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Ciena reports fiscal first quarter 2022 financial results

Ciena Corporation, a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 29, 2022.

  • Q1 Revenue: $844.4 million
  • Q1 Net Income per Share: $0.29 GAAP; $0.47 adjusted (non-GAAP)
  • Share Repurchases: Cienaentered into a $250 million accelerated share repurchase (“ASR”) arrangement during the first quarter of fiscal 2022 under its new share repurchase program. The final settlement of the ASR was completed in the second quarter of fiscal 2022 with approximately 3.6 million shares repurchased.

“First quarter revenue grew more than 10% year-over-year and continued broad-based demand drove very strong orders growth in the quarter, providing us additional visibility for the fiscal year,” said Gary Smith, president and CEO of Ciena. “We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal year.”

For the fiscal first quarter 2022, Ciena reported revenue of $844.4 million as compared to $757.1 million for the fiscal first quarter 2021.

Ciena’s GAAP net income for the fiscal first quarter 2022 was $45.8 million, or $0.29 per diluted common share, which compares to a GAAP net income of $55.3 million, or $0.35 per diluted common share, for the fiscal first quarter 2021.

Ciena’s adjusted (non-GAAP) net income for the fiscal first quarter 2022 was $72.6 million, or $0.47 per diluted common share, which compares to an adjusted (non-GAAP) net income of $81.3 million, or $0.52 per diluted common share, for the fiscal first quarter 2021.

Fiscal first quarter 2022 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.

GAAP Results
Q1 Q1 Period Change
FY 2022 FY 2021 Y-T-Y*
Revenue $ 844.4 $ 757.1 11.5 %
Gross margin 45.5 % 47.3 % (1.8 ) %
Operating expense $ 324.2 $ 282.1 14.9 %
Operating margin 7.1 % 10.0 % (2.9 ) %

 

Non-GAAP Results
Q1 Q1 Period Change
FY 2022 FY 2021 Y-T-Y*
Revenue $ 844.4 $ 757.1 11.5 %
Adj. gross margin 46.2 % 48.0 % (1.8 )%
Adj. operating expense $ 290.0 $ 253.0 14.6 %
Adj. operating margin 11.8 % 14.6 % (2.8 )%
Adj. EBITDA $ 123.7 $ 133.8 (7.5 )%
* Denotes % change, or in the case of margin, absolute change
Revenue by Segment
Q1 FY 2022 Q1 FY 2021
Revenue %** Revenue %**
Networking Platforms
Converged Packet Optical $ 540.9 64.1 $ 512.3 67.7
Routing and Switching 85.7 10.1 64.3 8.5
Total Networking Platforms 626.6 74.2 576.6 76.2
Platform Software and Services 72.9 8.6 49.9 6.6
Blue Planet Automation Software and Services 21.1 2.5 16.9 2.2
Global Services
Maintenance Support and Training 72.5 8.6 67.6 8.9
Installation and Deployment 40.4 4.8 39.6 5.2
Consulting and Network Design 10.9 1.3 6.5 0.9
Total Global Services 123.8 14.7 113.7 15.0
Total $ 844.4 100.0 $ 757.1 100.0
** Denotes % of total revenue

 

Additional performance metrics for fiscal first quarter 2022
Revenue by Geographic Region
Q1 FY 2022 Q1 FY 2021
Revenue % ** Revenue % **
Americas $ 595.1 70.5 $ 496.6 65.6
Europe, Middle East and Africa 150.8 17.8 155.4 20.5
Asia Pacific 98.5 11.7 105.1 13.9
Total $ 844.4 100.0 $ 757.1 100.0
** Denotes % of total revenue
  • One 10%-plus customer represented a total of 13.1% of revenue
  • Cash and investments totaled $1.7 billion
  • Cash flow used in operations totaled $54.4 million
  • Average days’ sales outstanding (DSOs) were 97
  • Accounts receivable, net balance was $795.2 million
  • Unbilled contract asset, net balance was $117.0 million
  • Inventories totaled $457.6 million, including:
  • Raw materials: $295.9 million
  • Work in process: $10.3 million
  • Finished goods: $149.9 million
  • Deferred cost of sales: $36.9 million
  • Reserve for excess and obsolescence: $(35.4) million
  • Product inventory turns were 3.3
  • Headcount totaled 7,419

CT Bureau

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