SOURCE: FINISAR CORPORATION

June 12, 2008 16:00 ET

Finisar Corporation Announces Fourth Quarter and Fiscal 2008 Financial Results

SUNNYVALE, CA--(Marketwire - June 12, 2008) - Finisar Corporation (NASDAQ: FNSR), a technology leader in gigabit fiber optic solutions for high-speed data networks, today announced financial results for its fourth quarter and fiscal year ended April 30, 2008.

FINANCIAL HIGHLIGHTS - FOURTH QUARTER ENDED APRIL 30, 2008

Financial Results

--  Fourth quarter revenues of $121.0 million, a new record for the
    Company, increased 7% from $112.7 million in the third quarter and 25% from
    $96.6 million in the fourth quarter of the prior year. These results were
    in line with the Company's preannouncement on May 16, 2008 wherein
    management indicated that fourth quarter revenues would be approximately
    $120 million.
--  Optics revenues of $111.4 million increased 8% from $103.0 million in
    the third quarter and 26% from $88.2 million in the prior year; while
    Network Tools revenues of $9.6 million declined slightly from $9.8 million
    in the prior quarter and increased 15% from $8.4 million in the fourth
    quarter of the prior year.
--  Revenues of $31.2 million from products for 10/40 Gbps applications
    increased 7% from $29.1 million in the prior quarter and 110% from $14.9
    million in the fourth quarter of the prior year.
--  Revenues of $50.6 million from products for 1-8 Gbps LAN/SAN
    applications increased 12% from $45.4 million in the prior quarter and 11%
    from $45.7 million in the fourth quarter of the prior year.
--  Gross margin of 32.9% compares to 33.4% in the third quarter and 32.3%
    in the fourth quarter of the prior year.
--  Net loss of $8.7 million, or $.03 per share, compares to a net loss of
    $10.6 million, or $.03 per share, in the third quarter and a net loss of
    $16.0 million, or $.05 per share, in the fourth quarter of the prior year.
--  Cash and short-term investments, plus other long-term investments
    which can be readily converted into cash, of $116.4 million decreased $6.0
    million from $122.4 million at January 27, 2008, but also reflects a
    reduction in outstanding debt of $14.2 million during the quarter and $2.5
    million in minority investments. Excluding these items, cash would have
    increased to approximately $133 million in the fourth quarter. The Company
    has classified certain of its investments as long-term based on its intent
    to hold these securities until maturity, although they can be readily sold
    if required.
    

Non-GAAP Financial Measures

--  Excluding certain items as described below, net income in the fourth
    quarter was $7.9 million, or $.03 per share, compared to $6.7 million, or
    $.02 per share, in the third quarter and $2.3 million, or $.01 per share,
    in the fourth quarter of the prior year.
--  Gross margin, excluding certain items, decreased sequentially to 37.4%
    from 38.2% in the third quarter and from 37.6% in the fourth quarter of the
    prior year. The decrease in gross margins compared to the prior quarter was
    primarily related to an unfavorable product mix as revenues from Network
    Tools declined as a percent of total revenues while revenues for short
    distance LAN/SAN applications increased in the quarter.
--  The Company generated approximately $17 million in EBITDA during the
    fourth quarter while investing approximately $9.5 million in capital
    expenditures.
    

The Company's operating results include a number of non-cash and cash charges and gains or losses principally related to acquisitions, the sale of minority investments, restructuring activities, impairments and financing transactions. For the fourth quarter of fiscal 2008, these items resulted in net charges of $16.6 million and included, among other items, $3.0 million in non-cash stock compensation expense; a $4.8 million non-cash charge related to an impairment in the value of patents that have been capitalized; a $3.1 million non-cash charge related to slow-moving and obsolete inventory; $1.6 million in amortization charges related to acquired developed technology and purchased intangibles arising from previous acquisitions; a $1.4 million loss related to minority investments; $1.2 million related to the amortization of discount on convertible notes issued in 2001; and a $721,000 cash charge associated with employee retention related to a previous acquisition. The charge for slow-moving and obsolete inventory was largely based on an estimate of the amount of inventory that will be unused after twelve months although a portion of that inventory may in fact be used beyond this period.

The Company excludes these and certain other items for the purpose of tracking its performance on a non-GAAP basis. Non-GAAP gross profit and non-GAAP net income (loss), as reported by the Company, give an indication of the Company's baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results.

The Company's non-GAAP net income for the fourth quarter was $7.9 million, or $.03 per share, compared to $6.7 million, or $.02 per share, in the third quarter and $2.3 million, or $.01 per share, in the fourth quarter of the prior year. On a non-GAAP basis, gross margins were 37.4% in the fourth quarter of fiscal 2008 compared to 38.2% in the third quarter and 37.6% in the fourth quarter of the prior year. The decrease in gross margins compared to the prior quarter is primarily related to an unfavorable product mix as revenues from Network Tools declined as a percent of total revenues while revenues for short distance LAN/SAN applications increased in the quarter.

Profitability in the fourth quarter reflects non-GAAP operating expenses of $35.6 million compared to $34.6 million in the third quarter and $32.7 million in the fourth quarter of the prior year. Most of the increase from the prior quarter was related to higher expenses for research and development while prior year comparisons were impacted by two acquisitions completed during the fourth quarter of the prior year.

FINANCIAL HIGHLIGHTS - FISCAL YEAR ENDED APRIL 30, 2008

--  Revenues of $440.2 million for the fiscal year, a new record for the
    Company, increased 5% from $418.5 million in the prior year.
--  Revenues of $401.6 million from optical components and subsystems
    increased 5% from $381.3 million in the prior year.
--  Revenues of $96.8 million from products for 10/40 Gbps applications
    increased 140% from $40.3 million in the prior year partially offset by a
    decrease in revenues for 1-4 Gbps LAN/SAN applications.
--  Revenues of $38.6 million from Network Tools increased 3% from $37.3
    million in the prior year.
--  Net loss of $36.4 million was improved from $45.4 million in the prior
    year.
--  Net income of $20.8 million on a non-GAAP basis was down $14.1 million
    from $34.9 million in the prior year primarily due to an increase in
    operating expenses of $13.1 million, or 11%, from the prior year,
    approximately half of which was related to two acquisitions completed in
    the fourth quarter of the prior fiscal year.
    

"While fiscal 2008 was a challenging year for us at the top line, it was extremely gratifying to see us recover and set new revenue records for the company in the last half of the year," said Jerry Rawls, Finisar's Chairman and CEO. "Demand for our products for both 10-40 Gbps and shorter distance LAN/SAN applications continues to be healthy during these uncertain economic times. And with the announcement of our proposed merger with Optium, we are extremely excited about the future potential for growth and profitability."

CONFERENCE CALL

Finisar will discuss these financial statements and its current business outlook during its regular quarterly conference call scheduled for today, June 12, 2008 at 2:00 p.m. Pacific Time. To listen to the call you may connect to the investor page of Finisar at www.finisar.com or dial 877-407-0890 (domestic) or 201-689-7827 (international) and enter passcode 284578.

A replay will be available approximately two days after the call for two weeks. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international) and then, following the prompts, enter account number 2791 followed by conference ID number 284578. A Web archive will also be made available approximately two days following call at www.finisar.com until the next conference call to be held approximately 90 days from today.

SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACTS 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 completion of Finisar's pending combination with Optium Corporation ("Optium") and, if it is consummated, the operation of the combined company; 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. Additional risks include the potential impact of regulatory review or civil litigation arising from the investigation of our historical option granting practices or the recent filing of restated financial information. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's Annual Report on Form 10-K and other reports as filed with the Securities and Exchange Commission.

ABOUT FINISAR

Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber optic components and subsystems and network test and monitoring systems. These products enable high-speed voice, video and data communications for networking, storage and wireless applications over Local Area Networks (LANs), Storage Area Networks (SANs), and Metropolitan Area Networks (MANs) using Ethernet, Fibre Channel, IP, SAS, SATA and SONET/SDH protocols. The Company is headquartered in Sunnyvale, California, USA. More information can be found at www.finisar.com.

IMPORTANT ADDITIONAL INFORMATION

In connection with the proposed combination of Finisar and Optium announced on May 16, 2008, Finisar plans to file with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4 containing a Joint Proxy Statement/Prospectus and Optium plans to file with the SEC the same Joint Proxy Statement/Prospectus. The definitive Joint Proxy Statement/Prospectus will be mailed to the stockholders of Finisar and Optium after clearance with the SEC. Each company will also file with the SEC from time to time other documents relating to the proposed combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT IS FILED WITH THE SEC, AND OTHER DOCUMENTS FILED BY EITHER FINISAR OR OPTIUM WITH THE SEC RELATING TO THE PROPOSED COMBINATION WHEN THEY ARE FILED, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED COMBINATION.

Copies of the documents filed with the SEC by Finisar or Optium may be obtained free of charge from the SEC website maintained at www.sec.gov. In addition, Finisar's SEC filings may be obtained free of charge from Finisar's website (www.finisar.com) or by calling Finisar's Investor Relations department at 408-542-5050 and Optium's filings may be obtained free of charge from Optium's website (www.optium.com) or by calling Optium's Investor Relations department at 267-803-3801.

Each of Finisar and Optium, and its respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from that company's respective stockholders in connection with the proposed combination. Information about the directors and executive officers of Finisar (including their respective ownership of Finisar shares) is contained in Finisar's annual meeting proxy statement filed with the SEC on February 21, 2008 and available free of charge in the manner described above. Information about the directors and executive officers of Optium (including their respective ownership of Optium shares) is contained in Optium's annual meeting proxy statement filed with the SEC on November 13, 2007 and available free of charge in the manner described above. Additional information regarding the interests of such participants in the proposed combination will be included in the Joint Proxy Statement/Prospectus and the other documents filed by each company with the SEC relating to the proposed combination (when filed).

FINANCIAL STATEMENTS

The following financial tables are presented in accordance with GAAP.

                            Finisar Corporation
                   Consolidated Statements of Operations


                                                                   Three
                                                                   Months
                      Three Months Ended   Twelve Months Ended     Ended
                     --------------------  --------------------  ---------
                       April      April      April      April     January
                     30, 2008   30, 2007   30, 2008   30, 2007   27, 2008
                     ---------  ---------  ---------  ---------  ---------
                       (Unaudited, in thousands, except per share data)

Revenues
  Optical subsystems
   and components    $ 111,378  $  88,204  $ 401,625  $ 381,263  $ 102,957
  Network test and
   monitoring
   systems               9,627      8,393     38,555     37,285      9,784
                     ---------  ---------  ---------  ---------  ---------
     Total revenues    121,005     96,597    440,180    418,548    112,741
Cost of revenues        79,882     63,922    292,161    270,272     73,396
Amortization of
 acquired developed
 technology              1,314      1,466      6,501      6,002      1,729
                     ---------  ---------  ---------  ---------  ---------
Gross profit            39,809     31,209    141,518    142,274     37,616
Gross margin              32.9%      32.3%      32.2%      34.0%      33.4%
Operating expenses:
  Research and
   development          20,194     17,571     76,544     64,559     21,218
  Sales and
   marketing            10,280      8,781     40,006     36,122     10,492
  General and
   administrative        8,629     12,164     40,259     35,641     12,768
  Acquired
   in-process
   research and
   development               -      5,770          -      5,770          -
  Amortization of
   purchased
   intangibles             280        277      1,748      1,814        488
  Impairment of
   intangible
   assets                4,784          -      4,784          -          -
                     ---------  ---------  ---------  ---------  ---------
     Total operating
      expenses          44,167     44,563    163,341    143,906     44,966
                     ---------  ---------  ---------  ---------  ---------
Loss from operations    (4,358)   (13,354)   (21,823)    (1,632)    (7,350)
Interest income          1,352      1,882      5,805      6,204      1,501
Interest expense        (4,341)    (4,152)   (17,236)   (16,044)    (4,291)
Loss on debt
 extinguishment              -          -          -    (31,606)         -
Other income
 (expense), net           (560)       431       (298)      (724)       310
                     ---------  ---------  ---------  ---------  ---------
Loss before income
 taxes                  (7,907)   (15,193)   (33,552)   (43,802)    (9,830)
Provision for income
 taxes                     765        780      2,848      2,810        807
                     ---------  ---------  ---------  ---------  ---------
Loss before
 cumulative effect      (8,672)   (15,973)   (36,400)   (46,612)   (10,637)
Cumulative effect            -          -          -     (1,213)         -
                     ---------  ---------  ---------  ---------  ---------
Net loss             $  (8,672) $ (15,973) $ (36,400) $ (45,399) $ (10,637)
                     =========  =========  =========  =========  =========

Net loss per share -
 basic and diluted   $   (0.03) $   (0.05) $   (0.12) $   (0.15) $   (0.03)

Shares used in
 computing net loss
 per share - basic
 and diluted           308,786    308,623    308,680    307,804    308,663

                            Finisar Corporation
                        Consolidated Balance Sheets
                              (In thousands)


                April 30,     January     October    July 29,   April 30,
                   2008      27, 2008    28, 2007      2007        2007
                ----------  ----------  ----------  ----------  ----------
                            (Unaudited) (Unaudited) (Unaudited)


Current assets:
  Cash and cash
   equivalents  $   79,442  $   75,437  $   46,249  $   52,090  $   56,106
  Short-term
   available-
   for-sale
   investments      29,125      38,096      59,768      59,910      56,511
  Short-term
   available-
   for-sale
   investments
   - equity          2,801           -           -           -           -
  Restricted
   investments,
   short-term            -           -           -         625         625
  Accounts
   receivable,
   net              47,061      55,035      54,463      58,434      55,969
  Accounts
   receivable,
   other            12,408       9,645       8,958       6,694       9,270
  Inventories       82,554      83,220      78,557      77,351      77,670
  Prepaid
   expenses
   and other         7,656       5,586       4,751       4,352       4,553
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     assets        261,047     267,019     252,746     259,456     260,704
Long-term
 available-
 for-sale
 investments
 - debt              7,887       8,872       8,932       9,074      11,079
Long-term
 available-
 for-sale
 investments
 - equity                -       3,730       4,540       8,211       8,776
Property, plant
 and improvements,
 net                89,847      85,710      84,246      84,325      84,071
Purchased
 technology, net    11,850      13,163      14,893      16,622      18,351
Other
 intangible
 assets, net        17,726      22,061      21,697      21,145      20,807
Goodwill           128,348     128,852     128,949     128,949     128,949
Minority
 investments        13,250      11,250      11,250      11,250      11,250
Other assets         3,241       3,004       2,988       3,844       4,203
                ----------  ----------  ----------  ----------  ----------
        Total
         assets $  533,196  $  543,661  $  530,241  $  542,876  $  548,190
                ==========  ==========  ==========  ==========  ==========

LIABILITIES AND
 STOCKHOLDERS'
 EQUITY
Current
 liabilities:
  Accounts
   payable      $   43,040  $   38,044  $   32,491  $   34,795  $   41,705
  Accrued
   compensation     14,397      14,970      10,475      12,977      10,550
  Other
   accrued
   liabilities      23,054      23,593      15,932      15,287      12,590
  Deferred
   revenue           5,312       5,135       5,543       5,864       5,473
  Current
   portion of
   other
   long-term
   liabilities       2,436       2,390       2,344       2,299       2,255
  Convertible
   notes           101,918     113,722     112,469      66,950      66,950
  Non-cancelable
   purchase
   obligations       3,206       2,787       2,426       2,676       2,798
                ----------  ----------  ----------  ----------  ----------
    Total
     current
     liabilities   193,363     200,641     181,680     140,848     142,321
Long-term
 liabilities:
  Convertible
   notes           150,000     150,000     150,000     194,262     193,066
  Other
   long-term
   liabilities      18,310      18,861      19,633      20,346      21,042
  Deferred
   income taxes      9,522       7,872       7,178       6,634       6,090
                ----------  ----------  ----------  ----------  ----------
    Total long-
     term
     liabilities   177,832     176,733     176,811     221,242     220,198
Stockholders'
 equity:
  Common stock         309         309         309         309         309
  Additional
   paid-in
   capital       1,540,241   1,538,048   1,534,718   1,532,068   1,529,322
  Accumulated
   other
   comprehensive
   income           12,973      10,780       8,936      10,852      11,162
  Accumulated
   deficit      (1,391,522) (1,382,850) (1,372,213) (1,362,443) (1,355,122)
                ----------  ----------  ----------  ----------  ----------
    Total
     stockholders'
     equity        162,001     166,287     171,750     180,786     185,671
                ----------  ----------  ----------  ----------  ----------
Total
 liabilities
 and
 stockholders'
 equity         $  533,196  $  543,661  $  530,241  $  542,876  $  548,190
                ==========  ==========  ==========  ==========  ==========

NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with 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. Management believes that tracking non-GAAP gross profit and non-GAAP net income provides both 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 exclude the ongoing impact of historical business decisions made in different business and economic environments and 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 non-recurring and infrequently incurred 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 profits, 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);
--  Duplicative facility costs during facility move (non-recurring
    charges);
--  Stock compensation expense (non-cash charges);
--  Acquisition related compensation costs (non-recurring cash charges
    related to employee retention);
--  Purchase accounting adjustment for sale of acquired inventory (non-
    cash and non-recurring charges); and
--  Reduction in force costs (non-recurring charges);
    

In calculating non-GAAP net income, 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:

--  Options investigation costs included in G&A expense (non-recurring
    cash charges related to the special investigation into our historical stock
    option granting practices) and the cost of covering employee and employer
    tax liabilities (non-recurring cash charges) arising from that
    investigation recorded in each line of the income statement;
--  Amortization of purchased intangibles (non-cash charges related to
    prior acquisitions);
--  Impairment charges associated with intangible assets (non-cash and non-
    recurring);
--  Amortization of discount on convertible debt (non-cash charges);
--  Loss on debt extinguishment (non-recurring and non-cash charge);
--  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);
--  Gains and losses on minority investments (infrequently occurring and
    principally non-cash gains and losses related to the disposal of
    investments in other companies and non-cash income or loss from these
    investments accounted for under the equity method);
--  Tax charges arising from timing difference related to asset purchases
    (non-cash provision); and
--  Cumulative effect of change in accounting principle (non-recurring and
    non-cash charges or income).
    

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


                                                                    Three
                                                Twelve Months      Months
                          Three Months Ended        Ended           Ended
                          ------------------  ------------------  --------
                           April     April     April     April    January
                          30, 2008  30, 2007  30, 2008  30, 2007  27, 2008
                          --------  --------  --------  --------  --------
                          (Unaudited, in thousands, except per share data)
Reconciliation of GAAP
 Gross Profit to non-GAAP
 Gross Profit:
Gross profit per GAAP       39,809    31,209   141,518   142,274    37,616
Gross margin, GAAP            32.9%     32.3%     32.2%     34.0%     33.4%
Adjustments:
Cost of revenues
  Change in excess and
   obsolete inventory
   reserve                   3,021     2,570     9,375     8,841     1,587
  Amortization of
   acquired technology       1,314     1,466     6,501     6,002     1,729
  Duplicate facility costs
   during facility move        296       226       296     1,033         -
  Stock compensation           771       640     3,091     3,517       895
  Acquisition related
   compensation                 27         -        67         -        40
  Costs related to options
   investigation                 -        (6)    1,084       143     1,084
  Purchase accounting
   adjustment for sale of
   acquired inventory            -       262     1,306       262         -
  Reduction in force costs       9         -       346         -       145
                          --------  --------  --------  --------  --------
    Total cost of revenue
     adjustments             5,438     5,158    22,066    19,798     5,480
Gross profit, non-GAAP      45,247    36,367   163,584   162,072    43,096
Gross margin, non-GAAP        37.4%     37.6%     37.2%     38.7%     38.2%

Reconciliation of GAAP
 net income (loss) to
 non-GAAP net income
 (loss):
Net loss per GAAP           (8,672)  (15,973)  (36,400)  (45,399)  (10,637)
Total cost of revenue
 adjustments                 5,438     5,158    22,066    19,798     5,480
Research and development
  Reduction in force costs      12         -        40         -         -
  Stock compensation         1,139       784     4,377     4,014     1,247
  Acquisition related
   compensation                499         -     1,247         -       748
  Costs related to options
   investigation                 -        (6)    1,648       132     1,648
Sales and marketing
  Reduction in force costs      87         -       170        90        49
  Stock compensation           482       414     2,048     1,911       673
  Acquisition related
   compensation                 85         -       213         -       128
  Costs related to options
   investigation                 -        (6)      742        31       742
General and administrative
  Reduction in force costs       -         -         6        12         -
  Stock compensation           586       559     2,048     2,379       481
  Acquistion related
   compensation               110         -       274                 164
  Costs related to options
   investigation               507     4,089     8,769     5,608     3,961
Amortization of purchased
 intangibles                   280       277     1,748     1,814       488
Acquired in-process R&D          -     5,770         -     5,770         -
Impairment of intangible
 assets                      4,784         -     4,784         -         -
Amortization of discount
 on convertible debt         1,236     1,223     4,942     4,791     1,253
Loss on debt
 extinguishment                 74         -        74    31,606         -
Other expense, net
  Gain on sale of assets       (61)     (580)     (519)     (309)      (99)
  Loss (gain) on minority
   investments               1,355         -     1,149       237       (22)
  Other misc income           (650)        -      (977)        -      (327)
Provision for income tax
  Timing difference
   related to asset
   purchases                   588       544     2,370     3,640       694
Cumulative Effect
  Cumulative effect of
   change in accounting
   principle                     -         -         -    (1,213)        -
                          --------  --------  --------  --------  --------
Total adjustments           16,551    18,226    57,219    80,311    17,308
                          --------  --------  --------  --------  --------
Net income, non-GAAP      $  7,879  $  2,253  $ 20,819  $ 34,912  $  6,671
                          ========  ========  ========  ========  ========

Net income, non-GAAP per
 share - basic            $   0.03  $   0.01  $   0.07  $   0.11  $   0.02
Net income, non-GAAP per
 share - diluted          $   0.03  $   0.01  $   0.07  $   0.11  $   0.02

Shares used in computing
 non-GAAP net income per
 share - basic             308,786   308,623   308,680   307,804   308,663
Shares used in computing
 non-GAAP net income per
 share - diluted           310,129   327,108   318,949   327,300   312,097

Non-GAAP EBITDA
Net income, non-GAAP      $  7,879  $  2,253  $ 20,819  $ 34,912  $  6,671
Depreciation expense         6,257     5,760    24,121    23,816     6,180
Amortization expense           640       544     2,350     1,846       610
Interest expense             1,752     1,047     6,488     5,048     1,537
Income tax expense             177       236       478      (830)      113
                          --------  --------  --------  --------  --------
Non-GAAP EBITDA           $ 16,705  $  9,840  $ 54,256  $ 64,792  $ 15,111
                          ========  ========  ========  ========  ========

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