Ciena (CIEN) FY2022 results: revenue $3.6 billion, up 0.3% on the year

Ciena Corp. (CIEN) reported revenue of $3.6 billion for fiscal 2022, the year ended 29 October 2022, up 0.3% on the year before. Net income was $153 million, down 69.4%, and diluted earnings per share $1.00. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2022.

Revenue

$3.6 billion

+0.3% on the year

FY2015FY2022

Operating margin

6.1%

13.7% a year earlier

FY2015FY2022

Net income

$153 million

-69.4% on the year

FY2015FY2022

Diluted EPS

$1.00

-68.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,633	3,621	3,532	+0.3%
Cost of revenue	2,072	1,899	1,879	+9.1%
Gross profit	1,560	1,722	1,653	-9.4%
Gross margin	43.0%	47.6%	46.8%
Research and development	625	537	530	+16.4%
Operating income	223	495	487	-55.0%
Operating margin	6.1%	13.7%	13.8%
Interest expense	47.0	30.8	31.3	+52.6%
Pre-tax income	183	463	456	-60.6%
Income tax	29.6	-37.4	94.7
Effective tax rate	16.2%	-8.1%	20.8%
Net income	153	500	361	-69.4%
Net margin	4.2%	13.8%	10.2%
Diluted EPS	$1.00	$3.19	$2.32	-68.7%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-168	542	494
Capital expenditure	90.8	79.5	82.7	+14.2%
Free cash flow	-259	462	411
Free cash flow margin	-7.1%	12.8%	11.6%
Cash from investing	-101	-90.7	-220
Cash from financing	-133	-117	-87.2
Depreciation and amortisation	128	120	117	+7.1%
Share-based compensation	105	84.3	67.8	+24.7%
Buybacks	501	91.3	74.5	+448.6%
Diluted shares, weighted	152m	157m	156m	-2.9%
Shares outstanding at period end	148m	155m	155m	-4.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,713	3,020	2,510	-10.2%
Debt	1,068	677	683	+57.7%
Operating lease liabilities	42.4	41.6	61.4	+2.0%
Finance lease liabilities	53.2	62.6	61.6	-15.0%
Other liabilities	1,193	1,064	865	+12.2%
Total liabilities and equity	5,070	4,865	4,181	+4.2%
Goodwill	328	312	311	+5.4%
Intangible assets	69.5	65.3	96.6	+6.4%
Investments	189	252	233	-24.7%
Cash and equivalents	994	1,423	1,089	-30.1%
Receivables	921	885	719	+4.0%
Inventory	947	374	344	+153.0%
Other assets	1,621	1,555	1,388	+4.2%
Total assets	5,070	4,865	4,181	+4.2%

10-K for the year ended 29 October 2022, filed 16 December 2022: the filing.