Ciena (CIEN) FY2020 results: revenue $3.5 billion, down 1.1% on the year
Ciena Corp. (CIEN) reported revenue of $3.5 billion for fiscal 2020, the year ended 31 October 2020, down 1.1% on the year before. Net income was $361 million, up 42.6%, and diluted earnings per share $2.32. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2020.
Revenue
$3.5 billion
-1.1% on the year
FY2013FY2020
Operating margin
13.8%
9.7% a year earlier
FY2013FY2020
Net income
$361 million
+42.6% on the year
FY2013FY2020
Diluted EPS
$2.32
+44.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,532
3,572
3,094
-1.1%
Cost of revenue
1,879
2,030
1,780
-7.4%
Gross profit
1,653
1,542
1,315
+7.2%
Gross margin
46.8%
43.2%
42.5%
Research and development
530
548
492
-3.3%
Operating income
487
347
230
+40.4%
Operating margin
13.8%
9.7%
7.4%
Interest expense
31.3
37.5
55.2
-16.4%
Pre-tax income
456
313
149
+45.6%
Income tax
94.7
59.8
493
+58.4%
Effective tax rate
20.8%
19.1%
331.7%
Net income
361
253
-345
+42.6%
Net margin
10.2%
7.1%
-11.1%
Diluted EPS
$2.32
$1.61
-$2.49
+44.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
494
413
229
+19.5%
Capital expenditure
82.7
62.6
67.6
+32.1%
Free cash flow
411
351
162
+17.2%
Free cash flow margin
11.6%
9.8%
5.2%
Cash from investing
-220
24.1
-19.4
Cash from financing
-87.2
-279
-99.2
Depreciation and amortisation
117
109
100.0
+7.2%
Share-based compensation
67.8
59.7
53.0
+13.4%
Buybacks
74.5
150
111
-50.3%
Diluted shares, weighted
156m
158m
144m
-1.1%
Shares outstanding at period end
155m
154m
154m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,510
2,173
1,929
+15.5%
Debt
683
687
693
-0.6%
Operating lease liabilities
61.4
n/a
n/a
Finance lease liabilities
61.6
n/a
n/a
Other liabilities
865
1,033
1,134
-16.3%
Total liabilities and equity
4,181
3,893
3,757
+7.4%
Fixed assets
n/a
287
292
Goodwill
311
298
298
+4.3%
Intangible assets
96.6
113
148
-14.3%
Investments
233
120
208
+94.2%
Cash and equivalents
1,089
904
745
+20.4%
Receivables
719
725
787
-0.8%
Inventory
344
345
263
-0.2%
Other assets
1,388
1,102
1,016
+26.0%
Total assets
4,181
3,893
3,757
+7.4%
10-K for the year ended 31 October 2020, filed 18 December 2020: the filing.