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    Infinera Corporation Fourth Quarter and Fiscal 2024 Financial Results

    2/27/25 7:30:44 PM ET
    $INFN
    $NOK
    Telecommunications Equipment
    Utilities
    Radio And Television Broadcasting And Communications Equipment
    Technology
    Get the next $INFN alert in real time by email

    FY'24 Highlights:

    • Year-over-year growth in bookings and backlog; book-to-bill ratio of approximately 1.1x for FY'24 and 1.3x for Q4'24
    • Record revenue with webscalers - total revenue exposure (direct and indirect) greater than 50% of FY'24 revenue
    • Significant design wins across the GX systems portfolio with webscalers and Tier 1 Communications Service Providers (CSPs)
    • Substantial awards for ICE-X 400G and 800G pluggables from webscalers and Tier 1 CSPs
    • Launched ICE-D to address the projected multi-billion dollar intra-data center opportunity driven by AI workloads
    • Secured CHIPS & Science Act funding with the potential for greater than $200 million in total federal incentives, in addition to potential state and local incentives
    • Announced a definitive agreement to be acquired by Nokia (acquisition anticipated to be completed on or about February 28, 2025)

    SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Infinera Corporation (NASDAQ:INFN) has released financial results for its fourth quarter and fiscal year ended December 28, 2024. This press release is also published on Infinera's Investor Relations website.

    GAAP revenue for the quarter was $414.4 million compared to $354.4 million in the third quarter of 2024 and $453.5 million in the fourth quarter of 2023.

    GAAP gross margin for the quarter was 38.0% compared to 39.8% in the third quarter of 2024 and 38.6% in the fourth quarter of 2023. GAAP operating margin for the quarter was 0.0% compared to (3.1)% in the third quarter of 2024 and 2.5% in the fourth quarter of 2023.

    GAAP net loss for the quarter was $(26.3) million, or $(0.11) per diluted share, compared to net loss of $(14.3) million, or $(0.06) per diluted share, in the third quarter of 2024, and net income of $12.9 million, or $0.06 per diluted share, in the fourth quarter of 2023.

    Non-GAAP gross margin for the quarter was 38.4% compared to 40.4% in the third quarter of 2024 and 39.6% in the fourth quarter of 2023. Non-GAAP operating margin for the quarter was 5.4% compared to 3.5% in the third quarter of 2024 and 7.2% in the fourth quarter of 2023.

    Non-GAAP net income for the quarter was $8.2 million, or $0.03 per diluted share, compared to $0.3 million, or $0.00 per diluted share, in the third quarter of 2024, and $28.6 million, or $0.12 per diluted share, in the fourth quarter of 2023.

    GAAP revenue for the year was $1,418.4 million compared to $1,614.1 million in 2023. GAAP gross margin for the year was 38.4% compared to 38.6% in 2023. GAAP operating margin for the year was (5.9)% compared to (0.3)% in 2023. GAAP net loss for the year was $(150.3) million, or $(0.64) per diluted share, compared to $(25.2) million, or $(0.11) per diluted share, in 2023.

    Non-GAAP gross margin for the year was 39.0% compared to 39.9% in 2023. Non-GAAP operating margin for the year was 0.3% compared to 5.4% in 2023. Non-GAAP net loss for the year was $(43.8) million, or $(0.19) per diluted share, compared to net income of $53.4 million, or $0.23 per diluted share, in 2023.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard, said "We exited 2024 with significant momentum in our business, growing Q4'24 bookings sequentially by more than 50% and by approximately 20% compared to Q4'23. The growth in bookings and substantial increase in backlog in 2024, when combined with our strategic wins, position us well in 2025 and beyond for the next wave of optical spend fueled by relentless bandwidth growth, increased fiber deployments, and AI-driven data-center builds."

    "Looking ahead, I remain excited about our pending merger with Nokia, as we prepare to join forces with a recognized industry leader. With greater scale and deeper resources together, we intend to set the pace of innovation as optics take on an increasingly critical role in the era of AI," continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland ("Nokia") (NYSE:NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia ("Merger Sub") entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the "Merger Agreement") that provides for Merger Sub to merge with and into Infinera (the "Merger"), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. On February 18, 2025, Infinera issued a press release announcing that the Merger is anticipated to be completed on or about February 28, 2025, which date remains subject to the satisfaction of remaining closing conditions.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Fourth Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera's fourth quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission ("SEC") on a Current Report on Form 8-K and published on Infinera's Investor Relations website at investors.infinera.com.

    Contacts:

    Media:

    Anna Vue

    Tel. +1 (916) 595-8157

    [email protected]

    Investors:

    Amitabh Passi, Head of Investor Relations

    Tel. +1 (669) 295-1489

    [email protected]

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or the negative of these words or similar terms or expressions that concern Infinera's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in direct government funding and tax incentives; statements about Infinera's strategic positioning in 2025 and beyond; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera's results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera's customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera's competitors and new entrants and Infinera's ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera's dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera's manufacturing process; Infinera's ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera's ability to respond to rapid technological changes; failure to accurately forecast Infinera's manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera has or may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera's future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera's business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; the effects of tariffs; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera's international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera's convertible senior notes; Infinera's ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera's ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera's control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera's operations; Infinera's ability to remediate its disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera's SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera's business are set forth in Infinera's periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 28, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera's website at www.infinera.com and the SEC's website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled "GAAP to Non-GAAP Reconciliations" and related footnotes.



    Infinera Corporation

    Condensed Consolidated Statements of Operations

    (In thousands, except per share data)

    (Unaudited)

     Three months ended Twelve months ended
     December 28,

    2024
     December 30,

    2023
     December 28,

    2024
     December 30,

    2023
    Revenue:       
    Product$325,123  $373,172  $1,103,131  $1,304,229 
    Services 89,264   80,284   315,315   309,899 
    Total revenue 414,387   453,456   1,418,446   1,614,128 
    Cost of revenue:       
    Cost of product 212,250   233,693   706,498   810,845 
    Cost of services 44,882   42,643   166,792   167,532 
    Amortization of intangible assets —   —   —   10,621 
    Restructuring and other related costs (56)  2,218   596   2,218 
    Total cost of revenue 257,076   278,554   873,886   991,216 
    Gross profit 157,311   174,902   544,560   622,912 
    Operating expenses:       
    Research and development 75,214   79,645   300,437   316,879 
    Sales and marketing 40,504   42,532   158,861   166,938 
    General and administrative 31,566   35,112   132,680   124,874 
    Amortization of intangible assets 2,256   2,256   9,025   12,344 
    Merger-related charges 7,550   —   23,021   — 
    Restructuring and other related costs 81   4,096   4,186   6,717 
    Total operating expenses 157,171   163,641   628,210   627,752 
    Income (loss) from operations 140   11,261   (83,650)  (4,840)
    Other income (expense), net:       
    Interest income 594   982   3,383   2,716 
    Interest expense (6,746)  (8,814)  (32,302)  (30,609)
    Other gain (loss), net (11,547)  4,739   (20,457)  15,325 
    Total other income (expense), net (17,699)  (3,093)  (49,376)  (12,568)
    Income (loss) before income taxes (17,559)  8,168   (133,026)  (17,408)
    Provision for (benefit from) income taxes 8,784   (4,705)  17,312   7,805 
    Net income (loss)$(26,343) $12,873  $(150,338) $(25,213)
    Net income (loss) per common share:       
    Basic$(0.11) $0.06  $(0.64) $(0.11)
    Diluted$(0.11) $0.06  $(0.64) $(0.11)
    Weighted average shares used in computing net income (loss) per common share:       
    Basic 236,974   230,509   234,672   226,726 
    Diluted 236,974   233,090   234,672   226,726 
     

    Infinera Corporation

    GAAP to Non-GAAP Reconciliations

    (In thousands, except percentages)

    (Unaudited)

      Three months ended

     Twelve months ended
      December 28,

    2024
       September 28,

    2024
       December 30,

    2023
       December 28,

    2024
       December 30,

    2023
      
    Reconciliation of Gross Profit and Gross Margin:                    
    GAAP as reported $157,311   38.0% $141,214   39.8% $174,902   38.6% $544,560   38.4% $622,912   38.6%
    Stock-based compensation expense(1)  1,867   0.4%  2,084   0.6%  2,328   0.5%  7,621   0.6%  10,000   0.6%
    Amortization of acquired intangible assets(2)  —   —%  —   —%  —   —%  —   —%  10,621   0.7%
    Restructuring and other related costs(3)  (56)  (0.0)%  (24)  —%  2,218   0.5%  596   0.0%  2,218   0.1%
    Warehouse fire recovery(4)  —   —%  —   —%  —   —%  —   —%  (1,985)  (0.1)%
    Non-GAAP as adjusted $159,122   38.4% $143,274   40.4% $179,448   39.6% $552,777   39.0% $643,766   39.9%
                         
    Reconciliation of Operating Expenses:                    
    GAAP as reported $157,171    $152,212    $163,641    $628,210    $627,752   
    Stock-based compensation expense(1)  10,333     12,305     10,429     43,300     52,150   
    Amortization of acquired intangible assets(2)  2,256     2,257     2,256     9,025     12,344   
    Restructuring and other related costs(3)  81     (157)    4,096     4,186     6,717   
    Merger-related charges(5)  7,550     6,954     —     23,021     —   
    Non-GAAP as adjusted $136,951    $130,853    $146,860    $548,678    $556,541   
                         
    Reconciliation of Income (Loss) from Operations and Operating Margin:                    
    GAAP as reported $140   0.0% $(10,998)  (3.1)% $11,261   2.5% $(83,650)  (5.9)% $(4,840)  (0.3)%
    Stock-based compensation expense(1)  12,200   3.0%  14,389   4.1%  12,757   2.8%  50,921   3.7%  62,150   3.8%
    Amortization of acquired intangible assets(2)  2,256   0.5%  2,257   0.6%  2,256   0.5%  9,025   0.6%  22,965   1.4%
    Restructuring and other related costs(3)  25   0.0%  (181)  (0.1)%  6,314   1.4%  4,782   0.3%  8,935   0.6%
    Warehouse fire recovery(4)  —   —%  —   —%  —   —%  —   —%  (1,985)  (0.1)%
    Merger-related charges(5)  7,550   1.9%  6,954   2.0%  —   —%  23,021   1.6%  —   —%
    Non-GAAP as adjusted $22,171   5.4% $12,421   3.5% $32,588   7.2% $4,099   0.3% $87,225   5.4%
      



      Three months endedTwelve months ended
      December 28,

    2024
     September 28,

    2024
     December 30,

    2023
     December 28,

    2024
     December 30,

    2023
    Reconciliation of Net Income (Loss):          
    GAAP as reported $(26,343) $(14,313) $12,873  $(150,338) $(25,213)
    Stock-based compensation expense(1)  12,200   14,389   12,757   50,921   62,150 
    Amortization of acquired intangible assets(2)  2,256   2,257   2,256   9,025   22,965 
    Restructuring and other related costs(3)  25   (181)  6,314   4,782   8,935 
    Warehouse fire recovery(4)  —   —   —   —   (1,985)
    Merger-related charges(5)  7,550   6,954   —   23,021   — 
    Foreign exchange (gains) losses, net(6)  11,855   (8,039)  (4,852)  21,954   (14,755)
    Income tax effects(7)  655   (788)  (780)  (3,120)  1,292 
    Non-GAAP as adjusted  8,198  $279  $28,568  $(43,755) $53,389 
               
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:          
    Basic  236,974   235,832   230,509   234,672   226,726 
    Diluted(8)  236,974   235,832   233,090   234,672   226,726 
               
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:          
    Basic  236,974   235,832   230,509   234,672   226,726 
    Diluted(9)  269,422   240,502   259,210   234,672   255,468 
               
    Reconciliation of Adjusted EBITDA (10):          
    Non-GAAP net income (loss) $8,198  $279  $28,568  $(43,755) $53,389 
    Add: Interest expense, net  6,152   7,890   7,832   28,919   27,893 
    Less: Other gain (loss), net  308   446   (113)  1,497   570 
    Add: Income tax effects  8,129   4,698   (3,925)  20,432   6,513 
    Add: Depreciation  13,333   13,501   17,125   53,308   55,819 
    Non-GAAP as adjusted $35,504  $25,922  $49,713  $57,407  $143,044 
               
    Net Income (Loss) per Common Share: GAAP          
    Basic $(0.11) $(0.06) $0.06  $(0.64) $(0.11)
    Diluted(8) $(0.11) $(0.06) $0.06  $(0.64) $(0.11)
               
    Net Income (Loss) per Common Share: Non-GAAP          
    Basic $0.03  $0.00  $0.12  $(0.19) $0.24 
    Diluted(9) $0.03  $0.00  $0.12  $(0.19) $0.23 
     

    (1)   Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):  

     
      Three months ended Twelve months ended
      December 28, 2024 September 28, 2024 December 30, 2023 December 28, 2024 December 30, 2023
    Cost of revenue $1,867  $2,084  $2,328  $7,621  $10,000 
    Research and development  4,547   4,623   4,917   18,779   22,474 
    Sales and marketing  3,036   3,241   2,328   12,175   13,699 
    General and administration  2,750   4,441   3,184   12,346   15,977 
    Total operating expenses  10,333   12,305   10,429   43,300   52,150 
    Total stock-based compensation expense $12,200  $14,389  $12,757  $50,921  $62,150 
     

    (2)    Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera's underlying business performance.

    (3)    Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera's non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera's underlying business performance.

    (4)    Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera's non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera's underlying business performance.

    (5)    Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera's non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera's underlying business performance.

    (6)    Foreign exchange (gains) losses, net, have been excluded from Infinera's non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera's underlying business performance.

    (7)    The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera's underlying business performance.

    (8)    The GAAP diluted shares include potentially dilutive securities from Infinera's stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera's underlying business performance.

    For purposes of calculating GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
      Three months ended Twelve months ended
      December 28,

    2024
     September 28,

    2024
     December 30,

    2023
     December 28,

    2024
     December 30,

    2023
    GAAP net income (loss) for basic earnings per share $(26,343) $(14,313) $12,873  $(150,338) $(25,213)
    Interest expense related to the convertible senior notes, net of tax  —   —   104   —   — 
    GAAP net income (loss) for diluted earnings per share $(26,343) $(14,313) $12,977  $(150,338) $(25,213)
               
    Weighted average basic common shares outstanding  236,974   235,832   230,509   234,672   226,726 
    Dilutive effect of restricted and performance share units  —   —   682   —   — 
    Dilutive effect of 2024 convertible senior notes(a)  —   —   1,899   —   — 
    Dilutive effect of 2027 convertible senior notes(b)  —   —   —   —   — 
    Dilutive effect of 2028 convertible senior notes(c)  —   —   —   —   — 
    Weighted average dilutive common shares outstanding  236,974   235,832   233,090   234,672   226,726 
               
    GAAP net income (loss) per common share:          
    Basic $(0.11) $(0.06) $0.06  $(0.64) $(0.11)
    Diluted $(0.11) $(0.06) $0.06  $(0.64) $(0.11)
     

    (a)    For the three- months ended December 28, 2024 and September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024 and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For each of the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For both the twelve- months ended December 28, 2024, and December 30, 2023, there were 26.1 million shares, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, and December 30, 2023, there were zero and 0.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (9)    The non-GAAP diluted shares include the potentially dilutive securities from Infinera's stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera's underlying business performance. Refer to the diluted earnings per share reconciliation presented below.

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
      Three months ended Twelve months ended
      December 28,

    2024
     September 28,

    2024
     December 30,

    2023
     December 28,

    2024
     December 30,

    2023
    Non-GAAP net income (loss) for basic earnings per share $8,198  $279  $28,568  $(43,755) $53,389 
    Interest expense related to the convertible senior notes, net of tax  752   —   1,652   —   5,370 
    Non-GAAP net income (loss) for diluted earnings per share $8,950  $279  $30,220  $(43,755) $58,759 
               
    Weighted average basic common shares outstanding  236,974   235,832   230,509   234,672   226,726 
    Dilutive effect of restricted and performance share units  6,328   4,670   682   —   1,674 
    Dilutive effect of employee stock purchase plan  —   —   —   —   53 
    Dilutive effect of 2024 convertible senior notes(a)  —   —   1,899   —   — 
    Dilutive effect of 2027 convertible senior notes(b)  26,120   —   26,120   —   26,210 
    Dilutive effect of 2028 convertible senior notes(c)  —   —   —   —   895 
    Weighted average dilutive common shares outstanding  269,422   240,502   259,210   234,672   255,558 
               
    Non-GAAP net income (loss) per common share:          
    Basic $0.03  $0.00  $0.12  $(0.19) $0.24 
    Diluted $0.03  $0.00  $0.12  $(0.19) $0.23 
     

    (a)    For the three- months ended December 28, 2024, September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For the three- months ended September 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, there were no shares excluded from the calculation of diluted net income (loss) per share.

    (10)    Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera's adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera's financial performance, as it measures the ability of our business operations to generate cash.

    Infinera Corporation

    GAAP to Non-GAAP Reconciliations

    (In thousands)

    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC's rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera's financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

     
      Three months ended Twelve months ended
      December 28,

    2024
     September 28,

    2024
     December 30,

    2023
     December 28,

    2024
     December 30,

    2023
    Net cash provided by operating activities $72,045  $44,563  $79,652  $80,680  $49,510 
    Purchase of property and equipment  (28,265)  (24,090)  (21,414)  (75,013)  (62,314)
    Free cash flow $43,780  $20,473  $58,238  $5,667  $(12,804)
     

    Infinera Corporation

    Consolidated Balance Sheets

    (In thousands, except par values)

     December 28,

    2024
     December 30,

    2023
    ASSETS   
    Current assets:   
    Cash and cash equivalents$145,808  $172,505 
    Short-term restricted cash —   517 
    Accounts receivable, net 336,552   381,981 
    Inventory 308,213   431,163 
    Prepaid expenses and other current assets 155,249   129,218 
    Total current assets 945,822   1,115,384 
    Property, plant and equipment, net 249,496   206,997 
    Operating lease right-of-use assets 36,348   39,973 
    Intangible assets, net 15,794   24,819 
    Goodwill 224,233   240,566 
    Long-term restricted cash 420   837 
    Other long-term assets 61,645   50,662 
    Total assets$1,533,758  $1,679,238 
    LIABILITIES AND STOCKHOLDERS' EQUITY   
    Current liabilities:   
    Accounts payable$284,992  $299,005 
    Accrued expenses and other current liabilities 143,385   110,758 
    Accrued compensation and related benefits 49,942   85,203 
    Short-term debt, net 482   25,512 
    Accrued warranty 13,243   17,266 
    Deferred revenue 134,727   136,248 
    Total current liabilities 626,771   673,992 
    Long-term debt, net 667,930   658,756 
    Long-term accrued warranty 12,264   15,934 
    Long-term deferred revenue 29,290   21,332 
    Long-term deferred tax liability 3,035   1,805 
    Long-term operating lease liabilities 41,601   47,464 
    Other long-term liabilities 36,352   43,364 
    Commitments and contingencies   
    Stockholders' equity:   
    Preferred stock, $0.001 par value

    Authorized shares – 25,000 and no shares issued and outstanding
     —   — 
    Common stock, $0.001 par value

    Authorized shares - 500,000 in 2024 and 500,000 in 2023   

    Issued and outstanding shares - 237,396 in 2024 and 230,994 in 2023
     237   231 
    Additional paid-in capital 2,024,810   1,976,014 
    Accumulated other comprehensive loss (33,388)  (34,848)
    Accumulated deficit (1,875,144)  (1,724,806)
    Total stockholders' equity 116,515   216,591 
    Total liabilities and stockholders' equity$1,533,758  $1,679,238 
     

    Infinera Corporation

    Consolidated Statements of Cash Flows

    (In thousands)

     Twelve months ended
     December 28,

    2024
     December 30,

    2023
    Cash Flows from Operating Activities:   
    Net loss$(150,338) $(25,213)
    Adjustments to reconcile net loss to net cash provided by operating activities:   
    Depreciation and amortization 62,333   78,784 
    Non-cash restructuring charges and other related costs 40   1,200 
    Amortization of debt issuance costs and discount 3,680   3,862 
    Operating lease expense 9,252   7,464 
    Stock-based compensation expense 50,921   62,150 
    Other, net (76)  (823)
    Changes in assets and liabilities:   
    Accounts receivable 40,218   38,511 
    Inventory 121,772   (57,864)
    Prepaid expenses and other current assets (49,159)  9,683 
    Accounts payable (28,258)  (2,921)
    Accrued expenses and other current liabilities 11,568   (40,063)
    Deferred revenue 8,727   (25,260)
    Net cash provided by operating activities 80,680   49,510 
    Cash Flows from Investing Activities:   
    Purchase of property and equipment (75,013)  (62,314)
    Net cash used in investing activities (75,013)  (62,314)
    Cash Flows from Financing Activities:   
    Proceeds from issuance of 2028 Notes —   98,751 
    Repayment of 2024 Notes (18,747)  (83,446)
    Payment of debt issuance cost —   (2,108)
    Proceeds from asset-based revolving credit facility 50,000   50,000 
    Repayment of asset-based revolving credit facility (50,000)  (50,000)
    Repayment of mortgage payable (470)  (510)
    Principal payments on finance lease obligations (562)  (1,023)
    Payment of term license obligation (10,318)  (10,417)
    Proceeds from issuance of common stock 6   14,931 
    Tax withholding paid on behalf of employees for net share settlement (2,129)  (2,465)
    Net cash (used in) provided by financing activities (32,220)  13,713 
    Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,078)  (16,253)
    Net change in cash, cash equivalents and restricted cash (27,631)  (15,344)
    Cash, cash equivalents and restricted cash at beginning of period 173,859   189,203 
    Cash, cash equivalents and restricted cash at end of period(1)$146,228  $173,859 
     

    Infinera Corporation

    Consolidated Statements of Cash Flows

    (In thousands)

     Twelve months ended
     December 28,

    2024
     December 30,

    2023
    Supplemental disclosures of cash flow information:   
    Cash paid for income taxes, net$21,790  $14,109 
    Cash paid for interest, net$27,359  $22,394 
    Supplemental schedule of non-cash investing and financing activities:     
    Transfer of inventory to fixed assets$—  $1,847 
    Property and equipment included in accounts payable and accrued liabilities$34,385  $10,104 
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities)$14,196  $23,326 
            
     

    (1)         Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):  

     
     December 28,

    2024
     December 30,

    2023
        
    Cash and cash equivalents$145,808  $172,505 
    Short-term restricted cash —   517 
    Long-term restricted cash 420   837 
    Total cash, cash equivalents and restricted cash$146,228  $173,859 
     

    Infinera Corporation

    Supplemental Financial Information

    (Unaudited)

      Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
    GAAP Revenue $(Mil) $392.1  $376.2  $392.4  $453.5  $306.9  $342.7  $354.4  $414.4 
    GAAP Gross Margin %  37.5%  38.0%  40.3%  38.6%  36.0%  39.6%  39.8%  38.0%
    Non-GAAP Gross Margin %(1)  38.8%  39.3%  41.9%  39.6%  36.6%  40.3%  40.4%  38.4%
    GAAP Revenue Composition:                
    Domestic %  60%  58%  59%  67%  54%  58%  60%  62%
    International %  40%  42%  41%  33%  46%  42%  40%  38%
    Customers >10% of Revenue  —   1   1   1   —   —   2   2 
    Cash Related Information:                
    Cash from Operations $(Mil) $(1.8) $1.4  $(29.7) $79.6  $24.0  $(59.9) $44.5  $72.1 
    Capital Expenditures $(Mil) $16.8  $10.8  $13.3  $21.4  $8.1  $14.6  $24.0  $28.3 
    Depreciation & Amortization $(Mil) $19.6  $19.8  $20.0  $19.4  $15.4  $15.6  $15.7  $15.6 
    DSOs(2)  78   79   76   77   79   76   74   74 
    Inventory Metrics:                
    Raw Materials $(Mil) $67.6  $85.4  $110.4  $133.6  $132.5  $119.4  $105.2  $69.7 
    Work in Process $(Mil) $71.8  $71.9  $69.9  $68.4  $68.6  $68.7  $67.6  $67.9 
    Finished Goods $(Mil) $273.6  $270.1  $276.6  $229.2  $219.6  $196.1  $183.3  $170.6 
    Total Inventory $(Mil) $413.0  $427.4  $456.9  $431.2  $420.7  $384.2  $356.1  $308.2 
    Inventory Turns(3)  2.4   2.2   2.1   2.5   1.8   2.0   2.3   3.1 
    Worldwide Headcount  3,351   3,365   3,369   3,389   3,323   3,334   3,340   3,418 
    Weighted Average Shares Outstanding (in thousands):                
    Basic  222,393   225,922   228,077   230,509   231,533   234,349   235,832   236,974 
    Diluted  265,921   262,712   257,219   259,210   260,980   265,591   267,999   269,422 
     

    (1)    Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, "GAAP to Non-GAAP Reconciliations" of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.



    (2)    Infinera calculates DSO based on 91 days.



    (3)    Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.



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    • Infinera Appoints Industry Veteran Scotty Benda as Senior Vice President of Worldwide Systems Engineering

      SAN JOSE, Calif., July 03, 2023 (GLOBE NEWSWIRE) -- Infinera (NASDAQ:INFN) announced today that Scotty Benda has joined Infinera as Senior Vice President of Worldwide Systems Engineering. In this role, Scotty will provide strategic leadership and direction for technical sales systems engineering within the global sales organization, further strengthening Infinera's industry-leading team of optical networking experts, advisors, and innovators. "With a focus on delivering unparalleled value to our customers with industry-leading open optical platforms and intelligent pluggable solutions, Scotty brings deep technical expertise, proven leadership, and a customer-centric approach aligned with

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