"While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market.". 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. The calculation of adjusted (non-GAAP) diluted net income per common share for the fourth quarter of fiscal 2018 requires adding back interest expense of approximately $0.4 million associated with Ciena's "Original" 3.75% convertible senior notes and approximately $2.3 million associated with Ciena's 4.0% convertible senior notes to the adjusted (non-GAAP) net income in order to derive the numerator for the adjusted (non-GAAP) earnings per common share calculation. Adjustments to reconcile net income to net cash provided by operating activities: Loss on fair value of debt conversion liability, Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements, Provision for inventory excess and obsolescence, Accounts payable, accruals and other obligations, Net cash provided by operating activities, Payments for equipment, furniture, fixtures and intellectual property, Purchase of available for sale securities, Proceeds from maturities of available for sale securities, Settlement of foreign currency forward contracts, net, Acquisition of businesses, net of cash acquired, Net cash provided by (used in) investing activities, Proceeds from issuance of long-term debt, net, Payment for make-whole provision upon conversion of long-term debt, Shares repurchased for tax withholdings on vesting of restricted stock units, Repurchases of common stock - repurchase program, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Net increase (decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of fiscal year, Cash, cash equivalents and restricted cash at end of fiscal year, Supplemental disclosure of cash flow information, Cash paid during the fiscal year for interest, Cash paid during the fiscal year for income taxes, net, Non-cash investing and financing activities, Purchase of equipment in accounts payable, Contingent consideration for acquisition of business, Conversion of 3.75% convertible senior notes, due October 15, 2018 (Original) into 3,038,208 shares of common stock, Conversion of 4.0% convertible senior notes, due December 15, 2020 into 9,197,943 shares of common stock, net, Conversion of debt conversion liability into 1,585,140 shares of common stock, APPENDIX A- Reconciliation of Adjusted (Non- GAAP) Measurements (unaudited), Gross Profit Reconciliation (GAAP/non-GAAP), Total adjustments related to gross profit, Adjusted (non-GAAP) gross profit percentage, Operating Expense Reconciliation (GAAP/non-GAAP), Share-based compensation-research and development, Share-based compensation-sales and marketing, Share-based compensation-general and administrative, Total adjustments related to operating expense, Income from Operations Reconciliation (GAAP/non-GAAP), Total adjustments related to income from operations, Adjusted (non-GAAP) income from operations, Adjusted (non-GAAP) operating margin percentage, Net Income (Loss) Reconciliation (GAAP/non-GAAP), Exclude GAAP provision (benefit) for income taxes, Change in fair value of debt conversion liability, Non-GAAP tax provision on adjusted income before income taxes, Weighted average dilutive potential common shares outstanding 1, GAAP diluted net income (loss) per common share, Adjusted (non-GAAP) diluted net income per common share 2. The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. Nicole Anderson Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2020. In conjunction with the announcement, Ciena will post an additional set of supporting materials to the Quarterly Results page … Nicole Anderson HANOVER, Md.--(BUSINESS WIRE)-- Inventories totaled $344.4 million, including: Reserve for excess and obsolescence: $(39.6) million, Product inventory turns were 4.0 and 4.6 for the fiscal quarter and year, respectively. Overall, how easy was it to find the information you were looking for? Ciena's adjusted (non-GAAP) net income for the fiscal fourth quarter 2019 was $90.4 million, or $0.58 per diluted common share, which compares to an adjusted (non-GAAP) net income of $81.0 million, or $0.53 per diluted common share, for the fiscal fourth quarter 2018. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release. For the fiscal fourth quarter 2020, Ciena reported revenue of $828.5 million as compared to $968.0 million for the fiscal fourth quarter 2019. From time to time we exclusively post material information to this website along with other disclosure channels that we use. 1. One 10%-plus customer represented a total of 15.1% of revenue for the fiscal quarter, Three 10%-plus customers represented a total of 34.1% of revenue for the fiscal year, Cash and investments totaled $1,024.0 million, Cash flow from operations totaled $240.0 million and $413.1 million for the fiscal quarter and year, respectively, Average days' sales outstanding (DSOs) were 75 and 82 for the fiscal quarter and year, respectively, Accounts receivable balance was $724.9 million, Unbilled contract asset balance was $84.0 million. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. … CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS, Significant asset impairments and restructuring costs, Loss on extinguishment and modification of debt, Diluted net income (loss) per potential common share1, Weighted average basic common shares outstanding, Weighted average diluted potential common shares outstanding 2, CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS, Equipment, building, furniture and fixtures, net, Accrued liabilities and other short-term obligations, Preferred stock — par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding, Common stock — par value $0.01; 290,000,000 shares authorized; 154,403,850 and 154,318,531 shares issued and outstanding, Total liabilities and stockholders’ equity, CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS. 2. Ciena Corporation CIEN is scheduled to report fourth-quarter fiscal 2020 results (ended Oct 31, 2020) on Dec 10, before the opening bell. Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements, Provision for inventory excess and obsolescence, Accounts payable, accruals and other obligations, Short and long-term operating lease liabilities, Net cash provided by operating activities. Weighted average diluted potential common shares outstanding used in calculating adjusted (non-GAAP) diluted net income per potential common share for fiscal 2020 includes 1.7 million shares underlying certain stock option and stock unit awards. (1) Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the fourth quarter of fiscal 2020 includes 1.9 million shares underlying certain stock option and stock unit awards. Ciena Corporation Performance Summary for the Fiscal Fourth Quarter and the Year Ended October 31, 2020. +1 (410) 694-5700 Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Fourth Quarter 2019 Results. Ciena Corporation (CIEN) CEO Gary Smith on Q4 2020 Results - Earnings Call Transcript SA Transcripts Dec. 10, 2020 3:32 PM ET Alibaba Is Now An Antitrust Target In China. https://www.businesswire.com/news/home/20191212005133/en/, Press Contact: Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the fourth quarter of fiscal 2019 includes 1.8 million shares underlying certain stock option and stock unit awards. Sales in that period totaled $967.99 million. +1 (410) 694-5700 During fiscal year 2020, Ciena repurchased approximately 1.9 million shares of its common stock at an average price of $39.81 per share for an aggregate purchase price of $74.5 million. Your feedback will be used on a non-identifiable basis to help improve your website experience. "Our outstanding Q4 financial performance rounded out an extraordinary year of industry-leading growth and profitability," said Gary Smith, President and CEO, Ciena. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. The calculation of GAAP diluted net loss per common share for fiscal 2018 requires an adjustment of $12.9 million for a non-cash loss due to a mark to market fair value adjustment related to the outstanding conversion feature of Ciena's "New" 3.75% senior convertible notes to the GAAP net loss in order to derive the numerator for the diluted earnings per common share calculation. 1. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income from operations, earnings before interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. December 10, 2020 08:30 AM EST. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the fourth quarter of fiscal 2019 includes 1.8 million shares underlying certain stock option and stock unit awards. To protect your privacy, please do not enter any personal information, Ciena Reports Fiscal Fourth Quarter 2019 and Year-End Financial Results. For fiscal year 2019, Ciena's adjusted (non-GAAP) net income was $331.8 million, or $2.11 per diluted common share, as compared to an adjusted (non-GAAP) net income of $210.6 million, or $1.39 per diluted common share for fiscal year 2018. HANOVER, Md. The program may be modified, suspended or discontinued at any time. You must click the link in the email to activate your subscription. Weighted average dilutive potential common shares outstanding used in calculating adjusted (non-GAAP) diluted net income per common share for the fourth quarter of fiscal 2018 includes 2.0 million shares underlying certain stock option and stock unit awards, 0.7 million and 2.5 million shares underlying Ciena's "New" and "Original" 3.75% convertible senior notes, respectively, which were converted by holders thereof immediately prior to maturity during the fourth quarter of fiscal 2018, and 8.9 million shares underlying Ciena's 4.0% convertible senior notes, which were converted at Ciena's election during the fourth quarter of fiscal 2018. The bottom line beat the Zacks Consensus Estimate by 23 cents. After submitting your information, you will receive an email. Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for fiscal 2020 includes 1.7 million shares underlying certain stock option and stock unit awards. You can sign up for additional subscriptions at any time. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. For fiscal year 2020, Ciena's GAAP net income was $361.3 million, or $2.32 per diluted common share, as compared to a GAAP net income of $253.4 million, or $1.61 per diluted common share for fiscal year 2019. The calculation of adjusted (non-GAAP) diluted net income per common share for fiscal 2018 requires adding back interest expense of approximately $1.8 million associated with Ciena's "Original" 3.75% convertible senior notes and approximately $8.7 million associated with Ciena's 4.0% convertible senior notes to the adjusted (non-GAAP) net income in order to derive the numerator for the adjusted (non-GAAP) earnings per common share calculation. To receive notifications via email, enter your email address and select at least one subscription below. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Your feedback will be used on a non-identifiable basis to help improve your website experience. The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items: View source version on businesswire.com: We provide solutions that help our clients create the Adaptive Network™ in response to the constantly changing demands of their users. Ciena Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2020. Ciena may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. 2. Ciena assumes no obligation to update any forward-looking information included in this press release. Ciena Corporation CIEN reported lackluster fourth-quarter fiscal 2020 (ended Oct 31, 2020) results, wherein the bottom line missed the Zacks … (1) Weighted average diluted potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the fourth quarter of fiscal 2020 includes 1.9 million shares underlying certain stock option and stock unit awards. The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items: View source version on businesswire.com: Weighted average dilutive potential common shares outstanding used in calculating adjusted (non-GAAP) diluted net income per common share for fiscal 2019 includes 1.9 million shares underlying certain stock option and stock unit awards. You are encouraged to review the Investors section of our website, where we routinely post press releases, SEC filings, recent news, financial results, supplemental financial information, and other announcements. All feedback provided is collected by Ciena. The tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results to the prior year. "; "Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020.". * Denotes % change, or in the case of margin, absolute change, Blue Planet Automation Software and Services, Additional Performance Metrics for Fiscal Fourth Quarter and Year Ended October 31, 2019. Ciena Corporation pr@ciena.com, Investors: Non-GAAP Presentation of Quarterly and Annual Results. https://www.businesswire.com/news/home/20191212005133/en/. Ciena Corporation (CIEN) CEO Gary Smith on Q4 2020 Results - Earnings Call Transcript SA Transcripts Dec. 10, 2020 3:32 PM ET Why Ciena Is A Good Buy From Here (NYSE:CIEN) To the extent not previously disclosed in a prior Ciena financial results press release for the relevant period, Appendix A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release. HANOVER, Md.--(BUSINESS WIRE)--Ciena Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2020.Q4 Revenue: $828.5 million; Q4 Net Income per Share: $0.42 GAAP; $0.60 adjusted (non-GAAP), increasing 3.4% year over year Share Repurchases: … Q4 Revenue: $828.5 million Q4 Net Income per Share: $0.42 GAAP; $0.60 adjusted (non-GAAP), increasing 3.4% year over year Share Repurchases: Reinstituting share repurchase program with the intent […] Ciena may purchase shares at management's discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter and … This press release contains certain forward-looking statements that involve risks and uncertainties. Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for fiscal 2019 includes 1.9 million shares underlying certain stock option and stock unit awards. How was your overall experience on the site today? Performance Summary for the Fiscal Fourth Quarter and the Year Ended October 31, 2019. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website. To the extent not previously disclosed in a prior Ciena financial results press release for the relevant period, Appendix A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release. Add to Calendar. Ciena's GAAP net income for the fiscal fourth quarter 2020 was $65.0 million or $0.42 per diluted common share, which compares to a GAAP net income of $80.3 million, or $0.51 per diluted common share, for the fiscal fourth quarter 2019. Inventories totaled $345.0 million, including: Reserve for excess and obsolescence: $(47.3) million, Product inventory turns were 5.4 and 5.0 for the fiscal quarter and year, respectively. Q4 Revenue: $968.0 million, increasing 7.6% year over year; Q4 Net Income per Share: $0.51 GAAP; $0.58 adjusted (non-GAAP) The calculation of GAAP diluted net income per common share for the fourth quarter of fiscal 2018 requires a) adding back interest expense of approximately $0.4 million associated with Ciena's "Original" 3.75% convertible senior notes, which were converted by holders thereof immediately prior to maturity during the fourth quarter of fiscal 2018 and approximately $2.8 million associated with Ciena's 4.0% convertible senior notes, which were converted at Ciena's election during the fourth quarter of fiscal 2018, and b) reducing net income by $12.9 million for a non-cash loss due to a mark to market fair value adjustment related to the outstanding conversion feature of Ciena's "New" 3.75% senior convertible notes, which were converted by holders thereof immediately prior to maturity during the fourth quarter of fiscal 2018, in order to derive the numerator for the diluted earnings per common share calculation. Ciena Corporation Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for fiscal 2019 includes 1.9 million shares underlying certain stock option and stock unit awards. Non-GAAP Presentation of Quarterly and Annual Results. Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS, Equipment, building, furniture and fixtures, net, Accrued liabilities and other short-term obligations, Preferred stock — par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding, Common stock — par value $0.01; 290,000,000 shares authorized; 154,563,005 and 154,403,850 shares issued and outstanding, Total liabilities and stockholders’ equity, CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS. Weighted average diluted potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the fourth quarter of fiscal 2019 includes 1.8 million shares underlying certain stock option and stock unit awards. pr@ciena.com, Investor Contact: APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited), Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), Less: Interest and other income (loss), net, Add: Loss on extinguishment and modification of debt, Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements, Add: Significant asset impairments and restructuring costs, Add: Acquisition and integration costs (recoveries). Despite this dynamic, today’s results reflect the strength and durability of our business model, including continued strong profitability with adjusted operating margin of 15.8% in Q4 and 17.6% for the full fiscal year, which exceeded our forecast. The amount and timing of repurchases are subject to a variety of factors including liquidity, cash flow, stock price, and general business and market conditions. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Your feedback will be used on a non-identifiable basis to help improve your website experience. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. "While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market.". Despite this dynamic, today’s results reflect the strength and durability of our business model, including continued strong profitability with adjusted operating margin of … For the fiscal fourth quarter 2016, Ciena reported revenue of $716.2 million as compared to $692.0 million for the fiscal fourth quarter 2015. Ciena Corporation CIEN is scheduled to report fourth-quarter fiscal 2020 results (ended Oct 31, 2020) on Dec 10, before the opening bell.In the last reported quarter, the company delivered a positive earnings surprise of 27.7%. Shares of Ciena (NYSE: CIEN) decreased 4% in pre-market trading after the company reported Q4 results. Revenue of $967.99M (7.63% Y/Y) beats by $1.71M The following slide deck was published by Ciena Corporation in conjunction with their 2019 Q4 earnings call. Forward-looking statements in this release include: "Our fiscal fourth quarter and full-year year 2020 performance reported today demonstrates that we have the innovation, diversification and global scale to perform well in a challenging environment." Ciena may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. From time to time we exclusively post material information to this website along with other disclosure channels that we use. We provide solutions that help our clients create the Adaptive Network™ in response to the constantly changing demands of their users. This press release contains certain forward-looking statements that involve risks and uncertainties. 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