Ciena Reports Fiscal First Quarter 2024 Financial Results

Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 27, 2024.

  • Q1 Revenue: $1.04 billion
  • Q1 Net Income per Share: $0.34 GAAP; $0.66 adjusted (non-GAAP)
  • Share Repurchases: Repurchased approximately 691 thousand shares of common stock for an aggregate price of $32.0 million during the quarter

"We delivered solid fiscal first quarter results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers," said Gary Smith, president and CEO of Ciena. "While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory."

For fiscal first quarter 2024, Ciena reported revenue of $1.04 billion as compared to $1.06 billion for the fiscal first quarter 2023.

Ciena's GAAP net income for the fiscal first quarter 2024 was $49.5 million, or $0.34 per diluted common share, which compares to a GAAP net income of $76.2 million, or $0.51 per diluted common share, for the fiscal first quarter 2023.

Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2024 was $96.8 million, or $0.66 per diluted common share, which compares to an adjusted (non-GAAP) net income of $95.6 million, or $0.64 per diluted common share, for the fiscal first quarter 2023.

Fiscal First Quarter 2024 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 (unaudited)

 

 

Q1

 

Q1

 

Period Change

 

 

FY 2024

 

FY 2023

 

Y-T-Y*

Revenue

 

$

1,037.7

 

 

$

1,056.5

 

 

(1.8

)%

Gross margin

 

 

45.0

%

 

 

43.2

%

 

1.8

%

Operating expense

 

$

382.3

 

 

$

370.7

 

 

3.1

%

Operating margin

 

 

8.2

%

 

 

8.1

%

 

0.1

%

 

 

Non-GAAP Results (unaudited)

 

 

Q1

 

Q1

 

Period Change

 

 

FY 2024

 

FY 2023

 

Y-T-Y*

Revenue

 

$

1,037.7

 

 

$

1,056.5

 

 

(1.8

)%

Adj. gross margin

 

 

45.7

%

 

 

43.7

%

 

2.0

%

Adj. operating expense

 

$

336.8

 

 

$

329.3

 

 

2.3

%

Adj. operating margin

 

 

13.2

%

 

 

12.6

%

 

0.6

%

Adj. EBITDA

 

$

160.0

 

 

$

155.1

 

 

3.2

%

 

* Denotes % change, or in the case of margin, absolute change

 

 

Revenue by Segment (unaudited)

 

 

Q1 FY 2024

 

Q1 FY 2023

 

 

Revenue

 

%**

 

Revenue

 

%**

Networking Platforms

 

 

 

 

 

 

 

 

Optical Networking

 

$

695.8

 

67.1

 

$

735.6

 

69.6

Routing and Switching

 

 

111.4

 

10.7

 

 

119.5

 

11.3

Total Networking Platforms

 

 

807.2

 

77.8

 

 

855.1

 

80.9

 

 

 

 

 

 

 

 

 

Platform Software and Services

 

 

89.7

 

8.6

 

 

73.4

 

6.9

 

 

 

 

 

 

 

 

 

Blue Planet Automation Software and Services

 

 

14.0

 

1.4

 

 

15.4

 

1.5

 

 

 

 

 

 

 

 

 

Global Services

 

 

 

 

 

 

 

 

Maintenance Support and Training

 

 

74.1

 

7.1

 

 

67.9

 

6.4

Installation and Deployment

 

 

42.7

 

4.1

 

 

34.6

 

3.3

Consulting and Network Design

 

 

10.0

 

1.0

 

 

10.1

 

1.0

Total Global Services

 

 

126.8

 

12.2

 

 

112.6

 

10.7

 

 

 

 

 

 

 

 

 

Total

 

$

1,037.7

 

100.0

 

$

1,056.5

 

100.0

 

** Denotes % of total revenue

Additional Performance Metrics for Fiscal First Quarter 2024

 

 

Revenue by Geographic Region (unaudited)

 

 

Q1 FY 2024

 

Q1 FY 2023

 

 

Revenue

 

% **

 

Revenue

 

% **

Americas

 

$

718.2

 

69.2

 

$

765.1

 

72.4

Europe, Middle East and Africa

 

 

207.4

 

20.0

 

 

152.8

 

14.5

Asia Pacific

 

 

112.1

 

10.8

 

 

138.6

 

13.1

Total

 

$

1,037.7

 

100.0

 

$

1,056.5

 

100.0

** Denotes % of total revenue

  • Two customers represented 10%-plus of revenue combining for a total of 26.5% of revenue
  • Cash and investments totaled $1.48 billion
  • Cash flow from operations totaled $266.1 million
  • Average days' sales outstanding (DSOs) were 88
  • Accounts receivable, net balance was $865.2 million
  • Unbilled contract asset, net balance was $151.6 million
  • Inventories totaled $984.9 million, including:
    • Raw materials: $571.7 million
    • Work in process: $60.6 million
    • Finished goods: $369.8 million
    • Deferred cost of sales: $36.8 million
    • Reserve for excess and obsolescence: $(54.0) million
  • Product inventory turns were 1.9
  • Headcount totaled 8,647

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2024 Results

Today, Thursday, March 7, 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 first 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:

"We delivered solid fiscal first quarter results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers. While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory."

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 its Annual Report on Form 10-K filed with the SEC on December 15, 2023 and included in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2024 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

 

January 27,

 

January 28,

 

 

2024

 

 

 

2023

 

Revenue:

 

 

 

Products

$

835,777

 

 

$

877,715

 

Services

 

201,932

 

 

 

178,806

 

Total revenue

 

1,037,709

 

 

 

1,056,521

 

Cost of goods sold:

 

 

 

Products

 

466,472

 

 

 

500,337

 

Services

 

104,275

 

 

 

100,238

 

Total cost of goods sold

 

570,747

 

 

 

600,575

 

Gross profit

 

466,962

 

 

 

455,946

 

Operating expenses:

 

 

 

Research and development

 

187,269

 

 

 

181,730

 

Selling and marketing

 

128,158

 

 

 

123,807

 

General and administrative

 

54,683

 

 

 

50,896

 

Significant asset impairments and restructuring costs

 

4,971

 

 

 

4,298

 

Amortization of intangible assets

 

7,252

 

 

 

7,441

 

Acquisition and integration costs

 

 

 

 

2,558

 

Total operating expenses

 

382,333

 

 

 

370,730

 

Income from operations

 

84,629

 

 

 

85,216

 

Interest and other income, net

 

10,650

 

 

 

31,973

 

Interest expense

 

(23,776

)

 

 

(15,870

)

Income before income taxes

 

71,503

 

 

 

101,319

 

Provision for income taxes

 

21,956

 

 

 

25,078

 

Net income

$

49,547

 

 

$

76,241

 

 

 

 

 

Net Income per Common Share

 

 

 

Basic net income per common share

$

0.34

 

 

$

0.51

 

Diluted net income per potential common share

$

0.34

 

 

$

0.51

 

 

 

 

 

Weighted average basic common shares outstanding

 

145,291

 

 

 

149,081

 

Weighted average dilutive potential common shares outstanding 1

 

145,848

 

 

 

149,551

 

1 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) 0.6 million for the first quarter of fiscal 2024, and (ii) 0.5 million for the first quarter of fiscal 2023.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 

 

January 27,

2024

 

October 28,

2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,264,751

 

 

$

1,010,618

 

Short-term investments

 

106,678

 

 

 

104,753

 

Accounts receivable, net

 

865,239

 

 

 

1,003,876

 

Inventories, net

 

984,886

 

 

 

1,050,838

 

Prepaid expenses and other

 

387,193

 

 

 

405,694

 

Total current assets

 

3,608,747

 

 

 

3,575,779

 

Long-term investments

 

103,862

 

 

 

134,278

 

Equipment, building, furniture and fixtures, net

 

280,357

 

 

 

280,147

 

Operating lease right-of-use assets

 

35,679

 

 

 

35,140

 

Goodwill

 

445,084

 

 

 

444,765

 

Other intangible assets, net

 

195,682

 

 

 

205,627

 

Deferred tax asset, net

 

814,098

 

 

 

809,306

 

Other long-term assets

 

109,701

 

 

 

116,453

 

Total assets

$

5,593,210

 

 

$

5,601,495

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

316,094

 

 

$

317,828

 

Accrued liabilities and other short-term obligations

 

329,910

 

 

 

431,419

 

Deferred revenue

 

166,714

 

 

 

154,419

 

Operating lease liabilities

 

16,888

 

 

 

16,655

 

Current portion of long-term debt

 

11,700

 

 

 

11,700

 

Total current liabilities

 

841,306

 

 

 

932,021

 

Long-term deferred revenue

 

76,556

 

 

 

74,041

 

Other long-term obligations

 

176,313

 

 

 

170,407

 

Long-term operating lease liabilities

 

32,418

 

 

 

33,259

 

Long-term debt, net

 

1,543,118

 

 

 

1,543,406

 

Total liabilities

 

2,669,711

 

 

 

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; 144,946,510 and 144,829,938 shares issued and outstanding

 

1,449

 

 

 

1,448

 

Additional paid-in capital

 

6,274,773

 

 

 

6,262,083

 

Accumulated other comprehensive loss

 

(24,867

)

 

 

(37,767

)

Accumulated deficit

 

(3,327,856

)

 

 

(3,377,403

)

Total stockholders’ equity

 

2,923,499

 

 

 

2,848,361

 

Total liabilities and stockholders’ equity

$

5,593,210

 

 

$

5,601,495

 

 

 

 

 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

 

 

Quarter Ended

 

January 27,

 

January 28,

 

 

2024

 

 

 

2023

 

Cash flows provided by (used in) operating activities:

 

 

 

Net income

$

49,547

 

 

$

76,241

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements

 

22,808

 

 

 

22,208

 

Share-based compensation expense

 

37,827

 

 

 

30,512

 

Amortization of intangible assets

 

10,016

 

 

 

10,325

 

Deferred taxes

 

(4,368

)

 

 

(7,247

)

Provision for inventory excess and obsolescence

 

10,350

 

 

 

5,503

 

Provision for warranty

 

4,841

 

 

 

8,230

 

Gain on cost method equity investments, net

 

 

 

 

(26,455

)

Other

 

5,051

 

 

 

7,325

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

135,160

 

 

 

(133,067

)

Inventories

 

56,157

 

 

 

(235,059

)

Prepaid expenses and other

 

17,116

 

 

 

4,667

 

Operating lease right-of-use assets

 

3,084

 

 

 

3,891

 

Accounts payable, accruals and other obligations

 

(90,915

)

 

 

(56,979

)

Deferred revenue

 

14,022

 

 

 

29,459

 

Short and long-term operating lease liabilities

 

(4,620

)

 

 

(5,193

)

Net cash provided by (used in) operating activities

 

266,076

 

 

 

(265,639

)

Cash flows provided by (used in) investing activities:

 

 

 

Payments for equipment, furniture, fixtures and intellectual property

 

(16,599

)

 

 

(30,030

)

Purchases of investments

 

(21,213

)

 

 

(35,411

)

Proceeds from sales and maturities of investments

 

53,674

 

 

 

123,249

 

Settlement of foreign currency forward contracts, net

 

2,271

 

 

 

(4,001

)

Acquisition of business, net of cash acquired

 

 

 

 

(230,048

)

Net cash provided by (used in) investing activities

 

18,133

 

 

 

(176,241

)

Cash flows provided by (used in) financing activities:

 

 

 

Proceeds from issuance of term loan, net

 

 

 

 

497,500

 

Payment of long term debt

 

 

 

 

(1,732

)

Payment of debt issuance costs

 

(2,402

)

 

 

(3,996

)

Payment of finance lease obligations

 

(981

)

 

 

(913

)

Shares repurchased for tax withholdings on vesting of stock unit awards

 

(10,076

)

 

 

(12,980

)

Repurchases of common stock - repurchase program

 

(38,195

)

 

 

 

Proceeds from issuance of common stock

 

16,934

 

 

 

14,315

 

Net cash provided by (used in) financing activities

 

(34,720

)

 

 

492,194

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

4,646

 

 

 

9,884

 

Net increase in cash, cash equivalents and restricted cash

 

254,135

 

 

 

60,198

 

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

$

1,264,921

 

 

$

1,054,576

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid during the period for interest, net

$

18,582

 

 

$

10,536

 

Cash paid during the period for income taxes, net

$

8,260

 

 

$

8,383

 

Operating lease payments

$

5,080

 

 

$

5,638

 

Non-cash investing and financing activities

 

 

 

Purchase of equipment in accounts payable

$

4,225

 

 

$

7,354

 

Repurchase of common stock in accrued liabilities from repurchase program

$

3,110

 

 

$

 

Operating right-of-use assets subject to lease liability

$

3,498

 

 

$

6,244

 

Gain on cost method equity investments, net

$

 

 

$

26,455

 

APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements

(in thousands, except per share data) (unaudited)

 

 

 

 

 

 

 

Quarter Ended

 

 

January 27,

 

January 28,

 

 

 

2024

 

 

 

2023

 

Gross Profit Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP gross profit

 

$

466,962

 

 

$

455,946

 

Share-based compensation-products

 

 

1,318

 

 

 

1,051

 

Share-based compensation-services

 

 

3,020

 

 

 

2,297

 

Amortization of intangible assets

 

 

2,764

 

 

 

2,883

 

Total adjustments related to gross profit

 

 

7,102

 

 

 

6,231

 

Adjusted (non-GAAP) gross profit

 

$

474,064

 

 

$

462,177

 

Adjusted (non-GAAP) gross profit percentage

 

 

45.7

%

 

 

43.7

%

 

 

 

 

 

Operating Expense Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP operating expense

 

$

382,333

 

 

$

370,730

 

Share-based compensation-research and development

 

 

12,880

 

 

 

9,234

 

Share-based compensation-sales and marketing

 

 

10,305

 

 

 

8,424

 

Share-based compensation-general and administrative

 

 

10,079

 

 

 

9,468

 

Significant asset impairments and restructuring costs

 

 

4,971

 

 

 

4,298

 

Amortization of intangible assets

 

 

7,252

 

 

 

7,441

 

Acquisition and integration costs

 

 

 

 

 

2,558

 

Total adjustments related to operating expense

 

 

45,487

 

 

 

41,423

 

Adjusted (non-GAAP) operating expense

 

$

336,846

 

 

$

329,307

 

 

 

 

 

 

Income from Operations Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP income from operations

 

$

84,629

 

 

$

85,216

 

Total adjustments related to gross profit

 

 

7,102

 

 

 

6,231

 

Total adjustments related to operating expense

 

 

45,487

 

 

 

41,423

 

Total adjustments related to income from operations

 

 

52,589

 

 

 

47,654

 

Adjusted (non-GAAP) income from operations

 

$

137,218

 

 

$

132,870

 

Adjusted (non-GAAP) operating margin percentage

 

 

13.2

%

 

 

12.6

%

 

 

 

 

 

Net Income Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP net income

 

$

49,547

 

 

$

76,241

 

Exclude GAAP provision for income taxes

 

 

21,956

 

 

 

25,078

 

Income before income taxes

 

 

71,503

 

 

 

101,319

 

Total adjustments related to income from operations

 

 

52,589

 

 

 

47,654

 

Gain on cost method equity investments, net

 

 

 

 

 

(26,455

)

Adjusted income before income taxes

 

 

124,092

 

 

 

122,518

 

Non-GAAP tax provision on adjusted income before income taxes

 

 

27,300

 

 

 

26,954

 

Adjusted (non-GAAP) net income

 

$

96,792

 

 

$

95,564

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

 

145,291

 

 

 

149,081

 

Weighted average dilutive potential common shares outstanding 1

 

 

145,848

 

 

 

149,551

 

 

 

 

 

 

 

 

 

 

 

Net Income per Common Share

 

 

 

 

GAAP diluted net income per potential common share

 

$

0.34

 

 

$

0.51

 

Adjusted (non-GAAP) diluted net income per potential common share

 

$

0.66

 

 

$

0.64

 

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) 0.6 million for the first quarter of fiscal 2024; and (ii) 0.5 million for the first quarter of fiscal 2023.

APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited)

(in thousands) (unaudited)

 

 

 

 

 

 

 

Quarter Ended

 

 

January 27,

 

January 28,

 

 

 

2024

 

 

2023

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)

 

 

 

 

Net income (GAAP)

 

$

49,547

 

$

76,241

Add: Interest expense

 

 

23,776

 

 

15,870

Less: Interest and other income, net

 

 

10,650

 

 

31,973

Add: Provision for income taxes

 

 

21,956

 

 

25,078

Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements

 

 

22,808

 

 

22,208

Add: Amortization of intangible assets

 

 

10,016

 

 

10,325

EBITDA

 

$

117,453

 

$

117,749

Add: Share-based compensation cost

 

 

37,602

 

 

30,474

Add: Significant asset impairments and restructuring costs

 

 

4,971

 

 

4,298

Add: Acquisition and integration costs

 

 

 

 

2,558

Adjusted EBITDA

 

$

160,026

 

$

155,079

* * *

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.
  • Gain on cost method equity investments, net - reflects changes in the carrying value of certain cost method equity investments 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 both the fiscal first quarter 2024 and the fiscal first quarter 2023. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

 

Contacts

Press Contact: Jamie Moody

Ciena Corporation

+1 (410) 694-5761

pr@ciena.com

Investor Contact: Gregg Lampf

Ciena Corporation

+1 (410) 694-5700

ir@ciena.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.