Ciena(US:CIEN)2024-12-12 12:05Revenue and Financial Performance - Q4 Revenue: $1.12 billion, a slight decrease of 0.5% compared to $1.13 billion in Q4 2023[2][6] - Fiscal Year 2024 Revenue: $4.01 billion, down 8.5% from $4.39 billion in fiscal year 2023[2][6] - Q4 revenue reached $1,124.1 million, a slight decrease from $1,129.5 million in the previous year[20] - Total revenue for the twelve months ended October 28, 2023, was $4,386.5 million, compared to $4,014.9 million in the same period of 2024[20] - The company anticipates accelerated revenue growth and market share expansion driven by Cloud and AI demand[14] Net Income and Earnings - Q4 GAAP Net Income: $37.0 million, or $0.25 per diluted share, down from $91.2 million, or $0.62 per share, in Q4 2023[3] - Q4 Adjusted (non-GAAP) Net Income: $79.3 million, or $0.54 per diluted share, compared to $111.2 million, or $0.75 per share, in Q4 2023[2] - Fiscal Year 2024 GAAP Net Income: $84.0 million, or $0.58 per diluted share, compared to $254.8 million, or $1.71 per share, in fiscal year 2023[3] - Fiscal Year 2024 Adjusted (non-GAAP) Net Income: $266.3 million, or $1.82 per diluted share, compared to $406.3 million, or $2.72 per share, in fiscal year 2023[2] - Net income for Q4 was $37.0 million, down from $91.2 million in the same quarter of the previous year[20] - Net income for the year ended November 2, 2024, was $83.96 million, a significant decrease from $254.83 million in the previous year[25] - Adjusted (non-GAAP) net income for the year ended November 2, 2024, was $266.31 million, down from $406.28 million in the previous year[28] - GAAP diluted net income per potential common share for Q4 2024 was $0.25, compared to $0.62 in Q4 2023[32] - Adjusted (non-GAAP) diluted net income per potential common share for Q4 2024 was $0.54, compared to $0.75 in Q4 2023[32] - Net income (GAAP) for Q4 2024 was $37.0 million, compared to $91.2 million in Q4 2023[36] Cash Flow and Investments - Cash and Investments: $1.33 billion at the end of fiscal year 2024[11] - Cash Flow from Operations: $349.3 million for Q4 2024 and $514.5 million for fiscal year 2024[11] - Net cash provided by operating activities increased to $514.53 million from $168.33 million year-over-year[25] - Net cash used in investing activities decreased to $306.48 million from $383.45 million year-over-year[25] - Repurchases of common stock under the repurchase program totaled $254.50 million, up from $242.20 million in the previous year[25] Operating Expenses and Margins - Gross profit for Q4 was $460.0 million, compared to $486.3 million in the prior year[20] - Operating expenses for Q4 increased to $400.8 million from $395.0 million in the previous year[20] - Adjusted (non-GAAP) gross profit for the year ended November 2, 2024, was $1.75 billion, with a gross profit percentage of 43.6%[29] - Adjusted (non-GAAP) operating margin percentage for the year ended November 2, 2024, was 9.7%, compared to 13.1% in the previous year[28] - Share-based compensation expense increased to $156.40 million from $130.46 million year-over-year[25] - Depreciation and amortization expenses totaled $92.85 million, slightly up from $92.56 million in the previous year[25] - Provision for inventory excess and obsolescence increased significantly to $77.34 million from $29.46 million year-over-year[25] - Share-based compensation expense for Q4 2024 was $41.1 million, compared to $34.9 million in Q4 2023[36] - Depreciation and amortization expenses for Q4 2024 totaled $33.8 million, compared to $36.7 million in Q4 2023[36] - Significant asset impairments and restructuring costs for Q4 2024 were $2.6 million, compared to $7.2 million in Q4 2023[36] Balance Sheet and Assets - Cash and cash equivalents stood at $934.9 million as of November 2, 2024, down from $1,010.6 million in the previous year[23] - Accounts receivable decreased to $908.6 million from $1,003.9 million in the previous year[23] - Total assets increased slightly to $5,641.3 million from $5,601.5 million in the previous year[23] - Long-term debt remained stable at $1,533.1 million as of November 2, 2024[23] EBITDA and Adjusted EBITDA - EBITDA for Q4 2024 was $93.0 million, compared to $128.0 million in Q4 2023[36] - Adjusted EBITDA for Q4 2024 was $136.7 million, compared to $178.8 million in Q4 2023[36] Shareholder Metrics - Weighted average basic common shares outstanding for Q4 2024 were 144.2 million, compared to 147.4 million in Q4 2023[32] - Weighted average dilutive potential common shares outstanding for Q4 2024 were 146.5 million, compared to 147.9 million in Q4 2023[32] Customer Concentration - Two customers represented 31.2% of Q4 2024 revenue and 25.1% of fiscal year 2024 revenue[11] Headcount - Headcount: 8,657 at the end of fiscal year 2024[11]