Ciena Corporation has announced its unaudited financial results for the fiscal fourth quarter (Q4) ended October 28, 2023. For fiscal Q4 2023, Ciena reported revenue of $1.13 billion as compared to $971.0 million for the fiscal Q4 2022. For fiscal year (FY) 2023, Ciena reported revenue of $4.39 billion, as compared to $3.63 billion for FY22.

Ciena’s GAAP net income for Q4 FY23 was $91.2 million, or $0.62 per diluted common share, which compares to a GAAP net income of $57.6 million, or $0.39 per diluted common share, for the Q4 FY22. For FY23, Ciena’s GAAP net income was $254.8 million, or $1.71 per diluted common share, as compared to GAAP net income of $152.9 million, or $1.00 per diluted common share, for FY22.

Meanwhile, Ciena’s adjusted (non-GAAP) net income for the Q4 FY23 was $111.2 million, or $0.75 per diluted common share, which compares to an adjusted (non-GAAP) net income of $90.9 million, or $0.61 per diluted common share, for the Q4 FY22. For FY23, Ciena’s adjusted (non-GAAP) net income was $406.3, or $2.72 per diluted common share, as compared to adjusted (non-GAAP) net income of $288.9, or $1.90 per diluted common share, for FY22.

Additional performance metrics for Q4 FY23 and year ended October 28, 2023, include:

  • Two customers represented 10 per cent plus of revenue for the Q4 FY23, combining for a total of 29.7 per cent of revenue. Two customers represented 10 per cent plus of revenue for the FY23, combining for a total of 23.4 per cent of revenue.
  • Cash and investments at the end of FY23 totaled $1.25 billion
  • Cash flow from operations totaled $195.5 million and $168.3 million for the Q4 of FY23 and the FY23, respectively.
  • Average days’ sales outstanding (DSOs) were 92 and 95 for the Q4 FY23 and the FY23, respectively
  • Accounts receivable, net balance was $1 billion
  • Unbilled contract assets, net balance was $150.3 million
  • Inventories totaled $1.05 billion, including:
  • Raw material- $664.8 million
  • Work in process- $55.2 million
  • Finished goods- $314.2 million
  • Deferred cost of sales- $66.6 million
  • Reserve for excess and obsolescence- $50 million
  • Product inventory turns were 2.0 for both the Q4 FY23 and the FY23
  • Headcount totaled 8,483 at the end of FY23

Commenting on the results, Gary Smith, president and chief executive officer (CEO), Ciena, said, “Today we reported strong fiscal fourth quarter results, driven by positive demand dynamics, particularly with cloud provider customers. We delivered an outstanding fiscal year with 21 per cent growth in revenue, gaining significant market share and further advancing our industry leadership position. Looking ahead, as we execute on our strategy to extend our market leadership in optical while expanding our opportunities in routing and switching, we expect to continue to grow revenue faster than the market and take share.”