HANOVER, Md.--(BUSINESS WIRE)-- Ciena^® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2022.

• Q2 Revenue: $949.2 million
• Q2 Net Income per Share: $0.25 GAAP; $0.50 adjusted (non-GAAP)
• Share Repurchases: Repurchased approximately 1.5 million shares of common stock for an aggregate price of $87.0 million, and received 0.9 million shares of common stock pursuant to the final settlement of the Accelerated Share Repurchase program, during the quarter.

“Our strong execution in the fiscal second quarter enabled us to deliver 14% year-over-year revenue growth despite an increasingly challenging supply environment,” said Gary Smith, president and CEO of Ciena. “We also saw continued strength in order flow and backlog growth in the quarter, reflecting the durability of longer-term secular demand drivers. At a time when industry-wide supply chain constraints are resulting in increased uncertainty and a wider range of potential outcomes in the coming quarters, our near-term financial performance is entirely a function of component availability – not the strong underlying demand in our business.”

For the fiscal second quarter 2022, Ciena reported revenue of $949.2 million as compared to $833.9 million for the fiscal second quarter 2021.

Ciena's GAAP net income for the fiscal second quarter 2022 was $38.9 million, or $0.25 per diluted common share, which compares to a GAAP net income of $103.1 million, or $0.66 per diluted common share, for the fiscal second quarter 2021. Ciena's GAAP net income for the fiscal second quarter of 2021 benefited from recording $40.4 million in pre-tax amounts from the Canadian Emergency Wage Subsidy program, which expired in October 2021. See APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measures for more information and a reconciliation of our adjusted (non-GAAP) net income which excludes the effect of these amounts.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2022 was $76.4 million, or $0.50 per diluted common share, which compares to an adjusted (non-GAAP) net income of $97.6 million, or $0.62 per diluted common share, for the fiscal second quarter 2021.

Additional Performance Metrics for Fiscal Second Quarter 2022

• One 10%-plus customer represented a total of 11.0% of revenue
• Cash and investments totaled $1.6 billion
• Cash flow from operations totaled $105.8 million
• Average days' sales outstanding (DSOs) were 87
• Accounts receivable, net balance was $774.9 million
• Unbilled contract asset, net balance was $144.3 million
• Inventories totaled $536.9 million, including:
  • Raw materials: $373.5 million
  • Work in process: $12.3 million
  • Finished goods: $157.9 million
  • Deferred cost of sales: $28.9 million
  • Reserve for excess and obsolescence: $(35.7) million
• Product inventory turns were 3.4
• Headcount totaled 7,536