Finisar Announces Fourth Quarter and Fiscal 2013 Financial Results

June 19, 2013

SUNNYVALE, CA--(Marketwired - Jun 19, 2013) -  Finisar Corporation ( NASDAQ : FNSR ), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and fiscal year ended April 28, 2013. 

COMMENTARY

"I am pleased to report fiscal fourth quarter revenues of $243.4 million, which is $5.1 million, or 2.1%, greater than the prior quarter. Our growth in revenues came primarily from sales of 10G and 100G Ethernet transceivers and transponders for datacom applications. Our favorable product mix in the quarter enabled us to achieve gross margin and earnings per diluted share that exceeded our guidance range," said Jerry Rawls, Finisar's executive Chairman of the Board.

"During the quarter, we continued to invest significantly in technology and product development and made substantial progress on a number of new products for our datacom and telecom products lines, including our next generation 100G CFP2 transceiver, 12x25G optical engine and new generation dual wavelength selective switch product family," said Eitan Gertel, Finisar's Chief Executive Officer.

   
FINANCIAL HIGHLIGHTS - FOURTH QUARTER ENDED April 28, 2013  
   
Summary GAAP Results   Fourth     Third  
Quarter     Quarter  
Ended     Ended  
    April 28, 2013     Jan 27, 2013  
    (in thousands, except per share amounts)  
                 
Revenues   $ 243,417     $ 238,351  
Gross margin     27.7 %     28.5 %
Operating expenses   $ 66,941     $ 68,841  
Operating income (loss)   $ 385     $ (797 )
Operating margin     0.2 %     (0.3 )%
Net income (loss)   $ 3,879     $ (3,407 )
Income(loss) per share-basic   $ 0.04     $ (0.04 )
Income(loss) per share-diluted   $ 0.04     $ (0.04 )
                 
Basic shares     93,567       93,097  
Diluted shares     96,192       93,097  
                 
             
Summary Non-GAAP Results (a)   Fourth     Third  
Quarter     Quarter  
Ended     Ended  
    April 28, 2013     Jan 27, 2013  
    (in thousands, except per share amounts)  
                 
Revenues   $ 243,417     $ 238,351  
Gross margin     32.2 %     30.7 %
Operating expenses   $ 58,295     $ 55,816  
Operating income   $ 20,032     $ 17,377  
Operating margin     8.2 %     7.3 %
Net income     19,789     $ 16,390  
Income per share-basic   $ 0.21     $ 0.18  
Income per share-diluted   $ 0.20     $ 0.17  
                 
Basic shares     93,567       93,097  
Diluted shares     99,941       99,094  
                 

(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 Finisar's core operating resultsA 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.

Financial Statement Highlights for the fourth quarter of fiscal 2013:

  • Revenues increased to $243.4 million, up $5.1 million, or 2.1%, from $238.4 million in the preceding quarter as continued strength in sales of datacom products was partially offset by lower telecom product revenue primarily as the result of sluggish carrier capital expenditure levels and a full three month impact of annual price reductions for telecom products most of which, as in prior years, went into effect in January.

  • Compared to the preceding quarter, the sale of products for datacom applications increased by $16.3 million, or 11.0%, and the sale of products for telecom applications decreased by $11.2 million, or (12.3)%. 

  • Gross margin decreased to 27.7% on a GAAP basis from 28.5% in the preceding quarter, primarily as the result of a charge for impairment of certain purchased intangibles related to acquired developed technology and other long-lived assets.

  • Non-GAAP gross margin increased to 32.2% from 30.7% in the preceding quarter, primarily as the result of favorable product mix.

  • GAAP operating income increased $1.2 million to $0.4 million, or 0.2% of revenues, compared to $(0.8) million, or (0.3)% of revenues in the preceding quarter, primarily as the result of a gain on the fair value remeasurement of contingent consideration liability.

  • Non-GAAP operating income increased $2.7 million to $20.0 million, or 8.2% of revenues, compared to $17.4 million, or 7.3% of revenues, in the preceding quarter, primarily as the result of higher non-GAAP gross margins.

  • Cash and cash equivalents totaled $289.1 million at the end of the fourth quarter, compared to $265.5 million at the end of the preceding quarter.

 

 
FINANCIAL HIGHLIGHTS - FISCAL YEAR ENDED APRIL 28, 2013
 
Summary GAAP Results   Fiscal Year     Fiscal Year  
Ended     Ended  
    April 28, 2013     April 30, 2012  
    (in thousands, except per share amounts)  
                 
Revenues   $ 934,335     $ 952,579  
Gross margin     27.5 %     28.7 %
Operating expenses   $ 262,596     $ 229,165  
Operating income (loss)   $ (5,555 )   $ 44,179  
Operating margin     (0.6 )%     4.6 %
Net income (loss)   $ (5,454 )   $ 42,993  
Income (loss) per share-basic   $ (0.06 )   $ 0.47  
Income (loss) per share-diluted   $ (0.06 )   $ 0.46  
                 
Basic shares     92,860       90,823  
Diluted shares     92,860       94,186  
                 
                 
Summary Non-GAAP Results (a)   Fiscal Year     Fiscal Year  
    Ended     Ended  
    April 28, 2013     April 30, 2012  
    (in thousands, except per share amounts)  
                 
Revenues   $ 934,335     $ 952,579  
Gross margin     30.9 %     31.9 %
Operating expenses   $ 223,667     $ 214,100  
Operating income   $ 65,247     $ 89,332  
Operating margin     7.0 %     9.4 %
Net income   $ 61,255     $ 83,177  
Income per share-basic   $ 0.66     $ 0.92  
Income per share-diluted   $ 0.64     $ 0.87  
                 
Basic shares     92,860       90,823  
Diluted shares     99,284       97,935  
                 

Financial Statement Highlights for fiscal year 2013:

  • Revenues decreased to $934.3 million, down $18.2 million, or (1.9)%, from $952.6 million in the preceding year.

  • Compared to the preceding year, the sale of products for datacom applications increased by $53.6 million, or 10.0%, primarily from sales of 10G and 100G transceivers and transponders and the sale of products for telecom applications decreased by $71.8 million, or (17.3)%, primarily as the result of sluggish carrier capital expenditure levels.

  • Gross margin decreased to 27.5% on a GAAP basis and 30.9% on a non-GAAP basis from 28.7% and 31.9%, respectively, in the preceding year, primarily as the result of a decline in average selling prices.

  • Non-GAAP operating income decreased $24.1 million to $65.2 million, or 7.0% of revenues, from $89.3 million, or 9.4% of revenues, primarily as the result of lower gross margin and an increase in operating expenses, due to increases in employee related expenses, costs of materials associated with new product development, and the consolidation of financial results of Red-C Optical Networks, which was acquired in fiscal 2013.

  • GAAP operating income (loss) decreased $49.7 million to $(5.6) million, or (0.6)% of revenues, from $44.2 million or 4.6% of revenues primarily as the result of the factors affecting Non-GAAP operating income and in addition the impairment of acquired developed technology and other long-lived assets.

OUTLOOK

The Company indicated that it currently expects revenues for the first quarter of fiscal 2014 to be in the range of $245 to $260 million; GAAP operating margin to in the range of approximately 5.0% to 6.5%; non-GAAP operating margin to be in the range of approximately 9.0% to 10.5% and non-GAAP earnings per diluted share to be in the range of approximately $0.22 to $0.26. The Company also noted that during the fourth fiscal quarter of 2013 and during the first week of the first quarter of fiscal 2014, the Company completed the divestment of two non-strategic subsidiaries of Ignis AS, which was acquired by Finisar in May 2012. These divested businesses accounted for approximately $5 million in revenues during the fourth quarter of fiscal 2013.

CONFERENCE CALL

Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Wednesday, June 19, 2013, at 2:00 pm PDT (5:00 pm EDT). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 1-888- 438-5491 (domestic) or (719) 325-2458 (international) and enter conference ID 8003705.

An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or (719) 457-0820 and then following the prompts: enter conference ID 8003705 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.

SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and 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; and intensive competition. 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 29, 2012) and quarterly SEC filings.

ABOUT FINISAR

Finisar Corporation ( NASDAQ : FNSR ) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.

FINISAR FINANCIAL STATEMENTS

The following financial tables are presented in accordance with GAAP.

   
Finisar Corporation  
Consolidated Balance Sheets  
(in thousands)  
                               
    April 28, 2013     January 27, 2013     October 28, 2012     July 29, 2012     April 30, 2012  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     Note  
ASSETS                                        
Current assets:                                        
  Cash and cash equivalents   $ 289,076     $ 265,454     $ 262,432     $ 220,409     $ 234,544  
  Accounts receivable, net     149,612       155,502       155,949       179,441       167,760  
  Accounts receivable, other     16,538       10,843       15,240       14,972       21,004  
  Inventories     200,670       202,123       203,554       208,168       218,432  
  Prepaid expenses     18,402       22,875       25,183       24,430       25,482  
    Total current assets     674,298       656,797       662,358       647,420       667,222  
Property, equipment and improvements, net     201,442       192,381       173,284       165,837       163,817  
Purchased intangible assets, net     30,457       45,823       53,300       43,049       45,177  
Goodwill     90,986       91,551       91,098       97,994       81,431  
Minority investments     884       884       884       884       884  
Other assets     9,780       7,321       7,263       7,393       10,896  
    Total assets   $ 1,007,847     $ 994,757     $ 988,187     $ 962,577     $ 969,427  
                                         
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
Current liabilities:                                        
  Accounts payable   $ 77,630     $ 67,264     $ 72,844     $ 71,295     $ 72,339  
  Accrued compensation     31,492       28,436       27,901       22,210       27,090  
  Other accrued liabilities     23,533       31,901       22,774       21,456       20,871  
  Deferred revenue     9,182       9,760       7,868       9,775       8,970  
  Current portion of long-term debt     -       -       -       -       3,150  
    Total current liabilities     141,837       137,361       131,387       124,736       132,420  
Long-term liabilities:                                        
  Convertible notes, net of current portion     40,015       40,015       40,015       40,015       40,015  
  Other non-current liabilities     13,480       14,078       21,171       16,274       15,175  
  Deferred tax liabilities     -       2,512       2,459       2,433       1,972  
    Total liabilities     195,332       193,966       195,032       183,458       189,582  
Stockholders' equity:                                        
  Common stock     94       93       93       93       91  
  Additional paid-in capital     2,350,146       2,341,448       2,330,683       2,321,064       2,309,219  
  Accumulated other comprehensive income     28,525       26,904       26,346       22,356       28,720  
  Accumulated deficit     (1,571,960 )     (1,575,839 )     (1,572,432 )     (1,572,703 )     (1,566,506 )
    Finisar Corporation stockholders' equity     806,805       792,606       784,690       770,810       771,524  
  Non-controlling interest     5,710       8,185       8,465       8,309       8,321  
    Total stockholders' equity     812,515       800,791       793,155       779,119       779,845  
Total liabilities and stockholders' equity   $ 1,007,847     $ 994,757     $ 988,187     $ 962,577     $ 969,427  
                                         

Note - Balance sheet amounts as of April 30, 2012 are derived from the audited consolidated financial statements as of the date.            

   
   
   
Finisar Corporation  
Consolidated Statements of Operations  
(in thousands, except per share data)  
                               
    Three Months Ended     Twelve Months Ended     Three Months Ended  
    April 28, 2013     April 30, 2012     April 28, 2013     April 30, 2012     January 27, 2013  
    (Unaudited)     (Unaudited)     (Unaudited)           (Unaudited)  
Revenues   $ 243,417     $ 239,910     $ 934,335     $ 952,579     $ 238,351  
Cost of revenues     166,093       172,915       662,094       672,924       168,377  
Impairment of acquired developed technology and other long-lived assets     8,156       -       8,156       -       -  
Amortization of acquired developed technology     1,842       1,515       7,044       6,311       1,930  
Gross profit     67,326       65,480       257,041       273,344       68,044  
Gross margin     27.7 %     27.3 %     27.5 %     28.7 %     28.5 %
Operating expenses:                                        
  Research and development     41,270       37,430       158,784       146,003       39,725  
  Sales and marketing     11,056       10,114       42,347       40,424       10,398  
  General and administrative     6,279       75       45,337       39,566       12,797  
  Amortization of purchased intangibles     734       897       3,640       3,494       1,035  
  Impairment of long-lived assets     7,602       -       12,488       -       4,886  
  Restructuring recoveries     -       -       -       (322 )     -  
    Total operating expenses     66,941       48,516       262,596       229,165       68,841  
Income (loss) from operations     385       16,964       (5,555 )     44,179       (797 )
Interest income     211       662       755       1,073       186  
Interest expense     (544 )     (805 )     (2,589 )     (3,716 )     (648 )
Loss on debt extinguishment     -       -       -       (419 )     -  
Other income (expenses), net     (154 )     (266 )     (449 )     3,902       (275 )
Income (loss) before income taxes and non-controlling interest     (102 )     16,555       (7,838 )     45,019       (1,534 )
Provision (benefits) for income taxes     (1,506 )     (787 )     227       2,005       2,153  
Income (loss) before non-controlling interest     1,404       17,342       (8,065 )     43,014       (3,687 )
Adjust for net (income) loss attributable to non-controlling interest     2,475       673       2,611       (21 )     280  
Net income (loss) attributable to Finisar Corporation   $ 3,879     $ 18,015     $ (5,454 )   $ 42,993     $ (3,407 )
                                         
Net income (loss) per share attributable to Finisar Corporation common stockholders:                                        
                                         
  Basic   $ 0.04     $ 0.20     $ (0.06 )   $ 0.47     $ (0.04 )
  Diluted   $ 0.04     $ 0.19     $ (0.06 )   $ 0.46     $ (0.04 )
                                         
Shares used in computing net income (loss) per share - basic     93,567       91,349       92,860       90,823       93,097  
Shares used in computing net income (loss) per share - diluted     96,192       98,528       92,860       94,186       93,097  
                                         

FINISAR NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which 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:

  • Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits);
  • Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
  • Stock-based compensation expense (non-cash charges);
  • Impairment of acquired developed technology and other long-lived assets (non-cash charges);
  • Acquisition method accounting adjustment for sale of acquired inventory (non-cash charges);
  • Flood related expense (non-recurring cash charge);
  • Reduction in force costs (non-recurring cash charges); and
  • Acquisition related retention payments (non-recurring 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:

  • Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits);
  • Shareholder class action and derivative litigation costs (non-recurring cash expenses associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement);
  • Gain on fair value re-measurement of contingent consideration (non-cash benefit);
  • Acquisition related costs (non-recurring cash charges);
  • Amortization of purchased intangibles (non-cash charges);
  • Restructuring costs and recoveries (non-recurring charges and benefits); and
  • Impairment of purchased intangibles and other long-lived assets.

In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods:

  • Interest income from legal settlements (non-recurring benefit);
  • Imputed interest related to restructuring (non-cash charges);
  • Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
  • Loss related to minority and equity method investments (non-cash charges);
  • Other miscellaneous expenses (income) (non-recurring charges or benefits);
  • Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits);
  • Debt extinguishment loss (non-recurring charges);
  • Fair value re-measurement of equity investment (non-cash gain from re-measurement of value of prior investment in an investee); and
  • Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items.

In calculating non-GAAP income per share in this release, we have included the shares issuable upon conversion of our outstanding convertible notes and excluded the interest expenses associated with such notes in such periods where such treatment is dilutive to non-GAAP income (loss) per share.

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     Twelve Months Ended     Three Months Ended  
    April 28, 2013     April 30, 2012     April 28, 2013     April 30, 2012     January 27, 2013  
GAAP to non-GAAP reconciliation of gross profit:                                        
Gross profit - GAAP   $ 67,326     $ 65,480     $ 257,041     $ 273,344     $ 68,044  
Gross margin - GAAP     27.7 %     27.3 %     27.5 %     28.7 %     28.5 %
Adjustments:                                        
Cost of revenues                                        
  Change in excess and obsolete inventory reserve     390       5,027       8,248       10,370       989  
  Amortization of acquired technology     1,842       1,515       7,044       6,311       1,930  
  Stock compensation     1,731       1,139       7,233       6,281       2,140  
  Impairment of acquired developed technology and other long-lived assets     8,156       -       8,156       -       -  
  Acquisition method accounting adjustment for sale of acquired inventory     -       963       1,363       4,998       -  
  Flood-related expense (recovery)     (1,197 )     1,222       (1,197 )     1,222       -  
  Reduction in force costs     17       62       818       906       17  
  Acquisition related retention payment     62       -       208       -       73  
    Total cost of revenue adjustments     11,001       9,928       31,873       30,088       5,149  
Gross profit - non-GAAP     78,327       75,408       288,914       303,432       73,193  
Gross margin - non-GAAP     32.2 %     31.4 %     30.9 %     31.9 %     30.7 %
                                         
GAAP to non-GAAP reconciliation of operating income:                                        
Operating income (loss) - GAAP     385       16,964       (5,555 )     44,179       (797 )
Operating margin - GAAP     0.2 %     7.1 %     -0.6 %     4.6 %     -0.3 %
Adjustments:                                        
Total cost of revenue adjustments     11,001       9,928       31,873       30,088       5,149  
Research and development                                        
  Reduction in force costs     52       35       240       801       11  
  Acquisition related retention payment     204       -       639       -       213  
  Stock compensation     2,856       2,288       11,796       9,123       2,601  
Sales and marketing                                        
  Reduction in force costs     -       36       -       36       -  
  Acquisition related retention payment     17       -       54       -       17  
  Stock compensation     1,015       727       3,979       3,105       885  
General and administrative                                        
  Reduction in force costs     24       41       118       1,055       25  
  Acquisition related retention payment     220       -       696       -       223  
  Stock compensation     2,586       1,768       10,589       7,467       2,218  
  Acquisition related costs     322       -       1,474       1,602       731  
  Litigation settlements and resolutions and related costs     -       (7,422 )     13       (7,515 )     -  
  Shareholder class action and derivative litigation costs     144       447       333       1,072       180  
  Gain on fair value remeasurement of contingent consideration liability     (7,130 )     (4,853 )     (7,130 )     (4,853 )     -  
Amortization of purchased intangibles     734       897       3,640       3,494       1,035  
Impairment purchased intangibles and other long-lived assets     7,602       -       12,488       -       4,886  
Restructuring recoveries     -       -       -       (322 )     -  
    Total cost of revenue and operating expense adjustments     19,647       3,892       70,802       45,153       18,174  
Operating income - non-GAAP     20,032       20,856       65,247       89,332       17,377  
Operating margin - non-GAAP     8.2 %     8.7 %     7.0 %     9.4 %     7.3 %
                                         
GAAP to non-GAAP reconciliation of income attributable to Finisar Corporation:                                        
Income (loss) attributable to Finisar Corporation - GAAP     3,879       18,015       (5,454 )     42,993       (3,407 )
Adjustments:                                        
Total cost of revenue and operating expense adjustments     19,647       3,892       70,802       45,153       18,174  
Interest income from legal settlement     -       (434 )     -       (434 )     -  
Imputed interest related to restructuring     146       133       520       805       148  
Other (income) expense, net                                        
  Loss (gain) on sale of assets     (1,160 )     3       (1,311 )     (4 )     38  
  Loss related to minority and equity method investments     -       -       -       619       -  
  Other miscellaneous (income) or expenses     (2 )     (424 )     (263 )     177       (101 )
  Foreign exchange transaction loss     1,034       506       854       226       431  
  Debt extinguishment loss     -       -       573       419       -  
  Fair value remeasurement of equity investment     -       (3 )     -       (5,432 )     -  
Provision for income taxes                                        
  Income tax provision adjustments     (1,506 )     (1,454 )     (2,217 )     (1,345 )     1,107  
Non-controlling interest adjustment     (2,249 )     -       (2,249 )     -       -  
Total adjustments     15,910       2,219       66,709       40,184       19,797  
Net income attributable to Finisar Corporation - non-GAAP     19,789       20,234       61,255       83,177       16,390  
                                         
Non-GAAP income attributable to Finisar Corporation   $ 19,789     $ 20,234     $ 61,255     $ 83,177     $ 16,390  
Add: interest expense for dilutive convertible notes     539       539       2,157       2,156       539  
Adjusted non-GAAP income attributable to Finisar Corporation   $ 20,328     $ 20,773     $ 63,412     $ 85,333     $ 16,929  
                                         
Non-GAAP income per share attributable to Finisar Corporation common stockholders                                        
  Basic   $ 0.21     $ 0.22     $ 0.66     $ 0.92     $ 0.18  
  Diluted   $ 0.20     $ 0.21     $ 0.64     $ 0.87     $ 0.17  
Shares used in computing non-GAAP income per share attributable to Finisar Corporation common stockholders                                        
  Basic     93,567       91,349       92,860       90,823       93,097  
  Diluted     99,941       98,528       99,284       97,935       99,094  
                                         
Non-GAAP EBITDA                                        
Non-GAAP income attributable to Finisar Corporation   $ 19,789     $ 20,234     $ 61,255     $ 83,177     $ 16,390  
Depreciation expense     13,692       12,583       52,815       45,561       13,306  
Amortization     94       227       653       851       86  
Interest expense     187       444       1,314       2,272       314  
Income tax expense     0       667       2,444       3,350       1,046  
Non-GAAP EBITDA   $ 33,762     $ 34,155     $ 118,481     $ 135,211     $ 31,142