Page 1

ciena Ciena Reports Fiscal First Quarter 2021 Financial Results March 4 , 2021 HANOVER , Md .-- ( BUSINESS WIRE ) -- CienaⓇ Corporation ( NYSE : CIEN ) , a networking systems , services and software company , today announced unaudited financial results for its fiscal first quarter ended January 30 , 2021 . • Q1 Revenue : $ 757.1 million • Q1 Net Income per Share : $ 0.35 GAAP ; $ 0.52 adjusted ( non - GAAP ) • Share Repurchases : Repurchased approximately 0.3 million shares of common stock for an aggregate price of $ 13.2 million during the quarter " We delivered solid revenue and profitability in the first fiscal quarter in the face of continued challenging market conditions and a dynamic industry environment , " said Gary Smith , president and CEO of Ciena . " Our strong market position has enabled us to start the year largely as expected , and we are leveraging our innovation leadership and competitive advantage to deliver on our long - term growth opportunities . " For the fiscal first quarter 2021 , Ciena reported revenue of $ 757.1 million as compared to $ 832.9 million for the fiscal first quarter 2020 . Ciena's GAAP net income for the fiscal first quarter 2021 was $ 55.3 million , or $ 0.35 per diluted common share , which compares to a GAAP net income of $ 62.3 million , or $ 0.40 per diluted common share , for the fiscal first quarter 2020 . Ciena's adjusted ( non - GAAP ) net income for the fiscal first quarter 2021 was $ 81.3 million , or $ 0.52 per diluted common share , which compares to an adjusted ( non - GAAP ) net income of $ 81.7 million , or $ 0.52 per diluted common share , for the fiscal first quarter 2020 . Fiscal First Quarter 2021 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 Revenue FY 2021 $ 757.1 $ 832.9 FY 2020 Y - T - Y * ( 9.1 ) % Gross margin Operating expense Operating margin 47.3 % 44.5 % 2.8 % $ 282.1 $ 292.6 ( 3.6 ) % 10.0 % 9.4 % 0.6 % Non - GAAP Results Q1 Q1 FY 2021 FY 2020 Y - T - Y * Revenue $ 757.1 Adj . gross margin $ 832.9 45.1 % ( 9.1 ) % Adj . operating expense $ 253.0 Adj . operating margin 14.6 % 48.0 % $ 266.4 13.1 % 1.5 % 2.9 % ( 5.0 ) % Adj . EBITDA $ 133.8 $ 135.3 ( 1.1 ) % * Denotes % change , or in the case of margin , absolute change Networking Platforms Converged Packet Optical Routing and Switching ( 1 ) Total Networking Platforms Platform Software and Services Revenue by Segment Q1 FY 2021 Q1 FY 2020 Revenue % ** Revenue % ** $ 512.3 67.7 $ 591.5 71.0 64.3 8.5 67.5 8.1 576.6 76.2 659.0 79.1 49.9 6.6 51.9 6.2 Blue Planet Automation Software and Services 16.9 2.2 15.5 1.9