Ciena Reports Fiscal Third Quarter 2017 Financial Results
Delivers 9% revenue growth year-over-year
For the fiscal third quarter 2017,
On the basis of generally accepted accounting principles (GAAP),
“We delivered another solid quarter with strong revenue growth and profitability, and we took additional market share through our diversification and innovation leadership,” said
Fiscal Third Quarter 2017 Performance Summary
The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarter 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 | ||||||||||||||||||
Q3 | Q2 | Q3 | Period Change | |||||||||||||||
FY 2017 | FY 2017 | FY 2016 | Q-T-Q* | Y-T-Y* | ||||||||||||||
Revenue | $ | 728.7 | $ | 707.0 | $ | 670.6 | 3.1 | % | 8.7 | % | ||||||||
Gross margin | 45.0 | % | 45.0 | % | 46.0 | % | — | % | (1.0 | )% | ||||||||
Operating expense | $ | 246.1 | $ | 260.4 | $ | 251.5 | (5.5 | )% | (2.1 | )% | ||||||||
Operating margin | 11.3 | % | 8.2 | % | 8.5 | % | 3.1 | % | 2.8 | % | ||||||||
Non-GAAP Results | ||||||||||||||||||
Q3 | Q2 | Q3 | Period Change | |||||||||||||||
FY 2017 | FY 2017 | FY 2016 | Q-T-Q* | Y-T-Y* | ||||||||||||||
Revenue | $ | 728.7 | $ | 707.0 | $ | 670.6 | 3.1 | % | 8.7 | % | ||||||||
Adj. gross margin | 45.5 | % | 45.7 | % | 46.8 | % | (0.2 | )% | (1.3 | )% | ||||||||
Adj. operating expense | $ | 229.3 | $ | 234.6 | $ | 223.4 | (2.3 | )% | 2.6 | % | ||||||||
Adj. operating margin | 14.1 | % | 12.5 | % | 13.5 | % | 1.6 | % | 0.6 | % | ||||||||
* Denotes % change, or in the case of margin, absolute change
Revenue by Segment | |||||||||||||||
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | |||||||||||||
Revenue | %** | Revenue | %** | Revenue | %** | ||||||||||
Networking Platforms | |||||||||||||||
Converged Packet Optical | $ | 506.5 | 69.5 | $ | 502.1 | 71.0 | $ | 467.6 | 69.7 | ||||||
Packet Networking | 82.1 | 11.3 | 66.4 | 9.4 | 63.7 | 9.5 | |||||||||
Optical Transport | 3.7 | 0.5 | 3.0 | 0.4 | 9.6 | 1.4 | |||||||||
Total Networking Platforms | 592.3 | 81.3 | 571.5 | 80.8 | 540.9 | 80.6 | |||||||||
Software and Software-Related Services | |||||||||||||||
Software Platforms | 18.4 | 2.5 | 13.1 | 1.9 | 12.6 | 1.9 | |||||||||
Software-Related Services | 23.9 | 3.3 | 24.6 | 3.5 | 19.0 | 2.8 | |||||||||
Total Software and Software-Related Services | 42.3 | 5.8 | 37.7 | 5.4 | 31.6 | 4.7 | |||||||||
Global Services | |||||||||||||||
Maintenance Support and Training | 57.9 | 7.9 | 58.2 | 8.2 | 56.0 | 8.4 | |||||||||
Installation and Deployment | 27.4 | 3.8 | 28.7 | 4.1 | 31.2 | 4.7 | |||||||||
Consulting and Network Design | 8.8 | 1.2 | 10.9 | 1.5 | 10.9 | 1.6 | |||||||||
Total Global Services | 94.1 | 12.9 | 97.8 | 13.8 | 98.1 | 14.7 | |||||||||
Total | $ | 728.7 | 100.0 | $ | 707.0 | 100.0 | $ | 670.6 | 100.0 | ||||||
Additional Performance Metrics for Fiscal Third Quarter 2017
Revenue by Geographic Region | |||||||||||||||
Q3 FY 2017 | Q2 FY 2017 | Q3 FY 2016 | |||||||||||||
Revenue | % ** | Revenue | % ** | Revenue | % ** | ||||||||||
North America | $ | 465.2 | 63.8 | $ | 424.4 | 60.0 | $ | 438.0 | 65.3 | ||||||
Europe, Middle East and Africa | 96.1 | 13.2 | 105.8 | 15.0 | 104.3 | 15.5 | |||||||||
Caribbean and Latin America | 51.7 | 7.1 | 33.9 | 4.8 | 46.6 | 7.0 | |||||||||
Asia Pacific | 115.7 | 15.9 | 142.9 | 20.2 | 81.7 | 12.2 | |||||||||
Total | $ | 728.7 | 100.0 | $ | 707.0 | 100.0 | $ | 670.6 | 100.0 | ||||||
** Denotes % of total revenue
- U.S. customers contributed 60.1% of total revenue
- Two customers each accounted for greater than 10% of revenue and in aggregate represented 28% of total revenue
- Cash and investments totaled
$854.2 million - Cash flow from operations totaled
$50.6 million - Average days' sales outstanding (DSOs) were 81
- Accounts receivable balance was
$653.2 million - Inventories totaled
$276.4 million , including:- Raw materials:
$46.9 million - Work in process:
$16.2 million - Finished goods:
$179.4 million - Deferred cost of sales:
$90.1 million - Reserve for excess and obsolescence:
$(56.2) million
- Raw materials:
- Product inventory turns were 4.9
- Headcount totaled 5,780
Business Outlook for Fiscal Fourth Quarter 2017
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 each of the "Forward-Looking Statements" and "Non-GAAP Presentation of Quarterly Results" found in the Notes to Investors below.
- Revenue in the range of
$720 to $750 million - Adjusted (non-GAAP) gross margin in the mid-40s percentage range
- Adjusted (non-GAAP) operating expense of approximately
$240 million
Live Web Broadcast of Unaudited Fiscal Third Quarter 2017 Results
Notes to Investors
Forward-Looking Statements. You are encouraged to review the Investors section of our website, where we routinely post press releases,
Non-GAAP Presentation of Quarterly Results. This release includes non-GAAP measures of
With respect to Ciena’s expectations under “Business Outlook for Fiscal Fourth Quarter 2017” above,
About
CIENA CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended July 31, | Nine Months Ended July 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue: | ||||||||||||||||
Products | $ | 610,742 | $ | 553,450 | $ | 1,702,365 | $ | 1,535,017 | ||||||||
Services | 117,977 | 117,100 | 354,873 | 349,365 | ||||||||||||
Total revenue | 728,719 | 670,550 | 2,057,238 | 1,884,382 | ||||||||||||
Cost of goods sold: | ||||||||||||||||
Products | 341,197 | 299,381 | 955,303 | 851,641 | ||||||||||||
Services | 59,446 | 62,684 | 181,834 | 189,713 | ||||||||||||
Total cost of goods sold | 400,643 | 362,065 | 1,137,137 | 1,041,354 | ||||||||||||
Gross profit | 328,076 | 308,485 | 920,101 | 843,028 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 117,729 | 116,697 | 356,221 | 339,346 | ||||||||||||
Selling and marketing | 86,739 | 83,732 | 260,292 | 252,878 | ||||||||||||
General and administrative | 35,569 | 34,336 | 106,423 | 100,681 | ||||||||||||
Amortization of intangible assets | 3,837 | 14,529 | 29,368 | 46,957 | ||||||||||||
Acquisition and integration costs | — | 1,029 | — | 4,613 | ||||||||||||
Restructuring costs | 2,203 | 1,138 | 8,874 | 2,057 | ||||||||||||
Total operating expenses | 246,077 | 251,461 | 761,178 | 746,532 | ||||||||||||
Income from operations | 81,999 | 57,024 | 158,923 | 96,496 | ||||||||||||
Interest and other income (loss), net | (848 | ) | (3,647 | ) | (3,396 | ) | (11,456 | ) | ||||||||
Interest expense | (13,415 | ) | (15,967 | ) | (41,926 | ) | (41,285 | ) | ||||||||
Income before income taxes | 67,736 | 37,410 | 113,601 | 43,755 | ||||||||||||
Provision for income taxes | 7,726 | 3,864 | 11,704 | 7,758 | ||||||||||||
Net income | $ | 60,010 | $ | 33,546 | $ | 101,897 | $ | 35,997 | ||||||||
Net Income per Common Share | ||||||||||||||||
Basic net income per common share | $ | 0.42 | $ | 0.24 | $ | 0.72 | $ | 0.26 | ||||||||
Diluted net income per potential common share1 | $ | 0.39 | $ | 0.23 | $ | 0.69 | $ | 0.26 | ||||||||
Weighted average basic common shares outstanding | 142,464 | 138,881 | 141,631 | 137,835 | ||||||||||||
Weighted average dilutive potential common shares outstanding2 | 172,112 | 169,349 | 164,431 | 139,053 |
1. | The calculation of GAAP diluted net income per common share for the third quarter of fiscal 2017 requires adding back interest expense of approximately $0.2 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018, and approximately $3.3 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the GAAP net income in order to derive the numerator for the Adjusted earnings per common share calculation. | |
The calculation of GAAP diluted net income per common share for the first nine months of fiscal 2017 requires adding back interest expense of approximately $1.3 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, and approximately $10.8 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 to the GAAP net income in order to derive the numerator for the Adjusted earnings per common share calculation. | ||
The calculation of GAAP diluted net income per common share for the third quarter of fiscal 2016 requires adding back interest expense of approximately $1.3 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 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. | ||
2. | Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the third quarter of fiscal 2017 includes 1.4 million shares underlying certain stock options and restricted stock units, 1.7 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 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. | |
Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first nine months of fiscal 2017 includes 1.4 million shares underlying certain stock options and restricted stock units, 4.0 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 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 third quarter of fiscal 2016 includes 0.9 million shares underlying certain stock options and restricted stock units, 12.2 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 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 nine months of fiscal 2016 includes 1.2 million shares underlying certain stock options and restricted stock units. | ||
CIENA CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except share data) | ||||||||
(unaudited) | ||||||||
July 31, |
October 31, |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 559,540 | $ | 777,615 | ||||
Short-term investments | 234,743 | 275,248 | ||||||
Accounts receivable, net | 653,242 | 576,235 | ||||||
Inventories | 276,421 | 211,251 | ||||||
Prepaid expenses and other | 199,189 | 172,843 | ||||||
Total current assets | 1,923,135 | 2,013,192 | ||||||
Long-term investments | 59,874 | 90,172 | ||||||
Equipment, building, furniture and fixtures, net | 314,850 | 288,406 | ||||||
Goodwill | 267,841 | 266,974 | ||||||
Other intangible assets, net | 106,990 | 146,711 | ||||||
Other long-term assets | 63,970 | 68,120 | ||||||
Total assets | $ | 2,736,660 | $ | 2,873,575 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 258,358 | $ | 235,942 | ||||
Accrued liabilities and other short-term obligations | 284,629 | 310,353 | ||||||
Deferred revenue | 110,629 | 109,009 | ||||||
Current portion of long-term debt | 4,000 | 236,241 | ||||||
Total current liabilities | 657,616 | 891,545 | ||||||
Long-term deferred revenue | 86,898 | 73,854 | ||||||
Other long-term obligations | 116,534 | 124,394 | ||||||
Long-term debt, net | 931,302 | 1,017,441 | ||||||
Total liabilities | $ | 1,792,350 | $ | 2,107,234 | ||||
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; 142,672,784 and 139,767,627 shares issued and outstanding |
1,427 | 1,398 | ||||||
Additional paid-in capital | 6,772,687 | 6,715,478 | ||||||
Accumulated other comprehensive loss | (5,495 | ) | (24,329 | ) | ||||
Accumulated deficit | (5,824,309 | ) | (5,926,206 | ) | ||||
Total stockholders’ equity | 944,310 | 766,341 | ||||||
Total liabilities and stockholders’ equity | $ | 2,736,660 | $ | 2,873,575 | ||||
CIENA CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Nine Months Ended July 31, | ||||||||
2017 | 2016 | |||||||
Cash flows provided by operating activities: | ||||||||
Net income | $ | 101,897 | $ | 35,997 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 55,873 | 46,624 | ||||||
Share-based compensation costs | 36,843 | 41,832 | ||||||
Amortization of intangible assets | 39,721 | 59,428 | ||||||
Provision for inventory excess and obsolescence | 28,727 | 26,663 | ||||||
Provision for warranty | 5,188 | 13,114 | ||||||
Other | 21,076 | 15,706 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (80,652 | ) | (37,768 | ) | ||||
Inventories | (93,896 | ) | (56,267 | ) | ||||
Prepaid expenses and other | (26,450 | ) | 16,687 | |||||
Accounts payable, accruals and other obligations | (5,960 | ) | (5,087 | ) | ||||
Deferred revenue | 13,978 | (4,120 | ) | |||||
Net cash provided by operating activities | 96,345 | 152,809 | ||||||
Cash flows used in investing activities: | ||||||||
Payments for equipment, furniture, fixtures and intellectual property | (76,004 | ) | (81,161 | ) | ||||
Purchase of available for sale securities | (189,802 | ) | (340,168 | ) | ||||
Proceeds from maturities of available for sale securities | 260,003 | 160,606 | ||||||
Settlement of foreign currency forward contracts, net | (1,619 | ) | (9,982 | ) | ||||
Acquisition of business, net of cash acquired | — | (32,000 | ) | |||||
Net cash used in investing activities | (7,422 | ) | (302,705 | ) | ||||
Cash flows provided by (used in) financing activities: | ||||||||
Proceeds from issuance of term loan, net | — | 248,750 | ||||||
Payment of long term debt | (232,554 | ) | (45,990 | ) | ||||
Payment for modification of term loans | (93,625 | ) | — | |||||
Payment of debt issuance costs | — | (3,980 | ) | |||||
Payment of capital lease obligations | (2,650 | ) | (5,359 | ) | ||||
Proceeds from issuance of common stock | 20,395 | 22,118 | ||||||
Net cash provided by (used in) financing activities | (308,434 | ) | 215,539 | |||||
Effect of exchange rate changes on cash and cash equivalents | 1,436 | (1,696 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (218,075 | ) | 63,947 | |||||
Cash and cash equivalents at beginning of period | 777,615 | 790,971 | ||||||
Cash and cash equivalents at end of period | $ | 559,540 | $ | 854,918 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid during the period for interest | $ | 33,861 | $ | 31,787 | ||||
Cash paid during the period for income taxes, net | $ | 26,793 | $ | 9,947 | ||||
Non-cash investing activities | ||||||||
Purchase of equipment in accounts payable | $ | 6,012 | $ | 10,204 | ||||
Equipment acquired under capital lease | $ | — | $ | 5,322 | ||||
Building subject to capital lease | $ | 50,370 | $ | 8,993 | ||||
Construction in progress subject to build-to-suit lease | $ | — | $ | 35,875 | ||||
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements |
||||||||
Quarter Ended July 31, | ||||||||
2017 | 2016 | |||||||
Gross Profit Reconciliation | ||||||||
GAAP gross profit | $ | 328,076 | $ | 308,485 | ||||
Share-based compensation-products | 709 | 645 | ||||||
Share-based compensation-services | 619 | 637 | ||||||
Amortization of intangible assets | 2,417 | 4,328 | ||||||
Total adjustments related to gross profit | 3,745 | 5,610 | ||||||
Adjusted (non-GAAP) gross profit | $ | 331,821 | $ | 314,095 | ||||
Adjusted (non-GAAP) gross profit percentage | 45.5 | % | 46.8 | % | ||||
Operating Expense Reconciliation | ||||||||
GAAP operating expense | $ | 246,077 | $ | 251,461 | ||||
Share-based compensation-research and development | 3,139 | 3,479 | ||||||
Share-based compensation-sales and marketing | 3,242 | 3,590 | ||||||
Share-based compensation-general and administrative | 4,321 | 4,284 | ||||||
Acquisition and integration costs, excluding share-based compensation | — | 1,029 | ||||||
Amortization of intangible assets | 3,837 | 14,529 | ||||||
Restructuring costs | 2,203 | 1,138 | ||||||
Total adjustments related to operating expense | 16,742 | 28,049 | ||||||
Adjusted (non-GAAP) operating expense | $ | 229,335 | $ | 223,412 | ||||
Income from Operations Reconciliation | ||||||||
GAAP income from operations | $ | 81,999 | $ | 57,024 | ||||
Total adjustments related to gross profit | 3,745 | 5,610 | ||||||
Total adjustments related to operating expense | 16,742 | 28,049 | ||||||
Adjusted (non-GAAP) income from operations | $ | 102,486 | $ | 90,683 | ||||
Adjusted (non-GAAP) operating margin percentage | 14.1 | % | 13.5 | % | ||||
Net Income Reconciliation | ||||||||
GAAP net income | $ | 60,010 | $ | 33,546 | ||||
Total adjustments related to gross profit | 3,745 | 5,610 | ||||||
Total adjustments related to operating expense | 16,742 | 28,049 | ||||||
Gain on extinguishment of debt | — | (44 | ) | |||||
Non-cash interest expense | 535 | 480 | ||||||
Adjusted (non-GAAP) net income | $ | 81,032 | $ | 67,641 | ||||
Weighted average basic common shares outstanding | 142,464 | 138,881 | ||||||
Weighted average dilutive potential common shares outstanding 1 | 172,112 | 178,547 | ||||||
Net Income per Common Share | ||||||||
GAAP diluted net income per common share | $ | 0.39 | $ | 0.23 | ||||
Adjusted (non-GAAP) diluted net income per common share 2 | $ | 0.51 | $ | 0.42 | ||||
1. | Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2017 includes 1.4 million shares underlying certain stock options and restricted stock units, 1.7 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 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. | |
Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2016 includes 0.9 million shares underlying certain stock options and restricted stock units, 12.2 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 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 third quarter of fiscal 2017 requires adding back interest expense of approximately $0.2 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 and approximately $2.8 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. | |
The calculation of Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2016 requires adding back interest expense of approximately $1.3 million associated with Ciena's 0.875% convertible senior notes, which were paid at maturity during the third quarter of fiscal 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 and approximately $2.9 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. | ||
The adjusted (non-GAAP) measures above and their reconciliation to
- Share-based compensation - a non-cash expense incurred in accordance with share-based compensation accounting guidance.
- Acquisition and integration costs - consist of expenses for financial, legal and accounting advisors and severance and other employee related costs, associated with our acquisition of
Cyan, Inc. onAugust 3, 2015 and our acquisition of certain high-speed photonic component assets fromTeraXion, Inc. onFebruary 1, 2016 .Ciena does not believe that these costs are reflective of its ongoing operating expense following its completion of these integration activities. - 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. - Restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities.
- Gain on extinguishment of debt - a gain related to certain private repurchases conducted with several holders of
Ciena's 0.875% convertible senior notes, which were paid at maturity onJune 15, 2017 . - 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 dueDecember 15, 2020 relating to the required separate accounting of the equity component of these convertible notes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170831005389/en/
Source:
Ciena Corporation
Press Contact:
Nicole Anderson, 877-857-7377
pr@ciena.com
or
Investor Contact:
Gregg Lampf, 877-243-6273
ir@ciena.com