(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including Zip Code) |
Not Applicable | ||||||||||||||
(Former name or former address, if changed since last report) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. | ||||
(d) | Exhibits. |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
INFINERA CORPORATION | ||||||||||||||
Date: May 13, 2024 | By: | /s/ NANCY ERBA | ||||||||||||
Nancy Erba Chief Financial Officer |
Contacts: | ||||||||
Media: Anna Vue Tel. +1 (916) 595-8157 avue@infinera.com | Investors: Amitabh Passi, Head of Investor Relations Tel. +1 (669) 295-1489 apassi@infinera.com |
Three months ended | Twelve months ended | ||||||||||||||||||||||
December 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product | $ | 373,172 | $ | 398,880 | $ | 1,304,229 | $ | 1,268,624 | |||||||||||||||
Services | 80,284 | 87,056 | 309,899 | 304,618 | |||||||||||||||||||
Total revenue | 453,456 | 485,936 | 1,614,128 | 1,573,242 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product | 233,693 | 255,449 | 810,845 | 852,476 | |||||||||||||||||||
Cost of services | 42,643 | 45,485 | 167,532 | 161,630 | |||||||||||||||||||
Amortization of intangible assets | — | 4,451 | 10,621 | 23,138 | |||||||||||||||||||
Restructuring and other related costs | 2,218 | 37 | 2,218 | 222 | |||||||||||||||||||
Total cost of revenue | 278,554 | 305,422 | 991,216 | 1,037,466 | |||||||||||||||||||
Gross profit | 174,902 | 180,514 | 622,912 | 535,776 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 79,645 | 77,986 | 316,879 | 306,188 | |||||||||||||||||||
Sales and marketing | 42,532 | 41,373 | 166,938 | 146,445 | |||||||||||||||||||
General and administrative | 35,112 | 31,639 | 124,874 | 118,602 | |||||||||||||||||||
Amortization of intangible assets | 2,256 | 3,581 | 12,344 | 14,576 | |||||||||||||||||||
Restructuring and other related costs | 4,096 | 577 | 6,717 | 10,122 | |||||||||||||||||||
Total operating expenses | 163,641 | 155,156 | 627,752 | 595,933 | |||||||||||||||||||
Income (loss) from operations | 11,261 | 25,358 | (4,840) | (60,157) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | 982 | 467 | 2,716 | 893 | |||||||||||||||||||
Interest expense | (8,814) | (7,255) | (30,609) | (26,015) | |||||||||||||||||||
Gain on extinguishment of debt | — | — | — | 15,521 | |||||||||||||||||||
Other gain (loss), net | 4,739 | 18,852 | 15,325 | 14,247 | |||||||||||||||||||
Total other income (expense), net | (3,093) | 12,064 | (12,568) | 4,646 | |||||||||||||||||||
Income (loss) before income taxes | 8,168 | 37,422 | (17,408) | (55,511) | |||||||||||||||||||
(Benefit from) provision for income taxes | (4,705) | 3,964 | 7,805 | 20,532 | |||||||||||||||||||
Net income (loss) | $ | 12,873 | $ | 33,458 | $ | (25,213) | $ | (76,043) | |||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.15 | $ | (0.11) | $ | (0.35) | |||||||||||||||
Diluted | $ | 0.06 | $ | 0.14 | $ | (0.11) | $ | (0.35) | |||||||||||||||
Weighted average shares used in computing net income (loss) per common share: | |||||||||||||||||||||||
Basic | 230,509 | 219,921 | 226,726 | 216,376 | |||||||||||||||||||
Diluted | 233,090 | 258,030 | 226,726 | 216,376 |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Gross Profit and Gross Margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP as reported | $ | 174,902 | 38.6 | % | $ | 158,320 | 40.3 | % | $ | 180,514 | 37.1 | % | $ | 622,912 | 38.6 | % | $ | 535,776 | 34.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense(1) | 2,328 | 2,515 | 2,763 | 10,000 | 9,485 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets(2) | — | 3,528 | 4,451 | 10,621 | 23,138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs(3) | 2,218 | — | 37 | 2,218 | 222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory related charges(4) | — | — | (269) | — | 14,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global distribution center transition costs(5) | — | — | 509 | — | 2,109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse fire loss (recovery)(6) | — | — | — | (1,985) | 2,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP as adjusted | $ | 179,448 | 39.6 | % | $ | 164,363 | 41.9 | % | $ | 188,005 | 38.7 | % | $ | 643,766 | 39.9 | % | $ | 587,343 | 37.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP as reported | $ | 163,641 | $ | 150,665 | $ | 155,156 | $ | 627,752 | $ | 595,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense(1) | 10,429 | 13,230 | 13,834 | 52,150 | 51,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets(2) | 2,256 | 2,976 | 3,581 | 12,344 | 14,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs(3) | 4,096 | 400 | 577 | 6,717 | 10,122 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation charges (7) | — | — | — | — | 1,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP as adjusted | $ | 146,860 | $ | 134,059 | $ | 137,164 | $ | 556,541 | $ | 518,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income (Loss) from Operations and Operating Margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP as reported | $ | 11,261 | 2.5 | % | $ | 7,655 | 2.0 | % | $ | 25,358 | 5.2 | % | $ | (4,840) | (0.3) | % | $ | (60,157) | (3.8) | % | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense(1) | 12,757 | 15,745 | 16,597 | 62,150 | 61,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets(2) | 2,256 | 6,504 | 8,032 | 22,965 | 37,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs(3) | 6,314 | 400 | 614 | 8,935 | 10,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory related charges(4) | — | — | (269) | — | 14,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global distribution center transition costs(5) | — | — | 509 | — | 2,109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse fire loss (recovery)(6) | — | — | — | (1,985) | 2,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation charges(7) | — | — | — | — | 1,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP as adjusted | $ | 32,588 | 7.2 | % | $ | 30,304 | 7.7 | % | $ | 50,841 | 10.5 | % | $ | 87,225 | 5.4 | % | $ | 68,988 | 4.4 | % |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP as reported | $ | 12,873 | $ | (9,413) | $ | 33,458 | $ | (25,213) | $ | (76,043) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense(1) | 12,757 | 15,745 | 16,597 | 62,150 | 61,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets(2) | 2,256 | 6,504 | 8,032 | 22,965 | 37,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other related costs(3) | 6,314 | 400 | 614 | 8,935 | 10,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory related charges(4) | — | — | (269) | — | 14,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global distribution center transition costs(5) | — | — | 509 | — | 2,109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warehouse fire loss (recovery)(6) | — | — | — | (1,985) | 2,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation charges(7) | — | — | — | — | 1,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt(8) | — | — | — | — | (15,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (gains) losses, net(9) | (4,852) | 7,527 | (18,328) | (14,755) | (12,767) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effects(10) | (780) | (894) | (308) | 1,292 | 1,319 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP as adjusted | $ | 28,568 | $ | 19,869 | $ | 40,305 | $ | 53,389 | $ | 26,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA (11): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net income | $ | 28,568 | $ | 19,869 | $ | 40,305 | $ | 53,389 | $ | 26,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Interest expense, net | 7,832 | 7,062 | 6,788 | 27,893 | 25,122 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Other gain (loss), net | (113) | (13) | 524 | 570 | 1,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Income tax effects | (3,925) | 3,360 | 4,272 | 6,513 | 19,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Depreciation | 17,125 | 13,498 | 11,787 | 55,819 | 46,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP as adjusted | $ | 49,713 | $ | 43,802 | $ | 62,628 | $ | 143,044 | $ | 115,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) per Common Share: GAAP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | (0.04) | $ | 0.15 | $ | (0.11) | $ | (0.35) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted(12) | $ | 0.06 | $ | (0.04) | $ | 0.14 | $ | (0.11) | $ | (0.35) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 230,509 | 228,077 | 219,921 | 226,726 | 216,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted(12) | 233,090 | 228,077 | 258,030 | 226,726 | 216,376 |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share: Non-GAAP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.09 | $ | 0.18 | $ | 0.24 | $ | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted(13) | $ | 0.12 | $ | 0.08 | $ | 0.16 | $ | 0.23 | $ | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares Used in Computing Non-GAAP Net Income per Common Share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 230,509 | 228,077 | 219,921 | 226,726 | 216,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted(13) | 259,210 | 257,219 | 258,030 | 255,468 | 219,398 |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Cost of revenue | $ | 2,328 | $ | 2,515 | $ | 2,763 | $ | 10,000 | $ | 9,485 | ||||||||||||||||||||||
Total cost of revenue | 2,328 | 2,515 | 2,763 | 10,000 | 9,485 | |||||||||||||||||||||||||||
Research and development | 4,917 | 5,734 | 6,292 | 22,474 | 23,553 | |||||||||||||||||||||||||||
Sales and marketing | 2,328 | 3,706 | 3,296 | 13,699 | 13,311 | |||||||||||||||||||||||||||
General and administration | 3,184 | 3,790 | 4,246 | 15,977 | 14,666 | |||||||||||||||||||||||||||
Total operating expenses | 10,429 | 13,230 | 13,834 | 52,150 | 51,530 | |||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 12,757 | $ | 15,745 | $ | 16,597 | $ | 62,150 | $ | 61,015 | ||||||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
GAAP net income (loss) for basic earnings per share | $ | 12,873 | $ | (9,413) | $ | 33,458 | $ | (25,213) | $ | (76,043) | ||||||||||||||||||||||
Interest expense related to the convertible senior notes, net of tax | 104 | — | 1,637 | — | — | |||||||||||||||||||||||||||
GAAP net income (loss) for diluted earnings per share | $ | 12,977 | $ | (9,413) | $ | 35,095 | $ | (25,213) | $ | (76,043) | ||||||||||||||||||||||
Weighted average basic common shares outstanding | 230,509 | 228,077 | 219,921 | 226,726 | 216,376 | |||||||||||||||||||||||||||
Dilutive effect of restricted and performance share units | 682 | — | 1,574 | — | — | |||||||||||||||||||||||||||
Dilutive effect of employee stock purchase plan | — | — | 18 | — | — | |||||||||||||||||||||||||||
Dilutive effect of 2024 convertible senior notes(a) | 1,899 | — | 10,397 | — | — | |||||||||||||||||||||||||||
Dilutive effect of 2027 convertible senior notes(b) | — | — | 26,120 | — | — | |||||||||||||||||||||||||||
Dilutive effect of 2028 convertible senior notes(c) | — | — | — | — | — | |||||||||||||||||||||||||||
Weighted average dilutive common shares outstanding | 233,090 | 228,077 | 258,030 | 226,726 | 216,376 | |||||||||||||||||||||||||||
GAAP net income (loss) per common share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | (0.04) | $ | 0.15 | $ | (0.11) | $ | (0.35) | ||||||||||||||||||||||
Diluted | $ | 0.06 | $ | (0.04) | $ | 0.14 | $ | (0.11) | $ | (0.35) |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Non-GAAP net income for basic earnings per share | $ | 28,568 | $ | 19,869 | $ | 40,305 | $ | 53,389 | $ | 26,133 | ||||||||||||||||||||||
Interest expense related to the convertible senior notes, net of tax | 1,652 | 1,359 | 1,637 | 5,370 | — | |||||||||||||||||||||||||||
Non-GAAP net income for diluted earnings per share | $ | 30,220 | $ | 21,228 | $ | 41,942 | $ | 58,759 | $ | 26,133 | ||||||||||||||||||||||
Weighted average basic common shares outstanding | 230,509 | 228,077 | 219,921 | 226,726 | 216,376 | |||||||||||||||||||||||||||
Dilutive effect of restricted and performance share units | 682 | 1,123 | 1,574 | 1,674 | 2,935 | |||||||||||||||||||||||||||
Dilutive effect of employee stock purchase plan | — | — | 18 | 53 | 87 | |||||||||||||||||||||||||||
Dilutive effect of 2024 convertible senior notes(a) | 1,899 | 1,899 | 10,397 | — | — | |||||||||||||||||||||||||||
Dilutive effect of 2027 convertible senior notes(b) | 26,120 | 26,120 | 26,120 | 26,120 | — | |||||||||||||||||||||||||||
Dilutive effect of 2028 convertible senior notes(c) | — | — | — | 895 | — | |||||||||||||||||||||||||||
Weighted average dilutive common shares outstanding | 259,210 | 257,219 | 258,030 | 255,468 | 219,398 | |||||||||||||||||||||||||||
Non-GAAP net income per common share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.09 | $ | 0.18 | $ | 0.24 | $ | 0.12 | ||||||||||||||||||||||
Diluted | $ | 0.12 | $ | 0.08 | $ | 0.16 | $ | 0.23 | $ | 0.12 |
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||
December 30, 2023 | September 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 79,652 | $ | (29,793) | $ | (564) | $ | 49,510 | $ | (37,560) | ||||||||||||||||||||||
Purchase of property and equipment | (21,414) | (13,318) | (8,303) | (62,314) | (46,053) | |||||||||||||||||||||||||||
Free cash flow | $ | 58,238 | $ | (43,111) | $ | (8,867) | $ | (12,804) | $ | (83,613) |
December 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 172,505 | $ | 178,657 | |||||||
Short-term restricted cash | 517 | 7,274 | |||||||||
Accounts receivable, net | 381,981 | 419,735 | |||||||||
Inventory | 431,163 | 374,855 | |||||||||
Prepaid expenses and other current assets | 129,218 | 152,451 | |||||||||
Total current assets | 1,115,384 | 1,132,972 | |||||||||
Property, plant and equipment, net | 206,997 | 172,929 | |||||||||
Operating lease right-of-use assets | 39,973 | 34,543 | |||||||||
Intangible assets | 24,819 | 47,787 | |||||||||
Goodwill | 240,566 | 232,663 | |||||||||
Long-term restricted cash | 837 | 3,272 | |||||||||
Other long-term assets | 50,662 | 44,972 | |||||||||
Total assets | $ | 1,679,238 | $ | 1,669,138 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 299,005 | $ | 304,880 | |||||||
Accrued expenses and other current liabilities | 110,758 | 141,450 | |||||||||
Accrued compensation and related benefits | 85,203 | 78,849 | |||||||||
Short-term debt, net | 25,512 | 510 | |||||||||
Accrued warranty | 17,266 | 19,747 | |||||||||
Deferred revenue | 136,248 | 158,501 | |||||||||
Total current liabilities | 673,992 | 703,937 | |||||||||
Long-term debt, net | 658,756 | 667,719 | |||||||||
Long-term accrued warranty | 15,934 | 16,874 | |||||||||
Long-term deferred revenue | 21,332 | 23,178 | |||||||||
Long-term deferred tax liability | 1,805 | 2,348 | |||||||||
Long-term operating lease liabilities | 47,464 | 45,862 | |||||||||
Other long-term liabilities | 43,364 | 29,573 | |||||||||
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 in 2023 and 500,000 in 2022 Issued and outstanding shares - 230,994 in 2023 and 220,408 in 2022 | 231 | 220 | |||||||||
Additional paid-in capital | 1,976,014 | 1,901,491 | |||||||||
Accumulated other comprehensive loss | (34,848) | (22,471) | |||||||||
Accumulated deficit | (1,724,806) | (1,699,593) | |||||||||
Total stockholders' equity | 216,591 | 179,647 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,679,238 | $ | 1,669,138 |
Twelve months ended | |||||||||||
December 30, 2023 | December 31, 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net loss | $ | (25,213) | $ | (76,043) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 78,784 | 83,830 | |||||||||
Non-cash restructuring charges and other related costs | 1,200 | 6,066 | |||||||||
Amortization of debt issuance costs and discount | 3,862 | 6,109 | |||||||||
Operating lease expense | 7,464 | 9,421 | |||||||||
Stock-based compensation expense | 62,150 | 61,015 | |||||||||
Gain on extinguishment of debt | — | (15,521) | |||||||||
Other, net | (823) | 1,218 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 38,511 | (69,024) | |||||||||
Inventory | (57,864) | (89,527) | |||||||||
Prepaid expenses and other current assets | 9,683 | (34,046) | |||||||||
Accounts payable | (2,921) | 88,256 | |||||||||
Accrued expenses and other current liabilities | (40,063) | (24,443) | |||||||||
Deferred revenue | (25,260) | 15,129 | |||||||||
Net cash provided by (used in) operating activities | 49,510 | (37,560) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of property and equipment | (62,314) | (46,053) | |||||||||
Net cash used in investing activities | (62,314) | (46,053) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of 2028 Notes | 98,751 | 373,750 | |||||||||
Repayment of 2024 Notes | (83,446) | (280,842) | |||||||||
Payment of debt issuance cost | (2,108) | (12,451) | |||||||||
Proceeds from asset-based revolving credit facility | 50,000 | 80,000 | |||||||||
Repayment of asset-based revolving credit facility | (50,000) | (80,000) | |||||||||
Repayment of mortgage payable | (510) | (533) | |||||||||
Principal payments on finance lease obligations | (1,023) | (1,314) | |||||||||
Payment of term license obligation | (10,417) | (7,739) | |||||||||
Proceeds from issuance of common stock | 14,931 | 15,189 | |||||||||
Tax withholding paid on behalf of employees for net share settlement | (2,465) | (3,714) | |||||||||
Net cash provided by financing activities | 13,713 | 82,346 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (16,253) | (12,051) | |||||||||
Net change in cash, cash equivalents and restricted cash | (15,344) | (13,318) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 189,203 | 202,521 | |||||||||
Cash, cash equivalents and restricted cash at end of period(1) | $ | 173,859 | $ | 189,203 |
Twelve months ended | |||||||||||
December 30, 2023 | December 31, 2022 | ||||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for income taxes, net | $ | 14,109 | $ | 15,126 | |||||||
Cash paid for interest | $ | 22,394 | $ | 14,787 | |||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Property and equipment included in accounts payable and accrued liabilities | $ | 10,104 | $ | 7,435 | |||||||
Transfer of inventory to fixed assets | $ | 1,847 | $ | 9,332 | |||||||
Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) | $ | 23,326 | $ | 9,178 |
December 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 172,505 | $ | 178,657 | |||||||
Short-term restricted cash | 517 | 7,274 | |||||||||
Long-term restricted cash | 837 | 3,272 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 173,859 | $ | 189,203 |
Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | |||||||||||||||||||||||||||||||||||||||||||
GAAP Revenue $(Mil) | $338.9 | $358.0 | $390.4 | $485.9 | $392.1 | $376.2 | $392.4 | $453.5 | ||||||||||||||||||||||||||||||||||||||||||
GAAP Gross Margin % | 32.9% | 30.5% | 34.4% | 37.1% | 37.5% | 38.0% | 40.3% | 38.6% | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Gross Margin %(1) | 36.2% | 36.1% | 37.8% | 38.7% | 38.8% | 39.3% | 41.9% | 39.6% | ||||||||||||||||||||||||||||||||||||||||||
GAAP Revenue Composition: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic % | 50% | 51% | 57% | 61% | 60% | 58% | 59% | 67% | ||||||||||||||||||||||||||||||||||||||||||
International % | 50% | 49% | 43% | 39% | 40% | 42% | 41% | 33% | ||||||||||||||||||||||||||||||||||||||||||
Customers >10% of Revenue | — | 1 | 1 | 1 | — | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Cash Related Information: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash from Operations $(Mil) | $15.8 | $(72.4) | $19.6 | $(0.6) | $(1.8) | $1.4 | $(29.7) | $79.6 | ||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures $(Mil) | $16.1 | $10.6 | $11.0 | $8.3 | $16.8 | $10.8 | $13.3 | $21.4 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation & Amortization $(Mil) | $21.6 | $21.1 | $21.3 | $19.8 | $19.6 | $19.8 | $20.0 | $19.4 | ||||||||||||||||||||||||||||||||||||||||||
DSOs(2) | 74 | 77 | 66 | 79 | 78 | 79 | 76 | 77 | ||||||||||||||||||||||||||||||||||||||||||
Inventory Metrics: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Raw Materials $(Mil) | $41.2 | $50.4 | $43.5 | $48.7 | $67.6 | $85.4 | $110.4 | $133.6 | ||||||||||||||||||||||||||||||||||||||||||
Work in Process $(Mil) | $55.4 | $58.9 | $62.6 | $66.6 | $71.8 | $71.9 | $69.9 | $68.4 | ||||||||||||||||||||||||||||||||||||||||||
Finished Goods $(Mil) | $195.1 | $200.3 | $224.9 | $259.6 | $273.6 | $270.1 | $276.6 | $229.2 | ||||||||||||||||||||||||||||||||||||||||||
Total Inventory $(Mil) | $291.7 | $309.6 | $331.0 | $374.9 | $413.0 | $427.4 | $456.9 | $431.2 | ||||||||||||||||||||||||||||||||||||||||||
Inventory Turns(3) | 3.0 | 3.0 | 3.0 | 3.4 | 2.4 | 2.2 | 2.1 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||
Worldwide Headcount | 3,206 | 3,186 | 3,199 | 3,267 | 3,351 | 3,365 | 3,369 | 3,389 | ||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 212,182 | 215,509 | 217,620 | 219,921 | 222,393 | 225,922 | 228,077 | 230,509 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | 287,588 | 285,968 | 268,927 | 258,030 | 229,404 | 262,712 | 257,219 | 259,210 |
Cover |
May 13, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 13, 2024 |
Entity Registrant Name | INFINERA CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-33486 |
Entity Tax Identification Number | 77-0560433 |
Entity Address, Address Line One | 6373 San Ignacio Ave |
Entity Address, City or Town | San Jose, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95119 |
City Area Code | 408 |
Local Phone Number | 572-5200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001138639 |
Amendment Flag | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | INFN |
Security Exchange Name | NASDAQ |
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