Ciena (CIEN) FY2021 results: revenue $3.6 billion, up 2.5% on the year

Ciena Corp. (CIEN) reported revenue of $3.6 billion for fiscal 2021, the year ended 30 October 2021, up 2.5% on the year before. Net income was $500 million, up 38.4%, and diluted earnings per share $3.19. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2021.

Revenue

$3.6 billion

+2.5% on the year

FY2014FY2021

Operating margin

13.7%

13.8% a year earlier

FY2014FY2021

Net income

$500 million

+38.4% on the year

FY2014FY2021

Diluted EPS

$3.19

+37.5% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,621	3,532	3,572	+2.5%
Cost of revenue	1,899	1,879	2,030	+1.0%
Gross profit	1,722	1,653	1,542	+4.2%
Gross margin	47.6%	46.8%	43.2%
Research and development	537	530	548	+1.3%
Operating income	495	487	347	+1.7%
Operating margin	13.7%	13.8%	9.7%
Interest expense	30.8	31.3	37.5	-1.5%
Pre-tax income	463	456	313	+1.5%
Income tax	-37.4	94.7	59.8
Effective tax rate	-8.1%	20.8%	19.1%
Net income	500	361	253	+38.4%
Net margin	13.8%	10.2%	7.1%
Diluted EPS	$3.19	$2.32	$1.61	+37.5%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	542	494	413	+9.7%
Capital expenditure	79.5	82.7	62.6	-3.8%
Free cash flow	462	411	351	+12.4%
Free cash flow margin	12.8%	11.6%	9.8%
Cash from investing	-90.7	-220	24.1
Cash from financing	-117	-87.2	-279
Depreciation and amortisation	120	117	109	+2.3%
Share-based compensation	84.3	67.8	59.7	+24.5%
Buybacks	91.3	74.5	150	+22.5%
Diluted shares, weighted	157m	156m	158m	+0.5%
Shares outstanding at period end	155m	155m	154m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,020	2,510	2,173	+20.3%
Debt	677	683	687	-0.9%
Operating lease liabilities	41.6	61.4	n/a	-32.3%
Finance lease liabilities	62.6	61.6	n/a	+1.7%
Other liabilities	1,064	865	1,033	+23.0%
Total liabilities and equity	4,865	4,181	3,893	+16.4%
Fixed assets	n/a	n/a	287
Goodwill	312	311	298	+0.3%
Intangible assets	65.3	96.6	113	-32.4%
Investments	252	233	120	+8.0%
Cash and equivalents	1,423	1,089	904	+30.7%
Receivables	885	719	725	+23.0%
Inventory	374	344	345	+8.7%
Other assets	1,555	1,388	1,102	+12.0%
Total assets	4,865	4,181	3,893	+16.4%

10-K for the year ended 30 October 2021, filed 17 December 2021: the filing.