Ciena Corp. Q1 FY2024 results: revenue $1.0 billion, down 1.8% on the year

Ciena Corp. (CIEN) reported revenue of $1.0 billion for Q1 FY2024, the quarter ended 27 January 2024, down 1.8% on the same quarter a year earlier. Net income was $50 million, down 35.0% on the year, and diluted earnings per share $0.34. The figures are the company's own, from the 10-Q it filed with the SEC on 7 March 2024.

Revenue$1.0 billiondown 1.8%

Net income$50 milliondown 35.0%

Diluted EPS$0.34

QuarterQ1 FY2024ended 27 January 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,038	1,129	n/a	n/a
Cost of revenue	571	643	n/a	n/a
Gross profit	467	486	n/a	n/a
Gross margin	45.0%	43.1%	n/a
Research and development	187	189	n/a	n/a
Operating income	84.6	91.3	n/a	n/a
Operating margin	8.2%	8.1%	n/a
Interest expense	23.8	24.2	n/a	n/a
Pre-tax income	71.5	70.5	n/a	n/a
Income tax	22.0	-20.7	n/a	n/a
Effective tax rate	30.7%	-29.3%	n/a
Net income	49.5	91.2	n/a	n/a
Net margin	4.8%	8.1%	n/a
Diluted EPS	$0.34	$0.62	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	266	195	n/a	n/a
Capital expenditure	16.6	22.8	n/a	n/a
Free cash flow	249	173	n/a	n/a
Free cash flow margin	24.0%	15.3%	n/a
Depreciation and amortisation	30.1	33.9	n/a	n/a
Share-based compensation	37.8	35.0	n/a	n/a
Buybacks	38.2	184	n/a	n/a
Diluted shares, weighted	146m	149m	n/a	n/a
Shares outstanding at period end	145m	145m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	5,593	5,601	n/a	n/a
Cash and equivalents	1,265	1,011	n/a	n/a
Receivables	865	1,004	n/a	n/a
Inventory	985	1,051	n/a	n/a
Goodwill	445	445	n/a	n/a
Long-term debt	1,543	1,543	n/a	n/a
Operating lease liabilities	32.4	33.3	n/a	n/a
Finance lease liabilities	n/a	48.2	n/a	n/a
Shareholders' equity	2,923	2,848	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,129	1,038	911	942	1,124	1,072	1,126	1,219	1,352	1,427	1,571	1,671
Cost of revenue	643	571	522	538	664	600	673	716	775	802	879	912
Gross profit	486	467	389	404	460	472	453	503	577	626	692	759
Gross margin	43%	45%	43%	43%	41%	44%	40%	41%	43%	44%	44%	45%
R&D	189	187	195	189	196	193	215	212	229	221	238	237
Operating income	91.3	84.6	-4.0	26.7	59.2	80.7	32.8	73.5	10.5	189	238	301
Operating margin	8%	8%	-0%	3%	5%	8%	3%	6%	1%	13%	15%	18%
Interest expense	24.2	23.8	23.9	24.4	25.0	22.9	21.7	22.8	22.0	21.3	20.9	5.8
Pre-tax income	70.5	71.5	-16.0	16.4	48.0	68.6	19.0	65.8	2.9	181	231	311
Tax rate	-29%	31%	n/a	13%	23%	35%	53%	24%	-582%	17%	6%	14%
Net income	91.2	49.5	-16.8	14.2	37.0	44.6	9.0	50.3	19.5	150	218	266
Net margin	8%	5%	-2%	2%	3%	4%	1%	4%	1%	11%	14%	16%
Diluted EPS	$0.62	$0.34	-$0.12	$0.10	$0.26	$0.31	$0.06	$0.35	$0.13	$1.03	$1.49	$1.83
Operating cash flow	195	266	58.5	-159	349	104	157	174	371	228	260	196
Capital expenditure	22.8	16.6	16.9	19.6	83.5	26.9	28.7	39.8	45.4	73.9	41.0	80.0
Free cash flow	173	249	41.6	-179	266	76.8	128	135	326	154	219	116
Buybacks	184	38.2	56.6	31.0	129	81.2	87.0	81.8	84.5	80.5	84.4	173
Shares outstanding	145m	145m	144m	144m	143m	143m	142m	141m	141m	141m	142m	142m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 27 January 2024, filed 7 March 2024, accession 0000936395-24-000008: the filing on EDGAR. All of Ciena Corp.'s filings: EDGAR company page.

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