– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
HANOVER, Md.--(BUSINESS WIRE)--Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 29, 2022.
“First quarter revenue grew more than 10% year-over-year and continued broad-based demand drove very strong orders growth in the quarter, providing us additional visibility for the fiscal year," said Gary Smith, president and CEO of Ciena. "We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal year.”
For the fiscal first quarter 2022, Ciena reported revenue of $844.4 million as compared to $757.1 million for the fiscal first quarter 2021.
Ciena's GAAP net income for the fiscal first quarter 2022 was $45.8 million, or $0.29 per diluted common share, which compares to a GAAP net income of $55.3 million, or $0.35 per diluted common share, for the fiscal first quarter 2021.
Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2022 was $72.6 million, or $0.47 per diluted common share, which compares to an adjusted (non-GAAP) net income of $81.3 million, or $0.52 per diluted common share, for the fiscal first quarter 2021.
Fiscal First Quarter 2022 Performance Summary
The tables below (in millions, except percentage data) provide comparisons of certain quarterly 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 |
|||||||||
|
|
Q1 |
|
Q1 |
|
Period Change |
|||||
|
|
FY 2022 |
|
FY 2021 |
|
Y-T-Y* |
|||||
Revenue |
|
$ |
844.4 |
|
|
$ |
757.1 |
|
|
11.5 |
% |
Gross margin |
|
|
45.5 |
% |
|
|
47.3 |
% |
|
(1.8 |
) % |
Operating expense |
|
$ |
324.2 |
|
|
$ |
282.1 |
|
|
14.9 |
% |
Operating margin |
|
|
7.1 |
% |
|
|
10.0 |
% |
|
(2.9 |
) % |
|
|
Non-GAAP Results |
|||||||||
|
|
Q1 |
|
Q1 |
|
Period Change |
|||||
|
|
FY 2022 |
|
FY 2021 |
|
Y-T-Y* |
|||||
Revenue |
|
$ |
844.4 |
|
|
$ |
757.1 |
|
|
11.5 |
% |
Adj. gross margin |
|
|
46.2 |
% |
|
|
48.0 |
% |
|
(1.8 |
)% |
Adj. operating expense |
|
$ |
290.0 |
|
|
$ |
253.0 |
|
|
14.6 |
% |
Adj. operating margin |
|
|
11.8 |
% |
|
|
14.6 |
% |
|
(2.8 |
)% |
Adj. EBITDA |
|
$ |
123.7 |
|
|
$ |
133.8 |
|
|
(7.5 |
)% |
* Denotes % change, or in the case of margin, absolute change |
|||||||||||
|
|
Revenue by Segment |
||||||
|
|
Q1 FY 2022 |
|
Q1 FY 2021 |
||||
|
|
Revenue |
|
%** |
|
Revenue |
|
%** |
Networking Platforms |
|
|
|
|
|
|
|
|
Converged Packet Optical |
|
$ 540.9 |
|
64.1 |
|
$ 512.3 |
|
67.7 |
Routing and Switching |
|
85.7 |
|
10.1 |
|
64.3 |
|
8.5 |
Total Networking Platforms |
|
626.6 |
|
74.2 |
|
576.6 |
|
76.2 |
|
|
|
|
|
|
|
|
|
Platform Software and Services |
|
72.9 |
|
8.6 |
|
49.9 |
|
6.6 |
|
|
|
|
|
|
|
|
|
Blue Planet Automation Software and Services |
|
21.1 |
|
2.5 |
|
16.9 |
|
2.2 |
|
|
|
|
|
|
|
|
|
Global Services |
|
|
|
|
|
|
|
|
Maintenance Support and Training |
|
72.5 |
|
8.6 |
|
67.6 |
|
8.9 |
Installation and Deployment |
|
40.4 |
|
4.8 |
|
39.6 |
|
5.2 |
Consulting and Network Design |
|
10.9 |
|
1.3 |
|
6.5 |
|
0.9 |
Total Global Services |
|
123.8 |
|
14.7 |
|
113.7 |
|
15.0 |
|
|
|
|
|
|
|
|
|
Total |
|
$ 844.4 |
|
100.0 |
|
$ 757.1 |
|
100.0 |
** Denotes % of total revenue |
||||||||
Additional Performance Metrics for Fiscal First Quarter 2022 |
||||||||
|
|
Revenue by Geographic Region |
||||||
|
|
Q1 FY 2022 |
|
Q1 FY 2021 |
||||
|
|
Revenue |
|
% ** |
|
Revenue |
|
% ** |
Americas |
|
$ 595.1 |
|
70.5 |
|
$ 496.6 |
|
65.6 |
Europe, Middle East and Africa |
|
150.8 |
|
17.8 |
|
155.4 |
|
20.5 |
Asia Pacific |
|
98.5 |
|
11.7 |
|
105.1 |
|
13.9 |
Total |
|
$ 844.4 |
|
100.0 |
|
$ 757.1 |
|
100.0 |
** Denotes % of total revenue |
||||||||
Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2022 Results
Today, Monday, March 7, 2022, 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 first quarter 2022 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: "First quarter revenue grew more than 10% year-over-year and continued broad-based demand drove very strong orders growth in the quarter, providing us additional visibility for the fiscal year" and "We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal 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 on macroeconomic conditions, economic activity, demand for our technology solutions, short- and long-term changes in customer or end user needs, continuity of supply chain, our business operations, liquidity and financial results; changes in network spending or network strategy by our customers; seasonality and the timing and size of customer orders, including our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; supply chain constraints or disruptions; changes in foreign currency exchange rates affecting revenue and operating expense; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical events, including but not limited to the ongoing conflict between Ukraine and Russia, public health emergencies; the impact of the Tax Cuts and Jobs Act; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena’s Annual Report on Form 10-K filed with the SEC on December 17, 2021 and included in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2022 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 networking systems, services and software company. We provide solutions that help our customers create the Adaptive Network™ in response to the constantly changing demands of their users. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com.
CIENA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
||||||||
|
Quarter Ended |
|
||||||
|
January 29, |
|
January 30, |
|
||||
|
|
2022 |
|
|
|
2021 |
|
|
Revenue: |
|
|
|
|
||||
Products |
$ |
665,007 |
|
|
$ |
597,220 |
|
|
Services |
|
179,436 |
|
|
|
159,910 |
|
|
Total revenue |
|
844,443 |
|
|
|
757,130 |
|
|
Cost of goods sold: |
|
|
|
|
||||
Products |
|
372,565 |
|
|
|
315,098 |
|
|
Services |
|
87,691 |
|
|
|
84,141 |
|
|
Total cost of goods sold |
|
460,256 |
|
|
|
399,239 |
|
|
Gross profit |
|
384,187 |
|
|
|
357,891 |
|
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
148,409 |
|
|
|
132,741 |
|
|
Selling and marketing |
|
118,881 |
|
|
|
97,278 |
|
|
General and administrative |
|
44,498 |
|
|
|
39,993 |
|
|
Significant asset impairments and restructuring costs |
|
3,409 |
|
|
|
5,867 |
|
|
Amortization of intangible assets |
|
8,918 |
|
|
|
5,910 |
|
|
Acquisition and integration costs |
|
68 |
|
|
|
307 |
|
|
Total operating expenses |
|
324,183 |
|
|
|
282,096 |
|
|
Income from operations |
|
60,004 |
|
|
|
75,795 |
|
|
Interest and other income (loss), net |
|
3,686 |
|
|
|
(1,121 |
) |
|
Interest expense |
|
(8,648 |
) |
|
|
(7,360 |
) |
|
Income before income taxes |
|
55,042 |
|
|
|
67,314 |
|
|
Provision for income taxes |
|
9,219 |
|
|
|
11,966 |
|
|
Net income |
$ |
45,823 |
|
|
$ |
55,348 |
|
|
|
|
|
|
|
||||
Net Income per Common Share |
|
|
|
|
||||
Basic net income per common share |
$ |
0.30 |
|
|
$ |
0.36 |
|
|
Diluted net income per potential common share |
$ |
0.29 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
||||
Weighted average basic common shares outstanding |
|
154,151 |
|
|
|
155,174 |
|
|
Weighted average dilutive potential common shares outstanding 1 |
|
155,807 |
|
|
|
156,583 |
|
|
1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the first quarter of fiscal 2022 includes 1.7 million shares underlying certain stock option and stock unit awards.
Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the first quarter of fiscal 2021 includes 1.4 million shares underlying certain stock option and stock unit awards. |
||||||||
|
|
|
|
||||
CIENA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) |
|||||||
|
January 29,
|
|
October 30,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,118,636 |
|
|
$ |
1,422,546 |
|
Short-term investments |
|
460,368 |
|
|
|
181,483 |
|
Accounts receivable, net |
|
795,247 |
|
|
|
884,958 |
|
Inventories |
|
457,604 |
|
|
|
374,265 |
|
Prepaid expenses and other |
|
332,259 |
|
|
|
325,654 |
|
Total current assets |
|
3,164,114 |
|
|
|
3,188,906 |
|
Long-term investments |
|
88,640 |
|
|
|
70,038 |
|
Equipment, building, furniture and fixtures, net |
|
276,120 |
|
|
|
284,968 |
|
Operating lease right-of-use assets |
|
43,340 |
|
|
|
44,285 |
|
Goodwill |
|
322,822 |
|
|
|
311,645 |
|
Other intangible assets, net |
|
101,026 |
|
|
|
65,314 |
|
Deferred tax asset, net |
|
799,593 |
|
|
|
800,180 |
|
Other long-term assets |
|
104,707 |
|
|
|
99,891 |
|
Total assets |
$ |
4,900,362 |
|
|
$ |
4,865,227 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
310,107 |
|
|
$ |
356,176 |
|
Accrued liabilities and other short-term obligations |
|
299,408 |
|
|
|
409,285 |
|
Deferred revenue |
|
124,956 |
|
|
|
118,007 |
|
Operating lease liabilities |
|
18,927 |
|
|
|
18,632 |
|
Current portion of long-term debt |
|
6,930 |
|
|
|
6,930 |
|
Total current liabilities |
|
760,328 |
|
|
|
909,030 |
|
Long-term deferred revenue |
|
60,670 |
|
|
|
57,457 |
|
Other long-term obligations |
|
159,942 |
|
|
|
166,803 |
|
Long-term operating lease liabilities |
|
39,369 |
|
|
|
41,564 |
|
Long-term debt, net |
|
1,065,263 |
|
|
|
670,355 |
|
Total liabilities |
$ |
2,085,572 |
|
|
$ |
1,845,209 |
|
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; 152,990,723 and 154,858,981 shares issued and outstanding |
|
1,530 |
|
|
|
1,549 |
|
Additional paid-in capital |
|
6,567,474 |
|
|
|
6,803,162 |
|
Accumulated other comprehensive income (loss) |
|
(14,905 |
) |
|
|
439 |
|
Accumulated deficit |
|
(3,739,309 |
) |
|
|
(3,785,132 |
) |
Total stockholders’ equity |
|
2,814,790 |
|
|
|
3,020,018 |
|
Total liabilities and stockholders’ equity |
$ |
4,900,362 |
|
|
$ |
4,865,227 |
|
CIENA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
January 29, |
|
January 30, |
||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows used in operating activities: |
|
|
|
||||
Net income |
$ |
45,823 |
|
|
$ |
55,348 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements |
|
23,653 |
|
|
|
23,188 |
|
Share-based compensation expense |
|
24,297 |
|
|
|
18,964 |
|
Amortization of intangible assets |
|
12,230 |
|
|
|
9,642 |
|
Deferred taxes |
|
(766 |
) |
|
|
(905 |
) |
Provision for inventory excess and obsolescence |
|
3,799 |
|
|
|
5,905 |
|
Provision for warranty |
|
2,817 |
|
|
|
3,239 |
|
Other |
|
(8,615 |
) |
|
|
4,277 |
|
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
87,223 |
|
|
|
18,862 |
|
Inventories |
|
(87,178 |
) |
|
|
(51,020 |
) |
Prepaid expenses and other |
|
(14,134 |
) |
|
|
(13,835 |
) |
Operating lease right-of-use assets |
|
4,120 |
|
|
|
4,103 |
|
Accounts payable, accruals and other obligations |
|
(152,981 |
) |
|
|
(112,170 |
) |
Deferred revenue |
|
10,417 |
|
|
|
31,917 |
|
Short and long-term operating lease liabilities |
|
(5,116 |
) |
|
|
(4,834 |
) |
Net cash used in operating activities |
|
(54,411 |
) |
|
|
(7,319 |
) |
Cash flows used in investing activities: |
|
|
|
||||
Payments for equipment, furniture, fixtures and intellectual property |
|
(25,804 |
) |
|
|
(20,868 |
) |
Purchase of available for sale securities |
|
(350,465 |
) |
|
|
(71,756 |
) |
Proceeds from maturities of available for sale securities |
|
50,000 |
|
|
|
51,266 |
|
Settlement of foreign currency forward contracts, net |
|
1,346 |
|
|
|
2,357 |
|
Acquisition of business, net of cash acquired |
|
(56,036 |
) |
|
|
— |
|
Proceeds from sale of equity investment |
|
— |
|
|
|
4,678 |
|
Net cash used in investing activities |
|
(380,959 |
) |
|
|
(34,323 |
) |
Cash flows provided by (used in) financing activities: |
|
|
|
||||
Proceeds from issuance of senior notes |
|
400,000 |
|
|
|
— |
|
Payment of long term debt |
|
— |
|
|
|
(1,732 |
) |
Payment of debt issuance costs |
|
(4,506 |
) |
|
|
— |
|
Payment of finance lease obligations |
|
(771 |
) |
|
|
(702 |
) |
Shares repurchased for tax withholdings on vesting of restricted stock units |
|
(25,150 |
) |
|
|
(19,242 |
) |
Repurchases of common stock - repurchase program |
|
(250,000 |
) |
|
|
(12,406 |
) |
Proceeds from issuance of common stock |
|
15,146 |
|
|
|
13,447 |
|
Net cash provided by (used in) financing activities |
|
134,719 |
|
|
|
(20,635 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(3,259 |
) |
|
|
2,879 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(303,910 |
) |
|
|
(59,398 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
1,422,604 |
|
|
|
1,088,708 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,118,694 |
|
|
$ |
1,029,310 |
|
Supplemental disclosure of cash flow information |
|
|
|
||||
Cash paid during the period for interest |
$ |
7,670 |
|
|
$ |
7,566 |
|
Cash paid during the period for income taxes, net |
$ |
6,112 |
|
|
$ |
8,798 |
|
Operating lease payments |
$ |
5,480 |
|
|
$ |
5,387 |
|
Non-cash investing and financing activities |
|
|
|
||||
Purchase of equipment in accounts payable |
$ |
2,972 |
|
|
$ |
5,935 |
|
Repurchase of common stock in accrued liabilities from repurchase program |
$ |
— |
|
|
$ |
800 |
|
Operating lease right-of-use assets subject to lease liability |
$ |
3,376 |
|
|
$ |
555 |
|
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measures |
||||||||
(in thousands, except per share data) (unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Quarter Ended |
||||||
|
|
January 29, |
|
January 30, |
||||
|
|
|
2022 |
|
|
|
2021 |
|
Gross Profit Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP gross profit |
|
$ |
384,187 |
|
|
$ |
357,891 |
|
Share-based compensation-products |
|
|
900 |
|
|
|
953 |
|
Share-based compensation-services |
|
|
1,584 |
|
|
|
1,205 |
|
Amortization of intangible assets |
|
|
3,312 |
|
|
|
3,732 |
|
Total adjustments related to gross profit |
|
|
5,796 |
|
|
|
5,890 |
|
Adjusted (non-GAAP) gross profit |
|
$ |
389,983 |
|
|
$ |
363,781 |
|
Adjusted (non-GAAP) gross profit percentage |
|
|
46.2 |
% |
|
|
48.0 |
% |
|
|
|
|
|
||||
Operating Expense Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP operating expense |
|
$ |
324,183 |
|
|
$ |
282,096 |
|
Share-based compensation-research and development |
|
|
6,830 |
|
|
|
4,794 |
|
Share-based compensation-sales and marketing |
|
|
7,060 |
|
|
|
5,816 |
|
Share-based compensation-general and administrative |
|
|
7,912 |
|
|
|
6,358 |
|
Significant asset impairments and restructuring costs |
|
|
3,409 |
|
|
|
5,867 |
|
Amortization of intangible assets |
|
|
8,918 |
|
|
|
5,910 |
|
Acquisition and integration costs |
|
|
68 |
|
|
|
307 |
|
Total adjustments related to operating expense |
|
|
34,197 |
|
|
|
29,052 |
|
Adjusted (non-GAAP) operating expense |
|
$ |
289,986 |
|
|
$ |
253,044 |
|
|
|
|
|
|
||||
Income from Operations Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP income from operations |
|
$ |
60,004 |
|
|
$ |
75,795 |
|
Total adjustments related to gross profit |
|
|
5,796 |
|
|
|
5,890 |
|
Total adjustments related to operating expense |
|
|
34,197 |
|
|
|
29,052 |
|
Total adjustments related to income from operations |
|
|
39,993 |
|
|
|
34,942 |
|
Adjusted (non-GAAP) income from operations |
|
$ |
99,997 |
|
|
$ |
110,737 |
|
Adjusted (non-GAAP) operating margin percentage |
|
|
11.8 |
% |
|
|
14.6 |
% |
|
|
|
|
|
||||
Net Income Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP net income |
|
$ |
45,823 |
|
|
$ |
55,348 |
|
Exclude GAAP provision for income taxes |
|
|
9,219 |
|
|
|
11,966 |
|
Income before income taxes |
|
|
55,042 |
|
|
|
67,314 |
|
Total adjustments related to income from operations |
|
|
39,993 |
|
|
|
34,942 |
|
Unrealized gain on cost method equity investment |
|
|
(4,120 |
) |
|
|
— |
|
Adjusted income before income taxes |
|
|
90,915 |
|
|
|
102,256 |
|
Non-GAAP tax provision on adjusted income before income taxes |
|
|
18,365 |
|
|
|
20,962 |
|
Adjusted (non-GAAP) net income |
|
$ |
72,550 |
|
|
$ |
81,294 |
|
|
|
|
|
|
||||
Weighted average basic common shares outstanding |
|
|
154,151 |
|
|
|
155,174 |
|
Weighted average dilutive potential common shares outstanding 1 |
|
|
155,807 |
|
|
|
156,583 |
|
|
|
|
|
|
||||
Net Income per Common Share |
|
|
|
|
||||
GAAP diluted net income per potential common share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Adjusted (non-GAAP) diluted net income per potential common share |
|
$ |
0.47 |
|
|
$ |
0.52 |
|
1 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the first quarter of fiscal 2022 includes 1.7 million shares underlying certain stock option and stock unit awards.
Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the first quarter of fiscal 2021 includes 1.4 million shares underlying certain stock option and stock unit awards. |
||||||||
APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited) |
|||||||
(in thousands) (unaudited) |
|||||||
|
|
|
|
|
|||
|
|
Quarter Ended |
|||||
|
|
January 29, |
|
January 30, |
|||
|
|
|
2022 |
|
|
2021 |
|
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) |
|
|
|
|
|||
Net income (GAAP) |
|
$ |
45,823 |
|
$ |
55,348 |
|
Add: Interest expense |
|
|
8,648 |
|
|
7,360 |
|
Less: Interest and other income (loss), net |
|
|
3,686 |
|
|
(1,121 |
) |
Add: Provision for income taxes |
|
|
9,219 |
|
|
11,966 |
|
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements |
|
|
23,653 |
|
|
23,188 |
|
Add: Amortization of intangible assets |
|
|
12,230 |
|
|
9,642 |
|
EBITDA |
|
$ |
95,887 |
|
$ |
108,625 |
|
Add: Share-based compensation cost |
|
|
24,297 |
|
|
18,964 |
|
Add: Significant asset impairments and restructuring costs |
|
|
3,409 |
|
|
5,867 |
|
Add: Acquisition and integration costs |
|
|
68 |
|
|
307 |
|
Adjusted EBITDA |
|
$ |
123,661 |
|
$ |
133,763 |
|
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:
ГАННОВЕР, Мэриленд - (BUSINESS WIRE) - Корпорация Ciena® (NYSE: CIEN), компания, занимающаяся сетевыми системами, услугами и программным обеспечением, сегодня объявила неаудированные финансовые результаты за первый финансовый квартал, закончившийся 29 января 2022 года.
“Выручка в первом квартале выросла более чем на 10% в годовом исчислении, а продолжающийся широкий спрос привел к очень сильному росту заказов в этом квартале, обеспечив нам дополнительную видимость в течение финансового года", - сказал Гэри Смит, президент и генеральный директор Ciena. "Мы ожидаем, что наши стратегические инвестиции приведут к значительному увеличению пропускной способности цепочки поставок во втором полугодии, и поэтому по-прежнему уверены в нашей способности удовлетворить спрос и добиться значительного роста выручки, который мы ожидаем в течение финансового года”.
За первый квартал 2022 финансового года Ciena сообщила о выручке в размере 844,4 миллиона долларов по сравнению с 757,1 миллиона долларов за первый квартал 2021 финансового года.
Чистая прибыль Ciena по GAAP за первый квартал 2022 финансового года составила 45,8 миллиона долларов, или 0,29 доллара на разводненную обыкновенную акцию, что сопоставимо с чистой прибылью по GAAP в размере 55,3 миллиона долларов, или 0,35 доллара на разводненную обыкновенную акцию, за первый квартал 2021 финансового года.
Скорректированная (не по GAAP) чистая прибыль Ciena за первый квартал 2022 финансового года составила 72,6 миллиона долларов, или 0,47 доллара на разводненную обыкновенную акцию, что сопоставимо с скорректированной (не по GAAP) чистой прибылью в размере 81,3 миллиона долларов, или 0,52 доллара на разводненную обыкновенную акцию, за первый квартал 2021 финансового года.
Сводка результатов деятельности за Первый финансовый квартал 2022 года
В приведенных ниже таблицах (в миллионах, за исключением процентных данных) представлены сравнения определенных квартальных результатов с предыдущим годом. В приложениях A и B приведены сверки между GAAP и скорректированными (не относящимися к GAAP) показателями, содержащимися в этом выпуске.
|
|
GAAP Results |
|||||||||
|
|
Q1 |
|
Q1 |
|
Period Change |
|||||
|
|
FY 2022 |
|
FY 2021 |
|
Y-T-Y* |
|||||
Revenue |
|
$ |
844.4 |
|
|
$ |
757.1 |
|
|
11.5 |
% |
Gross margin |
|
|
45.5 |
% |
|
|
47.3 |
% |
|
(1.8 |
) % |
Operating expense |
|
$ |
324.2 |
|
|
$ |
282.1 |
|
|
14.9 |
% |
Operating margin |
|
|
7.1 |
% |
|
|
10.0 |
% |
|
(2.9 |
) % |
|
|
Non-GAAP Results |
|||||||||
|
|
Q1 |
|
Q1 |
|
Period Change |
|||||
|
|
FY 2022 |
|
FY 2021 |
|
Y-T-Y* |
|||||
Revenue |
|
$ |
844.4 |
|
|
$ |
757.1 |
|
|
11.5 |
% |
Adj. gross margin |
|
|
46.2 |
% |
|
|
48.0 |
% |
|
(1.8 |
)% |
Adj. operating expense |
|
$ |
290.0 |
|
|
$ |
253.0 |
|
|
14.6 |
% |
Adj. operating margin |
|
|
11.8 |
% |
|
|
14.6 |
% |
|
(2.8 |
)% |
Adj. EBITDA |
|
$ |
123.7 |
|
|
$ |
133.8 |
|
|
(7.5 |
)% |
* Denotes % change, or in the case of margin, absolute change |
|||||||||||
|
|
Revenue by Segment |
||||||
|
|
Q1 FY 2022 |
|
Q1 FY 2021 |
||||
|
|
Revenue |
|
%** |
|
Revenue |
|
%** |
Networking Platforms |
|
|
|
|
|
|
|
|
Converged Packet Optical |
|
$ 540.9 |
|
64.1 |
|
$ 512.3 |
|
67.7 |
Routing and Switching |
|
85.7 |
|
10.1 |
|
64.3 |
|
8.5 |
Total Networking Platforms |
|
626.6 |
|
74.2 |
|
576.6 |
|
76.2 |
|
|
|
|
|
|
|
|
|
Platform Software and Services |
|
72.9 |
|
8.6 |
|
49.9 |
|
6.6 |
|
|
|
|
|
|
|
|
|
Blue Planet Automation Software and Services |
|
21.1 |
|
2.5 |
|
16.9 |
|
2.2 |
|
|
|
|
|
|
|
|
|
Global Services |
|
|
|
|
|
|
|
|
Maintenance Support and Training |
|
72.5 |
|
8.6 |
|
67.6 |
|
8.9 |
Installation and Deployment |
|
40.4 |
|
4.8 |
|
39.6 |
|
5.2 |
Consulting and Network Design |
|
10.9 |
|
1.3 |
|
6.5 |
|
0.9 |
Total Global Services |
|
123.8 |
|
14.7 |
|
113.7 |
|
15.0 |
|
|
|
|
|
|
|
|
|
Total |
|
$ 844.4 |
|
100.0 |
|
$ 757.1 |
|
100.0 |
** Denotes % of total revenue |
||||||||
Additional Performance Metrics for Fiscal First Quarter 2022 |
||||||||
|
|
Revenue by Geographic Region |
||||||
|
|
Q1 FY 2022 |
|
Q1 FY 2021 |
||||
|
|
Revenue |
|
% ** |
|
Revenue |
|
% ** |
Americas |
|
$ 595.1 |
|
70.5 |
|
$ 496.6 |
|
65.6 |
Europe, Middle East and Africa |
|
150.8 |
|
17.8 |
|
155.4 |
|
20.5 |
Asia Pacific |
|
98.5 |
|
11.7 |
|
105.1 |
|
13.9 |
Total |
|
$ 844.4 |
|
100.0 |
|
$ 757.1 |
|
100.0 |
** Denotes % of total revenue |
||||||||
Дополнительные материалы и Прямая веб-трансляция неаудированных результатов Первого финансового квартала 2022 года
Сегодня, в понедельник, 7 марта 2022 года, в связи с этим объявлением, Ciena разместил на странице Квартальных результатов раздела по связям с инвесторами своего веб-сайта некоторые сопутствующие вспомогательные материалы для своих неаудированных финансовых результатов за первый квартал 2022 года.
Руководство Ciena также проведет сегодня дискуссию с инвесторами и финансовыми аналитиками, которая будет включать перспективы компании. Прямая аудио-трансляция в Интернете, начинающаяся в 8:30 утра по восточному времени, будет доступна через www.Ciena.com . Архивированный повтор прямой трансляции будет доступен вскоре после ее завершения на странице по связям с инвесторами веб-сайта Ciena.
Примечания для инвесторов
Заявления о перспективах. Вам рекомендуется ознакомиться с разделом "Инвесторы" нашего веб-сайта, где мы регулярно публикуем пресс-релизы, заявки Комиссии по ценным бумагам и биржам ("SEC"), последние новости, финансовые результаты, дополнительную финансовую информацию и другие объявления. Время от времени мы размещаем исключительно существенную информацию на этом веб-сайте вместе с другими каналами раскрытия информации, которые мы используем. Этот пресс-релиз содержит определенные прогнозные заявления, которые связаны с рисками и неопределенностями. Эти заявления основаны на текущих ожиданиях, прогнозах, предположениях и другой информации, имеющейся в распоряжении Компании на дату настоящего Соглашения. Прогнозные заявления включают заявления, касающиеся ожиданий, убеждений, намерений или стратегий Ciena в отношении будущего, и могут быть идентифицированы с помощью прогнозных слов, таких как "предвидеть", "верить", "мог бы", "оценить", "ожидать", "намереваться", "может", "должен", "будет" и "будет" или аналогичных слов. Прогнозные заявления в этом выпуске включают: "Выручка в первом квартале выросла более чем на 10% в годовом исчислении, а продолжающийся широкий спрос привел к очень сильному росту заказов в этом квартале, обеспечив нам дополнительную видимость в течение финансового года" и "Мы ожидаем, что наши стратегические инвестиции приведут к значительному увеличению пропускной способности цепочки поставок во второй половине, и поэтому по-прежнему уверены в нашей способности удовлетворить спрос и добиться значительного роста выручки, который мы ожидаем в течение финансового года".
Ciena фактические результаты, работа или развитие событий могут существенно отличаться от этих прогнозных заявлениях или подразумеваемых в силу ряда рисков и неопределенностей, касающихся Ciena бизнеса, в том числе: в силу более широких экономических и рыночных условиях на наших клиентов и их консультирование; шансы реализации бизнеса и стратегии роста; продолжительности и степени тяжести COVID-19 пандемией и воздействия мер, принимаемых для смягчения его распространение на макроэкономические условия, экономическая активность и спрос на наши технологии, решения, краткосрочные и долгосрочные изменения в покупателя или конечного потребителя потребностям, непрерывности цепочки поставок, наши бизнес-операций, ликвидности и финансовых результатов; изменений в сеть расходов или сетевая стратегия от наших клиентов; сезонности и сроков и размеров заказов клиентов, в том числе и наша способность распознавать их поступления, относящиеся к такой продажи; уровень конкурентного давления мы сталкиваемся, продукт, клиентов и широкой географии присутствия продаж в течение периода; цепочки поставок ограничений или нарушения; изменения валютных курсов влияют выручка и операционные расходы; факторы, которые находятся вне нашего контроля, такие как стихийные бедствия, изменение климата, военные действия или террористические акты, геополитические события, включая, но не ограничиваясь продолжающегося конфликта между Украиной и Россией, здравоохранение чрезвычайных ситуаций; влияние снижения налогов и рабочих мест акта; изменения в налоговом и правил торговли, в том числе установление тарифов, сборов и усилий отказаться или существенно изменить международные торговые соглашения; и других факторов риска раскрывается в Ciena периодических отчетов по ценным бумагам и биржам (SEC) Ciena включая годовой отчет по форме 10-K, поданном в SEC на 17 декабря 2021 года и входит в квартальном отчете по форме 10-Q за первый квартал 2022-й фискальный должны быть поданы в SEC. Ciena не берет на себя никаких обязательств по обновлению какой-либо прогнозной информации, содержащейся в этом пресс-релизе.
Представление квартальных и годовых результатов, не относящихся к GAAP. Этот выпуск включает показатели валовой прибыли Ciena, не относящиеся к GAAP, операционные расходы, доходы от операций, прибыль до вычета процентов, налогов, износа и амортизации (EBITDA), скорректированную EBITDA, а также показатели чистой прибыли и чистой прибыли на акцию. При оценке операционной эффективности бизнеса Ciena руководство исключает определенные расходы и кредиты, которые требуются в соответствии с GAAP. Эти статьи имеют одну или несколько из следующих характеристик: они необычны, и Ciena не ожидает, что они будут повторяться в ходе обычной деятельности; они не связаны с расходованием денежных средств; они не связаны с текущей деятельностью бизнеса в обычном режиме; или их масштабы и сроки в значительной степени находятся вне контроля Ciena. Руководство считает, что приведенные ниже показатели, не относящиеся к GAAP, предоставляют руководству и инвесторам полезную информацию и значимое представление об операционных показателях бизнеса. Представление этих финансовых показателей, не относящихся к GAAP, следует рассматривать в дополнение к результатам GAAP Ciena, и эти показатели не предназначены для замены финансовой информации, подготовленной и представленной в соответствии с GAAP. Показатели Ciena, не относящиеся к GAAP, и соответствующие корректировки могут отличаться от показателей, не относящихся к GAAP, используемых другими компаниями, и должны использоваться только для оценки результатов деятельности Ciena в сочетании с нашими соответствующими результатами GAAP. В той степени, в которой ранее не раскрывалось в предыдущем пресс-релизе о финансовых результатах Ciena, в Приложениях A и B к этому пресс-релизу приводится полная сверка показателей, не относящихся к GAAP, с показателями, не относящимися к GAAP, содержащимися в этом выпуске.
Об Ciena. Ciena (NYSE: CIEN) - компания, занимающаяся сетевыми системами, услугами и программным обеспечением. Мы предлагаем решения, которые помогают нашим клиентам создавать адаптивную сеть™ в ответ на постоянно меняющиеся требования их пользователей. Предоставляя лучшие в своем классе сетевые технологии благодаря тесным консультационным отношениям, мы создаем самые гибкие сети в мире с автоматизацией, открытостью и масштабированием. Для получения обновлений об Ciena следите за нами в Twitter @Ciena, LinkedIn, блоге Ciena Insights или посетите www.Ciena.com .
Ciena CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
||||||||
|
Quarter Ended |
|
||||||
|
January 29, |
|
January 30, |
|
||||
|
|
2022 |
|
|
|
2021 |
|
|
Revenue: |
|
|
|
|
||||
Products |
$ |
665,007 |
|
|
$ |
597,220 |
|
|
Services |
|
179,436 |
|
|
|
159,910 |
|
|
Total revenue |
|
844,443 |
|
|
|
757,130 |
|
|
Cost of goods sold: |
|
|
|
|
||||
Products |
|
372,565 |
|
|
|
315,098 |
|
|
Services |
|
87,691 |
|
|
|
84,141 |
|
|
Total cost of goods sold |
|
460,256 |
|
|
|
399,239 |
|
|
Gross profit |
|
384,187 |
|
|
|
357,891 |
|
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
148,409 |
|
|
|
132,741 |
|
|
Selling and marketing |
|
118,881 |
|
|
|
97,278 |
|
|
General and administrative |
|
44,498 |
|
|
|
39,993 |
|
|
Significant asset impairments and restructuring costs |
|
3,409 |
|
|
|
5,867 |
|
|
Amortization of intangible assets |
|
8,918 |
|
|
|
5,910 |
|
|
Acquisition and integration costs |
|
68 |
|
|
|
307 |
|
|
Total operating expenses |
|
324,183 |
|
|
|
282,096 |
|
|
Income from operations |
|
60,004 |
|
|
|
75,795 |
|
|
Interest and other income (loss), net |
|
3,686 |
|
|
|
(1,121 |
) |
|
Interest expense |
|
(8,648 |
) |
|
|
(7,360 |
) |
|
Income before income taxes |
|
55,042 |
|
|
|
67,314 |
|
|
Provision for income taxes |
|
9,219 |
|
|
|
11,966 |
|
|
Net income |
$ |
45,823 |
|
|
$ |
55,348 |
|
|
|
|
|
|
|
||||
Net Income per Common Share |
|
|
|
|
||||
Basic net income per common share |
$ |
0.30 |
|
|
$ |
0.36 |
|
|
Diluted net income per potential common share |
$ |
0.29 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
||||
Weighted average basic common shares outstanding |
|
154,151 |
|
|
|
155,174 |
|
|
Weighted average dilutive potential common shares outstanding 1 |
|
155,807 |
|
|
|
156,583 |
|
|
1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the first quarter of fiscal 2022 includes 1.7 million shares underlying certain stock option and stock unit awards.
Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the first quarter of fiscal 2021 includes 1.4 million shares underlying certain stock option and stock unit awards. |
||||||||
|
|
|
|
||||
Ciena CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) |
|||||||
|
January 29,
|
|
October 30,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,118,636 |
|
|
$ |
1,422,546 |
|
Short-term investments |
|
460,368 |
|
|
|
181,483 |
|
Accounts receivable, net |
|
795,247 |
|
|
|
884,958 |
|
Inventories |
|
457,604 |
|
|
|
374,265 |
|
Prepaid expenses and other |
|
332,259 |
|
|
|
325,654 |
|
Total current assets |
|
3,164,114 |
|
|
|
3,188,906 |
|
Long-term investments |
|
88,640 |
|
|
|
70,038 |
|
Equipment, building, furniture and fixtures, net |
|
276,120 |
|
|
|
284,968 |
|
Operating lease right-of-use assets |
|
43,340 |
|
|
|
44,285 |
|
Goodwill |
|
322,822 |
|
|
|
311,645 |
|
Other intangible assets, net |
|
101,026 |
|
|
|
65,314 |
|
Deferred tax asset, net |
|
799,593 |
|
|
|
800,180 |
|
Other long-term assets |
|
104,707 |
|
|
|
99,891 |
|
Total assets |
$ |
4,900,362 |
|
|
$ |
4,865,227 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
310,107 |
|
|
$ |
356,176 |
|
Accrued liabilities and other short-term obligations |
|
299,408 |
|
|
|
409,285 |
|
Deferred revenue |
|
124,956 |
|
|
|
118,007 |
|
Operating lease liabilities |
|
18,927 |
|
|
|
18,632 |
|
Current portion of long-term debt |
|
6,930 |
|
|
|
6,930 |
|
Total current liabilities |
|
760,328 |
|
|
|
909,030 |
|
Long-term deferred revenue |
|
60,670 |
|
|
|
57,457 |
|
Other long-term obligations |
|
159,942 |
|
|
|
166,803 |
|
Long-term operating lease liabilities |
|
39,369 |
|
|
|
41,564 |
|
Long-term debt, net |
|
1,065,263 |
|
|
|
670,355 |
|
Total liabilities |
$ |
2,085,572 |
|
|
$ |
1,845,209 |
|
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; 152,990,723 and 154,858,981 shares issued and outstanding |
|
1,530 |
|
|
|
1,549 |
|
Additional paid-in capital |
|
6,567,474 |
|
|
|
6,803,162 |
|
Accumulated other comprehensive income (loss) |
|
(14,905 |
) |
|
|
439 |
|
Accumulated deficit |
|
(3,739,309 |
) |
|
|
(3,785,132 |
) |
Total stockholders’ equity |
|
2,814,790 |
|
|
|
3,020,018 |
|
Total liabilities and stockholders’ equity |
$ |
4,900,362 |
|
|
$ |
4,865,227 |
|
Ciena CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
January 29, |
|
January 30, |
||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows used in operating activities: |
|
|
|
||||
Net income |
$ |
45,823 |
|
|
$ |
55,348 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements |
|
23,653 |
|
|
|
23,188 |
|
Share-based compensation expense |
|
24,297 |
|
|
|
18,964 |
|
Amortization of intangible assets |
|
12,230 |
|
|
|
9,642 |
|
Deferred taxes |
|
(766 |
) |
|
|
(905 |
) |
Provision for inventory excess and obsolescence |
|
3,799 |
|
|
|
5,905 |
|
Provision for warranty |
|
2,817 |
|
|
|
3,239 |
|
Other |
|
(8,615 |
) |
|
|
4,277 |
|
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
87,223 |
|
|
|
18,862 |
|
Inventories |
|
(87,178 |
) |
|
|
(51,020 |
) |
Prepaid expenses and other |
|
(14,134 |
) |
|
|
(13,835 |
) |
Operating lease right-of-use assets |
|
4,120 |
|
|
|
4,103 |
|
Accounts payable, accruals and other obligations |
|
(152,981 |
) |
|
|
(112,170 |
) |
Deferred revenue |
|
10,417 |
|
|
|
31,917 |
|
Short and long-term operating lease liabilities |
|
(5,116 |
) |
|
|
(4,834 |
) |
Net cash used in operating activities |
|
(54,411 |
) |
|
|
(7,319 |
) |
Cash flows used in investing activities: |
|
|
|
||||
Payments for equipment, furniture, fixtures and intellectual property |
|
(25,804 |
) |
|
|
(20,868 |
) |
Purchase of available for sale securities |
|
(350,465 |
) |
|
|
(71,756 |
) |
Proceeds from maturities of available for sale securities |
|
50,000 |
|
|
|
51,266 |
|
Settlement of foreign currency forward contracts, net |
|
1,346 |
|
|
|
2,357 |
|
Acquisition of business, net of cash acquired |
|
(56,036 |
) |
|
|
— |
|
Proceeds from sale of equity investment |
|
— |
|
|
|
4,678 |
|
Net cash used in investing activities |
|
(380,959 |
) |
|
|
(34,323 |
) |
Cash flows provided by (used in) financing activities: |
|
|
|
||||
Proceeds from issuance of senior notes |
|
400,000 |
|
|
|
— |
|
Payment of long term debt |
|
— |
|
|
|
(1,732 |
) |
Payment of debt issuance costs |
|
(4,506 |
) |
|
|
— |
|
Payment of finance lease obligations |
|
(771 |
) |
|
|
(702 |
) |
Shares repurchased for tax withholdings on vesting of restricted stock units |
|
(25,150 |
) |
|
|
(19,242 |
) |
Repurchases of common stock - repurchase program |
|
(250,000 |
) |
|
|
(12,406 |
) |
Proceeds from issuance of common stock |
|
15,146 |
|
|
|
13,447 |
|
Net cash provided by (used in) financing activities |
|
134,719 |
|
|
|
(20,635 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(3,259 |
) |
|
|
2,879 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(303,910 |
) |
|
|
(59,398 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
1,422,604 |
|
|
|
1,088,708 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,118,694 |
|
|
$ |
1,029,310 |
|
Supplemental disclosure of cash flow information |
|
|
|
||||
Cash paid during the period for interest |
$ |
7,670 |
|
|
$ |
7,566 |
|
Cash paid during the period for income taxes, net |
$ |
6,112 |
|
|
$ |
8,798 |
|
Operating lease payments |
$ |
5,480 |
|
|
$ |
5,387 |
|
Non-cash investing and financing activities |
|
|
|
||||
Purchase of equipment in accounts payable |
$ |
2,972 |
|
|
$ |
5,935 |
|
Repurchase of common stock in accrued liabilities from repurchase program |
$ |
— |
|
|
$ |
800 |
|
Operating lease right-of-use assets subject to lease liability |
$ |
3,376 |
|
|
$ |
555 |
|
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measures |
||||||||
(in thousands, except per share data) (unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Quarter Ended |
||||||
|
|
January 29, |
|
January 30, |
||||
|
|
|
2022 |
|
|
|
2021 |
|
Gross Profit Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP gross profit |
|
$ |
384,187 |
|
|
$ |
357,891 |
|
Share-based compensation-products |
|
|
900 |
|
|
|
953 |
|
Share-based compensation-services |
|
|
1,584 |
|
|
|
1,205 |
|
Amortization of intangible assets |
|
|
3,312 |
|
|
|
3,732 |
|
Total adjustments related to gross profit |
|
|
5,796 |
|
|
|
5,890 |
|
Adjusted (non-GAAP) gross profit |
|
$ |
389,983 |
|
|
$ |
363,781 |
|
Adjusted (non-GAAP) gross profit percentage |
|
|
46.2 |
% |
|
|
48.0 |
% |
|
|
|
|
|
||||
Operating Expense Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP operating expense |
|
$ |
324,183 |
|
|
$ |
282,096 |
|
Share-based compensation-research and development |
|
|
6,830 |
|
|
|
4,794 |
|
Share-based compensation-sales and marketing |
|
|
7,060 |
|
|
|
5,816 |
|
Share-based compensation-general and administrative |
|
|
7,912 |
|
|
|
6,358 |
|
Significant asset impairments and restructuring costs |
|
|
3,409 |
|
|
|
5,867 |
|
Amortization of intangible assets |
|
|
8,918 |
|
|
|
5,910 |
|
Acquisition and integration costs |
|
|
68 |
|
|
|
307 |
|
Total adjustments related to operating expense |
|
|
34,197 |
|
|
|
29,052 |
|
Adjusted (non-GAAP) operating expense |
|
$ |
289,986 |
|
|
$ |
253,044 |
|
|
|
|
|
|
||||
Income from Operations Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP income from operations |
|
$ |
60,004 |
|
|
$ |
75,795 |
|
Total adjustments related to gross profit |
|
|
5,796 |
|
|
|
5,890 |
|
Total adjustments related to operating expense |
|
|
34,197 |
|
|
|
29,052 |
|
Total adjustments related to income from operations |
|
|
39,993 |
|
|
|
34,942 |
|
Adjusted (non-GAAP) income from operations |
|
$ |
99,997 |
|
|
$ |
110,737 |
|
Adjusted (non-GAAP) operating margin percentage |
|
|
11.8 |
% |
|
|
14.6 |
% |
|
|
|
|
|
||||
Net Income Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
GAAP net income |
|
$ |
45,823 |
|
|
$ |
55,348 |
|
Exclude GAAP provision for income taxes |
|
|
9,219 |
|
|
|
11,966 |
|
Income before income taxes |
|
|
55,042 |
|
|
|
67,314 |
|
Total adjustments related to income from operations |
|
|
39,993 |
|
|
|
34,942 |
|
Unrealized gain on cost method equity investment |
|
|
(4,120 |
) |
|
|
— |
|
Adjusted income before income taxes |
|
|
90,915 |
|
|
|
102,256 |
|
Non-GAAP tax provision on adjusted income before income taxes |
|
|
18,365 |
|
|
|
20,962 |
|
Adjusted (non-GAAP) net income |
|
$ |
72,550 |
|
|
$ |
81,294 |
|
|
|
|
|
|
||||
Weighted average basic common shares outstanding |
|
|
154,151 |
|
|
|
155,174 |
|
Weighted average dilutive potential common shares outstanding 1 |
|
|
155,807 |
|
|
|
156,583 |
|
|
|
|
|
|
||||
Net Income per Common Share |
|
|
|
|
||||
GAAP diluted net income per potential common share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Adjusted (non-GAAP) diluted net income per potential common share |
|
$ |
0.47 |
|
|
$ |
0.52 |
|
1 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the first quarter of fiscal 2022 includes 1.7 million shares underlying certain stock option and stock unit awards.
Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the first quarter of fiscal 2021 includes 1.4 million shares underlying certain stock option and stock unit awards. |
||||||||
APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited) |
|||||||
(in thousands) (unaudited) |
|||||||
|
|
|
|
|
|||
|
|
Quarter Ended |
|||||
|
|
January 29, |
|
January 30, |
|||
|
|
|
2022 |
|
|
2021 |
|
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) |
|
|
|
|
|||
Net income (GAAP) |
|
$ |
45,823 |
|
$ |
55,348 |
|
Add: Interest expense |
|
|
8,648 |
|
|
7,360 |
|
Less: Interest and other income (loss), net |
|
|
3,686 |
|
|
(1,121 |
) |
Add: Provision for income taxes |
|
|
9,219 |
|
|
11,966 |
|
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements |
|
|
23,653 |
|
|
23,188 |
|
Add: Amortization of intangible assets |
|
|
12,230 |
|
|
9,642 |
|
EBITDA |
|
$ |
95,887 |
|
$ |
108,625 |
|
Add: Share-based compensation cost |
|
|
24,297 |
|
|
18,964 |
|
Add: Significant asset impairments and restructuring costs |
|
|
3,409 |
|
|
5,867 |
|
Add: Acquisition and integration costs |
|
|
68 |
|
|
307 |
|
Adjusted EBITDA |
|
$ |
123,661 |
|
$ |
133,763 |
|
Скорректированные (не относящиеся к GAAP) показатели, приведенные выше, и их сверка с результатами GAAP Ciena за представленные периоды отражают корректировки, относящиеся к следующим статьям:
