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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    
Commission File Number: 001-36250
Ciena Corporation
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)
7035 Ridge Road, Hanover, MD
(Address of principal executive offices)

23-2725311
(I.R.S. Employer Identification No.)
21076
(Zip Code)

(410694-5700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCIENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassOutstanding at September 2, 2022
Common Stock, par value $0.01 per share148,141,810



CIENA CORPORATION
INDEX
FORM 10-Q
 PAGE
NUMBER
 
 
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter EndedNine Months Ended
 July 30July 31July 30July 31
 2022202120222021
Revenue: 
Products$684,284 $804,414 $2,109,239 $2,071,677 
Services183,697 183,727 552,412 507,521 
Total revenue867,981 988,141 2,661,651 2,579,198 
Cost of goods sold:  
Products434,756 420,236 1,259,378 1,074,935 
Services92,446 93,355 275,526 259,403 
Total cost of goods sold527,202 513,591 1,534,904 1,334,338 
Gross profit340,779 474,550 1,126,747 1,244,860 
Operating expenses:  
Research and development150,025 146,225 457,758 389,212 
Selling and marketing105,880 114,924 344,700 322,589 
General and administrative41,121 48,863 131,191 132,491 
Significant asset impairments and restructuring costs7,692 9,789 20,203 23,865 
Amortization of intangible assets8,919 5,967 26,757 17,896 
Acquisition and integration costs35 259 598 860 
Total operating expenses313,672 326,027 981,207 886,913 
Income from operations27,107 148,523 145,540 357,947 
Interest and other income (loss), net366 795 4,860 (1,600)
Interest expense(12,642)(7,776)(33,275)(22,921)
Income before income taxes14,831 141,542 117,125 333,426 
Provision (benefit) for income taxes4,319 (96,690)21,868 (63,271)
Net income$10,512 $238,232 $95,257 $396,697 
Basic net income per common share$0.07 $1.53 $0.63 $2.55 
Diluted net income per potential common share$0.07 $1.52 $0.62 $2.53 
Weighted average basic common shares outstanding149,862 155,271 152,083 155,277 
Weighted average dilutive potential common shares outstanding150,463 156,744 153,209 156,742 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


3


CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
Quarter EndedNine Months Ended
 July 30July 31July 30July 31
 2022202120222021
Net income $10,512 $238,232 $95,257 $396,697 
Change in unrealized loss on available-for-sale securities, net of tax (79)(21)(2,184)(28)
Change in unrealized gain (loss) on foreign currency forward contracts, net of tax(91)(4,766)(6,776)5,667 
Change in unrealized gain (loss) on forward starting interest rate swaps, net of tax(1,613)1,620 9,425 5,650 
Change in cumulative translation adjustments(4,037)(6,823)(22,783)19,439 
Other comprehensive gain (loss)(5,820)(9,990)(22,318)30,728 
Total comprehensive income$4,692 $228,242 $72,939 $427,425 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


CIENA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
July 30,
2022
October 30,
2021
ASSETS 
Current assets: 
Cash and cash equivalents$859,687 $1,422,546 
Short-term investments321,823 181,483 
Accounts receivable, net of allowance for credit losses of $11.7 million and $10.9 million as of July 30, 2022 and October 30, 2021, respectively.
802,484 884,958 
Inventories, net826,673 374,265 
Prepaid expenses and other377,709 325,654 
Total current assets3,188,376 3,188,906 
Long-term investments77,723 70,038 
Equipment, building, furniture and fixtures, net281,690 284,968 
Operating right-of-use assets45,452 44,285 
Goodwill328,978 311,645 
Other intangible assets, net76,918 65,314 
Deferred tax asset, net797,924 800,180 
Other long-term assets103,721 99,891 
      Total assets$4,900,782 $4,865,227 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities: 
Accounts payable$439,229 $356,176 
Accrued liabilities and other short-term obligations301,589 409,285 
Deferred revenue147,808 118,007 
Operating lease liabilities19,786 18,632 
Current portion of long-term debt6,930 6,930 
Total current liabilities915,342 909,030 
Long-term deferred revenue61,845 57,457 
Other long-term obligations150,767 166,803 
Long-term operating lease liabilities42,639 41,564 
Long-term debt, net1,062,453 670,355 
Total liabilities$2,233,046 $1,845,209 
Commitments and contingencies (Note 22)
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; 148,293,357 and 154,858,981 shares issued and outstanding
1,483 1,549 
Additional paid-in capital6,378,007 6,803,162 
Accumulated other comprehensive income (loss)(21,879)439 
Accumulated deficit(3,689,875)(3,785,132)
Total stockholders’ equity2,667,736 3,020,018 
Total liabilities and stockholders’ equity$4,900,782 $4,865,227 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5


CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Nine Months Ended
 July 30July 31
 20222021
Cash flows provided by (used in) operating activities: 
Net income$95,257 $396,697 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements68,280 71,918 
Share-based compensation costs77,827 62,970 
Amortization of intangible assets36,521 27,341 
Deferred taxes(19,824)(139,543)
Provision for inventory excess and obsolescence12,038 13,460 
Provision for warranty12,416 12,726 
Other(442)6,350 
Changes in assets and liabilities: 
Accounts receivable74,478 (163,149)
Inventories(464,664)(38,821)
Prepaid expenses and other(39,805)(17,272)
Operating lease right-of-use assets12,504 12,340 
Accounts payable, accruals and other obligations(37,587)31,388 
Deferred revenue34,949 24,969 
Short- and long-term operating lease liabilities(15,197)(14,618)
Net cash provided by (used in) operating activities(153,249)286,756 
Cash flows used in investing activities: 
Payments for equipment, furniture, fixtures and intellectual property(66,908)(67,290)
Purchase of available-for-sale securities(614,333)(132,895)
Proceeds from maturities of available-for-sale securities460,000 122,063 
Settlement of foreign currency forward contracts, net4,450 7,326 
Purchase of cost method equity investments(8,000) 
Proceeds from sale of cost method equity investments 4,678 
Acquisition of business, net of cash acquired(62,043) 
Net cash used in investing activities(286,834)(66,118)
Cash flows used in financing activities: 
Proceeds from issuance of senior notes400,000  
Payment of long-term debt(3,465)(5,197)
Payment of debt issuance costs(5,159) 
Payment of finance lease obligations(2,555)(2,243)
Shares repurchased for tax withholdings on vesting of stock unit awards(41,280)(36,484)
Repurchases of common stock - repurchase program(487,792)(64,555)
Proceeds from issuance of common stock30,224 28,289 
Net cash used in financing activities(110,027)(80,190)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(12,780)1,344 
Net increase (decrease) in cash, cash equivalents and restricted cash(562,890)141,792 
Cash, cash equivalents and restricted cash at beginning of period1,422,604 1,088,708 
Cash, cash equivalents and restricted cash at end of period$859,714 $1,230,500 
Supplemental disclosure of cash flow information 
Cash paid during the period for interest$24,823 $22,392 
Cash paid during the period for income taxes, net$28,593 $46,165 
Operating lease payments$16,342 $16,162 
Non-cash investing and financing activities 
Purchase of equipment in accounts payable$9,320 $5,517 
Repurchase of common stock in accrued liabilities from repurchase program$5,000 $800 
Operating right-of-use assets subject to lease liability $8,226 $4,182 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
Common Stock
Shares
Par ValueAdditional
Paid-in-Capital
Accumulated Other
Comprehensive Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity
Balance at October 30, 2021154,858,981 $1,549 $6,803,162 $439 $(3,785,132)$3,020,018 
Net income— — — — 95,257 95,257 
Other comprehensive loss— — — (22,318)— (22,318)
Repurchase of common stock - repurchase program(8,279,710)(83)(491,909)— — (491,992)
Issuance of shares from employee equity plans2,359,326 23 30,201 — — 30,224 
Share-based compensation expense— — 77,827 — — 77,827 
Shares repurchased for tax withholdings on vesting of stock unit awards(645,240)(6)(41,274)— — (41,280)
Balance at July 30, 2022148,293,357 $1,483 $6,378,007 $(21,879)$(3,689,875)$2,667,736 
Common Stock
Shares
Par ValueAdditional
Paid-in-Capital
Accumulated Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity
Balance at October 31, 2020154,563,005 $1,546 $6,826,531 $(35,358)$(4,283,122)$2,509,597 
Net income— — — — 396,697 396,697 
Other comprehensive income— — — 30,728 — 30,728 
Repurchase of common stock - repurchase program(1,203,439)(12)(65,343)— — (65,355)
Issuance of shares from employee equity plans2,430,224 24 28,265 — — 28,289 
Share-based compensation expense— — 62,970 — — 62,970 
Shares repurchased for tax withholdings on vesting of stock unit awards(686,475)(7)(36,477)— — (36,484)
Effect of adoption of new accounting standard— — — — (2,206)(2,206)
Balance at July 31, 2021155,103,315 $1,551 $6,815,946 $(4,630)$(3,888,631)$2,924,236 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7


CIENA CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(1) INTERIM FINANCIAL STATEMENTS
The interim financial statements included herein for Ciena Corporation and its wholly owned subsidiaries (“Ciena”) have been prepared by Ciena, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires Ciena to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. The inputs into certain of Ciena’s judgments, assumptions, and estimates reflect, among other things, the information available to Ciena regarding the economic implications of the COVID-19 pandemic, and expectations as to its impact on Ciena’s business. Among other things, these estimates form the basis for judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. To the extent that there are material differences between Ciena’s estimates and actual results, Ciena’s consolidated financial statements will be affected. In addition, because the duration and severity of COVID-19 pandemic are uncertain, certain of these estimates could require further judgment or modification and therefore carry a higher degree of variability and volatility. As events continue to evolve, Ciena’s estimates may change materially in future periods.
In the opinion of management, the financial statements included in this report reflect all normal recurring adjustments that Ciena considers necessary for the fair statement of the results of operations of Ciena for the interim periods covered and of the financial position of Ciena at the date of the interim balance sheets. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The Condensed Consolidated Balance Sheet as of October 30, 2021 was derived from audited financial statements, but does not include all disclosures required by GAAP. However, Ciena believes that the disclosures are adequate to understand the information presented herein. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. These financial statements should be read in conjunction with Ciena’s audited consolidated financial statements and the notes thereto included in Ciena’s annual report on Form 10-K for fiscal 2021 (the “2021 Annual Report”).
Ciena has a 52 or 53-week fiscal year, with quarters ending on the Saturday nearest to the last day of January, April, July and October, respectively, of each year. Fiscal 2022 and 2021 are 52-week fiscal years.

(2) SIGNIFICANT ACCOUNTING POLICIES
Except for the changes in certain policies described below, there have been no material changes to Ciena’s significant accounting policies, compared to the accounting policies described in Note 1 above, Ciena Corporation and Significant Accounting Policies and Estimates, in Notes to Consolidated Financial Statements in Item 8 of Part II of the 2021 Annual Report.

Newly Issued Accounting Standards - Effective

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2019-12 (“ASU 2019-12”), Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and amending existing guidance. Most amendments within this standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. ASU 2019-12 was effective for Ciena beginning in the first quarter of fiscal 2022. Ciena adopted ASU 2019-12 beginning in the first quarter of fiscal 2022 without any material impact on its financial position and results of operations.

In November 2021, the FASB issued ASU No. 2021-10 (“ASU 2021-10”), Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 was effective for annual periods beginning after December 15, 2021. Early adoption was permitted. Ciena adopted ASU 2021-10 in the first quarter of fiscal 2022 without any material impact on its financial position and results of operations.

In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional guidance on contract
8


modifications and hedging accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU No. 2021-01, which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate activities. The new guidance was effective upon issuance and may be applied prospectively through December 31, 2022. Ciena adopted Topic 848 beginning in the first quarter of fiscal 2022 without any material impact on its financial position and results of operations.

Newly Issued Accounting Standards - Not Yet Effective

In October 2021, the FASB issued ASU No. 2021-08 (“ASU 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers to improve the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. Ciena is currently evaluating the impact of this ASU on its condensed consolidated financial statements and related disclosures.

(3)REVENUE
Disaggregation of Revenue

Ciena’s disaggregated revenue as presented below depicts the nature, amount, and timing of revenue and cash flows for similar groupings of Ciena’s various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies may differ across Ciena’s product lines, resulting in different economic risk profiles for each line.

The tables below set forth Ciena’s disaggregated revenue for the respective periods (in thousands):
Quarter Ended July 30, 2022
Networking PlatformsPlatform Software and ServicesBlue Planet Automation Software and ServicesGlobal ServicesTotal
Product lines:
Converged Packet Optical
$563,837 $ $ $ $563,837 
Routing and Switching100,741    100,741 
Platform Software and Services
 63,483   63,483 
Blue Planet Automation Software and Services
  17,342  17,342 
Maintenance Support and Training
   72,760 72,760 
Installation and Deployment
   38,704 38,704 
Consulting and Network Design
   11,114 11,114 
Total revenue by product line
$664,578 $63,483 $17,342 $122,578 $867,981 
Timing of revenue recognition:
Products and services at a point in time
$664,578 $15,230 $4,632 $9,408 $693,848 
Services transferred over time 48,253 12,710 113,170 174,133 
Total revenue by timing of revenue recognition
$664,578 $63,483 $17,342 $122,578 $867,981 





9


Quarter Ended July 31, 2021
Networking PlatformsPlatform Software and ServicesBlue Planet Automation Software and ServicesGlobal ServicesTotal
Product lines:
Converged Packet Optical
$712,906 $ $ $ $712,906 
Routing and Switching69,698    69,698 
Platform Software and Services
 56,945   56,945 
Blue Planet Automation Software and Services
  16,607  16,607 
Maintenance Support and Training
   74,006 74,006 
Installation and Deployment
   46,653 46,653 
Consulting and Network Design
   11,326 11,326 
Total revenue by product line
$782,604 $56,945 $16,607 $131,985 $988,141 
Timing of revenue recognition:
Products and services at a point in time
$782,604 $17,928 $4,558 $6,508 $811,598 
Services transferred over time
 39,017 12,049 125,477 176,543 
Total revenue by timing of revenue recognition
$782,604 $56,945 $16,607 $131,985 $988,141 


Nine Months Ended July 30, 2022
Networking PlatformsPlatform Software and ServicesBlue Planet Automation Software and ServicesGlobal ServicesTotal
Product lines:
Converged Packet Optical
$1,730,066 $ $ $ $1,730,066 
Routing and Switching295,638    295,638 
Platform Software and Services
 205,557   205,557 
Blue Planet Automation Software and Services
  55,334