Page 1

ciena Ciena Reports Fiscal Third Quarter 2021 Financial Results September 2 , 2021 HANOVER , Md .-- ( BUSINESS WIRE ) -- CienaⓇ Corporation ( NYSE : CIEN ) , a networking systems , services and software company , today announced unaudited financial results for its fiscal third quarter ended July 31 , 2021 . • Q3 Revenue : $ 988.1 million • Q3 Net Income per Share : $ 1.52 GAAP ; $ 0.92 adjusted ( non - GAAP ) • Share Repurchases : Repurchased approximately 0.5 million shares of common stock for an aggregate price of $ 26.0 million during the quarter " We delivered outstanding fiscal third quarter results that reflect continued momentum in our business as well as our differentiated position in the market , " said Gary Smith , president and CEO of Ciena . “ These results combined with a robust demand environment give us confidence that we will deliver our expected strong second half performance . " For the fiscal third quarter 2021 , Ciena reported revenue of $ 988.1 million as compared to $ 976.7 million for the fiscal third quarter 2020 . Ciena's GAAP net income for the fiscal third quarter 2021 was $ 238.2 million , or $ 1.52 per diluted common share , which compares to a GAAP net income of $ 142.3 million , or $ 0.91 per diluted common share , for the fiscal third quarter 2020. Ciena's GAAP net income for the third quarter of 2021 benefited from the recording of a $ 124.2 million tax benefit related to an internal transfer of non - U.S . intangible assets . See APPENDIX A - Reconciliation of Adjusted ( Non - GAAP ) Quarterly Measures for more information and a reconciliation of our adjusted ( non - GAAP ) net income which excludes the effect of these amounts . Ciena's adjusted ( non - GAAP ) net income for the fiscal third quarter 2021 was $ 144.9 million , or $ 0.92 per diluted common share , which compares to an adjusted ( non - GAAP ) net income of $ 166.4 million , or $ 1.06 per diluted common share , for the fiscal third quarter 2020 . Fiscal Third 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 . Q3 GAAP Results Q3 FY 2021 FY 2020 Y - T - Y * Revenue Gross margin $ 988.1 $ 976.7 1.2 % 48.0 % 47.6 % 0.4 % Operating expense $ 326.0 $ 276.6 17.9 % Operating margin 15.0 % 19.3 % ( 4.3 ) % Non - GAAP Results Q3 Q3 FY 2021 FY 2020 Y - T - Y * Revenue Adj . gross margin Adj . operating expense $ 290.4 Adj . operating margin Adj . EBITDA $ 988.1 $ 976.7 1.2 % 48.5 % 48.2 % 0.3 % $ 251.2 15.6 % 19.1 % $ 213.7 22.4 % ( 3.3 ) % $ 241.1 ( 11.4 ) % * Denotes % change , or in the case of margin , absolute change Revenue by Segment Q3 FY 2021 Revenue % ** Q3 FY 2020 Revenue % ** Networking Platforms Converged Packet Optical Routing and Switching ( 1 ) Total Networking Platforms $ 712.9 72.1 $ 722.5 74.0 69.7 7.1 782.6 79.2 79.8 8.1 802.3 82.1 Platform Software and Services 56.9 5.8 46.4 4.8