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Ciena Reports Fiscal First Quarter 2020 Financial Results

Posted by Ciena

Ciena Corporation, a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 31, 2020.

  • Q1 Revenue: $832.9 million, increasing 7.0% year over year
  • Q1 Net Income per Share: $0.40 GAAP; $0.52 adjusted (non-GAAP)
  • Share Repurchases: Repurchased approximately 1.3 million shares of common stock for an aggregate price of $50.7 million during the quarter

“We began fiscal 2020 with another quarter of outstanding financial performance, including 7% year-over-year revenue growth and robust operating results,” said Gary Smith, President and CEO, Ciena. “We are well-positioned to continue gaining share by leveraging our financial strength, global scale, diversification and increasing technology leadership.”

For the fiscal first quarter 2020, Ciena reported revenue of $832.9 million as compared to $778.5 million for the fiscal first quarter 2019.

Ciena’s GAAP net income for the fiscal first quarter 2020 was $62.3 million, or $0.40 per diluted common share, which compares to a GAAP net income of $33.6 million, or $0.21 per diluted common share, for the fiscal first quarter 2019.

Ciena’s adjusted (non-GAAP) net income for the fiscal first quarter 2020 was $81.7 million, or $0.52 per diluted common share, which compares to an adjusted (non-GAAP) net income of $52.8 million, or $0.33 per diluted common share, for the fiscal first quarter 2019.

Fiscal First Quarter 2020 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.

  • Two 10%-plus customers represented a total of 24% of revenue
  • Cash and investments totaled $957.4 million
  • Cash flow from operations totaled $39.8 million
  • Average days’ sales outstanding (DSOs) were 80
  • Accounts receivable balance was $655.1 million
  • Unbilled contract asset balance was $83.7 million
  • Inventories totaled $342.7 million, including:
  • Raw materials: $106.5 million
  • Work in process: $11.7 million
  • Finished goods: $219.9 million
  • Deferred cost of sales: $49.3 million
  • Reserve for excess and obsolescence: $(44.7) million
  • Product inventory turns were 4.5
  • Headcount totaled 6,588

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2020 Results

Today, Thursday, March 5, 2020, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website an accompanying investor presentation for its unaudited fiscal first quarter 2020 results.

―CT Bureau

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