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Delayed Nyse –
04:00 2022-12-08 pm EST
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51.87
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USD
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+19.96%
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Ciena Reports Fiscal Fourth Quarter 2022 and Year-Stop Financial Results
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.
View source version on businesswire.com:
https://www.businesswire.com/news/habitation/20221207005956/en/
� Concern Wire 2022
|
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|
|
|
|
|
|
| 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%
|
|
|
Nautical chart CIENA CORPORATION
|
|
|
|
|
Technical analysis trends CIENA CORPORATION
|
Short Term |
Mid-Term |
Long Term |
| Trends |
Bullish
|
Neutral
|
Bearish
|
Income Statement Evolution
Sell
Purchase
|
| Mean consensus |
Purchase |
| Number of Analysts |
18 |
| Last Close Price |
51,87 $
|
| Boilerplate target price |
58,23 $
|
| Spread / Average Target |
12,3%
|
| 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 |
|
|
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