Infinera Corporation (NASDAQ: INFN) today released financial
results for its second quarter ended July 1, 2023.
GAAP revenue for the quarter was $376.2 million compared to
$392.1 million in the first quarter of 2023 and
$358.0 million in the second quarter of 2022.
GAAP gross margin for the quarter was 38.0% compared to 37.5% in
the first quarter of 2023 and 30.5% in the second quarter of 2022.
GAAP operating margin for the quarter was (3.8)% compared to (2.4)%
in the first quarter of 2023 and (11.1)% in the second quarter of
2022.
GAAP net loss for the quarter was $(20.3) million, or
$(0.09) per diluted share, compared to net loss of $(8.4) million,
or $(0.04) per diluted share, in the first quarter of 2023, and net
loss of $(55.7) million, or $(0.26) per diluted share, in the
second quarter of 2022.
Non-GAAP gross margin for the quarter was 39.3% compared to
38.8% in the first quarter of 2023 and 36.1% in the second quarter
of 2022. Non-GAAP operating margin for the quarter was 2.8%
compared to 3.5% in the first quarter of 2023 and 0.4% in the
second quarter of 2022.
Non-GAAP net loss for the quarter was $(0.7) million, or $(0.00)
per diluted share, compared to non-GAAP net income of $5.7 million,
or $0.02 per diluted share, in the first quarter of 2023, and
non-GAAP net loss of $(10.1) million, or $(0.05) per diluted share,
in the second quarter of 2022.
A further explanation of the use of non-GAAP financial
information and a reconciliation of each of the non-GAAP financial
measures to the most directly comparable GAAP financial measure can
be found at the end of this press release.
Infinera CEO David Heard said, “The second quarter was another
solid quarter in which revenue, margins, and earnings per share
beat consensus estimates and came in above the mid-point of our
outlook range. On a year-over-year basis, we grew revenue by 5% in
the quarter and 10% in the first half of the year, and expanded
quarterly gross margin by more than 300 basis points. We continued
to win new strategic deals with major telecom service providers and
hyperscale customers in the Systems business and have received
additional orders for our Subsystems business as well.”
“While the second half industry outlook is cautious with
customers working down inventory and slowing the pace of new
technology investments, we remain confident in our plan to deliver
earnings per share expansion in 2023 on our path to generating at
least a $1 per share in earnings by 2025-2026,” continued Mr.
Heard.
Financial Outlook
Infinera's outlook for the quarter ending September 30,
2023, is as follows:
- Revenue is expected to be $376 million
+/- $15 million.
- GAAP gross margin is expected to be
37.5% +/- 150 bps. Non-GAAP gross margin is expected to be 39.0%
+/- 150 bps.
- GAAP operating expenses are expected to
be $161 million +/- $2 million. Non-GAAP operating
expenses are expected to be $141 million +/- $2
million.
- GAAP operating margin is expected to be
(5.5)% +/- 250 bps. Non-GAAP operating margin is expected to be
1.5% +/- 250 bps.
- GAAP net loss per share is expected to
be $(0.13) +/- $0.04. Non-GAAP net loss per share is expected to be
($0.02) +/- $0.04.
Second Quarter
2023 Investor Slides Available
Online
Investor slides reviewing Infinera's second quarter of 2023
financial results will be furnished to the U.S. Securities and
Exchange Commission (SEC) on a Current Report on Form 8-K and
published on Infinera's Investor Relations website at
investors.infinera.com prior to the second quarter of 2023 earnings
conference call. Analysts and investors are encouraged to review
these slides prior to participating in the conference call webcast.
A copy of this press release can be found at
investors.infinera.com.
Conference Call Information
Infinera will host a conference call for analysts and investors
to discuss its results for the second quarter of 2023 and its
outlook for the third quarter of 2023 today at 5:00 p.m. Eastern
Time (2:00 p.m. Pacific Time). Interested parties may register for
the conference call at
https://conferencingportals.com/event/Ekkapgtu. A live webcast of
the conference call will also be accessible from the Events 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.
Contacts:
Media:Anna VueTel. +1 (916) 595-8157avue@infinera.com
Investors:Amitabh Passi, Head of Investor RelationsTel. +1 (669)
295-1489apassi@infinera.com
About Infinera
Infinera is a global supplier of innovative open optical
networking solutions and advanced optical semiconductors that
enable carriers, cloud operators, governments, and enterprises to
scale network bandwidth, accelerate service innovation, and
automate network operations. Infinera solutions deliver
industry-leading economics and performance in long-haul, submarine,
data center interconnect, and metro transport applications. To
learn more about Infinera, visit www.infinera.com, follow us on
Twitter and LinkedIn, and subscribe for updates. Infinera and the
Infinera logo are registered trademarks of Infinera
Corporation.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Infinera's future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," and "would" or the negative of these words
or similar terms or expressions that concern Infinera's
expectations, strategy, priorities, plans or intentions. Such
forward-looking statements in this press release include, without
limitation, Infinera’s future business plans, strategy and growth
opportunities, including progress against strategic priorities and
milestones; Infinera's expectations regarding future customer
behavior; expectations regarding Infinera’s future performance;
expectations regarding Infinera's earnings per share in 2023 and
2025-2026; and Infinera's financial outlook for the third quarter
of 2023. These forward-looking statements are based on estimates
and information available to Infinera as of the date hereof and are
not guarantees of future performance; 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 demand growth
for additional network capacity and the level and timing of
customer capital spending and excess inventory held by customers
beyond normalized levels; delays in the development, introduction
or acceptance of new products or in releasing enhancements to
existing products; aggressive business tactics by Infinera’s
competitors and new entrants and Infinera's ability to compete in a
highly competitive market; supply chain and logistics issues,
including delays, shortages, components that have been discontinued
and increased costs, and Infinera's dependency on sole source,
limited source or high-cost suppliers; dependence on a small number
of key customers; product performance problems; the complexity of
Infinera's manufacturing process; Infinera's ability to identify,
attract, upskill and retain qualified personnel; challenges with
our contract manufacturers and other third-party partners; the
effects of customer and supplier consolidation; dependence on
third-party service partners; Infinera’s ability to respond to
rapid technological changes; failure to accurately forecast
Infinera's manufacturing requirements or customer demand; the
effects of public health emergencies; Infinera’s future capital
needs and its ability to generate the cash flow or otherwise secure
the capital necessary to meet such capital needs; the effect of
global and regional economic conditions on Infinera’s business,
including effects on purchasing decisions by customers; the adverse
impact inflation and higher interest rates may have on Infinera by
increasing costs beyond what it can recover through price
increases; restrictions to our operations resulting from loan or
other credit agreements; the impacts of any restructuring plans or
other strategic efforts on our business; our international sales
and operations; the impacts of foreign currency fluctuations; the
effective tax rate of Infinera, which may increase or fluctuate;
potential dilution from the issuance of additional shares of common
stock in connection with the conversion of Infinera's convertible
senior notes; Infinera’s ability to protect its intellectual
property; claims by others that Infinera infringes on their
intellectual property rights; security incidents, such as data
breaches or cyber-attacks; Infinera's ability to comply with
various rules and regulations, including with respect to export
control and trade compliance, environmental, social, governance,
privacy and data protection matters; events that are outside of
Infinera's control, such as natural disasters, violence or other
catastrophic events that could harm Infinera's operations; 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 Infinera's periodic
reports filed with the SEC, including its Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the SEC on
February 27, 2023, 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 financial measures that exclude in certain cases
stock-based compensation expenses, amortization of acquired
intangible assets, restructuring and other related costs, inventory
related charges, warehouse fire loss (recovery), litigation
charges, foreign exchange (gains) losses, net, and income 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, the non-GAAP financial measures presented
in this press release 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 revenue, gross
margin, operating expenses, operating margin, net income (loss) and
net income (loss) per common share 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 table titled “GAAP to Non-GAAP
Reconciliations” and related footnotes.
Infinera has included forward-looking non-GAAP information in
this press release, including an estimate of certain non-GAAP
financial measures for the third quarter of 2023 that excludes
stock-based compensation expense, amortization of acquired
intangible assets and restructuring and other related costs. Please
see the section titled “GAAP to Non-GAAP Reconciliation of
Financial Outlook” below for specific adjustments.
Infinera
Corporation |
Condensed
Consolidated Statements of Operations |
(In
thousands, except per share data) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1, 2023 |
|
June 25,2022 |
|
July 1, 2023 |
|
June 25,2022 |
Revenue: |
|
|
|
|
|
|
|
Product |
$ |
299,624 |
|
|
$ |
284,852 |
|
|
$ |
614,444 |
|
|
$ |
552,305 |
|
Services |
|
76,604 |
|
|
|
73,133 |
|
|
|
153,859 |
|
|
|
144,554 |
|
Total revenue |
|
376,228 |
|
|
|
357,985 |
|
|
|
768,303 |
|
|
|
696,859 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of product |
|
188,166 |
|
|
|
204,122 |
|
|
|
386,840 |
|
|
|
387,009 |
|
Cost of services |
|
41,733 |
|
|
|
38,421 |
|
|
|
84,680 |
|
|
|
76,380 |
|
Amortization of intangible assets |
|
3,537 |
|
|
|
6,229 |
|
|
|
7,093 |
|
|
|
12,460 |
|
Restructuring and other related costs |
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
163 |
|
Total cost of revenue |
|
233,436 |
|
|
|
248,785 |
|
|
|
478,613 |
|
|
|
476,012 |
|
Gross profit |
|
142,792 |
|
|
|
109,200 |
|
|
|
289,690 |
|
|
|
220,847 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
79,346 |
|
|
|
78,635 |
|
|
|
160,388 |
|
|
|
152,046 |
|
Sales and marketing |
|
41,624 |
|
|
|
35,329 |
|
|
|
83,331 |
|
|
|
71,153 |
|
General and administrative |
|
31,159 |
|
|
|
30,150 |
|
|
|
60,394 |
|
|
|
58,040 |
|
Amortization of intangible assets |
|
3,523 |
|
|
|
3,667 |
|
|
|
7,112 |
|
|
|
7,413 |
|
Restructuring and other related costs |
|
1,431 |
|
|
|
1,133 |
|
|
|
2,221 |
|
|
|
8,403 |
|
Total operating expenses |
|
157,083 |
|
|
|
148,914 |
|
|
|
313,446 |
|
|
|
297,055 |
|
Loss from operations |
|
(14,291 |
) |
|
|
(39,714 |
) |
|
|
(23,756 |
) |
|
|
(76,208 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
Interest income |
|
717 |
|
|
|
104 |
|
|
|
1,188 |
|
|
|
157 |
|
Interest expense |
|
(7,387 |
) |
|
|
(7,252 |
) |
|
|
(14,187 |
) |
|
|
(12,244 |
) |
Other gain (loss), net |
|
7,170 |
|
|
|
(3,520 |
) |
|
|
18,126 |
|
|
|
2,500 |
|
Total other income (expense), net |
|
500 |
|
|
|
(10,668 |
) |
|
|
5,127 |
|
|
|
(9,587 |
) |
Loss before income taxes |
|
(13,791 |
) |
|
|
(50,382 |
) |
|
|
(18,629 |
) |
|
|
(85,795 |
) |
Provision for income taxes |
|
6,472 |
|
|
|
5,339 |
|
|
|
10,044 |
|
|
|
11,776 |
|
Net loss |
$ |
(20,263 |
) |
|
$ |
(55,721 |
) |
|
$ |
(28,673 |
) |
|
$ |
(97,571 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.09 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
Diluted |
$ |
(0.09 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
Weighted average shares used
in computing net loss per common share: |
|
|
|
|
|
|
|
Basic |
|
225,922 |
|
|
|
215,509 |
|
|
|
224,159 |
|
|
|
213,846 |
|
Diluted |
|
225,922 |
|
|
|
215,509 |
|
|
|
224,159 |
|
|
|
213,846 |
|
Infinera
Corporation |
GAAP to
Non-GAAP Reconciliations |
(In
thousands, except percentages) |
(Unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 1, 2023 |
|
|
|
April 1, 2023 |
|
|
|
June 25, 2022 |
|
|
|
July 1, 2023 |
|
|
|
June 25, 2022 |
|
|
Reconciliation of
Gross Profit and Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP as reported |
|
$ |
142,792 |
|
|
38.0 |
% |
|
$ |
146,898 |
|
|
37.5 |
% |
|
$ |
109,200 |
|
|
30.5 |
% |
|
$ |
289,690 |
|
|
37.7 |
% |
|
$ |
220,847 |
|
|
31.7 |
% |
Stock-based compensation
expense(1) |
|
|
2,881 |
|
|
|
|
|
2,276 |
|
|
|
|
|
2,594 |
|
|
|
|
|
5,157 |
|
|
|
|
|
4,483 |
|
|
|
Amortization of acquired
intangible assets(2) |
|
|
3,537 |
|
|
|
|
|
3,556 |
|
|
|
|
|
6,229 |
|
|
|
|
|
7,093 |
|
|
|
|
|
12,460 |
|
|
|
Restructuring and other
related costs(3) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
13 |
|
|
|
|
|
— |
|
|
|
|
|
163 |
|
|
|
Inventory related
charges(4) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
11,045 |
|
|
|
|
|
— |
|
|
|
|
|
13,712 |
|
|
|
Warehouse fire
recovery(5) |
|
|
(1,475 |
) |
|
|
|
|
(510 |
) |
|
|
|
|
— |
|
|
|
|
|
(1,985 |
) |
|
|
|
|
— |
|
|
|
Non-GAAP as adjusted |
|
$ |
147,735 |
|
|
39.3 |
% |
|
$ |
152,220 |
|
|
38.8 |
% |
|
$ |
129,081 |
|
|
36.1 |
% |
|
$ |
299,955 |
|
|
39.0 |
% |
|
$ |
251,665 |
|
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP as reported |
|
$ |
157,083 |
|
|
|
|
$ |
156,363 |
|
|
|
|
$ |
148,914 |
|
|
|
|
$ |
313,446 |
|
|
|
|
$ |
297,055 |
|
|
|
Stock-based compensation
expense(1) |
|
|
15,116 |
|
|
|
|
|
13,375 |
|
|
|
|
|
15,189 |
|
|
|
|
|
28,491 |
|
|
|
|
|
26,239 |
|
|
|
Amortization of acquired
intangible assets(2) |
|
|
3,523 |
|
|
|
|
|
3,589 |
|
|
|
|
|
3,667 |
|
|
|
|
|
7,112 |
|
|
|
|
|
7,413 |
|
|
|
Restructuring and other
related costs(3) |
|
|
1,431 |
|
|
|
|
|
790 |
|
|
|
|
|
1,133 |
|
|
|
|
|
2,221 |
|
|
|
|
|
8,403 |
|
|
|
Litigation charges(6) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,350 |
|
|
|
|
|
— |
|
|
|
|
|
1,350 |
|
|
|
Non-GAAP as adjusted |
|
$ |
137,013 |
|
|
|
|
$ |
138,609 |
|
|
|
|
$ |
127,575 |
|
|
|
|
$ |
275,622 |
|
|
|
|
$ |
253,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Income (Loss) from Operations and Operating Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP as reported |
|
$ |
(14,291 |
) |
|
(3.8 |
)% |
|
$ |
(9,465 |
) |
|
(2.4 |
)% |
|
$ |
(39,714 |
) |
|
(11.1 |
)% |
|
$ |
(23,756 |
) |
|
(3.1 |
)% |
|
$ |
(76,208 |
) |
|
(10.9 |
)% |
Stock-based compensation
expense(1) |
|
|
17,997 |
|
|
|
|
|
15,651 |
|
|
|
|
|
17,783 |
|
|
|
|
|
33,648 |
|
|
|
|
|
30,722 |
|
|
|
Amortization of acquired
intangible assets(2) |
|
|
7,060 |
|
|
|
|
|
7,145 |
|
|
|
|
|
9,896 |
|
|
|
|
|
14,205 |
|
|
|
|
|
19,873 |
|
|
|
Restructuring and other
related costs(3) |
|
|
1,431 |
|
|
|
|
|
790 |
|
|
|
|
|
1,146 |
|
|
|
|
|
2,221 |
|
|
|
|
|
8,566 |
|
|
|
Inventory related
charges(4) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
11,045 |
|
|
|
|
|
— |
|
|
|
|
|
13,712 |
|
|
|
Warehouse fire
recovery(5) |
|
|
(1,475 |
) |
|
|
|
|
(510 |
) |
|
|
|
|
— |
|
|
|
|
|
(1,985 |
) |
|
|
|
|
— |
|
|
|
Litigation charges(6) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,350 |
|
|
|
|
|
— |
|
|
|
|
|
1,350 |
|
|
|
Non-GAAP as adjusted |
|
$ |
10,722 |
|
|
2.8 |
% |
|
$ |
13,611 |
|
|
3.5 |
% |
|
$ |
1,506 |
|
|
0.4 |
% |
|
$ |
24,333 |
|
|
3.2 |
% |
|
$ |
(1,985 |
) |
|
(0.3 |
)% |
|
|
Three Months Ended |
Six Months Ended |
|
|
July 1, 2023 |
|
April 1, 2023 |
|
June 25, 2022 |
|
July 1, 2023 |
|
June 25, 2022 |
Reconciliation of Net
Income (Loss): |
|
|
|
|
|
|
|
|
|
|
GAAP as reported |
|
$ |
(20,263 |
) |
|
$ |
(8,410 |
) |
|
$ |
(55,721 |
) |
|
$ |
(28,673 |
) |
|
$ |
(97,571 |
) |
Stock-based compensation
expense(1) |
|
|
17,997 |
|
|
|
15,651 |
|
|
|
17,783 |
|
|
|
33,648 |
|
|
|
30,722 |
|
Amortization of acquired
intangible assets(2) |
|
|
7,060 |
|
|
|
7,145 |
|
|
|
9,896 |
|
|
|
14,205 |
|
|
|
19,873 |
|
Restructuring and other
related costs(3) |
|
|
1,431 |
|
|
|
790 |
|
|
|
1,146 |
|
|
|
2,221 |
|
|
|
8,566 |
|
Inventory related
charges(4) |
|
|
— |
|
|
|
— |
|
|
|
11,045 |
|
|
|
— |
|
|
|
13,712 |
|
Warehouse fire
recovery(5) |
|
|
(1,475 |
) |
|
|
(510 |
) |
|
|
— |
|
|
|
(1,985 |
) |
|
|
— |
|
Litigation charges(6) |
|
|
— |
|
|
|
— |
|
|
|
1,350 |
|
|
|
— |
|
|
|
1,350 |
|
Foreign exchange (gains)
losses, net(7) |
|
|
(8,047 |
) |
|
|
(9,383 |
) |
|
|
3,778 |
|
|
|
(17,430 |
) |
|
|
(1,811 |
) |
Income tax effects(8) |
|
|
2,567 |
|
|
|
399 |
|
|
|
650 |
|
|
|
2,966 |
|
|
|
1,066 |
|
Non-GAAP as adjusted |
|
$ |
(730 |
) |
|
$ |
5,682 |
|
|
$ |
(10,073 |
) |
|
$ |
4,952 |
|
|
$ |
(24,093 |
) |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA(9): |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) |
|
$ |
(730 |
) |
|
$ |
5,682 |
|
|
$ |
(10,073 |
) |
|
$ |
4,952 |
|
|
$ |
(24,093 |
) |
Interest expense |
|
|
7,387 |
|
|
|
6,800 |
|
|
|
7,252 |
|
|
|
14,187 |
|
|
|
12,244 |
|
Income tax effects |
|
|
3,904 |
|
|
|
3,174 |
|
|
|
4,689 |
|
|
|
7,078 |
|
|
|
10,710 |
|
Depreciation |
|
|
12,739 |
|
|
|
12,457 |
|
|
|
11,238 |
|
|
|
25,196 |
|
|
|
22,833 |
|
Non-GAAP as
adjusted |
|
$ |
23,300 |
|
|
$ |
28,113 |
|
|
$ |
13,106 |
|
|
$ |
51,413 |
|
|
$ |
21,694 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per
Common Share - Basic: |
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
|
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
Non-GAAP as adjusted |
|
$ |
(0.00 |
) |
|
$ |
0.03 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per
Common Share - Diluted: |
|
|
|
|
|
|
|
|
|
|
U.S. GAAP as reported |
|
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
Non-GAAP as adjusted |
|
$ |
(0.00 |
) |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Used in Computing Net Income/(Loss) per Common Share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
225,922 |
|
|
|
222,393 |
|
|
|
215,509 |
|
|
|
224,159 |
|
|
|
213,846 |
|
Diluted(10) |
|
|
225,922 |
|
|
|
229,404 |
|
|
|
215,509 |
|
|
|
228,502 |
|
|
|
213,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Six Months Ended |
|
|
July 1, 2023 |
|
April 1, 2023 |
|
June 25, 2022 |
|
July 1, 2023 |
|
June 25, 2022 |
Cost of revenue |
|
$ |
2,881 |
|
$ |
2,276 |
|
$ |
2,594 |
|
$ |
5,157 |
|
$ |
4,483 |
Total cost of revenue |
|
|
2,881 |
|
|
2,276 |
|
|
2,594 |
|
|
5,157 |
|
|
4,483 |
Research and development |
|
|
6,200 |
|
|
5,623 |
|
|
6,652 |
|
|
11,823 |
|
|
11,493 |
Sales and marketing |
|
|
4,071 |
|
|
3,594 |
|
|
4,047 |
|
|
7,665 |
|
|
6,814 |
General and administration |
|
|
4,845 |
|
|
4,158 |
|
|
4,490 |
|
|
9,003 |
|
|
7,932 |
Total operating expenses |
|
|
15,116 |
|
|
13,375 |
|
|
15,189 |
|
|
28,491 |
|
|
26,239 |
Total stock-based compensation expense |
|
$ |
17,997 |
|
$ |
15,651 |
|
$ |
17,783 |
|
$ |
33,648 |
|
$ |
30,722 |
(2) Amortization of acquired intangible
assets consists of developed technology and customer relationships
acquired in connection with the acquisitions of Coriant and
Transmode AB. 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 gross profit, operating expenses 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.
(3) Restructuring and other related costs
are primarily associated with Infinera's restructuring of certain
international research and development operations, the reduction of
operating costs and the reduction of headcount. In addition, this
includes accelerated amortization on operating lease right-of-use
assets due to the cessation of use of certain facilities.
Management has excluded the impact of these charges in arriving at
Infinera's non-GAAP results as they are non-recurring in nature and
its exclusion provides a better indication of Infinera's underlying
business performance.
(4) Inventory related charges were
incurred as a result of the exit from certain product lines in
connection with restructuring initiatives. Management has excluded
the impact of these charges in arriving at Infinera's non-GAAP
results as they are non-recurring in nature and their exclusion
provides a better indication of Infinera's underlying business
performance.
(5) Warehouse fire losses were incurred
due to inventory destroyed in a warehouse fire in the third quarter
of fiscal year 2022. Recoveries are recorded when they are probable
of receipt. Management has excluded the impact of this loss and
subsequent recoveries in arriving at Infinera's non-GAAP results as
it is non-recurring in nature and its exclusion provides a better
indication of Infinera's underlying business performance.
(6) Litigation charges are associated
with the settlement of litigation matters. 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
this expense is not indicative of ongoing operating
performance.
(7) Foreign exchange (gains) losses, net,
have been excluded from Infinera's non-GAAP results because
management believes that this expense is not indicative of ongoing
operating performance and its exclusion provides a better
indication of Infinera's underlying business performance.
(8) The difference between the GAAP and
non-GAAP tax provision is due to the net tax effects of the
purchase accounting adjustments, acquisition-related costs and
amortization of acquired intangible assets. Management believes the
exclusion of these tax effects provides a better indication of
Infinera's underlying business performance.
(9) Adjusted EBITDA is a non-GAAP
supplemental measure of operating performance that does not
represent and should not be considered an alternative to operating
loss or cash flow from operations, as determined by GAAP.
Infinera's adjusted EBITDA is calculated by excluding the above
non-GAAP adjustments, interest expenses, income tax effects and
depreciation expenses. Management believes that adjusted EBITDA is
an important financial measure for use in evaluating Infinera's
financial performance, as it measures the ability of our business
operations to generate cash.
(10) The non-GAAP diluted shares include
the potentially dilutive securities from Infinera's stock-based
benefit plans and convertible senior notes excluded from the
computation of dilutive net loss per share attributable to common
stockholders on a GAAP basis because the effect would have been
anti-dilutive. These potentially dilutive securities are added for
the computation of diluted net income per share on a non-GAAP basis
in periods when Infinera has net income on a non-GAAP basis as its
inclusion provides a better indication of Infinera's underlying
business performance. Refer to the Diluted earnings per share
reconciliation presented below.
For purposes of calculating non-GAAP diluted earnings per share,
we used the following net income (loss) and weighted average common
shares outstanding (in thousands):
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 1, 2023 |
|
April 1, 2023 |
|
June 25, 2022 |
|
July 1, 2023 |
|
June 25, 2022 |
Non-GAAP net income (loss) for basic earnings per share |
|
$ |
(730 |
) |
|
$ |
5,682 |
|
$ |
(10,073 |
) |
|
$ |
4,952 |
|
$ |
(24,093 |
) |
Interest expense related to the convertible senior notes, net of
tax |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Non-GAAP net income (loss) for
diluted earnings per share |
|
$ |
(730 |
) |
|
$ |
5,682 |
|
$ |
(10,073 |
) |
|
$ |
4,952 |
|
$ |
(24,093 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic common
shares outstanding |
|
|
225,922 |
|
|
|
222,393 |
|
|
215,509 |
|
|
|
224,159 |
|
|
213,846 |
|
Dilutive effect of restricted and performance share units |
|
|
— |
|
|
|
3,428 |
|
|
— |
|
|
|
2,445 |
|
|
— |
|
Dilutive effect of employee stock purchase plan |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
106 |
|
|
— |
|
Dilutive effect of 2024 convertible senior notes(1) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Dilutive effect of 2027 convertible senior notes(2) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Dilutive effect of 2028 convertible senior notes(3) |
|
|
— |
|
|
|
3,583 |
|
|
— |
|
|
|
1,792 |
|
|
— |
|
Weighted average dilutive
common shares outstanding |
|
|
225,922 |
|
|
|
229,404 |
|
|
215,509 |
|
|
|
228,502 |
|
|
213,846 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per
common share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
0.03 |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
$ |
(0.11 |
) |
Diluted |
|
$ |
(0.00 |
) |
|
$ |
0.02 |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
$ |
(0.11 |
) |
(1) For the three-months ended
July 1, 2023, and June 25, 2022, there were 9.0 million
and 40.8 million shares, respectively, excluded from the
calculation of diluted net income (loss) per share, due to their
anti-dilutive effect.
(2) For the three-months ended
July 1, 2023, and June 25, 2022, there were 26.1 million
and 26.1 million shares, respectively, excluded from the
calculation of diluted net income (loss) per share, due to their
anti-dilutive effect.
(3) For the three-months ended
July 1, 2023 and June 25, 2022, there were no shares
excluded from the calculation of diluted net income (loss) per
share.Infinera CorporationGAAP to Non-GAAP
Reconciliations(In
thousands)(Unaudited)
Free Cash Flow
We define free cash flow as net cash provided by (used in)
operating activities in the period minus the purchase of property
and equipment made in the period.
Free cash flow is considered a non-GAAP financial measure under
the SEC’s rules. Management believes that free cash flow is an
important financial measure for use in evaluating Infinera's
financial performance, as it measures our ability to generate
additional cash from our business operations. Free cash flow should
be considered in addition to, rather than as a substitute for, net
loss as a measure of our performance or net cash provided by (used
in) operating activities as a measure of our liquidity.
Additionally, our definition of free cash flow is limited and does
not represent residual cash flows available for discretionary
expenditures due to the fact that the measure does not deduct the
payments required for debt service and other obligations.
Therefore, we believe it is important to view free cash flow as
supplemental to our entire statement of cash flows.
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 1, 2023 |
|
April 1, 2023 |
|
June 25, 2022 |
|
July 1, 2023 |
|
June 25, 2022 |
Net cash provided by (used in) operating activities |
|
$ |
1,420 |
|
|
$ |
(1,769 |
) |
|
$ |
(72,419 |
) |
|
$ |
(349 |
) |
|
$ |
(56,631 |
) |
Purchase of property and
equipment |
|
|
(10,773 |
) |
|
|
(16,809 |
) |
|
|
(10,667 |
) |
|
|
(27,582 |
) |
|
|
(26,726 |
) |
Free cash flow |
|
$ |
(9,353 |
) |
|
$ |
(18,578 |
) |
|
$ |
(83,086 |
) |
|
$ |
(27,931 |
) |
|
$ |
(83,357 |
) |
Infinera
Corporation |
Condensed
Consolidated Balance Sheets |
(In
thousands, except par values) |
(Unaudited) |
|
|
July 1,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
163,007 |
|
|
$ |
178,657 |
|
Short-term restricted cash |
|
2,449 |
|
|
|
7,274 |
|
Accounts receivable, net |
|
325,647 |
|
|
|
419,735 |
|
Inventory |
|
427,386 |
|
|
|
374,855 |
|
Prepaid expenses and other current assets |
|
136,776 |
|
|
|
152,451 |
|
Total current assets |
|
1,055,265 |
|
|
|
1,132,972 |
|
Property, plant and equipment,
net |
|
190,596 |
|
|
|
172,929 |
|
Operating lease right-of-use
assets |
|
32,104 |
|
|
|
34,543 |
|
Intangible assets |
|
33,558 |
|
|
|
47,787 |
|
Goodwill |
|
227,459 |
|
|
|
232,663 |
|
Long-term restricted cash |
|
1,303 |
|
|
|
3,272 |
|
Other long-term assets |
|
45,852 |
|
|
|
44,972 |
|
Total assets |
$ |
1,586,137 |
|
|
$ |
1,669,138 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
279,641 |
|
|
$ |
304,880 |
|
Accrued expenses and other current liabilities |
|
116,766 |
|
|
|
141,450 |
|
Accrued compensation and related benefits |
|
71,678 |
|
|
|
78,849 |
|
Short-term debt, net |
|
7,022 |
|
|
|
510 |
|
Accrued warranty |
|
18,793 |
|
|
|
19,747 |
|
Deferred revenue |
|
135,511 |
|
|
|
158,501 |
|
Total current liabilities |
|
629,411 |
|
|
|
703,937 |
|
Long-term debt, net |
|
675,992 |
|
|
|
667,719 |
|
Long-term accrued warranty |
|
16,604 |
|
|
|
16,874 |
|
Long-term deferred revenue |
|
21,549 |
|
|
|
23,178 |
|
Long-term deferred tax
liability |
|
2,268 |
|
|
|
2,348 |
|
Long-term operating lease
liabilities |
|
42,340 |
|
|
|
45,862 |
|
Other long-term liabilities |
|
30,795 |
|
|
|
29,573 |
|
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, 2023 and December 31, 2022 Issued and
outstanding shares - 226,488 as of July 1, 2023 and 220,408 as
of December 31, 2022 |
|
226 |
|
|
|
220 |
|
Additional paid-in capital |
|
1,942,477 |
|
|
|
1,901,491 |
|
Accumulated other comprehensive loss |
|
(47,259 |
) |
|
|
(22,471 |
) |
Accumulated deficit |
|
(1,728,266 |
) |
|
|
(1,699,593 |
) |
Total stockholders' equity |
|
167,178 |
|
|
|
179,647 |
|
Total liabilities and stockholders’ equity |
$ |
1,586,137 |
|
|
$ |
1,669,138 |
|
Infinera
Corporation |
Condensed
Consolidated Statements of Cash Flows |
(In
thousands) |
(Unaudited) |
|
|
Six Months Ended |
|
July 1, 2023 |
|
June 25, 2022 |
Cash Flows from Operating
Activities: |
|
|
|
Net loss |
$ |
(28,673 |
) |
|
$ |
(97,571 |
) |
Adjustments to reconcile net loss
to net cash (used in) provided by operating activities: |
|
|
|
Depreciation and amortization |
|
39,401 |
|
|
|
42,706 |
|
Non-cash restructuring charges and other related costs |
|
1,155 |
|
|
|
5,657 |
|
Amortization of debt issuance costs and discount |
|
2,108 |
|
|
|
4,124 |
|
Operating lease expense |
|
4,279 |
|
|
|
4,987 |
|
Stock-based compensation expense |
|
33,649 |
|
|
|
30,722 |
|
Other, net |
|
(682 |
) |
|
|
868 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
94,216 |
|
|
|
50,396 |
|
Inventory |
|
(53,162 |
) |
|
|
(22,225 |
) |
Prepaid expenses and other current assets |
|
11,377 |
|
|
|
(31,934 |
) |
Accounts payable |
|
(28,023 |
) |
|
|
2,120 |
|
Accrued expenses and other current liabilities |
|
(50,699 |
) |
|
|
(24,335 |
) |
Deferred revenue |
|
(25,295 |
) |
|
|
(22,146 |
) |
Net cash used in operating activities |
|
(349 |
) |
|
|
(56,631 |
) |
Cash Flows from Investing
Activities: |
|
|
|
Purchase of property and equipment |
|
(27,582 |
) |
|
|
(26,726 |
) |
Net cash used in investing activities |
|
(27,582 |
) |
|
|
(26,726 |
) |
Cash Flows from Financing
Activities: |
|
|
|
Proceeds from issuance of 2028 Notes, net of discount |
|
98,751 |
|
|
|
— |
|
Repayment of 2024 Notes |
|
(83,446 |
) |
|
|
— |
|
Proceeds from asset-based revolving credit facility |
|
— |
|
|
|
80,000 |
|
Repayment of asset-based revolving credit facility |
|
— |
|
|
|
(40,000 |
) |
Repayment of mortgage payable |
|
(253 |
) |
|
|
(245 |
) |
Payment of debt issuance cost |
|
(2,030 |
) |
|
|
(783 |
) |
Payment of term license obligation |
|
(5,505 |
) |
|
|
(3,643 |
) |
Principal payments on finance lease obligations |
|
(471 |
) |
|
|
(577 |
) |
Proceeds from issuance of common stock |
|
8,738 |
|
|
|
8,875 |
|
Tax withholding paid on behalf of employees for net share
settlement |
|
(1,668 |
) |
|
|
(2,384 |
) |
Net cash provided by financing activities |
|
14,116 |
|
|
|
41,243 |
|
Effect of exchange rate changes
on cash, cash equivalents and restricted cash |
|
(8,629 |
) |
|
|
(5,225 |
) |
Net change in cash, cash
equivalents and restricted cash |
|
(22,444 |
) |
|
|
(47,339 |
) |
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) |
$ |
166,759 |
|
|
$ |
155,182 |
|
Infinera
Corporation |
Condensed
Consolidated Statements of Cash Flows |
(In
thousands) |
(Unaudited) |
|
|
Six Months Ended |
|
July 1, 2023 |
|
June 25, 2022 |
Supplemental disclosures
of cash flow information: |
|
|
|
Cash paid for income taxes, net |
$ |
8,983 |
|
$ |
4,435 |
Cash paid for interest |
$ |
11,076 |
|
$ |
7,995 |
Supplemental schedule of
non-cash investing and financing activities: |
|
|
|
Unpaid debt issuance cost |
$ |
375 |
|
$ |
365 |
Property and equipment included in accounts payable and accrued
liabilities |
$ |
16,068 |
|
$ |
390 |
Transfer of inventory to fixed assets |
$ |
1,207 |
|
$ |
3,705 |
Unpaid term licenses (included in accounts payable, accrued
liabilities and other long-term liabilities) |
$ |
10,276 |
|
$ |
7,343 |
(1)
Reconciliation of
cash, cash equivalents and restricted cash to the condensed
consolidated balance sheets:
|
July 1, 2023 |
|
June 25, 2022 |
|
|
|
|
Cash and cash equivalents |
$ |
163,007 |
|
$ |
130,856 |
Short-term restricted cash |
|
2,449 |
|
|
21,142 |
Long-term restricted cash |
|
1,303 |
|
|
3,184 |
Total cash, cash equivalents and restricted cash |
$ |
166,759 |
|
$ |
155,182 |
Infinera
Corporation |
Supplemental Financial Information |
(Unaudited) |
|
|
|
Q3'21 |
|
Q4'21 |
|
Q1'22 |
|
Q2'22 |
|
Q3'22 |
|
Q4'22 |
|
Q1'23 |
|
Q2'23 |
GAAP Revenue $(Mil) |
|
$355.8 |
|
$400.3 |
|
$338.9 |
|
$358.0 |
|
$390.4 |
|
$485.9 |
|
$392.1 |
|
$376.2 |
GAAP Gross Margin % |
|
33.2% |
|
35.6% |
|
32.9% |
|
30.5% |
|
34.4% |
|
37.1% |
|
37.5% |
|
38.0% |
Non-GAAP Gross Margin
%(1) |
|
38.0% |
|
37.2% |
|
36.2% |
|
36.1% |
|
37.8% |
|
38.7% |
|
38.8% |
|
39.3% |
GAAP Revenue
Composition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic % |
|
46% |
|
42% |
|
50% |
|
51% |
|
57% |
|
61% |
|
60% |
|
58% |
International % |
|
54% |
|
58% |
|
50% |
|
49% |
|
43% |
|
39% |
|
40% |
|
42% |
Customers >10% of
Revenue |
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
1 |
|
— |
|
1 |
Cash Related
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash from Operations
$(Mil) |
|
$(13.2) |
|
$1.4 |
|
$15.8 |
|
$(72.4) |
|
$19.6 |
|
$(0.6) |
|
$(1.8) |
|
$1.4 |
Capital Expenditures
$(Mil) |
|
$6.5 |
|
$9.1 |
|
$16.1 |
|
$10.6 |
|
$11.0 |
|
$8.3 |
|
$16.8 |
|
$10.8 |
Depreciation &
Amortization $(Mil) |
|
$20.9 |
|
$23.4 |
|
$21.6 |
|
$21.1 |
|
$21.3 |
|
$19.8 |
|
$19.6 |
|
$19.8 |
DSOs(2) |
|
70 |
|
82 |
|
74 |
|
77 |
|
66 |
|
79 |
|
78 |
|
79 |
Inventory
Metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials $(Mil) |
|
$37.4 |
|
$39.4 |
|
$41.2 |
|
$50.4 |
|
$43.5 |
|
$48.7 |
|
$67.6 |
|
$85.4 |
Work in Process $(Mil) |
|
$54.4 |
|
$53.9 |
|
$55.4 |
|
$58.9 |
|
$62.6 |
|
$66.6 |
|
$71.8 |
|
$71.9 |
Finished Goods $(Mil) |
|
$197.8 |
|
$198.1 |
|
$195.1 |
|
$200.3 |
|
$224.9 |
|
$259.6 |
|
$273.6 |
|
$270.1 |
Total Inventory
$(Mil) |
|
$289.6 |
|
$291.4 |
|
$291.7 |
|
$309.6 |
|
$331.0 |
|
$374.9 |
|
$374.9 |
|
$427.4 |
Inventory Turns(3) |
|
3.1 |
|
3.5 |
|
3.0 |
|
3.0 |
|
3.0 |
|
3.4 |
|
2.4 |
|
2.2 |
Worldwide
Headcount |
|
3,205 |
|
3,225 |
|
3,206 |
|
3,186 |
|
3,199 |
|
3,267 |
|
3,351 |
|
3,365 |
Weighted Average
Shares Outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
209,183 |
|
210,908 |
|
212,182 |
|
215,509 |
|
217,620 |
|
219,921 |
|
222,393 |
|
225,922 |
Diluted |
|
219,262 |
|
218,009 |
|
287,588 |
|
285,968 |
|
268,927 |
|
258,030 |
|
229,404 |
|
262,712 |
(1) Non-GAAP adjustments include
stock-based compensation expenses, amortization of acquired
intangible assets, restructuring and other related costs, inventory
related charges and warehouse fire loss (recovery). 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. For reconciliations of prior periods that are
not otherwise provided herein, see the prior period earnings
releases available on our Investor Relations webpage.
(2) Infinera calculates DSO based on 91
days. Fiscal year 2022 was 53 weeks and the fourth quarter of
fiscal year 2022 was 98 days. When calculation is based on 98 days,
DSO was 85 days for the fourth quarter of fiscal year 2022.
(3) Infinera calculates non-GAAP
inventory turns as annualized non-GAAP cost of revenue, which is
calculated as GAAP cost of revenue less stock-based compensation
expense, amortization of acquired intangible assets, restructuring
and other related costs, inventory related charges and warehouse
fire loss (recovery), as illustrated in the reconciliation of gross
profit above, divided by the average inventory for the quarter.
Infinera
Corporation |
GAAP to
Non-GAAP Reconciliation of Financial Outlook |
(In
millions, except percentages) |
(Unaudited) |
|
The following
amounts represent the midpoint of the expected range: |
|
|
Q3'23 |
|
|
Outlook |
Reconciliation of Gross
Margin: |
|
|
GAAP |
|
|
37.5 |
% |
Stock-based compensation
expense |
|
|
0.7 |
% |
Amortization of acquired
intangible assets |
|
|
0.8 |
% |
Non-GAAP |
|
|
39.0 |
% |
|
|
|
Reconciliation of
Operating Expenses: |
|
|
GAAP |
|
$ |
161.0 |
|
Stock-based compensation
expense |
|
|
(16.3 |
) |
Amortization of acquired
intangible assets |
|
|
(3.3 |
) |
Restructuring and other related
costs |
|
|
(0.4 |
) |
Non-GAAP |
|
$ |
141.0 |
|
|
|
|
Reconciliation of
Operating Margin: |
|
|
GAAP |
|
|
(5.5 |
)% |
Stock-based compensation
expense |
|
|
5.1 |
% |
Amortization of acquired
intangible assets |
|
|
1.8 |
% |
Restructuring and other related
costs |
|
|
0.1 |
% |
Non-GAAP |
|
|
1.5 |
% |
|
|
|
Reconciliation of Net
Loss per Common Share - Basic: |
|
|
GAAP |
|
$ |
(0.13 |
) |
Stock-based compensation
expense |
|
|
0.08 |
|
Amortization of acquired
intangible assets |
|
|
0.03 |
|
Restructuring and other related
costs |
|
|
0.00 |
|
Non-GAAP |
|
$ |
(0.02 |
) |
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