Infinera Corp (INFN) [Rocket]

In millions, except per share items	Dec-31-22	Dec-25-21	Dec-26-20	Dec-28-19	Dec-29-18	Dec-30-17	Dec-31-16	Dec-26-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Services								117.5
Product								769.2
Total revenues [+]	1,573.2	1,425.2	1,355.6	1,298.9	943.4	740.7	870.1	886.7
Products								769.2
Services								117.5
Revenue growth [+]	10.4%	5.1%	4.4%	37.7%	27.4%	-14.9%	-1.9%	32.7%
Services								22.6%
Product								34.4%
Cost of goods sold [+]	1,037.5	927.2	946.8	972.9	622.2	496.7	476.4	483.2
Cost of product sales								436.9
Cost of services								46.3
Gross profit	535.8	498.0	408.8	325.9	321.2	244.0	393.7	403.5
Gross margin	34.1%	34.9%	30.2%	25.1%	34.0%	32.9%	45.2%	45.5%
Selling, general and administrative [+]	265.0	254.2	241.8	277.8	205.2	180.1	179.3	163.0
Sales and marketing	146.4	138.8	129.6	151.4	124.2	109.5	111.7	101.4
General and administrative	118.6	115.4	112.2	126.4	81.0	70.6	67.6	61.6
Research and development	306.2	299.9	265.6	288.0	244.3	224.4	232.1	180.7
Other operating expenses	-23.4	-21.2	-35.2	-91.0	-26.1	-39.6	6.2
EBITDA [+]	34.0	11.5	-11.2	-88.9	-54.5	-81.5	37.6	95.5
EBITDA growth	195.9%	-203.1%	-87.5%	63.1%	-33.1%	-316.9%	-60.6%	79.3%
EBITDA margin	2.2%	0.8%	-0.8%	-6.8%	-5.8%	-11.0%	4.3%	10.8%
Depreciation	46.1	46.5	52.3	59.9	47.7	39.4	35.6	35.8
EBITA	-12.1	-35.0	-63.5	-148.8	-102.2	-120.9	2.0	59.7
EBITA margin	-0.8%	-2.5%	-4.7%	-11.5%	-10.8%	-16.3%	0.2%	6.7%
Amortization of intangibles	37.7	37.1	47.8	59.9	52.8	26.6	25.9
EBIT [+]	-49.8	-72.1	-111.3	-208.7	-155.0	-147.5	-23.9	59.7
EBIT growth	-30.9%	-35.2%	-46.7%	34.7%	5.1%	517.1%	-140.0%	118.5%
EBIT margin	-3.2%	-5.1%	-8.2%	-16.1%	-16.4%	-19.9%	-2.7%	6.7%
Non-recurring items [+]	10.3	15.4	43.9	141.5	30.7	35.6	1.9
Restructuring charges	10.3	15.4	43.9	141.5	30.7	35.6	1.9
Interest expense, net [+]	25.1	48.6	46.6	30.5	19.6	10.7	10.4	10.1
Interest expense	26.0	49.1	46.7	31.7	22.0	14.0	12.9	11.9
Interest income	0.9	0.5	0.1	1.1	2.4	3.3	2.5	1.8
Other income (expense), net [+]	29.8	-22.7	1.1	-2.9	-9.6	-2.2	7.0	2.4
Other	14.2	-22.7	1.1	-2.9	-9.7	-2.2	7.0	2.4
Pre-tax income	-55.5	-158.8	-200.7	-383.7	-215.0	-195.9	-29.2	52.0
Income taxes	20.5	12.0	6.0	3.0	-0.7	-1.4	-4.8	1.1
Tax rate					0.3%	0.7%	16.3%	2.1%
Minority interest							-0.5	-0.5
Net income	-76.0	-170.8	-206.7	-386.6	-214.3	-194.5	-23.9	51.4
Net margin	-4.8%	-12.0%	-15.2%	-29.8%	-22.7%	-26.3%	-2.7%	5.8%

Basic EPS [+]	($0.35)	($0.82)	($1.10)	($2.16)	($1.36)	($1.32)	($0.17)	$0.39
Growth	-57.3%	-25.0%	-49.2%	59.0%	3.3%	686.0%	-143.4%	249.3%
Diluted EPS [+]	($0.35)	($0.82)	($1.10)	($2.16)	($1.36)	($1.32)	($0.17)	$0.36
Growth	-57.3%	-25.0%	-49.2%	59.0%	3.3%	686.0%	-146.6%	238.0%

Shares outstanding (basic) [+]	216.4	207.4	188.2	179.0	157.7	147.9	143.0	133.3
Growth	4.3%	10.2%	5.2%	13.5%	6.7%	3.4%	7.3%	7.8%
Shares outstanding (diluted) [+]	216.4	207.4	188.2	179.0	157.7	147.9	143.0	143.2
Growth	4.3%	10.2%	5.2%	13.5%	6.7%	3.4%	-0.1%	11.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.