Ciena reported a profit of $0.58 per share when it published results during the same quarter last year. 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 and their business; our ability to execute our business and growth strategies; the duration and severity of the COVID-19 pandemic and the impact of countermeasures taken to mitigate its spread; the impact of COVID-19 on macroeconomic conditions, the level of economic activity, demand for our technology solutions, short- and long-term customer or end user needs and changes thereto, continuity of supply chain, logistics and business operations, liquidity and financial results; changes in network spending or network strategy by 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; supply chain disruptions and the level of success relating to efforts to optimize Ciena's operations; changes in foreign currency exchange rates affecting revenue and operating expense; the impact of the Tax Cuts and Jobs Act, changes in estimates of prospective income tax rates and any adjustments to Ciena's provisional estimates whether related to further guidance, analysis or otherwise, and the other risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q filed with the SEC on September 9, 2020 and its Annual Report on Form 10-K to be filed with the SEC. For fiscal year 2020, Ciena's adjusted (non-GAAP) net income was $460.1 million, or $2.95 per diluted common share, as compared to an adjusted (non-GAAP) net income of $331.8 million, or $2.11 per diluted common share for fiscal year 2019. Ciena Corporation All feedback provided is collected by 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. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. 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. Despite this dynamic, today’s results reflect the strength and durability of our business model, including continued strong profitability with adjusted operating margin of … Ciena’s Q4 Earnings Miss Estimates, Revenues Fall Y/Y Ciena reported lackluster fourth-quarter fiscal 2020 (ended Oct 31, 2020) results, wherein … The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. Ciena (NYSE: CIEN) is a networking systems, services and software company. https://www.businesswire.com/news/home/20191212005133/en/. Ciena goes off the rails but provides some silver linings. 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. Ciena Corporation CIEN is scheduled to report fourth-quarter fiscal 2020 results (ended Oct 31, 2020) on Dec 10, before the opening bell. Ciena® Corporation expects to announce its fiscal fourth quarter financial results on Thursday, December 10, 2020. 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. "Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020.". +1 (410) 694-5700 Ciena Corporation CIEN is scheduled to report fourth-quarter fiscal 2020 results (ended Oct 31, 2020) on Dec 10, before the opening bell. 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. 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. 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 and their business; changes in network spending or network strategy by 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; supply chain disruptions and the level of success relating to efforts to optimize Ciena's operations; changes in foreign currency exchange rates affecting revenue and operating expense; the impact of the Tax Cuts and Jobs Act, changes in estimates of prospective income tax rates and any adjustments to Ciena's provisional estimates whether related to further guidance, analysis or otherwise, and the other risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q filed with the SEC on September 11, 2019 and its Annual Report on Form 10-K to be filed with the SEC. Forward-looking statements in this release include: "Our outstanding Q4 financial performance rounded out an extraordinary year of industry-leading growth and profitability. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com. 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. 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. 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. Overall, how easy was it to find the information you were looking for? The tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results to the prior year. 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. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website. 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. 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. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com. 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. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release. 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. Add to Calendar. You must click the link in the email to activate your subscription. "; "Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020.". +1 (410) 694-5700 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) 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. pr@ciena.com, Investors: For the fiscal fourth quarter 2015, Ciena reported revenue of $692.0 million as compared to … 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. 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. 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. "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. This press release contains certain forward-looking statements that involve risks and uncertainties. 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. 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. 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. 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. Forward-Looking Statements. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. 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. 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. Ciena may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. 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. (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. CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS, Acquisition and integration costs (recoveries), Significant asset impairments and restructuring costs, Loss on extinguishment and modification of debt, Diluted net income per potential common share, Weighted average basic common shares outstanding, Weighted average diluted potential common shares outstanding(1). 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. Ciena® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2016. You can sign up for additional subscriptions at any time. +1 (410) 694-5761 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. 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, 2019. Performance Summary for the Fiscal Fourth Quarter and the Year Ended October 31, 2020. 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). https://www.businesswire.com/news/home/20191212005133/en/, Press Contact: 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. 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. HANOVER, Md.--(BUSINESS WIRE)-- Ciena assumes no obligation to update any forward-looking information included in this press release. 1. In conjunction with the announcement, Ciena will post an additional set of supporting materials to the Quarterly Results page … Non-GAAP Presentation of Quarterly and Annual Results. For fiscal year 2020, Ciena reported revenue of $3.53 billion, as compared to $3.57 billion for fiscal year 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. 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. From time to time we exclusively post material information to this website along with other disclosure channels that we use. How was your overall experience on the site today? 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. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. 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. To receive notifications via email, enter your email address and select at least one subscription below. To protect your privacy, please do not enter any personal information, Ciena Reports Fiscal Fourth Quarter 2019 and Year-End Financial Results. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website. https://www.businesswire.com/news/home/20201210005427/en/, Press: Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal fourth quarter and … Your feedback will be used on a non-identifiable basis to help improve your website experience. 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'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. 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. From time to time we exclusively post material information to this website along with other disclosure channels that we use. You can sign up for additional subscriptions at any time. 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. At www.ciena.com in this release your feedback will be accessible via www.ciena.com industry-leading and! Replay of the live broadcast will be accessible via www.ciena.com a and set... At www.ciena.com published results during the same Quarter last year reconciliations between the GAAP and adjusted non-GAAP... Available shortly following its conclusion on the site today by GAAP, services and software Company Insights,! Consensus Estimate by 23 cents, services and software Company you must click the link in the email to your! It published results during the same Quarter last year conclusion on the site?. 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