-- GAAP revenues for the first quarter of 2008 were $138.3 million compared to $76.1 million in the fourth quarter of 2007 and $49.2 million in the first quarter of 2007. -- GAAP gross margins were 45% in the first quarter of 2008 compared to 36% in the fourth quarter of 2007 and 24% in the first quarter of 2007. -- Including non-cash stock-based compensation and warrant valuation expenses, GAAP net income was $27.6 million, or $0.29 per diluted share, in the first quarter of 2008 compared to a GAAP net loss of $3.9 million, or $0.04 per share, in the fourth quarter of 2007 and a GAAP net loss of $19.8 million, or $2.62 per share, in the first quarter of 2007.Invoiced Shipment Results:
-- Invoiced shipments for the first quarter of 2008 were $95.5 million compared to $93.4 million in the fourth quarter of 2007 and $66.7 million in the first quarter of 2007, representing growth of 2% from the prior quarter and 43% from the first quarter of 2007. -- Gross margins on a non-GAAP invoiced shipments basis, excluding non- cash stock-based compensation, were 45% in the first quarter of 2008 compared to 47% in the fourth quarter of 2007 and 35% in the first quarter of 2007. -- Excluding non-cash stock-based compensation and warrant valuation expenses, the net income on a non-GAAP invoiced shipments basis was $12.6 million, or $0.13 per diluted share, for the first quarter of 2008 compared to $15.9 million, or $0.17 per diluted share, in the fourth quarter of 2007 and a net loss of $5.4 million, or $0.71 per share, in the first quarter of 2007.Management Commentary "Our first quarter results represent another strong performance for Infinera and continued validation of our unique approach to optical networks," said Jagdeep Singh, president and chief executive officer of Infinera. "Our business model continued to perform well in the March quarter with expanded new customer footprint, global penetration, sustained profitability and strong cash flow generation. We believe that the tangible economic advantages we deliver to carriers continue to resonate in each of the growing markets that we address." Singh noted several first quarter performance highlights:
-- For the second consecutive quarter, four customers accounted for 10% or greater of Q1 invoiced shipments. Shipments to Level 3 increased from Q4 levels to 31% of Q1 invoiced shipments, while Cox Communications, Interoute and XO Communications rounded out the list of largest customers in Q1. One year ago, the company had two 10% or greater customers, with our largest customer accounting for 57% of invoiced shipments. -- Two new customers were added in the first quarter, bringing the customer base to 42 (taking into account the merger of two pre-existing customers in the first quarter). -- Infinera's rapid emergence as a leader in the optical networking market was affirmed by two recently released independent reports: -- Ovum RHK indicated that Infinera took first place for the full year 2007 in the North American multi-reach DWDM market with a 28 percent share and fourth place worldwide in that segment with a 13 percent share. -- Independent analyst firm Heavy Reading's report "Photonic Integration & The Future of Optical Networking" named Photonic Integration the "best hope" for network scalability and cited Infinera as the "undisputed leader" in photonic integration technology. -- Infinera announced several important advances in photonic integration, including: -- The first roadmap for the Infinera photonic integrated circuit, indicating that the company believes it is feasible to achieve a doubling of capacity per chip approximately every three years. -- A PIC demonstration that integrated ten wavelengths of data at 40 Gigabits/second (Gb/s) per wavelength for an aggregate data rate of 400 Gb/s. -- Demonstration of a ten-channel PIC with integrated SOAs that transmitted error-free data in the 1490 nanometer range of the S-band without external dispersion compensation.Conference Call Information: Infinera will host a conference call for analysts and investors to discuss its first quarter results 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 30 days. To hear the replay, parties in the United States and Canada should call 1-800-945-9394. International parties can access the replay at +1-203-369-3550. About Infinera Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera's systems are unique in their use of a breakthrough semiconductor technology: the Photonic Integrated Circuit (PIC). Infinera's systems and PIC technology are designed to provide optical networks with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit www.infinera.com. Forward-Looking Statements -- This press release contains forward-looking statements, including statements relating to Infinera's ability to change the economics of optical communications networks and design products that are flexible and economical for our customers, including our belief that our results demonstrate strong year over year growth, sustained demand for our unique PIC-based digital optical networks and continued validation of our unique approach to optical networks, our belief that customers are purchasing our products for the unique benefits they provide, our belief that our business model continues to perform well with expanded new customer footprint, global penetration, sustained profitability and strong cash flow generation, our belief that the economic advantages we deliver to customers continues to resonate in each of the growing markets that we address, and our belief that it is feasible to achieve a doubling of capacity per chip approximately every three years. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs and develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our customers; our ability to reduce customer concentration; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission (SEC). More information about these and other risks that may impact Infinera's business are set forth in our annual report on Form 10-K, which was filed with the SEC on February 19, 2008, as well as subsequent reports filed with the SEC. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. Non-GAAP and other Financial Measures In addition to disclosing financial measures prepared in accordance with United States Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP and other financial measures that reflect invoiced shipments and exclude non-GAAP non- cash stock-based compensation and warrant valuation expenses. For a description of these non-GAAP financial measures, including the reasons why management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled "GAAP to Non-GAAP Invoiced Shipment Reconciliation" as well as the accompanying notes on the use of certain non-GAAP measures. We anticipate disclosing forward-looking non-GAAP and other financial information in our conference call to discuss our first quarter of 2008 results, including an estimate of adjusted GAAP earnings for the second quarter of 2008 that excludes revenues and costs previously recognized on an invoiced shipments basis and non-GAAP non-cash stock-based compensation expenses related to our equity awards and the right to purchase common stock under our Employee Stock Purchase Plan in the period. 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 share amounts) (Unaudited) Three Months Ended -------------------- March 29, March 31, 2008 2007 --------- --------- Revenue: Ratable product and related support and services $ 72,386 $ 45,947 Product 64,128 3,245 Services 1,739 - --------- --------- Total revenue 138,253 49,192 Cost of revenue (1): Cost of ratable product and related support and services 35,831 35,910 Cost of product 39,665 1,363 Cost of services 1,190 - --------- --------- Total cost of revenue 76,686 37,273 Gross profit 61,567 11,919 Operating expenses (1): Sales and marketing 10,246 7,636 Research and development 18,293 16,058 General and administrative 8,417 5,557 Amortization of intangible assets 37 37 --------- --------- Total operating expenses 36,993 29,288 Income (loss) from operations 24,574 (17,369) Other income (expense), net: Interest income 3,303 185 Interest expense (3) (1,063) Other gain (loss), net (2): 880 (1,537) --------- --------- Total other income (expense), net 4,180 (2,415) Income (loss) before provision of income taxes 28,754 (19,784) Provision for income taxes 1,160 29 --------- --------- Net income (loss) $ 27,594 $ (19,813) ========= ========= Net income (loss) per common share Basic $ 0.30 $ (2.62) ========= ========= Diluted $ 0.29 $ (2.62) ========= ========= Weighted average shares used in computing net income (loss) per common share Basic 91,250 7,560 ========= ========= Diluted 96,692 7,560 ========= ========= (1) The following table summarizes the effects of stock-based compensation related to employees, non-recourse notes and non-employees for the three months ended March 29, 2008 and March 31, 2007: Three Months Ended -------------------- March 29, March 31, 2008 2007 --------- --------- Cost of revenue $ 208 $ 17 Research and development 1,223 309 Sales and marketing 850 87 General and administration 1,502 218 --------- --------- 3,783 631 Cost of revenue - amortization from balance sheet* 1,150 13 --------- --------- Total stock-based compensation expense $ 4,933 $ 644 ========= ========= * Stock-based compensation expense deferred to inventory and to deferred inventory costs in prior periods and recognized in the current period. (2) The following table summarizes the remeasurement of our freestanding preferred stock warrants under FAS 150: Three Months Ended -------------------- March 29, March 31, 2008 2007 --------- --------- Other gain (loss) $ - $ (2,500) Infinera Corporation GAAP to Non-GAAP Invoiced Shipment Reconciliation (In thousands, except per share amounts) (Unaudited) Three Months Ended March 29, 2008 =================================================== Non-GAAP Invoiced Non- Shipments GAAP Excluding Deferral Invoiced Stock Stock GAAP Adjustments Shipments Comp Comp -------- -------- ------- ------ ------- Revenue Product and ratable revenue $136,514 $(42,747) (a) $93,767 $ - $93,767 Services revenue 1,739 1,739 - 1,739 -------- -------- ------- ------ ------- Total revenue 138,253 (42,747) 95,506 - 95,506 Cost of revenue 76,686 (23,022) (b) 53,664 (1,141) (c) 52,523 -------- -------- ------- ------ ------- Gross profit 61,567 (19,725) 41,842 1,141 42,983 Gross margin 45% 45% Operating expenses 36,993 - 36,993 (3,575) (c) 33,418 -------- -------- ------- ------ ------- Income (loss) from operations 24,574 (19,725) 4,849 4,716 9,565 Other income (expense), net 4,180 - 4,180 - 4,180 -------- -------- ------- ------ ------- Income (loss) before provision for income taxes 28,754 (19,725) 9,029 4,716 13,745 Provision for income taxes 1,160 - 1,160 - 1,160 -------- -------- ------- ------ ------- Net income (loss) $ 27,594 $(19,725) $ 7,869 $4,716 $12,585 ======== ======== ======= ====== ======= Net income (loss) per common share: Basic $ 0.30 $ 0.14 ======== ======= Diluted $ 0.29 $ 0.13 ======== ======= Weighted average shares used in computing net income (loss) per common share: Basic 91,250 91,250 ======== ======= Diluted 96,692 96,692 ======== ======= Three Months Ended December 29, 2007 =================================================== Non-GAAP Invoiced Non- Shipments GAAP Excluding Deferral Invoiced Stock Stock GAAP Adjustments Shipments Comp Comp -------- -------- ------- ------ ------- Revenue $ 76,089 $ 17,287 (a) $93,376 $ - $93,376 Cost of revenue 48,932 1,735 (b) 50,667 (965) (c) 49,702 -------- -------- ------- ------ ------- Gross profit 27,157 15,552 42,709 965 43,674 Gross margin 36% 47% Operating expenses 34,800 - 34,800 (3,329) (c) 31,471 -------- -------- ------- ------ ------- Income (loss) from operations (7,643) 15,552 7,909 4,294 12,203 Other income (expense), net 3,880 - 3,880 - 3,880 -------- -------- ------- ------ ------- Income (loss) before provision for income taxes (3,763) 15,552 11,789 4,294 16,083 Provision for income taxes 144 - 144 - 144 -------- -------- ------- ------ ------- Net income (loss) $ (3,907) $ 15,552 $11,645 $4,294 $15,939 ======== ======== ======= ====== ======= Net income (loss) per common share: Basic $ (0.04) $ 0.18 ======== ======= Diluted $ (0.04) $ 0.17 ======== ======= Weighted average shares used in computing net income (loss) per common share: Basic 87,672 87,672 ======== ======= Diluted 87,672 95,317 ======== ======= Infinera Corporation GAAP to Non-GAAP Invoiced Shipment Reconciliation (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2007 ====================================================== Non-GAAP Invoiced Shipments Excluding Stock Stock Non-GAAP Comp/ Comp/ Deferral Invoiced Warrant Warrant GAAP Adjustments Shipments Valuation Valuation --------- -------- ------- ------- -------- Revenue $ 49,192 $ 17,467 (a) $66,659 $ - $ 66,659 Cost of revenue 37,273 6,205 (b) 43,478 (57) (c) 43,421 --------- -------- ------- ------- -------- Gross profit 11,919 11,262 23,181 57 23,238 Gross margin 24% 35% Operating expenses 29,288 - 29,288 (614) (c) 28,674 --------- -------- ------- ------- -------- Income (Loss) from operations (17,369) 11,262 (6,107) 671 (5,436) Other income (expense), net (2,415) - (2,415) 2,500 (d) 85 --------- -------- ------- ------- -------- Income (Loss) before provision for income taxes (19,784) 11,262 (8,522) 3,171 (5,351) Provision for income taxes 29 - 29 - 29 --------- -------- ------- ------- -------- Net income (loss) $ (19,813) $ 11,262 $(8,551) $ 3,171 $ (5,380) ========= ======== ======= ======= ======== Net income (loss) per common share: Basic $ (2.62) $ (0.71) ========= ======== Diluted $ (2.62) $ (0.71) ========= ======== Shares used in computing net income (loss) per common share: Basic 7,560 7,560 ========= ======== Diluted 7,560 7,560 ========= ======== Use of Non-GAAP Invoiced Shipments Information: To supplement our condensed consolidated financial statements presented on a GAAP basis, Infinera uses invoiced shipment measures of operating results and net income, which include changes in our deferred revenue and deferred cost of inventory balances from the prior period. We also present non-GAAP measures of operating results, net income and net income per share, which are adjusted to include invoiced shipments and exclude non-GAAP stock-based compensation expense and warrant valuation expense. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Infinera's underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance 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 or basic and diluted net income per 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. (a) Included amount represents the change in the ratable and product deferred revenue balance for the period as reported on our balance sheet. No adjustment has been made for changes in services deferred revenue as these amounts relate to future service deliverables and are appropriately deferred on an invoiced shipment basis. We believe investors want to see the income statement with the change in the ratable and product deferred revenue balances included in order to understand the gross margin profile of the underlying invoiced shipments. The deferred revenue adjustments recorded above are reconciled to the deferred revenue balance on our balance sheet in the table below: Three Months Ended March 29, 2008 ------------------------------------- Ratable and Product Services Deferred Revenue Revenue Revenue Total ------------------------------------ -------------- --------- --------- (In thousands) Beginning balance $ 174,437 $ - $ 174,437 Additions to deferred revenue 29,639 4,561 34,200 Amortization to revenue (72,386) (756) (73,142) -------------- --------- --------- Ending balance $ 131,690 $ 3,805 $ 135,495 ============== ========= ========= -------------- --------- --------- Change in deferred revenue balance $ (42,747) $ 3,805 $ (38,942) ============== ========= ========= Three Months Ended 2007 ------------------------- Deferred Revenue Dec. 29 Mar. 31 ------------------------------------ -------------- --------- (In thousands) Beginning balance $ 157,150 $ 110,953 Additions to deferred revenue 92,544 63,414 Amortized to revenue (75,257) (45,947) -------------- --------- Ending balance $ 174,437 $ 128,420 ============== ========= -------------- --------- Change in deferred revenue balance $ 17,287 $ 17,467 ============== ========= (b) Included amount represents the change in the deferred cost of inventory balance for the period as reported on our balance sheet. We believe investors want to see the income statement with the change in the deferral balance included in order to understand the gross margin profile of the underlying invoiced shipments and in order to compare our financial performance with that of other companies and between periods. The deferred cost of inventory adjustments recorded above are reconciled to the deferred cost of inventory balance on our balance sheet in the table below: Three Months Ended ------------------------------- Mar.29 Dec. 29 Mar. 31 Deferred Cost of Inventory 2008 2007 2007 --------- --------- --------- (In thousands) Beginning balance $ 81,622 $ 79,887 $ 67,253 Additions to deferred cost of revenue 11,162 39,580 33,164 Amortized to cost of revenue (34,184) (37,845) (26,959) --------- --------- --------- Ending balance $ 58,600 $ 81,622 $ 73,458 ========= ========= ========= --------- --------- --------- Change in deferred cost of inventory balance $ (23,022) $ 1,735 $ 6,205 ========= ========= ========= (c) Excluded amount represents stock-based compensation expense on a non-GAAP basis. Stock-based compensation is a non-cash expense accounted for in accordance with the fair value recognition provisions of Statement of Financial Accounting Standards No. 123(R). While a large component of our expense, we believe investors want to evaluate our financial results both including and excluding the effects of stock-based compensation expense in order to compare our financial performance with that of other companies and between time periods. The stock-based compensation expense excluded from cost of revenue is a non-GAAP financial measure and is reconciled to the corresponding GAAP amount in the table below: Three Months Ended ------------------------------- December March 29, 29, March 31, 2008 2007 2007 --------- --------- --------- GAAP stock-based compensation in cost of revenue $ 208 $ 156 $ 17 GAAP stock-based compensation in cost of revenue - amortization from balance sheet 1,150 198 13 Stock-based compensation not deferred to deferred inventory cost 215 797 37 Stock-based compensation previously recognized on invoiced shipment basis (432) (186) (10) --------- --------- --------- Non-GAAP stock-based compensation in cost of revenue $ 1,141 $ 965 $ 57 ========= ========= ========= (d) Excluded amount represents the adjustment to revalue our convertible preferred warrants to fair value as required by FAS 150. Subsequent to our IPO, we are no longer required to revalue these warrants and, therefore, we believe investors want to evaluate our financial results both including and excluding the effect of this revaluation expense in order to compare our financial performance with that of other companies and between periods. Infinera Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March December 29, 29, 2008 2007 --------- --------- ASSETS Current assets: Cash and cash equivalents $ 121,930 $ 91,209 Short-term investments 91,813 181,168 Short-term restricted cash 773 743 Accounts receivable 42,547 39,216 Other receivables 1,785 1,127 Inventory 59,241 58,579 Deferred inventory costs 55,760 78,362 Prepaid expenses and other current assets 3,525 3,941 --------- --------- Total current assets 377,374 454,345 Property, plant and equipment, net 38,343 36,973 Intangible assets 1,475 1,541 Deferred inventory costs, non-current 2,840 3,260 Long-term investments 99,785 30,116 Long-term restricted cash 2,050 2,594 Other non-current assets 1,579 359 --------- --------- Total assets $ 523,446 $ 529,188 ========= ========= LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 24,734 $ 17,504 Accrued expenses 9,226 9,497 Accrued compensation and related benefits 7,983 17,749 Accrued warranty 5,807 4,974 Deferred revenue 128,831 167,031 --------- --------- Total current liabilities 176,581 216,755 Accrued warranty, non-current 5,220 5,018 Deferred revenue, non-current 6,663 7,406 Long-term exercised unvested options 639 825 Other long-term liabilities 5,201 4,610 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 March 29, 2008 and December 29, 2007 Issued and outstanding shares - 92,633 as of March 29, 2008 and 91,580 as of December 29, 2007 93 92 Additional paid-in capital 674,773 663,870 Accumulated other comprehensive income (loss) (3,851) 78 Accumulated deficit (341,873) (369,466) --------- --------- Total stockholders' equity 329,142 294,574 --------- --------- Total liabilities, convertible preferred stock and Stockholders' equity $ 523,446 $ 529,188 ========= ========= The accompanying notes are an integral part of these financial statements. Infinera Corporation Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended -------------------- March 29, March 31, 2008 2007 --------- --------- Cash Flows from Operating Activities: Net Income loss $ 27,594 $ (19,813) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 2,616 2,253 Amortization of debt discount 83 Accretion of investment discount (461) Stock-based compensation expense 4,933 644 Revaluation of warrant liability 2,500 Tax benefit from stock option transactions 235 Excess tax benefit from stock option transactions (71) Gain on sale of assets (332) (914) Other gain (33) - Changes in assets and liabilities: Accounts receivable (3,989) 22,193 Inventory (1,023) 1,522 Prepaid expenses and other current assets 410 (2,178) Deferred inventory costs 22,805 (6,218) Other non-current assets (1,220) 538 Accounts payable 5,792 (14,698) Accrued liabilities and other expenses (9,529) (507) Deferred revenue (38,943) 17,467 Accrued warranty 1,035 4,091 --------- --------- Net cash provided by operating activities 9,819 6,963 Cash Flows from Investing Activities: Purchases of available-for-sale investments and restricted cash (78,300) - Proceeds from sales of investments 58,636 - Proceeds from maturities of investments and restricted cash 36,600 - Proceeds from disposal of fixed assets 332 1,139 Purchase of property and equipment (2,481) (5,164) --------- --------- Net cash provided by (used in) investing activities 14,787 (4,025) Cash Flows from Financing Activities: Principal payments on loan obligations (1,605) Proceeds from loans 7,119 Proceeds from issuance of common stock 6,044 1,644 Excess tax benefit from stock option transactions 71 - Repurchase of common stock (3) (20) --------- --------- Net cash provided by financing activities 6,112 7,138 --------- --------- Effect of exchange rate changes 3 10 --------- --------- Net change in cash and cash equivalents 30,721 10,086 Cash and cash equivalents at beginning of period 91,209 28,884 --------- --------- Cash and cash equivalents at end of period $ 121,930 $ 38,970 ========= ========= Supplemental disclosures of cash flow information: Cash paid for interest $ 3 $ 1,042 Cash paid for income taxes $ 63 $ 47 Infinera Corporation Supplemental Financial Information Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 ----- ----- ----- ----- ----- ----- ----- ----- ----- Invoiced Shipments $13.8 $19.7 $42.0 $70.5 $66.7 $69.0 $80.4 $93.4 $95.5 Gross Margin % -43% 16% 21% 25% 35% 37% 43% 47% 45% ----- ----- ----- ----- ----- ----- ----- ----- ----- Invoiced Shipment Composition: Domestic % 76% 89% 78% 72% 89% 84% 81% 81% 82% International % 24% 11% 22% 28% 11% 16% 19% 19% 18% Largest Customer% 64% 58% 55% 47% 57% 48% 28% 18% 31% ----- ----- ----- ----- ----- ----- ----- ----- ----- Cash Related Information: Cash from Operations ($21.6)($12.3)($18.8)($15.0) $ 6.9 ($0.8) ($2.0) $18.9 $ 9.8 Capital Expend- itures $ 2.1 $ 2.9 $ 6.2 $ 4.1 $ 5.2 $ 3.6 $ 3.0 $ 8.5 $ 2.5 Depreciation & Amort- ization $ 1.6 $ 1.7 $ 1.9 $ 1.8 $ 2.1 $ 2.0 $ 2.7 $ 2.7 $ 2.6 DSO's 54 48 49 54 27 36 47 39 42 ----- ----- ----- ----- ----- ----- ----- ----- ----- Inventory Metrics: Raw Materials $ 4.0 $ 5.1 $ 7.8 $ 6.7 $ 7.4 $ 8.8 $ 7.5 $10.5 $ 7.9 Work in Process $16.7 $21.2 $30.9 $38.1 $31.6 $36.0 $34.8 $35.1 $40.6 Finished Goods $ 5.7 $12.0 $11.8 $13.5 $18.4 $13.7 $14.8 $13.0 $10.7 ----- ----- ----- ----- ----- ----- ----- ----- ----- Total Inventory $26.5 $38.3 $50.5 $58.3 $57.3 $58.5 $57.1 $58.6 $59.2 Inventory Turns 3.0 1.7 2.6 3.6 3.0 3.0 3.2 3.4 3.5 ----- ----- ----- ----- ----- ----- ----- ----- ----- Worldwide Headcount 363 470 576 605 617 646 668 711 799 ----- ----- ----- ----- ----- ----- ----- ----- -----
Contact Information: Contacts: Press: Jeff Ferry Infinera Corporation 408-572-5213 Investors/Analysts: Bob Blair Infinera Corporation 408-716-4879