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|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
23-2725311
(I.R.S. Employer Identification No.)
|
|
7035 Ridge Road, Hanover, MD
(Address of Principal Executive Offices)
|
21076
(Zip Code)
|
|
Large accelerated filer
þ
|
Accelerated filer
o
|
Non-accelerated filer
o
(do not check if smaller reporting company)
|
Smaller reporting company
o
|
|
Class
|
|
Outstanding at September 2, 2014
|
|
common stock, $0.01 par value
|
|
106,566,064
|
|
|
PAGE
NUMBER
|
|
|
|
|
|
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Revenue:
|
|
|
|
|
|
|
|
||||||||
|
Products
|
$
|
437,442
|
|
|
$
|
495,889
|
|
|
$
|
1,203,716
|
|
|
$
|
1,389,651
|
|
|
Services
|
100,914
|
|
|
107,673
|
|
|
295,445
|
|
|
307,675
|
|
||||
|
Total revenue
|
538,356
|
|
|
603,562
|
|
|
1,499,161
|
|
|
1,697,326
|
|
||||
|
Cost of goods sold:
|
|
|
|
|
|
|
|
||||||||
|
Products
|
247,768
|
|
|
275,003
|
|
|
683,730
|
|
|
777,851
|
|
||||
|
Services
|
62,367
|
|
|
64,586
|
|
|
181,902
|
|
|
191,960
|
|
||||
|
Total cost of goods sold
|
310,135
|
|
|
339,589
|
|
|
865,632
|
|
|
969,811
|
|
||||
|
Gross profit
|
228,221
|
|
|
263,973
|
|
|
633,529
|
|
|
727,515
|
|
||||
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
|
Research and development
|
93,069
|
|
|
97,685
|
|
|
282,981
|
|
|
302,674
|
|
||||
|
Selling and marketing
|
75,613
|
|
|
81,919
|
|
|
216,676
|
|
|
243,929
|
|
||||
|
General and administrative
|
32,066
|
|
|
36,285
|
|
|
91,157
|
|
|
98,264
|
|
||||
|
Amortization of intangible assets
|
12,440
|
|
|
11,019
|
|
|
37,332
|
|
|
34,951
|
|
||||
|
Restructuring costs
|
202
|
|
|
63
|
|
|
6,741
|
|
|
178
|
|
||||
|
Total operating expenses
|
213,390
|
|
|
226,971
|
|
|
634,887
|
|
|
679,996
|
|
||||
|
Income (loss) from operations
|
14,831
|
|
|
37,002
|
|
|
(1,358
|
)
|
|
47,519
|
|
||||
|
Interest and other income (loss), net
|
(3,167
|
)
|
|
(6,328
|
)
|
|
(6,020
|
)
|
|
(14,231
|
)
|
||||
|
Interest expense
|
(10,972
|
)
|
|
(11,508
|
)
|
|
(33,096
|
)
|
|
(33,556
|
)
|
||||
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(28,630
|
)
|
|
—
|
|
||||
|
Income (loss) before income taxes
|
692
|
|
|
19,166
|
|
|
(69,104
|
)
|
|
(268
|
)
|
||||
|
Provision for income taxes
|
1,923
|
|
|
3,006
|
|
|
6,530
|
|
|
9,666
|
|
||||
|
Net income (loss)
|
$
|
(1,231
|
)
|
|
$
|
16,160
|
|
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
Basic net income (loss) per common share
|
$
|
(0.01
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.09
|
)
|
|
Diluted net income (loss) per potential common share
|
$
|
(0.01
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.09
|
)
|
|
Weighted average basic common shares outstanding
|
102,713
|
|
|
106,236
|
|
|
101,951
|
|
|
105,404
|
|
||||
|
Weighted average dilutive potential common shares outstanding
|
102,713
|
|
|
120,809
|
|
|
101,951
|
|
|
105,404
|
|
||||
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Net income (loss)
|
$
|
(1,231
|
)
|
|
$
|
16,160
|
|
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
Change in unrealized gain (loss) on available-for-sale securities, net of tax
|
14
|
|
|
(43
|
)
|
|
(17
|
)
|
|
(12
|
)
|
||||
|
Change in unrealized gain (loss) on foreign currency forward contracts, net of tax
|
(508
|
)
|
|
383
|
|
|
(625
|
)
|
|
34
|
|
||||
|
Change in cumulative translation adjustment
|
(1,498
|
)
|
|
(122
|
)
|
|
(2,542
|
)
|
|
(4,287
|
)
|
||||
|
Other comprehensive income (loss)
|
(1,992
|
)
|
|
218
|
|
|
(3,184
|
)
|
|
(4,265
|
)
|
||||
|
Total comprehensive income (loss)
|
$
|
(3,223
|
)
|
|
$
|
16,378
|
|
|
$
|
(78,818
|
)
|
|
$
|
(14,199
|
)
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
ASSETS
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
346,487
|
|
|
$
|
532,884
|
|
|
Short-term investments
|
124,979
|
|
|
120,250
|
|
||
|
Accounts receivable, net
|
488,578
|
|
|
541,573
|
|
||
|
Inventories
|
249,103
|
|
|
293,092
|
|
||
|
Prepaid expenses and other
|
186,655
|
|
|
210,632
|
|
||
|
Total current assets
|
1,395,802
|
|
|
1,698,431
|
|
||
|
Long-term investments
|
15,031
|
|
|
65,019
|
|
||
|
Equipment, furniture and fixtures, net
|
119,729
|
|
|
116,949
|
|
||
|
Other intangible assets, net
|
185,828
|
|
|
141,897
|
|
||
|
Other long-term assets
|
86,380
|
|
|
78,121
|
|
||
|
Total assets
|
$
|
1,802,770
|
|
|
$
|
2,100,417
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
||||
|
Accounts payable
|
$
|
254,849
|
|
|
$
|
236,630
|
|
|
Accrued liabilities
|
271,656
|
|
|
267,846
|
|
||
|
Deferred revenue
|
88,550
|
|
|
114,590
|
|
||
|
Term loan payable
|
—
|
|
|
2,500
|
|
||
|
Convertible notes payable
|
—
|
|
|
187,605
|
|
||
|
Total current liabilities
|
615,055
|
|
|
809,171
|
|
||
|
Long-term deferred revenue
|
23,620
|
|
|
25,078
|
|
||
|
Other long-term obligations
|
34,753
|
|
|
37,206
|
|
||
|
Long-term term loan payable
|
—
|
|
|
246,263
|
|
||
|
Long-term convertible notes payable
|
1,212,019
|
|
|
1,027,853
|
|
||
|
Total liabilities
|
1,885,447
|
|
|
2,145,571
|
|
||
|
Commitments and contingencies (Note 18)
|
|
|
|
||||
|
Stockholders’ equity (deficit):
|
|
|
|
||||
|
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
|
Common stock – par value $0.01; 290,000,000 shares authorized; 103,705,709 and 106,562,629 shares issued and outstanding
|
1,037
|
|
|
1,066
|
|
||
|
Additional paid-in capital
|
5,893,880
|
|
|
5,945,573
|
|
||
|
Accumulated other comprehensive loss
|
(7,774
|
)
|
|
(12,039
|
)
|
||
|
Accumulated deficit
|
(5,969,820
|
)
|
|
(5,979,754
|
)
|
||
|
Total stockholders’ equity (deficit)
|
(82,677
|
)
|
|
(45,154
|
)
|
||
|
Total liabilities and stockholders’ equity (deficit)
|
$
|
1,802,770
|
|
|
$
|
2,100,417
|
|
|
|
Nine Months Ended July 31,
|
||||||
|
|
2013
|
|
2014
|
||||
|
Cash flows used in operating activities:
|
|
|
|
||||
|
Net loss
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
|
Loss on extinguishment of debt
|
28,630
|
|
|
—
|
|
||
|
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements
|
42,613
|
|
|
41,463
|
|
||
|
Share-based compensation costs
|
28,032
|
|
|
34,204
|
|
||
|
Amortization of intangible assets
|
53,485
|
|
|
43,931
|
|
||
|
Provision for inventory excess and obsolescence
|
15,301
|
|
|
22,026
|
|
||
|
Provision for warranty
|
15,148
|
|
|
18,720
|
|
||
|
Other
|
8,384
|
|
|
21,254
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable
|
(86,808
|
)
|
|
(55,688
|
)
|
||
|
Inventories
|
9,267
|
|
|
(66,015
|
)
|
||
|
Prepaid expenses and other
|
(56,958
|
)
|
|
(26,698
|
)
|
||
|
Accounts payable, accruals and other obligations
|
49,253
|
|
|
(34,794
|
)
|
||
|
Deferred revenue
|
10,414
|
|
|
27,498
|
|
||
|
Net cash provided by operating activities
|
41,127
|
|
|
15,967
|
|
||
|
Cash flows used in investing activities:
|
|
|
|
||||
|
Payments for equipment, furniture, fixtures and intellectual property
|
(31,884
|
)
|
|
(35,974
|
)
|
||
|
Restricted cash
|
1,921
|
|
|
2,059
|
|
||
|
Purchase of available for sale securities
|
(144,893
|
)
|
|
(195,259
|
)
|
||
|
Proceeds from maturities of available for sale securities
|
80,000
|
|
|
150,000
|
|
||
|
Settlement of foreign currency forward contracts, net
|
62
|
|
|
(10,796
|
)
|
||
|
Net cash used in investing activities
|
(94,794
|
)
|
|
(89,970
|
)
|
||
|
Cash flows from financing activities:
|
|
|
|
||||
|
Proceeds from issuance of term loan, net
|
—
|
|
|
248,750
|
|
||
|
Payment of long term debt
|
(216,210
|
)
|
|
—
|
|
||
|
Payment for debt and equity issuance costs
|
(3,670
|
)
|
|
(3,263
|
)
|
||
|
Payment of capital lease obligations
|
(2,370
|
)
|
|
(2,275
|
)
|
||
|
Proceeds from issuance of common stock
|
14,060
|
|
|
17,518
|
|
||
|
Net cash provided by (used in) financing activities
|
(208,190
|
)
|
|
260,730
|
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
(2,408
|
)
|
|
(330
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(261,857
|
)
|
|
186,727
|
|
||
|
Cash and cash equivalents at beginning of period
|
642,444
|
|
|
346,487
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
378,179
|
|
|
$
|
532,884
|
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
|
Cash paid during the period for interest
|
$
|
21,674
|
|
|
$
|
23,425
|
|
|
Cash paid during the period for income taxes, net
|
$
|
7,117
|
|
|
$
|
9,051
|
|
|
Non-cash investing and financing activities
|
|
|
|
||||
|
Purchase of equipment in accounts payable
|
$
|
1,222
|
|
|
$
|
4,334
|
|
|
Debt issuance costs in accrued liabilities
|
$
|
22
|
|
|
$
|
655
|
|
|
Fixed assets acquired under capital leases
|
$
|
2,538
|
|
|
$
|
—
|
|
|
(1)
|
INTERIM FINANCIAL STATEMENTS
|
|
(2)
|
SIGNIFICANT ACCOUNTING POLICIES
|
|
•
|
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
|
|
•
|
Level 2 inputs are quoted prices for identical or similar assets or liabilities in less active markets or model-derived valuations in which significant inputs are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and
|
|
•
|
Level 3 inputs are unobservable inputs based on Ciena's assumptions used to measure assets and liabilities at fair value.
|
|
(3)
|
RESTRUCTURING COSTS
|
|
|
Workforce
reduction
|
|
Consolidation
of excess
facilities
|
|
Total
|
||||||
|
Balance at October 31, 2013
|
$
|
80
|
|
|
$
|
1,936
|
|
|
$
|
2,016
|
|
|
Additional liability recorded
|
169
|
|
|
9
|
|
|
178
|
|
|||
|
Cash payments
|
(208
|
)
|
|
(269
|
)
|
|
(477
|
)
|
|||
|
Balance at July 31, 2014
|
$
|
41
|
|
|
$
|
1,676
|
|
|
$
|
1,717
|
|
|
Current restructuring liabilities
|
$
|
41
|
|
|
$
|
612
|
|
|
$
|
653
|
|
|
Non-current restructuring liabilities
|
$
|
—
|
|
|
$
|
1,064
|
|
|
$
|
1,064
|
|
|
|
Workforce
reduction
|
|
Consolidation
of excess
facilities
|
|
Total
|
||||||
|
Balance at October 31, 2012
|
$
|
1,449
|
|
|
$
|
3,600
|
|
|
$
|
5,049
|
|
|
Additional liability recorded
|
5,003
|
|
|
1,738
|
|
|
6,741
|
|
|||
|
Non-cash disposal
|
—
|
|
|
(747
|
)
|
|
(747
|
)
|
|||
|
Cash payments
|
(6,107
|
)
|
|
(2,999
|
)
|
|
(9,106
|
)
|
|||
|
Balance at July 31, 2013
|
$
|
345
|
|
|
$
|
1,592
|
|
|
$
|
1,937
|
|
|
Current restructuring liabilities
|
$
|
345
|
|
|
$
|
453
|
|
|
$
|
798
|
|
|
Non-current restructuring liabilities
|
$
|
—
|
|
|
$
|
1,139
|
|
|
$
|
1,139
|
|
|
(4)
|
SHORT-TERM AND LONG-TERM INVESTMENTS
|
|
|
July 31, 2014
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated Fair
Value
|
||||||||
|
U.S. government obligations:
|
|
|
|
|
|
|
|
||||||||
|
Included in short-term investments
|
$
|
90,210
|
|
|
$
|
42
|
|
|
—
|
|
|
$
|
90,252
|
|
|
|
Included in long-term investments
|
65,043
|
|
|
—
|
|
|
(24
|
)
|
|
65,019
|
|
||||
|
|
$
|
155,253
|
|
|
$
|
42
|
|
|
$
|
(24
|
)
|
|
$
|
155,271
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial paper:
|
|
|
|
|
|
|
|
||||||||
|
Included in short-term investments
|
29,998
|
|
|
—
|
|
|
—
|
|
|
29,998
|
|
||||
|
|
$
|
29,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,998
|
|
|
|
October 31, 2013
|
||||||||||||||
|
|
Amortized Cost
|
|
Gross Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Estimated Fair
Value
|
||||||||
|
U.S. government obligations:
|
|
|
|
|
|
|
|
||||||||
|
Included in short-term investments
|
$
|
99,974
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
99,985
|
|
|
Included in long-term investments
|
14,996
|
|
|
35
|
|
|
—
|
|
|
15,031
|
|
||||
|
|
$
|
114,970
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
115,016
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial paper:
|
|
|
|
|
|
|
|
||||||||
|
Included in short-term investments
|
24,994
|
|
|
—
|
|
|
—
|
|
|
24,994
|
|
||||
|
|
$
|
24,994
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24,994
|
|
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
|
Less than one year
|
$
|
120,208
|
|
|
$
|
120,250
|
|
|
Due in 1-2 years
|
65,043
|
|
|
65,019
|
|
||
|
|
$
|
185,251
|
|
|
$
|
185,269
|
|
|
(5)
|
FAIR VALUE MEASUREMENTS
|
|
|
July 31, 2014
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Money market funds
|
$
|
390,006
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
390,006
|
|
|
U.S. government obligations
|
—
|
|
|
155,271
|
|
|
—
|
|
|
155,271
|
|
||||
|
Commercial paper
|
—
|
|
|
79,993
|
|
|
—
|
|
|
79,993
|
|
||||
|
Foreign currency forward contracts
|
—
|
|
|
849
|
|
|
—
|
|
|
849
|
|
||||
|
Total assets measured at fair value
|
$
|
390,006
|
|
|
$
|
236,113
|
|
|
$
|
—
|
|
|
$
|
626,119
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency forward contracts
|
$
|
—
|
|
|
$
|
390
|
|
|
$
|
—
|
|
|
$
|
390
|
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
390
|
|
|
$
|
—
|
|
|
$
|
390
|
|
|
|
July 31, 2014
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents
|
$
|
390,006
|
|
|
$
|
49,995
|
|
|
$
|
—
|
|
|
$
|
440,001
|
|
|
Short-term investments
|
—
|
|
|
120,250
|
|
|
—
|
|
|
120,250
|
|
||||
|
Prepaid expenses and other
|
—
|
|
|
849
|
|
|
—
|
|
|
849
|
|
||||
|
Long-term investments
|
—
|
|
|
65,019
|
|
|
—
|
|
|
65,019
|
|
||||
|
Total assets measured at fair value
|
$
|
390,006
|
|
|
$
|
236,113
|
|
|
$
|
—
|
|
|
$
|
626,119
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Accrued liabilities
|
$
|
—
|
|
|
$
|
390
|
|
|
$
|
—
|
|
|
$
|
390
|
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
390
|
|
|
$
|
—
|
|
|
$
|
390
|
|
|
|
Level 3
|
||
|
Balance at October 31, 2013
|
$
|
2,740
|
|
|
Issuances
|
—
|
|
|
|
Settlements
|
—
|
|
|
|
Changes in unrealized gain (loss)
|
(2,740
|
)
|
|
|
Transfers into Level 3
|
—
|
|
|
|
Transfers out of Level 3
|
—
|
|
|
|
Balance at July 31, 2014
|
$
|
—
|
|
|
(6)
|
ACCOUNTS RECEIVABLE
|
|
(7)
|
INVENTORIES
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Raw materials
|
$
|
53,274
|
|
|
$
|
61,429
|
|
|
Work-in-process
|
7,773
|
|
|
8,268
|
|
||
|
Finished goods
|
153,855
|
|
|
172,321
|
|
||
|
Deferred cost of goods sold
|
75,764
|
|
|
103,701
|
|
||
|
|
290,666
|
|
|
345,719
|
|
||
|
Provision for excess and obsolescence
|
(41,563
|
)
|
|
(52,627
|
)
|
||
|
|
$
|
249,103
|
|
|
$
|
293,092
|
|
|
(8)
|
PREPAID EXPENSES AND OTHER
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Prepaid VAT and other taxes
|
$
|
101,072
|
|
|
$
|
111,004
|
|
|
Product demonstration equipment, net
|
33,382
|
|
|
42,754
|
|
||
|
Deferred deployment expense
|
23,190
|
|
|
27,992
|
|
||
|
Prepaid expenses
|
16,963
|
|
|
20,742
|
|
||
|
Other non-trade receivables
|
12,048
|
|
|
8,140
|
|
||
|
|
$
|
186,655
|
|
|
$
|
210,632
|
|
|
(9)
|
EQUIPMENT, FURNITURE AND FIXTURES
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Equipment, furniture and fixtures
|
$
|
364,574
|
|
|
$
|
368,986
|
|
|
Leasehold improvements
|
46,247
|
|
|
45,423
|
|
||
|
|
410,821
|
|
|
414,409
|
|
||
|
Accumulated depreciation and amortization
|
(291,092
|
)
|
|
(297,460
|
)
|
||
|
|
$
|
119,729
|
|
|
$
|
116,949
|
|
|
(10)
|
OTHER INTANGIBLE ASSETS
|
|
|
October 31, 2013
|
|
July 31, 2014
|
||||||||||||||||||||
|
|
Gross
Intangible
|
|
Accumulated
Amortization
|
|
Net
Intangible
|
|
Gross
Intangible
|
|
Accumulated
Amortization
|
|
Net
Intangible
|
||||||||||||
|
Developed technology
|
$
|
417,833
|
|
|
$
|
(321,645
|
)
|
|
$
|
96,188
|
|
|
$
|
417,833
|
|
|
$
|
(345,178
|
)
|
|
$
|
72,655
|
|
|
Patents and licenses
|
46,538
|
|
|
(45,744
|
)
|
|
794
|
|
|
46,538
|
|
|
(45,867
|
)
|
|
671
|
|
||||||
|
Customer relationships, covenants not to compete, outstanding purchase orders and contracts
|
323,573
|
|
|
(234,727
|
)
|
|
88,846
|
|
|
323,573
|
|
|
(255,002
|
)
|
|
68,571
|
|
||||||
|
Total other intangible assets
|
$
|
787,944
|
|
|
$
|
(602,116
|
)
|
|
$
|
185,828
|
|
|
$
|
787,944
|
|
|
$
|
(646,047
|
)
|
|
$
|
141,897
|
|
|
Period ended October 31,
|
|
||
|
2014 (remaining three months)
|
$
|
13,220
|
|
|
2015
|
52,879
|
|
|
|
2016
|
52,879
|
|
|
|
2017
|
22,783
|
|
|
|
2018
|
136
|
|
|
|
|
$
|
141,897
|
|
|
(11)
|
OTHER BALANCE SHEET DETAILS
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Maintenance spares inventory, net
|
$
|
61,305
|
|
|
$
|
56,202
|
|
|
Deferred debt issuance costs, net
|
15,677
|
|
|
16,360
|
|
||
|
Embedded redemption feature
|
2,740
|
|
|
—
|
|
||
|
Restricted cash
|
2,053
|
|
|
46
|
|
||
|
Other
|
4,605
|
|
|
5,513
|
|
||
|
|
$
|
86,380
|
|
|
$
|
78,121
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Warranty
|
$
|
56,303
|
|
|
$
|
57,442
|
|
|
Compensation, payroll related tax and benefits
|
98,770
|
|
|
77,272
|
|
||
|
Vacation
|
32,118
|
|
|
33,837
|
|
||
|
Current restructuring liabilities
|
674
|
|
|
653
|
|
||
|
Interest payable
|
6,186
|
|
|
8,679
|
|
||
|
Other
|
77,605
|
|
|
89,963
|
|
||
|
|
$
|
271,656
|
|
|
$
|
267,846
|
|
|
|
|
|
|
|
|
|
Balance at
|
||||||
|
Nine months ended
|
Beginning
|
|
|
|
|
|
end of
|
||||||
|
July 31,
|
Balance
|
|
Provisions
|
|
Settlements
|
|
period
|
||||||
|
2013
|
$
|
55,132
|
|
|
15,148
|
|
|
(16,904
|
)
|
|
$
|
53,376
|
|
|
2014
|
$
|
56,303
|
|
|
18,720
|
|
|
(17,581
|
)
|
|
$
|
57,442
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
Products
|
$
|
36,671
|
|
|
$
|
57,590
|
|
|
Services
|
75,499
|
|
|
82,078
|
|
||
|
|
112,170
|
|
|
139,668
|
|
||
|
Less current portion
|
(88,550
|
)
|
|
(114,590
|
)
|
||
|
Long-term deferred revenue
|
$
|
23,620
|
|
|
$
|
25,078
|
|
|
(12)
|
FOREIGN CURRENCY FORWARD CONTRACTS
|
|
(13)
|
SHORT-TERM AND LONG-TERM DEBT
|
|
|
|
Principal Balance
|
|
Unamortized Discount
|
|
Net Carrying Amount
|
||||||
|
Term Loan Payable due July 15, 2019
|
|
$
|
250,000
|
|
|
$
|
1,237
|
|
|
$
|
248,763
|
|
|
|
|
$
|
250,000
|
|
|
$
|
1,237
|
|
|
$
|
248,763
|
|
|
|
|
July 31, 2014
|
||||||
|
|
|
Carrying Value
|
|
Fair Value
(2)
|
||||
|
Term Loan Payable due July 15, 2019
(1)
|
|
$
|
248,763
|
|
|
$
|
249,375
|
|
|
|
|
$
|
248,763
|
|
|
$
|
249,375
|
|
|
(1)
|
Includes unamortized bond discount.
|
|
(2)
|
The term loan was categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its term loan using a market approach based upon observable inputs, such as current market transactions involving comparable securities.
|
|
|
Liability Component
|
|
Equity Component
|
||||||||||||
|
|
Principal Balance
|
|
Unamortized Discount
|
|
Net Carrying Amount
|
|
Net Carrying Amount
|
||||||||
|
4.0% Convertible Senior Notes due December 15, 2020
|
$
|
193,101
|
|
|
$
|
15,248
|
|
|
$
|
177,853
|
|
|
$
|
43,131
|
|
|
|
|
July 31, 2014
|
||||||
|
|
|
Carrying Value
|
|
Fair Value
(2)
|
||||
|
4.0% Convertible Senior Notes, due March 15, 2015
(1)
|
|
$
|
187,605
|
|
|
$
|
206,719
|
|
|
0.875% Convertible Senior Notes due June 15, 2017
|
|
500,000
|
|
|
494,375
|
|
||
|
3.75% Convertible Senior Notes due October 15, 2018
|
|
350,000
|
|
|
445,813
|
|
||
|
4.0% Convertible Senior Notes due December 15, 2020
(3)
|
|
177,853
|
|
|
242,822
|
|
||
|
|
|
$
|
1,215,458
|
|
|
$
|
1,389,729
|
|
|
(1)
|
Includes unamortized bond premium related to embedded redemption feature.
|
|
(2)
|
The convertible notes were categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its outstanding convertible notes using a market approach based upon observable inputs, such as current market transactions involving comparable securities.
|
|
(3)
|
Includes unamortized discount and accretion of principal.
|
|
(14)
|
ABL CREDIT FACILITY
|
|
•
|
increase the total commitment from
$150 million
to
$200 million
;
|
|
•
|
extend the maturity date from
August 13, 2015
to
December 31, 2016
, and eliminate the maturity date acceleration to
December 15, 2014
in the event that any of Ciena’s
4.00%
senior convertible notes due March 15, 2015 are then outstanding;
|
|
•
|
reduce the minimum aggregate amount of unrestricted cash and cash equivalents that Ciena is required to maintain at all times from
$200 million
to
$150 million
;
|
|
•
|
reduce the interest rate on borrowings from LIBOR plus an applicable margin ranging from
200
basis points to
250
basis points, to an applicable margin ranging from
150
basis points to
200
basis points, with the actual margin based upon Ciena's utilization of the ABL Credit Facility; and
|
|
•
|
amend the borrowing base to include, among other items, up to
$50 million
in eligible cash.
|
|
(15)
|
EARNINGS (LOSS) PER SHARE CALCULATION
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
Numerator
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Net income (loss)
|
$
|
(1,231
|
)
|
|
$
|
16,160
|
|
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
Add: Interest expense associated with 0.875% convertible senior notes due 2017
|
—
|
|
|
1,384
|
|
|
$
|
—
|
|
|
—
|
|
|||
|
Net income (loss) used to calculate Diluted EPS
|
$
|
(1,231
|
)
|
|
$
|
17,544
|
|
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||
|
Denominator
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||
|
Weighted average basic common shares outstanding
|
102,713
|
|
|
106,236
|
|
|
101,951
|
|
|
105,404
|
|
|
Add: Shares underlying outstanding stock options, employees stock purchase plan and restricted stock units
|
—
|
|
|
1,465
|
|
|
—
|
|
|
—
|
|
|
Add: Shares underlying 0.875% convertible senior notes due 2017
|
—
|
|
|
13,108
|
|
|
—
|
|
|
—
|
|
|
Weighted average dilutive potential common shares outstanding
|
102,713
|
|
|
120,809
|
|
|
101,951
|
|
|
105,404
|
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
EPS
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Basic EPS
|
$
|
(0.01
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.09
|
)
|
|
Diluted EPS
|
$
|
(0.01
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.74
|
)
|
|
$
|
(0.09
|
)
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||
|
Shares underlying stock options and restricted stock units
|
3,599
|
|
|
1,123
|
|
|
3,727
|
|
|
3,205
|
|
|
0.25% Convertible Senior Notes due May 1, 2013
|
—
|
|
|
—
|
|
|
3,580
|
|
|
—
|
|
|
4.0% Convertible Senior Notes due March 15, 2015
|
9,198
|
|
|
9,198
|
|
|
10,990
|
|
|
9,198
|
|
|
0.875% Convertible Senior Notes due June 15, 2017
|
13,108
|
|
|
—
|
|
|
13,108
|
|
|
13,108
|
|
|
3.75% Convertible Senior Notes due October 15, 2018
|
17,356
|
|
|
17,356
|
|
|
17,356
|
|
|
17,356
|
|
|
4.0% Convertible Senior Notes due December 15, 2020
|
9,198
|
|
|
9,198
|
|
|
7,406
|
|
|
9,198
|
|
|
Total shares excluded due to anti-dilutive effect
|
52,459
|
|
|
36,875
|
|
|
56,167
|
|
|
52,065
|
|
|
(16)
|
SHARE-BASED COMPENSATION EXPENSE
|
|
|
Shares Underlying
Options
Outstanding
|
|
Weighted
Average
Exercise Price
|
|||
|
Balance at October 31, 2013
|
2,102
|
|
|
$
|
27.46
|
|
|
Exercised
|
(153
|
)
|
|
17.28
|
|
|
|
Canceled
|
(571
|
)
|
|
36.11
|
|
|
|
Balance at July 31, 2014
|
1,378
|
|
|
$
|
25.00
|
|
|
|
|
|
|
|
|
Options Outstanding and Vested at
|
||||||||||||||||
|
|
|
|
|
|
|
July 31, 2014
|
||||||||||||||||
|
|
|
|
|
|
|
Number
|
|
Weighted
Average
Remaining
|
|
Weighted
|
|
|
||||||||||
|
Range of
|
|
of
|
|
Contractual
|
|
Average
|
|
Aggregate
|
||||||||||||||
|
Exercise
|
|
Underlying
|
|
Life
|
|
Exercise
|
|
Intrinsic
|
||||||||||||||
|
Price
|
|
Shares
|
|
(Years)
|
|
Price
|
|
Value
|
||||||||||||||
|
$
|
0.94
|
|
|
—
|
|
|
$
|
16.31
|
|
|
163
|
|
|
3.44
|
|
$
|
8.08
|
|
|
$
|
1,791
|
|
|
$
|
16.52
|
|
|
—
|
|
|
$
|
17.29
|
|
|
247
|
|
|
0.95
|
|
16.64
|
|
|
609
|
|
||
|
$
|
17.43
|
|
|
—
|
|
|
$
|
24.50
|
|
|
196
|
|
|
1.44
|
|
18.70
|
|
|
195
|
|
||
|
$
|
24.69
|
|
|
—
|
|
|
$
|
28.28
|
|
|
286
|
|
|
2.65
|
|
27.31
|
|
|
—
|
|
||
|
$
|
28.61
|
|
|
—
|
|
|
$
|
31.43
|
|
|
102
|
|
|
3.03
|
|
29.79
|
|
|
—
|
|
||
|
$
|
31.71
|
|
|
—
|
|
|
$
|
32.55
|
|
|
19
|
|
|
1.43
|
|
31.92
|
|
|
—
|
|
||
|
$
|
33.00
|
|
|
—
|
|
|
$
|
37.10
|
|
|
249
|
|
|
3.29
|
|
35.23
|
|
|
—
|
|
||
|
$
|
37.31
|
|
|
—
|
|
|
$
|
47.32
|
|
|
116
|
|
|
2.99
|
|
44.30
|
|
|
—
|
|
||
|
$
|
0.94
|
|
|
—
|
|
|
$
|
47.32
|
|
|
1,378
|
|
|
2.42
|
|
$
|
25.00
|
|
|
$
|
2,595
|
|
|
|
Restricted
Stock Units
Outstanding
|
|
Weighted
Average Grant
Date Fair Value
Per Share
|
|
Aggregate
Fair Value
|
|||||
|
Balance at October 31, 2013
|
4,419
|
|
|
$
|
15.33
|
|
|
$
|
102,745
|
|
|
Granted
|
1,819
|
|
|
|
|
|
||||
|
Vested
|
(1,757
|
)
|
|
|
|
|
||||
|
Canceled or forfeited
|
(127
|
)
|
|
|
|
|
||||
|
Balance at July 31, 2014
|
4,354
|
|
|
$
|
17.90
|
|
|
$
|
83,173
|
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Product costs
|
$
|
658
|
|
|
$
|
737
|
|
|
$
|
1,905
|
|
|
$
|
1,984
|
|
|
Service costs
|
461
|
|
|
572
|
|
|
1,323
|
|
|
1,720
|
|
||||
|
Share-based compensation expense included in cost of sales
|
1,119
|
|
|
1,309
|
|
|
3,228
|
|
|
3,704
|
|
||||
|
Research and development
|
2,054
|
|
|
2,368
|
|
|
6,291
|
|
|
7,722
|
|
||||
|
Sales and marketing
|
3,562
|
|
|
3,890
|
|
|
9,687
|
|
|
12,199
|
|
||||
|
General and administrative
|
3,198
|
|
|
3,376
|
|
|
8,898
|
|
|
10,543
|
|
||||
|
Share-based compensation expense included in operating expense
|
8,814
|
|
|
9,634
|
|
|
24,876
|
|
|
30,464
|
|
||||
|
Share-based compensation expense capitalized in inventory, net
|
(48
|
)
|
|
(182
|
)
|
|
(72
|
)
|
|
36
|
|
||||
|
Total share-based compensation
|
$
|
9,885
|
|
|
$
|
10,761
|
|
|
$
|
28,032
|
|
|
$
|
34,204
|
|
|
(17)
|
SEGMENTS AND ENTITY WIDE DISCLOSURES
|
|
•
|
Converged Packet Optical —
includes networking solutions optimized for the convergence of coherent optical transport, OTN switching and packet switching. These platforms enable automated packet-optical infrastructures that create and efficiently allocate high-capacity bandwidth for the delivery of a wide variety of enterprise and consumer-oriented network services. Products in this segment include the 6500 Packet-Optical Platform and the 5430 Reconfigurable Switching System, which feature Ciena's WaveLogic coherent optical processors. Products also include Ciena's family of CoreDirector® Multiservice Optical Switches and the OTN configuration for the 5410 Reconfigurable Switching System. These products include multiservice, multi-protocol switching systems that consolidate the functionality of an add/drop multiplexer, digital cross-connect and packet switch into a single, high-capacity intelligent switching system. These products address both the core and metro segments of communications networks and support key managed services, Ethernet/TDM Private Line, Triple Play and IP services. This segment also includes sales of operating system software and enhanced software features embedded in each of these products. Revenue from this segment is included in product revenue on the Condensed Consolidated Statement of Operations.
|
|
•
|
Packet Networking —
principally includes Ciena's 3000 family of service delivery switches and service aggregation switches, the 5000 series of service aggregation switches. This segment also includes Ciena’s new 8700 Packetwave Platform, a multi-terabit packet switching platform for high-density metro networks. The 8700 combines Ethernet switching and optical transport to help network operators deliver on-demand, cloud-based services with improved economics. In addition, this segment includes Ciena's Ethernet packet configuration for the 5410 Service Aggregation Switch. These products support the access and aggregation tiers of communications networks and have principally been deployed to support wireless backhaul infrastructures and business data services. Employing sophisticated, carrier-grade Ethernet switching technology, these products deliver quality of service capabilities, virtual local area networking and switching functions, and carrier-grade operations, administration, and maintenance features. This segment includes stand-alone broadband products that transition voice networks to support Internet-based (IP) telephony, video services and DSL. This segment also includes sales of operating system software and enhanced software features embedded in each of these products. Revenue from this segment is included in product revenue on the Condensed Consolidated Statement of Operations.
|
|
•
|
Optical Transport —
includes optical transport solutions that add capacity to core, regional and metro networks and enable cost-effective and efficient transport of voice, video and data traffic at high transmission speeds. Ciena's principal products in this segment include the 4200 Advanced Services Platform, Corestream® Agility Optical Transport System, 5100/5200 Advanced Services Platform, Common Photonic Layer (CPL), and 6100 Multiservice Optical Platform. This segment includes sales from SONET/SDH, transport and data networking products, as well as certain enterprise-oriented transport solutions that support storage and LAN extension, interconnection of data centers, and virtual private networks. This segment also includes operating system software and enhanced software features embedded in each of these products. Revenue from this segment is included in product revenue on the Condensed Consolidated Statement of Operations.
|
|
•
|
Software and Services —
includes Ciena's network software suite, including the Agility software portfolio which includes a multilayer software-defined networking (SDN) controller and new software applications for enabling on-demand, high-bandwidth wide area network (WAN) services delivered in an open network ecosystem. With Agility, Ciena's customers can better monetize cloud-based services and virtual network functions created in a traditional or an SDN environment. This segment also includes the OneControl Unified Management System. These software solutions can track individual services across multiple product suites, facilitating planned network maintenance, outage detection and identification of customers or services affected by network performance. In addition, this segment includes the ON-Center® Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release and network level applications. This segment includes a broad range of consulting, network design and support services from Ciena's Network Transformation Solutions offering. This segment also includes installation and deployment, maintenance support and training activities. Except for revenue from the software portion of this segment, which is included in product revenue, revenue from this segment is included in services revenue on the Condensed Consolidated Statement of Operations.
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Revenue:
|
|
|
|
|
|
|
|
||||||||
|
Converged Packet Optical
|
$
|
302,018
|
|
|
$
|
382,031
|
|
|
$
|
836,303
|
|
|
$
|
1,072,272
|
|
|
Packet Networking
|
61,631
|
|
|
69,464
|
|
|
161,658
|
|
|
187,699
|
|
||||
|
Optical Transport
|
66,218
|
|
|
31,016
|
|
|
181,186
|
|
|
100,729
|
|
||||
|
Software and Services
|
108,489
|
|
|
121,051
|
|
|
320,014
|
|
|
336,626
|
|
||||
|
Consolidated revenue
|
$
|
538,356
|
|
|
$
|
603,562
|
|
|
$
|
1,499,161
|
|
|
$
|
1,697,326
|
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Segment profit:
|
|
|
|
|
|
|
|
||||||||
|
Converged Packet Optical
|
$
|
66,952
|
|
|
$
|
104,020
|
|
|
$
|
171,598
|
|
|
$
|
279,299
|
|
|
Packet Networking
|
7,620
|
|
|
14,566
|
|
|
15,259
|
|
|
23,147
|
|
||||
|
Optical Transport
|
29,459
|
|
|
8,900
|
|
|
71,459
|
|
|
29,259
|
|
||||
|
Software and Services
|
31,121
|
|
|
38,802
|
|
|
92,232
|
|
|
93,136
|
|
||||
|
Total segment profit
|
135,152
|
|
|
166,288
|
|
|
350,548
|
|
|
424,841
|
|
||||
|
Less: non-performance operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Selling and marketing
|
75,613
|
|
|
81,919
|
|
|
216,676
|
|
|
243,929
|
|
||||
|
General and administrative
|
32,066
|
|
|
36,285
|
|
|
91,157
|
|
|
98,264
|
|
||||
|
Amortization of intangible assets
|
12,440
|
|
|
11,019
|
|
|
37,332
|
|
|
34,951
|
|
||||
|
Restructuring costs
|
202
|
|
|
63
|
|
|
6,741
|
|
|
178
|
|
||||
|
Add: other non-performance financial items
|
|
|
|
|
|
|
|
||||||||
|
Interest expense and other income (loss), net
|
(14,139
|
)
|
|
(17,836
|
)
|
|
(39,116
|
)
|
|
(47,787
|
)
|
||||
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(28,630
|
)
|
|
—
|
|
||||
|
Less: Provision for income taxes
|
1,923
|
|
|
3,006
|
|
|
6,530
|
|
|
9,666
|
|
||||
|
Consolidated net loss
|
$
|
(1,231
|
)
|
|
$
|
16,160
|
|
|
$
|
(75,634
|
)
|
|
$
|
(9,934
|
)
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
United States
|
$
|
339,426
|
|
|
$
|
368,056
|
|
|
$
|
891,233
|
|
|
$
|
1,009,433
|
|
|
International
|
198,930
|
|
|
235,506
|
|
|
607,928
|
|
|
687,893
|
|
||||
|
Total
|
$
|
538,356
|
|
|
$
|
603,562
|
|
|
$
|
1,499,161
|
|
|
$
|
1,697,326
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
||||
|
United States
|
$
|
64,132
|
|
|
$
|
62,733
|
|
|
Canada
|
43,772
|
|
|
42,755
|
|
||
|
Other International
|
11,825
|
|
|
11,461
|
|
||
|
Total
|
$
|
119,729
|
|
|
$
|
116,949
|
|
|
|
Quarter Ended July 31,
|
|
Nine Months Ended July 31,
|
||||||||||||
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||||||
|
Company A
|
$
|
104,070
|
|
|
$
|
130,278
|
|
|
$
|
277,280
|
|
|
$
|
351,323
|
|
|
Company B
|
67,051
|
|
|
n/a
|
|
|
172,407
|
|
|
n/a
|
|
||||
|
Total
|
$
|
171,121
|
|
|
$
|
130,278
|
|
|
$
|
449,687
|
|
|
$
|
351,323
|
|
|
n/a
|
Denotes revenue representing less than 10% of total revenue for the period
|
|
(18)
|
COMMITMENTS AND CONTINGENCIES
|
|
•
|
Product revenue for the
third
quarter of fiscal
2014
increased
by
$35.1 million
, reflecting increased sales of $25.2 million in Converged Packet Optical, $5.6 million in software, $2.9 million in Packet Networking and $1.4 million in Optical Transport.
|
|
•
|
Service revenue for the
third
quarter of fiscal
2014
increased
by
$8.4 million
.
|
|
•
|
Revenue from the United States for the
third
quarter of fiscal
2014
was
$368.1 million
,
an increase
from
$324.0 million
in the
second
quarter of fiscal
2014
.
|
|
•
|
International revenue for the
third
quarter of fiscal
2014
was
$235.5 million
,
a decrease
from
$236.1 million
in the
second
quarter of fiscal
2014
.
|
|
•
|
As a percentage of revenue, international revenue was
39.0%
during the
third
quarter of fiscal
2014
,
a decrease
from
42.2%
during the
second
quarter of fiscal
2014
.
|
|
•
|
For the
third
quarter of fiscal
2014
,
one
customer
accounted for
21.6%
of total revenue. This compares to
one
customer that accounted for
21.5%
of total revenue in the
second
quarter of fiscal
2014
.
|
|
•
|
Converged Packet Optical —
includes networking solutions optimized for the convergence of coherent optical transport, OTN switching and packet switching. These platforms enable automated packet-optical infrastructures that create and efficiently allocate high-capacity bandwidth for the delivery of a wide variety of enterprise and consumer-oriented network services. Products in this segment include the 6500 Packet-Optical Platform and the 5430 Reconfigurable Switching System, which feature Ciena's WaveLogic coherent optical processors. Products also
|
|
•
|
Packet Networking —
principally includes Ciena's 3000 family of service delivery switches and service aggregation switches, the 5000 series of service aggregation switches. This segment also includes Ciena’s new 8700 Packetwave Platform, a multi-terabit packet switching platform for high-density metro networks. The 8700 combines Ethernet switching and optical transport to help network operators deliver on-demand, cloud-based services with improved economics. In addition, this segment includes Ciena's Ethernet packet configuration for the 5410 Service Aggregation Switch. These products support the access and aggregation tiers of communications networks and have principally been deployed to support wireless backhaul infrastructures and business data services. Employing sophisticated, carrier-grade Ethernet switching technology, these products deliver quality of service capabilities, virtual local area networking and switching functions, and carrier-grade operations, administration, and maintenance features. This segment includes stand-alone broadband products that transition voice networks to support Internet-based (IP) telephony, video services and DSL. This segment also includes sales of operating system software and enhanced software features embedded in each of these products. Revenue from this segment is included in product revenue on the Condensed Consolidated Statement of Operations.
|
|
•
|
Optical Transport —
includes optical transport solutions that add capacity to core, regional and metro networks and enable cost-effective and efficient transport of voice, video and data traffic at high transmission speeds. Ciena's principal products in this segment include the 4200 Advanced Services Platform, Corestream® Agility Optical Transport System, 5100/5200 Advanced Services Platform, Common Photonic Layer (CPL), and 6100 Multiservice Optical Platform. This segment includes sales from SONET/SDH, transport and data networking products, as well as certain enterprise-oriented transport solutions that support storage and LAN extension, interconnection of data centers, and virtual private networks. This segment also includes operating system software and enhanced software features embedded in each of these products. Revenue from this segment is included in product revenue on the Condensed Consolidated Statement of Operations.
|
|
•
|
Software and Services —
includes Ciena's network software suite, including the Agility software portfolio which includes a multilayer software-defined networking (SDN) controller and new software applications for enabling on-demand, high-bandwidth wide area network (WAN) services delivered in an open network ecosystem. With Agility, our customers can better monetize cloud-based services and virtual network functions created in a traditional or an SDN environment. This segment also includes the OneControl Unified Management System. These software solutions can track individual services across multiple product suites, facilitating planned network maintenance, outage detection and identification of customers or services affected by network performance. In addition, this segment includes the ON-Center® Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release and network level applications. This segment includes a broad range of consulting, network design and support services from Ciena's Network Transformation Solutions offering. This segment also includes installation and deployment, maintenance support and training activities. Except for revenue from the software portion of this segment, which is included in product revenue, revenue from this segment is included in services revenue on the Condensed Consolidated Statement of Operations.
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
|||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
|||||||
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Converged Packet Optical
|
$
|
302,018
|
|
|
56.1
|
|
$
|
382,031
|
|
|
63.3
|
|
$
|
80,013
|
|
|
26.5
|
|
|
Packet Networking
|
61,631
|
|
|
11.4
|
|
69,464
|
|
|
11.5
|
|
7,833
|
|
|
12.7
|
|
|||
|
Optical Transport
|
66,218
|
|
|
12.3
|
|
31,016
|
|
|
5.1
|
|
(35,202
|
)
|
|
(53.2
|
)
|
|||
|
Software and Services
|
108,489
|
|
|
20.2
|
|
121,051
|
|
|
20.1
|
|
12,562
|
|
|
11.6
|
|
|||
|
Consolidated revenue
|
$
|
538,356
|
|
|
100.0
|
|
$
|
603,562
|
|
|
100.0
|
|
$
|
65,206
|
|
|
12.1
|
|
|
•
|
Converged Packet Optical
revenue
increased
, reflecting a $70.6 million increase in sales of our 6500 Packet-Optical Platform, largely driven by service provider demand for high-capacity, optical transport for coherent 40G and 100G network infrastructures. In addition, sales of our 5430 Reconfigurable Switching System increased by $19.5 million and sales of the OTN configuration for the 5410 Reconfigurable Switching System increased by $2.7 million. These increases were slightly offset by a decrease of $12.8 million in sales of our CoreDirector® Multiservice Optical Switches. The strong performance of this segment, particularly as compared to the expected declines in Optical Transport segment revenue, reflects the preference of network operators to adopt next-generation architectures that enable the convergence of high-capacity, coherent optical transport with integrated OTN switching and control plane functionality.
|
|
•
|
Packet Networking
revenue
increased
, reflecting a $10.6 million increase in sales of our 3000 and 5000 families of service delivery and aggregation switches. This increase was partially offset by a $2.2 million decrease in our older stand-alone broadband products. Segment revenue benefited from the expansion of Ethernet business services by our North American service provider customers and sales of service delivery and aggregation products in support of their packet-related network initiatives.
|
|
•
|
Optical Transport
revenue
decreased
, reflecting a $16.0 million decrease of our 5100/5200 Advanced Services Platform, a $12.6 million decrease in sales of other stand-alone transport products and a $6.6 million decrease in sales of our 4200 Advanced Services Platform. Revenue for our Optical Transport segment, which currently consists principally of stand-alone WDM and SONET/SDH-based transport platforms, has experienced meaningful declines in revenue in recent years. We expect this trend to continue, reflecting network operators' transition toward next-generation converged network architectures as described above.
|
|
•
|
Software and Services
revenue
increased
, reflecting increases of $5.8 million in software revenue, $5.3 million in maintenance and support services revenue, and $2.2 million in network transformation consulting revenue.
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
United States
|
$
|
339,426
|
|
|
63.0
|
|
$
|
368,056
|
|
|
61.0
|
|
$
|
28,630
|
|
|
8.4
|
|
International
|
198,930
|
|
|
37.0
|
|
235,506
|
|
|
39.0
|
|
36,576
|
|
|
18.4
|
|||
|
Total
|
$
|
538,356
|
|
|
100.0
|
|
$
|
603,562
|
|
|
100.0
|
|
$
|
65,206
|
|
|
12.1
|
|
•
|
United States revenue
reflects
increases
of $33.8 million in Converged Packet Optical sales, $8.7 million in Packet Networking sales and $8.2 million in Software and Services revenue. These increases were partially offset by a $22.0 million decrease in Optical Transport sales. Increased revenues reflect adoption by network operators in the United States of converged network architectures that align well with our OP
n
Architecture and solutions offering.
|
|
•
|
International revenue
reflects
increases
of $46.3 million in Converged Packet Optical sales and $4.4 million in Software and Services revenue, partially offset by decreases of $13.2 million in Optical Transport sales and $1.0 million in Packet Networking sales.
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Total revenue
|
$
|
538,356
|
|
|
100.0
|
|
$
|
603,562
|
|
|
100.0
|
|
$
|
65,206
|
|
|
12.1
|
|
Total cost of goods sold
|
310,135
|
|
|
57.6
|
|
339,589
|
|
|
56.3
|
|
29,454
|
|
|
9.5
|
|||
|
Gross profit
|
$
|
228,221
|
|
|
42.4
|
|
$
|
263,973
|
|
|
43.7
|
|
$
|
35,752
|
|
|
15.7
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Product revenue
|
$
|
437,442
|
|
|
100.0
|
|
$
|
495,889
|
|
|
100.0
|
|
$
|
58,447
|
|
|
13.4
|
|
Product cost of goods sold
|
247,768
|
|
|
56.6
|
|
275,003
|
|
|
55.5
|
|
27,235
|
|
|
11.0
|
|||
|
Product gross profit
|
$
|
189,674
|
|
|
43.4
|
|
$
|
220,886
|
|
|
44.5
|
|
$
|
31,212
|
|
|
16.5
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Service revenue
|
$
|
100,914
|
|
|
100.0
|
|
$
|
107,673
|
|
|
100.0
|
|
$
|
6,759
|
|
|
6.7
|
|
Service cost of goods sold
|
62,367
|
|
|
61.8
|
|
64,586
|
|
|
60.0
|
|
2,219
|
|
|
3.6
|
|||
|
Service gross profit
|
$
|
38,547
|
|
|
38.2
|
|
$
|
43,087
|
|
|
40.0
|
|
$
|
4,540
|
|
|
11.8
|
|
•
|
Gross profit as a percentage of revenue
increased
as a result of the factors described below.
|
|
•
|
Gross profit on products as a percentage of product revenue
increased
, primarily due to improved mix of higher-margin packet platforms with software content within our Packet Networking and Converged Packet Optical segments, and greater leverage from efforts to streamline and optimize our supply chain activities.
|
|
•
|
Gross profit on services as a percentage of services revenue
increased
, primarily due to increased maintenance and consulting services revenues, including our Network Transformation Solutions offerings, and increased margin due to improved efficiencies for managed spares projects.
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
|||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
|||||||
|
Research and development
|
$
|
93,069
|
|
|
17.3
|
|
$
|
97,685
|
|
|
16.2
|
|
$
|
4,616
|
|
|
5.0
|
|
|
Selling and marketing
|
75,613
|
|
|
14.0
|
|
81,919
|
|
|
13.6
|
|
6,306
|
|
|
8.3
|
|
|||
|
General and administrative
|
32,066
|
|
|
6.0
|
|
36,285
|
|
|
6.0
|
|
4,219
|
|
|
13.2
|
|
|||
|
Amortization of intangible assets
|
12,440
|
|
|
2.3
|
|
11,019
|
|
|
1.8
|
|
(1,421
|
)
|
|
(11.4
|
)
|
|||
|
Restructuring costs
|
202
|
|
|
—
|
|
63
|
|
|
—
|
|
(139
|
)
|
|
(68.8
|
)
|
|||
|
Total operating expenses
|
$
|
213,390
|
|
|
39.6
|
|
$
|
226,971
|
|
|
37.6
|
|
$
|
13,581
|
|
|
6.4
|
|
|
•
|
Research and development expense
benefited
by
$2.8 million
as a result of foreign exchange rates, primarily due to strengthening of the U.S. dollar in relation to the Canadian Dollar. The
$4.6 million
increase
in research and development expense consisted of a $2.4 million increase in employee compensation and related costs, a $1.0 million increase in prototype expense and a $1.0 million increase in facilities and information technology costs. Our prioritization of expense reflects the research and development strategy described in "Strategy" above.
|
|
•
|
Selling and marketing expense
increased
by
$6.3 million
, primarily reflecting increases of $4.2 million in employee compensation and related costs and $1.4 million increase in freight and logistics costs for demonstration equipment.
|
|
•
|
General and administrative expense
increased
by $4.2 million,
reflecting increases of $2.6 million in legal fees associated with patent litigation costs, $0.8 million in employee compensation and related costs and $0.8 million in provisions for doubtful accounts receivable.
|
|
•
|
Amortization of intangible assets
decreased
due to certain intangible assets having reached the end of their economic lives.
|
|
•
|
Restructuring costs
primarily reflect certain severance and related expense associated with headcount reductions and restructuring activities to align our workforce and resources with market opportunities and research and development initiatives. Restructuring costs for fiscal 2013 also include the consolidation of certain facilities located within Maryland associated with the transition of our headquarters facility.
|
|
|
Quarter Ended July 31,
|
|
Increase
|
|
|
||||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||||
|
Interest and other income (loss), net
|
$
|
(3,167
|
)
|
|
(0.6
|
)
|
|
$
|
(6,328
|
)
|
|
(1.0
|
)
|
|
$
|
(3,161
|
)
|
|
99.8
|
|
Interest expense
|
$
|
10,972
|
|
|
2.0
|
|
|
$
|
11,508
|
|
|
1.9
|
|
|
$
|
536
|
|
|
4.9
|
|
Provision for income taxes
|
$
|
1,923
|
|
|
0.4
|
|
|
$
|
3,006
|
|
|
0.5
|
|
|
$
|
1,083
|
|
|
56.3
|
|
•
|
Interest and other income (loss), net
reflects a $2.5 million non-cash loss related to the change in fair value of the embedded redemption feature associated with our 4.0% convertible senior notes due March 15, 2015 (the "2015 Notes").
|
|
•
|
Interest expense
remained relatively unchanged.
|
|
•
|
Provision for income taxes
increased primarily due to foreign tax expense, which is largely a result of higher income from our Brazilian operations.
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
|||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
|||||||
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Converged Packet Optical
|
$
|
836,303
|
|
|
55.8
|
|
$
|
1,072,272
|
|
|
63.2
|
|
$
|
235,969
|
|
|
28.2
|
|
|
Packet Networking
|
161,658
|
|
|
10.8
|
|
187,699
|
|
|
11.1
|
|
26,041
|
|
|
16.1
|
|
|||
|
Optical Transport
|
181,186
|
|
|
12.1
|
|
100,729
|
|
|
5.9
|
|
(80,457
|
)
|
|
(44.4
|
)
|
|||
|
Software and Services
|
320,014
|
|
|
21.3
|
|
336,626
|
|
|
19.8
|
|
16,612
|
|
|
5.2
|
|
|||
|
Consolidated revenue
|
$
|
1,499,161
|
|
|
100.0
|
|
$
|
1,697,326
|
|
|
100.0
|
|
$
|
198,165
|
|
|
13.2
|
|
|
•
|
Converged Packet Optical
revenue
increased
significantly, reflecting a $203.2 million increase in sales of our 6500 Packet-Optical Platform, largely driven by service provider demand for high-capacity, optical transport for coherent 40G and 100G network infrastructures. In addition, sales of our 5430 reconfigurable switching system and the OTN configuration for the 5410 Reconfigurable Switching System increased by $43.6 million and $6.4 million respectively. These increases were partially offset by a $17.2 million decrease in sales of our CoreDirector® Multiservice Optical Switches. The strong performance of this segment, particularly as compared to the expected declines in Optical Transport segment revenue, reflects the preference of network operators to adopt next-generation architectures that enable the convergence of high-capacity, coherent optical transport with integrated OTN switching and control plane functionality.
|
|
•
|
Packet Networking
revenue
increased
, reflecting an increase of $36.1 million in sales of our 3000 and 5000 families of service delivery and aggregation switches. This increase was partially offset by decreases of $3.3 million in sales of our older, stand-alone broadband products and $6.4 million in sales of our 5410 Service Aggregation Switch. Segment revenue benefited from the expansion of Ethernet business services by our North American service provider customers and sales of service delivery and aggregation products in support of their related network initiatives.
|
|
•
|
Optical Transport
revenue
decreased
, reflecting sales decreases of $33.4 million in other stand-alone transport products, $26.0 million of 5100/5200 Advanced Services Platform and $21.1 million in our 4200 Advanced Services Platform. Revenue for our Optical Transport segment, which currently consists principally of stand-alone WDM and SONET/SDH-based transport platforms, has experienced meaningful declines in annual revenue in recent years, reflecting network operators' transition toward next-generation converged network architectures as described above.
|
|
•
|
Software and Services
revenue
increased
, reflecting increases of $8.1 million in maintenance and support services revenue, $4.4 million in software sales, $2.1 million in networking transformation consulting revenue and $2.0 million for installation and deployment services revenue.
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
United States
|
$
|
891,233
|
|
|
59.4
|
|
$
|
1,009,433
|
|
|
59.5
|
|
$
|
118,200
|
|
|
13.3
|
|
International
|
607,928
|
|
|
40.6
|
|
687,893
|
|
|
40.5
|
|
79,965
|
|
|
13.2
|
|||
|
Total
|
$
|
1,499,161
|
|
|
100.0
|
|
$
|
1,697,326
|
|
|
100.0
|
|
$
|
198,165
|
|
|
13.2
|
|
•
|
United States revenue
reflects
increases
of $126.6 million in Converged Packet Optical sales, $26.6 million in Packet Networking sales and $17.7 million in Services and Software sales. In particular, during the first nine months of fiscal 2014, we benefited from the spending patterns and decisions of our largest service provider customers as they adopted converged, next generation network architectures that align well with our OP
n
Architecture and solutions offering. These increases were partially offset by a $52.7 million decrease in Optical Transport sales.
|
|
•
|
International revenue
reflects
an increase
of $109.3 million in Converged Packet Optical sales. This increase was partially offset by decreases of $27.7 million in Optical Transport sales and $1.1 million in Software and Services revenue.
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Total revenue
|
$
|
1,499,161
|
|
|
100.0
|
|
$
|
1,697,326
|
|
|
100.0
|
|
$
|
198,165
|
|
|
13.2
|
|
Total cost of goods sold
|
865,632
|
|
|
57.7
|
|
969,811
|
|
|
57.1
|
|
104,179
|
|
|
12.0
|
|||
|
Gross profit
|
$
|
633,529
|
|
|
42.3
|
|
$
|
727,515
|
|
|
42.9
|
|
$
|
93,986
|
|
|
14.8
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Product revenue
|
$
|
1,203,716
|
|
|
100.0
|
|
$
|
1,389,651
|
|
|
100.0
|
|
$
|
185,935
|
|
|
15.4
|
|
Product cost of goods sold
|
683,730
|
|
|
56.8
|
|
777,851
|
|
|
56.0
|
|
94,121
|
|
|
13.8
|
|||
|
Product gross profit
|
$
|
519,986
|
|
|
43.2
|
|
$
|
611,800
|
|
|
44.0
|
|
$
|
91,814
|
|
|
17.7
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
||||||
|
Service revenue
|
$
|
295,445
|
|
|
100.0
|
|
$
|
307,675
|
|
|
100.0
|
|
$
|
12,230
|
|
|
4.1
|
|
Service cost of goods sold
|
181,902
|
|
|
61.6
|
|
191,960
|
|
|
62.4
|
|
10,058
|
|
|
5.5
|
|||
|
Service gross profit
|
$
|
113,543
|
|
|
38.4
|
|
$
|
115,715
|
|
|
37.6
|
|
$
|
2,172
|
|
|
1.9
|
|
•
|
Gross profit as a percentage of revenue
increased
as a result of the factors described below.
|
|
•
|
Gross profit on products as a percentage of product revenue
increased
primarily due to improved mix of higher-margin packet platforms with software content within our Packet Networking and Converged Packet Optical segments, and greater leverage from efforts to streamline and optimize our supply chain activities.
|
|
•
|
Gross profit on services as a percentage of services revenue
decreased
primarily due to higher spares usage costs in support of our maintenance contracts and an increase in deployment costs.
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
|||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
|||||||
|
Research and development
|
$
|
282,981
|
|
|
18.9
|
|
$
|
302,674
|
|
|
17.8
|
|
$
|
19,693
|
|
|
7.0
|
|
|
Selling and marketing
|
216,676
|
|
|
14.4
|
|
243,929
|
|
|
14.4
|
|
$
|
27,253
|
|
|
12.6
|
|
||
|
General and administrative
|
91,157
|
|
|
6.1
|
|
98,264
|
|
|
5.8
|
|
$
|
7,107
|
|
|
7.8
|
|
||
|
Amortization of intangible assets
|
37,332
|
|
|
2.5
|
|
34,951
|
|
|
2.1
|
|
(2,381
|
)
|
|
(6.4
|
)
|
|||
|
Restructuring costs
|
6,741
|
|
|
0.4
|
|
178
|
|
|
—
|
|
(6,563
|
)
|
|
(97.4
|
)
|
|||
|
Total operating expenses
|
$
|
634,887
|
|
|
42.3
|
|
$
|
679,996
|
|
|
40.1
|
|
$
|
45,109
|
|
|
7.1
|
|
|
•
|
Research and development expense
benefited
by
$12.5 million
, as a result of foreign exchange rates, primarily due to strengthening of the U.S. dollar in relation to the Canadian Dollar. The
increase
of
$19.7 million
primarily reflects increases of $7.2 million in professional services expense, $6.2 million in employee compensation and related costs, $5.3 million in prototype expense and $1.3 million in facilities and information technology costs.
|
|
•
|
Selling and marketing expense
increased
$27.3 million
, primarily reflecting increases of $23.1 million in employee compensation and related costs, $2.9 million of travel and related costs and $1.2 million in facilities and information technology costs.
|
|
•
|
General and administrative expense
increased
$7.1 million
, reflecting increases of $4.6 million in legal fees associated with patent litigation costs, $1.8 million in employee compensation and related costs and $0.7 million of consulting and audit fees.
|
|
•
|
Amortization of intangible assets
decreased
due to certain intangible assets having reached the end of their economic lives.
|
|
•
|
Restructuring costs
primarily reflect certain severance and related expense associated with headcount reductions and restructuring activities to align our workforce and resources with market opportunities and research and development initiatives. Restructuring costs for fiscal 2013 also include the consolidation of certain facilities located within Maryland associated with the transition of our headquarters facility.
|
|
|
Nine Months Ended July 31,
|
|
Increase
|
|
|
|||||||||||||||
|
|
2013
|
|
%*
|
|
2014
|
|
%*
|
|
(decrease)
|
|
%**
|
|||||||||
|
Interest and other income (loss), net
|
$
|
(6,020
|
)
|
|
(0.4
|
)
|
|
$
|
(14,231
|
)
|
|
(0.8
|
)
|
|
$
|
(8,211
|
)
|
|
136.4
|
|
|
Interest expense
|
$
|
33,096
|
|
|
2.2
|
|
|
$
|
33,556
|
|
|
2.0
|
|
|
$
|
460
|
|
|
1.4
|
|
|
Loss on extinguishment of debt
|
$
|
28,630
|
|
|
1.9
|
|
|
$
|
—
|
|
|
0.0
|
|
|
$
|
(28,630
|
)
|
|
(100.0
|
)
|
|
Provision for income taxes
|
$
|
6,530
|
|
|
0.4
|
|
|
$
|
9,666
|
|
|
0.6
|
|
|
$
|
3,136
|
|
|
48.0
|
|
|
•
|
Interest and other income (loss), net
reflects a $5.5 million non-cash loss related to the change in fair value of the embedded redemption feature associated with our 2015 Notes and a $2.3 million loss related to foreign exchange rates on assets and liabilities denominated in a currency other than the relevant functional currency, net of hedging activity.
|
|
•
|
Interest expense
remained relatively unchanged.
|
|
•
|
Loss on extinguishment of debt
for fiscal 2013 reflects a non-cash loss of $28.6 million relating to the exchange transactions during the first quarter of fiscal 2013. Upon issuance, the 4.0% convertible senior notes due December 15, 2020 (the "2020 Notes") were recorded at a fair value of $213.6 million. The exchange transactions resulted in the retirement of outstanding 2015 Notes with a carrying value of $187.9 million and the write-off of unamortized debt
|
|
•
|
Provision for income taxes
increased primarily due to foreign tax expense, which is largely a result of higher income from our Brazilian operations.
|
|
|
Quarter Ended July 31,
|
|
|
|
||||||||||
|
|
2013
|
|
2014
|
|
Increase (decrease)
|
|
%*
|
|||||||
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
|
Converged Packet Optical
|
$
|
66,952
|
|
|
$
|
104,020
|
|
|
$
|
37,068
|
|
|
55.4
|
|
|
Packet Networking
|
$
|
7,620
|
|
|
$
|
14,566
|
|
|
$
|
6,946
|
|
|
91.2
|
|
|
Optical Transport
|
$
|
29,459
|
|
|
$
|
8,900
|
|
|
$
|
(20,559
|
)
|
|
(69.8
|
)
|
|
Software and Services
|
$
|
31,121
|
|
|
$
|
38,802
|
|
|
$
|
7,681
|
|
|
24.7
|
|
|
•
|
Converged Packet Optical
segment
profit
increased
, primarily due to increased sales volume and improved gross margin, partially offset by increased research and development expense. The increased sales volume is largely driven by service provider demand for convergence of high-capacity, coherent 40G and 100G network infrastructures with integrated OTN switching and control plane functionality. The improved gross margin is primarily due to sales reflecting a greater mix of higher-margin packet platforms with software content within the segment.
|
|
•
|
Packet Networking
segment
profit
increased
slightly due to increased sales volume and improved gross margin, partially offset by increased research and development expense. Packet Networking revenue benefited from the expansion of Ethernet business services by our North American service provider customers and sales of service delivery and aggregation products in support of their related network initiatives. Gross margin improved due to sales reflecting a greater mix of higher-margin platforms with software content within the segment.
|
|
•
|
Optical Transport
segment
profit
decreased
, primarily due to reduced sales volume and lower gross margin. The decrease in gross margin is primarily due to an increase in obsolete and excess inventory expense for the discontinuance of certain parts and components used in the manufacture of our Optical Transport products, including our Corestream® Agility Optical Transport platform. Revenue for our Optical Transport segment, which currently consists principally of stand-alone WDM and SONET/SDH-based transport platforms, has experienced meaningful declines in annual revenue in recent years, reflecting network operators' transition toward next-generation network architectures as described above.
|
|
•
|
Software and Services
segment
profit
increased
primarily due to higher sales for software and consulting services, including our Network Transformation Solutions offerings, and increased margin due to improved efficiencies for managed spares projects. These increases were partially offset by higher software research and development expenses.
|
|
|
Nine Months Ended July 31,
|
|
|
|
||||||||||
|
|
2013
|
|
2014
|
|
Increase (decrease)
|
|
%*
|
|||||||
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
|
Converged Packet Optical
|
$
|
171,598
|
|
|
$
|
279,299
|
|
|
$
|
107,701
|
|
|
62.8
|
|
|
Packet Networking
|
$
|
15,259
|
|
|
$
|
23,147
|
|
|
$
|
7,888
|
|
|
51.7
|
|
|
Optical Transport
|
$
|
71,459
|
|
|
$
|
29,259
|
|
|
$
|
(42,200
|
)
|
|
(59.1
|
)
|
|
Software and Services
|
$
|
92,232
|
|
|
$
|
93,136
|
|
|
$
|
904
|
|
|
1.0
|
|
|
•
|
Converged Packet Optical
segment
profit
increased
, primarily due to increased sales volume and improved gross margin, partially offset by increased research and development expense. The increased sales volume is largely driven by service provider demand for convergence of high-capacity, coherent 40G and 100G network infrastructures with integrated OTN switching and control plane functionality. The improved gross margin is primarily due to sales reflecting a greater mix of higher-margin packet platforms with software content within the segment.
|
|
•
|
Packet Networking
segment
profit
increased
due to increased sales volume and improved gross margin, partially offset by increased research and development expense. Packet Networking revenue benefited from the expansion of Ethernet business services by our North American service provider customers and sales of service delivery and aggregation products in support of their related network initiatives. Gross margin improved due to sales reflecting a greater mix of higher-margin platforms with software content within the segment.
|
|
•
|
Optical Transport
segment
profit
decreased
, primarily due to reduced sales volume and lower gross margin, partially offset by lower research and development expense. The decrease in gross margin is primarily due to an increase in obsolete and excess inventory expense for the discontinuance of certain parts and components used in the manufacture of our Optical Transport products, including our Corestream® Agility Optical Transport platform. Revenue for our Optical Transport segment, which currently consists principally of stand-alone WDM and SONET/SDH-based transport platforms, has experienced meaningful declines in annual revenue in recent years, reflecting network operators' transition toward next-generation network architectures as described above.
|
|
•
|
Software and Services
segment
profit
increased slightly due to higher sales for software and consulting services, including our Network Transformation Solutions offerings. These increases were offset by higher spares usage costs in support of our maintenance contracts, increases in deployment costs and higher software research and development expense.
|
|
|
October 31,
2013 |
|
July 31,
2014 |
|
Increase
(decrease)
|
||||||
|
Cash and cash equivalents
|
$
|
346,487
|
|
|
$
|
532,884
|
|
|
$
|
186,397
|
|
|
Short-term investments in marketable debt securities
|
124,979
|
|
|
120,250
|
|
|
(4,729
|
)
|
|||
|
Long-term investments in marketable debt securities
|
15,031
|
|
|
65,019
|
|
|
49,988
|
|
|||
|
Total cash and cash equivalents and investments in marketable debt securities
|
$
|
486,497
|
|
|
$
|
718,153
|
|
|
$
|
231,656
|
|
|
•
|
$16.0 million
cash
generated from
operations, consisting of
$171.7 million
provided by
net
loss
(adjusted for non-cash charges) and
$155.7 million
used in
working capital;
|
|
•
|
$36.0 million
used for purchases of equipment, furniture, and fixtures and intellectual property;
|
|
•
|
$10.8 million
used in settlement of foreign currency forward contracts, net;
|
|
•
|
$2.3 million
used in relation to payment of capital lease obligations; and
|
|
•
|
$17.5 million
provided by stock issuances under our employee stock purchase plan and exercise of stock options.
|
|
|
Nine months ended
|
||
|
|
July 31, 2014
|
||
|
Net loss
|
$
|
(9,934
|
)
|
|
Adjustments for non-cash charges:
|
|
||
|
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements
|
41,463
|
|
|
|
Share-based compensation costs
|
34,204
|
|
|
|
Amortization of intangible assets
|
43,931
|
|
|
|
Provision for inventory excess and obsolescence
|
22,026
|
|
|
|
Provision for warranty
|
18,720
|
|
|
|
Other
|
21,254
|
|
|
|
Net loss (adjusted for non-cash charges)
|
$
|
171,664
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
|
Increase
(decrease)
|
||||||
|
Accounts receivable, net
|
$
|
488,578
|
|
|
$
|
541,573
|
|
|
$
|
52,995
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
|
Increase
(decrease)
|
||||||
|
Raw materials
|
$
|
53,274
|
|
|
$
|
61,429
|
|
|
$
|
8,155
|
|
|
Work-in-process
|
7,773
|
|
|
8,268
|
|
|
495
|
|
|||
|
Finished goods
|
153,855
|
|
|
172,321
|
|
|
18,466
|
|
|||
|
Deferred cost of goods sold
|
75,764
|
|
|
103,701
|
|
|
27,937
|
|
|||
|
Gross inventory
|
290,666
|
|
|
345,719
|
|
|
55,053
|
|
|||
|
Provision for inventory excess and obsolescence
|
(41,563
|
)
|
|
(52,627
|
)
|
|
(11,064
|
)
|
|||
|
Inventory
|
$
|
249,103
|
|
|
$
|
293,092
|
|
|
$
|
43,989
|
|
|
|
October 31,
2013 |
|
July 31,
2014 |
|
Increase
(decrease)
|
||||||
|
Accounts payable
|
$
|
254,849
|
|
|
$
|
236,630
|
|
|
$
|
(18,219
|
)
|
|
Accrued liabilities
|
271,656
|
|
|
267,846
|
|
|
(3,810
|
)
|
|||
|
Other long-term obligations
|
34,753
|
|
|
37,206
|
|
|
2,453
|
|
|||
|
Accounts payable, accruals and other obligations
|
$
|
561,258
|
|
|
$
|
541,682
|
|
|
$
|
(19,576
|
)
|
|
|
October 31,
2013 |
|
July 31,
2014 |
|
Increase
(decrease)
|
||||||
|
Products
|
$
|
36,671
|
|
|
$
|
57,590
|
|
|
$
|
20,919
|
|
|
Services
|
75,499
|
|
|
82,078
|
|
|
6,579
|
|
|||
|
Total deferred revenue
|
$
|
112,170
|
|
|
$
|
139,668
|
|
|
$
|
27,498
|
|
|
•
|
increase the total commitment from $150 million to $200 million;
|
|
•
|
extend the maturity date from August 13, 2015 to December 31, 2016 (and eliminate the December 15, 2014 maturity date acceleration feature);
|
|
•
|
reduce from $200 million to $150 million the minimum aggregate amount of unrestricted cash and cash equivalents that we are required to maintain at all times;
|
|
•
|
reduce the interest rate on borrowings from LIBOR plus an applicable margin ranging from 200 basis points to 250 basis points, to an applicable margin ranging from 150 basis points to 200 basis points, with the actual margin determined based on Ciena's utilization of the credit facility; and
|
|
•
|
amend the borrowing base to include, among other items, up to $50 million in eligible cash.
|
|
|
Total
|
|
Less than one year
|
|
One to three years
|
|
Three to five years
|
|
Thereafter
|
||||||||||
|
Principal due at maturity on convertible notes (1)
|
$
|
1,254,627
|
|
|
$
|
187,500
|
|
|
$
|
500,000
|
|
|
$
|
350,000
|
|
|
$
|
217,127
|
|
|
Principal due on term loan
|
250,000
|
|
|
2,500
|
|
|
5,000
|
|
|
242,500
|
|
|
—
|
|
|||||
|
Interest due on convertible notes
|
128,437
|
|
|
32,500
|
|
|
50,000
|
|
|
34,687
|
|
|
11,250
|
|
|||||
|
Interest due on term loan (2)
|
44,105
|
|
|
9,373
|
|
|
17,544
|
|
|
17,188
|
|
|
—
|
|
|||||
|
Operating leases (3)
|
159,339
|
|
|
33,009
|
|
|
55,337
|
|
|
24,906
|
|
|
46,087
|
|
|||||
|
Purchase obligations (4)
|
190,637
|
|
|
190,637
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Capital leases
|
2,863
|
|
|
2,079
|
|
|
784
|
|
|
—
|
|
|
—
|
|
|||||
|
Other obligations
|
5,715
|
|
|
2,900
|
|
|
2,815
|
|
|
—
|
|
|
—
|
|
|||||
|
Total (5)
|
$
|
2,035,723
|
|
|
$
|
460,498
|
|
|
$
|
631,480
|
|
|
$
|
669,281
|
|
|
$
|
274,464
|
|
|
(1)
|
Includes the accretion of the principal amount on the 2020 Notes payable at maturity at a rate of 1.85% per year compounded semi-annually, commencing December 27, 2012.
|
|
(2)
|
Interest on the term loan is variable and was calculated using the rate in effect on the balance sheet date.
|
|
(3)
|
Does not include variable insurance, taxes, maintenance and other costs required by the applicable operating lease. These costs are not expected to have a material future impact.
|
|
(4)
|
Purchase obligations relate to purchase order commitments to our contract manufacturers and component suppliers for inventory. In certain instances, we are permitted to cancel, reschedule or adjust these orders. Consequently, only a portion of the amount reported above relates to firm, non-cancelable and unconditional obligations.
|
|
(5)
|
As of
July 31, 2014
, we also had approximately
$12.4 million
of other long-term obligations in our Condensed Consolidated Balance Sheet for unrecognized tax positions that are not included in this table because the timing of any cash settlement with the respective tax authority cannot be reasonably estimated.
|
|
|
Total
|
|
Less than one year
|
|
One to three years
|
|
Three to five years
|
Thereafter
|
||||||||||
|
Standby letters of credit
|
$
|
55,975
|
|
|
$
|
23,432
|
|
|
$
|
11,923
|
|
|
$
|
3,659
|
|
$
|
16,961
|
|
|
•
|
broader macroeconomic conditions, including weakness and volatility in global markets, that affect our customers;
|
|
•
|
changes in capital spending by large communications service providers;
|
|
•
|
order volume and timing;
|
|
•
|
backlog levels and the percentage of a given quarter's revenue generated from orders placed during that quarter;
|
|
•
|
the level of competition and pricing pressure we encounter;
|
|
•
|
the impact of commercial concessions or unfavorable commercial terms required to maintain incumbency or secure new opportunities with key customers;
|
|
•
|
the level of start-up costs we incur to support initial deployments, gain new customers or enter new markets;
|
|
•
|
the timing of revenue recognition on sales;
|
|
•
|
the mix of revenue by product segment, geography and customer in any particular quarter;
|
|
•
|
seasonal effects in our business; and
|
|
•
|
our level of success in improving manufacturing efficiencies and achieving cost reductions in our supply chain.
|
|
•
|
reductions in customer spending and delay, deferral or cancellation of network infrastructure initiatives;
|
|
•
|
increased competition for fewer network projects and sales opportunities;
|
|
•
|
increased pricing pressure that may adversely affect revenue, gross margin and profitability;
|
|
•
|
difficulty forecasting, budgeting and planning;
|
|
•
|
higher overhead costs as a percentage of revenue;
|
|
•
|
tightening of credit markets needed to fund capital expenditures by our customers and us;
|
|
•
|
customer financial difficulty, including longer collection cycles and difficulties collecting accounts receivable or write-offs of receivables; and
|
|
•
|
increased risk of charges relating to excess and obsolete inventories and the write-off of other intangible assets.
|
|
•
|
damage to our reputation, declining sales and order cancellations;
|
|
•
|
increased costs to remediate defects or replace products;
|
|
•
|
payment of liquidated damages, contractual or similar penalties, or other claims for performance failures or delays;
|
|
•
|
increased warranty expense or estimates resulting from higher failure rates, additional field service obligations or other rework costs related to defects;
|
|
•
|
increased inventory obsolescence;
|
|
•
|
costs and claims that may not be covered by liability insurance coverage or recoverable from third parties; and
|
|
•
|
delays in recognizing revenue or collecting accounts receivable.
|
|
•
|
the impact of economic conditions in countries outside the United States;
|
|
•
|
effects of changes in currency exchange rates;
|
|
•
|
greater difficulty in collecting accounts receivable and longer collection periods;
|
|
•
|
difficulty and cost of staffing and managing foreign operations;
|
|
•
|
less protection for intellectual property rights in some countries;
|
|
•
|
adverse tax and customs consequences, particularly as related to transfer-pricing issues;
|
|
•
|
social, political and economic instability;
|
|
•
|
higher incidence of corruption or unethical business practices that could expose us to liability or damage our reputation;
|
|
•
|
trade protection measures, export compliance, domestic preference procurement requirements, qualification to transact business and additional regulatory requirements; and
|
|
•
|
natural disasters, epidemics and acts of war or terrorism.
|
|
•
|
pay substantial damages or royalties;
|
|
•
|
comply with an injunction or other court order that could prevent us from offering certain of our products;
|
|
•
|
seek a license for the use of certain intellectual property, which may not be available on commercially reasonable terms or at all;
|
|
•
|
develop non-infringing technology, which could require significant effort and expense and ultimately may not be successful; and
|
|
•
|
indemnify our customers or other third parties pursuant to contractual obligations to hold them harmless or pay expenses or damages on their behalf.
|
|
•
|
we may suffer delays in recognizing revenue;
|
|
•
|
we may be exposed to liability for injuries to persons, damage to property or other claims relating to the actions or omissions of our service partners;
|
|
•
|
our services revenue and gross margin may be adversely affected; and
|
|
•
|
our relationships with customers could suffer.
|
|
•
|
increasing our vulnerability to adverse economic and industry conditions;
|
|
•
|
limiting our ability to obtain additional financing, particularly in unfavorable capital and credit market conditions;
|
|
•
|
debt service obligations that may adversely impact our results of operations;
|
|
•
|
incurrence of debt service and repayment obligations that reduce the availability of cash resources for other business purposes;
|
|
•
|
limiting our flexibility in planning for, or reacting to, changes in our business and the markets; and
|
|
•
|
placing us at a possible competitive disadvantage to competitors that have better access to capital resources.
|
|
•
|
significant integration costs;
|
|
•
|
disruption due to the integration and rationalization of operations, products, technologies and personnel;
|
|
•
|
diversion of management attention;
|
|
•
|
difficulty completing projects of the acquired company and costs related to in-process projects;
|
|
•
|
loss of key employees;
|
|
•
|
ineffective internal controls over financial reporting;
|
|
•
|
dependence on unfamiliar suppliers or manufacturers;
|
|
•
|
exposure to unanticipated liabilities, including intellectual property infringement claims; and
|
|
•
|
adverse tax or accounting effects including amortization expense related to intangible assets and charges associated with impairment of goodwill.
|
|
|
|
|
10.1
|
Third Amendment to Credit Agreement, dated July 15, 2014 by and among Ciena Corporation, Inc. Ciena Communications, Inc., Ciena Government Solutions, Inc. Ciena Canada, Inc., Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders party thereto.
|
|
10.2
|
Amended and Restated Security Agreement, dated July 15, 2014, by and among Ciena Corporation, Inc., Ciena Communications, Inc., Ciena Government Solutions, Inc., each other assignor from time to time party thereto, and Deutsche Bank AG New York Branch, as Collateral Agent.
|
|
10.3
|
Amended and Restated Pledge Agreement, dated July 15, 2014, by and among Ciena Corporation, Inc., Ciena Communications, Inc., Ciena Government Solutions, Inc., each other pledgor from time to time party thereto, and Deutsche Bank AG New York Branch, as Pledgee.
|
|
10.4
|
Amended and Restated Canadian Security Agreement, dated July 15, 2014, by and among Ciena Canada, Inc., each other assignor from time to time party thereto, and Deutsche Bank AG New York Branch, as Collateral Agent.
|
|
10.5
|
Credit Agreement, dated July 15, 2014, by and among Ciena Corporation, Inc., the lenders party thereto, Bank of America, N.A., as Administrative Agent, Deutsche Bank Securities, Inc., as Syndication Agent, and JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents.
|
|
10.6
|
Guaranty, dated July 15, 2014, by and among Ciena Corporation, Inc., Ciena Communications, Inc., Ciena Government Solutions, Inc., each other guarantor from time to time party thereto, and Bank of America, N.A., as Administrative Agent.
|
|
10.7
|
Term Loan Security Agreement, dated July 15, 2014, by and among Ciena Corporation, Inc., Ciena Communications, Inc., Ciena Government Solutions, Inc., each other grantor from time to time party thereto, and Bank of America, N.A., as Collateral Agent.
|
|
10.8
|
Term Loan Pledge Agreement, dated July 15, 2014, by and among Ciena Corporation, Inc., Ciena Communications, Inc., Ciena Government Solutions, Inc., each other pledgor from time to time party thereto, and Bank of America, N.A., as Pledgee.
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
Ciena Corporation
|
||
|
Date:
|
September 8, 2014
|
By:
|
/s/ Gary B. Smith
|
|
|
|
|
|
Gary B. Smith
|
|
|
|
|
|
President, Chief Executive Officer
and Director
(Duly Authorized Officer)
|
|
|
|
|
|
||
|
Date:
|
September 8, 2014
|
By:
|
/s/ James E. Moylan, Jr.
|
|
|
|
|
|
James E. Moylan, Jr.
|
|
|
|
|
|
Senior Vice President, Finance and
Chief Financial Officer
(Principal Financial Officer)
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|