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Ciena Reports Fiscal Third Quarter 2014 Financial Results

Ciena® Corporation (NYSE:CIEN), the network specialist, today announced unaudited financial results for its fiscal third quarter ended July 31, 2014.

For the fiscal third quarter 2014, Ciena reported revenue of $603.6 million as compared to $538.4 million for the fiscal third quarter 2013.

On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal third quarter 2014 was $16.2 million, or $0.15 per diluted common share, which compares to a GAAP net loss of $(1.2) million, or $(0.01) per diluted common share, for the fiscal third quarter 2013.

Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2014 was $40.9 million, or $0.32 per diluted common share, which compares to an adjusted (non-GAAP) net income of $26.2 million, or $0.23 per diluted common share, for the fiscal third quarter 2013.

“Our outstanding third quarter performance demonstrates our ability to grow profitability and outperform the market,” said Gary B. Smith, president and CEO, Ciena. “As we expand our addressable market by targeting high-growth, high-value segments, we are confident in our opportunity to grow the business and drive additional operating leverage in 2015.”

Fiscal Third Quarter 2014 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarter and year-over-year changes. A reconciliation between the GAAP and adjusted (non-GAAP) measures contained in this release is included in Appendix A.

  GAAP Results
Q3   Q2   Q3   Period Change
FY 2014 FY 2014 FY 2013 Q-T-Q*   Y-T-Y*

Revenue

$ 603.6 $ 560.1 $ 538.4 7.8 % 12.1 %
Gross margin 43.7 % 42.4 % 42.4 % 1.3 % 1.3 %
Operating expense $ 227.0 $ 230.5 $ 213.4 (1.5 )% 6.4 %
Operating margin 6.1 % 1.3 % 2.8 % 4.8 % 3.3 %
  Non-GAAP Results
Q3   Q2   Q3   Period Change
FY 2014 FY 2014 FY 2013 Q-T-Q*   Y-T-Y*
Revenue $ 603.6 $ 560.1 $ 538.4 7.8 % 12.1 %
Adj. gross margin 44.3 % 43.1 % 43.6 % 1.2 % 0.7 %
Adj. operating expense $ 206.3 $ 206.3 $ 190.4 % 8.4 %
Adj. operating margin 10.1 % 6.2 % 8.2 % 3.9 % 1.9 %
  Revenue by Segment
Q3 FY 2014   Q2 FY 2014   Q3 FY 2013
Revenue   % Revenue   % Revenue   %
Converged Packet Optical $ 382.0 63.3 $ 356.8 63.7 $ 302.0 56.1
Packet Networking 69.5 11.5 66.6 11.9 61.6 11.4
Optical Transport 31.0 5.1 29.6 5.3 66.2 12.3
Software and Services 121.1   20.1   107.1   19.1   108.6   20.2
Total $ 603.6   100.0   $ 560.1   100.0   $ 538.4   100.0
* Denotes % change, or in the case of margin, absolute change

Additional Performance Metrics for Fiscal Third Quarter 2014

  • Non-U.S. customers contributed 39% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 21.6% of total revenue
  • Cash and investments totaled $718.2 million
  • Cash flow from operations totaled $51.1 million
  • Average days' sales outstanding (DSOs) were 81
  • Accounts receivable balance was $541.6 million
  • Inventories totaled $293.1 million, including:
    • Raw materials: $61.4 million
    • Work in process: $8.3 million
    • Finished goods: $172.3 million
    • Deferred cost of sales: $103.7 million
    • Reserve for excess and obsolescence: $(52.6) million
  • Product inventory turns were 3.8
  • Headcount totaled 5,136

Business Outlook for Fiscal Fourth Quarter 2014

Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of the Notes to Investors below.

Ciena expects fiscal fourth quarter 2014 to be impacted by several significant variables that contribute to a broader range of potential outcomes for both revenue and gross margin than typically expected. Accordingly, Ciena expects fiscal fourth quarter 2014 financial performance to include:

  • Revenue in the range of $570 to $610 million
  • Adjusted (non-GAAP) gross margin in the high 30s to low 40s percent range
  • Adjusted (non-GAAP) operating expense to be approximately $210 million

Live Web Broadcast of Unaudited Fiscal Third Quarter 2014 Results

Ciena will host a discussion of its unaudited fiscal third quarter 2014 results with investors and financial analysts today, Thursday, September 4, 2014 at 8:30 a.m. (Eastern). The live broadcast of the discussion will be available via Ciena's homepage at www.ciena.com. An archived transcript of the discussion will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena's website at www.ciena.com/investors.

To accompany its live broadcast, Ciena has posted to the Investor Relations page of its website at www.ciena.com/investors a presentation that includes certain highlighted information to be discussed on the call and certain historical results of operations.

Notes to Investors

Forward-looking statements. 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 outstanding third quarter performance demonstrates our ability to grow profitability and outperform the market"; "As we expand our addressable market by targeting high-growth, high-value segments, we are confident in our opportunity to grow the business and drive additional operating leverage in 2015”; "Ciena expects fiscal fourth quarter 2014 to be impacted by several significant variables that contribute to a broader range of potential outcomes for both revenue and gross margin than typically expected"; "Accordingly, Ciena expects fiscal fourth quarter 2014 financial performance to include: Revenue in the range of $570 to $610 million, Adjusted (non-GAAP) gross margin in the high 30s to low 40s percent range, adjusted (non-GAAP) operating expense to be approximately $210 million."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers and their business; changes in network spending or network strategy by large communication service providers; 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; and the other risk factors disclosed in Ciena's Report on Form 10-Q, which Ciena filed with the Securities and Exchange Commission on June 11, 2014. Ciena assumes no obligation to update any forward-looking information included in this press release.

Non-GAAP Presentation of Quarterly Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income (loss) from operations, net income (loss) and net income (loss) 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, Appendix A to this press release sets forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

About Ciena. Ciena (NYSE:CIEN) is the network specialist. We collaborate with customers worldwide to unlock the strategic potential of their networks and fundamentally change the way they perform and compete. Ciena leverages its deep expertise in packet and optical networking and distributed software automation to deliver solutions in alignment with its OPn architecture for next-generation networks. We enable a high-scale, programmable infrastructure that can be controlled and adapted by network-level applications, and provide open interfaces to coordinate computing, storage and network resources in a unified, virtualized environment. For updates on Ciena news, follow us on Twitter @Ciena or on LinkedIn at http://www.linkedin.com/company/ciena. Investors are encouraged to review the Investors section of our website at www.ciena.com/investors, where we routinely post press releases, SEC filings, recent news, financial results, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use.

 

 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 
Quarter Ended July 31,  

Nine Months Ended July 31,

2013     2014   2013     2014  
Revenue:
Products $ 437,442 $ 495,889 $ 1,203,716 $ 1,389,651
Services 100,914   107,673   295,445   307,675  
Total revenue 538,356   603,562   1,499,161   1,697,326  
Cost of goods sold:
Products 247,768 275,003 683,730 777,851
Services 62,367   64,586   181,902   191,960  
Total cost of goods sold 310,135   339,589   865,632   969,811  
Gross profit 228,221   263,973   633,529   727,515  
Operating expenses:
Research and development 93,069 97,685 282,981 302,674
Selling and marketing 75,613 81,919 216,676 243,929
General and administrative 32,066 36,285 91,157 98,264
Amortization of intangible assets 12,440 11,019 37,332 34,951
Restructuring costs 202   63   6,741   178  
Total operating expenses 213,390   226,971   634,887   679,996  
Income (loss) from operations 14,831 37,002 (1,358 ) 47,519
Interest and other income (loss), net (3,167 ) (6,328 ) (6,020 ) (14,231 )
Interest expense (10,972 ) (11,508 ) (33,096 ) (33,556 )
Loss on extinguishment of debt     (28,630 )  
Income (loss) before income taxes 692 19,166 (69,104 ) (268 )
Provision for income taxes 1,923   3,006   6,530   9,666  
Net income (loss) $ (1,231 ) $ 16,160   $ (75,634 ) $ (9,934 )
 
Net Income (Loss) per Common Share                
Basic net income (loss) per common share $ (0.01 ) $ 0.15   $ (0.74 ) $ (0.09 )
Diluted net income (loss) per potential common share 1 $ (0.01 ) $ 0.15   $ (0.74 ) $ (0.09 )
 
Weighted average basic common shares outstanding 102,713   106,236   101,951   105,404  
Weighted average dilutive potential common shares outstanding 2 102,713   120,809   101,951   105,404  

1. The calculation of GAAP diluted net income per common share for the fiscal third quarter of 2014 requires adding back interest expense of approximately $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017 to the GAAP net income in order to derive the numerator for the diluted earnings per common share calculation.

2. Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the third quarter of fiscal 2014 includes 1.5 million shares underlying certain stock options and restricted stock units and 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017.

 

CIENA CORPORATION


CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 
October 31,
2013
  July 31,
2014
ASSETS
Current assets:
Cash and cash equivalents $ 346,487 $ 532,884
Short-term investments 124,979 120,250
Accounts receivable, net 488,578 541,573
Inventories 249,103 293,092
Prepaid expenses and other 186,655   210,632  
Total current assets 1,395,802 1,698,431
Long-term investments 15,031 65,019
Equipment, furniture and fixtures, net 119,729 116,949
Other intangible assets, net 185,828 141,897
Other long-term assets 86,380   78,121  
Total assets $ 1,802,770   $ 2,100,417  
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 254,849 $ 236,630
Accrued liabilities 271,656 267,846
Deferred revenue 88,550 114,590
Term loan payable 2,500

Convertible notes payable

  187,605  
Total current liabilities 615,055 809,171
Long-term deferred revenue 23,620 25,078
Other long-term obligations 34,753 37,206
Long-term term loan payable 246,263
Long-term convertible notes payable 1,212,019   1,027,853  
Total liabilities $1,885,447   $2,145,571  
Commitments and contingencies
Stockholders’ equity (deficit):
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; 103,705,709 and 106,562,629 shares issued and outstanding 1,037 1,066
Additional paid-in capital 5,893,880 5,945,573
Accumulated other comprehensive loss (7,774 ) (12,039 )
Accumulated deficit (5,969,820 ) (5,979,754 )
Total stockholders’ equity (deficit) (82,677 ) (45,154 )
Total liabilities and stockholders’ equity (deficit) $ 1,802,770   $ 2,100,417  
 
 

CIENA CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
  Nine Months Ended July 31,
2013     2014  
Cash flows used in operating activities:
Net loss $ (75,634 ) $ (9,934 )
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on extinguishment of debt 28,630
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements 42,613 41,463
Share-based compensation costs 28,032 34,204
Amortization of intangible assets 53,485 43,931
Provision for inventory excess and obsolescence 15,301 22,026
Provision for warranty 15,148 18,720
Other 8,384 21,254
Changes in assets and liabilities:
Accounts receivable (86,808 ) (55,688 )
Inventories 9,267 (66,015 )
Prepaid expenses and other (56,958 ) (26,698 )
Accounts payable, accruals and other obligations 49,253 (34,794 )
Deferred revenue 10,414   27,498  
Net cash provided by operating activities 41,127   15,967  
Cash flows used in investing activities:
Payments for equipment, furniture, fixtures and intellectual property (31,884 ) (35,974 )
Restricted cash 1,921 2,059
Purchase of available for sale securities (144,893 ) (195,259 )
Proceeds from maturities of available for sale securities 80,000 150,000
Settlement of foreign currency forward contracts, net 62   (10,796 )
Net cash used in investing activities (94,794 ) (89,970 )
Cash flows from financing activities:
Proceeds from issuance of term loan 248,750
Payment of long term debt (216,210 )
Payment for debt and equity issuance costs (3,670 ) (3,263 )
Payment of capital lease obligations (2,370 ) (2,275 )
Proceeds from issuance of common stock 14,060   17,518  
Net cash provided by (used in) financing activities (208,190 ) 260,730  
Effect of exchange rate changes on cash and cash equivalents (2,408 ) (330 )
Net increase (decrease) in cash and cash equivalents (261,857 ) 186,727
Cash and cash equivalents at beginning of period 642,444   346,487  
Cash and cash equivalents at end of period $ 378,179   $ 532,884  
Supplemental disclosure of cash flow information
Cash paid during the period for interest $ 21,674 $ 23,425
Cash paid during the period for income taxes, net $ 7,117 $ 9,051
Non-cash investing and financing activities
Purchase of equipment in accounts payable $ 1,222 $ 4,334
Debt issuance costs in accrued liabilities $ 22 $ 655
Fixed assets acquired under capital leases $ 2,538 $
 
 
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements
 
  Quarter Ended
July 31,
2013     2014  
Gross Profit Reconciliation
GAAP gross profit $ 228,221   $ 263,973  
Share-based compensation-products 658 737
Share-based compensation-services 461 572
Amortization of intangible assets 5,384   2,201  
Total adjustments related to gross profit 6,503   3,510  
Adjusted (non-GAAP) gross profit $ 234,724   $ 267,483  
Adjusted (non-GAAP) gross profit percentage 43.6 % 44.3 %
 
Operating Expense Reconciliation
GAAP operating expense $ 213,390   $ 226,971  
Share-based compensation-research and development 2,054 2,368
Share-based compensation-sales and marketing 3,562 3,890
Share-based compensation-general and administrative 3,198 3,376
Amortization of intangible assets 12,440 11,019
Restructuring costs 202 63
Settlement of patent litigation 1,500    
Total adjustments related to operating expense 22,956   20,716  
Adjusted (non-GAAP) operating expense $ 190,434   $ 206,255  
 
Income from Operations Reconciliation
GAAP income from operations $ 14,831   $ 37,002  
Total adjustments related to gross profit 6,503 3,510
Total adjustments related to operating expense 22,956   20,716  
Adjusted (non-GAAP) income from operations $ 44,290   61,228  
Adjusted (non-GAAP) operating margin percentage 8.2 % 10.1 %
 
Net Income (Loss) Reconciliation
GAAP net income (loss) $ (1,231 ) $ 16,160  
Total adjustments related to gross profit 6,503 3,510
Total adjustments related to operating expense 22,956 20,716
Non-cash interest expense 267 327
Change in fair value of embedded redemption feature (2,290 )   190  
Adjusted (non-GAAP) net income $ 26,205     $ 40,903  
 
Weighted average basic common shares outstanding 102,713   106,236  
Weighted average dilutive potential common shares outstanding 1 144,277   156,561  
 
Net Income (Loss) per Common Share
GAAP diluted net income (loss) per common share $ (0.01 ) $ 0.15
Adjusted (non-GAAP) diluted net income per common share 2 $ 0.23 $ 0.32
 

1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2013 includes 1.9 million shares underlying certain stock options and restricted stock units, 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due March 15, 2015, 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, and 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018.

Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2014 includes 1.5 million shares underlying certain stock options and restricted stock units, 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due March 15, 2015, 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018, and 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due December 15, 2020.

2. The calculation of Adjusted (non-GAAP) diluted net income per common share for the fiscal third quarter of 2013 requires adding back interest expense of approximately $2.1 million associated with Ciena's 4.0% convertible senior notes, due March 15, 2015, approximately $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, and approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.

The calculation of Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2014 requires adding back interest expense of approximately $2.1 million associated with Ciena's 4.0% convertible senior notes, due March 15, 2015, $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 and $2.8 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.

* * *

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 expense - a non-cash expense incurred in accordance with share-based compensation accounting guidance.
  • 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 its expected useful life.
  • Restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities.
  • Settlement of patent litigation - included in general and administrative expense during the third quarter of fiscal 2013 is a $1.5 million patent litigation settlement.
  • Non-cash interest expense - a non-cash debt discount expense amortized as interest expense during the term of Ciena's 4.0% senior convertible notes due December 15, 2020 relating to the required separate accounting of the equity component of these convertible notes.
  • Change in fair value of embedded redemption feature - a non-cash unrealized gain or loss reflective of a mark to market fair value adjustment of an embedded derivative related to the redemption feature of Ciena's outstanding 4.0% senior convertible notes due March 15, 2015.

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