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Infinera Reports Q1 Improvements

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SUNNYVALE, Calif. -- Infinera Corporation, provider of Intelligent Transport Networks, today released financial results for its first quarter ended March 31, 2018.

GAAP revenue for the quarter was $202.7 million compared to $195.8 million in the fourth quarter of 2017 and $175.5 million in the first quarter of 2017.

GAAP gross margin for the quarter was 40.5% compared to 24.1% in the fourth quarter of 2017 and 36.5% in the first quarter of 2017. GAAP operating margin for the quarter was (12.2)% compared to (36.0)% in the fourth quarter of 2017 and (21.6)% in the first quarter of 2017.

GAAP net loss for the quarter was $(26.3) million, or $(0.17) per share, compared to a net loss of $(74.0) million, or $(0.50) per share, in the fourth quarter of 2017, and net loss of $(40.5) million, or $(0.28) per share, in the first quarter of 2017.

Non-GAAP gross margin for the quarter was 43.7% compared to 37.5% in the fourth quarter of 2017 and 40.3% in the first quarter of 2017. Non-GAAP operating margin for the quarter was (3.4)% compared to (9.3)% in the fourth quarter of 2017 and (11.4)% in the first quarter of 2017.

Non-GAAP net loss for the quarter was $(7.2) million, or $(0.05) per share, compared to a net loss of $(18.6) million, or $(0.12) per share, in the fourth quarter of 2017, and net loss of $(21.7) million, or $(0.15) per share, in the first quarter of 2017.

A further explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the GAAP equivalents can be found at the end of this release.

“Our financial performance in Q1 reflects continued strong growth from our next-generation products that offset typical seasonal weakness,” said Tom Fallon, Infinera’s Chief Executive Officer. “In 2018, we remain focused on winning new customers that will diversify our revenue base, drive multi-year growth and leverage our unique vertically-integrated operating model. We also remain committed to returning to profitability during the second half of 2018.”

Second Quarter 2018 Financial Outlook

Infinera's outlook for the quarter ending June 30, 2018 is as follows:

Revenue is expected to be in the range of $203 million to $213 million.

GAAP gross margin is expected to be 38% +/- 200 bps. Non-GAAP gross margin is expected to be 42% +/- 200 bps.

GAAP operating expenses are expected to be $106 million +/- $2 million. Non-GAAP operating expenses are expected to be $93 million +/- $2 million.

GAAP operating margin is expected to be approximately (13)%. Non-GAAP operating margin is expected to be approximately (3)%.

GAAP EPS is expected to be $(0.18)+/- $0.02. Non-GAAP EPS is expected to be $(0.05) +/- $0.02.

Infinera's Financial Outlook does not include the potential impact of any business combinations, asset acquisitions, strategic investments and other significant transactions that may be completed after May 9, 2018.

Infinera Corp. (Nasdaq: INFN)

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