Exhibit 99.1
| | |
Contacts: | | |
Press: Jeff Ferry | | Investors/Analysts: Bob Blair |
jferry@infinera.com | | bblair@infinera.com |
Infinera Corporation | | Infinera Corporation |
408-572-5213 | | 408-716-4879 |
Infinera Corporation Reports First Quarter 2010 Financial Results
Grows Revenues for Fourth Straight Quarter to $95.8 Million; Achieves Positive Cash Flow; Adds Five
New Customers
Sunnyvale, CA, April 20, 2010 – Infinera Corporation (Nasdaq: INFN), a leading provider of digital optical communications systems, today released financial results for the first quarter ended March 27, 2010.
| | • | | GAAP revenues for the first quarter of 2010 were $95.8 million compared to $90.2 million in the fourth quarter of 2009 and $66.6 million in the first quarter of 2009. |
| | • | | GAAP gross margins for the quarter were 39% compared to 38% in the fourth quarter of 2009 and 30% in the first quarter of 2009. GAAP net loss for the quarter was $20.0 million, or $(0.21) per share, compared to $18.7 million, or $(0.19) per share, in the fourth quarter of 2009 and $24.3 million, or $(0.26) per share, in the first quarter of 2009. |
| | • | | Non-GAAP gross margins for the first quarter of 2010 were 41% compared to 40% in the fourth quarter of 2009 and 31% in the first quarter of 2009, excluding restructuring and other related costs and non-cash stock-based compensation. Non-GAAP net loss for the first quarter of 2010 was $7.0 million, or $(0.07) per share, compared to net loss of $6.5 million, or $(0.07) per share in the fourth quarter of 2009 and net loss of $17.6 million, or $(0.19) per share, in the first quarter of 2009. |
Management Commentary
“Our solid first quarter results demonstrate that market demand remains strong for Infinera’s PIC-based networks, which provide the optical industry’s most cost-effective solution and most advanced intelligent bandwidth management capabilities,” said Tom Fallon, president and chief executive officer. “In the first quarter of 2010, we grew revenue for the fourth consecutive quarter, improved gross margins for the third consecutive quarter and had record bookings for the second quarter in a row.
“Against the backdrop of an improving technology spending environment, business activity is healthy across all our major markets and customer segments,” said Fallon. “During the first quarter we added five new customers to our roster including one of Japan’s top three service providers, and we continued to grow our footprint across an expanded set of market opportunities.”
The company also noted the following developments:
| | • | | With the addition of the five new customers this quarter, the company’s total customer count is 74. Among the new customers, three were from North America, one from Europe and one from Asia. The new Asia-based customer has begun Infinera deployments in both Asia and North America. |
| | • | | One new ATN win this quarter which brings the company’s total ATN customer count to seven, six of which are existing DTN customers. |
| | • | | The company won expanded footprint with existing customers including a new significant opportunity with an existing Tier One account for a Latin American deployment, as well as an expanded relationship with another customer that will include participating in a series of large overbuilds in a global capacity expansion. |
| | • | | The Company generated $2.3 million of cash from operations for the quarter. |
| | • | | The top 5 customers for the quarter included Level 3, two additional established carriers and two of the world’s largest internet content providers. Level 3 and one of the leading internet content providers were 10% or greater customers at 22% and 16% of revenue, respectively. |
Conference Call Information:
Infinera will host a conference call for analysts and investors to discuss its first quarter results and second quarter outlook today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the “Investor Relations” section of the company’s website at www.infinera.com. Following the webcast, an archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-866-395-9179. International parties can access the replay at 1-203-369-0503.
About Infinera
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera’s systems are unique in their use of a breakthrough semiconductor technology: the Photonic Integrated Circuit (PIC). Infinera’s systems and PIC technology are designed to provide optical networks with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit www.infinera.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about our belief that the market demand for our solutions and systems remain strong, our belief that our PIC-based network provides the optical industry’s most cost-effective solution and most advanced intelligent bandwidth management capabilities, our belief that we are seeing an improvement in the technology spending environment, our belief that business activity is healthy across all our major markets and customer segments, and our belief that we are continuing to grow our footprint across an expanded set of market opportunities. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs and develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our customers; our ability to reduce customer concentration; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the U.S. Securities and Exchange Commission (SEC). More information about these and other risks that may impact Infinera’s business are set forth in our annual report on Form 10-K, which was filed with the SEC on March 1, 2010, as well as subsequent reports filed with the SEC. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these 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 measures that exclude non-cash stock-based compensation expenses and non-recurring restructuring and other related costs. We believe these adjustments are appropriate to enhance an overall understanding of our underlying financial performance and also our prospects for the future and are considered by management for the purpose of making operational decisions. In addition, these results are the primary indicators management uses as a basis for our 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 net income or basic and diluted net income per 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 to the most directly comparable GAAP financial measures, please see the section titled, “GAAP to Non-GAAP Reconciliations.” We anticipate disclosing forward-looking non-GAAP information in our conference call to discuss our first quarter 2010 results, including an estimate of non-GAAP earnings for the second quarter of 2010 that excludes non-cash stock-based compensation expenses.
A copy of this press release can be found on the investor relations page of Infinera’s website at www.infinera.com.
Infinera Corporation and the Infinera logo are trademarks or registered trademarks of Infinera Corporation. All other trademarks used or mentioned herein belong to their respective owners.
Infinera Corporation
GAAP Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| | | | | | | | |
| | | Three Months Ended | |
| | | March 27,
2010 | | | March 28,
2009 | |
Revenue: | | | | | | | | |
Product | | $ | 86,167 | | | $ | 59,148 | |
Ratable product and related support and services | | | 1,614 | | | | 1,469 | |
Services | | | 7,979 | | | | 5,963 | |
| | | | | | | | |
Total revenue | | | 95,760 | | | | 66,580 | |
Cost of revenue (1): | | | | | | | | |
Cost of product | | | 55,440 | | | | 43,865 | |
Cost of ratable product and related support and services | | | 755 | | | | 730 | |
Cost of services | | | 2,542 | | | | 2,015 | |
Restructuring credit related to cost of revenue | | | (93 | ) | | | — | |
| | | | | | | | |
Total cost of revenue | | | 58,644 | | | | 46,610 | |
| | |
Gross profit | | | 37,116 | | | | 19,970 | |
Operating expenses (1): | | | | | | | | |
Research and development | | | 28,483 | | | | 22,034 | |
Sales and marketing | | | 13,037 | | | | 11,123 | |
General and administrative | | | 15,737 | | | | 10,127 | |
Restructuring and other costs | | | 161 | | | | — | |
| | | | | | | | |
Total operating expenses | | | 57,418 | | | | 43,284 | |
| | |
Loss from operations | | | (20,302 | ) | | | (23,314 | ) |
| | |
Other income (expense), net: | | | | | | | | |
Interest income | | | 485 | | | | 918 | |
Other gain (loss), net: | | | (316 | ) | | | (1,814 | ) |
| | | | | | | | |
Total other income (expense), net | | | 169 | | | | (896 | ) |
| | |
Loss before provision of income taxes | | | (20,133 | ) | | | (24,210 | ) |
Provision for (benefit from) income taxes | | | (142 | ) | | | 118 | |
| | | | | | | | |
Net loss | | $ | (19,991 | ) | | $ | (24,328 | ) |
| | | | | | | | |
Net loss per common share, basic and diluted | | $ | (0.21 | ) | | $ | (0.26 | ) |
| | | | | | | | |
Weighted average shares used in computing basic and diluted net loss per common share | | | 97,276 | | | | 94,275 | |
| | | | | | | | |
| (1) | The following table summarizes the effects of stock-based compensation related to employees and non-employees for the three months ended March 27, 2010 and March 28, 2009: |
| | | | | | |
| | | Three Months Ended |
| | | March 27,
2010 | | March 28,
2009 |
| | | |
Cost of revenue | | $ | 569 | | $ | 379 |
Research and development | | | 3,423 | | | 1,732 |
Sales and marketing | | | 1,847 | | | 1,414 |
General and administration | | | 5,709 | | | 2,645 |
| | | | | | |
| | | 11,548 | | | 6,170 |
Cost of revenue - amortization from balance sheet* | | | 1,362 | | | 566 |
| | | | | | |
Total stock-based compensation expense | | $ | 12,910 | | $ | 6,736 |
| | | | | | |
| * | Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period. |
Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 27,
2010 | | | December 26,
2009 | | | March 28,
2009 | |
Reconciliation of Gross Profit: | | | | | | | | | | | | |
U.S. GAAP as reported | | $ | 37,116 | | | $ | 34,167 | | | $ | 19,970 | |
Restructuring and other related costs(1) | | | (93 | ) | | | 302 | | | | — | |
Stock-based compensation(2) | | | 1,931 | | | | 1,704 | | | | 945 | |
| | | | | | | | | | | | |
Non-GAAP as adjusted | | $ | 38,954 | | | $ | 36,173 | | | $ | 20,915 | |
| | | | | | | | | | | | |
Reconciliation of Gross Margin: | | | | | | | | | | | | |
U.S. GAAP as reported | | | 39 | % | | | 38 | % | | | 30 | % |
Restructuring and other related costs(1) | | | — | % | | | — | % | | | — | % |
Stock-based compensation(2) | | | 2 | % | | | 2 | % | | | 1 | % |
| | | | | | | | | | | | |
Non-GAAP as adjusted | | | 41 | % | | | 40 | % | | | 31 | % |
| | | | | | | | | | | | |
Reconciliation of Net Loss: | | | | | | | | | | | | |
U.S. GAAP as reported | | $ | (19,991 | ) | | $ | (18,651 | ) | | $ | (24,328 | ) |
Restructuring and other related costs(1) | | | 68 | | | | 515 | | | | — | |
Stock-based compensation(2) | | | 12,910 | | | | 11,641 | | | | 6,736 | |
| | | | | | | | | | | | |
Non-GAAP as adjusted | | $ | (7,013 | ) | | $ | (6,495 | ) | | $ | (17,592 | ) |
| | | | | | | | | | | | |
Reconciliation of Net Loss per Common Share: | | | | | | | | | | | | |
U.S. GAAP as reported | | $ | (0.21 | ) | | $ | (0.19 | ) | | $ | (0.26 | ) |
Restructuring and other related costs(1) | | | — | | | | 0.01 | | | | — | |
Stock-based compensation(2) | | | 0.14 | | | | 0.11 | | | | 0.07 | |
| | | | | | | | | | | | |
Non-GAAP as adjusted | | $ | (0.07 | ) | | $ | (0.07 | ) | | $ | (0.19 | ) |
| | | | | | | | | | | | |
Weighted average shares used in computing basic and diluted net loss per common share: | | | 97,276 | | | | 96,573 | | | | 94,275 | |
| | | | | | | | | | | | |
| (1) | Adjustment amount represents restructuring and other related costs recorded in relation to the closure of our Maryland FAB announced on July 21, 2009. These amounts have been adjusted in arriving at our non-GAAP results as they are non-recurring in nature and the adjusted numbers provide a better indication of our underlying business performance. |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 27, 2010 | | | December 26, 2009 | |
| | | Cost of
Revenue | | | Operating
Expenses | | Total | | | Cost of
Revenue | | | Operating
Expenses | | | Total | |
Severance and related expenses | | $ | (15 | ) | | $ | 55 | | $ | 40 | | | $ | (157 | ) | | $ | 57 | | | $ | (100 | ) |
Equipment and facility-related costs | | | (78 | ) | | | — | | | (78 | ) | | | 459 | | | | (255 | ) | | | 204 | |
Lease termination | | | — | | | | 106 | | | 106 | | | | — | | | | 411 | | | | 411 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | (93 | ) | | $ | 161 | | $ | 68 | | | $ | 302 | | | $ | 213 | | | $ | 515 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| (2) | Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification (ASC) 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: |
| | | | | | | | | |
| | | Three Months Ended |
| | | March 27,
2010 | | December 26,
2009 | | March 28,
2009 |
| | | | |
Cost of revenue | | $ | 569 | | $ | 515 | | $ | 379 |
Research and development | | | 3,423 | | | 3,236 | | | 1,732 |
Sales and marketing | | | 1,847 | | | 1,782 | | | 1,414 |
General and administration | | | 5,709 | | | 4,919 | | | 2,645 |
| | | | | | | | | |
| | | 11,548 | | | 10,452 | | | 6,170 |
Cost of revenue - amortization from balance sheet* | | | 1,362 | | | 1,189 | | | 566 |
| | | | | | | | | |
Total stock-based compensation expense | | $ | 12,910 | | $ | 11,641 | | $ | 6,736 |
| | | | | | | | | |
| * | Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized in the current period. |
Infinera Corporation
Condensed Consolidated Balance Sheets
(In thousands, except par values)
(Unaudited)
| | | | | | | | |
| | March 27,
2010 | | | December 26,
2009 | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 104,817 | | | $ | 109,859 | |
Short-term investments | | | 160,239 | | | | 143,350 | |
Short-term restricted cash | | | 1,533 | | | | 1,533 | |
Accounts receivable | | | 59,382 | | | | 70,410 | |
Inventories, net | | | 72,016 | | | | 68,872 | |
Deferred inventory costs | | | 5,830 | | | | 5,891 | |
Prepaid expenses and other current assets | | | 9,415 | | | | 8,313 | |
| | | | | | | | |
Total current assets | | | 413,232 | | | | 408,228 | |
| | |
Property, plant and equipment, net | | | 44,060 | | | | 43,656 | |
Deferred inventory costs, non-current | | | 6,024 | | | | 4,438 | |
Long-term investments | | | 8,261 | | | | 18,255 | |
Long-term restricted cash | | | 2,383 | | | | 2,480 | |
Deferred tax asset | | | 10,849 | | | | 12,449 | |
Other non-current assets | | | 2,385 | | | | 2,439 | |
| | | | | | | | |
Total assets | | $ | 487,194 | | | $ | 491,945 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 33,545 | | | $ | 31,129 | |
Accrued expenses | | | 15,797 | | | | 13,929 | |
Accrued compensation and related benefits | | | 12,629 | | | | 19,248 | |
Accrued warranty | | | 5,853 | | | | 6,091 | |
Deferred revenue | | | 20,277 | | | | 18,295 | |
Deferred tax liability | | | 11,049 | | | | 12,649 | |
| | | | | | | | |
Total current liabilities | | | 99,150 | | | | 101,341 | |
| | |
Accrued warranty, non-current | | | 4,797 | | | | 5,049 | |
Deferred revenue, non-current | | | 8,352 | | | | 8,080 | |
Other long-term liabilities | | | 8,625 | | | | 8,968 | |
| | |
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 as of March 27, 2010 and December 26, 2009 | | | | | | | | |
Issued and outstanding shares – 97,794 as of March 27, 2010 and 96,874 | | | 98 | | | | 97 | |
as of December 26, 2009 | | | | | | | | |
Additional paid-in capital | | | 764,846 | | | | 747,580 | |
Accumulated other comprehensive loss | | | (1,323 | ) | | | (1,810 | ) |
Accumulated deficit | | | (397,351 | ) | | | (377,360 | ) |
| | | | | | | | |
Total stockholders’ equity | | | 366,270 | | | | 368,507 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 487,194 | | | $ | 491,945 | |
| | | | | | | | |
Infinera Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | | | | | | | |
| | | Three Months Ended | |
| | | March 27,
2010 | | | March 28,
2009 | |
Cash Flows from Operating Activities: | | | | | | | | |
Net loss | | $ | (19,991 | ) | | $ | (24,328 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | |
Depreciation and amortization | | | 3,983 | | | | 3,878 | |
Amortization of premium on investments | | | 540 | | | | 14 | |
Stock-based compensation expense | | | 12,910 | | | | 6,736 | |
Unrealized loss on Put Rights | | | 2,104 | | | | 1,967 | |
Unrealized holding gain for trading securities | | | (2,104 | ) | | | (972 | ) |
Non-cash tax benefit | | | (270 | ) | | | — | |
Loss (gain) on disposal of assets | | | 60 | | | | (15 | ) |
Other gain | | | (25 | ) | | | — | |
Changes in assets and liabilities: | | | | | | | | |
Accounts receivable | | | 11,028 | | | | 24,659 | |
Inventories, net | | | (3,209 | ) | | | (4,880 | ) |
Prepaid expenses and other current assets | | | (708 | ) | | | (491 | ) |
Deferred inventory costs | | | (1,555 | ) | | | 668 | |
Other non-current assets | | | 1,627 | | | | 59 | |
Accounts payable | | | 2,624 | | | | (5,276 | ) |
Accrued liabilities and other expenses | | | (6,502 | ) | | | (2,899 | ) |
Deferred revenue | | | 2,254 | | | | (1,813 | ) |
Accrued warranty | | | (489 | ) | | | (238 | ) |
| | | | | | | | |
Net cash provided by (used in) operating activities | | | 2,277 | | | | (2,931 | ) |
| | |
Cash Flows from Investing Activities: | | | | | | | | |
Purchase of available-for-sale investments | | | (75,656 | ) | | | (32,013 | ) |
Proceeds from maturities and calls of investments | | | 68,598 | | | | 22,804 | |
Proceeds from disposal of assets | | | 85 | | | | 49 | |
Purchase of property and equipment | | | (4,692 | ) | | | (5,960 | ) |
Change in restricted cash | | | 99 | | | | 384 | |
| | | | | | | | |
Net cash used in investing activities | | | (11,566 | ) | | | (14,736 | ) |
| | |
Cash Flows from Financing Activities: | | | | | | | | |
Proceeds from issuance of common stock | | | 4,397 | | | | 4,335 | |
Repurchase of common stock | | | (2 | ) | | | (8 | ) |
Payments for purchase of assets under financing arrangement | | | (87 | ) | | | — | |
| | | | | | | | |
Net cash provided by financing activities | | | 4,308 | | | | 4,327 | |
| | |
Effect of exchange rate changes on cash | | | (61 | ) | | | (59 | ) |
| | |
Net change in cash and cash equivalents | | | (5,042 | ) | | | (13,399 | ) |
Cash and cash equivalents at beginning of period | | | 109,859 | | | | 166,770 | |
| | | | | | | | |
Cash and cash equivalents at end of period | | $ | 104,817 | | | $ | 153,371 | |
| | | | | | | | |
Supplemental disclosures of cash flow information: | | | | | | | | |
Cash paid for income taxes | | $ | 335 | | | $ | 942 | |
Infinera Corporation
Supplemental Financial Information
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Q2’08 | | | Q3’08 | | | Q4’08 | | | Q1’09 | | | Q2’09 | | | Q3’09 | | | Q4’09 | | | Q1’10 | |
Revenue(1) | | $ | 90.8 | | | $ | 80.9 | | | $ | 86.2 | | | $ | 66.6 | | | $ | 68.9 | | | $ | 83.4 | | | $ | 90.2 | | | $ | 95.8 | |
Gross Margin %(1) | | | 47 | % | | | 42 | % | | | 36 | % | | | 31 | % | | | 31 | % | | | 38 | % | | | 40 | % | | | 41 | % |
| | | | | | | | |
Invoiced Shipment Composition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic % | | | 78 | % | | | 81 | % | | | 73 | % | | | 74 | % | | | 64 | % | | | 63 | % | | | 74 | % | | | 79 | % |
International % | | | 22 | % | | | 19 | % | | | 27 | % | | | 26 | % | | | 36 | % | | | 37 | % | | | 26 | % | | | 21 | % |
Largest Customer% | | | 21 | % | | | 27 | % | | | 23 | % | | | 30 | % | | | 20 | % | | | 15 | % | | | 17 | % | | | 22 | % |
| | | | | | | | |
Cash Related Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash from Operations | | $ | 5.6 | | | $ | 9.9 | | | $ | (5.4 | ) | | $ | (2.9 | ) | | $ | (18.8 | ) | | $ | (8.3 | ) | | $ | (2.7 | ) | | $ | 2.3 | |
Capital Expenditures | | $ | 4.8 | | | $ | 5.9 | | | $ | 7.8 | | | $ | 6.0 | | | $ | 2.8 | | | $ | 2.8 | | | $ | 4.4 | | | $ | 4.7 | |
Depreciation & Amortization | | $ | 2.9 | | | $ | 3.4 | | | $ | 4.1 | | | $ | 3.9 | | | $ | 4.0 | | | $ | 4.2 | | | $ | 4.5 | | | $ | 4.0 | |
DSO’s | | | 57 | | | | 55 | | | | 74 | | | | 61 | | | | 72 | | | | 61 | | | | 71 | | | | 56 | |
| | | | | | | | |
Inventory Metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Raw Materials | | $ | 9.2 | | | $ | 10.0 | | | $ | 9.1 | | | $ | 7.7 | | | $ | 10.1 | | | $ | 7.4 | | | $ | 6.9 | | | $ | 7.5 | |
Work in Process | | $ | 34.6 | | | $ | 35.8 | | | $ | 37.9 | | | $ | 43.2 | | | $ | 40.1 | | | $ | 36.2 | | | $ | 32.1 | | | $ | 31.5 | |
Finished Goods | | $ | 13.8 | | | $ | 12.8 | | | $ | 12.0 | | | $ | 13.6 | | | $ | 22.3 | | | $ | 29.3 | | | $ | 29.9 | | | $ | 33.0 | |
| | | | | | | | |
Total Inventory | | $ | 57.6 | | | $ | 58.6 | | | $ | 59.0 | | | $ | 64.5 | | | $ | 72.5 | | | $ | 72.9 | | | $ | 68.9 | | | $ | 72.0 | |
Inventory Turns(1) | | | 3.3 | | | | 3.2 | | | | 3.8 | | | | 2.8 | | | | 2.6 | | | | 3.0 | | | | 3.2 | | | | 3.2 | |
Worldwide Headcount | | | 853 | | | | 889 | | | | 937 | | | | 962 | | | | 973 | | | | 970 | | | | 974 | | | | 999 | |
| (1) | Periods from Q2’08 through Q4’08 reflect Adjusted GAAP results and non-GAAP adjustments. Periods Q1’09 and going forward reflect non-GAAP results.Adjusted GAAP results reflect our GAAP results reduced for amounts released from deferred revenue and deferred cost of inventory balances recorded priorto the second quarter of 2008 and previously reported in our invoiced shipment results. Non-GAAP adjustments include restructuring and other related costsand non-cash stock-based compensation. |
