Ciena Reports Fiscal Fourth Quarter 2022 and Year-End Financial Results


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04:00 2022-12-08 pm EST


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Ciena Reports Fiscal Fourth Quarter 2022 and Year-Stop Financial Results

12/08/2022 | 07:04am EST

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Ciena®
Corporation (NYSE:CIEN), a networking systems, services and software visitor, today announced unaudited financial results for its financial fourth quarter ended October 29, 2022.

  • Q4 Acquirement: $971.0 million
  • Q4 Cyberspace Income per Share:
    $0.39 GAAP; $0.61 adjusted (non-GAAP)
  • Share Repurchases:
    Repurchased approximately 154,200 shares of mutual stock for an amass price of $eight.0 one thousand thousand during the quarter.

“Our strong fiscal fourth quarter fiscal results were better than expected every bit nosotros benefited from some favorable supply concatenation developments in the second one-half of the quarter,” said Gary Smith, president and CEO of Ciena. “Looking ahead, we expect to deliver outsized revenue growth in fiscal 2023 given our meaning backlog and continued signs of gradual supply improvement. And, we remain confident that the durability of secular demand drivers and our strategic investments to aggrandize our addressable marketplace position us to deliver strong acquirement growth over the next several years.”

For fiscal fourth quarter 2022, Ciena reported acquirement of $971.0 1000000 as compared to $1.04 billion for the fiscal fourth quarter 2021. For fiscal year 2022, Ciena reported revenue of $3.63 billion, equally compared to $iii.62 billion for fiscal year 2021.

Ciena’southward GAAP net income for the fiscal quaternary quarter 2022 was $57.6 meg, or $0.39 per diluted mutual share, which compares to a GAAP internet income of $103.5 meg, or $0.66 per diluted common share, for the fiscal 4th quarter 2021. For fiscal year 2022, Ciena’southward GAAP net income was $152.9 million, or $1.00 per diluted common share, as compared to GAAP net income of $500.ii million, or $3.nineteen per diluted common share, for fiscal year 2021.

Ciena’southward adjusted (non-GAAP) net income for the fiscal fourth quarter 2022 was $ninety.9 meg, or $0.61 per diluted common share, which compares to an adjusted (non-GAAP) net income of $132.7 one thousand thousand, or $0.85 per diluted mutual share, for the fiscal fourth quarter 2021. For fiscal twelvemonth 2022, Ciena’s adapted (non-GAAP) net income was $288.9 million, or $1.ninety per diluted mutual share, equally compared to adjusted (non-GAAP) net income of $456.5 one thousand thousand, or $2.91 per diluted common share, for fiscal year 2021.

Performance Summary for Fiscal Fourth Quarter and the Year Ended October 29, 2022

The tables below (in millions, except percentage information) provide comparisons of sure quarterly results to the prior twelvemonth. Appendices A and B ready forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.

GAAP Results (unaudited)

Quarter Ended

Period

Year Concluded

Catamenia

October 29,

Oct 30,

Change

October 29,

October 30,

Alter

2022

2021

Y-T-Y*

2022

2021

Y-T-Y*

Acquirement

$

971.0

$

i,041.5

(6.8

) %

$

iii,632.7

$

3,620.seven

0.3

%

Gross margin

44.7

%

45.eight

%

(1.1

) %

43.0

%

47.vi

%

(iv.6

) %

Operating expense

$

356.three

$

339.7

4.nine

%

$

1,337.five

$

1,226.half dozen

9.0

%

Operating margin

8.0

%

13.2

%

(5.2

) %

6.ane

%

13.seven

%

(vii.6

) %

Non-GAAP Results (unaudited)

Quarter Ended

Period

Year Ended

Period

October 29,

October 30,

Alter

Oct 29,

Oct thirty,

Change

2022

2021

Y-T-Y*

2022

2021

Y-T-Y*

Revenue

$

971.0

$

1,041.5

(6.8

) %

$

3,632.7

$

3,620.vii

0.3

%

Adj. gross margin

45.2

%

46.3

%

(1.1

) %

43.6

%

47.ix

%

(4.3

) %

Adj. operating expense

$

312.eight

$

307.ane

1.9

%

$

ane,177.0

$

1,129.3

four.2

%

Adj. operating margin

thirteen.0

%

16.viii

%

(three.8

) %

xi.two

%

16.eight

%

(5.6

) %

Adj. EBITDA

$

153.5

$

199.two

(22.9

) %

$

502.iv

$

702.8

(28.5

) %

* Denotes % alter, or in the example of margin, absolute change

Acquirement by Segment (unaudited)

Quarter Ended

Oct 29, 2022

October 30, 2021

Acquirement

%**

Revenue

%**

Networking Platforms

Converged Packet Optical

$

649.ix

66.9

$

754.6

72.5

Routing and Switching

102.viii

10.6

74.2

7.one

Total Networking Platforms

752.7

77.5

828.8

79.six

Platform Software and Services

71.half dozen

7.iv

66.1

six.three

Blue Planet Automation Software and Services

21.two

2.2

19.viii

1.9

Global Services

Maintenance Back up and Training

73.one

7.5

71.3

6.9

Installation and Deployment

36.9

3.8

47.2

4.v

Consulting and Network Design

15.5

1.half dozen

8.iii

0.eight

Full Global Services

125.5

12.9

126.8

12.two

Full

$

971.0

100.0

$

1,041.v

100.0

Revenue past Segment (unaudited)

Year Concluded

October 29, 2022

October thirty, 2021

Revenue

%**

Revenue

%**

Networking Platforms

Converged Package Optical

$

2,380.0

65.5

$

2,553.5

lxx.5

Routing and Switching

398.4

11.0

271.8

7.5

Total Networking Platforms

2,778.iv

76.5

ii,825.three

78.0

Platform Software and Services

277.2

7.vi

229.6

6.4

Bluish Planet Automation Software and Services

76.half dozen

ii.i

77.ii

2.i

Global Services

Maintenance Support and Training

292.four

8.1

283.4

7.viii

Installation and Deployment

157.4

4.3

171.5

iv.7

Consulting and Network Design

50.7

one.4

33.seven

1.0

Total Global Services

500.v

13.8

488.6

xiii.5

Total

$

3,632.vii

100.0

$

iii,620.7

100.0

** Denotes % of total revenue

Additional Performance Metrics for Fiscal Fourth Quarter and Twelvemonth Ended October 29, 2022

Acquirement by Geographic Region (unaudited)

Quarter Ended

October 29, 2022

October 30, 2021

Revenue

% **

Revenue

% **

Americas

$

723.5

74.five

$

748.7

71.9

Europe, Middle Eastward and Africa

135.1

13.nine

170.8

16.iv

Asia Pacific

112.4

11.half dozen

122.0

11.7

Total

$

971.0

100.0

$

1,041.5

100.0

Revenue by Geographic Region (unaudited)

Year Concluded

October 29, 2022

October 30, 2021

Acquirement

% **

Revenue

% **

Americas

$

ii,636.nine

72.6

$

2,525.6

69.8

Europe, Middle East and Africa

555.2

15.iii

670.5

18.5

Asia Pacific

440.six

12.1

424.6

11.seven

Total

$

three,632.7

100.0

$

3,620.7

100.0

** Denotes % of total revenue

  • Two customers each represented 10%-plus of revenue for the fiscal fourth quarter and fiscal yr 2022, combining for a full of 25.6% of revenue for the fiscal quaternary quarter and 23.0% of acquirement for the fiscal year 2022
  • Cash and investments at the end of fiscal year 2022 totaled $1.2 billion
  • Cash flow used in operations totaled $14.5 million and $167.8 million for the fiscal fourth quarter and the financial year 2022, respectively
  • Average days’ sales outstanding (DSOs) were 100 and 107 for the fiscal fourth quarter and the fiscal year 2022, respectively
  • Accounts receivable, net rest was $920.viii one thousand thousand
  • Unbilled contract asset, net residual was $156.0 meg
  • Inventories totaled $946.7 meg, including:

    • Raw materials: $664.9 million
    • Work in process: $xviii.two meg
    • Finished goods: $258.vi million
    • Deferred cost of sales: $41.1 million
    • Reserve for excess and obsolescence: $(36.1) million
  • Product inventory turns were 1.nine and 1.viii for the fiscal fourth quarter and the fiscal twelvemonth 2022, respectively
  • Headcount totaled 8,079 at the end of financial year 2022

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Fourth Quarter 2022 Results

Today, Thursday, December 08, 2022, in conjunction with this declaration, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal fourth quarter and fiscal year 2022 results.

Ciena’s management will likewise host a give-and-take today with investors and financial analysts that will include the Company’due south outlook. The alive audio web circulate beginning at 8:thirty a.m. Eastern will be accessible via www.ciena.com. An archived replay of the alive broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena’s website.

Notes to Investors


Forward-Looking Statements.
Y’all are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Substitution Commission (“SEC”) filings, contempo news, financial results, supplemental financial data, and other announcements. From time to time nosotros exclusively post fabric information to this website along with other disclosure channels that nosotros use. This press release contains sure forrard-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information bachelor to the Company equally of the date hereof. Forward-looking statements include statements regarding Ciena’southward expectations, behavior, intentions or strategies regarding the future and can be identified by forrard-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or similar words. Forward-looking statements in this release include: “Our strong fiscal fourth quarter financial results were meliorate than expected equally we benefited from some favorable supply chain developments in the second one-half of the quarter,” said Gary Smith, president and CEO of Ciena. “Looking alee, we expect to deliver outsized revenue growth in fiscal 2023 given our significant excess and continued signs of gradual supply improvement. And, we remain confident that the immovability of secular demand drivers and our strategic investments to expand our addressable market position us to deliver potent acquirement growth over the next several years.”

Ciena’southward actual results, performance or events may differ materially from these forwards-looking statements fabricated or unsaid due to a number of risks and uncertainties relating to Ciena’due south business, including: the upshot of broader economic and market weather condition on our customers and their business; our ability to execute our business organization and growth strategies; the impact of supply chain constraints or disruptions; the duration and severity of the COVID-19 pandemic and the impact of countermeasures taken to mitigate its spread on macroeconomic conditions, economic activeness, demand for our engineering science solutions, short- and long-term changes in customer or terminate user needs, continuity of supply chain, our business operations, liquidity and fiscal results; changes in network spending or network strategy past our customers; seasonality and the timing and size of customer orders, including our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in strange currency commutation rates; factors beyond our control such every bit natural disasters, climatic change, acts of war or terrorism, geopolitical events, including just not limited to the ongoing conflict betwixt Ukraine and Russia, and public health emergencies; changes in tax or merchandise regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially change international trade agreements; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including its Quarterly Report on Course 10-Q filed with the SEC on September 7, 2022 and its Annual report on Form 10-K to be filed with the SEC. Ciena assumes no obligation to update any forwards-looking information included in this printing release.


Non-GAAP Presentation of Quarterly and Annual Results.

This release includes non-GAAP measures of Ciena’s gross profit, operating expense, income from operations, earnings earlier interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. In evaluating the operating performance of Ciena’s business, management excludes certain charges and credits that are required past GAAP. These items share ane or more of the following characteristics: they are unusual and Ciena does not look them to recur in the ordinary class of its business concern; they do non involve the expenditure of cash; they are unrelated to the ongoing operation of the business organization in the ordinary course; or their magnitude and timing is largely exterior of Ciena’s command. Management believes that the not-GAAP measures below provide management and investors useful information and meaningful insight to the operating operation of the business organization. The presentation of these non-GAAP financial measures should be considered in addition to Ciena’s GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena’s non-GAAP measures and the related adjustments may differ from not-GAAP measures used by other companies and should simply exist used to evaluate Ciena’southward results of operations in conjunction with our respective GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendices A and B to this printing release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures independent in this release.


About Ciena.

Ciena (NYSE: CIEN) is a networking systems, services and software company. Nosotros provide solutions that help our customers create the Adaptive Network™ in response to the constantly changing demands of their users. By delivering best-in-class networking engineering through loftier-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com.

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Quarter Ended

Year Ended

October 29,

Oct 30,

Oct 29,

Oct 30,

2022

2021

2022

2021

Revenue:

Products

$

779,609

$

860,925

$

2,888,848

$

two,932,602

Services

191,401

180,561

743,813

688,082

Full revenue

971,010

1,041,486

3,632,661

3,620,684

Cost of goods sold:

Products

440,253

470,334

1,699,631

1,545,269

Services

97,160

94,033

372,686

353,436

Full cost of goods sold

537,413

564,367

2,072,317

1,898,705

Gross profit

433,597

477,119

1,560,344

ane,721,979

Operating expenses:

Inquiry and development

166,898

147,454

624,656

536,666

Selling and marketing

121,865

129,625

466,565

452,214

General and administrative

48,191

49,383

179,382

181,874

Significant asset impairments and restructuring costs

13,621

5,700

33,824

29,565

Amortization of intangible assets

5,754

five,836

32,511

23,732

Conquering and integration costs

1,712

598

2,572

Total operating expenses

356,329

339,710

ane,337,536

one,226,623

Income from operations

77,268

137,409

222,808

495,356

Interest and other income (loss), net

1,887

(168

)

vi,747

(1,768

)

Interest expense

(13,775

)

(7,916

)

(47,050

)

(xxx,837

)

Income before income taxes

65,380

129,325

182,505

462,751

Provision (do good) for income taxes

7,735

25,826

29,603

(37,445

)

Cyberspace income

$

57,645

$

103,499

$

152,902

$

500,196

Net Income per Common Share

Basic net income per mutual share

$

0.39

$

0.67

$

one.01

$

three.22

Diluted net income per potential common share

$

0.39

$

0.66

$

1.00

$

3.19

Weighted average basic common shares outstanding

148,548

155,232

151,208

155,279

Weighted boilerplate dilutive potential common shares outstanding
ane

149,111

156,689

152,193

156,743

1
Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying sure stock option and stock unit awards: (i) 0.6 1000000 and i.0 one thousand thousand for the fourth quarter of financial 2022 and financial 2022, respectively; and (2) one.5 million shares for each of the fourth quarter of financial 2021 and fiscal 2021.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share information)

(unaudited)

October 29,

2022

October 30,

2021

ASSETS

Current assets:

Greenbacks and cash equivalents

$

994,352

$

1,422,546

Short-term investments

153,989

181,483

Accounts receivable, net

920,772

884,958

Inventories

946,730

374,265

Prepaid expenses and other

370,053

325,654

Total current assets

3,385,896

3,188,906

Long-term investments

35,385

70,038

Equipment, edifice, article of furniture and fixtures, net

267,779

284,968

Operating lease right-of-use avails

45,108

44,285

Goodwill

328,322

311,645

Other intangible assets, net

69,517

65,314

Deferred taxation asset, cyberspace

824,008

800,180

Other long-term assets

113,617

99,891

Total avails

$

5,069,632

$

4,865,227

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

516,047

$

356,176

Accrued liabilities and other curt-term obligations

360,782

409,285

Deferred revenue

137,899

118,007

Operating lease liabilities

xviii,925

eighteen,632

Current portion of long-term debt

half dozen,930

half-dozen,930

Total current liabilities

1,040,583

909,030

Long-term deferred revenue

62,336

57,457

Other long-term obligations

150,335

166,803

Long-term operating lease liabilities

42,392

41,564

Long-term debt, cyberspace

ane,061,125

670,355

Total liabilities

$

2,356,771

$

1,845,209

Stockholders’ equity:

Preferred stock – par value $0.01; xx,000,000 shares authorized; null shares issued and outstanding

Mutual stock – par value $0.01; 290,000,000 shares authorized; 148,412,943 and 154,858,981 shares issued and outstanding

one,484

1,549

Boosted paid-in capital

half dozen,390,252

half-dozen,803,162

Accumulated other comprehensive income (loss)

(46,645

)

439

Accumulated deficit

(iii,632,230

)

(3,785,132

)

Total stockholders’ equity

2,712,861

3,020,018

Full liabilities and stockholders’ disinterestedness

$

5,069,632

$

4,865,227

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF Greenbacks FLOWS

(in thousands) (unaudited)

Year Ended

Oct 29,

October xxx,

2022

2021

Greenbacks flows provided by (used in) operating activities:

Cyberspace income

$

152,902

$

500,196

Adjustments to reconcile cyberspace income to net greenbacks provided past (used in) operating activities:

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements

95,922

96,233

Share-based compensation expense

105,131

84,336

Acquittal of intangible avails

44,281

36,033

Deferred taxes

(27,502

)

(156,469

)

Provision for inventory excess and obsolescence

xvi,184

17,850

Provision for warranty

17,440

17,093

Other

14,525

Changes in assets and liabilities:

Accounts receivable

(47,069

)

(174,377

)

Inventories

(589,113

)

(47,567

)

Prepaid expenses and other

(58,996

)

(nineteen,691

)

Operating lease right-of-utilize avails

16,453

16,632

Accounts payable, accruals and other obligations

100,327

162,134

Deferred acquirement

26,380

xvi,822

Curt and long-term operating lease liabilities

(xx,096

)

(22,104

)

Net greenbacks provided by (used in) operating activities

(167,756

)

541,646

Cash flows used in investing activities:

Payments for equipment, furniture, fixtures and intellectual belongings

(90,818

)

(79,550

)

Purchase of bachelor for sale securities

(643,971

)

(172,778

)

Proceeds from maturities of available for sale securities

698,642

152,253

Settlement of foreign currency forward contracts, net

4,942

4,680

Acquisition of business concern, net of cash caused

(62,043

)

Buy of price method equity investments

(eight,000

)

Proceeds from sale of cost method equity investments

4,678

Net cash used in investing activities

(101,248

)

(xc,717

)

Greenbacks flows used in financing activities:

Proceeds from issuance of senior notes

400,000

Payment of long term debt

(5,197

)

(6,929

)

Payment of debt issuance costs

(v,484

)

Payment of finance lease obligations

(3,468

)

(three,004

)

Shares repurchased for taxation withholdings on vesting of stock unit awards

(48,454

)

(44,071

)

Repurchases of common stock – repurchase program

(500,800

)

(91,288

)

Proceeds from issuance of mutual stock

xxx,348

28,457

Net cash used in financing activities

(133,055

)

(116,835

)

Upshot of exchange rate changes on cash, greenbacks equivalents and restricted greenbacks

(26,167

)

(198

)

Cyberspace increase (subtract) in cash, cash equivalents and restricted greenbacks

(428,226

)

333,896

Greenbacks, cash equivalents and restricted cash at commencement of period

one,422,604

1,088,708

Cash, cash equivalents and restricted cash at terminate of menses

$

994,378

$

one,422,604

Supplemental disclosure of cash period data

Cash paid during the period for interest

$

42,812

$

29,864

Greenbacks paid during the period for income taxes, internet

$

34,967

$

73,127

Operating lease payments

$

21,661

$

24,058

Non-cash investing and financing activities

Buy of equipment in accounts payable

$

12,373

$

10,138

Repurchase of common stock in accrued liabilities from repurchase program

$

$

800

Operating right-of-use assets subject to charter liability

$

23,242

$

4,356

Unrealized gain on equity investment

$

4,120

$

APPENDIX A – Reconciliation of Adjusted (Not- GAAP) Measurements

(in thousands, except per share data) (unaudited)

Quarter Ended

Year Ended

October 29,

Oct 30,

October 29,

October 30,

2022

2021

2022

2021

Gross Profit Reconciliation (GAAP/non-GAAP)

GAAP gross profit

$

433,597

$

477,119

$

1,560,344

$

1,721,979

Share-based bounty-products

907

920

3,867

three,408

Share-based compensation-services

ii,066

1,240

7,533

v,181

Canadian Emergency Wage Subsidy-products

(iv,283

)

Canadian Emergency Wage Subsidy-services

(2,667

)

Amortization of intangible avails

2,005

2,856

xi,770

12,301

Total adjustments related to gross profit

4,978

5,016

23,170

thirteen,940

Adapted (not-GAAP) gross turn a profit

$

438,575

$

482,135

$

1,583,514

$

one,735,919

Adjusted (non-GAAP) gross profit per centum

45.2

%

46.3

%

43.6

%

47.9

%

Operating Expense Reconciliation (GAAP/non-GAAP)

GAAP operating expense

$

356,329

$

339,710

$

1,337,536

$

i,226,623

Share-based compensation-research and development

8,507

5,684

31,879

21,863

Share-based compensation-sales and marketing

eight,084

6,192

31,280

25,152

Share-based compensation-full general and authoritative

7,610

vii,466

xxx,435

28,804

Canadian Emergency Wage Subsidy-research and development

(29,519

)

Canadian Emergency Wage Subsidy-sales and marketing

(2,604

)

Canadian Emergency Wage Subsidy-general and authoritative

(2,207

)

Significant asset impairments and restructuring costs

13,621

5,700

33,824

29,565

Amortization of intangible assets

5,754

5,836

32,511

23,732

Conquering and integration costs

i,712

598

two,572

Full adjustments related to operating expense

43,576

32,590

160,527

97,358

Adapted (non-GAAP) operating expense

$

312,753

$

307,120

$

i,177,009

$

1,129,265

Income from Operations Reconciliation (GAAP/non-GAAP)

GAAP income from operations

$

77,268

$

137,409

$

222,808

$

495,356

Total adjustments related to gross profit

4,978

5,016

23,170

13,940

Full adjustments related to operating expense

43,576

32,590

160,527

97,358

Total adjustments related to income from operations

48,554

37,606

183,697

111,298

Adjusted (non-GAAP) income from operations

$

125,822

$

175,015

$

406,505

$

606,654

Adjusted (non-GAAP) operating margin pct

thirteen.0

%

sixteen.8

%

eleven.ii

%

sixteen.8

%

Net Income Reconciliation (GAAP/non-GAAP)

GAAP net income

$

57,645

$

103,499

$

152,902

$

500,196

Exclude GAAP provision (benefit) for income taxes

7,735

25,826

29,603

(37,445

)

Income earlier income taxes

65,380

129,325

182,505

462,751

Full adjustments related to income from operations

48,554

37,606

183,697

111,298

Unrealized (gain) loss on price method disinterestedness investment

(4,120

)

165

Adjusted income before income taxes

113,934

166,931

362,082

574,214

Not-GAAP tax provision on adjusted income before income taxes

23,015

34,221

73,141

117,714

Adjusted (non-GAAP) net income

$

90,919

$

132,710

$

288,941

$

456,500

Weighted boilerplate basic mutual shares outstanding

148,548

155,232

151,208

155,279

Weighted boilerplate dilutive potential common shares outstanding
1

149,111

156,689

152,193

156,743

Net Income per Common Share

GAAP diluted internet income per potential common share

$

0.39

$

0.66

$

ane.00

$

iii.19

Adapted (non-GAAP) diluted net income per potential common share

$

0.61

$

0.85

$

ane.90

$

2.91

1
Weighted average dilutive potential common shares outstanding used in computing Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying sure stock option and stock unit awards: (i) 0.six million and ane.0 million for the quaternary quarter of financial 2022 and fiscal 2022, respectively; and (ii) 1.5 million each for the fourth quarter of financial 2021 and fiscal 2021.

APPENDIX B – Calculation of EBITDA and Adjusted EBITDA (unaudited)

(in thousands) (unaudited)

Quarter Ended

Twelvemonth Ended

Oct 29,

October 30,

October 29,

October thirty,

2022

2021

2022

2021

Earnings Earlier Interest, Tax, Depreciation and Amortization (EBITDA)

Cyberspace income (GAAP)

$

57,645

$

103,499

$

152,902

$

500,196

Add together: Interest expense

13,775

vii,916

47,050

thirty,837

Less: Interest and other income (loss), net

1,887

(168

)

6,747

(one,768

)

Add: Provision (do good) for income taxes

7,735

25,826

29,603

(37,445

)

Add together: Depreciation of equipment, building, furniture and fixtures, and acquittal of leasehold improvements

27,642

24,315

95,922

96,233

Add: Amortization of intangible avails

7,759

8,692

44,281

36,033

EBITDA

$

112,669

$

170,416

$

363,011

$

627,622

Less: Canadian Emergency Wage Subsidy

41,280

Add: Share-based compensation price

27,174

21,366

104,994

84,336

Add: Significant asset impairments and restructuring costs

xiii,621

5,700

33,824

29,565

Add: Acquisition and integration costs

1,712

598

two,572

Adjusted EBITDA

$

153,464

$

199,194

$

502,427

$

702,815

* * *

The adjusted (not-GAAP) measures to a higher place and their reconciliation to Ciena’s GAAP results for the periods presented reflect adjustments relating to the post-obit items:

  • Share-based compensation –
    a not-cash expense incurred in accordance with share-based compensation accounting guidance.
  • Canadian Emergency Wage Subsidy –
    a program introduced past the Government of Canada to offset a portion of employee wages for a limited period in response to COVID-xix outbreak.
  • Meaning asset impairments and restructuring costs –
    costs incurred as a upshot of restructuring activities taken to align resources with perceived market opportunities, the redesign of business processes and, in fiscal 2022, a $3.eight million damage accuse due to Ciena’s decision to append its business organisation operations in Russia in response to the disharmonize in Ukraine.
  • Amortization of intangible assets –
    a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over its expected useful life.
  • Acquisition and integration costs

    includes financial, legal and accounting advisor expenses related to our acquisition activity in fiscal 2022. Acquisition and integration costs for fiscal 2021 include costs of conquering bounty associated with a iii-year earn-out arrangement related to the DonRiver acquisition in fiscal 2018.
  • Unrealized (gain)loss on toll method equity investment – reflects a modify in the carrying value of a certain toll method equity investment.
  • Non-GAAP tax provision
    – consists of current and deferred income revenue enhancement expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and strange statutory annual tax rate of 20.2% for fiscal quarter 2022 and 20.five% for fiscal quarter 2021. This charge per unit may be subject to change in the hereafter, including as a consequence of changes in tax policy or tax strategy.

� Concern Wire 2022

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Annotator Recommendations on CIENA CORPORATION
10/12 JPMorgan Hunt Raises Ciena’s Price Target to $60 From $45, Reiterates Neutral Rating

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10/eleven Morgan Stanley Cuts Ciena’southward Cost Target to $49 From $60, Reiterates Overweight Rating

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09/06 JPMorgan Lowers Ciena to Neutral From Overweight, Price Target to $45 From $62

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Financials (USD)

Sales 2022
3 511 M






Net income 2022
74,6 Thou






Net cash 2022
424 1000






P/E ratio 2022 107x
Yield 2022
Capitalization
7 698 Thou


7 698 Grand



EV / Sales 2022 two,07x
EV / Sales 2023 one,78x
Nbr of Employees 7 205
Free-Float 99,2%



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Technical analysis trends CIENA CORPORATION

Short Term Mid-Term Long Term
Trends Bullish Neutral Bearish

Income Statement Evolution

Consensus

Sell

Purchase

Mean consensus Purchase
Number of Analysts 18
Last Close Price 51,87 $
Boilerplate target price 58,23 $
Spread / Average Target

12,3%

EPS Revisions

Managers and Directors

Gary B. Smith Manager
James East. Moylan Chief Fiscal Officeholder & Senior Vice President
Patrick H. Nettles President, Chief Executive Officer & Manager
Stephen B. Alexander Chief Technology Officer
Lawton Wehle Fitt Independent Director

Sector and Competitors

1st jan. Capi. (M$)
CIENA CORPORATION -42.41% 6 406
CISCO SYSTEMS, INC. -23.97% 197 928
MOTOROLA SOLUTIONS, INC. -one.81% 44 608
ARISTA NETWORKS, INC. -11.82% 38 734
NOKIA OYJ -17.55% 26 994
FOXCONN INDUSTRIAL Internet CO., LTD. -20.97% 26 833

Source: https://www.marketscreener.com/quote/stock/CIENA-CORPORATION-15311276/news/Ciena-Reports-Fiscal-Fourth-Quarter-2022-and-Year-End-Financial-Results-42504764/

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