Seren Juno, a collaboration among NTT Ltd., Japan Corporation, Mitsui & Co., Ltd., PC Landing Corp and JA Mitsui Leasing, Ltd, was set up in July 2022. It functions as a specialized entity established solely for the design, construction, sales and operations of the JUNO trans-Pacific submarine cable system. Based in Hanover, MD, CIEN is a global provider of optical networking equipment, software and services. The company is suffering from global macroeconomic headwinds coupled with lower order quantity from ...

Core Insights - Ciena's international revenue performance is crucial for assessing its financial resilience and growth prospects, especially in the context of a global economy [4][8] - The company is facing challenges in its international operations, including currency fluctuations and geopolitical threats, which can impact revenue generation [1][12] Revenue Breakdown - In the last quarter, Ciena generated $92.1 million from the Asia Pacific region, which was 10.1% of total revenue, representing a decline of 25.74% from the projected $124.03 million [6] - The Europe, Middle East, and Africa (EMEA) region contributed $155.8 million, accounting for 17.1% of total revenue, exceeding the consensus estimate of $143.64 million by 8.47% [10] - The total revenue for the quarter was $910.83 million, reflecting a year-over-year decline of 19.6% [9] Future Projections - For the current fiscal quarter, total revenue is projected to reach $955.3 million, a decline of 10.5% from the same quarter last year, with Asia Pacific expected to contribute $142 million (14.9%) and EMEA $168.46 million (17.6%) [7] - For the full year, total revenue is projected at $4.02 billion, indicating an 8.4% decrease from the previous year, with Asia Pacific and EMEA expected to contribute $529.04 million (13.2%) and $710.21 million (17.7%) respectively [11] Market Sentiment - Analysts are closely monitoring Ciena's international revenue trends to adjust earnings forecasts, as these patterns significantly influence stock price movements [13] - Ciena currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance compared to the broader market [15]

Group 1 - Ciena's business is experiencing growth driven by demand in the cloud space, although revenue fell in Q2 due to typical fluctuations in the optical networking market [7][9] - The company anticipates an increase in order flow in Q3 and Q4, setting the stage for a revenue rebound in the latter half of the year as customers invest in data centers and cloud initiatives [7][9] - WaveLogic 6 is identified as a positive catalyst for revenue growth, offering 400G/800G connectivity and compatibility with existing hardware [8] Group 2 - Ciena's Q2 2024 results showed a non-GAAP earnings per share of $0.27, with revenue declining by 19.4% year-over-year to $910.8 million [23] - The company reported a significant drop in net income, from $13.89 million to $32.7 million, and an increase in provisions for inventory excess and obsolescence to $23.15 million [24] - Despite a healthy annual growth rate of 30% in bandwidth demand, Ciena's run rate remains stagnant between $2.1 billion and $2.2 billion due to moderated spending from telecom customers since 2019 [19][25] Group 3 - Ciena's valuation grade has deteriorated to D+, down from B- three months prior, indicating a decline in market perception [28] - The stock is expected to trade within a narrow range until stronger revenue growth is reported in the third quarter, with potential for an upward trend if results improve [9][28] - The company is optimistic about service providers beginning to reduce their inventory levels, which could lead to increased spending on optical networking [13]

Core Insights - Ciena Corporation reported adjusted earnings per share (EPS) of 27 cents for Q2 fiscal 2024, exceeding the Zacks Consensus Estimate of 15 cents, but reflecting a 63.5% decline year over year [1][2] Financial Performance - Total revenues decreased by 19.6% year over year to $910.8 million, although this figure surpassed the Zacks Consensus Estimate by 1.6% [12] - Adjusted gross margin was reported at 43.5%, slightly down from 43.7% a year ago [8] - Adjusted operating expenses were $333.9 million, a decrease of 1.2% from the previous year [8] - Net cash generated from operating activities was $58.5 million, down from $230 million in the prior-year quarter [9] Segment Results - Platform Software and Services revenues increased by 23.1% year over year to $85.4 million [4] - Global Services revenues rose by 5.4% year over year to $134.7 million [5] - Networking Platforms, which account for 74.2% of total revenues, saw a 26% decline year over year to $676.3 million [15] - Blue Planet Automation Software and Services revenues decreased by 30% to $14.4 million [16] Customer and Market Dynamics - Non-telco customer revenues represented 46% of total revenues, with a significant customer contributing 13.8% to the top line [6] - Ciena added 20 new customers for WaveLogic 5 Extreme, bringing the total to 290 [18] - Demand for bandwidth remains strong due to increased cloud adoption and AI technology proliferation, driving network traffic growth [14] Guidance and Future Outlook - For fiscal 2024, Ciena anticipates revenues of $4 billion, down from the previous projection of $4-$4.3 billion [13] - For Q3 fiscal 2024, management expects revenues between $880 million and $960 million, with adjusted gross margin in the low to mid 40% range [27] Cash Flow and Share Repurchase - In the reported quarter, Ciena repurchased approximately 1.1 million shares for $57 million [20] - The company plans to repurchase shares worth $250 million in fiscal 2024 [21] Financial Position - As of April 27, Ciena had $1.42 billion in cash and investments and $1.54 billion in net long-term debt [26]

Item 6. Exhibits ________________________________ 3.1 Fifth Restated Certificate of Incorporation of Ciena Corporation, filed with the Secretary of State of Delaware on June 4, 2024 10.1 Amendment No. 2 to Ciena Corporation 2017 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 from the Company's Current Report on 8-K (Commission File No. 001-36250) filed with the Securities and Exchange Commission on March 26, 2024* 31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) un ...

Ciena Corporation (NYSE:CIEN) Q2 2024 Earnings Conference Call June 6, 2024 8:30 AM ET Company Participants Gregg Lampf - VP, IR Gary Smith - President and CEO Jim Moylan - SVP and CFO Scott McFeely - Executive Advisor Conference Call Participants Tim Long - Barclays Karl Ackerman - BNP Paribas Tal Liani - Bank of America Ruben Roy - Stifel George Notter - Jefferies Amit Daryanani - Evercore Simon Leopold - Raymond James Samik Chatterjee - JPMorgan Ryan Koontz - Needham & Co. Operator Ladies and gentlemen, ...

Here is how Ciena performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Ciena (CIEN) reported $910.83 million in revenue for the quarter ended April 2024, representing a year-overyear decline of 19.6%. EPS of $0.27 for the same period compares to $0.74 a year ago. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next cour ...

Ciena (CIEN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 80%. A quarter ago, it was expected that this developer of high-speed networking technology would post earnings of $0.47 per share when it actually produced earnings of $0.66, delivering a surprise of 40.43%. Over the last f ...

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 curr ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Ciena's Q2 FY2024 saw decreased revenue and a GAAP net loss, with the CEO acknowledging market challenges while emphasizing optical technology leadership [Q2 FY2024 Financial Highlights](index=1&type=section&id=Q2%20FY2024%20Financial%20Highlights) Ciena reported a decrease in revenue for Q2 FY2024 compared to the prior year, experiencing a GAAP net loss and a significant decline in adjusted non-GAAP net income, alongside share repurchases Q2 FY2024 Financial Highlights: | Metric | Q2 FY24 | Q2 FY23 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Revenue | $910.8 million | $1.13 billion | (19.6)% | | GAAP Net Income (Loss) | $(16.8) million | $57.7 million | (129.1)% | | GAAP Diluted EPS | $(0.12) | $0.38 | (131.6)% | | Adjusted (Non-GAAP) Net Income | $39.4 million | $110.4 million | (64.3)% | | Adjusted (Non-GAAP) Diluted EPS | $0.27 | $0.74 | (63.5)% | | Share Repurchases | $57.0 million | N/A | N/A | - Repurchased approximately **1.1 million shares** of common stock for an aggregate price of **$57.0 million** during the quarter[25](index=25&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) Ciena's CEO acknowledged a challenging near-term environment due to service provider inventory, while highlighting business strength and focus on optical technology leadership - Fiscal second quarter performance underscores business strength amid a challenging near-term environment as service providers work through existing inventory[36](index=36&type=chunk) - Focus remains on extending leadership in optical as a foundation for expanding the addressable market, driven by robust growth in bandwidth demand[36](index=36&type=chunk) [Company Overview](index=4&type=section&id=Company%20Overview) Ciena is a global leader in networking systems, services, and software, focused on building adaptive networks through innovation and collaborative relationships [About Ciena](index=4&type=section&id=About%20Ciena) Ciena is a global leader in networking systems, services, and software, dedicated to building adaptive networks that meet increasing digital demands, emphasizing innovation and collaboration - Ciena (NYSE: CIEN) is a global leader in networking systems, services, and software[19](index=19&type=chunk) - The company builds adaptive networks, enabling customers to anticipate and meet ever-increasing digital demands, prioritizing innovation and collaborative relationships[19](index=19&type=chunk) [Financial Performance (GAAP)](index=5&type=section&id=Financial%20Performance%20(GAAP)) This section presents Ciena's GAAP financial statements, including condensed consolidated statements of operations, balance sheets, and cash flows, reflecting its financial position and performance [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Ciena's GAAP income statement for Q2 FY2024 shows a significant decline in total revenue and a shift from operating income to an operating loss, resulting in a net loss for the quarter Revenue (in thousands) | Metric | Q2 FY24 | Q2 FY23 | YTD FY24 | YTD FY23 | | :----- | :------ | :------ | :------- | :------- | | Products | $701,316 | $935,330 | $1,537,093 | $1,813,045 | | Services | $209,510 | $197,325 | $411,442 | $376,131 | | **Total Revenue** | **$910,826** | **$1,132,655** | **$1,948,535** | **$2,189,176** | Gross Profit (in thousands) | Metric | Q2 FY24 | Q2 FY23 | YTD FY24 | YTD FY23 | | :----- | :------ | :------ | :------- | :------- | | **Gross Profit** | **$388,661** | **$487,683** | **$855,623** | **$943,629** | Income (Loss) from Operations and Net Income (Loss) (in thousands) | Metric | Q2 FY24 | Q2 FY23 | YTD FY24 | YTD FY23 | | :----- | :------ | :------ | :------- | :------- | | **Income (Loss) from Operations** | **$(3,965)** | **$102,813** | **$80,664** | **$188,029** | | **Net Income (Loss)** | **$(16,849)** | **$57,654** | **$32,698** | **$133,895** | | Basic EPS | $(0.12) | $0.39 | $0.23 | $0.90 | | Diluted EPS | $(0.12) | $0.38 | $0.22 | $0.89 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of April 27, 2024, Ciena's total assets remained stable compared to October 28, 2023, with a slight increase in cash and short-term investments, while total liabilities saw a minor reduction Assets (in thousands) | Metric | April 27, 2024 | October 28, 2023 | | :------------------------------------ | :------------- | :--------------- | | Cash and cash equivalents | $1,091,289 | $1,010,618 | | Short-term investments | $165,620 | $104,753 | | Accounts receivable, net | $840,131 | $1,003,876 | | Inventories, net | $1,022,615 | $1,050,838 | | **Total current assets** | **$3,541,347** | **$3,575,779** | | **Total assets** | **$5,614,803** | **$5,601,495** | Liabilities and Stockholders' Equity (in thousands) | Metric | April 27, 2024 | October 28, 2023 | | :------------------------------------ | :------------- | :--------------- | | Accounts payable | $332,106 | $317,828 | | Accrued liabilities and other short-term obligations | $355,258 | $431,419 | | Deferred revenue (current) | $196,989 | $154,419 | | **Total current liabilities** | **$912,191** | **$932,021** | | Long-term debt, net | $1,540,639 | $1,543,406 | | **Total liabilities** | **$2,734,547** | **$2,753,134** | | **Total stockholders' equity** | **$2,880,256** | **$2,848,361** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended April 27, 2024, Ciena generated significant net cash from operating activities, a substantial improvement from the prior year, while investing and financing activities resulted in net cash outflows Cash Flow Summary (in thousands, Six Months Ended) | Metric | April 27, 2024 | April 29, 2023 | | :-------------------------------------------------- | :------------- | :------------- | | Net cash provided by (used in) operating activities | $324,549 | $(35,828) | | Net cash used in investing activities | $(138,702) | $(277,270) | | Net cash provided by (used in) financing activities | $(107,837) | $479,575 | | Net increase in cash, cash equivalents and restricted cash | $80,669 | $173,344 | | Cash, cash equivalents and restricted cash at end of period | $1,091,455 | $1,167,722 | [Financial Performance (Non-GAAP)](index=2&type=section&id=Financial%20Performance%20(Non-GAAP)) This section provides an overview of Ciena's non-GAAP financial performance, including key metrics and detailed reconciliations from GAAP to non-GAAP measures [Non-GAAP Financial Highlights](index=2&type=section&id=Non-GAAP%20Financial%20Highlights) Ciena's non-GAAP financial results for Q2 FY2024 show a year-over-year decline across all key metrics, including revenue, adjusted gross margin, adjusted operating expense, adjusted operating margin, and adjusted EBITDA Non-GAAP Key Metrics (in millions, except percentages) | Metric | Q2 FY24 | Q2 FY23 | Period Change Y-T-Y* | | :-------------------- | :------ | :------ | :------------------- | | Revenue | $910.8 | $1,132.7 | (19.6)% | | Adj. gross margin | 43.5 % | 43.7 % | (0.2)% | | Adj. operating expense | $333.9 | $338.1 | (1.2)% | | Adj. operating margin | 6.8 % | 13.8 % | (7.0)% | | Adj. EBITDA | $85.8 | $180.6 | (52.5)% | [Reconciliation of Adjusted (Non-GAAP) Measurements](index=9&type=section&id=Reconciliation%20of%20Adjusted%20(Non-GAAP)%20Measurements) This section provides detailed reconciliations from GAAP to non-GAAP measures for gross profit, operating expense, income from operations, net income, and EBITDA, highlighting key adjustments - Non-GAAP measures exclude certain charges and credits that are unusual, non-cash, unrelated to ongoing operations, or largely outside Ciena's control, such as share-based compensation, significant asset impairments and restructuring costs, amortization of intangible assets, and acquisition and integration costs[30](index=30&type=chunk)[45](index=45&type=chunk) [Gross Profit Reconciliation](index=9&type=section&id=Gross%20Profit%20Reconciliation) This reconciliation details the adjustments made to GAAP gross profit to arrive at the adjusted (non-GAAP) gross profit and percentage Gross Profit Reconciliation (in thousands) | Metric | April 27, 2024 | April 29, 2023 | | :-------------------------------------- | :------------- | :------------- | | GAAP gross profit | $388,661 | $487,683 | | Total adjustments related to gross profit | $7,867 | $7,245 | | **Adjusted (non-GAAP) gross profit** | **$396,528** | **$494,928** | | Adjusted (non-GAAP) gross profit percentage | 43.5 % | 43.7 % | [Operating Expense Reconciliation](index=9&type=section&id=Operating%20Expense%20Reconciliation) This reconciliation outlines the adjustments applied to GAAP operating expense to derive the adjusted (non-GAAP) operating expense Operating Expense Reconciliation (in thousands) | Metric | April 27, 2024 | April 29, 2023 | | :----------------------------------------- | :------------- | :------------- | | GAAP operating expense | $392,626 | $384,870 | | Total adjustments related to operating expense | $58,709 | $46,809 | | **Adjusted (non-GAAP) operating expense** | **$333,917** | **$338,061** | [Income (Loss) from Operations Reconciliation](index=9&type=section&id=Income%20(Loss)%20from%20Operations%20Reconciliation) This reconciliation shows the adjustments from GAAP income (loss) from operations to adjusted (non-GAAP) income from operations and operating margin percentage Income (Loss) from Operations Reconciliation (in thousands) | Metric | April 27, 2024 | April 29, 2023 | | :------------------------------------------------ | :------------- | :------------- | | GAAP income (loss) from operations | $(3,965) | $102,813 | | Total adjustments related to income (loss) from operations | $66,576 | $54,054 | | **Adjusted (non-GAAP) income from operations** | **$62,611** | **$156,867** | | Adjusted (non-GAAP) operating margin percentage | 6.8 % | 13.8 % | [Net Income (Loss) Reconciliation](index=10&type=section&id=Net%20Income%20(Loss)%20Reconciliation) This reconciliation details the adjustments from GAAP net income (loss) to adjusted (non-GAAP) net income and diluted EPS, including the non-GAAP tax provision Net Income (Loss) Reconciliation (in thousands, except per share data) | Metric | April 27, 2024 | April 29, 2023 | | :-------------------------------------------------- | :------------- | :------------- | | GAAP net income (loss) | $(16,849) | $57,654 | | Total adjustments related to income from operations | $66,576 | $54,054 | | Non-GAAP tax provision on adjusted income before income taxes | $11,120 | $31,136 | | **Adjusted (non-GAAP) net income** | **$39,427** | **$110,393** | | GAAP diluted net income (loss) per potential common share | $(0.12) | $0.38 | | **Adjusted (non-GAAP) diluted net income per potential common share** | **$0.27** | **$0.74** | [EBITDA and Adjusted EBITDA Calculation](index=11&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Calculation) This section presents the calculation of EBITDA and Adjusted EBITDA, starting from GAAP net income (loss) and incorporating various adjustments EBITDA and Adjusted EBITDA Calculation (in thousands) | Metric | April 27, 2024 | April 29, 2023 | | :------------------------------------------------------------------------------------------------------------------- | :------------- | :------------- | | Net income (loss) (GAAP) | $(16,849) | $57,654 | | EBITDA | $29,953 | $139,783 | | **Adjusted EBITDA** | **$85,819** | **$180,561** | [Revenue Breakdown](index=2&type=section&id=Revenue%20Breakdown) This section provides a detailed breakdown of Ciena's revenue by geographic region and by product segment for the reported periods [Revenue by Geographic Region](index=2&type=section&id=Revenue%20by%20Geographic%20Region) In Q2 FY2024, the Americas remained Ciena's largest revenue contributor, increasing its percentage of total revenue despite an absolute decline, while other regions also saw decreases Revenue by Geographic Region (in millions) | Region | Q2 FY24 Revenue | % of Total | Q2 FY23 Revenue | % of Total | | :----------------------------- | :-------------- | :--------- | :-------------- | :--------- | | Americas | $662.9 | 72.8 | $794.4 | 70.1 | | Europe, Middle East and Africa | $155.8 | 17.1 | $173.4 | 15.3 | | Asia Pacific | $92.1 | 10.1 | $164.9 | 14.6 | | **Total** | **$910.8** | **100.0** | **$1,132.7** | **100.0** | [Revenue by Segment](index=2&type=section&id=Revenue%20by%20Segment) Networking Platforms, particularly Optical Networking, remained the largest segment but experienced a significant revenue decline in Q2 FY2024, while Platform Software and Services showed growth Revenue by Segment (in millions) | Segment | Q2 FY24 Revenue | % of Total | Q2 FY23 Revenue | % of Total | | :------------------------------------------ | :-------------- | :--------- | :-------------- | :--------- | | **Networking Platforms** | | | | | | Optical Networking | $560.2 | 61.5 | $784.5 | 69.3 | | Routing and Switching | $116.1 | 12.7 | $130.4 | 11.5 | | **Total Networking Platforms** | **$676.3** | **74.2** | **$914.9** | **80.8** | | Platform Software and Services | $85.4 | 9.4 | $69.4 | 6.1 | | Blue Planet Automation Software and Services | $14.4 | 1.6 | $20.6 | 1.8 | | **Global Services** | | | | | | Maintenance Support and Training | $77.4 | 8.5 | $73.2 | 6.5 | | Installation and Deployment | $43.8 | 4.8 | $39.5 | 3.5 | | Consulting and Network Design | $13.5 | 1.5 | $15.1 | 1.3 | | **Total Global Services** | **$134.7** | **14.8** | **$127.8** | **11.3** | | **Total** | **$910.8** | **100.0** | **$1,132.7** | **100.0** | [Key Performance Indicators & Operational Metrics](index=2&type=section&id=Key%20Performance%20Indicators%20%26%20Operational%20Metrics) This section outlines Ciena's key operational metrics, including customer concentration, cash and investment levels, cash flow from operations, inventory breakdown, and headcount [Operational Metrics](index=3&type=section&id=Operational%20Metrics) Ciena's Q2 FY2024 operational metrics indicate significant customer concentration, healthy cash and investment levels, positive cash flow from operations, and substantial inventory levels - One **10%-plus customer** represented a total **13.8% of revenue**[16](index=16&type=chunk) - **Cash and investments** totaled **$1.42 billion**[16](index=16&type=chunk) - **Cash flow from operations** totaled **$58.5 million**[16](index=16&type=chunk) - Average days' sales outstanding (DSOs) were **98**[16](index=16&type=chunk) Inventory Breakdown (in millions) | Metric | Amount | | :-------------------------- | :----- | | Inventories totaled | $1,020 | | Raw materials | $638.9 | | Work in process | $68.2 | | Finished goods | $331.3 | | Deferred cost of sales | $43.7 | | Reserve for excess and obsolescence | $(59.5) | - Product inventory turns were **1.6**[29](index=29&type=chunk) - Headcount totaled **8,627**[29](index=29&type=chunk) [Investor Information & Forward-Looking Statements](index=3&type=section&id=Investor%20Information%20%26%20Forward-Looking%20Statements) This section provides details for investors regarding supplemental materials, web broadcasts, and important disclosures about forward-looking statements and non-GAAP financial measures [Supplemental Materials and Web Broadcast](index=3&type=section&id=Supplemental%20Materials%20and%20Web%20Broadcast) Ciena provided details for investors and financial analysts regarding a live audio web broadcast of its Q2 FY2024 results discussion and the availability of related supporting materials - A live audio web broadcast of the discussion with investors and financial analysts, including the Company's outlook, was accessible via www.ciena.com at 8:30 a.m. Eastern on June 6, 2024[7](index=7&type=chunk) - An archived replay of the broadcast and related supporting materials for the unaudited fiscal second quarter 2024 results are available on the Investor Relations page of Ciena's website[7](index=7&type=chunk)[39](index=39&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The press release contains forward-looking statements based on current expectations, which involve risks and uncertainties such as economic conditions, supply chain disruptions, and competitive pressures - The press release contains forward-looking statements based on current expectations, forecasts, assumptions, and information available to the Company[40](index=40&type=chunk) - Actual results may differ materially due to risks and uncertainties including: broader economic and market conditions, ability to execute business strategies, impact of macroeconomic conditions and global supply chain constraints, new technologies, seasonality, competitive pressure, product/customer/geographic mix, foreign currency exchange rates, factors beyond control (natural disasters, war, geopolitical tensions, public health emergencies), changes in tax/trade regulations, and cyberattacks[8](index=8&type=chunk)[29](index=29&type=chunk) [Notes to Investors (Non-GAAP Presentation)](index=3&type=section&id=Notes%20to%20Investors%20(Non-GAAP%20Presentation)) Ciena utilizes non-GAAP financial measures to provide additional insight into its operating performance by excluding certain unusual, non-cash, or non-recurring charges and credits, supplementing GAAP results - Non-GAAP measures are used to evaluate operating performance by excluding certain charges and credits that are unusual, non-cash, unrelated to ongoing operations, or largely outside Ciena's control[30](index=30&type=chunk) - These non-GAAP measures are considered in addition to GAAP results and are not intended to be a substitute for financial information prepared in accordance with GAAP[30](index=30&type=chunk) - Adjustments for non-GAAP measures include share-based compensation, significant asset impairments and restructuring costs, amortization of intangible assets, acquisition and integration costs, and a non-GAAP tax provision[45](index=45&type=chunk)