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Ciena(CIEN) - 2024 Q4 - Annual Results
CIENCiena(CIEN)2024-12-12 12:05

Revenue and Financial Performance - Q4 Revenue: 1.12billion,aslightdecreaseof0.51.12 billion, a slight decrease of 0.5% compared to 1.13 billion in Q4 2023[2][6] - Fiscal Year 2024 Revenue: 4.01billion,down8.54.01 billion, down 8.5% from 4.39 billion in fiscal year 2023[2][6] - Q4 revenue reached 1,124.1million,aslightdecreasefrom1,124.1 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 4,386.5million,comparedto4,386.5 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: 37.0million,or37.0 million, or 0.25 per diluted share, down from 91.2million,or91.2 million, or 0.62 per share, in Q4 2023[3] - Q4 Adjusted (non-GAAP) Net Income: 79.3million,or79.3 million, or 0.54 per diluted share, compared to 111.2million,or111.2 million, or 0.75 per share, in Q4 2023[2] - Fiscal Year 2024 GAAP Net Income: 84.0million,or84.0 million, or 0.58 per diluted share, compared to 254.8million,or254.8 million, or 1.71 per share, in fiscal year 2023[3] - Fiscal Year 2024 Adjusted (non-GAAP) Net Income: 266.3million,or266.3 million, or 1.82 per diluted share, compared to 406.3million,or406.3 million, or 2.72 per share, in fiscal year 2023[2] - Net income for Q4 was 37.0million,downfrom37.0 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 83.96million,asignificantdecreasefrom83.96 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 266.31million,downfrom266.31 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,comparedto0.25, compared to 0.62 in Q4 2023[32] - Adjusted (non-GAAP) diluted net income per potential common share for Q4 2024 was 0.54,comparedto0.54, compared to 0.75 in Q4 2023[32] - Net income (GAAP) for Q4 2024 was 37.0million,comparedto37.0 million, compared to 91.2 million in Q4 2023[36] Cash Flow and Investments - Cash and Investments: 1.33billionattheendoffiscalyear2024[11]−CashFlowfromOperations:1.33 billion at the end of fiscal year 2024[11] - Cash Flow from Operations: 349.3 million for Q4 2024 and 514.5millionforfiscalyear2024[11]−Netcashprovidedbyoperatingactivitiesincreasedto514.5 million for fiscal year 2024[11] - Net cash provided by operating activities increased to 514.53 million from 168.33millionyear−over−year[25]−Netcashusedininvestingactivitiesdecreasedto168.33 million year-over-year[25] - Net cash used in investing activities decreased to 306.48 million from 383.45millionyear−over−year[25]−Repurchasesofcommonstockundertherepurchaseprogramtotaled383.45 million year-over-year[25] - Repurchases of common stock under the repurchase program totaled 254.50 million, up from 242.20millioninthepreviousyear[25]OperatingExpensesandMargins−GrossprofitforQ4was242.20 million in the previous year[25] Operating Expenses and Margins - Gross profit for Q4 was 460.0 million, compared to 486.3millionintheprioryear[20]−OperatingexpensesforQ4increasedto486.3 million in the prior year[20] - Operating expenses for Q4 increased to 400.8 million from 395.0millioninthepreviousyear[20]−Adjusted(non−GAAP)grossprofitfortheyearendedNovember2,2024,was395.0 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 156.40millionfrom156.40 million from 130.46 million year-over-year[25] - Depreciation and amortization expenses totaled 92.85million,slightlyupfrom92.85 million, slightly up from 92.56 million in the previous year[25] - Provision for inventory excess and obsolescence increased significantly to 77.34millionfrom77.34 million from 29.46 million year-over-year[25] - Share-based compensation expense for Q4 2024 was 41.1million,comparedto41.1 million, compared to 34.9 million in Q4 2023[36] - Depreciation and amortization expenses for Q4 2024 totaled 33.8million,comparedto33.8 million, compared to 36.7 million in Q4 2023[36] - Significant asset impairments and restructuring costs for Q4 2024 were 2.6million,comparedto2.6 million, compared to 7.2 million in Q4 2023[36] Balance Sheet and Assets - Cash and cash equivalents stood at 934.9millionasofNovember2,2024,downfrom934.9 million as of November 2, 2024, down from 1,010.6 million in the previous year[23] - Accounts receivable decreased to 908.6millionfrom908.6 million from 1,003.9 million in the previous year[23] - Total assets increased slightly to 5,641.3millionfrom5,641.3 million from 5,601.5 million in the previous year[23] - Long-term debt remained stable at 1,533.1millionasofNovember2,2024[23]EBITDAandAdjustedEBITDA−EBITDAforQ42024was1,533.1 million as of November 2, 2024[23] EBITDA and Adjusted EBITDA - EBITDA for Q4 2024 was 93.0 million, compared to 128.0millioninQ42023[36]−AdjustedEBITDAforQ42024was128.0 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]