Finisar Announces First Quarter of Fiscal 2020 Financial Results
2019年9月5日 - 5:01AM
Finisar Corporation (NASDAQ: FNSR), a global technology leader for
subsystems and components for fiber optic communications, today
announced financial results for its first quarter of fiscal 2020,
ended July 28, 2019. Finisar will not hold an earnings call nor
provide forward guidance for the second quarter of fiscal 2020 due
to the previously announced proposed acquisition by II-VI
Incorporated (NASDAQ: IIVI).
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FINANCIAL HIGHLIGHTS – First Quarter Ended July 28,
2019 |
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Summary GAAP
Results |
First |
|
Fourth |
|
Quarter |
|
Quarter |
|
Ended |
|
Ended |
|
July 28, 2019 |
|
April 28, 2019 |
|
|
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Revenues |
$ |
285,028 |
|
|
$ |
310,085 |
|
Gross margin |
|
29.9 |
% |
|
|
28.2 |
% |
Operating expenses |
$ |
94,798 |
|
|
$ |
98,579 |
|
Operating income (loss) |
$ |
(9,533 |
) |
|
$ |
(11,278 |
) |
Operating margin |
|
(3.3 |
)% |
|
|
(3.6 |
)% |
Net loss |
$ |
(8,717 |
) |
|
$ |
(14,151 |
) |
Loss per share-basic |
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
Loss per share-diluted |
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
Basic shares |
|
119,216 |
|
|
|
117,953 |
|
Diluted shares |
|
119,216 |
|
|
|
117,953 |
|
|
|
|
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|
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Summary Non-GAAP Results (a) |
First |
|
Fourth |
|
Quarter |
|
Quarter |
|
Ended |
|
Ended |
|
July 28, 2019 |
|
April 28, 2019 |
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|
|
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Revenues |
$ |
285,028 |
|
|
$ |
310,085 |
|
Non-GAAP Gross margin |
|
31.1 |
% |
|
|
30.8 |
% |
Non-GAAP Operating expenses |
$ |
63,557 |
|
|
$ |
64,642 |
|
Non-GAAP Operating income |
$ |
25,083 |
|
|
$ |
30,895 |
|
Non-GAAP Operating margin |
|
8.8 |
% |
|
|
10.0 |
% |
Non-GAAP Net income |
$ |
27,631 |
|
|
$ |
32,960 |
|
Non-GAAP Income per
share-basic |
$ |
0.23 |
|
|
$ |
0.28 |
|
Non-GAAP Income per
share-diluted |
$ |
0.23 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
Basic shares |
|
119,216 |
|
|
|
117,953 |
|
Diluted shares |
|
121,797 |
|
|
|
120,795 |
|
_____________
(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 of Finisar’s core ongoing 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.
Revenue Details for the First Quarter of
Fiscal 2020:
- Revenues for datacom applications decreased by $19.4 million,
or (8.9)%, compared to the fourth quarter of fiscal 2019, primarily
as the result of a decline in VCSELs arrays for 3D applications due
to lower demand resulting from the timing of the new product cycle
of a key customer, as well as lower sales of fibre channel
transceivers.
- Revenues for telecom applications decreased by $5.6 million, or
(6.2)%, compared to the fourth quarter of fiscal 2019, primarily as
a result of a decline in sales of wavelength selective
switches.
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; the risk that our
pending merger with II-VI does not close, due to the failure of one
or more conditions to closing; uncertainty as to the market value
of the II-VI merger consideration to be paid in the merger; the
risk that required governmental approvals of the merger (including
China antitrust approval) will not be obtained or that such
approvals will be delayed beyond current expectations; the risk of
litigation in respect of either Finisar or II-VI or the merger;
disruption from the merger making it more difficult to maintain our
customer, supplier, key personnel and other strategic
relationships. 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 14, 2019) and quarterly SEC
filings.
ABOUT FINISAR
Finisar Corporation (NASDAQ: FNSR) is a global technology leader
in optical communications, providing components and subsystems to
networking equipment manufacturers, data center operators, telecom
service providers, consumer electronics and automotive
companies. Founded in 1988, Finisar designs products that
meet the increasing demands for network bandwidth, data storage and
3D sensing subsystems. The company is headquartered in Sunnyvale,
California, USA with R&D, manufacturing sites, and sales
offices worldwide. Visit our website at 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 Ended |
|
Three Months Ended |
|
July 28, 2019 |
|
July 29, 2018 |
|
Apr 28, 2019 |
Revenues |
$ |
285,028 |
|
|
$ |
317,336 |
|
|
$ |
310,085 |
|
Cost of revenues |
|
197,627 |
|
|
|
236,155 |
|
|
|
218,513 |
|
Amortization of acquired
developed technology |
|
471 |
|
|
|
496 |
|
|
|
471 |
|
Impairment of long-lived
assets |
|
1,665 |
|
|
|
- |
|
|
|
3,800 |
|
Gross profit |
|
85,265 |
|
|
|
80,685 |
|
|
|
87,301 |
|
Gross margin |
|
29.9 |
% |
|
|
25.4 |
% |
|
|
28.2 |
% |
Operating expenses: |
|
|
|
|
|
Research and development |
|
52,151 |
|
|
|
62,874 |
|
|
|
51,133 |
|
Sales and marketing |
|
12,107 |
|
|
|
12,480 |
|
|
|
12,000 |
|
General and administrative |
|
13,234 |
|
|
|
12,643 |
|
|
|
14,396 |
|
Amortization of purchased intangibles |
|
230 |
|
|
|
640 |
|
|
|
324 |
|
Impairment of long-lived assets |
|
- |
|
|
|
186 |
|
|
|
317 |
|
Startup costs |
|
17,076 |
|
|
|
7,553 |
|
|
|
20,409 |
|
Total operating expenses |
|
94,798 |
|
|
|
96,376 |
|
|
|
98,579 |
|
Income (loss) from
operations |
|
(9,533 |
) |
|
|
(15,691 |
) |
|
|
(11,278 |
) |
Interest income |
|
4,424 |
|
|
|
5,155 |
|
|
|
4,731 |
|
Interest expense |
|
(6,423 |
) |
|
|
(9,386 |
) |
|
|
(6,447 |
) |
Other income (expenses),
net |
|
(2,132 |
) |
|
|
(1,789 |
) |
|
|
325 |
|
Loss before income taxes |
|
(13,664 |
) |
|
|
(21,711 |
) |
|
|
(12,669 |
) |
Provision (benefit) for income
taxes |
|
(4,947 |
) |
|
|
(3,222 |
) |
|
|
1,482 |
|
Net loss |
$ |
(8,717 |
) |
|
$ |
(18,489 |
) |
|
$ |
(14,151 |
) |
|
|
|
|
|
|
Net loss per share
attributable to Finisar Corporation common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.12 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
Shares used in computing net
loss per share - basic |
|
119,216 |
|
|
|
115,867 |
|
|
|
117,953 |
|
Shares used in computing net
loss per share - diluted |
|
119,216 |
|
|
|
115,867 |
|
|
|
117,953 |
|
|
|
|
|
|
Finisar CorporationConsolidated Balance
Sheets(in thousands) |
|
|
|
|
|
|
|
7/28/2019 |
|
4/28/2019 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
882,269 |
|
|
$ |
814,185 |
|
Short-term held-to-maturity investments |
|
|
- |
|
|
|
100,000 |
|
Accounts receivable, net |
|
|
256,605 |
|
|
|
263,394 |
|
Inventories |
|
|
320,555 |
|
|
|
299,028 |
|
Other current assets |
|
|
40,179 |
|
|
|
44,224 |
|
Total current assets |
|
|
1,499,608 |
|
|
|
1,520,831 |
|
Property, equipment and
improvements, net |
|
|
633,323 |
|
|
|
622,979 |
|
Purchased intangible assets,
net |
|
|
3,631 |
|
|
|
4,182 |
|
Goodwill |
|
|
106,736 |
|
|
|
106,736 |
|
Other assets |
|
|
62,413 |
|
|
|
15,462 |
|
Deferred tax assets |
|
|
89,218 |
|
|
|
81,977 |
|
Total assets |
|
$ |
2,394,929 |
|
|
$ |
2,352,167 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
119,628 |
|
|
$ |
132,440 |
|
Accrued compensation |
|
|
33,343 |
|
|
|
31,804 |
|
Other accrued liabilities |
|
|
66,163 |
|
|
|
49,495 |
|
Total current liabilities |
|
|
219,134 |
|
|
|
213,739 |
|
Long-term liabilities: |
|
|
|
|
Convertible notes |
|
|
516,746 |
|
|
|
512,105 |
|
Other non-current liabilities |
|
|
44,906 |
|
|
|
12,162 |
|
Total liabilities |
|
|
780,786 |
|
|
|
738,006 |
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
|
120 |
|
|
|
118 |
|
Additional paid-in capital |
|
|
2,933,917 |
|
|
|
2,919,305 |
|
Accumulated other comprehensive income (loss) |
|
|
(54,480 |
) |
|
|
(48,565 |
) |
Accumulated deficit |
|
|
(1,265,414 |
) |
|
|
(1,256,697 |
) |
Total stockholders' equity |
|
|
1,614,143 |
|
|
|
1,614,161 |
|
Total liabilities and
stockholders' equity |
|
$ |
2,394,929 |
|
|
$ |
2,352,167 |
|
|
|
|
|
|
Note - Balance
sheet amounts as of April 28, 2019 are derived from the audited
consolidated financial statements as of that 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, non-GAAP income
and non-GAAP net income per share. These non-GAAP financial
measures are supplemental information regarding Finisar’s operating
performance on a non-GAAP basis that excludes certain gains, losses
and charges of a non-cash nature or that occur relatively
infrequently and/or that management considers to be outside of our
ongoing core operating results. Management believes
that tracking non-GAAP gross profit, non-GAAP operating income,
non-GAAP net income and non-GAAP net income per share provides
management and the investment community with valuable insight into
our ongoing core current operations, our ability to generate cash
and the underlying business trends that 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:
- Amortization of acquired technology (non-cash charges related
to technology obtained in acquisitions);
- Stock-based compensation expense (non-cash charges);
- Impairment of long-lived/intangible assets (non-cash
charges);
- Reduction in force costs and other restructuring charges
(non-core cash charges);
- Acquisition related retention payments (non-core cash charges);
and
- Inventory write-off related to discontinued products (non-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:
- Discontinued product services fees (non-core cash
charges);
- Acquisition related costs (non-core cash charges);
- Litigation settlements and resolutions and related costs
(non-core cash charges);
- Amortization of purchased intangibles (non-cash charges);
- Start-up cash costs related to our Sherman VCSEL fab until we
begin commercial production; and
- Impairment of long-lived assets/intangible assets (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);
- Other interest income (non-core benefits);
- Gains and losses on sales of assets and other miscellaneous
(non-cash losses and cash gains related to the periodic disposal of
assets no longer required for current activities);
- Dollar denominated foreign exchange transaction losses (gains)
(non-cash charges or benefits); and
- Amortization of debt issuance costs (non-cash charges).
In addition, in this release we have adjusted non-GAAP income
and non-GAAP income per share for the difference between GAAP
income taxes and non-GAAP income taxes.
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 Ended |
|
Three Months Ended |
|
July 28, 2019 |
|
July 29, 2018 |
|
Apr 28, 2019 |
GAAP to non-GAAP
reconciliation of gross profit: |
|
|
|
|
|
Gross profit - GAAP |
$ |
85,265 |
|
|
$ |
80,685 |
|
|
$ |
87,301 |
|
Gross margin - GAAP |
|
29.9 |
% |
|
|
25.4 |
% |
|
|
28.2 |
% |
Adjustments: |
|
|
|
|
|
Cost of revenues |
|
|
|
|
|
Amortization of acquired technology |
|
471 |
|
|
|
496 |
|
|
|
471 |
|
Stock compensation |
|
2,926 |
|
|
|
3,806 |
|
|
|
4,527 |
|
Impairment of long-lived/intangible assets |
|
1,665 |
|
|
|
- |
|
|
|
3,800 |
|
Reduction in force costs |
|
24 |
|
|
|
482 |
|
|
|
27 |
|
Acquisition related retention payment |
|
- |
|
|
|
12 |
|
|
|
- |
|
Write off of discontinued product inventory |
|
(1,711 |
) |
|
|
1,671 |
|
|
|
(589 |
) |
Total cost of revenues adjustments |
|
3,375 |
|
|
|
6,467 |
|
|
|
8,236 |
|
Gross profit - non-GAAP |
|
88,640 |
|
|
|
87,152 |
|
|
|
95,537 |
|
Gross margin - non-GAAP |
|
31.1 |
% |
|
|
27.5 |
% |
|
|
30.8 |
% |
|
|
|
|
|
|
GAAP to
non-GAAP reconciliation of operating income (loss): |
|
|
|
|
Operating income (loss) -
GAAP |
|
(9,533 |
) |
|
|
(15,691 |
) |
|
|
(11,278 |
) |
Operating margin - GAAP |
|
-3.3 |
% |
|
|
-4.9 |
% |
|
|
-3.6 |
% |
Adjustments: |
|
|
|
|
|
Total cost of revenues
adjustments |
|
3,375 |
|
|
|
6,467 |
|
|
|
8,236 |
|
Total operating expense
adjustments |
|
|
|
|
|
Operating expenses - GAAP |
|
94,798 |
|
|
|
96,376 |
|
|
|
98,579 |
|
Research and development |
|
|
|
|
|
Reduction in force costs and other restructuring |
|
61 |
|
|
|
7,024 |
|
|
|
558 |
|
Acquisition related retention payment |
|
- |
|
|
|
29 |
|
|
|
(2 |
) |
Stock compensation |
|
6,317 |
|
|
|
6,175 |
|
|
|
5,230 |
|
Discontinued product service fees |
|
- |
|
|
|
313 |
|
|
|
- |
|
Sales and marketing |
|
|
|
|
|
Reduction in force costs and other restructuring |
|
- |
|
|
|
402 |
|
|
|
(18 |
) |
Acquisition related retention payment |
|
- |
|
|
|
- |
|
|
|
- |
|
Stock compensation |
|
2,335 |
|
|
|
2,146 |
|
|
|
2,034 |
|
General and administrative |
|
|
|
|
|
Reduction in force costs and other restructuring |
|
- |
|
|
|
519 |
|
|
|
15 |
|
Stock compensation |
|
4,143 |
|
|
|
3,017 |
|
|
|
4,194 |
|
Acquisition related costs |
|
1,054 |
|
|
|
(2 |
) |
|
|
876 |
|
Litigation settlements and resolutions and related costs |
|
25 |
|
|
|
63 |
|
|
|
- |
|
Amortization of purchased intangibles |
|
230 |
|
|
|
640 |
|
|
|
324 |
|
Startup costs |
|
17,076 |
|
|
|
7,553 |
|
|
|
20,409 |
|
Impairment of long-lived assets/intangible assets |
|
- |
|
|
|
186 |
|
|
|
317 |
|
Total operating expense adjustments |
|
31,241 |
|
|
|
28,065 |
|
|
|
33,937 |
|
Operating expenses - non-GAAP |
|
63,557 |
|
|
|
68,311 |
|
|
|
64,642 |
|
Operating income -
non-GAAP |
|
25,083 |
|
|
|
18,841 |
|
|
|
30,895 |
|
Operating margin -
non-GAAP |
|
8.8 |
% |
|
|
5.9 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
GAAP to non-GAAP
reconciliation of income (loss) before income taxes: |
|
|
|
|
|
Loss before income taxes -
GAAP |
|
(13,664 |
) |
|
|
(21,711 |
) |
|
|
(12,669 |
) |
Adjustments: |
|
|
|
|
|
Total cost of revenues
adjustments |
|
3,375 |
|
|
|
6,467 |
|
|
|
8,236 |
|
Total operating expense
adjustments |
|
31,241 |
|
|
|
28,065 |
|
|
|
33,937 |
|
Other interest income |
|
- |
|
|
|
- |
|
|
|
- |
|
Non-cash imputed interest
expenses on convertible debt |
|
5,464 |
|
|
|
7,927 |
|
|
|
5,420 |
|
Imputed interest related to
restructuring |
|
10 |
|
|
|
20 |
|
|
|
12 |
|
Other (income) expense,
net |
|
|
|
|
|
Loss (gain) on sale of assets |
|
1 |
|
|
|
(77 |
) |
|
|
(75 |
) |
Foreign exchange transaction (gain) or loss |
|
2,433 |
|
|
|
1,921 |
|
|
|
(332 |
) |
Amortization of debt issuance cost |
|
231 |
|
|
|
385 |
|
|
|
231 |
|
Total interest and other adjustments |
|
8,139 |
|
|
|
10,176 |
|
|
|
5,256 |
|
Income before income taxes -
non-GAAP |
|
29,091 |
|
|
|
22,997 |
|
|
|
34,760 |
|
|
|
|
|
|
|
GAAP to non-GAAP
reconciliation of net income (loss): |
|
|
|
|
|
Net loss - GAAP |
|
(8,717 |
) |
|
|
(18,489 |
) |
|
|
(14,151 |
) |
Total cost of revenues
adjustments |
|
3,375 |
|
|
|
6,467 |
|
|
|
8,236 |
|
Total operating expense
adjustments |
|
31,241 |
|
|
|
28,065 |
|
|
|
33,937 |
|
Total interest and other
adjustments |
|
8,139 |
|
|
|
10,176 |
|
|
|
5,256 |
|
Income tax provision
adjustments |
|
(6,407 |
) |
|
|
(4,922 |
) |
|
|
(318 |
) |
Total adjustments |
|
36,348 |
|
|
|
39,786 |
|
|
|
47,111 |
|
Net income - non-GAAP |
$ |
27,631 |
|
|
$ |
21,297 |
|
|
$ |
32,960 |
|
|
|
|
|
|
|
Basic non-GAAP income
per share |
|
|
|
|
|
GAAP earnings per share |
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.12 |
) |
Impact of all non-GAAP adjustments |
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.40 |
|
Non-GAAP earnings per share |
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
Diluted non-GAAP
income per share |
|
|
|
|
|
GAAP earnings per share |
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.12 |
) |
Impact of all non-GAAP adjustments |
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.39 |
|
Non-GAAP earnings per share |
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
Shares used in
computing non-GAAP income per share |
|
|
|
|
|
Basic |
|
119,216 |
|
|
|
115,867 |
|
|
|
117,953 |
|
Diluted |
|
121,797 |
|
|
|
117,191 |
|
|
|
120,795 |
|
|
|
|
|
|
|
Finisar-F
Investor Contact:Kurt
AdzemaChief Financial Officer408-542-5050 or
Investor.relations@finisar.com
Press contact:Victoria
McDonaldDirector, Corporate Communications408-542-4261
Finisar (NASDAQ:FNSR)
過去 株価チャート
から 11 2024 まで 12 2024
Finisar (NASDAQ:FNSR)
過去 株価チャート
から 12 2023 まで 12 2024