Infinera Corporation Reports Third Quarter 2013 Financial Results

SUNNYVALE, CA -- (Marketwired) -- Oct 23, 2013 -- Infinera Corporation (NASDAQ: INFN), a leader in Intelligent Transport Networks™, today released financial results for the third quarter ended September 28, 2013.

GAAP revenues for the third quarter of 2013 were $142.0 million compared to $138.4 million in the second quarter of 2013 and $112.2 million in the third quarter of 2012.

GAAP gross margin for the third quarter of 2013 was 48% compared to 37% in the second quarter of 2013 and 37% in the third quarter of 2012. GAAP net income for the quarter was $3.3 million, or $0.03 per diluted share, compared to a net loss of $(10.0) million, or $(0.09) per share, in the second quarter of 2013 and a net loss of $(19.1) million, or $(0.17) per share, in the third quarter of 2012.

Non-GAAP gross margin for the third quarter of 2013 was 49% compared to 39% in the second quarter of 2013 and 39% in the third quarter of 2012, excluding non-cash stock-based compensation expenses. Non-GAAP net income for the third quarter of 2013 was $12.8 million, or $0.10 per diluted share excluding non-cash stock-based compensation expenses and the amortization of debt discount on our convertible senior notes. This compared to a non-GAAP net loss of $(1.2) million, or $(0.01) per share, in the second quarter of 2013 and a non-GAAP net loss of $(7.8) million, or $(0.07) per share, in the third quarter of 2012.

Management Commentary

"DTN-X adoption continued to drive strong financial results in the third quarter. We generated solid revenue growth and achieved positive cash flow from operations, with both gross margin and profitability exceeding our expectations," said Tom Fallon, chief executive officer. "During the quarter, we received purchase commitments from five additional customers, including two new to Infinera, bringing our total DTN-X customer count to 39.

"We are seeing growing global demand for Infinera's Intelligent Transport Network and the DTN-X, the only platform available in the market today that offers super-channel scale, converged OTN switching and GMPLS network automation. This interest is across industry segments, including domestic and international Tier 1 carriers, bandwidth wholesalers, cable, and Internet content providers.

"We remain committed to growing our market share and are increasingly confident that over the next 12 to 18 months we will add new strategic accounts while expanding our deployments with existing customers."

Conference Call Information:

Infinera will host a conference call for analysts and investors to discuss its third quarter results and its outlook for the fourth quarter today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the Investor Relations' section of the company's website at www.infinera.com. Following the webcast, an archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-800-756-6991. International parties can access the replay at 1-203-369-3017.

About Infinera

Infinera is a leader in Intelligent Transport Networks. Intelligent Transport Networks help carriers exploit the increasing demand for cloud-based services and data center connectivity as they advance into the Terabit Era. Infinera is unique in its use of breakthrough semiconductor technology to deliver large scale Photonic Integrated Circuit (PICs) and the application of PICs to vertically integrated optical networking solutions that deliver the industry's only commercially available 500 Gb/s FlexCoherent super-channels. Infinera Intelligent Transport Network solutions include the DTN-X, DTN and ATN platforms. Find more at www.infinera.com.

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. 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. Forward-looking statements include statements regarding Infinera's expectations, beliefs, intentions or strategies regarding the future including statements that we are seeing growing global demand for Infinera's Intelligent Transport Network and the DTN-X platform; that the interest in our products is across industry segments, including domestic and international Tier 1 carriers, bandwidth wholesalers, cable, and Internet content providers; and that we remain committed to growing our market share and are increasingly confident that over the next 12 to 18 months we will add new strategic accounts while expanding our deployments with existing customers. Such forward-looking statements can be identified by forward-looking words such as "anticipated," "believed," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by our competitors, our reliance on single-source suppliers, our ability to protect our intellectual property, claims by others that we infringe their intellectual property, and our ability to respond to rapid technological changes, and other risks that may impact our business are set forth in our annual reports on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2013, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our 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 and amortization of debt discount on our convertible senior notes. We believe these adjustments are appropriate to enhance an overall understanding of our underlying financial performance and also our 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 our 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, or gross 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." We anticipate disclosing forward-looking non-GAAP information in our conference call to discuss our third quarter results, including an estimate of non-GAAP earnings for the fourth quarter of 2013 that excludes non-cash stock-based compensation expenses and amortization of debt discount on our 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 Corporation 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                                                                                             
GAAP  Condensed  Consolidated  Statements  of  Operations                                                
(In  thousands,  except  per  share  data)                                                                              
(Unaudited)                                                                                                                                  
                                                                    Three  Months  Ended          Nine  Months  Ended    
                                                                  --------------------    --------------------  
                                                                  September    September    September    September  
                                                                    28,  2013      29,  2012      28,  2013      29,  2012  
                                                                  ---------    ---------    ---------    ---------  
Revenue:                                                                                                                                        
    Product                                                $  120,807    $    98,853    $  348,769    $  269,087  
    Ratable  product  and  related                                                                                              
      support  and  services                                525                450            1,553            1,504  
    Services                                                    20,688          12,911          54,708          39,782  
                                                                  ---------    ---------    ---------    ---------  
        Total  revenue                                    142,020        112,214        405,030        310,373  
                                                                                                                                                        
Cost  of  revenue  (1):                                                                                                                
    Cost  of  product                                      66,645          66,510        222,126        181,851  
    Cost  of  ratable  product  and                                                                                              
      related  supportand  services                    40                102                204                459  
    Cost  of  services                                      6,964            4,102          19,973          13,762  
                                                                  ---------    ---------    ---------    ---------  
        Total  cost  of  revenue                      73,649          70,714        242,303        196,072  
                                                                                                                                                        
Gross  profit                                                68,371          41,500        162,727        114,301  
                                                                                                                                                        
Operating  expenses  (1):                                                                                                          
    Research  and  development                    32,528          27,912          93,935          90,573  
    Sales  and  marketing                              17,720          19,285          52,921          55,304  
    General  and  administrative                11,678          12,508          32,976          35,912  
                                                                  ---------    ---------    ---------    ---------  
        Total  operating  expenses                61,926          59,705        179,832        181,789  
                                                                                                                                                        
Income  (loss)  from  operations                6,445        (18,205)      (17,105)      (67,488)
                                                                                                                                                        
Other  income  (expense),  net:                                                                                                
    Interest  income                                            232                175                636                678  
    Interest  expense                                    (2,578)                  -          (3,427)                  -  
    Other  gain  (loss),  net:                          (444)            (617)            (805)            (892)
                                                                  ---------    ---------    ---------    ---------  
        Total  other  income                                                                                                            
          (expense),  net                                  (2,790)            (442)        (3,596)            (214)
                                                                                                                                                        
Income  (loss)  before  income                                                                                                  
  taxes                                                              3,655        (18,647)      (20,701)      (67,702)
Provision  for  income  taxes                          308                434            1,240            1,540  
                                                                  ---------    ---------    ---------    ---------  
Net  income  (loss)                                $      3,347    $  (19,081)  $  (21,941)  $  (69,242)
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
Net  income  (loss)  per  common                                                                                                
  share                                                                                                                                            
    Basic                                                    $        0.03    $      (0.17)  $      (0.19)  $      (0.63)
                                                                  =========    =========    =========    =========  
    Diluted                                                $        0.03    $      (0.17)  $      (0.19)  $      (0.63)
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
Weighted  average  shares  used  in                                                                                          
  computing  net                                                                                                                            
income  (loss)  per  common  share                                                                                            
    Basic                                                        118,740        111,579        116,653        110,216  
                                                                  =========    =========    =========    =========  
    Diluted                                                    124,679        111,579        116,653        110,216  
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
(1)  The  following  table  summarizes  the  effects  of  stock-based  compensation    
        related  to  employees  and  non-employees  for  the  three  and  nine  months        
        ended  September  28,  2013  and  September  29,  2012:                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                      Three  Months  Ended        Nine  Months  Ended    
                                                                  ---------------------  ---------------------
                                                                    September    September    September    September
                                                                    28,  2013      29,  2012      28,  2013      29,  2012  
                                                                  ----------  ----------  ----------  ----------
Cost  of  revenue                                    $            422  $            683  $        1,382  $        1,975
Research  and  development                            2,434            3,439            8,175          10,454
Sales  and  marketing                                      1,853            2,685            5,659            7,648
General  and  administration                        1,807            2,804            4,167            7,732
                                                                  ----------  ----------  ----------  ----------
                                                                            6,516            9,611          19,383          27,809
Cost  of  revenue  -  amortization                                                                                            
  from  balance  sheet*                                    1,127            1,706            4,419            3,875
                                                                  ----------  ----------  ----------  ----------
Total  stock-based  compensation                                                                                            
  expense                                                  $        7,643  $      11,317  $      23,802  $      31,684
                                                                  ==========  ==========  ==========  ==========
                                                                                                                                                        
*  Stock-based  compensation  expense  deferred  to  inventory  and  deferred              
    inventory  costs  in  prior  periods  and  recognized  in  the  current  period.        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
Infinera  Corporation                                                                                                                
GAAP  to  Non-GAAP  Reconciliations                                                                                        
(In  thousands,  except  per  share  data)                                                                              
(Unaudited)                                                                                                                                  
                                                                                                                                                        
                                                  Three  Months  Ended                          Nine  Months  Ended      
                                  ----------------------------------    ----------------------  
                                    September      June  29,        September      September      September  
                                    28,  2013            2013            29,  2012        28,  2013        29,  2012    
                                  ----------    ----------    ----------    ----------    ----------  
Reconciliation                                                                                                                            
  of  Gross                                                                                                                                      
  Profit:                                                                                                                                        
U.S.  GAAP  as                                                                                                                                
  reported                $      68,371    $      51,654    $      41,500    $    162,727    $    114,301  
Stock-based                                                                                                                                  
  compensation(1)            1,549              2,164              2,389              5,801              5,850  
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  as                                                                                                                                  
  adjusted                $      69,920    $      53,818    $      43,889    $    168,528    $    120,151  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Reconciliation                                                                                                                            
  of  Gross                                                                                                                                      
  Margin:                                                                                                                                        
U.S.  GAAP  as                                                                                                                                
  reported                                48%                  37%                  37%                  40%                  37%
Stock-based                                                                                                                                  
  compensation(1)                    1%                    2%                    2%                    2%                    2%
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  as                                                                                                                                  
  adjusted                                49%                  39%                  39%                  42%                  39%
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Reconciliation                                                                                                                            
  of  Income                                                                                                                                    
  (Loss)from                                                                                                                                  
  Operations:                                                                                                                                
U.S.  GAAP  as                                                                                                                                
  reported                $        6,445    $      (8,608)  $    (18,205)  $    (17,105)  $    (67,488)
Stock-based                                                                                                                                  
  compensation(1)            7,643              8,184            11,317            23,802            31,684  
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  as                                                                                                                                  
  adjusted                $      14,088    $          (424)  $      (6,888)  $        6,697    $    (35,804)
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Reconciliation                                                                                                                            
  of  Net  Income                                                                                                                            
  (Loss):                                                                                                                                        
U.S.  GAAP  as                                                                                                                                
  reported                $        3,347    $    (10,009)  $    (19,081)  $    (21,941)  $    (69,242)
Stock-based                                                                                                                                  
  compensation(1)            7,643              8,184            11,317            23,802            31,684  
Amortization  of                                                                                                                          
  debt                                                                                                                                              
  discount(2)                    1,770                  580                      -              2,350                      -  
                                  ----------    ----------    ----------    ----------    ----------  
Non-GAAP  as                                                                                                                                  
  adjusted                $      12,760    $      (1,245)  $      (7,764)  $        4,211    $    (37,558)
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Net  Income                                                                                                                                    
  (Loss)  per                                                                                                                                  
  CommonShare  -                                                                                                                            
  Basic:                                                                                                                                          
U.S.  GAAP  as                                                                                                                                
  reported                $          0.03    $        (0.09)  $        (0.17)  $        (0.19)  $        (0.63)
                                  ==========    ==========    ==========    ==========    ==========  
Non-GAAP  as                                                                                                                                  
  adjusted                $          0.11    $        (0.01)  $        (0.07)  $          0.04    $        (0.34)
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Net  Income                                                                                                                                    
  (Loss)  per                                                                                                                                  
  CommonShare  -                                                                                                                            
  Diluted:                                                                                                                                      
U.S.  GAAP  as                                                                                                                                
  reported                $          0.03    $        (0.09)  $        (0.17)  $        (0.19)  $        (0.63)
                                  ==========    ==========    ==========    ==========    ==========  
Non-GAAP  as                                                                                                                                  
  adjusted(3)          $          0.10    $        (0.01)  $        (0.07)  $          0.03    $        (0.34)
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  sharesused  in                                                                                                                            
  computing  net                                                                                                                            
  income                                                                                                                                          
  (loss)per                                                                                                                                    
  common  share  -                                                                                                                          
  U.S.  GAAP:                                                                                                                                  
Basic                              118,740          116,911          111,579          116,653          110,216  
                                  ==========    ==========    ==========    ==========    ==========  
Diluted                          124,679          116,911          111,579          116,653          110,216  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  sharesused  in                                                                                                                            
  computing  net                                                                                                                            
  income                                                                                                                                          
  (loss)per                                                                                                                                    
  common  share  -                                                                                                                          
  Non-GAAP:                                                                                                                                    
Basic                              118,740          116,911          111,579          116,653          110,216  
                                  ==========    ==========    ==========    ==========    ==========  
Diluted(3)                    124,679          121,254          113,443          121,178          112,113  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
(1)  Stock-based  compensation  expense  is  calculated  in  accordance  with  the      
        fair  value  recognition  provisions  of  Financial  Accounting  Standards          
        Board  Accounting  Standards  Codification  (ASC)  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:                                                                                                            
                                                                                                                                                        
                                                          Three  Months  Ended                    Nine  Months  Ended    
                                            --------------------------------  ---------------------
                                              September    June  29,      September    September    September
                                              28,  2013          2013          29,  2012      28,  2013      29,  2012  
                                            ----------  ----------  ----------  ----------  ----------
Cost  of  revenue              $            422  $            474  $            683  $        1,382  $        1,975
Research  and                                                                                                                                
  development                              2,434            2,622            3,439            8,175          10,454
Sales  and  marketing                1,853            1,807            2,685            5,659            7,648
General  and                                                                                                                                  
  administration                        1,807            1,591            2,804            4,167            7,732
                                            ----------  ----------  ----------  ----------  ----------
                                                      6,516            6,494            9,611          19,383          27,809
Cost  of  revenue  -                                                                                                                      
  amortization  from                                                                                                                    
  balance  sheet*                        1,127            1,690            1,706            4,419            3,875
                                            ----------  ----------  ----------  ----------  ----------
Total  stock-based                                                                                                                      
  compensation  expense  $        7,643  $        8,184  $      11,317  $      23,802  $      31,684
                                            ==========  ==========  ==========  ==========  ==========
                                                                                                                                                        
  *    Stock-based  compensation  expense  deferred  to  inventory  and  deferred          
        inventory  costs  in  prior  periods  and  recognized  in  the  current  period.    
                                                                                                                                                        
(2)  Under  GAAP,  certain  convertible  debt  instruments  that  may  be  settled  in  
        cash  on  conversion  are  required  to  be  separately  accounted  for  as              
        liability  (debt)  and  equity  (conversion  option)  components  of  the              
        instrument  in  a  manner  that  reflects  the  issuer's  non-convertible  debt    
        borrowing  rate.  Accordingly,  for  GAAP  purposes,  we  are  required  to            
        amortize  as  a  debt  discount  an  amount  equal  to  the  fair  value  of  the        
        conversion  option  that  was  recorded  in  equity  as  interest  expense  on  our
        $150  million  1.75%  convertible  debt  issuance  in  May  2013  over  the  term    
        of  the  notes.  These  amounts  have  been  adjusted  in  arriving  at  our  non-    
        GAAP  results  because  management  believes  that  this  non-cash  expense  is    
        not  indicative  of  ongoing  operating  performance  and  provides  a  better      
        indication  of  our  underlying  business  performance.                                            
                                                                                                                                                        
(3)  Diluted  shares  used  to  calculate  net  loss  per  share  on  a  non-GAAP  basis  
        provided  for  informational  purposes  only.                                                              
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
Infinera  Corporation                                                                                                                
Condensed  Consolidated  Balance  Sheets                                                                              
(In  thousands,  except  par  values)                                                                                      
(Unaudited)                                                                                                                                  
                                                                                                                                                        
                                                                                              September  28,      December  29,  
                                                                                                        2013                      2012          
                                                                                              -------------    -------------  
ASSETS                                                                                                                                            
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $          137,629    $          104,666  
    Short-term  investments                                                          151,821                  76,146  
    Accounts  receivable,  net  of  allowance  for                                                                  
      doubtful  accounts  of  $147  in  2013  and  $94                                                                
      in  2012                                                                                        87,180                107,039  
    Other  receivables                                                                            616                    2,909  
    Inventory                                                                                    123,505                127,809  
    Deferred  inventory  costs                                                          1,244                    1,029  
    Prepaid  expenses  and  other  current  assets                      18,924                    9,899  
                                                                                              -------------    -------------  
        Total  current  assets                                                          520,919                429,497  
                                                                                                                                                        
Property,  plant  and  equipment,  net                                        79,062                  80,343  
Deferred  inventory  costs,  non-current                                          19                        100  
Long-term  investments                                                                  52,871                    2,874  
Cost-method  investment                                                                  9,000                    9,000  
Long-term  restricted  cash                                                            3,724                    3,868  
Deferred  tax  asset                                                                                  -                        805  
Other  non-current  assets                                                              5,238                    1,683  
                                                                                              -------------    -------------  
        Total  assets                                                              $          670,833    $          528,170  
                                                                                              =============    =============  
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Accounts  payable                                                          $            29,218    $            61,428  
    Accrued  expenses                                                                        21,290                  25,483  
    Accrued  compensation  and  related  benefits                      24,621                  22,325  
    Accrued  warranty                                                                        12,854                    7,262  
    Deferred  revenue                                                                        25,202                  26,744  
    Deferred  tax  liability                                                                      -                        805  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                113,185                144,047  
                                                                                                                                                        
    Long-term  debt                                                                          107,350                            -  
    Accrued  warranty,  non-current                                              10,308                    9,220  
    Deferred  revenue,  non-current                                                3,097                    3,210  
    Other  long-term  liabilities                                                  18,158                  15,557  
                                                                                                                                                        
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                                                                              
          September  28,  2013  and  December  29,  2012                                                              
        Issued  and  outstanding  shares  -  119,491  as                                                            
          of  September  28,  2013  and  112,461as  of                                                                  
          December  29,  2012                                                                      119                        112  
    Additional  paid-in  capital                                              1,016,397                930,618  
    Accumulated  other  comprehensive  loss                                (3,474)                (2,228)
    Accumulated  deficit                                                              (594,307)            (572,366)
                                                                                              -------------    -------------  
    Total  stockholders'  equity                                                  418,735                356,136  
                                                                                              -------------    -------------  
        Total  liabilities  and  stockholders'  equity  $          670,833    $          528,170  
                                                                                              =============    =============  
                                                                                                                                                        
                                                                                                                                                        
 

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