FINISAR CORP

CIK:0001094739|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 28, 2019	Jul. 29, 2018
Income Statement [Abstract]
Revenues	$ 285,028	$ 317,336
Cost of revenues	197,627	236,156
Amortization of acquired developed technology	471	496
Impairment of long-lived assets	1,665	0
Gross profit	85,265	80,684
Operating expenses:
Research and development	52,151	63,059
Sales and marketing	12,107	12,480
General and administrative	13,234	12,643
Start-up costs	17,076	7,553
Amortization of purchased intangibles	230	640
Total operating expenses	94,798	96,375
Loss from operations	(9,533)	(15,691)
Interest income	4,424	5,155
Interest expense	(6,423)	(9,386)
Other expense, net	(2,132)	(1,789)
Loss before income taxes	(13,664)	(21,711)
Provision for (benefit from) income taxes	(4,947)	(3,222)
Net loss	$ (8,717)	$ (18,489)
Net loss per share:
Basic (in dollars per share)	$ (0.07)	$ (0.16)
Diluted (in dollars per share)	$ (0.07)	$ (0.16)
Shares used in computing net loss per share:
Basic (shares)	119,216	115,867
Diluted (shares)	119,216	115,867

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2019	Jul. 29, 2018
Operating activities
Net loss	$ (8,717)	$ (18,489)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	22,592	24,799
Amortization	932	1,521
Stock-based compensation expense	15,722	15,141
Amortization of discount on held-to-maturity investments	0	(2,626)
Impairment of long-lived assets	1,665	188
Amortization of discount on convertible debt	5,464	7,927
Deferred income tax (benefit) expense	(7,241)	(7,282)
Changes in operating assets and liabilities:
Accounts receivable	6,789	(11,447)
Inventories	(20,587)	11,298
Other assets	3,248	8,472
Accounts payable	(7,121)	9,851
Accrued compensation	1,539	2,824
Other accrued liabilities	2,828	17,639
Net cash provided by operating activities	17,113	59,816
Investing activities
Additions to property, equipment and improvements	(45,228)	(104,902)
Purchases of short-term investments	0	(659,709)
Maturities of short-term investments	100,000	714,348
Net cash provided by (used in) investing activities	54,772	(50,263)
Financing activities
Repayment of 2033 Notes	(1,054)	0
Proceeds from the issuance of shares under equity plans and employee stock purchase plan	121	6,780
Shares repurchased for tax withholdings on vesting of restricted stock units	(2,868)	(2,401)
Net cash provided by (used in) financing activities	(3,801)	4,379
Net increase in cash and cash equivalents	68,084	13,932
Cash and cash equivalents at beginning of period	814,185	312,257
Cash and cash equivalents at end of period	882,269	326,189
Supplemental disclosure of cash flow information
Cash paid for interest	1,438	2,085
Cash paid for taxes	$ 1,306	$ 2,699

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 28, 2019	Apr. 28, 2019
Current assets:
Cash and cash equivalents	$ 882,269	$ 814,185
Short-term investments	0	100,000
Accounts receivable, net of allowance for doubtful accounts of $220 at July 28, 2019 and $216 at April 28, 2019	256,605	263,394
Inventories	320,555	299,028
Other current assets	40,179	44,224
Total current assets	1,499,608	1,520,831
Property, equipment and improvements, net	633,323	622,979
Purchased intangible assets, net	3,631	4,182
Goodwill	106,736	106,736
Other assets	62,413	15,462
Deferred tax assets	89,218	81,977
Total assets	2,394,929	2,352,167
Current liabilities:
Accounts payable	119,628	132,440
Accrued compensation	33,343	31,804
Other accrued liabilities	66,163	49,495
Total current liabilities	219,134	213,739
Long-term liabilities:
Convertible debt	516,746	512,105
Other non-current liabilities	44,906	12,162
Total liabilities	780,786	738,006
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued and outstanding at July 28, 2019 and April 28, 2019	0	0
Common stock, $0.001 par value, 750,000 shares authorized	120	118
Additional paid-in capital	2,933,917	2,919,305
Accumulated other comprehensive loss	(54,483)	(48,568)
Accumulated deficit	(1,265,411)	(1,256,694)
Total stockholders' equity	1,614,143	1,614,161
Total liabilities and stockholders' equity	$ 2,394,929	$ 2,352,167