Ciena Reports Fiscal Second Quarter 2023 Financial Results

HANOVER, Md.--()--Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal second quarter ended April 29, 2023.

  • Q2 Revenue: $1.13 billion
  • Q2 Net Income per Share: $0.38 GAAP; $0.74 adjusted (non-GAAP)

"We delivered outstanding results for the fiscal second quarter as we were able to ship more to customers with continued improvements in supply chain dynamics," said Gary Smith, president and CEO of Ciena. "We are confident in our ability to take market share given our backlog and strategic industry position with market-leading technologies and an expanding addressable market."

For fiscal second quarter 2023, Ciena reported revenue of $1.13 billion as compared to $949.2 million for the fiscal second quarter 2022.

Ciena's GAAP net income for the fiscal second quarter 2023 was $57.7 million, or $0.38 per diluted common share, which compares to a GAAP net income of $38.9 million, or $0.25 per diluted common share, for the fiscal second quarter 2022.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2023 was $110.4 million, or $0.74 per diluted common share, which compares to an adjusted (non-GAAP) net income of $76.4 million, or $0.50 per diluted common share, for the fiscal second quarter 2022.

Fiscal Second Quarter 2023 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 (unaudited)

 

Q2

 

Q2

 

Period Change

FY 2023

 

FY 2022

 

Y-T-Y*

Revenue

$

1,132.7

 

 

$

949.2

 

 

19.3

%

Gross margin

 

43.1

%

 

 

42.3

%

 

0.8

%

Operating expense

$

384.9

 

 

$

343.4

 

 

12.1

%

Operating margin

 

9.1

%

 

 

6.2

%

 

2.9

%

Non-GAAP Results (unaudited)

 

Q2

 

Q2

 

Period Change

 

FY 2023

 

FY 2022

 

Y-T-Y*

Revenue

$

1,132.7

 

 

$

949.2

 

 

19.3

%

Adj. gross margin

 

43.7

%

 

 

43.0

%

 

0.7

%

Adj. operating expense

$

338.1

 

 

$

301.1

 

 

12.3

%

Adj. operating margin

 

13.8

%

 

 

11.3

%

 

2.5

%

Adj. EBITDA

$

180.6

 

 

$

129.3

 

 

39.7

%

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

Revenue by Segment (unaudited)

Q2 FY 2023

Q2 FY 2022

Revenue

%**

Revenue

%**

Networking Platforms

Converged Packet Optical

$

784.5

69.3

$

625.3

65.8

Routing and Switching

 

130.4

11.5

 

109.2

11.5

Total Networking Platforms

 

914.9

80.8

 

734.5

77.3

 

 

 

 

 

Platform Software and Services

 

69.4

6.1

 

69.1

7.3

 

 

 

 

 

Blue Planet Automation Software and Services

 

20.6

1.8

 

16.9

1.8

 

 

 

 

 

Global Services

 

 

 

 

Maintenance Support and Training

 

73.2

6.5

 

74.0

7.8

Installation and Deployment

 

39.5

3.5

 

41.4

4.4

Consulting and Network Design

 

15.1

1.3

 

13.3

1.4

Total Global Services

 

127.8

11.3

 

128.7

13.6

 

 

 

 

 

Total

$

1,132.7

100.0

$

949.2

100.0

** Denotes % of total revenue

Additional Performance Metrics for Fiscal Second Quarter 2023

Revenue by Geographic Region (unaudited)

Q2 FY 2023

Q2 FY 2022

 

Revenue

 

% **

 

Revenue

% **

Americas

$

794.4

 

70.1

 

$

700.8

73.8

Europe, Middle East and Africa

 

173.4

 

15.3

 

 

145.1

15.3

Asia Pacific

 

164.9

 

14.6

 

 

103.3

10.9

Total

$

1,132.7

 

100.0

 

$

949.2

100.0

** Denotes % of total revenue

 

 

 

 

 

 

  • One customer represented 10%-plus of revenue for a total of 10.9% of revenue
  • Cash and investments totaled $1.34 billion
  • Cash flow from operations totaled $229.8 million
  • Average days' sales outstanding (DSOs) were 97
  • Accounts receivable, net balance was $1.04 billion
  • Unbilled contract assets, net balance was $180.0 million
  • Inventories totaled $1.10 billion, including:
    • Raw materials: $753.4 million
    • Work in process: $20.9 million
    • Finished goods: $308.0 million
    • Deferred cost of sales: $58.1 million
    • Reserve for excess and obsolescence: $(42.3) million
  • Product inventory turns were 2.0
  • Headcount totaled 8,385

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Second Quarter 2023 Results Today, Tuesday, June 6, 2023, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal second quarter 2023 results.

Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's 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, Securities and Exchange Commission ("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 outstanding results for the fiscal second quarter as we were able to ship more to customers with continued improvements in supply chain dynamics, We are confident in our ability to take market share given our backlog and strategic industry position with market-leading technologies and an expanding addressable market."

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; our ability to execute our business and growth strategies; the impact of supply chain constraints or disruptions; the duration and severity of the COVID-19 pandemic and the impact of countermeasures taken to mitigate its spread on macroeconomic conditions, economic activity, demand for our technology solutions, short- and long-term changes in customer or end user needs, continuity of supply chain, our business operations, liquidity and financial results; changes in network spending or network strategy by our 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; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical events, including but not limited to

the ongoing conflict between Ukraine and Russia, and public health emergencies; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena’s Annual Report on Form 10-K filed with the SEC on December 16, 2022 and included in its Quarterly Report on Form 10-Q for the second quarter of fiscal 2023 to be filed with the SEC. 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, Appendices 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 networking systems, services and software company. We provide solutions that help our customers create the Adaptive Network™ in response to the constantly changing demands of their users. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. 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

Six Months Ended

 

April 29,

2023

April 30,

2022

April 29,

2023

April 30,

2022

Revenue:

 

 

 

 

Products

$

935,330

 

$

759,948

 

$

1,813,045

 

$

1,424,955

 

Services

 

197,325

 

 

189,279

 

 

376,131

 

 

368,715

 

Total revenue

 

1,132,655

 

 

949,227

 

 

2,189,176

 

 

1,793,670

 

Cost of goods sold:

 

 

 

 

Products

 

541,883

 

 

452,057

 

 

1,042,220

 

 

824,622

 

Services

 

103,089

 

 

95,389

 

 

203,327

 

 

183,080

 

Total cost of goods sold

 

644,972

 

 

547,446

 

 

1,245,547

 

 

1,007,702

 

Gross profit

 

487,683

 

 

401,781

 

 

943,629

 

 

785,968

 

Operating expenses:

 

 

 

 

Research and development

 

189,993

 

 

159,324

 

 

371,723

 

 

307,733

 

Selling and marketing

 

125,083

 

 

119,939

 

 

248,890

 

 

238,820

 

General and administrative

 

50,939

 

 

45,572

 

 

101,835

 

 

90,070

 

Significant asset impairments and restructuring costs

 

8,153

 

 

9,102

 

 

12,451

 

 

12,511

 

Amortization of intangible assets

 

9,845

 

 

8,920

 

 

17,286

 

 

17,838

 

Acquisition and integration costs

 

857

 

 

495

 

 

3,415

 

 

563

 

Total operating expenses

 

384,870

 

 

343,352

 

 

755,600

 

 

667,535

 

Income from operations

 

102,813

 

 

58,429

 

 

188,029

 

 

118,433

 

Interest and other income, net

 

8,551

 

 

808

 

 

40,524

 

 

4,494

 

Interest expense

 

(23,889

)

 

(11,985

)

 

(39,759

)

 

(20,633

)

Income before income taxes

 

87,475

 

 

47,252

 

 

188,794

 

 

102,294

 

Provision for income taxes

 

29,821

 

 

8,330

 

 

54,899

 

 

17,549

 

Net income

$

57,654

 

$

38,922

 

$

133,895

 

$

84,745

 

 

 

 

 

 

Net Income per Common Share

 

 

 

 

Basic net income per common share

$

0.39

 

$

0.26

 

$

0.90

 

$

0.55

 

Diluted net income per potential common share

$

0.38

 

$

0.25

 

$

0.89

 

$

0.55

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

149,616

 

 

152,197

 

 

149,351

 

 

153,179

 

Weighted average dilutive potential common shares outstanding 1

 

150,147

 

 

153,344

 

 

149,852

 

 

154,580

 

1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 0.5 million shares for both the second quarter and first six months of fiscal 2023; and (ii) 1.1 million and 1.4 million shares for the second quarter and first six months of fiscal 2022, respectively.

CIENA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)

April 29,
2023

October 29,
2022

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

1,167,695

 

$

994,352

 

Short-term investments

 

150,464

 

 

153,989

 

Accounts receivable, net

 

1,036,688

 

 

920,772

 

Inventories

 

1,098,092

 

 

946,730

 

Prepaid expenses and other

 

415,687

 

 

370,053

 

Total current assets

 

3,868,626

 

 

3,385,896

 

Long-term investments

 

25,237

 

 

35,385

 

Equipment, building, furniture and fixtures, net

 

278,344

 

 

267,779

 

Operating lease right-of-use assets

 

41,119

 

 

45,108

 

Goodwill

 

446,364

 

 

328,322

 

Other intangible assets, net

 

231,314

 

 

69,517

 

Deferred tax asset, net

 

795,051

 

 

824,008

 

Other long-term assets

 

89,583

 

 

113,617

 

Total assets

$

5,775,638

 

$

5,069,632

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

Accounts payable

$

444,769

 

$

516,047

 

Accrued liabilities and other short-term obligations

 

380,969

 

 

360,782

 

Deferred revenue

 

202,818

 

 

137,899

 

Operating lease liabilities

 

17,443

 

 

18,925

 

Current portion of long-term debt

 

11,930

 

 

6,930

 

Total current liabilities

 

1,057,929

 

 

1,040,583

 

Long-term deferred revenue

 

67,807

 

 

62,336

 

Other long-term obligations

 

154,870

 

 

150,335

 

Long-term operating lease liabilities

 

39,979

 

 

42,392

 

Long-term debt, net

 

1,546,400

 

 

1,061,125

 

Total liabilities

$

2,866,985

 

$

2,356,771

 

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; 149,498,465 and 148,412,943 shares issued and outstanding

 

1,495

 

 

1,484

 

Additional paid-in capital

 

6,445,247

 

 

6,390,252

 

Accumulated other comprehensive loss

 

(39,754

)

 

(46,645

)

Accumulated deficit

 

(3,498,335

)

 

(3,632,230

)

Total stockholders’ equity

 

2,908,653

 

 

2,712,861

 

Total liabilities and stockholders’ equity

$

5,775,638

 

$

5,069,632

 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

Six Months Ended

 

April 29,

2023

April 30,

2022

Cash flows provided by (used in) operating activities:

 

 

Net income

$

133,895

 

$

84,745

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements

45,903

46,030

Share-based compensation expense

 

62,372

 

 

50,970

 

Amortization of intangible assets

 

23,600

 

 

24,463

 

Deferred taxes

 

(2,134

)

 

(13,474

)

Provision for inventory excess and obsolescence

 

12,691

 

 

8,487

 

Provision for warranty

 

13,577

 

 

7,228

 

Gain on cost method equity investment

 

(26,455

)

 

(4,120

)

Other

 

11,331

 

 

(1,713

)

Changes in assets and liabilities:

 

 

Accounts receivable

 

(116,914

)

 

104,455

 

Inventories

 

(162,143

)

 

(171,056

)

Prepaid expenses and other

 

(41,511

)

 

(36,673

)

Operating lease right-of-use assets

 

7,644

 

 

8,222

 

Accounts payable, accruals and other obligations

 

(55,754

)

 

(88,960

)

Deferred revenue

 

68,818

 

 

43,753

 

Short and long-term operating lease liabilities

 

(10,748

)

 

(10,216

)

Net cash provided by (used in) operating activities

 

(35,828

)

 

52,141

 

Cash flows used in investing activities:

 

 

Payments for equipment, furniture, fixtures and intellectual property

 

(58,034

)

 

(45,249

)

Purchases of investments

 

(106,245

)

 

(461,553

)

Proceeds from sales and maturities of investments

 

123,251

 

 

90,005

 

Settlement of foreign currency forward contracts, net

 

(6,194

)

 

3,708

 

Purchase of cost method equity investments

 

 

 

(8,000

)

Acquisition of business, net of cash acquired

 

(230,048

)

 

(62,043

)

Net cash used in investing activities

 

(277,270

)

 

(483,132

)

Cash flows provided by financing activities:

 

 

Proceeds from issuance of senior notes

 

 

 

400,000

 

Proceeds from issuance of term loan, net

 

497,500

 

 

 

Payment of long term debt

 

(3,465

)

 

(3,465

)

Payment of debt issuance costs

 

(5,230

)

 

(5,145

)

Payment of finance lease obligations

 

(1,864

)

 

(1,635

)

Shares repurchased for tax withholdings on vesting of stock unit awards

 

(22,022

)

 

(35,004

)

Repurchases of common stock - repurchase program

 

 

 

(332,794

)

Proceeds from issuance of common stock

 

14,656

 

 

15,185

 

Net cash provided by financing activities

 

479,575

 

 

37,142

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

6,867

 

 

(8,807

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

173,344

 

 

(402,656

)

Cash, cash equivalents and restricted cash at beginning of period

 

994,378

 

 

1,422,604

 

Cash, cash equivalents and restricted cash at end of period

$

1,167,722

 

$

1,019,948

 

Supplemental disclosure of cash flow information

 

 

Cash paid during the period for interest

$

37,514

 

$

16,809

 

Cash paid during the period for income taxes, net

$

24,218

 

$

17,905

 

Operating lease payments

$

11,689

 

$

10,917

 

Non-cash investing and financing activities

 

 

Purchase of equipment in accounts payable

$

4,618

 

$

8,093

 

Repurchase of common stock in accrued liabilities from repurchase program

$

 

$

5,000

 

Operating right-of-use assets subject to lease liability

$

6,177

 

$

3,589

 

Gain on cost method equity investment

$

26,455

$

4,120

 

APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements

(in thousands, except per share data) (unaudited)

 

Quarter Ended

 

April 29,

2023

April 30,

2022

Gross Profit Reconciliation (GAAP/non-GAAP)

 

 

GAAP gross profit

$

487,683

 

$

401,781

 

Share-based compensation-products

 

1,155

 

 

1,058

 

Share-based compensation-services

 

2,659

 

 

1,943

 

Amortization of intangible assets

 

3,431

 

 

3,313

 

Total adjustments related to gross profit

 

7,245

 

 

6,314

 

Adjusted (non-GAAP) gross profit

$

494,928

 

$

408,095

 

Adjusted (non-GAAP) gross profit percentage

 

43.7

%

 

43.0

%

 

 

 

Operating Expense Reconciliation (GAAP/non-GAAP)

 

 

GAAP operating expense

$

384,870

 

$

343,352

 

Share-based compensation-research and development

 

10,731

 

 

8,309

 

Share-based compensation-sales and marketing

 

8,755

 

 

8,061

 

Share-based compensation-general and administrative

 

8,468

 

 

7,334

 

Significant asset impairments and restructuring costs

 

8,153

 

 

9,102

 

Amortization of intangible assets

 

9,845

 

 

8,920

 

Acquisition and integration costs

 

857

 

 

495

 

Total adjustments related to operating expense

 

46,809

 

 

42,221

 

Adjusted (non-GAAP) operating expense

$

338,061

 

$

301,131

 

 

 

 

Income from Operations Reconciliation (GAAP/non-GAAP)

 

 

GAAP income from operations

$

102,813

 

$

58,429

 

Total adjustments related to gross profit

 

7,245

 

 

6,314

 

Total adjustments related to operating expense

 

46,809

 

 

42,221

 

Total adjustments related to income from operations

 

54,054

 

 

48,535

 

Adjusted (non-GAAP) income from operations

$

156,867

 

$

106,964

 

Adjusted (non-GAAP) operating margin percentage

 

13.8

%

 

11.3

%

 

 

 

Net Income Reconciliation (GAAP/non-GAAP)

 

 

GAAP net income

$

57,654

 

$

38,922

 

Exclude GAAP provision for income taxes

 

29,821

 

 

8,330

 

Income before income taxes

 

87,475

 

 

47,252

 

Total adjustments related to income from operations

 

54,054

 

 

48,535

 

Adjusted income before income taxes

 

141,529

 

 

95,787

 

Non-GAAP tax provision on adjusted income before income taxes

 

31,136

 

 

19,349

 

Adjusted (non-GAAP) net income

$

110,393

 

$

76,438

 

 

 

 

Weighted average basic common shares outstanding

 

149,616

 

 

152,197

 

Weighted average dilutive potential common shares outstanding 1

 

150,147

 

 

153,344

 

 

 

 

Net Income per Common Share

 

 

GAAP diluted net income per potential common share

$

0.38

 

$

0.25

 

Adjusted (non-GAAP) diluted net income per potential common share

$

0.74

 

$

0.50

1 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 0.5 million for the second quarter of fiscal 2023; and (ii) 1.1 million for the second quarter of fiscal 2022.

APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited)

(in thousands) (unaudited)

 

Quarter Ended

 

April 29,

2023

April 30,

2022

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)

 

 

Net income (GAAP)

$

57,654

$

38,922

Add: Interest expense

 

23,889

 

11,985

Less: Interest and other income, net

 

8,551

 

808

Add: Provision for income taxes

 

29,821

 

8,330

Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements

 

 

 

23,695

 

 

 

22,377

Add: Amortization of intangible assets

 

13,275

 

12,233

EBITDA

$

139,783

$

93,039

Add: Share-based compensation cost

 

31,768

 

26,673

Add: Significant asset impairments and restructuring costs

 

8,153

 

9,102

Add: Acquisition and integration costs

 

857

 

495

Adjusted EBITDA

$

180,561

$

129,309

* * *

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.
  • Significant asset impairments and restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities, and the redesign of business processes including restructuring certain real estate facilities.
  • 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.
  • Acquisition and integration costs - primarily consist of financial, legal and accounting advisors' costs and employment-related costs related to Ciena's acquisitions in fiscal 2022 and fiscal 2023.
  • 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 22.0% for the second fiscal quarter of 2023 and 20.2% for the second fiscal quarter of 2022. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

 

Contacts

Press Contact:
Jamie Moody
Ciena Corporation
+1 (410) 694-5761
pr@ciena.com

Investor Contact:
Gregg Lampf
Ciena Corporation
+1 (877) 243-6273
ir@ciena.com

Release Summary

Ciena® Corporation, a networking systems, services and software company, announced financial results for fiscal second quarter ended April 29, 2023

Contacts

Press Contact:
Jamie Moody
Ciena Corporation
+1 (410) 694-5761
pr@ciena.com

Investor Contact:
Gregg Lampf
Ciena Corporation
+1 (877) 243-6273
ir@ciena.com