Infinera Corporation Reports Third Quarter 2016 Financial Results


SUNNYVALE, CA --(Marketwired - October 26, 2016) - Infinera Corporation (NASDAQ: INFN), provider of Intelligent Transport Networks, today released financial results for the third quarter of 2016 ended September 24, 2016.

GAAP revenue for the quarter was $185.5 million compared to $258.8 million in the second quarter of 2016 and $232.5 million in the third quarter of 2015.

GAAP gross margin for the quarter was 45.6% compared to 47.8% in the second quarter of 2016 and 44.2% in the third quarter of 2015. GAAP operating margin for the quarter was (5.9)% compared to 6.2% in the second quarter of 2016 and 6.1% in the third quarter of 2015.

GAAP net loss for the quarter was $(11.2) million, or $(0.08) per share, compared to net income of $11.5 million, or $0.08 per diluted share, in the second quarter of 2016, and net income of $8.5 million, or $0.06 per diluted share, in the third quarter of 2015.

Non-GAAP revenue for the quarter was $185.5 million compared to $259.0 million in the second quarter of 2016 and $233.2 million in the third quarter of 2015.

Non-GAAP gross margin for the quarter was 49.2% compared to 50.4% in the second quarter of 2016 and 47.5% in the third quarter of 2015. Non-GAAP operating margin for the quarter was 3.6% compared to 13.2% in the second quarter of 2016 and 14.4% in the third quarter of 2015.

Non-GAAP net income for the quarter was $7.4 million, or $0.05 per diluted share, compared to $30.9 million, or $0.21 per diluted share, in the second quarter of 2016, and $32.2 million, or $0.22 per diluted share, in the third quarter of 2015.

A further explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the GAAP equivalents can be found at the end of this release.

"As expected, weak demand across much of our business in the third quarter led to financial results that were below our standards," said Tom Fallon, Infinera's Chief Executive Officer. "While the revenue environment is likely to remain challenging in the near term, we are making continued progress towards delivering our next generation of products and increasing the cadence in which we will introduce step function technology improvements. I firmly believe that we have the team and the core technologies that will enable us to recover from our current challenges and ultimately return to delivering differentiated financial results."

Conference Call Information

Infinera will host a conference call for analysts and investors to discuss its third quarter 2016 results and its outlook for the fourth quarter of 2016 today at 5:30 p.m. Eastern Time (2:30 p.m. Pacific Time). Interested parties may join the conference call by dialing 1-866-373-6878 (toll free) or 1-412-317-5101 (international). A live webcast of the conference call will also be accessible from the Events & Webcasts section of Infinera's website at investors.infinera.com. Replay of the audio webcast will be available at investors.infinera.com approximately two hours after the end of the live call.

About Infinera

Infinera provides Intelligent Transport Networks, enabling carriers, cloud operators, governments and enterprises to scale network bandwidth, accelerate service innovation and simplify optical network operations. Infinera's end-to-end packet-optical portfolio is designed for long-haul, subsea, data center interconnect and metro applications. Infinera's unique large scale photonic integrated circuits enable innovative optical networking solutions for the most demanding networks. To learn more about Infinera visit www.infinera.com, follow us on Twitter @Infinera and read our latest blog posts at blog.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. Such forward-looking statements include, without limitation, Infinera's expectations regarding its next generation of products and step function technology improvements; and Infinera's ability to recover from its current challenges and ultimately return to delivering differentiated financial results. Forward-looking statements can also be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera's results to differ materially from those expressed or implied by such forward-looking statements include delays in the development and introduction of new products or updates to existing products and market acceptance of these products; the effect that changes in product pricing or mix, and/or increases in component costs could have on Infinera's gross margin; Infinera's ability to respond to rapid technological changes; aggressive business tactics by Infinera's competitors; Infinera's reliance on single-source suppliers; Infinera's ability to protect Infinera's intellectual property; Infinera's ability to successfully integrate the Infinera and Transmode businesses; claims by others that Infinera infringes their intellectual property; the effect of global macroeconomic conditions on Infinera's business; war, terrorism, public health issues, natural disasters and other circumstances that could disrupt the supply, delivery or demand of Infinera's products; and other risks and uncertainties detailed in Infinera's SEC filings from time to time. More information on potential factors that may impact Infinera's business are set forth in its Quarterly Report on Form 10-Q for the quarter ended on June 25, 2016 as filed with the SEC on August 2, 2016, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infinera's website at www.infinera.com and the SEC's website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

Use of Non-GAAP Financial Information

In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP measures that exclude non-cash stock-based compensation expenses, acquisition-related costs, certain purchase accounting adjustments related to Infinera's acquisition of Transmode AB, which closed during the third quarter of 2015, and amortization of debt discount on Infinera's convertible senior notes. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, these results are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income, basic and diluted net income per share, gross margin or operating margin prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations. For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the section titled, "GAAP to Non-GAAP Reconciliations." Infinera anticipates disclosing forward-looking non-GAAP information in its conference call to discuss its third quarter 2016 results, including an estimate of certain non-GAAP financial measures for the fourth quarter of 2016 that excludes non-cash stock-based compensation expenses, acquisition-related costs, certain purchase accounting adjustments related to Infinera's acquisition of Transmode AB and amortization of debt discount on Infinera's convertible senior notes.

A copy of this press release can be found on the Investor Relations page of Infinera's website at www.infinera.com.

Infinera and the Infinera logo are trademarks or registered trademarks of Infinera Corporation. All other trademarks used or mentioned herein belong to their respective owners.

  
  
Infinera Corporation 
GAAP Condensed Consolidated Statements of Operations 
(In thousands, except per share data) 
(Unaudited) 
  
   Three Months Ended   Nine Months Ended  
   September 24, 2016   September 26, 2015   September 24, 2016   September 26, 2015 
Revenue:                     
 Product  $156,188   $202,365   $599,802   $542,190  
 Services   29,264    30,107    89,290    84,490  
  Total revenue   185,452    232,472    689,092    626,680  
Cost of revenue:                     
 Cost of product   91,064    117,154    331,564    306,151  
 Cost of services   9,786    12,513    32,842    32,816  
  Total cost of revenue   100,850    129,667    364,406    338,967  
Gross profit   84,602    102,805    324,686    287,713  
Operating expenses:                     
 Research and development   50,855    45,466    164,541    128,144  
 Sales and marketing   27,960    24,721    88,434    67,298  
 General and administrative   16,646    18,358    51,617    46,324  
  Total operating expenses   95,461    88,545    304,592    241,766  
Income (loss) from operations   (10,859 )  14,260    20,094    45,947  
Other income (expense), net:                     
 Interest income   647    406    1,764    1,371  
 Interest expense   (3,313 )  (3,014 )  (9,644 )  (8,851 )
 Other gain (loss), net:   (188 )  (3,293 )  (1,116 )  1,788  
  Total other income (expense), net   (2,854 )  (5,901 )  (8,996 )  (5,692 )
Income (loss) before income taxes   (13,713 )  8,359    11,098    40,255  
Provision for (benefit from) income taxes   (2,416 )  (151 )  (725 )  1,473  
Net income (loss)   (11,297 )  8,510    11,823    38,782  
 Less: Net loss attributable to noncontrolling interest   (125 )  -    (503 )  -  
Net income (loss) attributable to Infinera Corporation  $(11,172 ) $8,510   $12,326   $38,782  
Net income (loss) per common share attributable to Infinera Corporation:                     
 Basic  $(0.08 ) $0.06   $0.09   $0.30  
 Diluted  $(0.08 ) $0.06   $0.08   $0.27  
Weighted average shares used in computing net income (loss) per common share:                     
 Basic   143,850    134,834    142,350    131,007  
 Diluted   143,850    145,300    145,921    141,082  
                  
  
  
Infinera Corporation 
GAAP to Non-GAAP Reconciliations 
(In thousands, except percentages and per share data) 
(Unaudited) 
  
   Three Months Ended   Nine Months Ended  
   September 24, 2016       June 25, 2016       September 26, 2015       September 24, 2016       September 26, 2015      
Reconciliation of Revenue:                                              
U.S. GAAP as reported  $185,452       $258,822       $232,472       $689,092       $626,680      
Acquisition-related deferred revenue adjustment(1)   -        174        721        400        721      
Non-GAAP as adjusted  $185,452       $258,996       $233,193       $689,492       $627,401      
                                               
Reconciliation of Gross Profit:                                              
U.S. GAAP as reported  $84,602   45.6 % $123,746   47.8 % $102,805   44.2 % $324,686   47.1 % $287,713   45.9 %
Stock-based compensation(2)   1,424        1,658        1,621        4,614        4,357      
Acquisition-related deferred revenue adjustment(1)   -        174        721        400        721      
Amortization of acquired intangible assets(3)   5,102        4,998        1,922        14,970        1,922      
Acquisition-related inventory step-up expense(4)   -        -        3,620        -        3,620      
Acquisition-related costs(4)   38        40        -        117        -      
Non-GAAP as adjusted  $91,166   49.2 % $130,616   50.4 % $110,689   47.5 % $344,787   50.0 % $298,333   47.6 %
                                               
Reconciliation of Operating Expenses:                                              
U.S. GAAP as reported  $95,461       $107,664       $88,545       $304,592       $241,766      
Stock-based compensation(2)   8,787        9,335        6,830        24,577        19,511      
Amortization of acquired intangible assets(3)   1,537        1,584        686        4,753        686      
Acquisition-related costs(4)   563        402        3,950        1,453        6,676      
Non-GAAP as adjusted  $84,574       $96,343       $77,079       $273,809       $214,893      
                                               
Reconciliation of Income (Loss) from Operations:                                              
U.S. GAAP as reported  $(10,859 ) (5.9 )% $16,082   6.2 % $14,260   6.1 % $20,094   2.9 % $45,947   7.3 %
Stock-based compensation(2)   10,211        10,993        8,451        29,191        23,868      
Acquisition-related deferred revenue adjustment(1)   -        174        721        400        721      
Amortization of acquired intangible assets(3)   6,639        6,582        2,608        19,723        2,608      
Acquisition-related inventory step-up expense(4)   -        -        3,620        -        3,620      
Acquisition-related costs(4)   601        442        3,950        1,570        6,676      
Non-GAAP as adjusted  $6,592   3.6 % $34,273   13.2 % $33,610   14.4 % $70,978   10.3 % $83,440   13.3 %
                                               
Reconciliation of Net Income (Loss) Attributable to Infinera Corporation:                                              
U.S. GAAP as reported  $(11,172 )     $11,483       $8,510       $12,326       $38,782      
Stock-based compensation(2)   10,211        10,993        8,451        29,191        23,868      
Acquisition-related deferred revenue adjustment(1)   -        174        721        400        721      
Amortization of acquired intangible assets(3)   6,639        6,582        2,608        19,723        2,608      
Acquisition-related inventory step-up expense(4)   -        -        3,620        -        3,620      
Acquisition-related costs(4)   874        862        3,950        2,263        6,676      
Acquisition-related forward contract (gain) loss(5)   -        -        3,728        -        (1,054 )    
Amortization of debt discount(6)   2,391        2,331        2,162        6,996        6,328      
Income tax effects(7)   (1,519 )      (1,510 )      (1,529 )      (4,531 )      (1,529 )    
Non-GAAP as adjusted  $7,424       $30,915       $32,221       $66,368       $80,020      
                                               
Net Income (Loss) per Common Share Attributable to Infinera Corporation - Basic:                                              
U.S. GAAP as reported  $(0.08 )     $0.08       $0.06       $0.09       $0.30      
Non-GAAP as adjusted  $0.05       $0.22       $0.24       $0.47       $0.61      
Net Income (Loss) per Common Share Attributable to Infinera Corporation - Diluted:                                              
U.S. GAAP as reported  $(0.08 )     $0.08       $0.06       $0.08       $0.27      
Non-GAAP as adjusted  $0.05       $0.21       $0.22       $0.45       $0.57      
Weighted Average Shares Used in Computing Net Income (Loss) per Common Share:                                              
Basic   143,850        142,396        134,834        142,350        131,007      
Diluted   144,993        145,851        145,300        145,921        141,082      
                                    
   
(1) Business combination accounting principles require Infinera to write down to fair value its maintenance support contracts assumed in the Transmode acquisition. The revenue for these support contracts is deferred and typically recognized over a one year period, so Infinera's GAAP revenue for the one year period after the acquisition will not reflect the full amount of revenue that would have been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP adjustment eliminates the effect of the deferred revenue write-down. Management believes these adjustments to the revenue from these support contracts are useful to investors as an additional means to reflect revenue trends of Infinera's business.
   
(2) 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  Nine Months Ended
   September 24, 2016  June 25, 2016  September 26, 2015  September 24, 2016  September 26, 2015
Cost of revenue  $756  $746  $645  $2,175  $1,740
Research and development   3,496   3,904   2,788   9,721   8,183
Sales and marketing   2,826   2,945   2,131   8,006   5,922
General and administration   2,465   2,486   1,911   6,850   5,406
    9,543   10,081   7,475   26,752   21,251
Cost of revenue - amortization from balance sheet*   668   912   976   2,439   2,617
Total stock-based compensation expense  $10,211  $10,993  $8,451  $29,191  $23,868
                
   
* Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period.
   
(3) Amortization of acquisition-related intangible assets consists of amortization of developed technology, trade names, and customer relationships acquired in connection with the Transmode acquisition. U.S. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP operating expenses, gross margin and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera's underlying business performance.
   
(4) Acquisition-related costs associated with the Transmode acquisition include legal, financial, employee retention costs and other professional fees incurred in connection with the transaction, including squeeze-out proceedings. These amounts have been adjusted in arriving at Infinera's non-GAAP results because management believes that these expenses are non-recurring, not indicative of ongoing operating performance and their exclusion provides a better indication of Infinera's underlying business performance.
   
(5) In April 2015, Infinera entered into a foreign currency forward contract and in July 2015, Infinera entered into a series of foreign currency exchange option contracts to hedge currency exposures associated with the cash portion of the offer to acquire Transmode. The forward contract and option contracts were subsequently closed during the third quarter of 2015. The net change in the fair value of the forward contract and option contracts impacted Infinera's financial statements for the current interim reporting period. Management has excluded the impact of these gains and losses in arriving at Infinera's non-GAAP results because they are non-recurring and management believes that these gains are not indicative of ongoing operating performance.
   
(6) Under GAAP, certain convertible debt instruments that may be settled in cash on conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer's non-convertible debt borrowing rate. Accordingly, for GAAP purposes, Infinera is required to amortize as debt discount an amount equal to the fair value of the conversion option that was recorded in equity as interest expense on its $150 million 1.75% convertible debt issuance in May 2013 over the term of the notes. Interest expense has been excluded from Infinera's non-GAAP results because management believes that this non-cash expense is not indicative of ongoing operating performance and provides a better indication of Infinera's underlying business performance.
   
(7) The difference between the GAAP and non-GAAP tax is due to the net tax effects of the purchase accounting adjustments and acquisition-related costs related to the Transmode acquisition.
   
   
  
  
Infinera Corporation 
Condensed Consolidated Balance Sheets 
(In thousands, except par values) 
(Unaudited) 
  
   September 24,
2016
  December 26,
2015
 
ASSETS           
Current assets:           
 Cash and cash equivalents  $130,996   $149,101  
 Short-term investments   136,643    125,561  
 Short-term restricted cash   9,700    -  
 Accounts receivable, net of allowance for doubtful accounts of $807 in 2016 and $630 in 2015   152,467    186,243  
 Inventory   231,528    174,699  
 Prepaid expenses and other current assets   30,520    29,511  
  Total current assets   691,854    665,115  
Property, plant and equipment, net   120,137    110,861  
Intangible assets   133,939    156,319  
Goodwill   187,927    191,560  
Long-term investments   72,439    76,507  
Cost-method investment   19,500    14,500  
Long-term restricted cash   6,467    5,310  
Other non-current assets   4,196    4,009  
  Total assets  $1,236,459   $1,224,181  
LIABILITIES AND STOCKHOLDERS' EQUITY           
Current liabilities:           
 Accounts payable  $76,789   $92,554  
 Accrued expenses   37,857    33,736  
 Accrued compensation and related benefits   37,942    49,887  
 Accrued warranty   15,875    17,889  
 Deferred revenue   38,063    42,977  
  Total current liabilities   206,526    237,043  
 Long-term debt, net   130,924    123,327  
 Accrued warranty, non-current   22,746    20,955  
 Deferred revenue, non-current   18,369    13,881  
 Deferred tax liability   31,419    35,731  
 Other long-term liabilities   18,161    16,183  
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 24, 2016 and December 26, 2015           
  Issued and outstanding shares - 144,536 as of September 24, 2016 and 140,197 as of December 26, 2015   145    140  
 Additional paid-in capital   1,341,501    1,300,301  
 Accumulated other comprehensive income (loss)   (6,010 )  1,123  
 Accumulated deficit   (527,322 )  (539,413 )
 Total Infinera Corporation stockholders' equity   808,314    762,151  
Noncontrolling interest   -    14,910  
 Total stockholders' equity   808,314    777,061  
  Total liabilities and stockholders' equity  $1,236,459   $1,224,181  
           
  
  
Infinera Corporation 
Condensed Consolidated Statements of Cash Flows 
(In thousands)(Unaudited) 
  
   Nine Months Ended  
   September 24,
2016
  September 26,
2015
 
Cash Flows from Operating Activities:           
Net income  $11,823   $38,782  
Adjustments to reconcile net income to net cash provided by operating activities:           
 Depreciation and amortization   45,764    22,094  
 Amortization of debt discount and issuance costs   7,598    6,873  
 Amortization of premium on investments   925    2,405  
 Stock-based compensation expense   29,191    23,868  
 Other loss (gain)   261    (448 )
 Changes in assets and liabilities:           
  Accounts receivable   33,044    28,838  
  Inventory   (61,078 )  (8,901 )
  Prepaid expenses and other assets   (1,625 )  (6,058 )
  Accounts payable   (13,935 )  (2,339 )
  Accrued liabilities and other expenses   (7,580 )  (7,196 )
  Deferred revenue   (805 )  700  
  Accrued warranty   (179 )  8,742  
   Net cash provided by operating activities   43,404    107,360  
Cash Flows from Investing Activities:           
 Purchase of available-for-sale investments   (118,017 )  (126,940 )
 Acquisition of business, net of cash acquired   -    (144,445 )
 Realized gain from forward contract for business acquisition   -    1,053  
 Purchase of cost-method investment   (5,000 )  -  
 Proceeds from sales of available-for-sale investments   -    67,303  
 Proceeds from maturities and calls of investments   110,554    178,717  
 Purchase of property and equipment   (32,878 )  (26,710 )
 Change in restricted cash   (4,950 )  127  
   Net cash used in investing activities   (50,291 )  (50,895 )
Cash Flows from Financing Activities:           
 Security pledge related to Squeeze-out Proceedings   (5,921 )  -  
 Acquisition of noncontrolling interest   (16,771 )  -  
 Proceeds from issuance of common stock   16,486    23,433  
 Minimum tax withholding paid on behalf of employees for net share settlement   (3,592 )  (5,043 )
   Net cash provided by (used in) financing activities   (9,798 )  18,390  
Effect of exchange rate changes on cash   (1,420 )  (247 )
Net change in cash and cash equivalents   (18,105 )  74,608  
Cash and cash equivalents at beginning of period   149,101    86,495  
Cash and cash equivalents at end of period  $130,996   $161,103  
Supplemental disclosures of cash flow information:           
 Cash paid for income taxes, net of refunds  $5,557   $2,552  
 Cash paid for interest  $1,445   $1,317  
Supplemental schedule of non-cash investing activities:           
 Transfer of inventory to fixed assets  $5,211   $5,861  
 Common stock issued in connection with acquisition  $-   $169,507  
          
          
  
  
Infinera Corporation 
Supplemental Financial Information 
(Unaudited) 
  Q4'14   Q1'15   Q2'15   Q3'15   Q4'15   Q1'16   Q2'16   Q3'16 
Revenue
($ Mil)
$186.3   $186.9   $207.3   $232.5   $260.0   $244.8   $258.8   $185.5  
GAAP Gross Margin %  45.3 %  47.2 %  46.7 %  44.2 %  44.5 %  47.5 %  47.8 %  45.6 %
Non-GAAP Gross Margin %(1)  46.1 %  47.8 %  47.4 %  47.5 %  48.3 %  50.2 %  50.4 %  49.2 %
Revenue Composition:                                        
Domestic %  58 %  68 %  75 %  68 %  62 %  71 %  64 %  56 %
International %  42 %  32 %  25 %  32 %  38 %  29 %  36 %  44 %
Customers >10% of Revenue  1    2    3    2    2    3    2    2  
Cash Related Information:                                        
Cash from Operations
($ Mil)
$18.7   $19.8   $55.0   $32.5   $25.8   $10.0   $28.2   $5.2  
Capital Expenditures
($ Mil)
$8.8   $7.4   $8.7   $10.6   $15.3   $10.8   $12.5   $9.6  
Depreciation & Amortization
($ Mil)
$6.6   $6.6   $6.3   $9.2   $13.7   $14.7   $15.2   $15.9  
DSO's  76    64    48    55    65    69    68    75  
Inventory Metrics:                                        
Raw Materials
($ Mil)
$15.2   $22.4   $30.2   $24.2   $27.9   $33.1   $39.1   $37.2  
Work in Process
($ Mil)
$50.0   $45.9   $43.9   $48.5   $52.6   $59.4   $61.0   $65.5  
Finished Goods
($ Mil)
$81.3   $88.9   $83.1   $97.2   $94.2   $97.2   $102.2   $128.8  
Total Inventory
($ Mil)
$146.5   $157.2   $157.2   $169.9   $174.7   $189.7   $202.3   $231.5  
Inventory Turns(2)  2.7    2.5    2.8    2.9    3.1    2.6    2.5    1.6  
Worldwide Headcount  1,495    1,530    1,598    1,978    2,056    2,128    2,218    2,262  
                                
   
(1) Non-GAAP adjustments include non-cash stock-based compensation expense, certain purchase accounting adjustments related to Infinera's acquisition of Transmode and amortization of acquired intangible assets. For a description of this non-GAAP financial measure, please see the section titled, "GAAP to Non-GAAP Reconciliations" of this press release for a reconciliation to the most directly comparable GAAP financial measures.
   
(2) Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue before adjustments for non-cash stock-based compensation expense and certain purchase accounting adjustments, divided by the average inventory for the quarter.
   

Contact Information:

Contacts:
Media:
Anna Vue
Tel. +1 (916) 595-8157
avue@infinera.com

Investors:
Jeff Hustis
Tel. +1 (408) 213-7150
jhustis@infinera.com