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Ciena Reports Fiscal First Quarter 2020 Financial Results

March 5, 2020 GMT

HANOVER, Md.--(BUSINESS WIRE)--Mar 5, 2020--

Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 31, 2020.

  • Q1 Revenue: $832.9 million, increasing 7.0% year over year

  • Q1 Net Income per Share: $0.40 GAAP; $0.52 adjusted (non-GAAP)

  • Share Repurchases: Repurchased approximately 1.3 million shares of common stock for an aggregate price of $50.7 million during the quarter

“We began fiscal 2020 with another quarter of outstanding financial performance, including 7% year-over-year revenue growth and robust operating results,” said Gary Smith, President and CEO, Ciena. “We are well-positioned to continue gaining share by leveraging our financial strength, global scale, diversification and increasing technology leadership.”

For the fiscal first quarter 2020, Ciena reported revenue of $832.9 million as compared to $778.5 million for the fiscal first quarter 2019.

Ciena’s GAAP net income for the fiscal first quarter 2020 was $62.3 million, or $0.40 per diluted common share, which compares to a GAAP net income of $33.6 million, or $0.21 per diluted common share, for the fiscal first quarter 2019.

Ciena’s adjusted (non-GAAP) net income for the fiscal first quarter 2020 was $81.7 million, or $0.52 per diluted common share, which compares to an adjusted (non-GAAP) net income of $52.8 million, or $0.33 per diluted common share, for the fiscal first quarter 2019.

Fiscal First Quarter 2020 Performance Summary

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

 

 

GAAP Results

 

 

Q1

 

Q1

 

 

 

 

FY 2020

 

FY 2019

 

Y-T-Y*

Revenue

 

$

832.9

 

 

$

778.5

 

 

7.0

%

Gross margin

 

44.5

%

 

41.5

%

 

3.0

%

Operating expense

 

$

292.6

 

 

$

275.4

 

 

6.2

%

Operating margin

 

9.4

%

 

6.2

%

 

3.2

%

 

 

Non-GAAP Results

 

 

Q1

 

Q1

 

 

 

 

FY 2020

 

FY 2019

 

Y-T-Y*

Revenue

 

$

832.9

 

 

$

778.5

 

 

7.0

%

Adj. gross margin

 

45.1

%

 

42.2

%

 

2.9

%

Adj. operating expense

 

$

266.4

 

 

$

253.6

 

 

5.0

%

Adj. operating margin

 

13.1

%

 

9.6

%

 

3.5

%

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

 

 

Revenue by Segment

 

 

Q1 FY 2020

 

Q1 FY 2019

 

 

Revenue

 

%**

 

Revenue

 

%**

Networking Platforms

 

 

 

 

 

 

 

 

Converged Packet Optical

 

$

591.5

 

 

71.0

 

 

$

548.9

 

 

70.5

 

Packet Networking

 

67.5

 

 

8.1

 

 

71.6

 

 

9.2

 

Total Networking Platforms

 

659.0

 

 

79.1

 

 

620.5

 

 

79.7

 

 

 

 

 

 

 

 

 

 

Platform Software and Services

 

51.9

 

 

6.2

 

 

41.6

 

 

5.3

 

 

 

 

 

 

 

 

 

 

Blue Planet Automation Software and Services

 

15.5

 

 

1.9

 

 

15.0

 

 

1.9

 

 

 

 

 

 

 

 

 

 

Global Services

 

 

 

 

 

 

 

 

Maintenance Support and Training

 

61.8

 

 

7.4

 

 

61.3

 

 

8.0

 

Installation and Deployment

 

34.9

 

 

4.2

 

 

30.6

 

 

3.9

 

Consulting and Network Design

 

9.8

 

 

1.2

 

 

9.5

 

 

1.2

 

Total Global Services

 

106.5

 

 

12.8

 

 

101.4

 

 

13.1

 

 

 

 

 

 

 

 

 

 

Total

 

$

832.9

 

 

100.0

 

 

$

778.5

 

 

100.0

 

Additional Performance Metrics for Fiscal First Quarter 2020

 

 

Revenue by Geographic Region

 

 

Q1 FY 2020

 

Q1 FY 2019

 

 

Revenue

 

% **

 

Revenue

 

% **

Americas

 

$

574.0

 

 

68.9

 

 

$

516.4

 

 

66.3

 

Europe, Middle East and Africa

 

130.0

 

 

15.6

 

 

129.2

 

 

16.6

 

Asia Pacific

 

128.9

 

 

15.5

 

 

132.9

 

 

17.1

 

Total

 

$

832.9

 

 

100.0

 

 

$

778.5

 

 

100.0

 

** Denotes % of total revenue

  • Two 10%-plus customers represented a total of 24% of revenue
  • Cash and investments totaled $957.4 million
  • Cash flow from operations totaled $39.8 million
  • Average days’ sales outstanding (DSOs) were 80
  • Accounts receivable balance was $655.1 million
  • Unbilled contract asset balance was $83.7 million
  • Inventories totaled $342.7 million, including:
    • Raw materials: $106.5 million
    • Work in process: $11.7 million
    • Finished goods: $219.9 million
    • Deferred cost of sales: $49.3 million
    • Reserve for excess and obsolescence: $(44.7) million
  • Product inventory turns were 4.5
  • Headcount totaled 6,588

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2020 Results

Today, Thursday, March 5, 2020, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website an accompanying investor presentation for its unaudited fiscal first quarter 2020 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, 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 began fiscal 2020 with another quarter of outstanding financial performance, including 7% year-over-year revenue growth and robust operating results. We are well-positioned to continue gaining share by leveraging our financial strength, global scale, diversification and increasing technology leadership.”

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; factors beyond our control such as natural disasters, pandemics, or a widespread health epidemic, such as the outbreak of the 2019 novel coronavirus; the impact of the Tax Cuts and Jobs Act; changes in tax or trade regulations, including the imposition of tariffs and duties; 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 its Annual Report on Form 10-K filed with the SEC on December 20, 2019 and included in its Quarterly Report on Form 10-Q for the current quarter. 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 clients 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 January 31,

 

2020

 

2019

Revenue:

 

 

 

Products

$

687,215

 

 

$

642,532

 

Services

145,697

 

 

135,995

 

Total revenue

832,912

 

 

778,527

 

Cost of goods sold:

 

 

 

Products

389,013

 

 

380,442

 

Services

73,364

 

 

74,744

 

Total cost of goods sold

462,377

 

 

455,186

 

Gross profit

370,535

 

 

323,341

 

Operating expenses:

 

 

 

Research and development

130,900

 

 

128,633

 

Selling and marketing

107,066

 

 

98,113

 

General and administrative

42,468

 

 

39,243

 

Amortization of intangible assets

5,853

 

 

5,528

 

Significant asset impairments and restructuring costs

4,472

 

 

2,273

 

Acquisition and integration costs

1,819

 

 

1,608

 

Total operating expenses

292,578

 

 

275,398

 

Income from operations

77,957

 

 

47,943

 

Interest and other income, net

3,646

 

 

4,253

 

Interest expense

(8,815

)

 

(9,441

)

Loss on extinguishment and modification of debt

(646

)

 

 

Income before income taxes

72,142

 

 

42,755

 

Provision for income taxes

9,814

 

 

9,139

Net income

$

62,328

 

 

$

33,616

 

 

 

 

 

Net Income per Common Share

 

 

 

Basic net income per common share

$

0.40

 

 

$

0.22

 

Diluted net income per potential common share

$

0.40

 

 

$

0.21

 

 

 

 

 

Weighted average basic common shares outstanding

154,334

 

 

156,314

 

Weighted average dilutive potential common shares outstanding 1

155,738

 

 

158,174

 

1. Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first quarter of fiscal 2020 includes 1.4 million shares underlying certain stock options and stock unit awards.

Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first quarter of fiscal 2019 includes 1.9 million shares underlying certain stock options and stock unit awards.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 

 

January 31,
2020

 

October 31,
2019

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

837,286

 

 

$

904,045

 

Short-term investments

110,067

 

 

109,940

 

Accounts receivable, net

655,105

 

 

724,854

 

Inventories

342,673

 

 

345,049

 

Prepaid expenses and other

321,313

 

 

297,914

 

Total current assets

2,266,444

 

 

2,381,802

 

Long-term investments

10,076

 

 

10,014

 

Equipment, building, furniture and fixtures, net

277,739

 

 

286,884

 

Operating lease right-of-use assets

50,148

 

 

 

Goodwill

310,913

 

 

297,937

 

Other intangible assets, net

125,640

 

 

112,781

 

Deferred tax asset, net

699,439

 

 

714,942

 

Other long-term assets

90,488

 

 

88,986

 

Total assets

$

3,830,887

 

 

$

3,893,346

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

311,748

 

 

$

344,819

 

Accrued liabilities and other short-term obligations

273,305

 

 

382,740

 

Deferred revenue

122,410

 

 

111,381

 

Operating lease liabilities

18,623

 

 

 

Current portion of long-term debt

7,000

 

 

7,000

 

Total current liabilities

733,086

 

 

845,940

 

Long-term deferred revenue

44,425

 

 

45,492

 

Other long-term obligations

125,607

 

 

148,747

 

Long-term operating lease liabilities

53,333

 

 

 

Long-term debt, net

680,786

 

 

680,406

 

Total liabilities

$

1,637,237

 

 

$

1,720,585

 

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; 153,946,833
and 154,403,850 shares issued and outstanding

1,539

 

 

1,544

 

Additional paid-in capital

6,801,907

 

 

6,837,714

 

Accumulated other comprehensive loss

(27,711

)

 

(22,084

)

Accumulated deficit

(4,582,085

)

 

(4,644,413

)

Total stockholders’ equity

2,193,650

 

 

2,172,761

 

Total liabilities and stockholders’ equity

$

3,830,887

 

 

$

3,893,346

  

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

 

 

Three Months Ended January 31,

 

2020

 

2019

Cash flows provided by (used in) operating activities:

 

 

 

Net income

$

62,328

 

 

$

33,616

 

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

25,782

 

 

21,513

 

Share-based compensation costs

15,602

 

 

13,755

 

Amortization of intangible assets

9,687

 

 

8,947

 

Deferred taxes

10,788

 

 

5,037

 

Provision for inventory excess and obsolescence

6,699

 

 

4,673

 

Provision for warranty

7,898

 

 

3,891

 

Other

4,540

 

 

3,356

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

64,938

 

 

38,544

 

Inventories

(4,481

)

 

(67,555

)

Prepaid expenses and other

(29,792

)

 

1,133

 

Operating lease right-of-use assets

4,176

 

 

 

Accounts payable, accruals and other obligations

(142,229

)

 

(76,351

)

Deferred revenue

8,926

 

 

(4,664

)

Short and long-term operating lease liabilities

(5,098

)

 

 

Net cash provided by (used in) operating activities

39,764

 

 

(14,105

)

Cash flows provided by (used in) investing activities:

 

 

 

Payments for equipment, furniture, fixtures and intellectual property

(26,820

)

 

(15,345

)

Purchase of available for sale securities

(29,733

)

 

(68,516

)

Proceeds from maturities of available for sale securities

30,000

 

 

60,000

 

Proceeds from sales of available for sale securities

 

 

98,265

 

Settlement of foreign currency forward contracts, net

(73

)

 

(4,650

)

Acquisition of business, net of cash acquired

(28,300

)

 

 

Purchase of equity investment

 

 

(333

)

Net cash provided by (used in) investing activities

(54,926

)

 

69,421

 

Cash flows used in financing activities:

 

 

 

Payment of long term debt

 

 

(1,750

)

Payment of debt issuance costs

(382

)

 

 

Payment of finance lease obligations

(722

)

 

(758

)

Payment for debt conversion liability

 

 

(111,268

)

Shares repurchased for tax withholdings on vesting of restricted stock units

(12,572

)

 

(10,026

)

Repurchases of common stock - repurchase program

(49,203

)

 

(19,721

)

Proceeds from issuance of common stock

11,862

 

 

10,899

 

Net cash used in financing activities

(51,017

)

 

(132,624

)

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

(643

)

 

695

 

Net decrease in cash, cash equivalents and restricted cash

(66,822

)

 

(76,613

)

Cash, cash equivalents and restricted cash at beginning of period

904,161

 

 

745,423

 

Cash, cash equivalents and restricted cash at end of period

$

837,339

 

 

$

668,810

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid during the period for interest

$

9,325

 

 

$

10,007

 

Cash paid during the period for income taxes, net

$

8,325

 

 

$

3,402

 

Operating lease payments

$

5,642

 

 

$

 

Non-cash investing and financing activities

 

 

 

Purchase of equipment in accounts payable

$

5,905

 

 

$

5,471

 

Repurchase of common stock in accrued liabilities from repurchase program

$

1,501

 

 

$

1,441

 

Conversion of debt conversion liability into 1,585,140 shares of common stock

$

 

 

$

52,944

 

Operating lease right-of-use assets subject to lease liability

$

1,157

 

 

$

  

APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measures (unaudited)

 

 

 

 

 

 

 

Quarter Ended January 31,

 

 

2020

 

2019

Gross Profit Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP gross profit

 

$

370,535

 

 

$

323,341

 

Share-based compensation-products

 

671

 

 

637

 

Share-based compensation-services

 

842

 

 

770

 

Amortization of intangible assets

 

3,834

 

 

3,418

 

Total adjustments related to gross profit

 

5,347

 

 

4,825

 

Adjusted (non-GAAP) gross profit

 

$

375,882

 

 

$

328,166

 

Adjusted (non-GAAP) gross profit percentage

 

45.1

%

 

42.2

%

 

 

 

 

 

Operating Expense Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP operating expense

 

$

292,578

 

 

$

275,398

 

Share-based compensation-research and development

 

3,849

 

 

3,391

 

Share-based compensation-sales and marketing

 

4,613

 

 

3,785

 

Share-based compensation-general and administrative

 

5,527

 

 

5,112

 

Amortization of intangible assets

 

5,853

 

 

5,528

 

Significant asset impairments and restructuring costs

 

4,472

 

 

2,273

 

Acquisition and integration costs

 

1,819

 

 

1,608

 

Legal settlement

 

 

 

137

 

Total adjustments related to operating expense

 

26,133

 

 

21,834

 

Adjusted (non-GAAP) operating expense

 

$

266,445

 

 

$

253,564

 

 

 

 

 

 

Income from Operations Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP income from operations

 

$

77,957

 

 

$

47,943

 

Total adjustments related to gross profit

 

5,347

 

 

4,825

 

Total adjustments related to operating expense

 

26,133

 

 

21,834

 

Total adjustments related to income from operations

 

31,480

 

 

26,659

 

Adjusted (non-GAAP) income from operations

 

$

109,437

 

 

$

74,602

 

Adjusted (non-GAAP) operating margin percentage

 

13.1

%

 

9.6

%

 

 

 

 

 

Net Income Reconciliation (GAAP/non-GAAP)

 

 

 

 

GAAP net income

 

$

62,328

 

 

$

33,616

 

Exclude GAAP provision for income taxes

 

9,814

 

 

9,139

 

Income before income taxes

 

72,142

 

 

42,755

 

Total adjustments related to income from operations

 

31,480

 

 

26,659

 

Loss on extinguishment and modification of debt

 

646

 

 

 

Adjusted income before income taxes

 

104,268

 

 

69,414

 

Non-GAAP tax provision on adjusted income before income taxes

 

22,522

 

 

16,590

 

Adjusted (non-GAAP) net income

 

$

81,746

 

 

$

52,824

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

154,334

 

156,314

Weighted average dilutive potential common shares outstanding 1

 

155,738

 

158,174

 

 

 

 

 

Net Income per Common Share

 

 

 

 

GAAP diluted net income per common share

 

$

0.40

 

 

$

0.21

 

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

 

$

0.52

 

 

$

0.33

 

 1. 

Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the first quarter of fiscal 2020 includes 1.4 million shares underlying certain stock options and stock unit awards.

  

Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the first quarter of fiscal 2019 includes 1.9 million shares underlying certain stock options and restricted stock unit awards.

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

 

 

 

 

 

 

 

Quarter Ended January 31,

 

 

2020

 

2019

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

 

 

 

 

Net income (GAAP)

 

$

62,328

 

 

$

33,616

 

Add: Interest expense

 

8,815

 

 

9,441

 

Less: Interest and other income, net

 

3,646

 

 

4,253

 

Add: Loss on extinguishment and modification of debt

 

646

 

 

 

Add: Provision for income taxes

 

9,814

 

 

9,139

 

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

 

25,782

 

 

21,513

 

Add: Amortization of intangible assets

 

9,687

 

 

8,947

 

EBITDA

 

$

113,426

 

 

$

78,403

 

Add: Shared-based compensation cost

 

15,602

 

 

13,755

 

Add: Significant asset impairments and restructuring costs

 

4,472

 

 

2,273

 

Add: Acquisition and integration costs

 

1,819

 

 

1,608

 

Add: Legal settlement

 

 

 

137

 

Adjusted EBITDA

 

$

135,319

 

 

$

96,176

 

 

 

 

 

 

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.
  • Acquisition and integration costs - consist of financial, legal and accounting advisors’ costs and severance and other employment-related costs related to Ciena’s acquisition of Packet Design and DonRiver in fiscal 2018, including costs associated with a three-year earn-out arrangement related to the DonRiver acquisition and Ciena’s acquisition of Centina in the first quarter of fiscal 2020. Ciena does not believe that these costs are reflective of its ongoing operating expense following its completion of these integration activities.
  • Legal settlement - costs incurred as a result of a settlement, during the first quarter of fiscal 2019.
  • Loss on extinguishment and modification of debt - reflects extinguishment and modification of debt expenses related to refinancing of our Term Loan due September 28, 2025.
  • 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 21.6% for the first fiscal quarter of 2020 and 23.9% for the first fiscal quarter of 2019. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200305005396/en/

CONTACT: Press Contact:

Nicole Anderson

Ciena Corporation

+1 (410) 694-5761 

pr@ciena.comInvestor Contact:

Gregg Lampf

Ciena Corporation

+1 (410) 694-5700

ir@ciena.com

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND

INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY FINANCE SECURITY PROFESSIONAL SERVICES SOFTWARE NETWORKS INTERNET DATA MANAGEMENT CONSUMER ELECTRONICS

SOURCE: Ciena Corporation

Copyright Business Wire 2020.

PUB: 03/05/2020 07:00 AM/DISC: 03/05/2020 07:00 AM

http://www.businesswire.com/news/home/20200305005396/en