Finisar Announces Record Revenues for Fiscal 2015
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SUNNYVALE, CA -- (Marketwired) -- 06/18/15 --
Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and full year fiscal 2015, ended May 3, 2015.
COMMENTARY
"Revenues for our fourth fiscal quarter were $320.0 million, an increase of $13.8 million, or 4.5% compared to the prior quarter," said Jerry Rawls, Finisar's executive Chairman of the Board. "Revenue growth was primarily driven by the benefit from an extra week in the fourth quarter partially offset by the impact of Chinese New Year."
"We also reported record revenue for the full fiscal year 2015, an increase of 8.1% over fiscal 2014, primarily driven by demand for datacom applications," said Eitan Gertel, Finisar's Chief Executive Officer.
FINANCIAL HIGHLIGHTS - Fourth QUARTER ENDED May 3, 2015
Summary GAAP Results Fourth Third
Quarter Quarter
Ended Ended
May 3, 2015 January 25, 2015
-------------------- --------------------
(in thousands, except per share amounts)
Revenues $320,042 $306,283
Gross margin 27.9% 25.5%
Operating expenses $78,933 $74,552
Operating income (loss) $10,284 $3,401
Operating margin 3.2% 1.1%
Net income (loss) $7,327 $1,678
Income per share - basic $0.07 $0.02
Income per share - diluted $0.07 $0.02
Basic shares 104,005 103,563
Diluted shares 107,535 105,990
Summary Non-GAAP Results (a) Fourth Third
Quarter Quarter
Ended Ended
May 3, 2015 January 25, 2015
-------------------- --------------------
(in thousands, except per share amounts)
Revenues $320,042 $306,283
Gross margin 30.3% 30.0%
Operating expenses $68,167 $65,128
Operating income $28,831 $26,852
Operating margin 9.0% 8.8%
Net income $26,873 $26,706
Income per share - basic $0.26 $0.26
Income per share - diluted $0.25 $0.25
Basic shares 104,005 103,563
Diluted shares 107,535 105,990
(a) In evaluating the operating performance of Finisar's business, Finisar
management utilizes financial measures that exclude certain charges and
credits required by U.S. generally accepted accounting principles, or
GAAP, that are considered by management to be outside Finisar's core
operating results. A reconciliation of Finisar's non-GAAP financial
measures to the most directly comparable GAAP measures, as well as
additional related information, can be found under the heading "Finisar
Non-GAAP Financial Measures" below.
Financial Statement Highlights for the Fourth Quarter of Fiscal 2015:
- Revenues increased to $320.0 million, up $13.8 million, or 4.5%, from $306.3 million in the preceding quarter.
- Sales of products for datacom applications increased by $7.6 million, or 3.2%, compared to the preceding quarter, primarily driven by the benefit from an extra week in the fourth quarter, partially offset by the impact of Chinese New Year.
- Sales of products for telecom applications increased by $6.2 million, or 8.6%, compared to the preceding quarter, primarily due to the benefit of an extra week in the fourth quarter partially offset by the impact of three month of the annual telecom price reduction that typically takes effect on January 1 and the impact of Chinese New Year.
- GAAP gross margin increased to 27.9% from 25.5% in the preceding quarter, primarily due to a $5.7 million non-cash charge for the impairment of long-lived assets during the preceding quarter, not present in the fourth quarter.
- Non-GAAP gross margin improved to 30.3% compared to 30.0% in the preceding quarter, primarily due to the improvement in yields for a new optical engine product for supercomputing applications that we started to ramp in the third quarter of fiscal 2015 that had negatively impacted gross margin during that third quarter, partially offset by the impact of the full three months of the annual telecom price reduction that typically takes effect on January.
- GAAP operating expenses increased $4.4 million to $78.9 million from $74.6 million in the preceding quarter.
- Non-GAAP operating expenses increased $3.1 million to $68.2 million from $65.1 million in the preceding quarter, primarily due to the extra week of salaries in Q4 relative to Q3, higher R&D project materials associated with the qualification of our new products, and higher S&M expenses due to the higher revenue level.
- GAAP operating income increased $6.9 million, to $10.3 million or 3.2% of revenues, compared to $3.4 million or 1.1% of revenues in the preceding quarter.
- Non-GAAP operating income increased $1.9 million to $28.8 million, or 9.0% of revenues, compared to $26.9 million, or 8.8% of revenues, in the preceding quarter.
- Cash, cash equivalents and short term investments increased $1.3 million to $490.2 million at the end of the fourth quarter, compared to $488.9 million at the end of the preceding quarter.
FINANCIAL HIGHLIGHTS - FISCAL YEAR 2015 ENDED May 3, 2015
Summary GAAP Results
Fiscal Year Fiscal Year
Ended Ended
May 3, 2015 April 27, 2014
-------------------- --------------------
(in thousands, except per share amounts)
Revenues $1,250,944 $1,156,833
Gross margin 28.1% 34.3%
Operating expenses $324,116 $285,584
Operating income $26,794 $111,415
Operating margin 2.1% 9.6%
Net income $11,887 $111,787
Income per share - basic $0.12 $1.16
Income per share - diluted $0.11 $1.09
Basic shares 101,408 95,979
Diluted shares 104,970 104,112
Summary Non-GAAP Results (a)
Fiscal Year Fiscal Year
Ended Ended
May 3, 2015 April 27, 2014
-------------------- --------------------
(in thousands, except per share amounts)
Revenues $1,250,944 $1,156,833
Gross margin 30.9% 35.9%
Operating expenses $270,040 $253,202
Operating income $116,071 $162,341
Operating margin 9.3% 14.0%
Net income $110,376 $157,021
Income per share - basic $1.09 $1.64
Income per share - diluted $1.04 $1.53
Basic shares 101,408 95,979
Diluted shares 106,819 104,112
(a) In evaluating the operating performance of Finisar's business, Finisar
management utilizes financial measures that exclude certain charges and
credits required by U.S. generally accepted accounting principles, or
GAAP, that are considered by management to be outside Finisar's core
operating results. A reconciliation of Finisar's non-GAAP financial
measures to the most directly comparable GAAP measures, as well as
additional related information, can be found under the heading "Finisar
Non-GAAP Financial Measures" below.
Financial Statement Highlights for fiscal 2015:
- Revenues increased to $1,250.9 million, up $94.1 million, or 8.1%, from $1,156.8 million in the preceding year.
- The sale of products for datacom applications increased by $111.4 million, or 13.6%, compared to the preceding year.
- The sale of products for telecom applications decreased by $17.3 million, or (5.2)%, compared to the preceding year.
- GAAP gross margin decreased to 28.1% from 34.3% in the preceding year, primarily due to the impact of the annual average sales price erosion.
- Non-GAAP gross margin decreased to 30.9% from 35.9% in the preceding year.
- GAAP operating income decreased $84.6 million to $26.8 million, or 2.1% of revenues, compared to $111.4 million, or 9.6% of revenues in the preceding year, primarily due to the lower gross margins.
- Non-GAAP operating income decreased $46.3 million to $116.1 million, or 9.3% of revenues, compared to $162.3 million, or 14.0% of revenues, in the preceding year.
OUTLOOK
The Company indicated that for the first quarter of fiscal 2016 it currently expects revenues in the range of $308 to $328 million, non-GAAP gross margin of approximately 30.5%, non-GAAP operating margin of approximately 8.8% to 9.8%, and non-GAAP earnings per diluted share in the range of approximately $0.23 to $0.29. Please note that the first quarter fiscal 2016 will have 13 weeks compared to 14 weeks in the preceding quarter.
CONFERENCE CALL
Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Thursday, June 18, 2015, at 2:00 pm PT (5:00 pm ET). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 877-397-0286 (domestic) or + 719-325-4857 (international) and enter conference ID 9819662.
An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or +1-719-457-0820 and then following the prompts: enter conference ID 9819662 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.
SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statement concerning Finisar's expected financial performance. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; intensive competition; and the uncertainty of achieving anticipated cost savings and synergies in connection with the recently completed u2t acquisition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 26, 2014) and quarterly SEC filings.
ABOUT FINISAR
Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.
FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP.
Finisar Corporation
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three
Months
Three Months Ended Twelve Months Ended Ended
-------------------- ----------------------- -----------
May 03, April 27, May 03, April 27, January 25,
2015 2014 2015 2014 2015
----------------------------------------------------------------------------
Revenues $ 320,042 $ 306,025 $ 1,250,944 $ 1,156,833 $ 306,283
Cost of revenues 229,390 208,135 888,573 754,773 221,173
Impairment of
acquired developed
technology and
other long-lived
assets - - 5,722 - 5,722
Amortization of
acquired developed
technology 1,435 1,326 5,739 5,061 1,435
--------- --------- ----------- ----------- -----------
Gross profit 89,217 96,564 350,910 396,999 77,953
Gross margin 27.9% 31.6% 28.1% 34.3% 25.5%
Operating expenses:
Research and
development 51,117 48,132 202,089 183,355 48,782
Sales and marketing 11,800 11,509 46,178 46,547 10,926
General and
administrative 15,303 15,133 72,856 53,214 14,062
Impairment of
acquired developed
technology and
other long-lived
assets - - 45 - 45
Amortization of
purchased
intangibles 713 683 2,948 2,468 737
--------- --------- ----------- ----------- -----------
Total operating
expenses 78,933 75,457 324,116 285,584 74,552
--------- --------- ----------- ----------- -----------
Income from
operations 10,284 21,107 26,794 111,415 3,401
Interest income 536 485 1,811 1,319 321
Interest expense (3,335) (2,965) (12,022) (5,547) (2,686)
Other income
(expenses), net 4,041 8,124 4,099 7,234 2,051
--------- --------- ----------- ----------- -----------
Income before income
taxes and non-
controlling
interest 11,526 26,751 20,682 114,421 3,087
Provision (benefits)
for income taxes 4,199 (1,932) 8,795 2,884 1,409
--------- --------- ----------- ----------- -----------
Income before non-
controlling
interest 7,327 28,683 11,887 111,537 1,678
Adjust for net loss
attributable to
non-controlling
interest - 67 - 250 -
--------- --------- ----------- ----------- -----------
Net income
attributable to
Finisar Corporation $ 7,327 $ 28,750 $ 11,887 $ 111,787 $ 1,678
========= ========= =========== =========== ===========
Net income per share
attributable to
Finisar Corporation
common
stockholders:
Basic $ 0.07 $ 0.30 $ 0.12 $ 1.16 $ 0.02
Diluted $ 0.07 $ 0.28 $ 0.11 $ 1.09 $ 0.02
Shares used in
computing net
income per share -
basic 104,005 96,965 101,408 95,979 103,563
Shares used in
computing net
income per share -
diluted 107,535 105,418 104,970 104,112 105,990
Finisar Corporation
Consolidated Balance Sheets
(in thousands)
May 03, January 25, October 26, July 27, April 27,
2015 2015 2014 2014 2014
----------- ------------ ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash
equivalents $ 197,443 $ 198,344 $ 186,952 $ 287,455 $ 303,101
Short-term
held-to-
maturity
investments 292,748 290,520 290,478 209,927 209,922
Accounts
receivable,
net 213,234 210,116 213,721 231,312 225,020
Accounts
receivable,
other 40,650 41,540 34,573 41,595 33,749
Inventories 283,670 277,862 284,789 270,122 259,759
Prepaid
expenses and
other assets 36,518 37,265 38,065 38,582 33,022
----------- ------------ ----------- ----------- -----------
Total current
assets 1,064,263 1,055,647 1,048,578 1,078,993 1,064,573
Property,
equipment and
improvements,
net 315,777 304,547 306,331 301,020 273,328
Purchased
intangible
assets, net 27,188 29,336 31,508 33,680 34,141
Goodwill 106,735 106,735 106,735 106,735 106,115
Minority
investments 2,847 2,647 2,547 2,317 2,117
Other assets 35,072 22,444 22,528 20,907 17,272
----------- ------------ ----------- ----------- -----------
Total assets $ 1,551,882 $ 1,521,356 $ 1,518,227 $ 1,543,652 $ 1,497,546
=========== ============ =========== =========== ===========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts
payable $ 131,510 $ 123,895 $ 113,235 $ 143,224 $ 119,439
Accrued
compensation 24,918 30,632 35,354 28,215 38,541
Other accrued
liabilities 39,238 32,029 33,716 27,815 31,776
Deferred
revenue 9,850 11,240 12,358 16,872 16,659
Current
portion of
convertible
notes - - 36,665 40,015 40,015
----------- ------------ ----------- ----------- -----------
Total current
liabilities 205,516 197,796 231,328 256,141 246,430
Long-term
liabilities:
Convertible
notes, net of
current
portion 221,406 219,072 216,775 214,496 212,253
Other non-
current
liabilities 21,167 24,184 24,900 24,042 22,804
----------- ------------ ----------- ----------- -----------
Total
liabilities 448,089 441,052 473,003 494,679 481,487
Stockholders'
equity:
Common stock 104 104 100 100 97
Additional
paid-in
capital 2,551,114 2,537,231 2,485,133 2,469,687 2,456,110
Accumulated
other
comprehensive
income 861 (1,418) 17,282 25,116 20,025
Accumulated
deficit (1,448,286) (1,455,613) (1,457,291) (1,445,930) (1,460,173)
----------- ------------ ----------- ----------- -----------
Total
stockholders'
equity 1,103,793 1,080,304 1,045,224 1,048,973 1,016,059
----------- ------------ ----------- ----------- -----------
Total
liabilities
and
stockholders'
equity $ 1,551,882 $ 1,521,356 $ 1,518,227 $ 1,543,652 $ 1,497,546
=========== ============ =========== =========== ===========
Note - Balance sheet amounts as of April 27, 2014 are derived from the
audited consolidated financial statements as of the date.
FINISAR NON-GAAP FINANCIAL MEASURES
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: non-GAAP gross profit, non-GAAP operating income and non-GAAP income per share. These non-GAAP financial measures are supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.
In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods in this release:
- Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits);
- Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
- Duplicate facilities costs during facilities move (non-recurring cash charges)
- Stock-based compensation expense (non-cash charges);
- Abandonment of fixed assets (non-recurring non-cash charges);
- Impairment of long-lived assets (non-recurring non-cash charges);
- Acquisition method accounting adjustment for sale of acquired inventory (non-recurring non-cash charges);
- Reduction in force costs (non-recurring cash charges); and
- Acquisition related retention payments (non-recurring cash charges).
In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods in this release:
- Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits);
- Employee and employer tax liabilities related to the 2006 special investigation into our historical stock option granting practices (non-recurring cash charges);
- Shareholder class action and derivative litigation costs (non-recurring cash charges associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement);Acquisition related costs (non-recurring cash charges);
- Impairment of acquired R&D reimbursement receivable (non-recurring non-cash charges);
- Amortization of purchased intangibles (non-cash charges); and
- Impairment of long-lived assets (non-recurring non-cash charges).
In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods in this release:
- Imputed interest expenses on convertible debt (non-cash charges);
- Imputed interest related to restructuring (non-cash charges);
- Gains and losses on sales of assets (non-recurring and/or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
- Gains and losses related to minority investments (non-cash or non-recurring benefits or charges);
- Other miscellaneous expenses (income) (non-recurring charges or benefits);
- Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits);
- Amortization of debt issuance costs (non-cash charges);
- Non-controlling interest non-GAAP adjustment (non-cash and/or non-recurring charges or benefits attributable to the non-controlling interest in majority-controlled subsidiaries); and
- Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items.
A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:
Finisar Corporation
Reconciliation of Results of Operations under GAAP and non-GAAP
(Unaudited, in thousands, except per share data)
Three
Months
Three Months Ended Twelve Months Ended Ended
--------------------- --------------------- ----------
May 03, April 27, May 03, April 27, January
2015 2014 2015 2014 25, 2015
----------------------------------------------------------------------------
GAAP to non-GAAP
reconciliation of
gross profit:
Gross profit - GAAP $ 89,217 $ 96,564 $ 350,910 $ 396,999 $ 77,953
Gross margin - GAAP 27.9% 31.6% 28.1% 34.3% 25.5%
Adjustments:
Cost of revenues
Change in excess
and obsolete
inventory reserve 2,752 3,384 10,293 3,439 3,772
Amortization of
acquired
technology 1,435 1,326 5,739 5,061 1,435
Duplicate facility
costs during
facility move 4 776 6
Stock compensation 2,692 2,531 10,216 8,738 2,660
Abandonment of
fixed assets - - 124 - -
Impairment of long-
lived assets 420 - 6,142 - 5,722
Acquisition method
accounting
adjustment for
sale of acquired
inventory - 822 - 822 -
Reduction in force
costs 406 124 1,571 228 371
Acquisition related
retention payment 72 62 340 256 61
---------- ---------- ---------- ---------- ----------
Total cost of
revenue
adjustments 7,781 8,249 35,201 18,544 14,027
---------- ---------- ---------- ---------- ----------
Gross profit - non-
GAAP 96,998 104,813 386,111 415,543 91,980
---------- ---------- ---------- ---------- ----------
Gross margin - non-
GAAP 30.3% 37.2% 30.9% 35.9% 30.0%
GAAP to non-GAAP
reconciliation of
operating income:
Operating income -
GAAP 10,284 21,107 26,794 111,415 3,401
Operating margin -
GAAP 3.2% 6.9% 2.1% 9.6% 1.1%
Adjustments:
Total cost of revenue
adjustments 7,781 8,249 35,201 18,544 14,027
Research and
development
Reduction in force
costs 82 - 790 28 23
Acquisition related
retention payment 104 190 595 761 132
Stock compensation 5,084 4,056 18,916 15,645 4,669
Duplicate facility
costs during
facility move 143 - 1,009 - 99
Impairment of
acquired R&D
reimbursement
receivable 87 - 87 - -
Sales and marketing
Acquisition related
retention payment 12 17 50 68 9
Stock compensation 1,749 1,406 6,503 5,341 1,600
General and
administrative
Reduction in force
costs - 69 103 227 49
Duplicate facility
costs - - 152 - 36
Acquisition related
retention payment 8 8 (24) 1,044 7
Stock compensation 2,894 2,525 10,977 10,229 2,654
Payroll taxes
related to options
investigation 17 - 34 - -
Acquisition related
costs 18 567 292 1,507 36
Litigation
settlements and
resolutions and
related costs
(benefits) (6) 5 11,748 15 (662)
Shareholder class
action and
derivative
litigation costs
(benefits) (138) - (148) (4,951) (10)
Amortization of
purchased
intangibles 713 683 2,948 2,468 737
Impairment of long-
lived assets (1) - 44 - 45
---------- ---------- ---------- ---------- ----------
Total cost of
revenue and
operating
expense
adjustments 18,547 17,775 89,277 50,926 23,451
---------- ---------- ---------- ---------- ----------
Operating income -
non-GAAP 28,831 38,882 116,071 162,341 26,852
---------- ---------- ---------- ---------- ----------
Operating margin -
non-GAAP 9.0% 12.7% 9.3% 14.0% 8.8%
GAAP to non-GAAP
reconciliation of
income attributable
to Finisar
Corporation:
Net income
attributable to
Finisar Corporation
- GAAP 7,327 28,750 11,887 111,787 1,678
Adjustments:
Total cost of revenue
and operating
expense adjustments 18,547 17,775 89,277 50,926 23,451
Non-cash imputed
interest expenses on
convertible debt 2,334 2,225 9,153 3,152 2,297
Imputed interest
related to
restructuring 47 53 196 220 48
Amortization of debt
issuance costs 616 - 616 - -
Other (income)
expense, net
Loss (gain) on sale
of assets (559) (8,156) (317) (8,291) 31
Gain related to
minority
investments (1,470) - (1,470) (743) -
Other miscellaneous
income (850) - (1,028) (5) (167)
Foreign exchange
transaction (gain)
or loss (607) (69) 1,373 2,490 (338)
Amortization of
debt issuance
costs (462) 155 - 231 154
Provision for income
taxes
Income tax
provision
adjustments 1,950 (3,737) 689 (3,116) (448)
Non-controlling
interest non-GAAP
adjustment - (4) - 370 -
---------- ---------- ---------- ---------- ----------
Total adjustments 19,546 8,242 98,489 45,234 25,028
---------- ---------- ---------- ---------- ----------
Net income
attributable to
Finisar Corporation
- non-GAAP $ 26,873 $ 36,992 $ 110,376 $ 157,021 $ 26,706
========== ========== ========== ========== ==========
Non-GAAP income
attributable to
Finisar Corporation $ 26,873 $ 36,992 $ 110,376 $ 157,021 $ 26,706
Add: interest expense
for dilutive
convertible notes - 539 1,072 2,156 -
---------- ---------- ---------- ---------- ----------
Adjusted non-GAAP
income attributable
to Finisar
Corporation $ 26,873 $ 37,531 $ 111,448 $ 159,177 $ 26,706
========== ========== ========== ========== ==========
Non-GAAP income per
share attributable
to Finisar
Corporation common
stockholders
Basic $ 0.26 $ 0.38 $ 1.09 $ 1.64 $ 0.26
Diluted $ 0.25 $ 0.36 $ 1.04 $ 1.53 $ 0.25
Shares used in
computing non-GAAP
income per share
attributable to
Finisar Corporation
common stockholders
Basic 104,005 96,965 101,408 95,979 103,563
Diluted 107,535 105,418 106,819 104,112 105,990
Non-GAAP EBITDA
Non-GAAP income
attributable to
Finisar Corporation $ 26,873 $ 36,992 $ 110,376 $ 157,021 $ 26,706
Depreciation expense 20,488 17,518 82,422 62,026 21,371
Amortization - 94 72 376 -
Interest expense (197) 202 247 856 20
Income tax expense 2,249 1,805 8,106 6,000 1,857
---------- ---------- ---------- ---------- ----------
Non-GAAP EBITDA $ 49,413 $ 56,611 $ 201,223 $ 226,279 $ 49,954
========== ========== ========== ========== ==========
Finisar-F
Investor Contact:Kurt Adzema Chief Financial Officer 408-542-5050 [email protected] Press contact:Victoria McDonaldDirector, Corporate Communications408-542-4261
Source: Finisar
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