Ciena® Corporation (NYSE: CIEN), a networking systems, services
and software company, today announced unaudited financial results
for its fiscal fourth quarter ended November 2, 2024.
- Q4 Revenue: $1.12 billion
- Q4 Net Income per Share: $0.25 GAAP; $0.54 adjusted
(non-GAAP)
- Share Repurchases: Repurchased approximately 2.1 million
shares of common stock for an aggregate price of $132.0 million
during the quarter
"Our Q4 revenue and strong order flow reflect our significant
and increasing technology leadership and positive industry
dynamics," said Gary Smith, president and CEO, Ciena. "As Cloud and
AI drive bandwidth demand across the network, we are positioned for
accelerated revenue growth and market share expansion moving
forward."
For fiscal fourth quarter 2024, Ciena reported revenue of $1.12
billion as compared to $1.13 billion for the fiscal fourth quarter
2023. For fiscal year 2024, Ciena reported revenue of $4.01
billion, as compared to $4.39 billion for fiscal year 2023.
Ciena's GAAP net income for the fiscal fourth quarter 2024 was
$37.0 million, or $0.25 per diluted common share, which compares to
a GAAP net income of $91.2 million, or $0.62 per diluted common
share, for the fiscal fourth quarter 2023. For fiscal year 2024,
Ciena's GAAP net income was $84.0 million, or $0.58 per diluted
common share, as compared to GAAP net income of $254.8 million, or
$1.71 per diluted common share, for fiscal year 2023.
Ciena's adjusted (non-GAAP) net income for the fiscal fourth
quarter 2024 was $79.3 million, or $0.54 per diluted common share,
which compares to an adjusted (non-GAAP) net income of $111.2
million, or $0.75 per diluted common share, for the fiscal fourth
quarter 2023. For fiscal year 2024, Ciena's adjusted (non-GAAP) net
income was $266.3 million, or $1.82 per diluted common share, as
compared to adjusted (non-GAAP) net income of $406.3 million, or
$2.72 per diluted common share, for fiscal year 2023.
Performance Summary For Fiscal Fourth Quarter and Year Ended
November 2, 2024
The tables below (in millions, except percentage data) provide
comparisons of certain quarterly and annual results to the prior
year. Appendices A and B set forth reconciliations between the GAAP
and adjusted (non-GAAP) measures contained in this release.
GAAP Results
(unaudited)
Quarter Ended
Period
Year Ended
Period
November 2,
October 28,
Change
November 2,
October 28,
Change
2024
2023
Y-T-Y*
2024
2023
Y-T-Y*
Revenue
$
1,124.1
$
1,129.5
(0.5
)%
$
4,014.9
$
4,386.5
(8.5
)%
Gross margin
40.9
%
43.1
%
(2.2
)%
42.8
%
42.8
%
—
%
Operating expense
$
400.8
$
395.0
1.5
%
$
1,553.0
$
1,521.3
2.1
%
Operating margin
5.3
%
8.1
%
(2.8
)%
4.1
%
8.2
%
(4.1
)%
Non-GAAP Results
(unaudited)
Quarter Ended
Period
Year Ended
Period
November 2,
October 28,
Change
November 2,
October 28,
Change
2024
2023
Y-T-Y*
2024
2023
Y-T-Y*
Revenue
$
1,124.1
$
1,129.5
(0.5
)%
$
4,014.9
$
4,386.5
(8.5
)%
Adj. gross margin
41.6
%
43.7
%
(2.1
)%
43.6
%
43.5
%
0.1
%
Adj. operating expense
$
354.9
$
337.6
5.1
%
$
1,361.7
$
1,332.8
2.2
%
Adj. operating margin
10.0
%
13.8
%
(3.8
)%
9.7
%
13.1
%
(3.4
)%
Adj. EBITDA
$
136.7
$
178.8
(23.5
)%
$
481.0
$
665.8
(27.8
)%
* Denotes % change, or in the case of margin, absolute
change
Revenue by Segment
(unaudited)
Quarter Ended
November 2, 2024
October 28, 2023
Revenue
%**
Revenue
%**
Networking Platforms
Optical Networking
$
779.6
69.4
$
748.0
66.2
Routing and Switching
79.4
7.0
128.9
11.4
Total Networking Platforms
859.0
76.4
876.9
77.6
Platform Software and Services
99.6
8.9
82.1
7.3
Blue Planet Automation Software and
Services
23.5
2.1
20.0
1.8
Global Services
Maintenance Support and Training
77.2
6.9
74.4
6.6
Installation and Deployment
51.4
4.5
60.1
5.3
Consulting and Network Design
13.4
1.2
16.0
1.4
Total Global Services
142.0
12.6
150.5
13.3
Total
$
1,124.1
100.0
$
1,129.5
100.0
Revenue by Segment
(unaudited)
Year Ended
November 2, 2024
October 28, 2023
Revenue
%**
Revenue
%**
Networking Platforms
Optical Networking
$
2,642.6
65.8
$
2,987.3
68.1
Routing and Switching
399.5
10.0
506.2
11.5
Total Networking Platforms
3,042.1
75.8
3,493.5
79.6
Platform Software and Services
358.0
8.9
303.9
6.9
Blue Planet Automation Software and
Services
77.6
2.0
69.1
1.6
Global Services
Maintenance Support and Training
303.1
7.5
288.3
6.6
Installation and Deployment
184.3
4.6
181.0
4.1
Consulting and Network Design
49.8
1.2
50.7
1.2
Total Global Services
537.2
13.3
520.0
11.9
Total
$
4,014.9
100.0
$
4,386.5
100.0
** Denotes % of total revenue
Additional Performance Metrics for Fiscal Fourth Quarter and
Year Ended November 2, 2024
Revenue by Geographic Region
(unaudited)
Quarter Ended
November 2, 2024
October 28, 2023
Revenue
% **
Revenue
% **
Americas
$
852.2
75.8
$
801.4
71.0
Europe, Middle East and Africa
150.7
13.4
164.1
14.5
Asia Pacific
121.2
10.8
164.0
14.5
Total
$
1,124.1
100.0
$
1,129.5
100.0
Revenue by Geographic Region
(unaudited)
Year Ended
November 2, 2024
October 28, 2023
Revenue
% **
Revenue
% **
Americas
$
2,951.9
73.5
$
3,110.3
70.9
Europe, Middle East and Africa
648.9
16.2
643.1
14.7
Asia Pacific
414.1
10.3
633.1
14.4
Total
$
4,014.9
100.0
$
4,386.5
100.0
** Denotes % of total revenue
- Two customers represented 10%-plus of revenue for the fiscal
fourth quarter 2024 and the fiscal year 2024, combining for a total
of 31.2% and 25.1% of revenue, respectively.
- Cash and investments at the end of fiscal year 2024 totaled
$1.33 billion
- Cash flow from operations totaled $349.3 million and $514.5
million for the fiscal fourth quarter and the fiscal year 2024,
respectively
- Average days' sales outstanding (DSOs) were 89 and 96 for the
fiscal fourth quarter and the fiscal year 2024, respectively
- Accounts receivable, net balance was $908.6 million
- Unbilled contract assets, net balance was $127.9 million
- Inventories totaled $820.4 million, including:
- Raw materials: $542.8 million
- Work in process: $32.2 million
- Finished goods: $324.7 million
- Deferred cost of sales: $27.9 million
- Reserve for excess and obsolescence: $(107.2) million
- Product inventory turns were 2.7 and 2.3 for the fiscal fourth
quarter and the fiscal year 2024, respectively
- Headcount totaled 8,657 at the end of fiscal year 2024
Supplemental Materials and Live Web Broadcast of Unaudited
Fiscal Fourth Quarter 2024 Results
Today, Thursday, December 12, 2024, 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 2024
results.
Ciena's management will also host a discussion today with
investors and financial analysts that will include the Company's
outlook. The live audio web broadcast beginning at 8:30 a.m.
Eastern will be accessible via www.ciena.com. An archived replay of
the live broadcast will be available shortly following its
conclusion on the Investor Relations page of Ciena's website.
Notes to Investors
Forward-Looking Statements. You are encouraged to review
the Investors section of our website, where we routinely post press
releases, Securities and Exchange Commission ("SEC") filings,
recent news, financial results, supplemental financial information,
and other announcements. From time to time we exclusively post
material information to this website along with other disclosure
channels that we use. This press release contains certain
forward-looking statements that involve risks and uncertainties.
These statements are based on current expectations, forecasts,
assumptions and other information available to the Company as of
the date hereof. 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.
Forward-looking statements in this release include: "Our Q4 revenue
and strong order flow reflect our significant and increasing
technology leadership and positive industry dynamics. As Cloud and
AI drive bandwidth demand across the network, we are positioned for
accelerated revenue growth and market share expansion moving
forward."
Ciena's actual results, performance or events may differ
materially from these forward-looking statements made or implied
due to a number of risks and uncertainties relating to Ciena's
business, including: the effect of broader economic and market
conditions on our customers, their spending and their businesses
and markets; our ability to execute our business and growth
strategies; the impact of macroeconomic conditions and global
supply chain constraints or disruptions including increased supply
costs and lead times; the impact of the introduction of new
technologies by us or our competitors; seasonality and the timing
and size of customer orders, their delivery dates and 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 foreign
currency exchange rates; factors beyond our control such as natural
disasters, climate change, acts of war or terrorism, geopolitical
tensions or events, including but not limited to the ongoing
conflicts between Ukraine and Russia, and Israel and Hamas, and
public health emergencies or epidemics, including the COVID-19
pandemic; changes in tax or trade regulations, including the
imposition of tariffs, duties or efforts to withdraw from or
materially modify international trade agreements; cyberattacks,
data breaches or other security incidents involving our enterprise
network environment or our products; regulatory changes, litigation
involving our intellectual property or government investigations;
and the other risk factors disclosed in Ciena’s periodic reports
filed with the Securities and Exchange Commission (SEC) including
Ciena's Quarterly Report on Form 10-Q filed with the SEC on
September 4, 2024 and its Annual Report on Form 10-K to be filed
with the SEC. Ciena assumes no obligation to update any
forward-looking information included in this press 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 before
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
by GAAP. 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.
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 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 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. To
the extent not previously disclosed in a prior Ciena financial
results press release, Appendices 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.
About Ciena. Ciena (NYSE: CIEN) is a global leader in
networking systems, services, and software. We build the most
adaptive networks in the industry, enabling customers to anticipate
and meet ever-increasing digital demands. For three-plus decades,
Ciena has brought our humanity to our relentless pursuit of
innovation. Prioritizing collaborative relationships with our
customers, partners, and communities, we create flexible, open, and
sustainable networks that better serve all users—today and into the
future. For updates on Ciena, follow us on LinkedIn, X, 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
Twelve Months Ended
November 2,
October 28,
November 2,
October 28,
2024
2023
2024
2023
Revenue:
Products
$
892,425
$
902,797
$
3,159,021
$
3,581,039
Services
231,687
226,690
855,934
805,510
Total revenue
1,124,112
1,129,487
4,014,955
4,386,549
Cost of goods sold:
Products
545,580
529,320
1,861,317
2,088,440
Services
118,510
113,886
434,048
419,258
Total cost of goods sold
664,090
643,206
2,295,365
2,507,698
Gross profit
460,022
486,281
1,719,590
1,878,851
Operating expenses:
Research and development
195,960
189,444
767,497
750,559
Selling and marketing
136,919
123,648
510,668
490,804
General and administrative
58,143
64,100
220,647
215,284
Significant asset impairments and
restructuring costs
2,605
7,209
24,592
23,834
Amortization of intangible assets
7,185
10,578
29,569
37,351
Acquisition and integration costs
—
—
—
3,474
Total operating expenses
400,812
394,979
1,552,973
1,521,306
Income from operations
59,210
91,302
166,617
357,545
Interest and other income, net
13,801
11,297
50,261
62,008
Interest expense
(24,990
)
(24,207
)
(97,028
)
(88,026
)
Loss on extinguishment and modification of
debt
—
(7,874
)
—
(7,874
)
Income before income taxes
48,021
70,518
119,850
323,653
Provision (benefit) for income taxes 1
10,993
(20,681
)
35,894
68,826
Net income
$
37,028
$
91,199
$
83,956
$
254,827
Net Income per Common Share
Basic net income per common share
$
0.26
$
0.62
$
0.58
$
1.71
Diluted net income per potential common
share
$
0.25
$
0.62
$
0.58
$
1.71
Weighted average basic common shares
outstanding
144,240
147,437
144,715
148,971
Weighted average dilutive potential common
shares outstanding 2
146,487
147,891
145,964
149,380
1 For the fourth quarter and year ended fiscal 2023, reflects a
tax benefit resulting, in part, from guidance in Notice 2023-63
issued by the IRS addressing capitalization and amortization of
specified research or experimental expenditures under Section 174
in accordance with the Tax Cuts and Jobs Act.
2 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 certain
stock option and stock unit awards: (i) 2.2 million and 1.2 million
for the fourth quarter and year ended fiscal 2024, respectively,
and (ii) 0.5 million and 0.4 million for the fourth quarter and
year ended fiscal 2023, respectively.
CIENA CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
data)
(unaudited)
November 2, 2024
October 28, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
934,863
$
1,010,618
Short-term investments
316,343
104,753
Accounts receivable, net
908,597
1,003,876
Inventories, net
820,430
1,050,838
Prepaid expenses and other
564,183
405,694
Total current assets
3,544,416
3,575,779
Long-term investments
80,920
134,278
Equipment, building, furniture and
fixtures, net
337,722
280,147
Operating lease right-of-use assets
27,417
35,140
Goodwill
444,707
444,765
Other intangible assets, net
165,020
205,627
Deferred tax asset, net
886,441
809,306
Other long-term assets
154,694
116,453
Total assets
$
5,641,337
$
5,601,495
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
423,401
$
317,828
Accrued liabilities and other short-term
obligations
393,905
431,419
Deferred revenue
156,379
154,419
Operating lease liabilities
14,455
16,655
Current portion of long-term debt
11,700
11,700
Total current liabilities
999,840
932,021
Long-term deferred revenue
81,240
74,041
Other long-term obligations
185,938
170,407
Long-term operating lease liabilities
25,107
33,259
Long-term debt, net
1,533,074
1,543,406
Total liabilities
2,825,199
2,753,134
Stockholders’ equity:
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; 142,656,116 and 144,829,938 shares
issued and outstanding
1,427
1,448
Additional paid-in capital
6,154,869
6,262,083
Accumulated other comprehensive loss
(46,711
)
(37,767
)
Accumulated deficit
(3,293,447
)
(3,377,403
)
Total stockholders’ equity
2,816,138
2,848,361
Total liabilities and stockholders’
equity
$
5,641,337
$
5,601,495
CIENA CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Year Ended
November 2,
October 28,
2024
2023
Cash flows provided by operating
activities:
Net income
$
83,956
$
254,827
Adjustments to reconcile net income to net
cash provided by operating activities:
Loss on extinguishment of debt
—
1,864
Depreciation of equipment, building,
furniture and fixtures, and amortization of leasehold
improvements
92,846
92,564
Share-based compensation expense
156,404
130,455
Amortization of intangible assets
40,624
49,616
Deferred taxes
(76,810
)
(14,852
)
Provision for inventory excess and
obsolescence
77,341
29,464
Provision for warranty
25,643
31,742
Gain on equity investments, net
—
(26,368
)
Other
11,768
15,771
Changes in assets and liabilities:
Accounts receivable
80,313
(94,565
)
Inventories
153,021
(132,497
)
Prepaid expenses and other
(198,910
)
(51,965
)
Operating lease right-of-use assets
11,837
14,190
Accounts payable, accruals and other
obligations
64,255
(138,469
)
Deferred revenue
9,884
27,412
Short and long-term operating lease
liabilities
(17,640
)
(20,857
)
Net cash provided by operating
activities
514,532
168,332
Cash flows used in investing
activities:
Payments for equipment, furniture,
fixtures and intellectual property
(136,641
)
(106,197
)
Purchases of investments
(287,536
)
(252,329
)
Proceeds from sales and maturities of
investments
140,836
208,104
Settlement of foreign currency forward
contracts, net
(1,454
)
(2,984
)
Purchase of equity investments
(21,682
)
—
Acquisition of business, net of cash
acquired
—
(230,048
)
Net cash used in investing activities
(306,477
)
(383,454
)
Cash flows provided by (used in) financing
activities:
Proceeds from issuance of term loan,
net
—
497,500
Payment of long term debt
(11,700
)
(9,430
)
Proceeds for modification of term loan
—
830
Payment of debt issuance costs
(2,554
)
(6,379
)
Payment of finance lease obligations
(4,029
)
(3,791
)
Shares repurchased for tax withholdings on
vesting of stock unit awards
(46,567
)
(38,506
)
Repurchases of common stock - repurchase
program, net
(254,502
)
(242,201
)
Proceeds from issuance of common stock
34,291
31,357
Net cash provided by (used in) financing
activities
(285,061
)
229,380
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
1,246
2,150
Net increase (decrease) in cash, cash
equivalents and restricted cash
(75,760
)
16,408
Cash, cash equivalents and restricted cash
at beginning of period
1,010,786
994,378
Cash, cash equivalents and restricted cash
at end of period
$
935,026
$
1,010,786
Supplemental disclosure of cash flow
information
Cash paid during the period for interest,
net
$
92,515
$
84,465
Cash paid during the period for income
taxes, net
$
54,956
$
78,242
Operating lease payments
$
19,452
$
22,782
Non-cash investing and financing
activities
Purchase of equipment in accounts
payable
$
14,682
$
6,990
Repurchase of common stock in accrued
liabilities from repurchase program, net
$
6,172
$
9,310
Operating right-of-use assets subject to
lease liability
$
6,912
$
10,236
Gain on equity investments, net
$
—
$
26,368
APPENDIX A - Reconciliation of
Adjusted (Non- GAAP) Measurements
(in thousands, except per
share data) (unaudited)
Quarter Ended
Year Ended
November 2,
October 28,
November 2,
October 28,
2024
2023
2024
2023
Gross Profit Reconciliation
(GAAP/non-GAAP)
GAAP gross profit
$
460,022
$
486,281
$
1,719,590
$
1,878,851
Share-based compensation-products
1,736
1,194
6,474
4,518
Share-based compensation-services
3,257
2,827
12,743
10,470
Amortization of intangible assets
2,764
2,763
11,055
12,264
Total adjustments related to gross
profit
7,757
6,784
30,272
27,252
Adjusted (non-GAAP) gross profit
$
467,779
$
493,065
$
1,749,862
$
1,906,103
Adjusted (non-GAAP) gross profit
percentage
41.6
%
43.7
%
43.6
%
43.5
%
Operating Expense Reconciliation
(GAAP/non-GAAP)
GAAP operating expense
$
400,812
$
394,979
$
1,552,973
$
1,521,306
Share-based compensation-research and
development
14,065
11,412
54,129
42,331
Share-based compensation-sales and
marketing
11,168
9,187
42,954
35,136
Share-based compensation-general and
administrative
10,842
10,274
40,053
37,587
Significant asset impairments and
restructuring costs
2,605
7,209
24,592
23,834
Amortization of intangible assets
7,185
10,578
29,569
37,351
Acquisition and integration costs
—
—
—
3,474
Legal settlement
—
8,750
—
8,750
Total adjustments related to operating
expense
45,865
57,410
191,297
188,463
Adjusted (non-GAAP) operating expense
$
354,947
$
337,569
$
1,361,676
$
1,332,843
Income from Operations Reconciliation
(GAAP/non-GAAP)
GAAP income from operations
$
59,210
$
91,302
$
166,617
$
357,545
Total adjustments related to gross
profit
7,757
6,784
30,272
27,252
Total adjustments related to operating
expense
45,865
57,410
191,297
188,463
Total adjustments related to income from
operations
53,622
64,194
221,569
215,715
Adjusted (non-GAAP) income from
operations
$
112,832
$
155,496
$
388,186
$
573,260
Adjusted (non-GAAP) operating margin
percentage
10.0
%
13.8
%
9.7
%
13.1
%
Net Income Reconciliation
(GAAP/non-GAAP)
GAAP net income
$
37,028
$
91,199
$
83,956
$
254,827
Exclude GAAP provision (benefit) for
income taxes
10,993
(20,681
)
35,894
68,826
Income before income taxes
48,021
70,518
119,850
323,653
Total adjustments related to income from
operations
53,622
64,194
221,569
215,715
Loss on extinguishment and modification of
debt
—
7,874
—
7,874
Loss on equity investment
—
—
—
(26,368
)
Adjusted income before income taxes
101,643
142,586
341,419
520,874
Non-GAAP tax provision on adjusted income
before income taxes
22,361
31,369
75,112
114,592
Adjusted (non-GAAP) net income
$
79,282
$
111,217
$
266,307
$
406,282
Weighted average basic common shares
outstanding
144,240
147,437
144,715
148,971
Weighted average dilutive potential common
shares outstanding 1
146,487
147,891
145,964
149,380
Net Income per Common Share
GAAP diluted net income per potential
common share
$
0.25
$
0.62
$
0.58
$
1.71
Adjusted (non-GAAP) diluted net income per
potential common share
$
0.54
$
0.75
$
1.82
$
2.72
1 Weighted average dilutive potential common shares outstanding
used in calculating Adjusted (non-GAAP) diluted net income per
potential common share includes the following number of shares
underlying certain stock option and stock unit awards: (i) 2.2
million and 1.2 million for the fourth quarter and year ended
fiscal 2024; and (ii) 0.5 million and 0.4 million for the fourth
quarter and year ended fiscal 2023.
APPENDIX B - Calculation of
EBITDA and Adjusted EBITDA
(in thousands)
(unaudited)
Quarter Ended
Year Ended
November 2,
October 28,
November 2,
October 28,
2024
2023
2024
2023
Earnings Before Interest, Tax,
Depreciation and Amortization (EBITDA)
Net income (GAAP)
$
37,028
$
91,199
$
83,956
$
254,827
Add: Interest expense
24,990
24,207
97,028
88,026
Less: Interest and other income, net
13,801
11,297
50,261
62,008
Add: Loss on extinguishment and
modification of debt
—
7,874
—
7,874
Add: Provision (benefit) for income
taxes
10,993
(20,681
)
35,894
68,826
Add: Depreciation of equipment, building,
furniture and fixtures, and amortization of leasehold
improvements
23,849
23,351
92,846
92,564
Add: Amortization of intangible assets
9,949
13,342
40,624
49,616
EBITDA
$
93,008
$
127,995
$
300,087
$
499,725
Add: Share-based compensation expense
41,068
34,894
156,353
130,042
Add: Significant asset impairments and
restructuring costs
2,605
7,209
24,592
23,834
Add: Acquisition and integration costs
—
—
—
3,474
Add: Legal settlement
—
8,750
—
8,750
Adjusted EBITDA
$
136,681
$
178,848
$
481,032
$
665,825
* * *
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:
- Share-based compensation - a non-cash expense incurred in
accordance with share-based compensation accounting guidance.
- Significant asset impairments and restructuring costs - costs
incurred as a result of restructuring activities taken to align
resources with perceived market opportunities, the redesign of
business processes and restructuring certain real estate
facilities.
- 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 an expected useful life.
- Acquisition and integration costs - primarily consist of
financial, legal and accounting advisors' costs and
employment-related costs related to Ciena's acquisitions in fiscal
2023.
- Loss on extinguishment and modification of debt - reflects
extinguishment and debt modification expenses related to
refinancing our then existing term loans which occurred during the
fourth quarter of fiscal 2023.
- Loss on equity investment - reflects changes in the carrying
value of a certain equity investment due to triggering events.
- Non-GAAP tax provision - consists of current and deferred
income tax expense commensurate with the level of adjusted income
before income taxes and utilizes a current, blended U.S. and
foreign statutory annual tax rate of 22.0% for all fiscal periods
of fiscal 2024 and fiscal 2023. This rate may be subject to change
in the future, including as a result of changes in tax policy or
tax strategy.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241211164500/en/
Press Contact: Jamie Moody Ciena Corporation +1 (214) 995-8035
pr@ciena.com
Investor Contact: Gregg Lampf Ciena Corporation +1 (410)
694-5700 ir@ciena.com
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