Ciena's adjusted (non-GAAP) net income for the fiscal fourth quarter 2020 was $94.5 million, or $0.60 per diluted common share, which compares to an adjusted (non-GAAP) net income of $90.4 million, or $0.58 per diluted common share, for the fiscal fourth quarter 2019. 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 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. * 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. +1 (410) 694-5700 "; "Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020.". 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. Ciena (NYSE: CIEN) is a networking systems, services and software company. After temporarily suspending repurchases of our common stock during fiscal 2020, we will be reinstituting this program in first quarter of 2021 and are currently targeting repurchases in the range of $150 million during fiscal 2021. 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. 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. 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%. You can sign up for additional subscriptions at any time. Performance Summary for the Fiscal Fourth Quarter and the Year Ended October 31, 2020. 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. 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: Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. 1. How was your overall experience on the site today? For fiscal year 2019, Ciena's GAAP net income was $253.4 million, or $1.61 per diluted common share, as compared to a GAAP net loss of $(344.7) million, or $(2.49) per diluted common share for fiscal year 2018. This press release contains certain forward-looking statements that involve risks and uncertainties. (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. Today, Thursday, December 13, 2018, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain prepared remarks of management and related supporting materials for … Ciena may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. About Ciena. To protect your privacy, please do not enter any personal information An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website. Today, Thursday, December 12, 2019, in conjunction with this announcement, 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 2019 results. Gregg Lampf 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. +1 (410) 694-5761 Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. Your feedback will be used on a non-identifiable basis to help improve your website experience. 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. Zacks Equity Research also said that Ciena's revenue and earnings per share for the fourth quarter missed its consensus estimates by -6.25% and 0.02% respectively. Gregg Lampf Ciena's fiscal fourth-quarter revenue of $828.5 million was down 14.4% over the prior-year period, though it … 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 Corporation (CIEN Quick Quote CIEN - Free Report) reported lackluster fourth-quarter fiscal 2020 (ended Oct 31, 2020) results, wherein … Ciena (NYSE:CIEN) is scheduled to announce Q4 earnings results on Thursday, December 10th, before market open.The consensus EPS Estimate is $0.63 (+8.6% Y/Y) … Ciena assumes no obligation to update any forward-looking information included in this press release. 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. 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. https://www.businesswire.com/news/home/20201210005427/en/, No customer represented more than 10% of revenue for the fiscal quarter, One 10%-plus customer represented a total of 10.6% of revenue for the fiscal year, Cash and investments totaled $1.3 billion, Cash flow from operations totaled $187.3 million and $493.7 million for the fiscal quarter and year, respectively, Average days' sales outstanding (DSOs) were 88 and 82 for the fiscal quarter and year, respectively, Accounts receivable, net balance was $719.4 million, Unbilled contract asset balance was $85.8 million. 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. 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. All feedback provided is collected by Ciena. "Our fiscal fourth quarter and full-year 2020 performance reported today demonstrates that we have the innovation, diversification and global scale to perform well in a challenging environment," said Gary Smith, President and CEO, Ciena. Your feedback will be used on a non-identifiable basis to help improve your website experience. Contacts Press Contact : Nicole Anderson Ciena Corporation +1 … The tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results to the prior year. 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. 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. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. From time to time we exclusively post material information to this website along with other disclosure channels that we use. Ciena® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2016. Nicole Anderson For the fiscal fourth quarter 2019, Ciena reported revenue of $968.0 million as compared to $899.4 million for the fiscal fourth quarter 2018. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com. 2. For fiscal year 2019, Ciena reported revenue of $3.57 billion, as compared to $3.09 billion for fiscal year 2018. "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.". Cash flows provided by (used in) investing 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, 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 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, Conversion of debt conversion liability into 1,585,140 shares of common stock, Operating lease right-of-use assets subject to lease liability, 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 Reconciliation (GAAP/non-GAAP), Non-GAAP tax provision on adjusted income before income taxes, GAAP diluted net income per potential common share, Adjusted (non-GAAP) diluted net income per potential common share. 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. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website. 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. 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. We provide solutions that help our clients create the Adaptive Network™ in response to the constantly changing demands of their users. Forward-Looking Statements. 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. The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. You must click the link in the email to activate your subscription. 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. Ciena Corporation 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. 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 2019 includes 1.8 million shares underlying certain stock option and stock unit awards. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. Ciena Corporation How was your overall experience on the site today? Ciena reported a profit of $0.58 per share when it published results during the same quarter last year. Ciena Corporation In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. ir@ciena.com. HANOVER, Md.--(BUSINESS WIRE)-- ir@ciena.com. +1 (410) 694-5700 Overall, how easy was it to find the information you were looking for? Non-GAAP Presentation of Quarterly and Annual Results. The press release will be available on Ciena’s website at www.ciena.com.. … 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. +1 (410) 694-5761  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. 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's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. Ciena Corporation CIEN is scheduled to report fourth-quarter fiscal 2020 results (ended Oct 31, 2020) on Dec 10, before the opening bell. Ciena's GAAP net income for the fiscal fourth quarter 2019 was $80.3 million or $0.51 per diluted common share, which compares to a GAAP net income of $64.0 million, or $0.34 per diluted common share, for the fiscal fourth quarter 2018. 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. All feedback provided is collected by Ciena. December 10, 2020 08:30 AM EST. For fiscal year 2020, Ciena reported revenue of $3.53 billion, as compared to $3.57 billion for fiscal year 2019. 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. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com. The program may be modified, suspended or discontinued at any time. 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. https://www.businesswire.com/news/home/20201210005427/en/, Press: Ciena (NYSE: CIEN) is a networking systems, services and software company. Weighted average dilutive potential common shares outstanding used in calculating 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, and 8.9 million shares underlying Ciena's 4.0% convertible senior notes. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The program may be modified, suspended or discontinued at any time. pr@ciena.com, Investor Contact: 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. Despite this dynamic, today’s results reflect the strength and durability of our business model, including continued strong profitability with adjusted operating margin of … 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). Add to Calendar. Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Fourth Quarter 2020 Results. https://www.businesswire.com/news/home/20191212005133/en/, Press Contact: 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 live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release. Ciena ® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2015. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. 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