,547 | 7,371 | 8,174 | 28,394 | 31,976 | |||||||||||||||
Amortization of debt discount(2) | 2,006 | 1,956 | 1,814 | 7,730 | 4,164 | |||||||||||||||
Non-GAAP as adjusted | $ | 17,963 | $ | 14,170 | $ | (190 | ) | $ | 49,783 | $ | 4,021 | |||||||||
Net Income (Loss) per Common Share - Basic: | ||||||||||||||||||||
U.S. GAAP as reported | $ | 0.07 | $ | 0.04 | $ | (0.08 | ) | $ | 0.11 | $ | (0.27 | ) | ||||||||
Non-GAAP as adjusted | $ | 0.14 | $ | 0.11 | $ | — | $ | 0.40 | $ | 0.03 | ||||||||||
Net Income (Loss) per Common Share - Diluted: | ||||||||||||||||||||
U.S. GAAP as reported | $ | 0.06 | $ | 0.04 | $ | (0.08 | ) | $ | 0.11 | $ | (0.27 | ) | ||||||||
Non-GAAP as adjusted(3) | $ | 0.13 | $ | 0.11 | $ | — | $ | 0.39 | $ | 0.03 | ||||||||||
Weighted Average Shares Used in Computing Net Income (Loss) per Common Share - U.S . GAAP: | ||||||||||||||||||||
Basic | 125,830 | 124,378 | 119,743 | 123,672 | 117,425 | |||||||||||||||
Diluted | 133,072 | 128,964 | 119,743 | 128,565 | 117,425 | |||||||||||||||
Weighted Average Shares Used in Computing Net Income (Loss) per Common Share - Non-GAAP: | ||||||||||||||||||||
Basic | 125,830 | 124,378 | 119,743 | 123,672 | 117,425 | |||||||||||||||
Diluted(3) | 133,072 | 128,964 | 125,134 | 128,565 | 122,167 |
(1) | 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 stock-based compensation related to employees and non-employees (in thousands): |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 27, 2014 | September 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||
Cost of revenue | $ | 500 | $ | 492 | $ | 489 | $ | 1,921 | $ | 1,871 | ||||||||||
Research and development | 2,439 | 2,270 | 2,725 | 8,927 | 10,900 | |||||||||||||||
Sales and marketing | 1,960 | 1,982 | 1,965 | 7,477 | 7,624 | |||||||||||||||
General and administration | 1,676 | 1,628 | 1,789 | 6,383 | 5,956 | |||||||||||||||
6,575 | 6,372 | 6,968 | 24,708 | 26,351 | ||||||||||||||||
Cost of revenue - amortization from balance sheet* | 972 | 999 | 1,206 | 3,686 | 5,625 | |||||||||||||||
Total stock-based compensation expense | $ | 7,547 | $ | 7,371 | $ | 8,174 | $ | 28,394 | $ | 31,976 |
* | 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. |
December 27, 2014 | December 28, 2013 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 86,495 | $ | 124,330 | ||||
Short-term investments | 239,628 | 172,660 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $38 in 2014 and $43 in 2013 | 154,596 | 100,643 | ||||||
Inventory | 146,500 | 123,685 | ||||||
Prepaid expenses and other current assets | 24,636 | 17,752 | ||||||
Total current assets | 651,855 | 539,070 | ||||||
Property, plant and equipment, net | 81,566 | 79,668 | ||||||
Long-term investments | 59,233 | 64,419 | ||||||
Cost-method investment | 14,500 | 9,000 | ||||||
Long-term restricted cash | 5,460 | 3,904 | ||||||
Other non-current assets | 5,402 | 4,865 | ||||||
Total assets | $ | 818,016 | $ | 700,926 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 61,533 | $ | 39,843 | ||||
Accrued expenses | 26,441 | 22,431 | ||||||
Accrued compensation and related benefits | 38,795 | 33,899 | ||||||
Accrued warranty | 12,241 | 12,374 | ||||||
Deferred revenue | 35,321 | 32,402 | ||||||
Total current liabilities | 174,331 | 140,949 | ||||||
Long-term debt | 116,894 | 109,164 | ||||||
Accrued warranty, non-current | 14,799 | 10,534 | ||||||
Deferred revenue, non-current | 10,758 | 4,888 | ||||||
Other long-term liabilities | 19,327 | 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 December 27, 2014 and December 28, 2013 | ||||||||
Issued and outstanding shares - 126,160 as of December 27, 2014 and 119,887 as of December 28, 2013 | 126 | 120 | ||||||
Additional paid-in capital | 1,077,225 | 1,025,661 | ||||||
Accumulated other comprehensive loss | (4,618 | ) | (3,486 | ) | ||||
Accumulated deficit | (590,826 | ) | (604,485 | ) | ||||
Total stockholders’ equity | 481,907 | 417,810 | ||||||
Total liabilities and stockholders’ equity | $ | 818,016 | $ | 700,926 |
Twelve Months Ended | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 13,659 | $ | (32,119 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Depreciation and amortization | 25,917 | 24,562 | ||||||
Amortization of debt discount and issuance costs | 8,395 | 4,522 | ||||||
Amortization of premium on investments | 3,772 | 1,539 | ||||||
Stock-based compensation expense | 28,394 | 31,976 | ||||||
Other gain | (9 | ) | (276 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (53,951 | ) | 6,341 | |||||
Inventory | (25,486 | ) | (3,036 | ) | ||||
Prepaid expenses and other assets | (8,324 | ) | (3,162 | ) | ||||
Accounts payable | 18,810 | (20,202 | ) | |||||
Accrued liabilities and other expenses | 11,866 | 11,272 | ||||||
Deferred revenue | 8,788 | 7,337 | ||||||
Accrued warranty | 4,132 | 6,426 | ||||||
Net cash provided by operating activities | 35,963 | 35,180 | ||||||
Cash Flows from Investing Activities: | ||||||||
Purchase of available-for-sale investments | (302,398 | ) | (288,140 | ) | ||||
Purchase of cost-method investment | (5,500 | ) | — | |||||
Proceeds from sale of available-for-sale investments | 28,481 | 2,850 | ||||||
Proceeds from maturities and calls of investments | 208,051 | 125,624 | ||||||
Purchase of property and equipment | (23,122 | ) | (21,065 | ) | ||||
Change in restricted cash | (1,571 | ) | (69 | ) | ||||
Net cash used in investing activities | (96,059 | ) | (180,800 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of debt, net | — | 144,469 | ||||||
Proceeds from issuance of common stock | 24,707 | 23,185 | ||||||
Minimum tax withholding paid on behalf of employees for net share settlement | (1,846 | ) | (1,544 | ) | ||||
Net cash provided by financing activities | 22,861 | 166,110 | ||||||
Effect of exchange rate changes on cash | (600 | ) | (826 | ) | ||||
Net change in cash and cash equivalents | (37,835 | ) | 19,664 | |||||
Cash and cash equivalents at beginning of period | 124,330 | 104,666 | ||||||
Cash and cash equivalents at end of period | $ | 86,495 | $ | 124,330 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for income taxes, net of refunds | $ | 1,697 | $ | 2,135 | ||||
Cash paid for interest | $ | 2,625 | $ | 1,320 | ||||
Supplemental schedule of non-cash financing activities: | ||||||||
Transfer of inventory to fixed assets | $ | 2,569 | $ | 5,458 | ||||
Warrant exercise | $ | — | $ | 500 |
Q1'13 | Q2’13 | Q3'13 | Q4'13 | Q1'14 | Q2'14 | Q3'14 | Q4'14 | |||||||||||||||||||||||||
Revenue ($ Mil) | $ | 124.6 | $ | 138.4 | $ | 142.0 | $ | 139.1 | $ | 142.8 | $ | 165.4 | $ | 173.6 | $ | 186.3 | ||||||||||||||||
Gross Margin % (1) | 35.9 | % | 38.9 | % | 49.2 | % | 41.4 | % | 41.8 | % | 43.3 | % | 44.2 | % | 46.1 | % | ||||||||||||||||
Revenue Composition: | ||||||||||||||||||||||||||||||||
Domestic % | 63 | % | 64 | % | 73 | % | 54 | % | 78 | % | 82 | % | 70 | % | 58 | % | ||||||||||||||||
International % | 37 | % | 36 | % | 27 | % | 46 | % | 22 | % | 18 | % | 30 | % | 42 | % | ||||||||||||||||
Customers >10% of Revenue | 1 | — | 3 | 1 | 2 | 2 | 1 | 1 | ||||||||||||||||||||||||
Cash Related Information: | ||||||||||||||||||||||||||||||||
Cash from (Used in) Operations ($ Mil) | $ | (21.3 | ) | $ | 17.9 | $ | 12.8 | $ | 25.8 | $ | (15.4 | ) | $ | 10.3 | $ | 22.3 | $ | 18.7 | ||||||||||||||
Capital Expenditures ($ Mil) | $ | 4.9 | $ | 4.5 | $ | 4.2 | $ | 7.5 | $ | 5.6 | $ | 4.4 | $ | 4.4 | $ | 8.8 | ||||||||||||||||
Depreciation & Amortization ($ Mil) | $ | 6.3 | $ | 6.3 | $ | 5.9 | $ | 6.0 | $ | 6.3 | $ | 6.5 | $ | 6.5 | $ | 6.6 | ||||||||||||||||
DSO’s | 82 | 64 | 56 | 66 | 68 | 66 | 71 | 76 | ||||||||||||||||||||||||
Inventory Metrics: | ||||||||||||||||||||||||||||||||
Raw Materials ($ Mil) | $ | 12.2 | $ | 9.8 | $ | 12.1 | $ | 14.3 | $ | 13.2 | $ | 11.2 | $ | 11.6 | $ | 15.2 | ||||||||||||||||
Work in Process ($ Mil) | $ | 53.1 | $ | 41.0 | $ | 45.7 | $ | 49.2 | $ | 47.8 | $ | 40.6 | $ | 44.4 | $ | 50.0 | ||||||||||||||||
Finished Goods ($ Mil) | $ | 65.7 | $ | 70.5 | $ | 65.7 | $ | 60.2 | $ | 65.5 | $ | 79.1 | $ | 74.8 | $ | 81.3 | ||||||||||||||||
Total Inventory ($ Mil) | $ | 131.0 | $ | 121.3 | $ | 123.5 | $ | 123.7 | $ | 126.5 | $ | 130.9 | $ | 130.8 | $ | 146.5 | ||||||||||||||||
Inventory Turns (2) | 2.4 | 2.8 | 2.3 | 2.6 | 2.6 | 2.9 | 3.0 | 2.7 | ||||||||||||||||||||||||
Worldwide Headcount | 1,219 | 1,238 | 1,296 | 1,318 | 1,346 | 1,396 | 1,456 | 1,495 |
(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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