Infinera Corp - FORM 8-K - EX-99.1 - January 29, 2014

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Exhibit 99.1
Infinera Corporation Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Sunnyvale, CA, January 29, 2014 - Infinera Corporation (NASDAQ: INFN), provider of Intelligent Transport Networks™, today released financial results for the fourth quarter and fiscal year ended December 28, 2013.

GAAP revenues for the quarter were $139.1 million compared to $142.0 million in the third quarter of 2013 and $128.1 million in the fourth quarter of 2012.

GAAP gross margins for the quarter were 40% compared to 48% in the third quarter of 2013 and 34% in the fourth quarter of 2012. GAAP net loss for the quarter was $(10.2) million, or $(0.08) per share, compared to net income of $3.3 million, or $0.03 per diluted share, in the third quarter of 2013 and a net loss of $(16.1) million, or $(0.14) per share, in the fourth quarter of 2012.

Non-GAAP gross margins for the quarter were 41% compared to 49% in the third quarter of 2013 and 36% in the fourth quarter of 2012. Non-GAAP net loss for the quarter was $(0.2) million, or breakeven on an earnings per share basis, compared to net income of $12.8 million, or $0.10 per diluted share in the third quarter of 2013 and net loss of $(6.0) million, or $(0.05) per share, in the fourth quarter of 2012. These Non-GAAP measures exclude non-cash stock-based compensation expenses and the amortization of debt discount on our convertible senior notes.

GAAP revenues for the year were $544.1 million compared to $438.4 million in 2012.

GAAP gross margins for the year were 40% compared to 36% in 2012. GAAP net loss for the year was $(32.1) million, or $(0.27) per share compared to $(85.3) million, or $(0.77) per share in 2012.

Non-GAAP gross margins for the year were 42% compared to 38% in 2012. Non-GAAP net income for the year was $4.0 million or $0.03 per diluted share in 2013, compared to net loss of $(43.5) million or $(0.38) per diluted share in 2012. These Non-GAAP measures exclude non-cash stock-based compensation expenses and the amortization of debt discount on our convertible senior notes.

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.

Management Commentary
   
“The fourth quarter was a solid finish to a very good year for Infinera, driven by continued acceptance of the DTN-X,” said Tom Fallon, chief executive officer. “We received purchase commitments from three additional customers in the quarter, including one new to Infinera, and we set another quarterly record for 100G port shipments.

“Our financial results for 2013 demonstrate the strong potential of the DTN-X. Revenues grew 24%, at least double the long haul DWDM market growth estimated by industry analysts; gross margins expanded significantly; we achieved $4 million Non-GAAP net income compared with $43.5 million Non-GAAP net loss in 2012; and we generated $12 million in net free cash flow for the year. Since its introduction in mid 2012, we have received purchase commitments for the DTN-X from a total of 42 customers, representing a cross section of industries including Tier 1 carriers, cable operators, Internet content providers and bandwidth wholesalers. Of these, 15 are new customers to Infinera. These achievements met or exceeded the targets that we provided at our Analyst Day in December of 2012.

“As we look ahead, we believe the opportunity for the DTN-X remains wide open with the 100G cycle still in its early stages. Infinera’s Intelligent Transport Network and the DTN-X offers important differentiated features, including its super-channel scale, converged OTN switching and GMPLS network automation. For 2014, we plan to continue our focus on winning new deployments and gaining market share, while driving enhanced profitability, and we remain optimistic about our outlook over the short, intermediate and long-term.”

Conference Call Information:

Infinera will host a conference call for analysts and investors to discuss its fourth quarter results and its outlook for the first quarter 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 1-866-379-4236. International parties can access the replay at 1-203-369-0338.

About Infinera

Infinera provides Intelligent Transport Networks to help carriers exploit the increasing demand for cloud-based services and data center connectivity as they advance into the Terabit Era. Infinera is unique in its use of breakthrough semiconductor technology to deliver large scale Photonic Integrated Circuit (PICs) and the application of PICs to vertically integrated optical networking solutions that deliver the industry’s only commercially available 500 Gb/s FlexCoherent super-channels. Infinera Intelligent Transport Network solutions include the DTN-X, DTN and ATN platforms. Find more at www.infinera.com.

 
 
 
 
Contacts:
  
 
 
 
Media:
Anna Vue
  
Investors/Analysts:
Jenifer Kirtland/Bob Jones
avue@infinera.com
  
jkirtland@infinera.com/bjones@infinera.com
Infinera Corporation
  
Infinera Corporation
916-595-8157
  
408-543-8139/408-543-8140

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties.  Forward-looking statements include statements regarding Infinera’s expectations, beliefs, intentions or strategies including statements regarding the opportunity for DTN-X and the Company’s plans for 2014. Such forward-looking statements can be identified by forward-looking words such as "anticipated," "believed," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by our competitors, our reliance on single-source suppliers, our ability to protect our intellectual property, claims by others that we infringe their intellectual property, and our ability to respond to rapid technological changes, and other risks that may impact our business are set forth in our annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2013, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our website at www.infinera.com and the SEC’s website at www.sec.gov.  Infinera assumes no obligation to, and does not currently intend to, update any such 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 amortization of debt discount on our convertible senior notes. 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 (loss), basic and diluted net income (loss) per share, or gross margin 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 and a reconciliation 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 fourth quarter results, including an estimate of non-GAAP earnings for the first quarter of 2014 that excludes non-cash stock-based compensation expenses and amortization of debt discount on our convertible senior notes.

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 share data)
(Unaudited) 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 28, 2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Revenue:
 
 
 
 
 
 
 
 
Product
 
$
115,102

 
$
109,444

 
$
465,424

 
$
380,035

Services
 
23,990

 
18,620

 
78,698

 
58,402

Total revenue
 
139,092

 
128,064

 
544,122

 
438,437

Cost of revenue(1) :
 
 
 
 
 
 
 
 
Cost of product
 
73,385

 
77,127

 
295,715

 
259,437

Cost of services
 
9,795

 
7,669

 
29,768

 
21,431

Total cost of revenue
 
83,180

 
84,796

 
325,483

 
280,868

Gross profit
 
55,912

 
43,268

 
218,639

 
157,569

Operating expenses(1) :
 
 
 
 
 
 
 
 
Research and development
 
30,859

 
26,660

 
124,794

 
117,233

Sales and marketing
 
19,857

 
20,558

 
72,778

 
75,862

General and administrative
 
12,277

 
11,563

 
45,253

 
47,475

Total operating expenses
 
62,993

 
58,781

 
242,825

 
240,570

Loss from operations
 
(7,081
)
 
(15,513
)
 
(24,186
)
 
(83,001
)
Other income (expense), net:
 
 
 
 
 
 
 
 
Interest income
 
287

 
233

 
923

 
911

Interest expense
 
(2,634
)
 
—

 
(6,061
)
 
—

Other gain (loss), net:
 
(336
)
 
(158
)
 
(1,141
)
 
(1,050
)
Total other income (expense), net
 
(2,683
)
 
75

 
(6,279
)
 
(139
)
Loss before income taxes
 
(9,764
)
 
(15,438
)
 
(30,465
)
 
(83,140
)
Provision for income taxes
 
414

 
650

 
1,654

 
2,190

Net loss
 
$
(10,178
)
 
$
(16,088
)
 
$
(32,119
)
 
$
(85,330
)
Net loss per common share, basic and diluted
 
$
(0.08
)
 
$
(0.14
)
 
$
(0.27
)
 
$
(0.77
)
Weighted average shares used in computing basic and diluted net loss per common share
 
119,743

 
112,311

 
117,425

 
110,739

 




_____________________________

(1) 
The following table summarizes the effects of stock-based compensation related to employees and non-employees for the three and twelve months ended December 28, 2013 and December 29, 2012:
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 28, 2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Cost of revenue
 
$
489

 
$
735

 
$
1,871

 
$
2,710

Research and development
 
2,725

 
2,852

 
10,900

 
13,306

Sales and marketing
 
1,965

 
2,802

 
7,624

 
10,450

General and administration
 
1,789

 
1,797

 
5,956

 
9,529

 
 
6,968

 
8,186

 
26,351

 
35,995

Cost of revenue - amortization from balance sheet*
 
1,206

 
1,949

 
5,625

 
5,824

Total stock-based compensation expense
 
$
8,174

 
$
10,135

 
$
31,976

 
$
41,819

 
*
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
 
Twelve Months Ended
 
 
December 28, 2013
 
September 28,
2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Reconciliation of Gross Profit:
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
$
55,912

 
$
68,371

 
$
43,268

 
$
218,639

 
$
157,569

Stock-based compensation(1)
 
1,695

 
1,549

 
2,684

 
7,496

 
8,534

Non-GAAP as adjusted
 
$
57,607

 
$
69,920

 
$
45,952

 
$
226,135

 
$
166,103

Reconciliation of Gross Margin:
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
40
%
 
48
%
 
34
%
 
40
%
 
36
%
Stock-based compensation(1)
 
1
%
 
1
%
 
2
%
 
2
%
 
2
%
Non-GAAP as adjusted
 
41
%
 
49
%
 
36
%
 
42
%
 
38
%
Reconciliation of Income (Loss) from Operations:
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
$
(7,081
)
 
$
6,445

 
$
(15,513
)
 
$
(24,186
)
 
$
(83,001
)
Stock-based compensation(1)
 
8,174

 
7,643

 
10,135

 
31,976

 
41,819

Non-GAAP as adjusted
 
$
1,093

 
$
14,088

 
$
(5,378
)
 
$
7,790

 
$
(41,182
)
Reconciliation of Net Income (Loss):
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
$
(10,178
)
 
$
3,347

 
$
(16,088
)
 
$
(32,119
)
 
$
(85,330
)
Stock-based compensation(1)
 
8,174

 
7,643

 
10,135

 
31,976

 
41,819

Amortization of debt discount(2)
 
1,814

 
1,770

 
—

 
4,164

 
—

Non-GAAP as adjusted
 
$
(190
)
 
$
12,760

 
$
(5,953
)
 
$
4,021

 
$
(43,511
)
Net Income (Loss) per Common Share - Basic:
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
$
(0.08
)
 
$
0.03

 
$
(0.14
)
 
$
(0.27
)
 
$
(0.77
)
Non-GAAP as adjusted
 
$
—

 
$
0.11

 
$
(0.05
)
 
$
0.03

 
$
(0.39
)
Net Income (Loss) per Common Share - Diluted:
 
 
 
 
 
 
 
 
 
 
U.S. GAAP as reported
 
$
(0.08
)
 
$
0.03

 
$
(0.14
)
 
$
(0.27
)
 
$
(0.77
)
Non-GAAP as adjusted(3)
 
$
—

 
$
0.10

 
$
(0.05
)
 
$
0.03

 
$
(0.38
)
Weighted average shares used in computing net income (loss) per common share - U.S . GAAP:
 
 
 
 
 
 
 
 
 
 
Basic
 
119,743

 
118,740

 
112,311

 
117,425

 
110,739

Diluted
 
119,743

 
124,679

 
112,311

 
117,425

 
110,739

Weighted average shares used in computing net income (loss) per common share - Non-GAAP:
 
 
 
 
 
 
 
 
 
 
Basic
 
119,743

 
118,740

 
112,311

 
117,425

 
110,739

Diluted(3)
 
125,134

 
124,679

 
114,115

 
122,167

 
113,124





_____________________________

(1) 
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
 
Twelve Months Ended
 
 
December 28, 2013
 
September 28,
2013
 
December 29, 2012
 
December 28, 2013
 
December 29, 2012
Cost of revenue
 
$
489

 
$
422

 
$
735

 
$
1,871

 
$
2,710

Research and development
 
2,725

 
2,434

 
2,852

 
10,900

 
13,306

Sales and marketing
 
1,965

 
1,853

 
2,802

 
7,624

 
10,450

General and administration
 
1,789

 
1,807

 
1,797

 
5,956

 
9,529

 
 
6,968

 
6,516

 
8,186

 
26,351

 
35,995

Cost of revenue - amortization from balance sheet*
 
1,206

 
1,127

 
1,949

 
5,625

 
5,824

Total stock-based compensation expense
 
$
8,174

 
$
7,643

 
$
10,135

 
$
31,976

 
$
41,819

 *    Stock-based compensation expense deferred to inventory and deferred inventory costs in prior periods and recognized
in the current period.
(2) 
Under GAAP, certain convertible debt instruments that may be settled in cash on conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. Accordingly, for GAAP purposes, we are required to amortize as a debt discount an amount equal to the fair value of the conversion option that was recorded in equity as interest expense on our $150 million 1.75% convertible debt issuance in May 2013 over the term of the notes. These amounts have been adjusted in arriving at our non-GAAP results because management believes that this non-cash expense is not indicative of ongoing operating performance and provides a better indication of our underlying business performance.
(3) 
Diluted shares used to calculate net loss per share on a non-GAAP basis provided for informational purposes only.




Infinera Corporation
Condensed Consolidated Balance Sheets
(In thousands, except par values)
(Unaudited)
 
 
December 28,
2013
 
December 29,
2012
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
124,330

 
$
104,666

Short-term investments
 
172,660

 
76,146

Accounts receivable, net of allowance for doubtful accounts of $43 in 2013 and $147 in 2012
 
100,643

 
107,039

Other receivables
 
1,313

 
2,909

Inventory
 
123,685

 
127,809

Deferred inventory costs
 
705

 
1,029

Deferred tax asset
 
1,322

 
155

Prepaid expenses and other current assets
 
14,412

 
9,744

Total current assets
 
539,070

 
429,497

Property, plant and equipment, net
 
79,668

 
80,343

Deferred inventory costs, non-current
 
2

 
100

Long-term investments
 
64,419

 
2,874

Cost-method investment
 
9,000

 
9,000

Long-term restricted cash
 
3,904

 
3,868

Other non-current assets
 
4,863

 
2,488

Total assets
 
$
700,926

 
$
528,170

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
39,843

 
$
61,428

Accrued expenses
 
22,431

 
26,288

Accrued compensation and related benefits
 
33,899

 
22,325

Accrued warranty
 
12,374

 
7,262

Deferred revenue
 
32,402

 
26,744

Total current liabilities
 
140,949

 
144,047

Long-term debt
 
109,164

 
—

Accrued warranty, non-current
 
10,534

 
9,220

Deferred revenue, non-current
 
4,888

 
3,210

Deferred tax liability
 
1,364

 
117

Other long-term liabilities
 
16,217

 
15,440

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 December 28, 2013 and December 29, 2012
 
 
 
 
Issued and outstanding shares - 119,887 as of December 28, 2013 and 112,461 as of December 29, 2012
 
120

 
112

Additional paid-in capital
 
1,025,661

 
930,618

Accumulated other comprehensive loss
 
(3,486
)
 
(2,228
)
Accumulated deficit
 
(604,485
)
 
(572,366
)
Total stockholders’ equity
 
417,810

 
356,136

Total liabilities and stockholders’ equity
 
$
700,926

 
$
528,170





Infinera Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited) 
 
 
Twelve Months Ended
 
 
December 28,
2013
 
December 29,
2012
Cash Flows from Operating Activities:
 
 
 
 
Net loss
 
$
(32,119
)
 
$
(85,330
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
Depreciation and amortization
 
24,562

 
23,661

(Recovery of) provision for other receivables
 
(88
)
 
—

Provision for doubtful accounts
 
55

 
94

Amortization of debt discount and issuance costs
 
4,522

 
—

Amortization of premium on investments
 
1,539

 
2,068

Stock-based compensation expense
 
31,976

 
41,819

Non-cash tax benefit
 
—

 
(7
)
Other gain
 
(243
)
 
(475
)
Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
6,341

 
(26,517
)
Other receivables
 
1,435

 
(1,894
)
Inventory
 
(3,036
)
 
(40,623
)
Prepaid expenses and other assets
 
(4,992
)
 
2,293

Deferred inventory costs
 
395

 
5,741

Accounts payable
 
(20,202
)
 
15,410

Accrued liabilities and other expenses
 
11,272

 
6,915

Deferred revenue
 
7,337

 
3,763

Accrued warranty
 
6,426

 
3,616

Net cash provided by (used in) operating activities
 
35,180

 
(49,466
)
Cash Flows from Investing Activities:
 
 
 
 
Purchase of available-for-sale investments
 
(288,140
)
 
(54,150
)
Proceeds from sale of available-for-sale investments
 
2,850

 
11,584

Proceeds from maturities and calls of investments
 
125,624

 
117,605

Proceeds from disposal of assets
 
3

 
1

Purchase of property and equipment
 
(21,068
)
 
(25,395
)
Reimbursement of manufacturing capacity advance
 
—

 
50

Change in restricted cash
 
(69
)
 
(827
)
Net cash provided by (used in) investing activities
 
(180,800
)
 
48,868

Cash Flows from Financing Activities:
 
 
 
 
Proceeds from issuance of debt, net
 
144,469

 
—

Proceeds from issuance of common stock
 
23,185

 
11,580

Repurchase of common stock
 
(1,544
)
 
(882
)
Net cash provided by financing activities
 
166,110

 
10,698

Effect of exchange rate changes on cash
 
(826
)
 
108

Net change in cash and cash equivalents
 
19,664

 
10,208

Cash and cash equivalents at beginning of period
 
104,666

 
94,458

Cash and cash equivalents at end of period
 
$
124,330

 
$
104,666

Supplemental disclosures of cash flow information:
 
 
 
 
Cash paid for income taxes
 
$
2,135

 
$
923

Cash paid for interest
 
$
1,320

 
$
—

Supplemental schedule of non-cash financing activities:
 
 
 
 
Non-cash settlement for manufacturing capacity advance
 
$
—

 
$
275

Transfer of inventory to fixed assets
 
$
5,458

 
$
3,222





Infinera Corporation
Supplemental Financial Information
(Unaudited)
 
 
 
Q1'12
 
Q2'12
 
Q3'12
 
Q4’12
 
Q1'13
 
Q2’13
 
Q3'13
 
Q4'13
Revenue ($ Mil)
 
$
104.7

 
$
93.5

 
$
112.2

 
$
128.1

 
$
124.6

 
$
138.4

 
$
142.0

 
$
139.1

Gross Margin % (1)
 
40
%
 
37
%
 
39
%
 
36
%
 
36
%
 
39
%
 
49
%
 
41
%
Invoiced Shipment Composition:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic %
 
71
%
 
70
%
 
70
%
 
63
%
 
63
%
 
64
%
 
73
%
 
54
%
International %
 
29
%
 
30
%
 
30
%
 
37
%
 
37
%
 
36
%
 
27
%
 
46
%
Largest Customer %
 
13
%
 
15
%
 
13
%
 
13
%
 
14
%
 
<10%

 
17
%
 
11
%
Cash Related Information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash from (used in) Operations ($ Mil)
 
$
(5.8
)
 
$
(22.7
)
 
$
(29.3
)
 
$
8.3

 
$
(21.3
)
 
$
17.9

 
$
12.8

 
$
25.8

Capital Expenditures ($ Mil)
 
$
13.6

 
$
6.1

 
$
2.5

 
$
3.2

 
$
4.9

 
$
4.5

 
$
4.2

 
$
7.5

Depreciation & Amortization
($ Mil)
 
$
5.5

 
$
5.7

 
$
6.1

 
$
6.4

 
$
6.3

 
$
6.3

 
$
5.9

 
$
6.0

DSO’s
 
57

 
55

 
74

 
76

 
82

 
64

 
56

 
66

Inventory Metrics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Raw Materials ($ Mil)
 
$
15.3

 
$
14.8

 
$
12.4

 
$
13.0

 
$
12.2

 
$
9.8

 
$
12.1

 
$
14.3

Work in Process ($ Mil)
 
$
41.6

 
$
49.4

 
$
59.8

 
$
57.3

 
$
53.1

 
$
41.0

 
$
45.7

 
$
49.2

Finished Goods ($ Mil)
 
$
44.7

 
$
50.9

 
$
46.3

 
$
57.5

 
$
65.7

 
$
70.5

 
$
65.7

 
$
60.2

Total Inventory ($ Mil)
 
$
101.6

 
$
115.1

 
$
118.5

 
$
127.8

 
$
131.0

 
$
121.3

 
$
123.5

 
$
123.7

Inventory Turns (1)
 
2.5

 
2.1

 
2.3

 
2.6

 
2.4

 
2.8

 
2.3

 
2.6

Worldwide Headcount
 
1,210

 
1,228

 
1,235

 
1,242

 
1,219

 
1,238

 
1,296

 
1,318

 
(1) 
Amounts reflect non-GAAP results. Non-GAAP adjustments include non-cash stock-based compensation expense.


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