Infinera Corporation (NASDAQ:INFN) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Amitabh Passi - IR Tom Fallon - CEO David Heard - COO Nancy Erba - CFO Conference Call Participants Alex Henderson - Needham RK Raghunathan Kamesh - Goldman Sachs John Marchetti - Stifel Mauricio Roldan - Raymond James Jim Suva - Group Meta Marshall - Morgan Stanley George Notter - Jefferies Ryan Koontz - Rosenblatt Securities Samik Chatterjee - JPMorgan Jeff Kvaal - Wolfe Research Fahad Naja ...

| --- | --- | --- | --- | --- | --- | |------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter 2020 | | | | | | | | | | | | | | Financial Results November 5, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements, including those related to Infinera's expectations regarding its ...

Cj Infinera® Second Quarter 2020 Financial Results August 5, 2020 Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements, including those related to Infinera's expectations regarding its business model, market opportunities and customers; its expectations regarding the timing of its new products being available in the market; its ability to win new customers; its visibility into the performance of its business in future quarters based on the unpredictability of the macr ...

Financial Data and Key Metrics Changes - In Q2 2020, non-GAAP revenue was $332.6 million, an 8% increase year-over-year, exceeding the top end of the guidance range of $310 million to $330 million [41] - Non-GAAP gross margin was 33.8%, above the midpoint of the 31% to 35% outlook range, driven by improved sales of vertically-integrated products [42] - Non-GAAP operating expenses were $118.3 million, better than the $120 million to $124 million outlook range, reflecting cost-saving efforts [43] - The company reported a non-GAAP operating loss of $6 million, or negative 1.8%, within guidance range, with a non-GAAP EPS loss of $0.09 [44] Business Line Data and Key Metrics Changes - The ICP business saw flat orders compared to Q1, but bookings growth is anticipated in the second half of the year [18] - Cable bookings showed growth quarter-over-quarter and year-over-year, aligning with expectations [18] - The subsea segment continued to perform well, with new expansion opportunities in APAC and a new deployment with Orange in West Africa [19] Market Data and Key Metrics Changes - North America accounted for 50% of revenue, driven by strength from Tier 1 customers and solid growth from cable and other service providers [41] - Record bookings from a major APAC customer contributed to improvements in that region, recovering from earlier COVID-19 impacts [17] - The company noted strong demand for bandwidth from customers for 600-gig and interest in 800-gig solutions [47] Company Strategy and Development Direction - The company is focusing on leveraging the opportunity created by the displacement of Huawei and the migration to open platforms [12][28] - The launch of the ICE6 solution is expected to drive a new technology cycle, enhancing network capacity and operational efficiency [13][31] - The company aims to enter 2021 with a lower cost structure and improved operational efficiencies [35][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth potential despite ongoing challenges from COVID-19, highlighting customer interest in differentiated optical capabilities [36] - The company anticipates Q3 non-GAAP revenue in the range of $325 million to $345 million, with gross margins expected to improve [46] - Management acknowledged that while supply chain constraints are expected to persist, they are working to mitigate impacts on customer satisfaction and costs [32][33] Other Important Information - A leadership succession plan was announced, with David Heard set to assume the role of CEO by the end of the year [60][64] - The company is continuing to invest in XR optics technology, which is expected to redefine network architectures [29] Q&A Session Summary Question: Can existing chassis accommodate 800-gig blades? - The company will have a portfolio approach for 800-gig products, focusing on compact modular formats for ICPs and CSPs [73] Question: Update on 600-gig product qualification with a Tier 1 player? - One Tier 1 ICP has begun deployment for long-haul applications, while the second is in the qualification process, expected to be delayed by one quarter [75][76] Question: Thoughts on Huawei's geopolitical pressures? - Management sees significant medium-term opportunities for replacing Huawei networks, with initial revenue already noted [92][94] Question: Feedback on 800-gig trials with Verizon? - The trial results were overwhelmingly positive, leading to increased requests for trials from other customers [98][100] Question: Supply chain overhang and balancing OpEx cuts? - The company is cautious about supply chain impacts and is focusing R&D investments on high-growth markets while managing operational costs [111][112]

Cj Infinera First Quarter 2020 Financial Results May 12, 2020 Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements, including those related to Infinera's expectations regarding its business model, market opportunities and customers; its expectations regarding the timing of its new products being available in the market; its ability to win new customers; its visibility into the performance of its business in future quarters based on the unpredictability of the macro-ec ...

Financial Data and Key Metrics Changes - Non-GAAP revenue for Q1 2020 was $331 million, which was above the guidance range of $315 million to $335 million and represented a 12% year-over-year increase [33][46] - Non-GAAP gross margin was 28.3%, which was below the expected range of 31% to 34% [35][46] - The company reported a non-GAAP operating loss of 9.4% for Q1 [40] Business Line Data and Key Metrics Changes - The company experienced a significant impact on gross margin due to a large-scale subsea consortium deal that was recognized a quarter earlier than anticipated, resulting in a 300 basis point decrement to Q1 margin [35][73] - The deployment of the 200-gig Groove solution, driven by a major North American ICP, contributed to a 200 basis point impact on gross margin due to a skewed product mix towards lower-margin merchant optics [36][74] - Record bookings were achieved for the XTM metro platform and substantial year-over-year growth was noted for the Groove product line [17] Market Data and Key Metrics Changes - Geographic revenue mix was skewed towards North America, with 52% of revenue coming from that region [34] - Bookings in Asia were weak in Q1 due to early COVID-19 impacts, but recovery is expected in Q2 [16] - Demand from Tier 1 and Tier 2 operators in North America and EMEA remained strong, while cable demand was weaker than expected in Q1 [16] Company Strategy and Development Direction - The company is focused on delivering differentiated solutions for high-performance optical transport markets, particularly with the upcoming ICE6 800-gig product [30][23] - Investment in disruptive technologies like XR optics is ongoing, which aims to redefine network architectures and drive down costs significantly [24][25] - The company is taking proactive measures to reduce operating expenses and improve gross margin in response to macroeconomic uncertainties [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about medium and long-term opportunities despite near-term challenges posed by COVID-19 [30] - The company anticipates ongoing access restrictions at customer sites, which could delay network deployments in Q2 [27] - For Q2, the company expects non-GAAP revenue to be in the range of $310 million to $330 million, with gross margin projected between 31% and 35% [47] Other Important Information - The company ended Q1 with $284 million in cash, up from $133 million at the end of Q4 [43] - A significant focus on cash generation and working capital efficiency has led to a reduction in days sales outstanding (DSO) from 83 days to 75 days [43][44] - The company plans to reduce inventory by an additional $60 million over the balance of the year [51] Q&A Session Summary Question: Impact of COVID-19 on revenue and orders - Management noted a total disruption of about $30 million due to supply constraints and customer shutdowns impacting revenue recognition [56] Question: Reception of the 800-gig product - Trials for the 800-gig product have been delayed due to COVID-19, but online demonstrations have been well received [59] Question: Bookings from ISPs and cable customers - Bookings were slightly under expectations due to access issues rather than a change in demand plans [62] Question: Demand outlook from hyperscale providers and carriers - Management indicated that demand is mixed, with some customers pulling in capital plans while others remain cautious [68][72] Question: Subsea revenue pull forward and margin impacts - The subsea deal had a 300 basis point impact on margin, with expectations for higher margins in the second half of the year as additional orders come in [73] Question: Progress on 600-gig technology - Management remains optimistic about meaningful shipments of 600-gig technology in the second half of the year, despite delays in adoption [96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2019 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 incorporation or organization ...

Infinera Corporation (NASDAQ:INFN) Q4 2019 Earnings Conference Call February 25, 2020 5:00 PM ET Company Participants Lauren Sloane - Investor Relations Tom Fallon - Chief Executive Officer Nancy Erba - Chief Financial Officer David Heard - Chief Operating Officer Conference Call Participants Alex Henderson - Needham & Company Ashwin Kesireddy - Goldman Sachs Michael Genovese - MKM Partners Samik Chatterjee - JPMorgan George Notter - Jefferies John Marchetti - Stifel Meta Marshall - Morgan Stanley Jim Suva ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2018 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 incorporation or organization ...