Sean Buckley
Samantha Bookman
Michael Kennedy
Anna-Maria Kovacs
A. Michael NollCiena reports fiscal first quarter 2013 financial fesults
Increases revenue 9% year-over-year; Achieves 6% as-adjusted operating profit
HANOVER, Md. — 03/7/2013
Ciena® Corporation (NASDAQ: CIEN), the network specialist, today announced unaudited financial results for its fiscal first quarter ended January 31, 2013.
For the fiscal first quarter 2013, Ciena reported revenue of $453.1 million.
On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal first quarter 2013 was $(47.3) million, or $(0.47) per common share, which compares to a GAAP net loss of $(47.7) million, or $(0.49) per common share, for the fiscal first quarter 2012.
Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2013 was $12.3 million, or $0.12 per common share, which compares to an adjusted (non-GAAP) net loss of $(16.5) million, or $(0.17) per common share, for the fiscal first quarter 2012.
"Our strong first quarter performance reflects a solid start to our fiscal year," said Gary Smith, president and CEO of Ciena. "We have positioned Ciena to take advantage of the underlying market dynamics, which are increasingly aligned with our strategy and competitive strengths. We believe the combination of our technology and market share leadership as well as our strategic customer relationships will enable us to continue growing faster than the market."
Fiscal First Quarter 2013 Performance Summary
The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarterly 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 |
||||||||||||||||
|
|
|
Q1 |
|
Q4 |
|
Q1 |
|
Period Change |
||||||||||
|
|
|
FY 2013 |
|
FY 2012 |
|
FY 2012 |
|
Q-T-Q* |
|
Y-T-Y* |
||||||||
|
Revenue |
|
$ |
453.1 |
|
|
$ |
465.5 |
|
|
$ |
416.7 |
|
|
(2.7 |
)% |
|
8.7 |
% |
|
Gross margin |
|
43.2 |
% |
|
41.3 |
% |
|
40.3 |
% |
|
1.9 |
% |
|
2.9 |
% |
|||
|
Operating expense |
|
$ |
201.4 |
|
|
$ |
214.1 |
|
|
$ |
198.9 |
|
|
(5.9 |
)% |
|
1.2 |
% |
|
Operating margin |
|
(1.2 |
)% |
|
(4.7 |
)% |
|
(7.5 |
)% |
|
3.5 |
% |
|
6.3 |
% |
|||
|
|
|
|
|
|||||||||||||||
|
|
|
Non-GAAP Results |
||||||||||||||||
|
|
|
Q1 |
|
Q4 |
|
Q1 |
|
Period Change |
||||||||||
|
|
|
FY 2013 |
|
FY 2012 |
|
FY 2012 |
|
Q-T-Q* |
|
Y-T-Y* |
||||||||
|
Revenue |
|
$ |
453.1 |
|
|
$ |
465.5 |
|
|
$ |
416.7 |
|
|
(2.7 |
)% |
|
8.7 |
% |
|
Adj. gross margin |
|
44.6 |
% |
|
42.7 |
% |
|
41.9 |
% |
|
1.9 |
% |
|
2.7 |
% |
|||
|
Adj. operating expense |
|
$ |
176.6 |
|
|
$ |
191.8 |
|
|
$ |
175.4 |
|
|
(7.9 |
)% |
|
0.7 |
% |
|
Adj. operating margin |
|
5.6 |
% |
|
1.4 |
% |
|
(0.2 |
)% |
|
4.2 |
% |
|
5.8 |
% |
|||
|
|
|
|
||||||||||||||||||
|
|
|
Revenue by Segment |
||||||||||||||||||
|
|
|
Q1 FY 2013 |
|
Q4 FY 2012 |
|
Q1 FY 2012 |
||||||||||||||
|
|
|
Revenue |
|
% |
|
Revenue |
|
% |
|
Revenue |
|
% |
||||||||
|
Converged Packet Optical |
|
$ |
240.0 |
|
|
53.0 |
|
|
$ |
238.1 |
|
|
51.1 |
|
|
$ |
202.0 |
|
|
48.5 |
|
Packet Networking |
|
45.8 |
|
|
10.1 |
|
|
47.3 |
|
|
10.2 |
|
|
21.5 |
|
|
5.2 |
|||
|
Optical Transport |
|
57.6 |
|
|
12.7 |
|
|
71.8 |
|
|
15.4 |
|
|
107.7 |
|
|
25.8 |
|||
|
Software and Services |
|
109.7 |
|
|
24.2 |
|
|
108.3 |
|
|
23.3 |
|
|
85.5 |
|
|
20.5 |
|||
|
Total |
|
$ |
453.1 |
|
|
100.0 |
|
|
$ |
465.5 |
|
|
100.0 |
|
|
$ |
416.7 |
|
|
100.0 |
|
* Denotes % change, or in the case of margin, absolute change |
Additional Performance Metrics for Fiscal First Quarter 2013
Non-U.S. customers contributed 42% of total revenue
Two customers accounted for greater than 10% of revenue and represented 26.4% of total revenue
Cash and investments totaled $637.2 million
Cash flow used in operations totaled $(45.7) million
Free cash flow totaled $(58.0) million
Average days' sales outstanding (DSOs) were 78
Accounts receivable balance was $394.8 million
Inventories totaled $266.9 million, including:
Raw materials: $46.2 million
Work in process: $7.1 million
Finished goods: $178.8 million
Deferred cost of sales: $77.1 million
Reserve for excess and obsolescence: $(42.3) million
Product inventory turns were 2.9
Headcount totaled 4,448
Business Outlook for Fiscal Second Quarter 2013
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 second quarter 2013 financial performance to include:
Revenue in the range of $465 to $495 million
Adjusted (non-GAAP) gross margin in the low 40s percent range
Adjusted (non-GAAP) operating expense in the low $190s million range
Live Web Broadcast of Unaudited Fiscal First Quarter 2013 Results
Ciena will host a discussion of its unaudited fiscal first quarter 2013 results with investors and financial analysts today, Thursday, March 7, 2013 at 8:30 a.m. (Eastern). The live broadcast of the discussion will be available via Ciena's homepage at http://www.ciena.com/. An archived version 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.
|
CIENA CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
|
(in thousands, except per share data) |
||||||||
|
(unaudited) |
||||||||
|
|
|
|
||||||
|
|
|
Quarter Ended January 31, |
||||||
|
|
|
2012 |
|
2013 |
||||
|
Revenue: |
|
|
|
|
||||
|
Products |
|
$ |
333,673 |
|
|
$ |
353,057 |
|
|
Services |
|
83,012 |
|
|
100,036 |
|
||
|
Total revenue |
|
416,685 |
|
|
453,093 |
|
||
|
Cost of goods sold: |
|
|
|
|
||||
|
Products |
|
197,752 |
|
|
196,521 |
|
||
|
Services |
|
51,177 |
|
|
60,777 |
|
||
|
Total cost of goods sold |
|
248,929 |
|
|
257,298 |
|
||
|
Gross profit |
|
167,756 |
|
|
195,795 |
|
||
|
Operating expenses: |
|
|
|
|
||||
|
Research and development |
|
89,664 |
|
|
89,125 |
|
||
|
Selling and marketing |
|
64,411 |
|
|
66,588 |
|
||
|
General and administrative |
|
29,664 |
|
|
28,208 |
|
||
|
Amortization of intangible assets |
|
13,471 |
|
|
12,453 |
|
||
|
Restructuring costs |
|
1,722 |
|
|
5,030 |
|
||
|
Total operating expenses |
|
198,932 |
|
|
201,404 |
|
||
|
Loss from operations |
|
(31,176 |
) |
|
(5,609 |
) |
||
|
Interest and other income (loss), net |
|
(4,887 |
) |
|
(137 |
) |
||
|
Interest expense |
|
(9,570 |
) |
|
(10,732 |
) |
||
|
Loss on extinguishment of debt |
|
— |
|
|
(28,630 |
) |
||
|
Loss before income taxes |
|
(45,633 |
) |
|
(45,108 |
) |
||
|
Provision for income taxes |
|
2,020 |
|
|
2,216 |
|
||
|
Net loss |
|
$ |
(47,653 |
) |
|
$ |
(47,324 |
) |
|
Basic net loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(0.47 |
) |
|
Diluted net loss per potential common share |
|
$ |
(0.49 |
) |
|
$ |
(0.47 |
) |
|
Weighted average basic common shares outstanding |
|
98,066 |
|
|
101,204 |
|
||
|
Weighted average dilutive potential common shares outstanding |
|
98,066 |
|
|
101,204 |
|
||
|
|
|
|
|
|
||||
|
CIENA CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
(in thousands, except share data) |
||||||||
|
(unaudited) |
||||||||
|
|
|
|
|
|
||||
|
|
|
October 31, |
|
January 31, |
||||
|
|
|
2012 |
|
2013 |
||||
|
ASSETS |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
642,444 |
|
|
$ |
552,267 |
|
|
Short-term investments |
|
50,057 |
|
|
84,918 |
|
||
|
Accounts receivable, net |
|
345,496 |
|
|
394,785 |
|
||
|
Inventories |
|
260,098 |
|
|
266,901 |
|
||
|
Prepaid expenses and other |
|
117,595 |
|
|
136,002 |
|
||
|
Total current assets |
|
1,415,690 |
|
|
1,434,873 |
|
||
|
Equipment, furniture and fixtures, net |
|
123,580 |
|
|
122,207 |
|
||
|
Other intangible assets, net |
|
257,137 |
|
|
239,300 |
|
||
|
Other long-term assets |
|
84,736 |
|
|
88,792 |
|
||
|
Total assets |
|
$ |
1,881,143 |
|
|
$ |
1,885,172 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
179,704 |
|
|
$ |
182,671 |
|
|
Accrued liabilities |
|
209,540 |
|
|
214,918 |
|
||
|
Deferred revenue |
|
79,516 |
|
|
79,916 |
|
||
|
Convertible notes payable |
|
216,210 |
|
|
216,210 |
|
||
|
Total current liabilities |
|
684,970 |
|
|
693,715 |
|
||
|
Long-term deferred revenue |
|
27,560 |
|
|
28,562 |
|
||
|
Other long-term obligations |
|
31,779 |
|
|
32,785 |
|
||
|
Long-term convertible notes payable |
|
1,225,806 |
|
|
1,208,745 |
|
||
|
Total liabilities |
|
1,970,115 |
|
|
1,963,807 |
|
||
|
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; 100,601,792 and 101,518,915 shares issued and outstanding |
|
1,006 |
|
|
1,015 |
|
||
|
Additional paid-in capital |
|
5,797,765 |
|
|
5,854,424 |
|
||
|
Accumulated other comprehensive income (loss) |
|
(3,354 |
) |
|
(2,361 |
) |
||
|
Accumulated deficit |
|
(5,884,389 |
) |
|
(5,931,713 |
) |
||
|
Total stockholders' equity (deficit) |
|
(88,972 |
) |
|
(78,635 |
) |
||
|
Total liabilities and stockholders' equity (deficit) |
|
$ |
1,881,143 |
|
|
$ |
1,885,172 |
|
|
|
|
|
||||||
|
CIENA CORPORATION |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(in thousands) |
||||||||
|
(unaudited) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended January 31, |
||||||
|
|
|
2012 |
|
2013 |
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(47,653 |
) |
|
$ |
(47,324 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
|
Loss on extinguishment of debt |
|
— |
|
|
28,630 |
|
||
|
Change in fair value of embedded redemption feature |
|
980 |
|
|
(310 |
) |
||
|
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements |
|
14,721 |
|
|
14,745 |
|
||
|
Share-based compensation costs |
|
8,888 |
|
|
8,320 |
|
||
|
Amortization of intangible assets |
|
19,415 |
|
|
17,838 |
|
||
|
Provision for inventory excess and obsolescence |
|
8,224 |
|
|
3,580 |
|
||
|
Provision for warranty |
|
7,706 |
|
|
4,029 |
|
||
|
Other |
|
2,605 |
|
|
2,951 |
|
||
|
Changes in assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
17,078 |
|
|
(49,540 |
) |
||
|
Inventories |
|
(26,799 |
) |
|
(10,383 |
) |
||
|
Prepaid expenses and other |
|
14,500 |
|
|
(25,785 |
) |
||
|
Accounts payable, accruals and other obligations |
|
15,850 |
|
|
6,121 |
|
||
|
Deferred revenue |
|
(22,634 |
) |
|
1,402 |
|
||
|
Net cash provided by (used in) operating activities |
|
12,881 |
|
|
(45,726 |
) |
||
|
Cash flows used in investing activities: |
|
|
|
|
||||
|
Payments for equipment, furniture, fixtures and intellectual property |
|
(7,898 |
) |
|
(12,243 |
) |
||
|
Restricted cash |
|
(866 |
) |
|
627 |
|
||
|
Purchase of available for sale securities |
|
— |
|
|
(84,918 |
) |
||
|
Proceeds from maturities of available for sale securities |
|
— |
|
|
50,000 |
|
||
|
Proceeds from sale of cost method investment |
|
524 |
|
|
— |
|
||
|
Net cash used in investing activities |
|
(8,240 |
) |
|
(46,534 |
) |
||
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Payment for debt and equity issuance costs |
|
— |
|
|
(3,237 |
) |
||
|
Repayment of capital lease obligations |
|
— |
|
|
(676 |
) |
||
|
Proceeds from issuance of common stock |
|
5,669 |
|
|
5,820 |
|
||
|
Net cash provided by financing activities |
|
5,669 |
|
|
1,907 |
|
||
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1,745 |
) |
|
176 |
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
10,310 |
|
|
(90,353 |
) |
||
|
Cash and cash equivalents at beginning of period |
|
541,896 |
|
|
642,444 |
|
||
|
Cash and cash equivalents at end of period |
|
$ |
550,461 |
|
|
$ |
552,267 |
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
||||
|
Cash paid during the period for interest |
|
$ |
2,458 |
|
|
$ |
4,739 |
|
|
Cash paid during the period for income taxes, net |
|
$ |
2,823 |
|
|
$ |
3,259 |
|
|
Non-cash investing and financing activities |
|
|
|
|
||||
|
Purchase of equipment in accounts payable |
|
$ |
7,409 |
|
|
$ |
4,215 |
|
|
Debt issuance costs in accrued liabilities |
|
$ |
— |
|
|
$ |
194 |
|
|
Fixed assets acquired under capital leases |
|
$ |
3,078 |
|
|
$ |
646 |
|
|
|
||||||||
|
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements |
||||||||
|
|
|
|
|
|
||||
|
|
|
Quarter Ended |
||||||
|
|
|
January 31, |
||||||
|
|
|
2012 |
|
2013 |
||||
|
Gross Profit Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
|
GAAP gross profit |
|
$ |
167,756 |
|
|
$ |
195,795 |
|
|
Share-based compensation-products |
|
485 |
|
|
561 |
|
||
|
Share-based compensation-services |
|
437 |
|
|
427 |
|
||
|
Amortization of intangible assets |
|
5,779 |
|
|
5,385 |
|
||
|
Total adjustments related to gross profit |
|
6,701 |
|
|
6,373 |
|
||
|
Adjusted (non-GAAP) gross profit |
|
$ |
174,457 |
|
|
$ |
202,168 |
|
|
Adjusted (non-GAAP) gross profit percentage |
|
41.9 |
% |
|
44.6 |
% |
||
|
|
|
|
|
|
||||
|
Operating Expense Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
|
GAAP operating expense |
|
$ |
198,932 |
|
|
$ |
201,404 |
|
|
Share-based compensation-research and development |
|
2,134 |
|
|
2,033 |
|
||
|
Share-based compensation-sales and marketing |
|
3,101 |
|
|
2,743 |
|
||
|
Share-based compensation-general and administrative |
|
2,797 |
|
|
2,556 |
|
||
|
Acquisition and integration costs |
|
264 |
|
|
— |
|
||
|
Amortization of intangible assets |
|
13,471 |
|
|
12,453 |
|
||
|
Restructuring costs |
|
1,722 |
|
|
5,030 |
|
||
|
Total adjustments related to operating expense |
|
23,489 |
|
|
24,815 |
|
||
|
Adjusted (non-GAAP) operating expense |
|
$ |
175,443 |
|
|
$ |
176,589 |
|
|
|
|
|
|
|
||||
|
Income (Loss) from Operations Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
|
GAAP loss from operations |
|
$ |
(31,176 |
) |
|
$ |
(5,609 |
) |
|
Total adjustments related to gross profit |
|
6,701 |
|
|
6,373 |
|
||
|
Total adjustments related to operating expense |
|
23,489 |
|
|
24,815 |
|
||
|
Adjusted (non-GAAP) income (loss) from operations |
|
$ |
(986 |
) |
|
25,579 |
|
|
|
Adjusted (non-GAAP) operating margin percentage |
|
(0.2 |
)% |
|
5.6 |
% |
||
|
|
|
|
|
|
||||
|
Net Income (Loss) Reconciliation (GAAP/non-GAAP) |
|
|
|
|
||||
|
GAAP net loss |
|
$ |
(47,653 |
) |
|
$ |
(47,324 |
) |
|
Total adjustments related to gross profit |
|
6,701 |
|
|
6,373 |
|
||
|
Total adjustments related to operating expense |
|
23,489 |
|
|
24,815 |
|
||
|
Loss on extinguishment of debt |
|
— |
|
|
28,630 |
|
||
|
Non-cash interest expense |
|
— |
|
|
100 |
|
||
|
Change in fair value of embedded redemption feature |
|
980 |
|
|
(310 |
) |
||
|
Adjusted (non-GAAP) net income (loss) |
|
$ |
(16,483 |
) |
|
$ |
12,284 |
|
|
|
|
|
|
|
||||
|
Weighted average basic common shares outstanding |
|
98,066 |
|
|
101,204 |
|
||
|
Weighted average dilutive potential common shares outstanding |
|
98,066 |
|
|
120,817 |
|
||
|
|
|
|
|
|
||||
|
Net Income (Loss) per Common Share |
|
|
|
|
||||
|
GAAP diluted net loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(0.47 |
) |
|
Adjusted (non-GAAP) diluted net income (loss) per common share |
|
$ |
(0.17 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
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.
Acquisition and integration costs - reflects transaction expense, and consulting and third party service fees associated with the acquisition of the Nortel MEN Business and the integration of this business into Ciena's operations.
Restructuring costs - costs incurred as a result of restructuring activities (or in the case of recoveries, previous restructuring activities) taken to align resources with perceived market opportunities.
Loss on extinguishment of debt - a non-cash loss, recorded in connection with convertible note exchange transactions completed during the first quarter of fiscal 2013, reflecting the fair value of Ciena's 4.0% senior convertible notes due December 15, 2020 as compared to the retirement of a portion of Ciena's outstanding 4.0% senior convertible notes due March 15, 2015.
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.
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 strong first quarter performance reflects a solid start to our fiscal year," "We have positioned Ciena to take advantage of the underlying market dynamics, which are increasingly aligned with our strategy and competitive strengths."; "We believe the combination of our technology and market share leadership as well as our strategic customer relationships will enable us to continue growing faster than the market."
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-K filed with the Securities and Exchange Commission on December 21, 2012. 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.
Press Contacts:
Nicole Anderson
Ciena Corporation
(877) 857 -7377
pr@ciena.com
Investor Contacts:
Gregg Lampf
Ciena Corporation
(877) 243 6273
ir@ciena.com
