Revenue Performance - Total revenue for 2023 was $1,614.1 million, a 3% increase from $1,573.2 million in 2022, driven by product deployment in ICP and other service provider verticals [291]. - The product revenue was $1,304.2 million in 2023, representing 81% of total revenue, with a 3% increase from $1,268.6 million in 2022 [297]. - Services revenue reached $309.9 million in 2023, a 2% increase from $304.6 million in 2022, maintaining a 19% share of total revenue [297]. - One end-customer accounted for 10% of total revenue in 2023, compared to 11% in 2022 [292]. - Domestic revenue rose by $124.0 million, or 14%, in 2023, while international revenue decreased by $83.1 million, or 12% [302][303]. - The company anticipates revenue growth in 2024 from a more diversified customer base and increased adoption of vertically integrated solutions [291]. Gross Margin and Profitability - Gross margin improved to 39% in 2023 from 34% in 2022, attributed to higher sales volume, favorable mix, and lower component costs [293]. - Gross profit increased by $87.1 million, with gross margin improving to 39% in 2023 from 34% in 2022 [305]. - The total cost of revenue decreased to $991.2 million in 2023 from $1,037.5 million in 2022, resulting in a 4% reduction [297]. - The company plans to expand vertical integration capabilities in 2024 to improve gross margins through engineering design efforts [293]. Operating Expenses - Operating expenses rose to $627.8 million in 2023, a 5% increase from $595.9 million in 2022, mainly due to higher employee-related costs and depreciation [294]. - Research and development expenses increased by $10.7 million, or 3%, in 2023, with plans for further investments in product enhancements in 2024 [312]. - Sales and marketing expenses rose by $20.5 million, or 14%, in 2023, with strategic investments planned for 2024 to expand customer reach [313]. - General and administrative expenses increased by $6.3 million, or 5%, in 2023, with a modest increase anticipated in 2024 due to system automation initiatives [314]. Cash Flow and Financial Position - Net cash provided by operating activities for 2023 was $49.5 million, a significant improvement from a net cash used of $37.6 million in 2022 [323]. - The net loss for 2023 was $25.2 million, compared to a net loss of $76.0 million in 2022, indicating a reduction in losses [324]. - Cash and cash equivalents as of December 30, 2023, totaled $172.5 million, slightly down from $178.7 million at the end of 2022 [330]. - Net cash used in investing activities increased to $62.3 million in 2023 from $46.1 million in 2022, primarily due to capital expenditures for laboratory and manufacturing equipment [327]. - Net cash provided by financing activities was $13.7 million in 2023, down from $82.3 million in 2022, reflecting changes in financing strategies [328][329]. - The company had $177.7 million available under its $200 million Credit Facility as of December 30, 2023, with no drawings made [338]. Debt and Interest - Interest income increased by $1.8 million in 2023, primarily due to higher interest from investments in money market funds [317]. - Interest expense rose by $4.6 million in 2023, mainly due to the issuance of new notes [318]. - The company issued the Additional 2028 Notes in June 2023, generating net proceeds of approximately $12.5 million for general corporate purposes [332]. - The company has fixed annual interest rates on its convertible senior notes: 2.125% for the 2024 Notes, 2.50% for the 2027 Notes, and 3.75% for the 2028 Notes [371]. Tax and Restructuring - The effective tax rate for 2023 was (44.8)%, compared to (37.1)% in 2022, influenced by various tax attributes and foreign income considerations [320]. - Restructuring and other related costs decreased by $3.4 million, or 34%, in 2023, primarily due to lower lease-related impairment charges [316]. Customer and Revenue Recognition - The company assesses its ability to collect from customers based on creditworthiness and past payment history, with payment terms generally ranging from net 30 to 120 days [349]. - Revenue from software subscription services and related contracts is deferred and recognized ratably over the contractual support period, typically one year [348]. - Customer purchase commitments for Instant Bandwidth licenses generally require purchases within 12 to 24 months from the initial shipment [353]. - Estimated sales returns are recorded as a reduction to revenue, with specific reserve provisions made for approved product returns [350]. - The company recognizes revenue net of any required taxes collected from customers, which are recorded as current liabilities until remitted [351]. - Deferred tax assets are subject to a full valuation allowance as management believes they are not realizable in the foreseeable future [361].

Exhibit 99.1 Infinera Corporation Reports Preliminary First Quarter 2024 Financial Results San Jose, Calif., May 14, 2024 - Infinera Corporation (NASDAQ: INFN) today released preliminary financial results for its first quarter ended March 30, 2024. Although presented with numerical specificity, all amounts in this press release are preliminary and based on management's current expectations as of the date of this press release. These results are subject to all aspects of the final quarterly review process an ...

SAN JOSE, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Infinera Corporation (NASDAQ:INFN) announced today that it will release its preliminary financial results for the first quarter of fiscal 2024 ended March 30, 2024, after the market closes on May 14, 2024. An investment community conference call to discuss these results and Infinera's outlook for the second quarter of fiscal 2024 will be held the same day at 5:00 p.m. ET/2:00 p.m. PT and will be accessible live and on an archived basis as follows: Investors ...

Core Viewpoint - Infinera Corporation will release its preliminary financial results for the first quarter of fiscal 2024 on May 14, 2024, after market close, and will hold a conference call to discuss these results and the outlook for the second quarter [1]. Group 1: Financial Results Announcement - The preliminary financial results for the first quarter of fiscal 2024 ended March 30, 2024, will be announced after market close on May 14, 2024 [1]. - A conference call to discuss the financial results and outlook for the second quarter will take place on the same day at 5:00 p.m. ET/2:00 p.m. PT [2]. Group 2: Conference Call Details - Participants can register for the conference call at a provided link or dial in using a specific phone number with a conference ID [2]. - An audio webcast of the call will be available on the investor relations section of Infinera's website approximately two hours after the live call [3]. Group 3: Company Overview - Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors, serving carriers, cloud operators, governments, and enterprises [3]. - The company's solutions are designed to enhance network bandwidth, accelerate service innovation, and automate network operations, delivering industry-leading economics and performance across various applications [3].

SAN JOSE, Calif., May 06, 2024 (GLOBE NEWSWIRE) -- Infinera Corporation (NASDAQ:INFN) announced today that it expects to file its fiscal year 2023 Annual Report on Form 10-K on or before May 13, 2024. The company, along with its auditors, is continuing to make progress with the normal year-end close process. The company also announced that it expects to release its financial results for the first quarter of fiscal 2024 and outlook for the second quarter of fiscal 2024, after the market closes on May 14, 202 ...

Weak global economic conditions, inventory absorption by customers and volatile supply chain dynamics continue to be concerns. Also, weak demand from telco and cable service provider customers is affecting the performance of some of the participants of the Zacks Computer - Networking industry. Increasing focus on cloud computing, network security, big data and cloud storage is expected to boost the industry participants’ performance in the long run. The accelerated deployment of 5G is driving the proliferat ...

SAN JOSE, Calif., April 08, 2024 (GLOBE NEWSWIRE) -- Infinera (NASDAQ:INFN) announced today that Aire Networks, a subsidiary of Grupo Aire, deployed Infinera's software-programmable ICE-X coherent pluggable solution to expand the capacity of its single-fiber network infrastructure across Spain and Portugal. The ability of Infinera's innovative ICE-X solution to provide ultra-high-speed transmissions over a single fiber in a pluggable form factor enables Aire Networks to continue to meet the bandwidth demand ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33486 INFINERA CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

COMPELLING TARGET BUSINESS MODEL BUSINESS STRUCTURE ALIGNED WITH STRATEGY * See reconciliation of GAAP to non-GAAP financial measures in the appendix of this presentation. © 2023 Infinera. All rights reserved. F I N A N C I A L S FINANCIALS & COMPARISON TO PRIOR PERIODS Revenue ($M) $358 $392 $376 -4% 5 % Gross Margin % * 36.1% 38.8% 39.3% 50bps 320bps FINANCIAL METRICS QoQ YoY CHANGE CHANGE Q2'22 Q1'23 Q2'23 Opex ($M) * $128 $139 $137 -1% 7 % Operating Margin % * 0.4% 3.5% 2.8% -70bps 240bps Diluted EPS * ...

Company Participants Mike Genovese - Rosenblatt Securities Alex Henderson - Needham and Company Simon Leopold - Raymond James Meta Marshall - Morgan Stanley George Notter - Jefferies Amitabh Passi, Head of Investor Relations, you may begin your conference. Today's call will include projections and estimates that constitute forward-looking statements, including but not limited to statements related to our further business plans, product development and growth opportunities, including progress against strateg ...