Ciena Reports Fiscal Second Quarter 2018 Financial Results

May 31, 2018 at 8:00 AM EDT

Announces Intent to Acquire Packet Design to Accelerate Automation Software Strategy

HANOVER, Md.--(BUSINESS WIRE)-- Ciena® Corporation (NYSE: CIEN)

  • Q2 Revenue: $730.0 million, increasing 3% year over year
  • Q2 Net Income per Share: $0.09 GAAP; $0.23 adjusted (non-GAAP)
  • Share Repurchases: Repurchased approximately 1.4 million shares of common stock for an aggregate price of $33.4 million during the quarter

Ciena, a network strategy and technology company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2018.

Ciena President and CEO Gary B. Smith remarked: "We delivered strong revenue and record order flow in the second quarter as we continue to broaden our leadership and capture market share. Gross margin was impacted by several new, international service provider deployments in their early stages; however, we are confident in our ability to return to our normalized gross margin levels. We anticipate strong revenue growth in the second half of fiscal 2018 and we remain confident in our three-year financial targets."

For the fiscal second quarter 2018, Ciena reported revenue of $730.0 million as compared to $707.0 million for the fiscal second quarter 2017.

Ciena's GAAP net income for the fiscal second quarter 2018 was $13.9 million, or $0.09 per diluted common share, which compares to a GAAP net income of $38.0 million, or $0.25 per diluted common share, for the fiscal second quarter 2017.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2018 was $33.8 million, or $0.23 per diluted common share, which compares to an adjusted (non-GAAP) net income of $48.2 million, or $0.30 per diluted common share, for the fiscal second quarter 2017.

Fiscal Second Quarter 2018 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to the prior year. Appendix A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.

                               
          GAAP Results
          Q2     Q2     Period Change
          FY 2018     FY 2017     Y-T-Y*
Revenue         $ 730.0       $ 707.0         3.3 %
Gross margin         40.2 %     45.0 %       (4.8 )%
Operating expense         $ 261.2       $ 260.4         0.3 %
Operating margin         4.4 %     8.2 %       (3.8 )%
                               
    Non-GAAP Results
    Q2     Q2     Period Change
    FY 2018     FY 2017     Y-T-Y*
Revenue   $ 730.0       $ 707.0         3.3 %
Adj. gross margin   40.7 %     45.7 %       (5.0 )%
Adj. operating expense   $ 240.6       $ 234.6         2.6 %
Adj. operating margin   7.7 %     12.5 %       (4.8 )%
Adj. EBITDA   $ 77.1       $ 107.6         (28.3 )%
                             

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

        Revenue by Segment
        Q2 FY 2018     Q2 FY 2017
        Revenue     %**     Revenue     %**
Networking Platforms                          
Converged Packet Optical       $ 527.9       72.4       $ 505.2       71.4
Packet Networking       63.8       8.7       66.3       9.4
Total Networking Platforms       591.7       81.1       571.5       80.8
                           
Software and Software-Related Services                          
Software Platforms       12.5       1.7       13.1       1.9
Software-Related Services       26.2       3.6       24.6       3.5
Total Software and Software-Related Services       38.7       5.3       37.7       5.4
                           
Global Services                          
Maintenance Support and Training       60.9       8.3       58.2       8.2
Installation and Deployment       28.2       3.9       28.7       4.1
Consulting and Network Design       10.5       1.4       10.9       1.5
Total Global Services       99.6       13.6       97.8       13.8
                           
Total       $ 730.0       100.0       $ 707.0       100.0
                                     

Additional Performance Metrics for Fiscal Second Quarter 2018

         
        Revenue by Geographic Region
        Q2 FY 2018     Q2 FY 2017
        Revenue     % **     Revenue     % **
North America       $ 431.2       59.1       $ 424.4       60.0
Europe, Middle East and Africa       121.7       16.7       105.8       15.0
Caribbean and Latin America       25.1       3.4       33.9       4.8
Asia Pacific       152.0       20.8       142.9       20.2
Total       $ 730.0       100.0       $ 707.0       100.0
                                     

** Denotes % of total revenue

  • U.S. customers contributed 53.8% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 12% of total revenue
  • Cash and investments totaled $979.6 million
  • Cash flow from operations totaled $37.4 million
  • Free cash flow totaled $31.1 million
  • Average days' sales outstanding (DSOs) were 80
  • Accounts receivable balance was $647.4 million
  • Inventories totaled $231.3 million, including:
    • Raw materials: $48.4 million
    • Work in process: $13.2 million
    • Finished goods: $165.7 million
    • Deferred cost of sales: $55.2 million
    • Reserve for excess and obsolescence: $(51.2) million
  • Product inventory turns were 6.4
  • Headcount totaled 5,688

Acquisition of Packet Design

Ciena also announced today that it has entered into a definitive agreement to acquire privately-held Packet Design, LLC, a provider of network performance management software focused on Layer 3 network optimization, topology and route analytics. The acquisition is intended to accelerate Ciena's Blue Planet software strategy, extending its intelligent automation capabilities into IP with critical new features that help customers optimize service delivery and maximize network utilization.

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Second Quarter 2018 Results

Today, Thursday, May 31, 2018, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website supporting materials for its unaudited fiscal second quarter 2018 results.

Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's fiscal third quarter 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, 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 revenue and record order flow in the second quarter as we continue to broaden our leadership and capture market share."; "Gross margin was impacted by several new, international service provider deployments in their early stages; however, we are confident in our ability to return to our normalized gross margin levels."; "We anticipate strong revenue growth in the second half of fiscal 2018 and we remain confident in our three-year financial targets."

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 and their business; changes in network spending or network strategy by customers; 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; the impact of the Tax Cuts and Jobs Act, changes in estimates of prospective income tax rates and any adjustments to Ciena's provisional estimates whether related to further guidance, analysis or otherwise, and the other risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q filed with the SEC on March 7, 2018 and its Annual Report on Form 10-K filed with the SEC on December 22, 2017. 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, Appendix 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 network strategy and technology company. We translate best-in-class technology into value through a high-touch, consultative business model - with a relentless drive to create exceptional experiences measured by outcomes. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, 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 April 30,     Six Months Ended April 30,
        2018     2017     2018     2017
Revenue:                          
Products       $ 604,226       $ 584,630       $ 1,129,835       $ 1,091,623  
Services       125,752       122,392       246,278       236,896  
Total revenue       729,978       707,022       1,376,113       1,328,519  
Cost of goods sold:                          
Products       372,568       327,295       685,688       614,106  
Services       64,103       61,487       125,353       122,388  
Total cost of goods sold       436,671       388,782       811,041       736,494  
Gross profit       293,307       318,240       565,072       592,025  
Operating expenses:                          
Research and development       116,924       121,623       235,448       238,492  
Selling and marketing       97,359       88,551       185,874       173,553  
General and administrative       38,976       34,990       77,382       70,854  
Amortization of intangible assets       3,623       10,980       7,246       25,531  
Significant asset impairments and restructuring costs       4,359       4,276       10,320       6,671  
Total operating expenses       261,241       260,420       516,270       515,101  
Income from operations       32,066       57,820       48,802       76,924  
Interest and other income (loss), net       1,296       (2,918 )     2,871       (2,548 )
Interest expense       (13,031 )     (13,308 )     (26,765 )     (28,511 )
Income before income taxes       20,331       41,594       24,908       45,865  

Provision for income taxes1

      6,475       3,568       484,415       3,978  

Net income (loss)

      $ 13,856       $ 38,026       $ (459,507 )     $ 41,887  
                           
Net Income(loss) per Common Share                          
Basic net income(loss) per common share       $ 0.10       $ 0.27       $ (3.19 )     $ 0.30  
Diluted net income(loss) per potential common share 2       $ 0.09       $ 0.25       $ (3.19 )     $ 0.29  
                           
Weighted average basic common shares outstanding       143,975       141,743       143,948       141,223  
Weighted average dilutive potential common shares outstanding 3       147,973       165,273       143,948       147,842  
                                   

1. The provision for income taxes for fiscal 2018 is primarily related to the enactment of the Tax Cuts and Jobs Act. These amounts are provisional and reflect management’s current estimates and current interpretations of the Tax Cuts and Jobs Act. These amounts may require adjustment in future periods as additional guidance under the Tax Cuts and Jobs Act becomes available and analysis of its provisions is completed. As of April 30, 2018, Ciena has net deferred tax assets of approximately $734.8 million, and consequently, over the near term, Ciena's cash taxes will continue to be primarily related to state taxes and tax expense of Ciena's foreign subsidiaries, which amounts have not historically been significant. Ciena's foreign and domestic income tax expense for the second quarter of fiscal 2018 and 2017 expected to be paid using cash was $2.0 million and $3.6 million, respectively. Ciena's foreign and domestic income tax expense for the six months ended April 30, 2018 and 2017 expected to be paid using cash was $3.0 million and $4.0 million, respectively.

2. The calculation of GAAP diluted net income per common share for the second quarter of fiscal 2017 requires adding back interest expense of approximately $0.5 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, and approximately $3.6 million associated with Ciena's "Original" 3.75% convertible senior notes, due October 15, 2018 to the GAAP net income in order to derive the numerator for the diluted earnings per common share calculation.

The calculation of GAAP diluted net income per common share for the first six months of fiscal 2017 requires adding back interest expense of approximately $1.1 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, to the GAAP net income in order to derive the numerator for the diluted earnings per common share calculation.

3. Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the second quarter of fiscal 2018 includes 1.3 million shares underlying certain stock options and restricted stock units and 2.7 million shares underlying Ciena's "New" 3.75% convertible senior notes, due October 15, 2018.

Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the second quarter of fiscal 2017 includes 1.3 million shares underlying certain stock options and restricted stock units, 4.9 million shares underlying Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017 and 17.4 million shares underlying Ciena's "Original" 3.75% convertible senior notes, due October 15, 2018.

Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first six months of fiscal 2017 includes 1.4 million shares underlying certain stock options and restricted stock units and 5.2 million shares underlying Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017.

 

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 
        April 30,
2018
    October 31,
2017
ASSETS              
Current assets:              
Cash and cash equivalents       $ 652,096       $ 640,513  
Short-term investments       268,584       279,133  
Accounts receivable, net       647,380       622,183  
Inventories       231,338       267,143  
Prepaid expenses and other       186,024       197,339  
Total current assets       1,985,422       2,006,311  
Long-term investments       58,895       49,783  
Equipment, building, furniture and fixtures, net       298,631       308,465  
Goodwill       267,442       267,458  
Other intangible assets, net       90,573       100,997  
Deferred tax asset, net       734,824       1,155,104  
Other long-term assets       70,767       63,593  
Total assets       $ 3,506,554       $ 3,951,711  
LIABILITIES AND STOCKHOLDERS’ EQUITY              
Current liabilities:              
Accounts payable       $ 264,398       $ 260,098  
Accrued liabilities and other short-term obligations       270,231       322,934  
Deferred revenue       101,918       102,418  
Current portion of long-term debt       353,208       352,293  
Total current liabilities       989,755       1,037,743  
Long-term deferred revenue       76,725       82,589  
Other long-term obligations       110,417       111,349  
Long-term debt, net       585,538       583,688  
Total liabilities       $ 1,762,435       $ 1,815,369  
Stockholders’ equity:              
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; 143,427,976
and 143,043,227 shares issued and outstanding
      1,434       1,430  
Additional paid-in capital       6,810,226       6,810,182  
Accumulated other comprehensive income (loss)       (5,072 )     (11,017 )
Accumulated deficit       (5,062,469 )     (4,664,253 )
Total stockholders’ equity       1,744,119       2,136,342  
Total liabilities and stockholders’ equity       $ 3,506,554       $ 3,951,711  
                       
 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
        Six Months Ended April 30,
        2018     2017
Cash flows provided by operating activities:              
Net income (loss)       $ (459,507 )     $ 41,887  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements       41,400       35,548  
Share-based compensation costs       26,559       24,830  
Amortization of intangible assets       11,824       33,466  
Deferred taxes       481,401        
Provision for inventory excess and obsolescence       14,977       19,623  
Provision for warranty       10,565       2,347  
Other       12,645       10,416  
Changes in assets and liabilities:              
Accounts receivable       (28,055 )     9,381  
Inventories       20,420       (95,554 )
Prepaid expenses and other       2,623       (15,054 )
Accounts payable, accruals and other obligations       (55,986 )     (24,974 )
Deferred revenue       (5,736 )     3,832  
Net cash provided by operating activities       73,130       45,748  
Cash flows used in investing activities:              
Payments for equipment, furniture, fixtures and intellectual property       (31,946 )     (60,328 )
Restricted cash       54        
Purchase of available for sale securities       (198,026 )     (179,833 )
Proceeds from maturities of available for sale securities       200,000       180,000  
Settlement of foreign currency forward contracts, net       132       (2,965 )
Purchase of cost method investment       (767 )      
Net cash used in investing activities       (30,553 )     (63,126 )
Cash flows used in financing activities:              
Payment of long term debt       (2,000 )     (47,296 )
Payment for modification of term loans             (93,625 )
Payment of capital lease obligations       (1,868 )     (1,528 )
Repurchases of common stock-repurchase program       (38,036 )      
Proceeds from issuance of common stock       11,804       10,345  
Net cash used in financing activities       (30,100 )     (132,104 )
Effect of exchange rate changes on cash and cash equivalents       (894 )     490  
Net increase (decrease) in cash and cash equivalents       11,583       (148,992 )
Cash and cash equivalents at beginning of period       640,513       777,615  
Cash and cash equivalents at end of period       $ 652,096       $ 628,623  
Supplemental disclosure of cash flow information              
Cash paid during the period for interest       $ 21,843       $ 23,439  
Cash paid during the period for income taxes, net       $ 15,136       $ 11,379  
Non-cash investing activities              
Purchase of equipment in accounts payable       $ 3,226       $ 3,818  
Building subject to capital lease       $       $ 20,695  
Non-cash financing activities              

Repurchase of common stock in accrued liabilities from repurchase program

      $ 1,111       $  
                       
     
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measures (unaudited)
         
    Quarter Ended April 30,
    2018   2017
Gross Profit Reconciliation (GAAP/non-GAAP)        
GAAP gross profit   $ 293,307     $ 318,240  
Share-based compensation-products   824     708  
Share-based compensation-services   722     679  
Amortization of intangible assets   2,289     3,623  
Total adjustments related to gross profit   3,835     5,010  
Adjusted (non-GAAP) gross profit   $ 297,142     $ 323,250  
Adjusted (non-GAAP) gross profit percentage   40.7 %   45.7 %
         
Operating Expense Reconciliation (GAAP/non-GAAP)        
GAAP operating expense   $ 261,241     $ 260,420  
Share-based compensation-research and development   3,796     3,653  
Share-based compensation-sales and marketing   3,760     3,513  
Share-based compensation-general and administrative   5,109     3,417  
Amortization of intangible assets   3,623     10,980  
Significant asset impairments and restructuring costs   4,359     4,276  
Total adjustments related to operating expense   20,647     25,839  
Adjusted (non-GAAP) operating expense   $ 240,594     $ 234,581  
         
Income from Operations Reconciliation (GAAP/non-GAAP)        
GAAP income from operations   $ 32,066     $ 57,820  
Total adjustments related to gross profit   3,835     5,010  
Total adjustments related to operating expense   20,647     25,839  
Total adjustments related to income from operations   24,482     30,849  
Adjusted (non-GAAP) income from operations   $ 56,548     $ 88,669  
Adjusted (non-GAAP) operating margin percentage   7.7 %   12.5 %
         
Net Income Reconciliation (GAAP/non-GAAP)        
GAAP net income   $ 13,856     $ 38,026  
Exclude GAAP provision for income taxes   6,475     3,568  
Income before income taxes   $ 20,331     $ 41,594  
Total adjustments related to income from operations   24,482     30,849  
Non-cash interest expense   759     526  
Modification of debt       2,924  
Adjusted income before income taxes   $ 45,572     $ 75,893  
Non-GAAP tax provision on adjusted income before income taxes   11,789     27,701  
Adjusted (non-GAAP) net income   $ 33,783     $ 48,192  
         
Weighted average basic common shares outstanding   143,975   141,743
Weighted average dilutive potential common shares outstanding 1   151,011   174,471
         
Net Income per Common Share        
GAAP diluted net income per common share   $ 0.09     $ 0.25  
Adjusted (non-GAAP) diluted net income per common share 2   $ 0.23     $ 0.30  
                 
     
1.   Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the second quarter of fiscal 2018 includes 1.3 million shares underlying certain stock options and restricted stock units, 2.7 million shares underlying Ciena's "New" 3.75% convertible senior notes, due October 15, 2018 and 3.0 million shares underlying Ciena's "Original" 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 second quarter of fiscal 2017 includes 1.3 million shares underlying certain stock options and restricted stock units, 4.9 million shares underlying Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, 17.4 million shares underlying Ciena's "Original" 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 second quarter of fiscal 2018 requires adding back interest expense of approximately $0.5 million associated with Ciena's "Original" 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 second quarter of fiscal 2017 requires adding back interest expense of approximately $0.3 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, approximately $2.3 million associated with Ciena's "Original" 3.75% convertible senior notes, due October 15, 2018 and approximately $1.8 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.
     
 
APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited)
               
        Quarter Ended April 30,
        2018     2017
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)              
Net income (GAAP)       $ 13,856       $ 38,026  
Add: Interest expense       13,031       13,308  
Less: Interest and other income (loss), net       1,296       (2,918 )
Add: Provision for income taxes       6,475       3,568  
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements       20,567       18,849  
Add: Amortization of intangible assets       5,912       14,602  
EBITDA       $ 58,545       $ 91,271  
Add: Shared-based compensation cost       14,166       12,005  
Add: Significant asset impairments and restructuring costs       4,359       4,276  
Adjusted EBITDA       $ 77,070       $ 107,552  
                       

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 - 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.
  • Significant asset impairments and restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities.
  • 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.
  • Modification of debt - costs incurred as a result of the modification of debt to refinance then existing term loans.
  • Non-GAAP tax provision - consists of current and deferred income tax expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and foreign statutory annual tax rate of 25.87% for the second fiscal quarter of 2018, and 36.5% for the second fiscal quarter of 2017. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

Ciena Corporation
Press Contact:
Nicole Anderson, 877-857-7377
pr@ciena.com
or
Investor Contact:
Gregg Lampf, 877-243-6273
ir@ciena.com

Source: Ciena Corporation