INFINERA CORP
CIK:0001138639|SEC Filings
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Revenue: | |||
| Revenue | $ 1,418,446 | $ 1,614,128 | $ 1,573,242 |
| Cost of revenue: | |||
| Amortization of intangible assets | 0 | 10,621 | 23,138 |
| Restructuring and other related costs | 596 | 2,218 | 222 |
| Total cost of revenue | 873,886 | 991,216 | 1,037,466 |
| Gross profit | 544,560 | 622,912 | 535,776 |
| Operating expenses: | |||
| Research and development | 300,437 | 316,879 | 306,188 |
| Sales and marketing | 158,861 | 166,938 | 146,445 |
| General and administrative | 132,680 | 124,874 | 118,602 |
| Amortization of intangible assets | 9,025 | 12,344 | 14,576 |
| Merger-related charges | 23,021 | 0 | 0 |
| Restructuring and other related costs | 4,186 | 6,717 | 10,122 |
| Total operating expenses | 628,210 | 627,752 | 595,933 |
| Loss from operations | (83,650) | (4,840) | (60,157) |
| Other income (expense), net: | |||
| Interest income | 3,383 | 2,716 | 893 |
| Interest expense | (32,302) | (30,609) | (26,015) |
| Gain on extinguishment of debt | 0 | 0 | 15,521 |
| Other gain (loss), net | (20,457) | 15,325 | 14,247 |
| Total other income (expense), net | (49,376) | (12,568) | 4,646 |
| Loss before income taxes | (133,026) | (17,408) | (55,511) |
| Provision for income taxes | 17,312 | 7,805 | 20,532 |
| Net loss | $ (150,338) | $ (25,213) | $ (76,043) |
| Net loss per common share: | |||
| Basic (in dollars per share) | $ (0.64) | $ (0.11) | $ (0.35) |
| Diluted (in dollars per share) | $ (0.64) | $ (0.11) | $ (0.35) |
| Weighted average shares used in computing net loss per common share: | |||
| Basic (in shares) | 234,672 | 226,726 | 216,376 |
| Diluted (in shares) | 234,672 | 226,726 | 216,376 |
| Product | |||
| Revenue: | |||
| Revenue | $ 1,103,131 | $ 1,304,229 | $ 1,268,624 |
| Cost of revenue: | |||
| Cost of revenue | 706,498 | 810,845 | 852,476 |
| Services | |||
| Revenue: | |||
| Revenue | 315,315 | 309,899 | 304,618 |
| Cost of revenue: | |||
| Cost of revenue | $ 166,792 | $ 167,532 | $ 161,630 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 145,808 | $ 172,505 |
| Short-term restricted cash | 0 | 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 |
| 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 (Note 12) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.001 par value Authorized shares—25,000 and no shares issued and outstanding | 0 | 0 |
| 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 |