Xtera Announces Fiscal Third Quarter Financial Results
11 Août 2016 - 10:04PM
Xtera Communications, Inc. (NASDAQ:XCOM), a provider of
high-capacity optical transport solutions, today announced
financial results for its fiscal third quarter ended June 30, 2016.
Revenue for the third quarter of fiscal 2016 was $5.3 million
compared to $16.2 million for the fiscal third quarter of 2015.
“We continue to see strong interest in the market for the
increased bandwidth that our Wise Raman™ technology can uniquely
provide by extending a network’s reach and capacity. Our backlog at
the end of Q3 was approximately $90 million,” said Jon Hopper,
Xtera’s President and Chief Executive Officer. “Fulfilling that
demand was a challenge in the third quarter given our liquidity
challenges. We are actively working with our existing lenders and
others to address this issue as soon as possible as well as
exploring strategic alternatives. We have engaged Cowen and Company
to assist us on these efforts,” said Hopper.
The company's GAAP net loss for the fiscal third
quarter of 2016 was $(23.6) million, or $(1.37) per basic and fully
diluted share, compared to a GAAP net loss of $(4.6) million, or
$(4.38) per basic and fully diluted share, for the third fiscal
quarter of 2015. The company's non-GAAP net loss for the fiscal
third quarter of 2016 was $(23.3) million, or $(1.35) per basic and
fully diluted share, compared to a non-GAAP net loss of $(4.3)
million, or $(4.24) per basic and fully diluted share, for the
third fiscal quarter of 2015.
A reconciliation of our fiscal third quarter 2016 and 2015
operating results from GAAP to non-GAAP are provided below:
|
Three Months Ended June 30, 2016 |
(Unaudited, in thousands, except share
data) |
|
|
|
|
|
|
|
Stock Based |
|
|
Amortization of |
|
|
|
|
|
|
|
GAAP |
|
|
Compensation |
|
|
Intangible
Assets |
|
|
Non-GAAP |
|
Revenue |
|
$ |
5,347 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,347 |
|
Cost of revenue |
|
|
19,121 |
|
|
|
— |
|
|
|
— |
|
|
|
19,121 |
|
Gross profit |
|
|
(13,774 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,774 |
) |
Gross margin |
|
|
-257.60 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
-257.60 |
% |
Sales and
marketing |
|
|
1,833 |
|
|
|
— |
|
|
|
— |
|
|
|
1,833 |
|
Research and
development |
|
|
3,402 |
|
|
|
— |
|
|
|
269 |
|
|
|
3,133 |
|
General and
administrative |
|
|
2,849 |
|
|
|
39 |
|
|
|
— |
|
|
|
2,810 |
|
Operating Expenses |
|
|
8,084 |
|
|
|
39 |
|
|
|
269 |
|
|
|
7,776 |
|
Operating loss |
|
|
(21,858 |
) |
|
|
(39 |
) |
|
|
(269 |
) |
|
|
(21,550 |
) |
Interest and other
income (expense), net |
|
|
(1,777 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,777 |
) |
Provision for income
taxes |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Net loss |
|
$ |
(23,637 |
) |
|
$ |
(39 |
) |
|
$ |
(269 |
) |
|
$ |
(23,329 |
) |
Weighted average
shares used to compute net loss per common share:
basic and diluted |
|
|
17,218,907 |
|
|
|
17,218,907 |
|
|
|
17,218,907 |
|
|
|
17,218,907 |
|
Net loss per common
share: basic and diluted |
|
$ |
(1.37 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015 |
(Unaudited, in thousands, except share
data) |
|
|
|
|
|
|
|
Stock Based |
|
|
Amortization of |
|
|
|
|
|
|
|
GAAP |
|
|
Compensation |
|
|
Intangible
Assets |
|
|
Non-GAAP |
|
Revenue |
|
$ |
16,170 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,170 |
|
Cost of revenue |
|
|
15,082 |
|
|
|
— |
|
|
|
— |
|
|
|
15,082 |
|
Gross profit |
|
|
1,088 |
|
|
|
— |
|
|
|
— |
|
|
|
1,088 |
|
Gross margin |
|
|
6.73 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
6.73 |
% |
Sales and
marketing |
|
|
966 |
|
|
|
— |
|
|
|
— |
|
|
|
966 |
|
Research and
development |
|
|
2,772 |
|
|
|
— |
|
|
|
270 |
|
|
|
2,502 |
|
General and
administrative |
|
|
1,435 |
|
|
|
8 |
|
|
|
— |
|
|
|
1,427 |
|
Operating Expenses |
|
|
5,173 |
|
|
|
8 |
|
|
|
270 |
|
|
|
4,895 |
|
Operating loss |
|
|
(4,085 |
) |
|
|
(8 |
) |
|
|
(270 |
) |
|
|
(3,807 |
) |
Interest and other
income (expense), net |
|
|
(524 |
) |
|
|
— |
|
|
|
— |
|
|
|
(524 |
) |
Provision for income
taxes |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Net loss |
|
|
(4,611 |
) |
|
|
(8 |
) |
|
|
(270 |
) |
|
|
(4,333 |
) |
Preferred Dividend |
|
|
(3,337 |
) |
|
|
— |
|
|
|
|
|
|
|
(3,337 |
) |
Net loss available to
common |
|
$ |
(7,948 |
) |
|
$ |
(8 |
) |
|
$ |
(270 |
) |
|
$ |
(7,670 |
) |
Weighted average
shares used to compute net loss per common share:
basic and diluted |
|
|
1,816,175 |
|
|
|
1,816,175 |
|
|
|
1,816,175 |
|
|
|
1,816,175 |
|
Net loss per common
share: basic and diluted |
|
$ |
(4.38 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.15 |
) |
|
$ |
(4.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference CallIn conjunction
with this announcement, Xtera will host a conference call to
discuss its results at 3:30 p.m. Central Time (4:30 p.m. Eastern
Time) on Thursday, August 11, 2016. Interested parties can
listen to a live webcast of the conference call by visiting the
Investor Relations section of Xtera’s website at
http://ir.xtera.com. Dial in information for the conference
call is available by registering at
http://dpregister.com/10078845. The conference call and
webcast will include forward-looking information. A replay of
the conference call will also be available on the Investor
Relations section of Xtera’s website at http://ir.xtera.com
following the completion of the call.
Please visit http://ir.xtera.com for a copy
of Xtera’s quarterly report on Form 10-Q, as filed with the
Securities and Exchange Commission today.
About Xtera Communications,
Inc.
Xtera Communications, Inc. (NASDAQ:XCOM) is a
leading provider of high-capacity, cost-effective optical transport
solutions, supporting the high growth in global demand for
bandwidth. Xtera sells solutions to telecommunications
service providers, content service providers, enterprises and
government entities worldwide. Xtera’s proprietary Wise
RamanTM optical amplification technology leads to capacity and
reach performance advantages over competitive products.
Xtera’s solutions enable cost-effective capacity to meet customers’
bandwidth requirements of today and to support their increasing
bandwidth demand fueled by the development of data centers and
related cloud-based services.
For more information, visit www.xtera.com,
contact info@xtera.com or connect via LinkedIn, Twitter, Facebook
and YouTube.
Forward-Looking Statements
This press release contains forward-looking
statements based on Xtera’s current expectations. All
statements, other than statements of historical facts, included
herein are forward-looking statements. The words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “will,” “would,” “seek” and similar expressions (or the
negative of these terms) are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements
reflect the current views and assumptions of Xtera and are subject
to various risks and uncertainties that could cause actual results
to differ materially from expectations. Xtera may not
actually achieve the expectations disclosed in the forward-looking
statements, and you should not place undue reliance on Xtera’s
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results or
events to differ materially from the expectations disclosed in the
forward-looking statements, including, but not limited to, risks
related to Xtera’s ability to restructure its debt or obtain
waivers under its existing debt; Xtera’s ability to obtain
additional capital; Xtera’s ability to continue as a going concern;
Xtera’s expectations for the future business and financial
performance of the Company; the growing recognition of the
importance and adoption of Xtera’s Wise Raman™ technology to solve
the capacity and reach requirements of telecommunication and
content service providers as well as enterprises and government
entities; the long-term goals and growth prospects for Xtera;
Xtera’s success in improving its internal controls and processes;
the development of new products that Xtera believes will continue
to help its customers expand capacity on their networks; Xtera’s
history of significant operating losses; fluctuations in Xtera’s
operating results and gross margin; and other factors included in
Xtera’s filings with the Securities and Exchange Commission,
including its 10-Q filed with the SEC on August 11, 2016.
Subsequent events may cause these expectations to change, and Xtera
disclaims any obligations to update or alter these forward-looking
statements in the future, whether as a result of new information,
future events or otherwise.
Use of
Non-GAAP
Financial Information
The Company uses certain non-GAAP financial
measures in this press release to supplement its consolidated
financial statements, which are presented in accordance with GAAP.
These non-GAAP measures include non-GAAP net income (loss) and
non-GAAP basic and diluted income (loss) per share. These non-GAAP
measures are provided to enhance the reader's understanding of the
Company's operating performance as they primarily exclude certain
non-cash charges for stock-based compensation and amortization of
intangible assets which the Company believes are not indicative of
its core operating results. Management believes that the non-GAAP
measures used in this press release provide investors with
important perspectives into the Company's ongoing business
performance and management uses these non-GAAP measures to evaluate
financial results and to establish operational goals. The
presentation of these non-GAAP measures is not meant to be a
substitute for results presented in accordance with GAAP, but
rather should be evaluated in conjunction with those GAAP results.
A reconciliation of the non-GAAP results to the most directly
comparable GAAP results is provided in this press release. The
non-GAAP financial measures used by the company may be calculated
differently from, and therefore may not be comparable to, similarly
titled measures used by other companies.
|
|
XTERA COMMUNICATIONS, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(In thousands, except share
data) |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Nine Months Ended
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
4,147 |
|
|
$ |
14,892 |
|
|
$ |
30,125 |
|
|
$ |
39,847 |
|
Services |
|
|
1,200 |
|
|
|
1,278 |
|
|
|
4,931 |
|
|
|
3,805 |
|
Total
revenue |
|
|
5,347 |
|
|
|
16,170 |
|
|
|
35,056 |
|
|
|
43,652 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
18,182 |
|
|
|
14,579 |
|
|
|
45,408 |
|
|
|
32,944 |
|
Services |
|
|
939 |
|
|
|
503 |
|
|
|
2,685 |
|
|
|
1,727 |
|
Total cost
of revenue |
|
|
19,121 |
|
|
|
15,082 |
|
|
|
48,093 |
|
|
|
34,671 |
|
Gross
profit |
|
|
(13,774 |
) |
|
|
1,088 |
|
|
|
(13,037 |
) |
|
|
8,981 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
1,833 |
|
|
|
966 |
|
|
|
4,823 |
|
|
|
3,215 |
|
Research and
development |
|
|
3,402 |
|
|
|
2,772 |
|
|
|
9,446 |
|
|
|
8,198 |
|
General and
administrative |
|
|
2,849 |
|
|
|
1,435 |
|
|
|
6,956 |
|
|
|
4,487 |
|
Total
operating expense |
|
|
8,084 |
|
|
|
5,173 |
|
|
|
21,225 |
|
|
|
15,900 |
|
Operating loss |
|
|
(21,858 |
) |
|
|
(4,085 |
) |
|
|
(34,262 |
) |
|
|
(6,919 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(715 |
) |
|
|
(631 |
) |
|
|
(1,477 |
) |
|
|
(1,917 |
) |
Interest
expense, related party |
|
|
— |
|
|
|
(377 |
) |
|
|
— |
|
|
|
(1,056 |
) |
Foreign
exchange loss |
|
|
(1,059 |
) |
|
|
484 |
|
|
|
(1,704 |
) |
|
|
(146 |
) |
Other
loss |
|
|
(3 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
Total other
expense |
|
|
(1,777 |
) |
|
|
(524 |
) |
|
|
(3,186 |
) |
|
|
(3,119 |
) |
Loss before income
taxes |
|
|
(23,635 |
) |
|
|
(4,609 |
) |
|
|
(37,448 |
) |
|
|
(10,038 |
) |
Income tax provision |
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
38 |
|
Net loss |
|
$ |
(23,637 |
) |
|
$ |
(4,611 |
) |
|
$ |
(37,452 |
) |
|
$ |
(10,076 |
) |
Preferred dividend |
|
|
— |
|
|
|
(3,337 |
) |
|
|
— |
|
|
|
(10,011 |
) |
Net loss available to
common stockholders |
|
$ |
(23,637 |
) |
|
$ |
(7,948 |
) |
|
$ |
(37,452 |
) |
|
$ |
(20,087 |
) |
Loss per common share –
basic and diluted |
|
$ |
(1.37 |
) |
|
$ |
(4.38 |
) |
|
$ |
(2.52 |
) |
|
$ |
(11.06 |
) |
Weighted average shares –
basic and diluted |
|
|
17,218,907 |
|
|
|
1,816,175 |
|
|
|
14,837,954 |
|
|
|
1,815,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XTERA COMMUNICATIONS, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(In thousands, except share data) |
|
(Unaudited) |
|
|
|
|
|
June 30, |
|
|
September 30, |
|
|
|
2016 |
|
|
2015 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
614 |
|
|
$ |
1,753 |
|
Restricted
cash |
|
|
328 |
|
|
|
1,120 |
|
Accounts
receivable, net |
|
|
5,198 |
|
|
|
6,580 |
|
Unbilled
receivables |
|
|
11,263 |
|
|
|
6,119 |
|
Inventories,
net |
|
|
11,724 |
|
|
|
10,540 |
|
Deferred
cost |
|
|
5,010 |
|
|
|
780 |
|
Prepaid
expenses and other current asset |
|
|
1,092 |
|
|
|
1,185 |
|
Total current assets |
|
|
35,229 |
|
|
|
28,077 |
|
Property and
equipment, net |
|
|
3,923 |
|
|
|
3,399 |
|
Restricted
cash |
|
|
3,476 |
|
|
|
152 |
|
Intangible
assets, net |
|
|
6,745 |
|
|
|
7,554 |
|
Other
assets |
|
|
90 |
|
|
|
90 |
|
Total assets |
|
$ |
49,463 |
|
|
$ |
39,272 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
25,340 |
|
|
$ |
13,589 |
|
Accrued
compensation and employee benefits |
|
|
1,178 |
|
|
|
760 |
|
Deferred
revenue |
|
|
2,966 |
|
|
|
1,058 |
|
Warranty
reserve |
|
|
2,569 |
|
|
|
1,735 |
|
Current
portion of long-term debt |
|
|
12,103 |
|
|
|
10,707 |
|
Other
accrued liabilities |
|
|
14,677 |
|
|
|
4,966 |
|
Total current
liabilities |
|
|
58,833 |
|
|
|
32,815 |
|
Long-term
debt less current portion |
|
|
— |
|
|
|
2,133 |
|
Other
long-term liabilities |
|
|
619 |
|
|
|
631 |
|
Total liabilities |
|
|
59,452 |
|
|
|
35,579 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity
(deficit) |
|
|
|
|
|
|
|
|
Series A-3
convertible preferred stock, $0.001 par value, Authorized shares: 0
and 40,500,000 as of June 30, 2016 and September 30, 2015;
Issued and outstanding shares: 0 and 39,663,482 as of June
30, 2016 and September 30, 2015 |
|
|
— |
|
|
|
40 |
|
Series B-3
convertible preferred stock, $0.001 par value, Authorized shares: 0
and 39,500,000 as of June 30, 2016 and September 30,
2015; Issued and outstanding shares: 0 and 38,589,303
as of June 30, 2016 and September 30, 2015 |
|
|
— |
|
|
|
39 |
|
Series C-3
convertible preferred stock, $0.001 par value, Authorized shares: 0
and 25,000,000 as of June 30, 2016 and September 30, 2015;
Issued and outstanding shares: 0 and 19,081,778 as of June
30, 2016 and September 30, 2015 |
|
|
— |
|
|
|
19 |
|
Series D-3
convertible preferred stock, $0.001 par value, Authorized shares: 0
and 60,000,000 as of June 30, 2016 and September 30, 2015;
Issued and outstanding shares: 0 and 52,509,212 as of June
30, 2016 and September 30, 2015 |
|
|
— |
|
|
|
53 |
|
Series E-3
convertible preferred stock, $0.001 par value, Authorized shares: 0
and 120,000,000 as of June 30, 2016 and September 30, 2015;
Issued and outstanding shares: 0 and 114,679,639 as of June
30, 2016 and September 30, 2015 |
|
|
— |
|
|
|
115 |
|
Preferred
Stock, $0.001 par value, 5,000,000 shares authorized, no shares
issued and outstanding |
|
|
— |
|
|
|
— |
|
Common
Stock, $0.001 par value, Authorized shares: 100,000,000 and
395,000,000 as of June 30, 2016 and September 30, 2015;
Issued and outstanding shares: 17,224,624 and 1,936,056 as of
June 30, 2016 and September 30, 2015 |
|
|
17 |
|
|
|
2 |
|
Additional
paid-in-capital |
|
|
410,421 |
|
|
|
388,047 |
|
Accumulated
deficit |
|
|
(422,137 |
) |
|
|
(384,685 |
) |
Accumulated
other comprehensive income, net |
|
|
1,710 |
|
|
|
63 |
|
Total stockholders’ equity
(deficit) |
|
|
(9,989 |
) |
|
|
3,693 |
|
Total liabilities and
stockholders’ equity |
|
$ |
49,463 |
|
|
$ |
39,272 |
|
|
|
|
|
|
|
|
|
|
|
|
XTERA COMMUNICATIONS, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In thousands) |
|
(Unaudited) |
|
|
|
|
|
Nine Months Ended
June 30, |
|
|
|
2016 |
|
|
2015 |
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(37,452 |
) |
|
$ |
(10,076 |
) |
Adjustments
to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
2,264 |
|
|
|
1,986 |
|
Provision
for inventory obsolescence |
|
|
4,219 |
|
|
|
1,001 |
|
Provision
for loss on contracts |
|
|
6,639 |
|
|
|
— |
|
Warranty
provision |
|
|
959 |
|
|
|
769 |
|
Share-based
compensation |
|
|
333 |
|
|
|
25 |
|
Warrant
amortization expense |
|
|
77 |
|
|
|
152 |
|
(Gain) loss
on disposition of assets |
|
|
5 |
|
|
|
— |
|
Changes in
operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,357 |
|
|
|
3,623 |
|
Unbilled accounts receivable |
|
|
(5,144 |
) |
|
|
(3,014 |
) |
Inventories |
|
|
(6,720 |
) |
|
|
(2,415 |
) |
Deferred costs |
|
|
(4,230 |
) |
|
|
(733 |
) |
Prepaid expenses and other assets |
|
|
357 |
|
|
|
(350 |
) |
Accounts payable |
|
|
11,837 |
|
|
|
9,097 |
|
Other accrued liabilities |
|
|
3,409 |
|
|
|
872 |
|
Deferred revenue |
|
|
1,982 |
|
|
|
(2,215 |
) |
Net cash used in operating
activities |
|
|
(20,108 |
) |
|
|
(1,278 |
) |
Investing Activities: |
|
|
|
|
|
|
|
|
Changes in
restricted cash |
|
|
(2,532 |
) |
|
|
378 |
|
Purchases of
property and equipment |
|
|
(996 |
) |
|
|
(866 |
) |
Net cash used in investing
activities |
|
|
(3,528 |
) |
|
|
(488 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
Repayment of
debt |
|
|
(21,771 |
) |
|
|
(27,747 |
) |
Proceeds
from debt |
|
|
20,957 |
|
|
|
23,847 |
|
Proceeds
from issuance of bridge loans |
|
|
— |
|
|
|
500 |
|
Proceeds
from issuance of bridge loans, related party |
|
|
— |
|
|
|
4,300 |
|
Payment of
capital lease obligations |
|
|
(69 |
) |
|
|
— |
|
Proceeds
from issuance of common stock |
|
|
21,790 |
|
|
|
1 |
|
Net cash provided by
financing activities |
|
|
20,907 |
|
|
|
901 |
|
Effect of exchange rate
changes on cash |
|
|
1,590 |
|
|
|
141 |
|
Net increase (decrease) in
cash and cash equivalents |
|
|
(1,139 |
) |
|
|
(724 |
) |
Cash and cash equivalents
at beginning of period |
|
|
1,753 |
|
|
|
1,920 |
|
Cash and cash equivalents
at end of period |
|
$ |
614 |
|
|
$ |
1,196 |
|
Supplemental disclosure of
cash flow information: |
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
912 |
|
|
$ |
986 |
|
Cash paid
for income taxes |
|
|
2 |
|
|
$ |
38 |
|
Noncash investing and
finance activities: |
|
|
|
|
|
|
|
|
Issuance of
warrants |
|
$ |
— |
|
|
$ |
264 |
|
Inventory
converted to depreciable assets |
|
$ |
1,316 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Investor Contact:
David H. Allen | +1 408 427 4463 | IR@xtera.com
Marketing & Sales Contact:
Bertrand Clesca | +33 1 45 48 15 67 | marketing@xtera.com
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