> l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1Courier New1Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)**_($* #,##0_);_($* (#,##0);_($* ""_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* ""_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* ""??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* ""??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)60%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0) + ) , * Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~9#܈ ~~4#܈ ~~7#܈ ~~3#܈ ~~83ffff̙̙3f3fff3f3f33333f33Finisar Corporation&xFor the Quarter Ended July 28 2&'CONDENSED CONSOLIDATED BALANCE &5CCONDENSED CONSOLIDATED STATEMEN&C[CONDENSED CONSOLIDATED STAT (1)&hCONDENSED CONSOLIDATED STAT (2)&CONDENSED CONSOLIDATED STAT (3)]Revenue&Effect of Adoption of New Accou&QEffect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)u
4 Inventories
5 Investments&7050 Convertible Senior Notes Du&050 Convertible Senior Note (1)&'050 Convertible Senior Note (2)&c$7 Fair Value of Financial Instr5Results of Operations iBResults of Operations (1) MResults of Operations (2) XResults of Operations (3) dResults of Operations (4) pResults of Operations (5) 9{Results of Operations (6) hResults of Operations (7) Results of Operations (8) Results of Operations (9)!Results of Operations (10)!߲Results of Operations (11)&Liquidity and Capital Resources&bContractual Obligations and ComItem 6 Exhibits
l
dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? !For the Quarter Ended July 28 2!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED STAT (2)!CONDENSED CONSOLIDATED STAT (3) Revenue!Effect of Adoption of New Accou!Effect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)
4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }}$ }
FINISAR CORP10Q
09/04/2019Finisar Corporation
Delaware
943038428'(State or other jurisdiction of(I.R.S. Employer&incorporation or organization)Identification No.)
1389 Moffett Park Drive
Sunnyvale,
California~
&0((Address of principal executive offices)
(Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0sg7YMvj^6=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? Finisar Corporation!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED STAT (2)!CONDENSED CONSOLIDATED STAT (3) Revenue!Effect of Adoption of New Accou!Effect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)
4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }:}
0
FINISAR CORP10Q
09/04/2019+#For the Quarter Ended July 28, 2019
Page$PART I FINANCIAL INFORMATION&
Item 1. Financial Statements :
%Condensed Consolidated Balance Sheets~
.&as of July 28, 2019 and April 28, 2019,$Condensed Consolidated Statements of~
.&Operations for the three month periods%ended July 28, 2019 and July 29, 2018,$Condensed Consolidated Statements of~
1)Comprehensive Income (Loss) for the three2*month periods ended July 28, 2019 and July29, 2018,$Condensed Consolidated Statements of~
0(Stockholders' Equity for the three month0(periods ended July 28, 2019 and July 29,~
,$Condensed Consolidated Statements of~
"4,Cash Flows for the three month periods ended'July 28, 2019 and July 29, 20181)Notes to Condensed Consolidated Financial~
&
StatementsD\l{ocW?'b0Q`,} !"#$%&'()*+,./4 ,Item 2. Management's Discussion and Analysis~
J8!0of Financial Condition and Results of Operations7"/Item 3. Quantitative and Qualitative Disclosure~
"f#About Market Risk'$Item 4. Controls and Procedures~
$f!%PART II OTHER INFORMATION~
%j!&Item 1. Legal Proceedings~
&j'Item 1A. Risk Factors~
'j(Item 6. Exhibits~
()
Signatures~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? Finisar Corporation!For the Quarter Ended July 28 2!CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED STAT (2)!CONDENSED CONSOLIDATED STAT (3) Revenue!Effect of Adoption of New Accou!Effect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)
4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }2}$ }$}$ }$
9
FINISAR CORP10Q
09/04/2019%CONDENSED CONSOLIDATED BALANCE SHEETS
July 28, 2019
April 28, 2019(Unaudited)ASSETS
Current assets:
!Cash and cash equivalents~
v5~
1Shortterm investments ~
%Accounts receivable, net of allowance~
v~
1)for doubtful accounts of $220 at July 28,'2019 and $216 at April 28, 2019Inventories~
~
R@Other current assets~
s~
Total current assets~
b[~
\%Property, equipment and improvements,~
&~
&net( Purchased intangible assets, net~
8~
ZAGoodwill~
~
Other assets~
6~
Deferred tax assets~
r~
Total assets~
,~
,$LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable~
2M~
bD/
lymaUo]X0p0y! !"#$%&'()*+,./012345678 Accrued compensation~
~
!!Other accrued liabilities~
! !!~
!^!!"Total current liabilities~
"_
""~
"
"#Longterm liabilities:###$Convertible debt~
$*$$~
$A$%%Other noncurrent liabilities~
%%%~
%
%&Total liabilities~
&ʧ/&&~
&Z&%'Commitments and contingencies'''(Stockholders' equity:(((0)(Preferred stock, $0.001 par value, 5,000 ))) ))/*'shares authorized, no shares issued and2+*outstanding at July 28, 2019 and April 28,~
,/'Common stock, $0.001 par value, 750,000~
~
.shares authorized"/Additional paidin capital~
/v//~
/&./,0$Accumulated other comprehensive loss0( 54,483 0)00( 48,568 0)1Accumulated deficit1( 1,265,411 1)11( 1,256,694 1)"2Total stockholders' equity~
2b22~
2Fb223*Total liabilities and stockholders' equity~
3,33~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? Finisar Corporation!For the Quarter Ended July 28 2!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STAT (1)!CONDENSED CONSOLIDATED STAT (2)!CONDENSED CONSOLIDATED STAT (3) Revenue!Effect of Adoption of New Accou!Effect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)
4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }6}$ }$}$ }$
+
FINISAR CORP10Q
09/04/20197/CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
July 28, 2019
July 29, 2018
Revenues
~
e
~
b^
Cost of revenues~
~
i5Amortization of acquired developed technology~
^~
'Impairment of longlived assets~
Gross profit~
F4~
Operating expenses: Research and development~
.~
NSales and marketing~
.~
"General and administrative~
~
Startup costs~
~
v%Amortization of purchased intangibles~
~
Total operating expenses~
:~
Loss from operations( 9,533 )( 15,691 )Interest income~
"E~
PInterest expense( 6,423 )( 9,386 )Other expense, net( 2,132 )( 1,789 ) Loss before income taxes( 13,664 )( 21,711 )1)Provision for (benefit from) income taxes( 4,947 )( 3,222 )Net loss$( 8,717 ) $( 18,489 )Dl{ocWKSOT1Tq!7 ! " # $ % & ' ( ) * Net loss per share:
!Basic!!$( 0.07 !)!!$( 0.16 !)"Diluted""$( 0.07 ")""$( 0.16 ")4#,Shares used in computing net loss per share:####
$Basic$~
$F$$~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? Finisar Corporation!For the Quarter Ended July 28 2!CONDENSED CONSOLIDATED BALANCE !CONDENSED CONSOLIDATED STATEMEN!CONDENSED CONSOLIDATED STAT (2)!CONDENSED CONSOLIDATED STAT (3) Revenue!Effect of Adoption of New Accou!Effect of Adoption of New A (1)3 Earnings per Share3 Earnings per Share (1)
4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }0}$ }$}$ }$
FINISAR CORP10Q
09/04/2019H@CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended
July 28, 2019
July 29, 2018Net loss$( 8,717 ) $( 18,489 ).
&Other comprehensive income (loss), net
of tax:%Change in cumulative foreign currency( 5,915 )( 29,696 )translation adjustment0(Total other comprehensive income (loss),( 5,915 )( 29,696 )
net of tax)!Total comprehensive income (loss) $( 14,632 ) $( 48,185 )$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6j^RF:Bq^%znF=PF0*8X>
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4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }1}
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FINISAR CORP10Q
09/04/2019A9CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common Stock
Additional
Accumulated
Accumulated
TotalPaidin
OtherDeficitFinisarCapital
Comprehensive
Stockholders?
Shares
Amount
Income (Loss)
Equity!Balance at April 28, 2019~
3~
~
&.
$( 48,568 )$( 1,256,694 )~
FbNet loss   
( 8,717 )( 8,717 )%Other comprehensive loss, net   
( 5,915 ) ( 5,915 )/'Issuance of shares pursuant to employee~
~
( 2,749
)  ( 2,747 )1)stock purchase plan and equity plans, netof tax withholdings Stockbased compensation  ~
F
 ~
F Balance at July 28, 2019~
T~
~
v
$( 54,483 )$( 1,265,411 )~
b!Balance at April 29, 2018~
~
~
N
$( 14,660 )$( 1,212,033 )~
c1)Cumulative effect of change in accounting   
~
~
principleNet loss   
( 18,489 )( 18,489 )%Other comprehensive loss, net   
( 29,696 ) ( 29,696 )/'Issuance of shares pursuant to employee~
$~
~
fD
 ~
nD1)stock purchase plan and equity plans, netof tax withholdingsDlqeYMA*&
!"#$%& Stockbased compensation   ~
  ~
!Balance at July 29, 2018~
!&!!~
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4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }I;}$ }$}$ }$
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FINISAR CORP10Q
09/04/20197/CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
July 28, 2019
July 29, 2018Operating activities
Net loss
$( 8,717
)
$( 18,489
)0(Adjustments to reconcile net loss to net.&cash provided by operating activities:Depreciation~
a~
~Amortization~
~
( Stockbased compensation expense~
~
4,Amortization of discount on heldtomaturity ( 2,626 )investments'Impairment of longlived assets~
~
/'Amortization of discount on convertible~
bU~
{debt%Deferred income tax (benefit) expense( 7,241 )( 7,282 )4,Changes in operating assets and liabilities:Accounts receivable~
j( 11,447 )Inventories( 20,587 )~
Other assets~
2~
bAccounts payable( 7,121 )~
Accrued compensation~
~
",!Other accrued liabilities~
2,~
D
l{ocWKw3xF*++iQ !"#$%&'()*+,./0123456789:;1 )Net cash provided by operating activities~
f ~
!Investing activities!!!9"1Additions to property, equipment and improvements"( 45,228 ")"" ( 104,902 ")+##Purchases of shortterm investments #### ( 659,709 #),$$Maturities of shortterm investments~
$$$~
$+$0%(Net cash provided by (used in) investing~
%W%%%( 50,263 %)&
activities'Financing activities'''(Repayment of 2033 Notes(( 1,054 ()( ((2)*Proceeds from the issuance of shares under~
)))~
)i)0*(equity plans and employee stock purchase+plan/,'Shares repurchased for tax withholdings,( 2,868 ,),,( 2,401 ,),$on vesting of restricted stock units0.(Net cash provided by (used in) financing.( 3,801 .).~
.nD./
activities10)Net increase in cash and cash equivalents~
0'00~
00.1&Cash and cash equivalents at beginning~
1111~
112 of period23*Cash and cash equivalents at end of period~
3v533~
33840Supplemental disclosure of cash flow information4445Cash paid for interest~
5z55~
5 56Cash paid for taxes~
6j66~
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4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }0}$
FINISAR CORP10Q
09/04/2019Revenue
Three Months Ended(in thousands)
July 28, 2019
July 29, 2018
United States~
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Mexico~
~
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4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }%}$
FINISAR CORP10Q
09/04/20195Effect of Adoption of New Accounting Standard
#
Payments Due by Fiscal Year
2020 (remainder)~
~
~
~
2025 and thereafter
Total%Lease payments (undiscounted)~
B~
~
~
~
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4 Inventories
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FINISAR CORP10Q
09/04/20195Effect of Adoption of New Accounting Standard
#
Payments Due by Fiscal Year
~
~
~
~
~
2025 and thereafter
Total%Lease payments (undiscounted)~
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4 Inventories
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FINISAR CORP10Q
09/04/20193. Earnings per Share
Three Months Ended0((in thousands, except per share amounts)
July 28, 2019
July 29, 2018
Numerator:
Net loss
$( 8,717
)
$( 18,489
).&Numerator for basic net loss per share( 8,717 )( 18,489 )0(Numerator for diluted net loss per share$( 8,717 ) $( 18,489 )Denominator:0(Denominator for basic net loss per share~
F~
n! weighted average shares/'Denominator for diluted net income loss~
F~
n per shareNet loss per share:
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4 Inventories
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FINISAR CORP10Q
09/04/20193. Earnings per Share
Three Months Ended(in thousands)
July 28, 2019
July 29, 20180(Stock options and restricted stock units~
4~
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5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComItem 6 ExhibitsU }}$
FINISAR CORP10Q
09/04/20194. Inventories 
%Inventories consist of the following:
As of(in thousands)
July 28, 2019April 28, 2019
Raw materials~
~
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:
~
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~
bTotal inventories~
~
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FINISAR CORP10Q
09/04/20195. Investments
July 28, 2019
April 28, 2019Gross Unrealized
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FINISAR CORP10Q
09/04/2019/'0.50% Convertible Senior Notes Due 2036
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FINISAR CORP10Q
09/04/2019/'0.50% Convertible Senior Notes Due 2033
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FINISAR CORP10Q
09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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FINISAR CORP10Q
09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019Results of Operations
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09/04/2019'Liquidity and Capital Resources
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09/04/2019:2Contractual Obligations and Commercial Commitments
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4 Inventories
5 Investments!050 Convertible Senior Notes Du!050 Convertible Senior Note (1)!050 Convertible Senior Note (2)!7 Fair Value of Financial InstrResults of OperationsResults of Operations (1)Results of Operations (2)Results of Operations (3)Results of Operations (4)Results of Operations (5)Results of Operations (6)Results of Operations (7)Results of Operations (8)Results of Operations (9)Results of Operations (10)Results of Operations (11)!Liquidity and Capital Resources!Contractual Obligations and ComU }}$ }@
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FINISAR CORP10Q
09/04/2019Item 6. Exhibits
Exhibit Number
Exhibit Description?@,$Certification of Principal Executive
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5Officer pursuant to Section 302 of the SarbanesOxleyAct of 2002333333?@,$Certification of Principal Financial=5Officer pursuant to Section 302 of the SarbanesOxleyAct of 2002@@,$Certification of Principal Executive=5Officer pursuant to Section 906 of the SarbanesOxleyAct of 2002@@,$Certification of Principal Financial=5Officer pursuant to Section 906 of the SarbanesOxleyAct of 2002101.INSXBRL Instance Document101.SCH&XBRL Taxonomy Extension Schema101.CAL4,XBRL Taxonomy Extension Calculation Linkbase101.DEF3+XBRL Taxonomy Extension Definition Linkbase101.LAB.&XBRL Taxonomy Extension Label Linkbase101.PRE,$XBRL Taxonomy Extension PresentationLinkbaseD
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