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 Infinera Corporation Reports Second Quarter 2017 Financial Results
   Thursday, August 03, 2017 4:39:33 PM ET

Infinera Corporation (INFN ), provider of Intelligent Transport Networks, today released financial results for its second quarter ended July 1, 2017.

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                                    --                           --                           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                                    --                           --                           174                        --                           400
Stock-based compensation                                                           2,071                        1,831                        1,658                      3,902                        3,190
Amortization of acquired intangible assets                                         5,035                        4,880                        4,998                      9,915                        9,868
Acquisition-related costs                                                          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                                                           10,309                       9,046                        9,335                      19,355                       15,790
Amortization of acquired intangible assets                                         1,515                        1,468                        1,584                      2,983                        3,216
Acquisition-related costs                                                          16                           306                          402                        322                          890
Intangible asset impairment                                                        --                           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                                    --                           --                           174                        --                           400
Stock-based compensation                                                           12,380                       10,877                       10,993                     23,257                       18,980
Amortization of acquired intangible assets                                         6,550                        6,348                        6,582                      12,898                       13,084
Acquisition-related costs                                                          22                           346                          442                        368                          969
Intangible asset impairment                                                        --                           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,                      April 1,                     June 25,                   July 1, 2017                 June 25, 2016
                                                                                   2017                         2017                         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                                    --                           --                           174                        --                           400
Stock-based compensation                                                           12,380                       10,877                       10,993                     23,257                       18,980
Amortization of acquired intangible assets                                         6,550                        6,348                        6,582                      12,898                       13,084
Acquisition-related costs                                                          (4           )               261                          862                        257                          1,389
Intangible asset impairment                                                        --                           252                          --                         252                          --
Amortization of debt discount                                                      2,577                        2,514                        2,331                      5,091                        4,605
Income tax effects                                                                 (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

____________________________

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.

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.

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.

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.

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.

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.

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 %                                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                                        2.9          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

_____________________________

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.

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

https://resource.globenewswire.com/Resource/Download/b07a39c7-9848-4b37-8aef-74e84b3fcc8c?size=1

<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzY5MjI1Njc=" alt="" width="1" height="1"/>



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