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

• Q3 Revenue: $942.3 million
• Q3 Net Income per Share: $0.10 GAAP; $0.35 adjusted (non-GAAP)
• Share Repurchases: Repurchased approximately 0.6 million shares of common stock for an aggregate price of $29.0 million during the quarter

"We delivered strong results for the fiscal third quarter that reflect growing momentum with cloud providers and continued gradual recovery with service providers," said Gary Smith, president and CEO, Ciena. "With leading innovation that is well-aligned with our customers' focus on building cloud and AI-capable infrastructures, we are well-positioned to continue to gain share and deliver profitable growth.”

For the fiscal third quarter 2024, Ciena reported revenue of $942.3 million as compared to $1.07 billion for the fiscal third quarter 2023.

Ciena's GAAP net income for the fiscal third quarter 2024 was $14.2 million, or $0.10 per diluted common share, which compares to a GAAP net income of $29.7 million, or $0.20 per diluted common share, for the fiscal third quarter 2023.

Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2024 was $50.8 million, or $0.35 per diluted common share, which compares to an adjusted (non-GAAP) net income of $89.1 million, or $0.59 per diluted common share, for the fiscal third quarter 2023.

Fiscal Third 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.

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

** Denotes % of total revenue

Additional Performance Metrics for Fiscal Third Quarter 2024

** Denotes % of total revenue

• Two 10%-plus customers represented a total 26.6% of revenue
• Cash and investments totaled $1.2 billion
• Cash flow used in operations totaled $159.4 million
• Average days' sales outstanding (DSOs) were 100
• Accounts receivable, net balance was $899.9 million
• Unbilled contract asset, net balance was $142.8 million
• Inventories totaled $937.4 million, including:
  • Raw materials: $612.7 million
  • Work in process: $44.4 million
  • Finished goods: $314.0 million
  • Deferred cost of sales: $36.0 million
  • Reserve for excess and obsolescence: $(69.7) million
• Product inventory turns were 1.8
• Headcount totaled 8,781

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

Today, Wednesday, September 4, 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 third 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 strong results for the fiscal third quarter that reflect growing momentum with cloud providers and continued gradual recovery with service providers. With leading innovation that is well-aligned with our customers' focus on building cloud and AI-capable infrastructures, we are well-positioned to continue to gain share and deliver profitable growth.”

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 third 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								Nine Months Ended
	July 27,				July 29,				July 27,				July 29,
	2024				2023				2024				2023
Revenue:
Products	$	729,503			$	865,197			$	2,266,596			$	2,678,242
Services		212,805				202,689				624,247				578,820
Total revenue		942,308				1,067,886				2,890,843				If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter. Related news Data Destruction Services Market - Global Forecast 2024-2030: Delivering Data Destruction Services in Compliance with Data Protection Regulations in the EMEA Region - ResearchAndMarkets.com Rithum Appoints Tech Industry Leader Lou Keyes as New CEO to Accelerate Growth for Retailers and Brands Hivemapper Introduces Bee Maps: Revolutionizing the Mapping Industry with a Deeper, Smarter and More Accurate View of the World Domo.AI Named a Finalist in the 2024 SaaS Awards Atropos Health Announces Data Quality ScoreCard and AI Tools as New Benefits to All Atropos Evidence Network Members Experian’s Sentinel Suite Awarded Silver Medal for Best Know Your Customer/Business (KYC/KYB) Innovation by Datos Insights PublicSquare Announces Robby Starbuck as a Speaker at the Inaugural PublicSquare Business Summit - Orlando, FL, October 10-11, 2024 Arm Joins the PHLX Semiconductor Sector Index℠ (SOX℠) Last News Dronus gets a strategic investment by Eni Next Eni's VC company invest in the Italian drone company to develop new solutions for industrial plants monitoring Technology Reply wins the 2024 Oracle Partner Awards - Europe South Innovation Oracle recognizes Technology Reply’s ability to develop and deliver pioneering solutions through partnering with Oracle 25 Italian Startups Will Be Present at Expand North Star 2024 Scheduled for October, the world's largest startup event will bring together more than 2,000 exhibitors in Dubai, UAE Partitalia: Italian IoT innovation in San Francisco The Italian IoT company is in the US for the second phase of CALL4INNOVIT Most read Red Hat Recognized as a Leader and Furthest in Vision in 2024 Gartner®… Red Hat, Inc., the world's leading provider of open source solutions, today announced that Red Hat has been positioned by Gartner as a Leader and furthest… Colibri Real Estate Celebrates National Online Learning Day #realestateeducation--Colibri Real Estate, the leading provider of real estate education nationwide, today announced its recognition and celebration of… ZoomInfo Data Reveals Best and Worst Times of Year to Send Email ZoomInfo (NASDAQ: ZI), the go-to-market platform to find, acquire, and grow customers, published an analysis of millions of global emails that reveals… Circle Plants a Flag in the Heart of Wall Street; Announces New Global… Circle today unveiled plans for a new global corporate headquarters for Circle Internet Group, Inc. based in the iconic One World Trade Center in Lower… Newsletter signup Join our mailing list to get weekly updates delivered to your inbox. Sign me up! G11 Media Networks BitCity ChannelCity ImpresaCity SecurityOpenLab GreenCity ImpresaGreen ItalianChannelAwards AgendaIct Home Newsletter Staff Copyright Contact us InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , n. 21/2007 del 11/10/2007- Registration ROC n. 15698 G11 MEDIA S.R.L. Registered office Via NUOVA VALASSINA, 4 22046 MERONE (CO) - P.IVA/C.F.03062910132 Como business register n. 03062910132 - REA n. 293834 CAPITALE SOCIALE Euro 30.000 i.v. Cookie Privacy