2014 Q2 Form 10-Q Financial Statement

#000144530514003319 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $165.4M $138.4M
YoY Change 19.52% 48.07%
Cost Of Revenue $95.15M $86.73M
YoY Change 9.7% 41.99%
Gross Profit $70.25M $51.65M
YoY Change 36.01% 59.55%
Gross Profit Margin 42.47% 37.33%
Selling, General & Admin $30.46M $28.58M
YoY Change 6.58% -5.04%
% of Gross Profit 43.36% 55.33%
Research & Development $31.74M $31.68M
YoY Change 0.18% 0.02%
% of Gross Profit 45.18% 61.33%
Depreciation & Amortization $6.500M $6.300M
YoY Change 3.17% 10.53%
% of Gross Profit 9.25% 12.2%
Operating Expenses $62.20M $60.26M
YoY Change 3.22% -2.45%
Operating Profit $8.052M -$8.608M
YoY Change -193.54% -70.72%
Interest Expense $2.728M $849.0K
YoY Change 221.32%
% of Operating Profit 33.88%
Other Income/Expense, Net -$2.655M -$800.0K
YoY Change 231.88% -312.2%
Pretax Income $5.397M -$9.408M
YoY Change -157.37% -67.58%
Income Tax $617.0K $601.0K
% Of Pretax Income 11.43%
Net Earnings $4.780M -$10.01M
YoY Change -147.76% -66.13%
Net Earnings / Revenue 2.89% -7.23%
Basic Earnings Per Share $0.04 -$0.09
Diluted Earnings Per Share $0.04 -$0.09
COMMON SHARES
Basic Shares Outstanding 123.1M shares 116.9M shares
Diluted Shares Outstanding 126.8M shares 116.9M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.0M $301.6M
YoY Change 4.11% 58.74%
Cash & Equivalents $83.31M $181.2M
Short-Term Investments $230.7M $120.4M
Other Short-Term Assets $20.20M $15.40M
YoY Change 31.17% 17.56%
Inventory $130.9M $121.3M
Prepaid Expenses
Receivables $120.7M $96.67M
Other Receivables $0.00 $1.112M
Total Short-Term Assets $585.7M $536.1M
YoY Change 9.26% 42.62%
LONG-TERM ASSETS
Property, Plant & Equipment $76.89M $78.39M
YoY Change -1.92% -4.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $46.10M $32.40M
YoY Change 42.28% 24.14%
Other Assets $5.571M $5.564M
YoY Change 0.13% -13.06%
Total Long-Term Assets $132.9M $120.3M
YoY Change 10.54% 4.67%
TOTAL ASSETS
Total Short-Term Assets $585.7M $536.1M
Total Long-Term Assets $132.9M $120.3M
Total Assets $718.7M $656.4M
YoY Change 9.49% 33.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.16M $35.98M
YoY Change -7.82% -4.57%
Accrued Expenses $22.55M $18.22M
YoY Change 23.74% -54.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $128.0M $119.0M
YoY Change 7.58% 19.08%
LONG-TERM LIABILITIES
Long-Term Debt $112.9M $105.6M
YoY Change 6.96%
Other Long-Term Liabilities $18.17M $18.34M
YoY Change -0.92% -28.07%
Total Long-Term Liabilities $131.1M $123.9M
YoY Change 5.8% 385.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.0M $119.0M
Total Long-Term Liabilities $131.1M $123.9M
Total Liabilities $259.1M $242.9M
YoY Change 6.67% 93.68%
SHAREHOLDERS EQUITY
Retained Earnings -$604.1M -$597.7M
YoY Change 1.08%
Common Stock $1.046B $1.000B
YoY Change 4.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $439.3M $399.2M
YoY Change
Total Liabilities & Shareholders Equity $718.7M $656.4M
YoY Change 9.49% 33.73%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $4.780M -$10.01M
YoY Change -147.76% -66.13%
Depreciation, Depletion And Amortization $6.500M $6.300M
YoY Change 3.17% 10.53%
Cash From Operating Activities $10.20M $17.90M
YoY Change -43.02% -178.85%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$4.500M
YoY Change -2.22% -27.42%
Acquisitions
YoY Change
Other Investing Activities -$9.300M -$82.00M
YoY Change -88.66% -571.26%
Cash From Investing Activities -$13.70M -$86.60M
YoY Change -84.18% -859.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.400M 151.4M
YoY Change -99.08% 151300.0%
NET CHANGE
Cash From Operating Activities 10.20M 17.90M
Cash From Investing Activities -13.70M -86.60M
Cash From Financing Activities 1.400M 151.4M
Net Change In Cash -2.100M 82.70M
YoY Change -102.54% -838.39%
FREE CASH FLOW
Cash From Operating Activities $10.20M $17.90M
Capital Expenditures -$4.400M -$4.500M
Free Cash Flow $14.60M $22.40M
YoY Change -34.82% -235.76%

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ProductWarrantyAccrual
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ProductWarrantyAccrual
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ProductWarrantyAccrual
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ProductWarrantyAccrual
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ProductWarrantyExpense
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ProductWarrantyExpense
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us-gaap Product Warranty Expense
ProductWarrantyExpense
10346000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
12360000 USD
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
219724000 USD
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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Revenues
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us-gaap Revenues
Revenues
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Revenues
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Revenues
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SalesRevenueGoodsNet
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SalesRevenueGoodsNet
228990000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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SalesRevenueServicesNet
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SalesRevenueServicesNet
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SalesRevenueServicesNet
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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SellingAndMarketingExpense
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SellingAndMarketingExpense
18082000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
16159000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
17500000 shares
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y7M2D
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ShortTermInvestments
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ShortTermInvestments
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StockholdersEquity
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StockholdersEquity
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TaxesPayableCurrent
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3872000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
3630000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
126112000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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AccruedRebateAndCustomerPrepayLiabilityCurrent
566000 USD
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12867000 USD
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AllocatedShareBasedCompensationExpenseBeforeAmortizationOfPriorPeriodsDeferredInventoryCost
6494000 USD
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11761000 USD
CY2014Q2 infn Allocated Share Based Compensation Expense Before Amortization Of Prior Periods Deferred Inventory Cost
AllocatedShareBasedCompensationExpenseBeforeAmortizationOfPriorPeriodsDeferredInventoryCost
5921000 USD
CY2013Q4 infn Accrued Rebate And Customer Prepay Liability Current
AccruedRebateAndCustomerPrepayLiabilityCurrent
3807000 USD
infn Amortization Of Deferred Inventory Cost Recognized As Share Based Compensation Expense
AmortizationOfDeferredInventoryCostRecognizedAsShareBasedCompensationExpense
3292000 USD
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AmortizationOfDeferredInventoryCostRecognizedAsShareBasedCompensationExpense
883000 USD
CY2013Q2 infn Amortization Of Deferred Inventory Cost Recognized As Share Based Compensation Expense
AmortizationOfDeferredInventoryCostRecognizedAsShareBasedCompensationExpense
1690000 USD
infn Available For Sale Investment Maturity Term Maximum
AvailableForSaleInvestmentMaturityTermMaximum
P18M
CY2014Q2 infn Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
38000 USD
CY2013Q4 infn Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
31000 USD
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AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
100000 USD
CY2013Q4 infn Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
155000 USD
infn British Pound Denominated Receivablesand Typically Maturities Period
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P35D
CY2014Q2 infn British Pound Denominated Receivablesand Typically Maturities Period
BritishPoundDenominatedReceivablesandTypicallyMaturitiesPeriod
P35D
CY2014Q2 infn Closing Price Of Common Stock
ClosingPriceOfCommonStock
9.55
infn Contractual Interest Expense
ContractualInterestExpense
219000 USD
CY2014Q2 infn Contractual Interest Expense
ContractualInterestExpense
656000 USD
infn Contractual Interest Expense
ContractualInterestExpense
1313000 USD
CY2013Q2 infn Contractual Interest Expense
ContractualInterestExpense
219000 USD
infn Cost Method Investments Ownership Percent Range Ceiling
CostMethodInvestmentsOwnershipPercentRangeCeiling
0.2
CY2014Q2 infn Customer Proposal Guarantee
CustomerProposalGuarantee
1876000 USD
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CustomerProposalGuarantee
1446000 USD
infn Debt Instrument Convertible Threshold Maximum Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdMaximumPercentageOfStockPriceTrigger
0.98
infn Debt Instrument Repurchase Price As Percentage Of Principal Amount Plus Accrued And Unpaid Interest In Event Of Change
DebtInstrumentRepurchasePriceAsPercentageOfPrincipalAmountPlusAccruedAndUnpaidInterestInEventOfChange
1
infn Debt Instruments Convertible Threshold Trading Days
DebtInstrumentsConvertibleThresholdTradingDays
P20D
CY2013Q1 infn Disposal Of Auction Rate Securities Par Value
DisposalOfAuctionRateSecuritiesParValue
3100000 USD
CY2014Q2 infn Euro Denominated Receivables And Typically Maturities Period
EuroDenominatedReceivablesAndTypicallyMaturitiesPeriod
P35D
infn Euro Denominated Receivables And Typically Maturities Period
EuroDenominatedReceivablesAndTypicallyMaturitiesPeriod
P35D
CY2014Q2 infn Loss Contingency Related To Non Cancelable Purchase Commitments
LossContingencyRelatedToNonCancelablePurchaseCommitments
5019000 USD
CY2013Q4 infn Loss Contingency Related To Non Cancelable Purchase Commitments
LossContingencyRelatedToNonCancelablePurchaseCommitments
5120000 USD
CY2014Q2 infn Number Of Shares Available For Grant Cost
NumberOfSharesAvailableForGrantCost
1800000 shares
infn Number Of Shares Available For Grant Cost
NumberOfSharesAvailableForGrantCost
2300000 shares
CY2014Q2 infn Other Comprehensive Income Loss Reclassification Adjustment For Available For Sale Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForAvailableForSaleSecuritiesIncludedInNetIncomeNetOfTax
0 USD
infn Other Comprehensive Income Loss Reclassification Adjustment For Available For Sale Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForAvailableForSaleSecuritiesIncludedInNetIncomeNetOfTax
-166000 USD
infn Other Comprehensive Income Loss Reclassification Adjustment For Available For Sale Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForAvailableForSaleSecuritiesIncludedInNetIncomeNetOfTax
0 USD
CY2013Q2 infn Other Comprehensive Income Loss Reclassification Adjustment For Available For Sale Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForAvailableForSaleSecuritiesIncludedInNetIncomeNetOfTax
0 USD
infn Proceeds From Maturities And Calls Of Investments
ProceedsFromMaturitiesAndCallsOfInvestments
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ProceedsFromMaturitiesAndCallsOfInvestments
116290000 USD
infn Product Warranty Change In Estimate
ProductWarrantyChangeInEstimate
-2989000 USD
infn Product Warranty Change In Estimate
ProductWarrantyChangeInEstimate
-1708000 USD
CY2013Q2 infn Product Warranty Change In Estimate
ProductWarrantyChangeInEstimate
-1094000 USD
CY2014Q2 infn Product Warranty Change In Estimate
ProductWarrantyChangeInEstimate
-2867000 USD
infn Product Warranty Utilization
ProductWarrantyUtilization
5612000 USD
infn Product Warranty Utilization
ProductWarrantyUtilization
4138000 USD
CY2014Q2 infn Product Warranty Utilization
ProductWarrantyUtilization
2370000 USD
CY2013Q2 infn Product Warranty Utilization
ProductWarrantyUtilization
2055000 USD
CY2014Q2 infn Property Leases
PropertyLeases
699000 USD
CY2013Q4 infn Property Leases
PropertyLeases
699000 USD
CY2013Q1 infn Realized Gain On Calls
RealizedGainOnCalls
200000 USD
infn Transfer Of Inventory To Fixed Assets
TransferOfInventoryToFixedAssets
978000 USD
infn Transfer Of Inventory To Fixed Assets
TransferOfInventoryToFixedAssets
4684000 USD
CY2013Q4 infn Value Added Tax License
ValueAddedTaxLicense
1430000 USD
CY2014Q2 infn Value Added Tax License
ValueAddedTaxLicense
1451000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-27
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-28
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001138639
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
123670547 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
INFINERA CORP
dei Trading Symbol
TradingSymbol
INFN
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
15105000 USD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
31529000 USD

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