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HANOVER, Md.--(BUSINESS WIRE)--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. "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. "While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market." 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 fiscal year 2020, Ciena reported revenue of $3.53 billion, as compared to $3.57 billion for fiscal year 2019. 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. 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's adjusted (non-GAAP) net income for the fiscal fourth quarter 2020 was $94.5 million, or $0.60 per diluted common share, which compares to an adjusted (non-GAAP) net income of $90.4 million, or $0.58 per diluted common share, for the fiscal fourth quarter 2019. 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. Performance Summary for the Fiscal Fourth Quarter and the Year Ended October 31, 2020 The tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results to the prior year. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release. GAAP Results (unaudited) Quarter Ended Period Change Year Ended Period Change October 31, 2020 November 2, 2019 Y-T-Y* October 31, 2020 November 2, 2019 Y-T-Y* Revenue $ 828.5 $ 968.0 (14.4 )% $ 3,532.2 $ 3,572.1 (1.1 )% Gross margin 48.8 % 43.4 % 5.4 % 46.8 % 43.2 % 3.6 % Operating expense $ 310.9 $ 326.5 (4.8 )% $ 1,165.9 $ 1,195.3 (2.5 )% Operating margin 11.3 % 9.6 % 1.7 % 13.8 % 9.7 % 4.1 % Non-GAAP Results (unaudited) Quarter Ended Period Change Year Ended Period Change October 31, 2020 November 2, 2019 Y-T-Y* October 31, 2020 November 2, 2019 Y-T-Y* Revenue $ 828.5 $ 968.0 (14.4 )% $ 3,532.2 $ 3,572.1 (1.1 )% Adj. gross margin 49.5 % 43.8 % 5.7 % 47.4 % 43.7 % 3.7 % Adj. operating expense $ 278.9 $ 295.3 (5.6 )% $ 1,055.3 $ 1,091.8 (3.3 )% Adj. operating margin 15.8 % 13.3 % 2.5 % 17.6 % 13.1 % 4.5 % Adj. EBITDA $ 154.5 $ 151.6 1.9 % $ 713.9 $ 557.3 28.1 % * Denotes % change, or in the case of margin, absolute change Revenue by Segment (unaudited) Quarter Ended October 31, 2020 November 2, 2019 Revenue %** Revenue % ** Networking Platforms Converged Packet Optical $ 579.3 69.9 $ 665.8 68.8 Packet Networking $ 56.0 6.8 131.9 13.6 Total Networking Platforms $ 635.3 76.7 797.7 82.4 Platform Software and Services $ 54.5 6.6 41.2 4.3 Blue Planet Automation Software and Services $ 20.9 2.5 16.6 1.7 Global Services Maintenance Support and Training $ 67.0 8.1 65.3 6.7 Installation and Deployment $ 43.0 5.2 36.5 3.8 Consulting and Network Design $ 7.8 0.9 10.7 1.1 Total Global Services $ 117.8 14.2 112.5 11.6 Total $ 828.5 100.0 $ 968.0 100.0 Revenue by Segment (unaudited) Year Ended October 31, 2020 November 2, 2019 Revenue %** Revenue % ** Networking Platforms Converged Packet Optical $ 2,547.6 72.1 $ 2,562.8 71.8 Packet Networking 267.5 7.6 348.5 9.8 Total Networking Platforms 2,815.1 79.7 2,911.3 81.6 Platform Software and Services 197.8 5.6 155.3 4.3 Blue Planet Automation Software and Services 62.6 1.8 54.6 1.5 Global Services Maintenance Support and Training 269.4 7.6 261.3 7.3 Installation and Deployment 152.0 4.3 148.2 4.1 Consulting and Network Design 35.3 1.0 41.4 1.2 Total Global Services 456.7 12.9 450.9 12.6 Total $ 3,532.2 100.0 $ 3,572.1 100.0 Additional Performance Metrics for Fiscal Fourth Quarter and Year Ended October 31, 2020 Revenue by Geographic Region (unaudited) Quarter Ended October 31, 2020 November 2, 2019 Revenue % ** Revenue % ** Americas $ 531.6 64.2 $ 715.7 73.9 Europe, Middle East and Africa 157.6 19.0 153.0 15.8 Asia Pacific 139.3 16.8 99.3 10.3 Total $ 828.5 100.0 $ 968.0 100.0 Revenue by Geographic Region (unaudited) Year Ended October 31, 2020 November 2, 2019 Revenue % ** Revenue % ** Americas $ 2,469.3 69.9 $ 2,503.9 70.1 Europe, Middle East and Africa 591.5 16.8 566.7 15.9 Asia Pacific 471.4 13.3 501.5 14.0 Total $ 3,532.2 100.0 $ 3,572.1 100.0 ** Denotes % of total revenue Share Repurchase Program 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. 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. Ciena may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. 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. The program may be modified, suspended or discontinued at any time. During fiscal year 2020, Ciena repurchased approximately 1.9 million shares of its common stock at an average price of $39.81 per share for an aggregate purchase price of $74.5 million. Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Fourth Quarter 2020 Results Today, Thursday, December 10, 2020, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal fourth quarter and fiscal 2020 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, SEC filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include: "Our 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." "While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market." 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. 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 for the relevant period, Appendix A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release. About Ciena. Ciena (NYSE: CIEN) is a networking systems, services and software company. We provide solutions that help our clients 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 worlds 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 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Quarter Ended Year Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Revenue: Products $ 668,661 $ 820,007 $ 2,914,790 $ 2,983,815 Services 159,819 147,980 617,367 588,316 Total revenue 828,480 967,987 3,532,157 3,572,131 Cost of goods sold: Products 343,413 469,945 1,573,791 1,716,358 Services 80,718 78,346 305,475 313,707 Total cost of goods sold 424,131 548,291 1,879,266 2,030,065 Gross profit 404,349 419,696 1,652,891 1,542,066 Operating expenses: Research and development 137,237 141,657 529,888 548,139 Selling and marketing 113,382 117,201 416,425 423,046 General and administrative 43,415 50,307 169,548 174,399 Amortization of intangible assets 5,851 5,222 23,383 21,808 Acquisition and integration costs (recoveries) 3,127 (735 ) 4,031 3,370 Significant asset impairments and restructuring costs 7,854 12,842 22,652 24,538 Total operating expenses 310,866 326,494 1,165,927 1,195,300 Income from operations 93,483 93,202 486,964 346,766 Interest and other income (loss), net (249 ) (1,183 ) 964 3,876 Interest expense (7,395 ) (9,136 ) (31,321 ) (37,452 ) Loss on extinguishment and modification of debt (646 ) Income before income taxes 85,839 82,883 455,961 313,190 Provision for income taxes 20,798 2,552 94,670 59,756 Net income $ 65,041 $ 80,331 $ 361,291 $ 253,434 Net Income per Common Share Basic net income per common share $ 0.42 $ 0.52 $ 2.34 $ 1.63 Diluted net income per potential common share $ 0.42 $ 0.51 $ 2.32 $ 1.61 Weighted average basic common shares outstanding 154,706 154,852 154,287 155,720 Weighted average diluted potential common shares outstanding(1) 156,563 156,612 155,955 157,612 (1) Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for the fourth quarter of fiscal 2020 includes 1.9 million shares underlying certain stock option and stock unit awards. 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. 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. Weighted average diluted potential common shares outstanding used in calculating GAAP diluted net income per potential common share for fiscal 2019 includes 1.9 million shares underlying certain stock option and stock unit awards. CIENA CORPORATION CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) October 31, 2020 November 2, 2019 ASSETS Current assets: Cash and cash equivalents $ 1,088,624 $ 904,045 Short-term investments 150,667 109,940 Accounts receivable, net 719,405 724,854 Inventories 344,379 345,049 Prepaid expenses and other 308,084 297,914 Total current assets 2,611,159 2,381,802 Long-term investments 82,226 10,014 Equipment, building, furniture and fixtures, net 272,377 286,884 Operating lease right-of-use assets 57,026 Goodwill 310,847 297,937 Other intangible assets, net 96,647 112,781 Deferred tax asset, net 647,805 714,942 Other long-term assets 102,830 88,986 Total assets $ 4,180,917 $ 3,893,346 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 291,904 $ 344,819 Accrued liabilities and other short-term obligations 334,132 382,740 Deferred revenue 108,700 111,381 Operating lease liabilities 19,035 Current portion of long-term debt 6,930 7,000 Total current liabilities 760,701 845,940 Long-term deferred revenue 49,663 45,492 Other long-term obligations 123,185 148,747 Long-term operating lease liabilities 61,415 Long-term debt, net 676,356 680,406 Total liabilities $ 1,671,320 $ 1,720,585 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; 154,563,005 and 154,403,850 shares issued and outstanding 1,546 1,544 Additional paid-in capital 6,826,531 6,837,714 Accumulated other comprehensive loss (35,358 ) (22,084 ) Accumulated deficit (4,283,122 ) (4,644,413 ) Total stockholders equity 2,509,597 2,172,761 Total liabilities and stockholders equity $ 4,180,917 $ 3,893,346 CIENA CORPORATION CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended October 31, 2020 November 2, 2019 Cash flows from operating activities: Net income $ 361,291 $ 253,434 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements 93,908 87,576 Share-based compensation costs 67,758 59,736 Amortization of intangible assets 38,619 35,136 Deferred taxes 64,339 19,865 Provision for doubtful accounts 8,855 6,740 Provision for inventory excess and obsolescence 24,701 28,085 Provision for warranty 22,417 23,105 Other 11,628 (910 ) Changes in assets and liabilities: Accounts receivable (17,299 ) 65,712 Inventories (25,044 ) (112,941 ) Prepaid expenses and other (38,998 ) (96,618 ) Operating lease right-of-use assets 16,787 Accounts payable, accruals and other obligations (117,931 ) 27,740 Deferred revenue 2,519 16,480 Short and long-term operating lease liabilities (19,896 ) Net cash provided by operating activities 493,654 413,140 Cash flows provided by (used in) investing activities: Payments for equipment, furniture, fixtures and intellectual property (82,667 ) (62,579 ) Purchase of available for sale securities (223,196 ) (158,074 ) Proceeds from maturities of available for sale securities 110,390 248,748 Settlement of foreign currency forward contracts, net 3,531 (1,351 ) Purchase of equity investment (2,667 ) Acquisition of businesses, net of cash acquired (28,300 ) Net cash provided by (used in) investing activities (220,242 ) 24,077 Cash flows from financing activities: Payment of long-term debt (5,198 ) (7,000 ) Payment for debt conversion liability (111,268 ) Payment of debt issuance costs (382 ) (1,191 ) Payment of finance lease obligations (2,703 ) (3,319 ) Shares repurchased for tax withholdings on vesting of restricted stock units (32,472 ) (29,059 ) Repurchases of common stock - repurchase program (74,535 ) (150,076 ) Proceeds from issuance of common stock 28,068 22,947 Net cash used in financing activities (87,222 ) (278,966 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,643 ) 476 Net increase in cash, cash equivalents and restricted cash 184,547 158,727 Cash, cash equivalents and restricted cash at beginning of fiscal year 904,161 745,434 Cash, cash equivalents and restricted cash at end of fiscal year $ 1,088,708 $ 904,161 Supplemental disclosure of cash flow information Cash paid during the fiscal year for interest $ 32,837 $ 39,579 Cash paid during the fiscal year for income taxes, net $ 53,076 $ 33,570 Operating lease payments $ 22,089 $ Non-cash investing and financing activities Purchase of equipment in accounts payable $ 7,854 $ 16,549 Conversion of debt conversion liability into 1,585,140 shares of common stock $ $ 52,944 Operating lease right-of-use assets subject to lease liability $ 24,160 $ Unrealized gain on equity investment $ 2,681 $ APPENDIX A - Reconciliation of Adjusted (Non-GAAP) Measurements (unaudited) Quarter Ended Year Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Gross Profit Reconciliation (GAAP/non-GAAP) GAAP gross profit $ 404,349 $ 419,696 $ 1,652,891 $ 1,542,066 Share-based compensation-products 724 748 3,182 2,868 Share-based compensation-services 968 715 3,853 3,175 Amortization of intangible assets 3,732 3,303 15,235 13,327 Total adjustments related to gross profit 5,424 4,766 22,270 19,370 Adjusted (non-GAAP) gross profit $ 409,773 $ 424,462 $ 1,675,161 $ 1,561,436 Adjusted (non-GAAP) gross profit percentage 49.5 % 43.8 % 47.4 % 43.7 % Operating Expense Reconciliation (GAAP/non-GAAP) GAAP operating expense $ 310,866 $ 326,494 $ 1,165,927 $ 1,195,300 Share-based compensation-research and development 4,030 3,287 16,987 14,321 Share-based compensation-sales and marketing 5,137 4,151 20,194 16,474 Share-based compensation-general and administrative 5,982 6,425 23,424 22,841 Amortization of intangible assets 5,851 5,222 23,383 21,808 Acquisition and integration costs (recoveries) 3,127 (735 ) 4,031 3,370 Significant asset impairments and restructuring costs 7,854 12,842 22,652 24,538 Legal settlements 137 Total adjustments related to operating expense $ 31,981 $ 31,192 $ 110,671 $ 103,489 Adjusted (non-GAAP) operating expense $ 278,885 $ 295,302 $ 1,055,256 $ 1,091,811 Income from Operations Reconciliation (GAAP/non-GAAP) GAAP income from operations $ 93,483 $ 93,202 $ 486,964 $ 346,766 Total adjustments related to gross profit 5,424 4,766 22,270 19,370 Total adjustments related to operating expense 31,981 31,192 110,671 103,489 Total adjustments related to income from operations 37,405 35,958 132,941 122,859 Adjusted (non-GAAP) income from operations $ 130,888 $ 129,160 $ 619,905 $ 469,625 Adjusted (non-GAAP) operating margin percentage 15.8 % 13.3 % 17.6 % 13.1 % Net Income Reconciliation (GAAP/non-GAAP) GAAP net income $ 65,041 $ 80,331 $ 361,291 $ 253,434 Exclude GAAP provision for income taxes 20,798 2,552 94,670 59,756 Income before income taxes 85,839 82,883 455,961 313,190 Total adjustments related to income from operations 37,405 35,958 132,941 122,859 Loss on extinguishment and modification of debt 646 Unrealized gain on equity investment (2,681 ) (2,681 ) Adjusted income before income taxes 120,563 118,841 586,867 436,049 Non-GAAP tax provision on adjusted income before income taxes 26,042 28,403 126,763 104,216 Adjusted (non-GAAP) net income $ 94,521 $ 90,438 $ 460,104 $ 331,833 Weighted average basic common shares outstanding 154,706 154,852 154,287 155,720 Weighted average diluted potential common shares outstanding(1) 156,563 156,612 155,955 157,612 Net Income per Common Share GAAP diluted net income per potential common share $ 0.42 $ 0.51 $ 2.32 $ 1.61 Adjusted (non-GAAP) diluted net income per potential common share $ 0.60 $ 0.58 $ 2.95 $ 2.11 (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. 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. Weighted average diluted potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the fourth quarter of fiscal 2019 includes 1.8 million shares underlying certain stock option and stock unit awards. Weighted average diluted potential common shares outstanding used in calculating adjusted (non-GAAP) diluted net income per potential common share for fiscal 2019 includes 1.9 million shares underlying certain stock option and stock unit awards. APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited) Quarter Ended Year Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Net income (GAAP) $ 65,041 $ 80,331 $ 361,291 $ 253,434 Add: Interest expense 7,395 9,136 31,321 37,452 Less: Interest and other income (loss), net (249 ) (1,183 ) 964 3,876 Add: Loss on extinguishment and modification of debt (646 ) Add: Provision for income taxes 20,798 2,552 94,670 59,756 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 23,538 22,505 93,908 87,576 Add: Amortization of intangible assets 9,584 8,525 38,619 35,136 EBITDA $ 126,605 $ 124,232 $ 619,491 $ 469,478 Add: Share-based compensation cost 16,920 15,290 67,758 59,736 Add: Significant asset impairments and restructuring costs 7,854 12,842 22,652 24,538 Add: Acquisition and integration costs (recoveries) 3,127 (735 ) 4,031 3,370 Add: Legal settlement 137 Adjusted EBITDA $ 154,506 $ 151,629 $ 713,932 $ 557,259 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:

Answer: Ciena Reports Fiscal Fourth Quarter 2020 and Year-End Financial Results