$CIEN

CIENA CORP

CIK:0000936395|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 01, 2026	Aug. 02, 2025	Aug. 01, 2026	Aug. 02, 2025
Revenue:
Total revenue	$ 1,671,129	$ 1,219,385	$ 4,668,910	$ 3,417,523
Cost of goods sold:
Total cost of goods sold	911,864	716,306	2,592,571	1,989,785
Gross profit	759,265	503,079	2,076,339	1,427,738
Operating expenses:
Research and development	236,673	211,898	696,036	619,429
Selling and marketing	153,969	148,724	452,875	424,911
General and administrative	62,844	60,596	183,308	171,450
Significant asset impairments and restructuring costs	887	1,770	3,190	5,262
Amortization of intangible assets	3,713	6,556	12,162	19,646
Acquisition and integration costs	0	0	306	0
Total operating expenses	458,086	429,544	1,347,877	1,240,698
Income from operations	301,179	73,535	728,462	187,040
Interest and other income, net	22,388	15,090	49,456	34,539
Interest expense	(5,803)	(22,806)	(47,979)	(67,421)
Loss on extinguishment and modification of debt	(7,143)	0	(7,143)	(729)
Income before income taxes	310,621	65,819	722,796	153,429
Provision for income taxes	44,203	15,511	87,875	49,580
Net income	$ 266,418	$ 50,308	$ 634,921	$ 103,849
Basic net income per common share (in dollars per share)	$ 1.88	$ 0.35	$ 4.46	$ 0.73
Diluted net income per potential common share (in dollars per share)	$ 1.83	$ 0.35	$ 4.34	$ 0.72
Weighted average basic common shares outstanding (in shares)	142,061	141,846	142,229	142,437
Weighted average dilutive potential common shares outstanding (in shares)	145,967	144,499	146,227	145,158
Products
Revenue:
Total revenue	$ 1,390,274	$ 976,801	$ 3,881,632	$ 2,730,167
Cost of goods sold:
Total cost of goods sold	768,661	580,028	2,171,342	1,620,816
Services
Revenue:
Total revenue	280,855	242,584	787,278	687,356
Cost of goods sold:
Total cost of goods sold	$ 143,203	$ 136,278	$ 421,229	$ 368,969

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Cash flows provided by operating activities:
Net income	$ 634,921	$ 103,849
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on extinguishment of debt	7,143	159
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	102,347	76,637
Share-based compensation expense	163,178	135,696
Amortization of intangible assets	35,386	26,343
Deferred taxes	49,266	(21,709)
Provision for inventory excess and obsolescence	72,428	34,185
Provision for warranty	30,050	16,302
Other	(724)	(1,997)
Changes in assets and liabilities:
Accounts receivable	(251,531)	(116,887)
Inventories	(118,334)	(73,493)
Prepaid expenses and other	(111,567)	137,440
Operating lease right-of-use assets	7,956	8,759
Accounts payable, accruals and other obligations	66,956	83,354
Deferred revenue	6,764	38,246
Short- and long-term operating lease liabilities	(10,633)	(11,868)
Net cash provided by operating activities	683,606	435,016
Cash flows used in investing activities:
Payments for equipment, furniture and fixtures	(194,893)	(95,373)
Purchases of investments	(325,629)	(191,335)
Proceeds from sales and maturities of investments	203,097	261,611
Settlement of foreign currency forward contracts, net	2,259	(2,635)
Net cash used in investing activities	(315,166)	(27,732)
Cash flows provided by (used in) financing activities:
Proceeds from modification of debt, net	0	19,175
Cash paid for extinguishment of debt	(1,140,930)	(19,175)
Payment of long-term debt	(5,790)	(8,685)
Payment for convertible bond hedge	(988,425)	0
Proceeds from sale of warrants	873,425	0
Proceeds from issuance of convertible notes	2,875,000	0
Payment of debt issuance costs	(43,622)	(12)
Payment of finance lease obligations	(3,572)	(3,244)
Shares repurchased for tax withholdings on vesting of stock unit awards	(278,338)	(60,043)
Repurchases of common stock - repurchase program, net	(337,914)	(250,035)
Proceeds from issuance of common stock	38,025	35,874
Net cash provided by (used in) financing activities	987,859	(286,145)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,554)	60
Net increase in cash, cash equivalents and restricted cash	1,353,745	121,199
Cash, cash equivalents and restricted cash at beginning of period	1,092,197	935,026
Cash, cash equivalents and restricted cash at end of period	2,445,942	1,056,225
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	58,712	68,243
Cash paid during the period for income taxes, net	84,583	84,898
Operating lease payments	12,383	13,246
Non-cash investing and financing activities
Purchase of equipment in accounts payable	24,987	14,819
Repurchase of common stock in accrued liabilities from repurchase program, net	0	2,231
Operating right-of-use assets subject to lease liability	$ 16,144	$ 21,850

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 01, 2026	Nov. 01, 2025
Current assets:
Cash and cash equivalents	$ 2,445,708	$ 1,091,952
Short-term investments	184,293	216,148
Accounts receivable, net of allowance for credit losses of $9.6 million and $11.2 million as of August 1, 2026 and November 1, 2025, respectively	1,233,610	975,856
Inventories, net	871,987	826,235
Prepaid expenses and other	527,014	455,316
Total current assets	5,262,612	3,565,507
Long-term investments	213,553	57,142
Equipment, building, furniture and fixtures, net	491,656	386,779
Operating right-of-use assets	45,667	38,613
Goodwill	513,340	521,204
Other intangible assets, net	188,824	224,210
Deferred tax asset, net	1,092,726	884,889
Other long-term assets	188,862	186,323
Total assets	7,997,240	5,864,667
Current liabilities:
Accounts payable	654,070	542,841
Accrued liabilities and other short-term obligations	508,149	531,081
Deferred revenue	211,453	208,936
Operating lease liabilities	12,261	13,956
Current portion of long-term debt	0	11,580
Total current liabilities	1,385,933	1,308,394
Long-term deferred revenue	99,828	94,850
Other long-term obligations	186,265	175,426
Long-term operating lease liabilities	38,633	32,516
Long-term debt, net	3,229,843	1,524,158
Total liabilities	4,940,502	3,135,344
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding	0	0
Common stock – par value $0.01; 290,000,000 shares authorized; 141,897,511 and 141,016,300 shares issued and outstanding	1,419	1,410
Additional paid-in capital	5,655,535	5,953,057
Accumulated other comprehensive loss	(65,028)	(55,035)
Accumulated deficit	(2,535,188)	(3,170,109)
Total stockholders’ equity	3,056,738	2,729,323
Total liabilities and stockholders’ equity	$ 7,997,240	$ 5,864,667