QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Class | Outstanding at September 3, 2021 | |||||||
Common Stock, par value $0.01 per share |
PAGE NUMBER | |||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Products | $ | $ | $ | $ | |||||||||||||||||||
Services | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Cost of goods sold: | |||||||||||||||||||||||
Products | |||||||||||||||||||||||
Services | |||||||||||||||||||||||
Total cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Significant asset impairments and restructuring costs | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Acquisition and integration costs (recoveries) | ( | ||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest and other income (loss), net | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per potential common share | $ | $ | $ | $ | |||||||||||||||||||
Weighted average basic common shares outstanding | |||||||||||||||||||||||
Weighted average dilutive potential common shares outstanding |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Change in unrealized gain (loss) on available-for-sale securities, net of tax | ( | ( | ( | ||||||||||||||||||||
Change in unrealized gain (loss) on foreign currency forward contracts, net of tax | ( | ( | |||||||||||||||||||||
Change in unrealized gain (loss) on forward starting interest rate swaps, net of tax | ( | ||||||||||||||||||||||
Change in cumulative translation adjustments | ( | ( | |||||||||||||||||||||
Other comprehensive gain (loss) | ( | ( | |||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Long-term investments | |||||||||||
Equipment, building, furniture and fixtures, net | |||||||||||
Operating right-of-use assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Deferred tax asset, net | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities and other short-term obligations | |||||||||||
Deferred revenue | |||||||||||
Operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term deferred revenue | |||||||||||
Other long-term obligations | |||||||||||
Long-term operating lease liabilities | |||||||||||
Long-term debt, net | |||||||||||
Total liabilities | $ | $ | |||||||||
Commitments and contingencies (Note 21) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock – par value $ | |||||||||||
Common stock – par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Nine Months Ended | |||||||||||
July 31, | August 1, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows provided by operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | |||||||||||
Share-based compensation costs | |||||||||||
Amortization of intangible assets | |||||||||||
Deferred taxes | ( | ||||||||||
Provision for inventory excess and obsolescence | |||||||||||
Provision for warranty | |||||||||||
Other | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other | ( | ( | |||||||||
Operating lease right-of-use assets | |||||||||||
Accounts payable, accruals and other obligations | ( | ||||||||||
Deferred revenue | ( | ||||||||||
Short- and long-term operating lease liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows used in investing activities: | |||||||||||
Payments for equipment, furniture, fixtures and intellectual property | ( | ( | |||||||||
Purchase of available-for-sale securities | ( | ( | |||||||||
Proceeds from maturities of available-for-sale securities | |||||||||||
Settlement of foreign currency forward contracts, net | |||||||||||
Acquisition of business, net of cash acquired | ( | ||||||||||
Proceeds from sale of equity investment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows used in financing activities: | |||||||||||
Payment of long-term debt | ( | ( | |||||||||
Payment of debt issuance costs | ( | ||||||||||
Payment of finance lease obligations | ( | ( | |||||||||
Shares repurchased for tax withholdings on vesting of stock unit awards | ( | ( | |||||||||
Repurchases of common stock - repurchase program | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ||||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid during the period for income taxes, net | $ | $ | |||||||||
Operating lease payments | $ | $ | |||||||||
Non-cash investing and financing activities | |||||||||||
Purchase of equipment in accounts payable | $ | $ | |||||||||
Repurchase of common stock in accrued liabilities from repurchase program | $ | $ | |||||||||
Operating lease right-of-use assets subject to lease liability | $ | $ |
Common Stock Shares | Par Value | Additional Paid-in-Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common stock - repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares from employee equity plans | — | — | |||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of stock unit awards | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at July 31, 2021 | $ | $ | $ | ( | $ | ( | $ |
Common Stock Shares | Par Value | Additional Paid-in-Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance at November 2, 2019 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Repurchase of common stock - repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of shares from employee equity plans | — | — | |||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of stock unit awards | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance at August 1, 2020 | $ | $ | $ | ( | $ | ( | $ |
Quarter Ended July 31, 2021 | |||||||||||||||||||||||||||||
Networking Platforms | Platform Software and Services | Blue Planet Automation Software and Services | Global Services | Total | |||||||||||||||||||||||||
Product lines: | |||||||||||||||||||||||||||||
Converged Packet Optical | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Routing and Switching | |||||||||||||||||||||||||||||
Platform Software and Services | |||||||||||||||||||||||||||||
Blue Planet Automation Software and Services | |||||||||||||||||||||||||||||
Maintenance Support and Training | |||||||||||||||||||||||||||||
Installation and Deployment | |||||||||||||||||||||||||||||
Consulting and Network Design | |||||||||||||||||||||||||||||
Total revenue by product line | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||||||||
Products and services at a point in time | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||
Total revenue by timing of revenue recognition | $ | $ | $ | $ | $ |
Quarter Ended August 1, 2020 | |||||||||||||||||||||||||||||
Networking Platforms | Platform Software and Services | Blue Planet Automation Software and Services | Global Services | Total | |||||||||||||||||||||||||
Product lines: | |||||||||||||||||||||||||||||
Converged Packet Optical | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Routing and Switching | |||||||||||||||||||||||||||||
Platform Software and Services | |||||||||||||||||||||||||||||
Blue Planet Automation Software and Services | |||||||||||||||||||||||||||||
Maintenance Support and Training | |||||||||||||||||||||||||||||
Installation and Deployment | |||||||||||||||||||||||||||||
Consulting and Network Design | |||||||||||||||||||||||||||||
Total revenue by product line | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||||||||
Products and services at a point in time | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||
Total revenue by timing of revenue recognition | $ | $ | $ | $ | $ |
Nine Months Ended July 31, 2021 | |||||||||||||||||||||||||||||
Networking Platforms | Platform Software and Services | Blue Planet Automation Software and Services | Global Services | Total | |||||||||||||||||||||||||
Product lines: | |||||||||||||||||||||||||||||
Converged Packet Optical | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Routing and Switching | |||||||||||||||||||||||||||||
Platform Software and Services | |||||||||||||||||||||||||||||
Blue Planet Automation Software and Services | |||||||||||||||||||||||||||||
Maintenance Support and Training | |||||||||||||||||||||||||||||
Installation and Deployment | |||||||||||||||||||||||||||||
Consulting and Network Design | |||||||||||||||||||||||||||||
Total revenue by product line | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||||||||
Products and services at a point in time | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||
Total revenue by timing of revenue recognition | $ | $ | $ | $ | $ |
Nine Months Ended August 1, 2020 | |||||||||||||||||||||||||||||
Networking Platforms | Platform Software and Services | Blue Planet Automation Software and Services | Global Services | Total | |||||||||||||||||||||||||
Product lines: | |||||||||||||||||||||||||||||
Converged Packet Optical | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Routing Switching | |||||||||||||||||||||||||||||
Platform Software and Services | |||||||||||||||||||||||||||||
Blue Planet Automation Software and Services | |||||||||||||||||||||||||||||
Maintenance Support and Training | |||||||||||||||||||||||||||||
Installation and Deployment | |||||||||||||||||||||||||||||
Consulting and Network Design | |||||||||||||||||||||||||||||
Total revenue by product line | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||||||||
Products and services at a point in time | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Services transferred over time | |||||||||||||||||||||||||||||
Total revenue by timing of revenue recognition | $ | $ | $ | $ | $ |
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Geographic distribution: | ||||||||||||||||||||||||||
Americas | $ | $ | $ | $ | ||||||||||||||||||||||
EMEA | ||||||||||||||||||||||||||
APAC | ||||||||||||||||||||||||||
Total revenue by geographic distribution | $ | $ | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Verizon | $ | n/a | n/a | $ | |||||||||||||||||||
Web-scale provider | n/a | n/a | n/a | ||||||||||||||||||||
AT&T | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
n/a | Denotes revenue representing less than 10% of total revenue for the period |
Balance at July 31, 2021 | Balance at October 31, 2020 | |||||||||||||
Accounts receivable, net | $ | $ | ||||||||||||
Contract assets for unbilled accounts receivable, net | $ | $ | ||||||||||||
Deferred revenue | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Product | $ | $ | $ | $ | |||||||||||||||||||
Service | |||||||||||||||||||||||
CEWS benefit in cost of goods sold | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
CEWS benefit in operating expense | |||||||||||||||||||||||
Total CEWS benefit | $ | $ | $ | $ |
Workforce reduction | Other restructuring activities | Total | |||||||||||||||
Balance at October 31, 2020 | $ | $ | $ | ||||||||||||||
Charges | (1) | (2) | |||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||
Balance at July 31, 2021 | $ | $ | $ | ||||||||||||||
Current restructuring liabilities | $ | $ | $ | ||||||||||||||
Workforce reduction | Other restructuring activities | Total | |||||||||||||||
Balance at November 2, 2019 | $ | $ | $ | ||||||||||||||
Charges | (1) | (2) | |||||||||||||||
Adjustments related to ASC 842 | ( | (3) | ( | ||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||
Balance at August 1, 2020 | $ | $ | $ | ||||||||||||||
Current restructuring liabilities | $ | $ | $ | ||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||||||||||
Gains (losses) on non-hedge designated foreign currency forward contracts | ( | ||||||||||||||||||||||
Foreign currency exchange gains (losses) | ( | ( | ( | ||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Interest and other income (loss), net | $ | $ | $ | ( | $ |
July 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
U.S. government obligations: | |||||||||||||||||||||||
Included in short-term investments | $ | $ | $ | $ | |||||||||||||||||||
Included in long-term investments | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
October 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
U.S. government obligations: | |||||||||||||||||||||||
Included in short-term investments | $ | $ | $ | ( | $ | ||||||||||||||||||
Included in long-term investments | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Less than one year | $ | $ | |||||||||
Due in 1-2 years | |||||||||||
$ | $ |
July 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Bond mutual fund | |||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Deferred compensation plan assets | |||||||||||||||||||||||
U.S. government obligations | |||||||||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | $ | $ | |||||||||||||||||||
Forward starting interest rate swaps | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
October 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Bond mutual fund | |||||||||||||||||||||||
Deferred compensation plan assets | |||||||||||||||||||||||
U.S. government obligations | |||||||||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | $ | $ | |||||||||||||||||||
Forward starting interest rate swaps | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
July 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||
Long-term investments | |||||||||||||||||||||||
Other long-term assets | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities and other short-term obligations | $ | $ | $ | $ | |||||||||||||||||||
Other long-term obligations | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
October 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||
Other long-term assets | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accrued liabilities and other short-term obligations | $ | $ | $ | $ | |||||||||||||||||||
Other long-term obligations | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Deferred cost of goods sold | |||||||||||
Gross inventories | |||||||||||
Provision for excess and obsolescence | ( | ( | |||||||||
Inventories, net | $ | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
Contract assets for unbilled accounts receivable, net | $ | $ | |||||||||
Prepaid expenses | |||||||||||
Prepaid VAT and other taxes | |||||||||||
Product demonstration equipment, net | |||||||||||
Other non-trade receivables | |||||||||||
Capitalized contract acquisition costs | |||||||||||
Derivative assets | |||||||||||
CEWS receivable | |||||||||||
Deferred deployment expense | |||||||||||
$ | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
Compensation, payroll related tax and benefits | $ | $ | |||||||||
Warranty | |||||||||||
Income taxes payable | |||||||||||
Vacation | |||||||||||
Finance lease obligations | |||||||||||
Other | |||||||||||
$ | $ |
Beginning Balance | Current Period Provisions | Settlements | Ending Balance | |||||||||||||||||||||||
Nine Months Ended August 1, 2020 | $ | ( | $ | |||||||||||||||||||||||
Nine Months Ended July 31, 2021 | $ | ( | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
Products | $ | $ | |||||||||
Services | |||||||||||
Less current portion | ( | ( | |||||||||
Long-term deferred revenue | $ | $ |
Unrealized Gain (Loss) on | Cumulative | ||||||||||||||||||||||||||||
Available-for-sale Securities | Foreign Currency Forward Contracts | Forward Starting Interest Rate Swaps | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Balance at October 31, 2020 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||||||||||||||
Balance at July 31, 2021 | $ | $ | $ | ( | $ | $ | ( |
Unrealized Gain (Loss) on | Cumulative | ||||||||||||||||||||||||||||
Available-for-sale Securities | Foreign Currency Forward Contracts | Forward Starting Interest Rate Swaps | Foreign Currency Translation Adjustment | Total | |||||||||||||||||||||||||
Balance at November 2, 2019 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||
Balance at August 1, 2020 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Classification | As of July 31, 2021 | As of October 31, 2020 | ||||||||||||
Operating leases: | ||||||||||||||
Operating ROU assets | Operating right-of-use assets | $ | $ | |||||||||||
Operating lease liabilities | Operating lease liabilities and Long-term operating lease liabilities | |||||||||||||
Finance leases: | ||||||||||||||
Buildings, gross | Equipment, building, furniture and fixtures, net | $ | $ | |||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Buildings, net | $ | $ | ||||||||||||
Finance lease liabilities | Accrued liabilities and other short-term obligations and other long-term obligations | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
Classification | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating lease costs | Operating expense | $ | $ | $ | $ | ||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of finance ROU asset | Operating expense | ||||||||||||||||||||||
Interest on finance lease liabilities | Interest expense | ||||||||||||||||||||||
Total finance lease cost | |||||||||||||||||||||||
Non-capitalized lease cost | Operating expense | ||||||||||||||||||||||
Variable lease cost(1) | Operating expense | ||||||||||||||||||||||
Net lease cost(2) | $ | $ | $ | $ |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remaining fiscal 2021 | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total lease payments | |||||||||||||||||
Less: Imputed interest | ( | ( | ( | ||||||||||||||
Present value of lease liabilities | |||||||||||||||||
Less: Current portion of present value of minimum lease payments | ( | ( | ( | ||||||||||||||
Long-term portion of present value of minimum lease payments | $ | $ | $ |
As of July 31, 2021 | As of October 31, 2020 | |||||||
Weighted-average remaining lease term in years: | ||||||||
Operating leases | ||||||||
Finance leases | ||||||||
Weighted-average discount rates: | ||||||||
Operating leases | % | % | ||||||
Finance leases | % | % |
July 31, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||
Principal Balance | Unamortized Discount | Deferred Debt Issuance Costs | Net Carrying Value | Net Carrying Value | ||||||||||||||||||||||||||||
2025 Term Loan | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Effect of dilutive potential common shares | |||||||||||||||||||||||
Diluted weighted average shares | |||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | |||||||||||||||||||
Diluted EPS | $ | $ | $ | $ | |||||||||||||||||||
Antidilutive employee share-based awards, excluded |
Shares Repurchased | Weighted-Average Price per Share | Amount Repurchased (in thousands) | |||||||||||||||
Cumulative balance at October 31, 2020 | $ | $ | |||||||||||||||
Repurchase of common stock under the stock repurchase program | |||||||||||||||||
Cumulative balance at July 31, 2021 | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Product | $ | $ | $ | $ | |||||||||||||||||||
Service | |||||||||||||||||||||||
Share-based compensation expense included in cost of goods sold | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Share-based compensation expense included in operating expense | |||||||||||||||||||||||
Share-based compensation expense capitalized in inventory, net | ( | ( | |||||||||||||||||||||
Total share-based compensation | $ | $ | $ | $ |
Networking Platforms | Platform Software and Services | Blue Planet Automation Software and Services | Global Services | Total | |||||||||||||||||||||||||
Other intangible assets, net | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Maintenance spares, net | $ | $ | $ | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment profit (loss): | |||||||||||||||||||||||
Networking Platforms | $ | $ | $ | $ | |||||||||||||||||||
Platform Software and Services | |||||||||||||||||||||||
Blue Planet Automation Software and Services | ( | ( | ( | ||||||||||||||||||||
Global Services | |||||||||||||||||||||||
Total segment profit | |||||||||||||||||||||||
Less: Non-performance operating expenses | |||||||||||||||||||||||
Selling and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Significant asset impairments and restructuring costs | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Acquisition and integration costs (recoveries) | ( | ||||||||||||||||||||||
Add: Other non-performance financial items | |||||||||||||||||||||||
Interest expense and other income (loss), net | ( | ( | ( | ( | |||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ||||||||||||||||||||||
Less: Provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||
Consolidated net income | $ | $ | $ | $ |
July 31, 2021 | October 31, 2020 | ||||||||||
Canada | $ | $ | |||||||||
United States | |||||||||||
Other International | |||||||||||
Total | $ | $ |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Networking Platforms | |||||||||||||||||||||||||||||||||||
Converged Packet Optical | $ | 712,906 | $ | 722,512 | (1.3) | % | $ | 1,798,888 | $ | 1,968,355 | (8.6) | % | |||||||||||||||||||||||
%** | 72.1 | % | 74.0 | % | 69.7 | % | 72.8 | % | |||||||||||||||||||||||||||
Routing and Switching | 69,698 | 79,756 | (12.6) | % | 197,632 | 211,432 | (6.5) | % | |||||||||||||||||||||||||||
%** | 7.1 | % | 8.1 | % | 7.7 | % | 7.8 | % | |||||||||||||||||||||||||||
Total Networking Platforms | 782,604 | 802,268 | (2.5) | % | 1,996,520 | 2,179,787 | (8.4) | % | |||||||||||||||||||||||||||
%** | 79.2 | % | 82.1 | % | 77.4 | % | 80.6 | % | |||||||||||||||||||||||||||
Platform Software and Services | 56,945 | 46,422 | 22.7 | % | 163,472 | 143,295 | 14.1 | % | |||||||||||||||||||||||||||
%** | 5.8 | % | 4.8 | % | 6.4 | % | 5.3 | % | |||||||||||||||||||||||||||
Blue Planet Automation Software and Services | 16,607 | 11,297 | 47.0 | % | 57,499 | 41,779 | 37.6 | % | |||||||||||||||||||||||||||
%** | 1.7 | % | 1.1 | % | 2.2 | % | 1.6 | % | |||||||||||||||||||||||||||
Global Services | |||||||||||||||||||||||||||||||||||
Maintenance Support and Training | 74,006 | 69,099 | 7.1 | % | 212,054 | 202,370 | 4.8 | % | |||||||||||||||||||||||||||
%** | 7.5 | % | 7.1 | % | 8.2 | % | 7.5 | % | |||||||||||||||||||||||||||
Installation and Deployment | 46,653 | 39,798 | 17.2 | % | 124,263 | 108,994 | 14.0 | % | |||||||||||||||||||||||||||
%** | 4.7 | % | 4.1 | % | 4.8 | % | 4.0 | % | |||||||||||||||||||||||||||
Consulting and Network Design | 11,326 | 7,828 | 44.7 | % | 25,390 | 27,452 | (7.5) | % | |||||||||||||||||||||||||||
%** | 1.1 | % | 0.8 | % | 1.0 | % | 1.0 | % | |||||||||||||||||||||||||||
Total Global Services | 131,985 | 116,725 | 13.1 | % | 361,707 | 338,816 | 6.8 | % | |||||||||||||||||||||||||||
%** | 13.3 | % | 12.0 | % | 14.0 | % | 12.5 | % | |||||||||||||||||||||||||||
Consolidated revenue | $ | 988,141 | $ | 976,712 | 1.2 | % | $ | 2,579,198 | $ | 2,703,677 | (4.6) | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Americas | $ | 692,853 | $ | 713,340 | (2.9) | % | $ | 1,776,939 | $ | 1,937,725 | (8.3) | % | |||||||||||||||||||||||
%** | 70.1 | % | 73.0 | % | 68.9 | % | 71.7 | % | |||||||||||||||||||||||||||
EMEA | 189,180 | 162,465 | 16.4 | % | 499,652 | 433,861 | 15.2 | % | |||||||||||||||||||||||||||
%** | 19.2 | % | 16.6 | % | 19.4 | % | 16.0 | % | |||||||||||||||||||||||||||
APAC | 106,108 | 100,907 | 5.2 | % | 302,607 | 332,091 | (8.9) | % | |||||||||||||||||||||||||||
%** | 10.7 | % | 10.4 | % | 11.7 | % | 12.3 | % | |||||||||||||||||||||||||||
Total | $ | 988,141 | $ | 976,712 | 1.2 | % | $ | 2,579,198 | $ | 2,703,677 | (4.6) | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Total revenue | $ | 988,141 | $ | 976,712 | 1.2 | % | $ | 2,579,198 | $ | 2,703,677 | (4.6) | % | |||||||||||||||||||||||
Total cost of goods sold | 513,591 | 512,031 | 0.3 | % | 1,334,338 | 1,455,135 | (8.3) | % | |||||||||||||||||||||||||||
Gross profit | $ | 474,550 | $ | 464,681 | 2.1 | % | $ | 1,244,860 | $ | 1,248,542 | (0.3) | % | |||||||||||||||||||||||
%** | 48.0 | % | 47.6 | % | 48.3 | % | 46.2 | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Product revenue | $ | 804,414 | $ | 819,022 | (1.8) | % | $ | 2,071,677 | $ | 2,246,129 | (7.8) | % | |||||||||||||||||||||||
Product cost of goods sold | 420,236 | 436,227 | (3.7) | % | 1,074,935 | 1,230,378 | (12.6) | % | |||||||||||||||||||||||||||
Product gross profit | $ | 384,178 | $ | 382,795 | 0.4 | % | $ | 996,742 | $ | 1,015,751 | (1.9) | % | |||||||||||||||||||||||
%** | 47.8 | % | 46.7 | % | 48.1 | % | 45.2 | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Service revenue | $ | 183,727 | $ | 157,690 | 16.5 | % | $ | 507,521 | $ | 457,548 | 10.9 | % | |||||||||||||||||||||||
Service cost of goods sold | 93,355 | 75,804 | 23.2 | % | 259,403 | 224,757 | 15.4 | % | |||||||||||||||||||||||||||
Service gross profit | $ | 90,372 | $ | 81,886 | 10.4 | % | $ | 248,118 | $ | 232,791 | 6.6 | % | |||||||||||||||||||||||
% ** | 49.2 | % | 51.9 | % | 48.9 | % | 50.9 | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Research and development | $ | 146,225 | $ | 130,221 | 12.3 | % | $ | 389,212 | $ | 392,651 | (0.9) | % | |||||||||||||||||||||||
%** | 14.8 | % | 13.3 | % | 15.1 | % | 14.5 | % | |||||||||||||||||||||||||||
Selling and marketing | 114,924 | 94,763 | 21.3 | % | 322,589 | 303,043 | 6.4 | % | |||||||||||||||||||||||||||
%** | 11.6 | % | 9.7 | % | 12.5 | % | 11.2 | % | |||||||||||||||||||||||||||
General and administrative | 48,863 | 41,635 | 17.4 | % | 132,491 | 126,133 | 5.0 | % | |||||||||||||||||||||||||||
%** | 4.9 | % | 4.3 | % | 5.1 | % | 4.7 | % | |||||||||||||||||||||||||||
Significant asset impairments and restructuring costs | 9,789 | 6,515 | 50.3 | % | 23,865 | 14,798 | 61.3 | % | |||||||||||||||||||||||||||
%** | 1.0 | % | 0.7 | % | 0.9 | % | 0.5 | % | |||||||||||||||||||||||||||
Amortization of intangible assets | 5,967 | 5,840 | 2.2 | % | 17,896 | 17,532 | 2.1 | % | |||||||||||||||||||||||||||
%** | 0.6 | % | 0.6 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||||||||||
Acquisition and integration costs (recoveries) | 259 | (2,329) | (111.1) | % | 860 | 904 | (4.9) | % | |||||||||||||||||||||||||||
%** | — | % | (0.2) | % | — | % | — | % | |||||||||||||||||||||||||||
Total operating expenses | $ | 326,027 | $ | 276,645 | 17.9 | % | $ | 886,913 | $ | 855,061 | 3.7 | % | |||||||||||||||||||||||
%** | 33.0 | % | 28.4 | % | 34.4 | % | 31.5 | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Interest and other income (loss), net | $ | 795 | $ | 232 | 242.7 | % | $ | (1,600) | $ | 1,213 | (231.9) | % | |||||||||||||||||||||||
%** | 0.1 | % | — | % | (0.1) | % | — | % | |||||||||||||||||||||||||||
Interest expense | $ | 7,776 | $ | 7,251 | 7.2 | % | $ | 22,921 | $ | 23,926 | (4.2) | % | |||||||||||||||||||||||
%** | 0.8 | % | 0.7 | % | 0.9 | % | 0.9 | % | |||||||||||||||||||||||||||
Loss on extinguishment and modification of debt | $ | — | $ | — | — | % | $ | — | $ | 646 | (100.0) | % | |||||||||||||||||||||||
%** | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | (96,690) | $ | 38,750 | (349.5) | % | $ | (63,271) | $ | 73,872 | (185.6) | % | |||||||||||||||||||||||
%** | (9.8) | % | 4.0 | % | (2.5) | % | 2.7 | % |
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | %* | July 31, 2021 | August 1, 2020 | %* | ||||||||||||||||||||||||||||||
Segment profit (loss): | |||||||||||||||||||||||||||||||||||
Networking Platforms | $ | 244,535 | $ | 262,801 | (7.0) | % | $ | 612,378 | $ | 642,057 | (4.6) | % | |||||||||||||||||||||||
Platform Software and Services | $ | 31,526 | $ | 24,299 | 29.7 | % | $ | 95,692 | $ | 74,918 | 27.7 | % | |||||||||||||||||||||||
Blue Planet Automation Software and Services | $ | (3,243) | $ | (5,316) | 39.0 | % | $ | 11 | $ | (12,828) | 100.1 | % | |||||||||||||||||||||||
Global Services | $ | 55,507 | $ | 52,676 | 5.4 | % | $ | 147,567 | $ | 151,744 | (2.8) | % |
July 31, 2021 | October 31, 2020 | Increase (decrease) | |||||||||||||||
Cash and cash equivalents | $ | 1,230,441 | $ | 1,088,624 | $ | 141,817 | |||||||||||
Short-term investments in marketable debt securities | 182,010 | 150,667 | 31,343 | ||||||||||||||
Long-term investments in marketable debt securities | 60,888 | 82,226 | (21,338) | ||||||||||||||
Total cash and cash equivalents and investments in marketable debt securities | $ | 1,473,339 | $ | 1,321,517 | $ | 151,822 |
Nine Months Ended | |||||
July 31, 2021 | |||||
Net income | $ | 396,697 | |||
Adjustments for non-cash charges: | |||||
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 71,918 | ||||
Share-based compensation costs | 62,970 | ||||
Amortization of intangible assets | 27,341 | ||||
Provision for inventory excess and obsolescence | 13,460 | ||||
Provision for warranty | 12,726 | ||||
Deferred taxes | (139,543) | ||||
Other | 6,350 | ||||
Net income (adjusted for non-cash charges) | $ | 451,919 |
Nine Months Ended | |||||
July 31, 2021 | |||||
Cash used in accounts receivable | $ | (163,149) | |||
Cash used in inventories | (38,821) | ||||
Cash used in prepaid expenses and other | (17,272) | ||||
Cash provided by accounts payable, accruals and other obligations | 31,388 | ||||
Cash provided by deferred revenue | 24,969 | ||||
Cash used in operating lease assets and liabilities, net | (2,278) | ||||
Total cash used for working capital | $ | (165,163) |
Nine Months Ended | |||||
July 31, 2021 | |||||
Term Loan due September 28, 2025(1) | $ | 9,754 | |||
Interest rate swaps(2) | 7,520 | ||||
ABL Credit Facility(3) | 1,447 | ||||
Finance leases | 3,671 | ||||
Cash paid during period | $ | 22,392 |
Period | Total Number of Shares Purchase (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||||
May 2, 2021 to May 29, 2021 | 167,480 | $ | 52.26 | 167,480 | $ | 227,238 | ||||||||||||||||||||
May 30, 2021 to June 26, 2021 | 131,482 | $ | 57.82 | 131,482 | $ | 219,636 | ||||||||||||||||||||
June 27, 2021 to July 31, 2021 | 169,402 | $ | 56.69 | 169,402 | $ | 210,033 | ||||||||||||||||||||
468,364 | $ | 55.42 | 468,364 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
Ciena Corporation | ||||||||||||||
Date: | September 8, 2021 | By: | /s/ Gary B. Smith | |||||||||||
Gary B. Smith | ||||||||||||||
President, Chief Executive Officer and Director (Duly Authorized Officer) | ||||||||||||||
Date: | September 8, 2021 | By: | /s/ James E. Moylan, Jr. | |||||||||||
James E. Moylan, Jr. | ||||||||||||||
Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer) |
/s/ Gary B. Smith | |||||
Gary B. Smith | |||||
President and Chief Executive Officer |
/s/ James E. Moylan, Jr. | |||||
James E. Moylan, Jr. | |||||
Senior Vice President and Chief Financial Officer |
/s/ Gary B. Smith | ||
Gary B. Smith | ||
President and Chief Executive Officer | ||
September 8, 2021 |
/s/ James E. Moylan, Jr. | ||
James E. Moylan, Jr. | ||
Senior Vice President and Chief Financial Officer | ||
September 8, 2021 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Revenue: | ||||
Total revenue | $ 988,141 | $ 976,712 | $ 2,579,198 | $ 2,703,677 |
Cost of goods sold: | ||||
Total cost of goods sold | 513,591 | 512,031 | 1,334,338 | 1,455,135 |
Gross profit | 474,550 | 464,681 | 1,244,860 | 1,248,542 |
Operating expenses: | ||||
Research and development | 146,225 | 130,221 | 389,212 | 392,651 |
Selling and marketing | 114,924 | 94,763 | 322,589 | 303,043 |
General and administrative | 48,863 | 41,635 | 132,491 | 126,133 |
Significant asset impairments and restructuring costs | 9,789 | 6,515 | 23,865 | 14,798 |
Amortization of intangible assets | 5,967 | 5,840 | 17,896 | 17,532 |
Acquisition and integration costs (recoveries) | 259 | (2,329) | 860 | 904 |
Total operating expenses | 326,027 | 276,645 | 886,913 | 855,061 |
Income from operations | 148,523 | 188,036 | 357,947 | 393,481 |
Interest and other income (loss), net | 795 | 232 | (1,600) | 1,213 |
Interest expense | (7,776) | (7,251) | (22,921) | (23,926) |
Loss on extinguishment and modification of debt | 0 | 0 | 0 | (646) |
Income before income taxes | 141,542 | 181,017 | 333,426 | 370,122 |
Provision (benefit) for income taxes | (96,690) | 38,750 | (63,271) | 73,872 |
Net income | $ 238,232 | $ 142,267 | $ 396,697 | $ 296,250 |
Basic net income per common share (in dollars per share) | $ 1.53 | $ 0.92 | $ 2.55 | $ 1.92 |
Diluted net income per potential common share (in dollars per share) | $ 1.52 | $ 0.91 | $ 2.53 | $ 1.90 |
Weighted average basic common shares outstanding (in shares) | 155,271 | 154,184 | 155,277 | 154,136 |
Weighted average dilutive potential common shares outstanding (in shares) | 156,744 | 156,318 | 156,742 | 155,741 |
Products | ||||
Revenue: | ||||
Total revenue | $ 804,414 | $ 819,022 | $ 2,071,677 | $ 2,246,129 |
Cost of goods sold: | ||||
Total cost of goods sold | 420,236 | 436,227 | 1,074,935 | 1,230,378 |
Services | ||||
Revenue: | ||||
Total revenue | 183,727 | 157,690 | 507,521 | 457,548 |
Cost of goods sold: | ||||
Total cost of goods sold | $ 93,355 | $ 75,804 | $ 259,403 | $ 224,757 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jul. 31, 2021 |
Oct. 31, 2020 |
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 9.9 | $ 10.6 |
Stockholders’ equity: | ||
Preferred stock par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 290,000,000 | 290,000,000 |
Common stock shares issued (in shares) | 155,103,315 | 154,563,005 |
Common stock shares outstanding (in shares) | 155,103,315 | 154,563,005 |
INTERIM FINANCIAL STATEMENTS |
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Quarterly Financial Data [Abstract] | |
INTERIM FINANCIAL STATEMENTS | INTERIM FINANCIAL STATEMENTS The interim financial statements included herein for Ciena Corporation and its wholly owned subsidiaries (“Ciena”) have been prepared by Ciena, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires Ciena to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. The inputs into certain of Ciena’s judgments, assumptions, and estimates reflect, among other things, the information available to Ciena regarding the economic implications of the COVID-19 pandemic, and expectations as to its impact on Ciena’s business. Among other things, these estimates form the basis for judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. To the extent that there are material differences between Ciena’s estimates and actual results, Ciena’s consolidated financial statements will be affected. In addition, because the duration and severity of COVID-19 pandemic are uncertain, certain of these estimates could require further judgment or modification and therefore carry a higher degree of variability and volatility. As events continue to evolve, Ciena’s estimates may change materially in future periods. In the opinion of management, the financial statements included in this report reflect all normal recurring adjustments that Ciena considers necessary for the fair statement of the results of operations of Ciena for the interim periods covered and of the financial position of Ciena at the date of the interim balance sheets. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The Condensed Consolidated Balance Sheet as of October 31, 2020 was derived from audited financial statements, but does not include all disclosures required by GAAP. However, Ciena believes that the disclosures are adequate to understand the information presented herein. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. These financial statements should be read in conjunction with Ciena’s audited consolidated financial statements and the notes thereto included in Ciena’s annual report on Form 10-K for fiscal 2020 (the “2020 Annual Report”). Ciena has a 52 or 53-week fiscal year, with quarters ending on the Saturday nearest to the last day of January, April, July and October, respectively, of each year. Fiscal 2021 and 2020 are 52-week fiscal years.
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SIGNIFICANT ACCOUNTING POLICIES |
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Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Except for the changes in certain policies described below, there have been no material changes to Ciena’s significant accounting policies, compared to the accounting policies described in Note 1, Ciena Corporation and Significant Accounting Policies and Estimates, in Notes to Consolidated Financial Statements in Item 8 of Part II of the 2020 Annual Report. Newly Issued Accounting Standards - Effective In June 2016, the Financial Accounting Standards Board (the ”FASB”) issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses, which requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Ciena adopted ASU 2016-13 on a modified retrospective basis in the first quarter of fiscal year 2021 through a cumulative-effect adjustment at the beginning of the period of adoption and did not restate prior periods. The standard primarily impacts the value of Ciena’s accounts receivable, net and contract assets, net. Adoption of ASU 2016-13 did not have a material effect on Ciena’s financial position or results of operations. Ciena’s significant accounting policies updated as a result of adopting this standard are as follows: Allowance for Credit Losses for Accounts Receivable and Contract Assets Ciena estimates its allowances for credit losses using relevant available information from internal and external sources, related to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. When assessing for credit losses, Ciena determines collectability by pooling assets with similar characteristics. The allowances for credit losses are each measured on a collective basis when similar risk characteristics exist. The allowances for credit losses are each measured by multiplying the exposure probability of default (the probability the asset will default within a given time frame) by the loss given default rate (the percentage of the asset not expected to be collected due to default) based on the pool of assets. Probability of default rates are published by third-party credit rating agencies. Adjustments to Ciena’s exposure probability may take into account a number of factors, including, but not limited to, various customer-specific factors, the potential sovereign risk of the geographic locations in which the customer is operating and macroeconomic conditions. These factors are updated regularly or when facts and circumstances indicate that an update is deemed necessary. Newly Issued Accounting Standards - Not Yet Effective In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional guidance on contract modifications and hedging accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate activities. The new guidance was effective upon issuance, and Ciena is allowed to elect to apply the amendments prospectively through December 31, 2022. Ciena is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12 (“ASU 2019-12”), Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for Ciena beginning in the first quarter of fiscal year 2022, and early adoption is permitted. Most amendments within this standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Ciena is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
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REVENUE |
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REVENUE | REVENUE Disaggregation of Revenue Ciena’s disaggregated revenue represents similar groups that depict the nature, amount, and timing of revenue and cash flows for Ciena’s various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies may differ for each of its product lines, resulting in different economic risk profiles for each line. Effective as of the beginning of fiscal 2021, Ciena renamed its “Packet Networking” product line to “Routing and Switching.” This change, affecting only the presentation of such information, was made on a prospective basis and does not impact comparability of previous financial results. References to prior reported “Packet Networking” product line have been changed herein to “Routing and Switching.” The tables below set forth Ciena’s disaggregated revenue for the respective periods (in thousands):
Ciena reports its sales geographically using the following markets: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia Pacific, Japan and India (“APAC”). Americas includes activities in North America and South America. Within each geographic area, Ciena maintains specific teams or personnel that focus on a particular region, country, customer or market vertical. These teams include sales management, account salespersons and sales engineers, as well as services professionals and commercial management personnel. The following table reflects Ciena’s geographic distribution of revenue based principally on the relevant location for Ciena’s delivery of products and performance of services. For the periods below, Ciena’s geographic distribution of revenue was as follows (in thousands):
Ciena’s revenue includes $623.9 million and $647.0 million of United States revenue for the third quarter of fiscal 2021 and 2020, respectively. For the nine months ended July 31, 2021 and August 1, 2020, United States revenue was $1.6 billion and $1.8 billion, respectively. No other country accounted for 10% or more of total revenue for the periods presented above. For the periods below, the only customers that accounted for at least 10% of Ciena’s revenue were as follows (in thousands):
The Web-scale provider noted in the above table purchased products from each of Ciena’s operating segments excluding Blue Planet® Automation Software and Services. The other customers identified above purchased products and services from each of Ciena’s operating segments. •Networking Platforms revenue reflects sales of Ciena’s Converged Packet Optical and Routing and Switching product lines. ◦Converged Packet Optical - includes the 6500 Packet-Optical Platform, the Waveserver® stackable interconnect system, the 6500 Reconfigurable Line System (RLS) and the 5400 family of Packet-Optical Platforms. This product line also includes sales of the Z-Series Packet-Optical Platform. ◦Routing and Switching - includes the 3000 family of service delivery switches and service aggregation switches and the 5000 family of service aggregation switches. This product line also includes the 8700 Packetwave Platform, the Ethernet packet configuration for the 5410 Service Aggregation Switch, and the 6500 Packet Transport System (PTS), which combines packet switching, control plane operation, and integrated optics. The Networking Platforms segment also includes sales of operating system software and enhanced software features embedded in each of the product lines above. Revenue from this segment is included in product revenue on the Condensed Consolidated Statements of Operations. Operating system software and enhanced software features embedded in Ciena hardware are each considered distinct performance obligations for which the revenue is generally recognized upfront at a point in time upon transfer of control. •Platform Software and Services provides analytics, data, and planning tools to assist customers in managing Ciena’s Networking Platforms products in their networks. Ciena’s platform software includes its Manage, Control and Plan (MCP) domain controller solution and its OneControl Unified Management System, as well as planning tools and a number of legacy software solutions that support Ciena’s installed base of network solutions. Platform software-related services revenue includes sales of subscription, installation, support, and consulting services related to Ciena’s software platforms, operating system software and enhanced software features embedded in each of the Networking Platforms product lines above. Revenue from the software portion of this segment is included in product revenue on the Condensed Consolidated Statements of Operations. Revenue from services portions of this segment is included in services revenue on the Condensed Consolidated Statements of Operations. •Blue Planet® Automation Software and Services is a comprehensive, micro-services, standards-based open software suite, together with related services, that enables customers to implement large-scale software and IT-led operations support system (OSS) transformations by transforming legacy networks into “service ready” networks, accelerating the creation, delivery and lifecycle management of new, cloud-based services. Ciena’s Blue Planet Automation Platform includes multi-domain service orchestration (MDSO), inventory management (BPI), route optimization and analysis (ROA), network function virtualization orchestration (NFVO), and unified assurance and analytics (UAA). Services revenue includes sales of subscription, installation, support, consulting and design services related to Ciena’s Blue Planet Automation Platform. Revenue from the software portion of this segment is included in product revenue on the Condensed Consolidated Statements of Operations. Revenue from services portions of this segment is included in services revenue on the Condensed Consolidated Statements of Operations. Ciena’s software platform revenue typically reflects either perpetual or term-based software licenses, and these sales are considered distinct performance obligations where revenue is generally recognized upfront at a point in time upon transfer of control. Revenue from software subscription and support is recognized ratably over the period during which the services are performed. Revenue from professional services for solution customization, software and solution support services, consulting and design, and build-operate-transfer services relating to Ciena’s software offerings is recognized over time with Ciena applying the input method to determine the amount of revenue to be recognized in a given period. •Global Services revenue reflects sales of a broad range of Ciena’s services for maintenance support and training, installation and deployment, and consulting and network design activities. Revenue from this segment is included in services revenue on the Condensed Consolidated Statements of Operations. Ciena’s Global Services are considered a distinct performance obligation where revenue is generally recognized over time. Revenue from maintenance support is recognized ratably over the period during which the services are performed. Revenue from installation and deployment services and consulting and network design services is recognized over time with Ciena applying the input method to determine the amount of revenue to be recognized in a given period. Revenue from training services is generally recognized at a point in time upon completion of the service. Contract Balances The following table provides information about receivables, contract assets and contract liabilities (deferred revenue) from contracts with customers (in thousands):
Ciena’s contract assets represent unbilled accounts receivable, net where transfer of a product or service has occurred but invoicing is conditional upon completion of future performance obligations. These amounts are primarily related to installation and deployment and professional services arrangements where transfer of control has occurred, but Ciena has not yet invoiced the customer. Contract assets are included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. See Note 11 below. Contract liabilities consist of deferred revenue and represent advanced payments against non-cancelable customer orders received prior to revenue recognition. Ciena recognized approximately $94.7 million and $91.8 million of revenue during the first nine months of fiscal 2021 and 2020, respectively, that was included in the deferred revenue balance as of October 31, 2020 and November 2, 2019, respectively. Revenue recognized due to changes in transaction price from performance obligations satisfied or partially satisfied in previous periods was immaterial during the nine months ended July 31, 2021 and August 1, 2020. Capitalized Contract Acquisition Costs Capitalized contract acquisition costs consist of deferred sales commissions, and were $20.4 million and $15.3 million as of July 31, 2021 and October 31, 2020, respectively. Capitalized contract acquisition costs were included in prepaid expenses and other and other long-term assets. The amortization expense associated with these costs was $16.8 million and $16.2 million during the first nine months of fiscal 2021 and 2020, respectively, and was included in sales and marketing expense. Remaining Performance Obligations Remaining Performance Obligations (“RPO”) are comprised of non-cancelable customer purchase orders for products and services that are awaiting transfer of control for revenue recognition under the applicable contract terms. As of July 31, 2021, the aggregate amount of RPO was $1.4 billion. As of July 31, 2021, Ciena expects approximately 85% of the RPO to be recognized as revenue within the next twelve months.
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CANADIAN EMERGENCY WAGE SUBSIDY | CANADIAN EMERGENCY WAGE SUBSIDY In April 2020, the Canadian government introduced the Canada Emergency Wage Subsidy (“CEWS”) to help employers offset a portion of their employee wages for a limited period in response to the COVID-19 outbreak, retroactive to March 15, 2020. The CEWS program has been extended through October 23, 2021. The subsidy covers employers of all sizes and across all sectors. Ciena accounts for proceeds from government grants as a reduction of expense when there is reasonable assurance that Ciena has met the required conditions associated with the grant and that grant proceeds will be received. Grant benefits are recorded to the particular line item of the Condensed Consolidated Statement of Operations to which the grant activity relates. Amounts from the CEWS program positively impacted our operating expense and measures of profit in the third quarter of fiscal 2021 and nine months ended July 31, 2021. For the third quarter of fiscal 2021, Ciena recorded CEWS benefits of CAD$1.1 million ($0.8 million), net of certain fees. For the nine months ended July 31, 2021, Ciena recorded a CAD$52.2 million ($41.3 million) benefit, net of certain fees, related to CEWS for claim periods beginning March 15, 2020, including CAD$43.9 million ($35.2 million) related to employee wages during fiscal 2020. As of July 31, 2021, amounts receivable from this subsidy were CAD$1.5 million ($1.2 million). The following table summarizes CEWS for the periods indicated (in thousands):
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING COSTS | RESTRUCTURING COSTS Ciena has undertaken a number of restructuring activities intended to reduce expense and to ensure better alignment of its workforce and costs with market opportunities, product development and business strategies. The following table sets forth the restructuring activity and balance of the restructuring liability accounts, which are included in Accrued liabilities and other short-term obligations on Ciena’s Condensed Consolidated Balance Sheets, for the nine months ended July 31, 2021 (in thousands):
(1) Reflects a global workforce reduction of 120 employees during the nine months ended July 31, 2021 as part of a business optimization strategy to improve gross margin, constrain operating expense and redesign certain business processes. (2) Primarily represents the redesign of certain business processes associated with Ciena’s supply chain and distribution structure reorganization, and costs related to restructured facilities. The following table sets forth the restructuring activity and balance of the restructuring liability accounts, which are included in Accrued liabilities and other short-term obligations on Ciena’s Condensed Consolidated Balance Sheets for the nine months ended August 1, 2020 (in thousands):
(1) Reflects a global workforce reduction of approximately 79 employees during the nine months ended August 1, 2020 as part of a business optimization strategy to improve gross margin, constrain operating expense and redesign certain business processes. (2) Primarily represents variable costs and imputed interest expense related to restructured facilities. (3) Represents restructuring reserve liability recognized as a reduction to Operating right-of-use (“ROU”) assets, net in relation to adoption of ASC 842.
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INTEREST AND OTHER INCOME (LOSS), NET |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST AND OTHER INCOME (LOSS), NET | INTEREST AND OTHER INCOME (LOSS), NET The components of interest and other income (loss), net, are as follows (in thousands):
Ciena Corporation, as the U.S. parent entity, uses the U.S. Dollar as its functional currency; however, some of its foreign branch offices and subsidiaries use local currencies as their functional currencies. Ciena recorded $8.5 million and $7.4 million in foreign currency exchange rate losses during the first nine months of fiscal 2021 and 2020, respectively, as a result of monetary assets and liabilities that were transacted in a currency other than Ciena’s functional currency. The related remeasurement adjustments were recorded in interest and other income (loss), net, on the Condensed Consolidated Statements of Operations. From time to time, Ciena uses foreign currency forwards to hedge this type of balance sheet exposure. These forwards are not designated as hedges for accounting purposes, and any net gain or loss associated with these derivatives is reported in interest and other income (loss), net, on the Condensed Consolidated Statements of Operations. During the first nine months of fiscal 2021 and 2020, respectively, Ciena recorded gains of $5.3 million and $3.0 million from non-hedge designated foreign currency forward contracts.
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INCOME TAXES |
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Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe effective tax rate for the quarter and nine months ended July 31, 2021 was lower than the effective tax rate for the quarter and nine months ended August 1, 2020, primarily due to the tax benefit associated with recording a deferred tax asset. To accommodate the requirements of a global business, Ciena has begun reorganizing its global supply chain and distribution structure, which includes a legal entity reorganization and related system upgrade. During the quarter, Ciena completed an internal transfer of certain of its non-U.S. intangible assets, which created amortizable tax basis resulting in the discrete recognition of a $124.2 million deferred tax asset with a corresponding tax benefit. The impact of this transfer is reflected in Ciena’s effective tax rate for the quarter and nine months ended July 31, 2021, which had a significant, one-time impact on its net income for these periods. Ciena’s future income tax provisions and deferred tax balances may be affected by the amount of pre-tax income, the jurisdictions where it is earned, the existence and ability to utilize tax attributes and changes in tax laws and business reorganizations. Ciena continues to monitor these items and will adopt strategies to address their impact as appropriate.
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SHORT-TERM AND LONG-TERM INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM AND LONG-TERM INVESTMENTS | SHORT-TERM AND LONG-TERM INVESTMENTS As of the dates indicated, investments are comprised of the following (in thousands):
The following table summarizes the final legal maturities of debt investments at July 31, 2021 (in thousands):
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS As of the date indicated, the following table summarizes the assets and liabilities that are recorded at fair value on a recurring basis (in thousands):
As of the date indicated, the assets and liabilities above are presented on Ciena’s Condensed Consolidated Balance Sheets as follows (in thousands):
Ciena did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.
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INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES As of the dates indicated, inventories are comprised of the following (in thousands):
Ciena writes down its inventory for estimated obsolescence or unmarketable inventory by an amount equal to the difference between the cost of inventory and the estimated net realizable value based on assumptions about future demand, which are affected by changes in Ciena’s strategic direction, discontinuance of a product or introduction of newer versions of products, declines in the sales of or forecasted demand for certain products, and general market conditions. During the first nine months of fiscal 2021, Ciena recorded a provision for excess and obsolescence of $13.5 million, primarily related to a decrease in the forecasted demand for certain Networking Platforms products. Deductions from the provision for excess and obsolete inventory relate primarily to disposal activities.
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PREPAID EXPENSES AND OTHER |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHERAs of the dates indicated, prepaid expenses and other are comprised of the following (in thousands):
Depreciation of product demonstration equipment was $7.6 million during the first nine months of fiscal 2021 and $6.5 million during the first nine months of fiscal 2020. For further discussion on contract assets and capitalized contract acquisition costs, see Note 3 above.
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OTHER BALANCE SHEET DETAILS |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER BALANCE SHEET DETAILS | OTHER BALANCE SHEET DETAILS As of the dates indicated, accrued liabilities and other short-term obligations are comprised of the following (in thousands):
The following table summarizes the activity in Ciena’s accrued warranty for the periods indicated (in thousands):
As of the dates indicated, deferred revenue is comprised of the following (in thousands):
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DERIVATIVE INSTRUMENTS |
9 Months Ended |
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Jul. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTSForeign Currency Derivatives Ciena conducts business globally in numerous currencies, and thus is exposed to adverse foreign currency exchange rate changes. To limit this exposure, Ciena enters into foreign currency contracts. Ciena does not enter into such contracts for speculative purposes. As of July 31, 2021 and October 31, 2020, Ciena had forward contracts to hedge its foreign exchange exposure in order to reduce variability principally related to research and development activities. The notional amount of these contracts was approximately $219.1 million and $254.9 million as of July 31, 2021 and October 31, 2020, respectively. These foreign exchange contracts have maturities of 24 months or less and have been designated as cash flow hedges. As of July 31, 2021 and October 31, 2020, Ciena had forward contracts to hedge its foreign exchange exposure in order to reduce the variability in various currencies of certain balance sheet items. The notional amount of these contracts was approximately $241.8 million and $212.0 million as of July 31, 2021 and October 31, 2020, respectively. These foreign exchange contracts have maturities of 12 months or less and have not been designated as hedges for accounting purposes. Interest Rate Derivatives Ciena is exposed to floating rates of LIBOR interest on its term loan borrowings (see Note 16 below) and has hedged such risk by entering into floating to fixed interest rate swap arrangements (“interest rate swaps”). The interest rate swaps fix the LIBOR rate for $350.0 million of the 2025 Term Loan (as defined in Note 16 below) at 2.957% through September 2023. The total notional amount of interest rate swaps in effect was $350.0 million as of July 31, 2021 and October 31, 2020. Ciena expects the variable rate payments to be received under the terms of the interest rate swaps to offset exactly the forecasted variable rate payments on the equivalent notional amounts of the term loan. These derivative contracts have been designated as cash flow hedges. Other information regarding Ciena’s derivatives is immaterial for separate financial statement presentation. See Note 6 and Note 9 above.
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ACCUMULATED OTHER COMPREHENSIVE INCOME |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated balances of other comprehensive income (“AOCI”), net of tax, for the nine months ended July 31, 2021 (in thousands):
The following table summarizes the changes in AOCI, net of tax, for the nine months ended August 1, 2020 (in thousands):
All amounts reclassified from AOCI related to settlement (gains) losses on foreign currency forward contracts designated as cash flow hedges impacted research and development expense on the Condensed Consolidated Statements of Operations. All amounts reclassified from AOCI related to settlement (gains) losses on forward starting interest rate swaps designated as cash flow hedges impacted interest and other income (loss), net, on the Condensed Consolidated Statements of Operations.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES Ciena leases over 1.3 million square feet of facilities globally. Ciena’s principal executive offices are located in Hanover, Maryland. Ciena’s largest facilities are research and development centers located in Ottawa, Canada and Gurgaon, India. Ciena also has engineering and/or service delivery facilities located in San Jose, California; Alpharetta, Georgia; Quebec, Canada; and Pune and Bangalore, India. In addition, Ciena leases various smaller offices in regions throughout the world to support sales and services operations. Office facilities are leased under various non-cancelable operating or finance leases. Ciena's current leases have remaining terms that vary up to 11 years. Certain leases provide for options to extend up to ten years and/or options to terminate within five years. Leases included in the Condensed Consolidated Balance Sheets were as follows (in thousands):
ROU assets that involve subleased or vacant space aggregate to $4.3 million as of July 31, 2021. These assets may become impaired if tenants are unable to service their obligations under the sublease, and/or if the estimates as to occupancy are not realized, either of which may be more likely as COVID-19 impacts evolve. The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows (in thousands):
(1) Variable lease costs include expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other operating expense of $2.3 million and $2.2 million for the third quarter of fiscal 2021 and 2020, respectively and $7.2 million and $8.7 million for the nine months ended July 31, 2021 and August 1, 2020, respectively, related to amortization of leasehold improvements. Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of July 31, 2021 were as follows (in thousands):
The weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows:
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LEASES | LEASES Ciena leases over 1.3 million square feet of facilities globally. Ciena’s principal executive offices are located in Hanover, Maryland. Ciena’s largest facilities are research and development centers located in Ottawa, Canada and Gurgaon, India. Ciena also has engineering and/or service delivery facilities located in San Jose, California; Alpharetta, Georgia; Quebec, Canada; and Pune and Bangalore, India. In addition, Ciena leases various smaller offices in regions throughout the world to support sales and services operations. Office facilities are leased under various non-cancelable operating or finance leases. Ciena's current leases have remaining terms that vary up to 11 years. Certain leases provide for options to extend up to ten years and/or options to terminate within five years. Leases included in the Condensed Consolidated Balance Sheets were as follows (in thousands):
ROU assets that involve subleased or vacant space aggregate to $4.3 million as of July 31, 2021. These assets may become impaired if tenants are unable to service their obligations under the sublease, and/or if the estimates as to occupancy are not realized, either of which may be more likely as COVID-19 impacts evolve. The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows (in thousands):
(1) Variable lease costs include expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other operating expense of $2.3 million and $2.2 million for the third quarter of fiscal 2021 and 2020, respectively and $7.2 million and $8.7 million for the nine months ended July 31, 2021 and August 1, 2020, respectively, related to amortization of leasehold improvements. Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of July 31, 2021 were as follows (in thousands):
The weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows:
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SHORT-TERM AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT 2025 Term Loan On January 23, 2020, Ciena entered into a Refinancing Amendment to Credit Agreement pursuant to which Ciena refinanced the entire outstanding amount of its then existing senior secured term loan and incurred a new senior secured term loan in an aggregate principal amount of $693.0 million and maturing on September 28, 2025 (the “2025 Term Loan”). The net carrying value of Ciena’s term loan was comprised of the following for the periods indicated (in thousands):
Deferred debt issuance costs that were deducted from the carrying amounts of the term loan totaled $2.5 million as of July 31, 2021 and $2.9 million at October 31, 2020. Deferred debt issuance costs are amortized using the straight-line method, which approximates the effect of the effective interest rate, through the maturity of the term loan. The amortization of deferred debt issuance costs for this term loan is included in interest expense, and was $0.5 million during the first nine months of each of fiscal 2021 and fiscal 2020. The carrying value of the term loan listed above is also net of any unamortized debt discounts. As of July 31, 2021, the estimated fair value of the 2025 Term Loan was $680.9 million. Ciena’s term loan is categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its term loan using a market approach based on observable inputs, such as current market transactions involving comparable securities.
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EARNINGS PER SHARE CALCULATION |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE CALCULATION | EARNINGS PER SHARE CALCULATION The following table presents the calculation of basic and diluted net income per share (in thousands, except per share amounts):
Basic net income per common share (“Basic EPS”) is computed using the weighted average number of common shares outstanding. Diluted net income per potential common share (“Diluted EPS”) is computed using the weighted average number of the following, in each case, to the extent the effect is not anti-dilutive: (i) common shares outstanding; (ii) shares issuable upon vesting of stock unit awards; and (iii) shares issuable under Ciena’s employee stock purchase plan and upon exercise of outstanding stock options, using the treasury stock method.
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STOCKHOLDERS’ EQUITY |
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STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Program On December 13, 2018, Ciena announced that its Board of Directors authorized a program to repurchase up to $500 million of Ciena’s common stock. After temporarily suspending repurchases of Ciena’s common stock during fiscal 2020, Ciena reinstituted its stock repurchase program in the first quarter of 2021. The amount and timing of repurchases are subject to a variety of factors including liquidity, cash flow, stock price and general business and market conditions. The program may be modified, suspended, or discontinued at any time. The following table summarizes activity of the stock repurchase program, reported based on trade date:
The purchase price for the shares of Ciena’s stock repurchased is reflected as a reduction of common stock and additional paid-in capital. Stock Repurchases Related to Stock Unit Award Tax Withholdings Ciena repurchases shares of common stock to satisfy employee tax withholding obligations due on vesting of stock unit awards. The purchase price of $36.5 million for the shares of Ciena’s stock repurchased during the first nine months of fiscal 2021 is reflected as a reduction to stockholders’ equity. Ciena is required to allocate the purchase price of the repurchased shares as a reduction of common stock and additional paid-in capital.
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SHARE-BASED COMPENSATION EXPENSE |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION EXPENSE | SHARE-BASED COMPENSATION EXPENSEAmended and Restated ESPP Ciena makes shares of its common stock available for purchase under its Amended and Restated Ciena Corporation Employee Stock Purchase Plan (the “ESPP”). Under the ESPP, eligible employees may enroll in a twelve-month offer period that begins in December and June of each year. Each offer period includes two six-month purchase periods. Employees may purchase a limited number of shares of Ciena common stock at 85% of the fair market value on either the day immediately preceding the offer date or the purchase date, whichever is lower. The ESPP is considered compensatory for purposes of share-based compensation expense. On January 29, 2021, Ciena’s Board of Directors adopted an amendment and restatement of the ESPP to increase the number of shares available for issuance thereunder by 8.7 million and eliminate the evergreen mechanism thereunder, which became effective upon its approval by Ciena’s stockholders on April 1, 2021. Unless earlier terminated, the ESPP will terminate on April 1, 2031. The following table summarizes share-based compensation expense for the periods indicated (in thousands):
As of July 31, 2021, total unrecognized share-based compensation expense was approximately $160.6 million, which relates to unvested stock unit awards and is expected to be recognized over a weighted-average period of 1.58 years.
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SEGMENTS AND ENTITY-WIDE DISCLOSURES |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS AND ENTITY-WIDE DISCLOSURES | SEGMENTS AND ENTITY-WIDE DISCLOSURES Segment Reporting Ciena has the following operating segments for reporting purposes: (i) Networking Platforms; (ii) Platform Software and Services; (iii) Blue Planet Automation Software and Services; and (iv) Global Services. Ciena's long-lived assets, including equipment, building, furniture and fixtures, ROU assets, finite-lived intangible assets and maintenance spares, are not reviewed by Ciena's chief operating decision maker for purposes of evaluating performance and allocating resources. As of July 31, 2021, equipment, building, furniture and fixtures, net, totaled $288.9 million, and operating ROU assets totaled $48.9 million both of which support asset groups within Ciena’s four operating segments and unallocated selling and general and administrative activities. As of July 31, 2021, finite-lived intangible assets, goodwill and maintenance spares are assigned to asset groups within the following segments (in thousands):
Segment Profit (Loss) Segment profit (loss) is determined based on internal performance measures used by Ciena’s chief executive officer to assess the performance of each operating segment in a given period. In connection with that assessment, the chief executive officer excludes the following items: selling and marketing costs; general and administrative costs; significant asset impairments and restructuring costs; amortization of intangible assets; acquisition and integration costs (recoveries); interest and other income (loss), net; interest expense; loss on extinguishment and modification of debt and provision (benefit) for income taxes. The table below sets forth Ciena’s segment profit (loss) and the reconciliation to consolidated net income for the periods indicated (in thousands):
Entity-Wide Reporting The following table reflects Ciena’s geographic distribution of equipment, building, furniture and fixtures, net, and operating ROU assets, with any country accounting for at least 10% of total equipment, building, furniture and fixtures, net, and operating ROU assets specifically identified. Equipment, building, furniture and fixtures, net, and operating ROU assets attributable to geographic regions outside of the U.S. and Canada are reflected as “Other International.” For the periods below, Ciena’s geographic distribution of equipment, building, furniture and fixtures, net, and operating ROU assets was as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES |
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Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Canadian Grant During fiscal 2018, Ciena entered into agreements related to the Evolution of Networking Services through a Corridor in Quebec and Ontario for Research and Innovation (“ENCQOR”) project with the Canadian federal government, the government of the province of Ontario and the government of the province of Quebec to develop a 5G technology corridor between Quebec and Ontario to promote research and development, small business enterprises and entrepreneurs in Canada. Under these agreements, Ciena can receive up to an aggregate CAD$57.6 million (approximately $46.2 million) in reimbursement from the three Canadian government entities for eligible costs over a period commencing on February 20, 2017 and ending on March 31, 2022. Ciena anticipates receiving recurring disbursements over this period. Amounts received under the agreements are subject to recoupment in the event that Ciena fails to achieve certain minimum investment, employment and project milestones. As of July 31, 2021, Ciena has recorded CAD$48.6 million (approximately $39.0 million) in cumulative benefits as a reduction in research and development expense of which CAD$8.0 million ($6.3 million) was recorded in the first nine months of fiscal 2021. As of July 31, 2021, amounts receivable from this grant were CAD$5.8 million ($4.7 million). Tax Contingencies Ciena is subject to various tax liabilities arising in the ordinary course of business. Ciena does not expect that the ultimate settlement of these tax liabilities will have a material effect on its results of operations, financial position or cash flows. Litigation Ciena is subject to various legal proceedings, claims and other matters arising in the ordinary course of business, including those that relate to employment, commercial, tax and other regulatory matters. Ciena is also subject to intellectual property related claims, including claims against third parties that may involve contractual indemnification obligations on the part of Ciena. Ciena does not expect that the ultimate costs to resolve such matters will have a material effect on its results of operations, financial position or cash flows.
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SUBSEQUENT EVENTS |
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Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Stock Repurchase Program From the end of the third quarter of fiscal 2021 through September 3, 2021, Ciena repurchased an additional 176,815 shares of its common stock, for an aggregate purchase price of $10.0 million at an average price of $56.57 per share, inclusive of repurchases pending settlement. As of September 3, 2021, Ciena has repurchased an aggregate of 7,091,166 shares and has an aggregate of $200.0 million of authorized funds remaining under its stock repurchase program. Vyatta Routing and Switching Technology Acquisition On August 31, 2021, Ciena entered into a definitive agreement with AT&T to acquire its Vyatta virtual routing and switching technology. The acquisition reflects Ciena’s continued investment in its Routing and Switching solutions roadmap and resources. Ciena plans to integrate the engineering personnel to be hired through this transaction into its Routing and Switching research and development (R&D) organization.
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Newly Issued Accounting Standards - Effective and Not Yet Effective | Newly Issued Accounting Standards - Effective In June 2016, the Financial Accounting Standards Board (the ”FASB”) issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses, which requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Ciena adopted ASU 2016-13 on a modified retrospective basis in the first quarter of fiscal year 2021 through a cumulative-effect adjustment at the beginning of the period of adoption and did not restate prior periods. The standard primarily impacts the value of Ciena’s accounts receivable, net and contract assets, net. Adoption of ASU 2016-13 did not have a material effect on Ciena’s financial position or results of operations. Ciena’s significant accounting policies updated as a result of adopting this standard are as follows: Allowance for Credit Losses for Accounts Receivable and Contract Assets Ciena estimates its allowances for credit losses using relevant available information from internal and external sources, related to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. When assessing for credit losses, Ciena determines collectability by pooling assets with similar characteristics. The allowances for credit losses are each measured on a collective basis when similar risk characteristics exist. The allowances for credit losses are each measured by multiplying the exposure probability of default (the probability the asset will default within a given time frame) by the loss given default rate (the percentage of the asset not expected to be collected due to default) based on the pool of assets. Probability of default rates are published by third-party credit rating agencies. Adjustments to Ciena’s exposure probability may take into account a number of factors, including, but not limited to, various customer-specific factors, the potential sovereign risk of the geographic locations in which the customer is operating and macroeconomic conditions. These factors are updated regularly or when facts and circumstances indicate that an update is deemed necessary. Newly Issued Accounting Standards - Not Yet Effective In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional guidance on contract modifications and hedging accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate activities. The new guidance was effective upon issuance, and Ciena is allowed to elect to apply the amendments prospectively through December 31, 2022. Ciena is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12 (“ASU 2019-12”), Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify GAAP for other areas of ASC 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for Ciena beginning in the first quarter of fiscal year 2022, and early adoption is permitted. Most amendments within this standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Ciena is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The tables below set forth Ciena’s disaggregated revenue for the respective periods (in thousands):
For the periods below, the only customers that accounted for at least 10% of Ciena’s revenue were as follows (in thousands):
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Contract Balances | The following table provides information about receivables, contract assets and contract liabilities (deferred revenue) from contracts with customers (in thousands):
As of the dates indicated, deferred revenue is comprised of the following (in thousands):
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CANADIAN EMERGENCY WAGE SUBSIDY (Tables) |
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unusual or Infrequent Items, or Both [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Canadian Emergency Wage Subsidy | The following table summarizes CEWS for the periods indicated (in thousands):
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RESTRUCTURING COSTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity and Balance of the Restructuring Liability Accounts | The following table sets forth the restructuring activity and balance of the restructuring liability accounts, which are included in Accrued liabilities and other short-term obligations on Ciena’s Condensed Consolidated Balance Sheets, for the nine months ended July 31, 2021 (in thousands):
(1) Reflects a global workforce reduction of 120 employees during the nine months ended July 31, 2021 as part of a business optimization strategy to improve gross margin, constrain operating expense and redesign certain business processes. (2) Primarily represents the redesign of certain business processes associated with Ciena’s supply chain and distribution structure reorganization, and costs related to restructured facilities. The following table sets forth the restructuring activity and balance of the restructuring liability accounts, which are included in Accrued liabilities and other short-term obligations on Ciena’s Condensed Consolidated Balance Sheets for the nine months ended August 1, 2020 (in thousands):
(1) Reflects a global workforce reduction of approximately 79 employees during the nine months ended August 1, 2020 as part of a business optimization strategy to improve gross margin, constrain operating expense and redesign certain business processes. (2) Primarily represents variable costs and imputed interest expense related to restructured facilities. (3) Represents restructuring reserve liability recognized as a reduction to Operating right-of-use (“ROU”) assets, net in relation to adoption of ASC 842.
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INTEREST AND OTHER INCOME (LOSS), NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Income (Loss), Net | The components of interest and other income (loss), net, are as follows (in thousands):
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SHORT-TERM AND LONG-TERM INVESTMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-Term and Long-Term Investments | As of the dates indicated, investments are comprised of the following (in thousands):
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Schedule of Legal Maturities of Debt Investments | The following table summarizes the final legal maturities of debt investments at July 31, 2021 (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Fair Value of Assets and Liabilities Recorded on a Recurring Basis | As of the date indicated, the following table summarizes the assets and liabilities that are recorded at fair value on a recurring basis (in thousands):
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Schedule of Assets and Liabilities as Presented on Ciena's Condensed Consolidated Balance Sheets | As of the date indicated, the assets and liabilities above are presented on Ciena’s Condensed Consolidated Balance Sheets as follows (in thousands):
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INVENTORIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | As of the dates indicated, inventories are comprised of the following (in thousands):
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PREPAID EXPENSES AND OTHER (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other | As of the dates indicated, prepaid expenses and other are comprised of the following (in thousands):
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OTHER BALANCE SHEET DETAILS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | As of the dates indicated, accrued liabilities and other short-term obligations are comprised of the following (in thousands):
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Schedule of Accrued Warranties | The following table summarizes the activity in Ciena’s accrued warranty for the periods indicated (in thousands):
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Contract Balances | The following table provides information about receivables, contract assets and contract liabilities (deferred revenue) from contracts with customers (in thousands):
As of the dates indicated, deferred revenue is comprised of the following (in thousands):
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated balances of other comprehensive income (“AOCI”), net of tax, for the nine months ended July 31, 2021 (in thousands):
The following table summarizes the changes in AOCI, net of tax, for the nine months ended August 1, 2020 (in thousands):
|
LEASES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases Included in the Balance Sheet | Leases included in the Condensed Consolidated Balance Sheets were as follows (in thousands):
The weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows:
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Components of Lease Expense | The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows (in thousands):
(1) Variable lease costs include expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other operating expense of $2.3 million and $2.2 million for the third quarter of fiscal 2021 and 2020, respectively and $7.2 million and $8.7 million for the nine months ended July 31, 2021 and August 1, 2020, respectively, related to amortization of leasehold improvements.
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Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of July 31, 2021 were as follows (in thousands):
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Finance Lease, Liability, Maturity | Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of July 31, 2021 were as follows (in thousands):
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SHORT-TERM AND LONG-TERM DEBT (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Convertible Notes | The net carrying value of Ciena’s term loan was comprised of the following for the periods indicated (in thousands):
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EARNINGS PER SHARE CALCULATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted net income per share (in thousands, except per share amounts):
|
STOCKHOLDERS’ EQUITY (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Repurchase Program | The following table summarizes activity of the stock repurchase program, reported based on trade date:
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SHARE-BASED COMPENSATION EXPENSE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense for the periods indicated (in thousands):
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SEGMENTS AND ENTITY-WIDE DISCLOSURES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets From Segment to Consolidated | As of July 31, 2021, finite-lived intangible assets, goodwill and maintenance spares are assigned to asset groups within the following segments (in thousands):
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Schedule of Segment Profit (Loss) and the Reconciliation to Consolidated Net Income (Loss) | The table below sets forth Ciena’s segment profit (loss) and the reconciliation to consolidated net income for the periods indicated (in thousands):
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Schedule of Ciena's Geographic Distribution of Revenue and Long-Lived Assets | For the periods below, Ciena’s geographic distribution of equipment, building, furniture and fixtures, net, and operating ROU assets was as follows (in thousands):
|
REVENUE - Geographical Distribution of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 988,141 | $ 976,712 | $ 2,579,198 | $ 2,703,677 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 692,853 | 713,340 | 1,776,939 | 1,937,725 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 189,180 | 162,465 | 499,652 | 433,861 |
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 106,108 | 100,907 | 302,607 | 332,091 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 623,900 | $ 647,000 | $ 1,600,000 | $ 1,800,000 |
REVENUE - Revenue by Major Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Revenue, Major Customer [Line Items] | ||||
Total revenue | $ 988,141 | $ 976,712 | $ 2,579,198 | $ 2,703,677 |
Verizon | Customer Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenue | 131,892 | 272,200 | ||
Web-scale provider | Customer Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenue | 119,728 | |||
AT&T | Customer Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenue | 119,199 | 114,963 | 313,140 | 304,645 |
Total | Customer Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenue | $ 370,819 | $ 114,963 | $ 313,140 | $ 576,845 |
REVENUE - Contract Balances (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 878,229 | $ 719,405 |
Contract assets for unbilled accounts receivable, net | 98,812 | 85,843 |
Deferred revenue | $ 183,899 | $ 158,363 |
REVENUE - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
Oct. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 988,141 | $ 976,712 | $ 2,579,198 | $ 2,703,677 | |
Revenue recognized that was previously deferred | 94,700 | 91,800 | |||
Capitalized contract acquisition costs | 20,400 | 20,400 | $ 15,300 | ||
Amortization of capitalized contract acquisition costs | 16,800 | 16,200 | |||
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 623,900 | $ 647,000 | $ 1,600,000 | $ 1,800,000 |
REVENUE - Performance Obligation (Details) $ in Millions |
Jul. 31, 2021
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 1,400.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of remaining performance obligation | 85.00% |
Period of remaining performance obligation | 12 months |
CANADIAN EMERGENCY WAGE SUBSIDY - Narrative (Details) $ in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 31, 2021
CAD ($)
|
Jul. 31, 2021
USD ($)
|
Aug. 01, 2020
USD ($)
|
Jul. 31, 2021
CAD ($)
|
Jul. 31, 2021
USD ($)
|
Aug. 01, 2020
USD ($)
|
Jul. 31, 2021
USD ($)
|
|
Grants, Canada Emergency Wage Subsidy, 2020 Employee Wages | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Total CEWS benefit | $ 1.1 | $ 800 | $ 43.9 | $ 35,200 | |||
Canadian Emergency Wage Subsidy | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Total CEWS benefit | $ 836 | $ 0 | 52.2 | $ 41,280 | $ 0 | ||
Amounts receivable from grant | $ 1.5 | $ 1.5 | $ 1,200 |
INTEREST AND OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 465 | $ 849 | $ 1,553 | $ 6,262 |
Gains (losses) on non-hedge designated foreign currency forward contracts | (4,414) | 1,282 | 5,295 | 3,005 |
Foreign currency exchange gains (losses) | 4,959 | (2,537) | (8,534) | (7,376) |
Other | (215) | 638 | 86 | (678) |
Interest and other income (loss), net | $ 795 | $ 232 | $ (1,600) | $ 1,213 |
INCOME TAXES (Details) $ in Millions |
3 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Intra-entity transfer of non-US intellectual property rights, income tax benefit | $ (124.2) |
SHORT-TERM AND LONG-TERM INVESTMENTS - Components of Investments (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 242,853 | |
Estimated Fair Value | 242,898 | |
U.S. government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 242,853 | $ 232,811 |
Gross Unrealized Gains | 51 | 109 |
Gross Unrealized Losses | (6) | (27) |
Estimated Fair Value | 242,898 | 232,893 |
Included in short-term investments | U.S. government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 181,966 | 150,559 |
Gross Unrealized Gains | 44 | 109 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 182,010 | 150,667 |
Included in long-term investments | U.S. government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 60,887 | 82,252 |
Gross Unrealized Gains | 7 | 0 |
Gross Unrealized Losses | (6) | (26) |
Estimated Fair Value | $ 60,888 | $ 82,226 |
SHORT-TERM AND LONG-TERM INVESTMENTS - Legal Maturities of Debt Investments (Details) $ in Thousands |
Jul. 31, 2021
USD ($)
|
---|---|
Amortized Cost | |
Less than one year | $ 181,966 |
Due in 1-2 years | 60,887 |
Amortized Cost | 242,853 |
Estimated Fair Value | |
Less than one year | 182,010 |
Due in 1-2 years | 60,888 |
Estimated Fair Value | $ 242,898 |
INVENTORIES (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Oct. 31, 2020 |
|
Inventory Disclosure [Abstract] | |||
Raw materials | $ 139,338 | $ 119,481 | |
Work-in-process | 10,556 | 13,738 | |
Finished goods | 204,580 | 210,050 | |
Deferred cost of goods sold | 53,826 | 40,747 | |
Gross inventories | 408,300 | 384,016 | |
Provision for excess and obsolescence | (38,130) | (39,637) | |
Inventories, net | 370,170 | $ 344,379 | |
Provisions | $ 13,460 | $ 20,176 |
PREPAID EXPENSES AND OTHER (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Oct. 31, 2020 |
|
Capitalized Contract Cost [Line Items] | |||
Prepaid expenses | $ 75,287 | $ 70,647 | |
Prepaid VAT and other taxes | 70,735 | 72,838 | |
Product demonstration equipment, net | 35,411 | 44,793 | |
Other non-trade receivables | 17,808 | 21,981 | |
Derivative assets | 8,598 | 82 | |
Deferred deployment expense | 336 | 604 | |
Prepaid expenses and other | 323,283 | 308,084 | |
Depreciation of product demonstration equipment | 7,600 | $ 6,500 | |
CEWS receivable | |||
Capitalized Contract Cost [Line Items] | |||
CEWS receivable | 1,229 | 0 | |
Contract assets for unbilled accounts receivable, net | |||
Capitalized Contract Cost [Line Items] | |||
Contract assets | 98,812 | 85,843 | |
Capitalized contract acquisition costs | |||
Capitalized Contract Cost [Line Items] | |||
Contract assets | $ 15,067 | $ 11,296 |
OTHER BALANCE SHEET DETAILS - Accrued Liabilities and Other Short-term Obligations (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
Aug. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|---|
Balance Sheet Related Disclosures [Abstract] | ||||
Compensation, payroll related tax and benefits | $ 142,713 | $ 135,462 | ||
Warranty | 48,139 | 49,868 | $ 52,166 | $ 48,498 |
Income taxes payable | 36,526 | 6,348 | ||
Vacation | 30,986 | 26,945 | ||
Finance lease obligations | 3,395 | 2,836 | ||
Other | 111,532 | 112,673 | ||
Total accrued liabilities and other short-term obligations | $ 373,291 | $ 334,132 |
OTHER BALANCE SHEET DETAILS - Accrued Warranty (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning Balance | $ 49,868 | $ 48,498 |
Current Period Provisions | 12,726 | 19,172 |
Settlements | (14,455) | (15,504) |
Ending Balance | $ 48,139 | $ 52,166 |
OTHER BALANCE SHEET DETAILS - Deferred Revenue (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 183,899 | $ 158,363 |
Less current portion | (126,179) | (108,700) |
Long-term deferred revenue | 57,720 | 49,663 |
Products | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | 13,380 | 17,534 |
Services | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 170,519 | $ 140,829 |
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Oct. 31, 2020 |
|
Foreign Currency Forward Contracts | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 219.1 | $ 254.9 |
Derivative maturity (in months) | 24 months | |
Foreign Currency Forward Contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 241.8 | 212.0 |
Derivative maturity (in months) | 12 months | |
Forward Starting Interest Rate Swaps | Designated as Hedging Instrument | Cash Flow Hedging | Secured Debt | 2025 Term Loan | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 350.0 | $ 350.0 |
Derivative, fixed interest rate | 2.957% |
LEASES - Narrative (Details) ft² in Millions, $ in Millions |
9 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
ft²
| |
Leases [Abstract] | |
Area leased (in sq ft) | ft² | 1.3 |
Remaining lease term (up to) | 11 years |
Extension term (up to) | 10 years |
Termination period (up to) | 5 years |
ROU assets that involve subleased or vacant space | $ | $ 4.3 |
LEASES - Leases Included in the Balance Sheet (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Operating leases: | ||
Operating ROU assets | $ 48,937 | $ 57,026 |
Operating lease liabilities | 70,320 | 80,450 |
Finance leases: | ||
Buildings, gross | 75,616 | 70,791 |
Less: accumulated depreciation | (22,664) | (17,837) |
Buildings, net | 52,952 | $ 52,954 |
Finance lease liabilities | $ 66,530 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Equipment, building, furniture and fixtures, net | Equipment, building, furniture and fixtures, net |
Accrued liabilities and other short-term obligations | ||
Finance leases: | ||
Finance lease liabilities | $ 66,530 | $ 64,401 |
Other long-term obligations | ||
Finance leases: | ||
Finance lease liabilities | $ 66,530 | $ 64,401 |
LEASES - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Leases [Abstract] | ||||
Operating lease costs | $ 4,085 | $ 4,234 | $ 12,516 | $ 13,435 |
Finance lease cost: | ||||
Amortization of finance ROU asset | 1,224 | 1,097 | 3,580 | 3,330 |
Interest on finance lease liabilities | 1,243 | 1,162 | 3,671 | 3,574 |
Total finance lease cost | 2,467 | 2,259 | 7,251 | 6,904 |
Non-capitalized lease cost | 216 | 883 | 842 | 2,211 |
Variable lease cost | 1,393 | 1,265 | 4,444 | 3,900 |
Net lease cost | 8,161 | 8,641 | 25,053 | 26,450 |
Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization | $ 2,300 | $ 2,200 | $ 7,200 | $ 8,700 |
LEASES - Weighted Average Remaining Lease Terms and Discount Rates (Details) |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Weighted-average remaining lease term in years: | ||
Operating leases | 4 years 4 months 6 days | 4 years 10 months 13 days |
Finance leases | 10 years 11 months 19 days | 11 years 8 months 15 days |
Weighted-average discount rates: | ||
Operating leases | 2.75% | 2.82% |
Finance leases | 7.56% | 7.56% |
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - Secured Debt - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Oct. 31, 2020 |
Jan. 23, 2020 |
|
Debt Instrument [Line Items] | ||||
Debt issuance costs, net | $ 2,500 | $ 2,900 | ||
Amortization of debt issuance costs | 500 | $ 500 | ||
2025 Term Loan | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | 682,605 | $ 693,000 | ||
Debt issuance costs, net | 2,488 | |||
Fair value of debt | $ 680,900 |
SHORT-TERM AND LONG-TERM DEBT - Debt Components (Details) - Secured Debt - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
Jan. 23, 2020 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Deferred Debt Issuance Costs | $ (2,500) | $ (2,900) | |
2025 Term Loan | |||
Debt Instrument [Line Items] | |||
Principal Balance | 682,605 | $ 693,000 | |
Unamortized Discount | (1,332) | ||
Deferred Debt Issuance Costs | (2,488) | ||
Net Carrying Value | $ 678,785 | $ 683,286 |
EARNINGS PER SHARE CALCULATION - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Jul. 31, 2021 |
Aug. 01, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 238,232 | $ 142,267 | $ 396,697 | $ 296,250 |
Basic weighted average shares outstanding (in shares) | 155,271 | 154,184 | 155,277 | 154,136 |
Effect of dilutive potential common shares (in shares) | 1,473 | 2,134 | 1,465 | 1,605 |
Dilutive weighted average shares (in shares) | 156,744 | 156,318 | 156,742 | 155,741 |
Basic EPS (in dollars per share) | $ 1.53 | $ 0.92 | $ 2.55 | $ 1.92 |
Diluted EPS (in dollars per share) | $ 1.52 | $ 0.91 | $ 2.53 | $ 1.90 |
Antidilutive employee share-based awards, excluded (in shares) | 131 | 13 | 99 | 316 |
STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Aug. 01, 2020 |
Dec. 13, 2018 |
|
Equity [Abstract] | |||
Stock repurchase program authorized amount | $ 500,000,000 | ||
Payments for repurchase of common stock | $ 36,484,000 | $ 26,328,000 |
STOCKHOLDERS’ EQUITY - Summary of the Stock Repurchase Program (Details) $ / shares in Units, $ in Thousands |
9 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
$ / shares
shares
| |
Shares Repurchased | |
Cumulative beginning balance (in shares) | shares | 5,710,912 |
Repurchase of common stock under the stock repurchase program (in shares) | shares | 1,203,439 |
Cumulative ending balance (in shares) | shares | 6,914,351 |
Weighted-Average Price per Share | |
Cumulative beginning balance (in dollars per share) | $ / shares | $ 39.33 |
Repurchase of common stock under the stock repurchase program (in dollars per share) | $ / shares | 54.31 |
Cumulative ending balance (in dollars per share) | $ / shares | $ 41.94 |
Amount Repurchased (in thousands) | |
Cumulative beginning balance | $ | $ 224,611 |
Repurchase of common stock under the stock repurchase program | $ | 65,356 |
Cumulative ending balance | $ | $ 289,967 |
SHARE-BASED COMPENSATION EXPENSE - Narrative (Details) shares in Millions, $ in Millions |
9 Months Ended | |
---|---|---|
Jan. 29, 2021
shares
|
Jul. 31, 2021
USD ($)
purchase_period
|
|
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Offer period | 12 months | |
Number of purchase periods | purchase_period | 2 | |
Purchase period | 6 months | |
Purchase price of common stock | 85.00% | |
Increase in number of shares authorized (in shares) | shares | 8.7 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized share-based compensation | $ | $ 160.6 | |
Weighted-average period for recognition of share-based compensation (in years) | 1 year 6 months 29 days |
SEGMENTS AND ENTITY-WIDE DISCLOSURES - Narrative (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Jul. 31, 2021
USD ($)
segment
|
Oct. 31, 2020
USD ($)
|
|
Segment Reporting [Abstract] | ||
Equipment, building, furniture and fixtures, net | $ 288,937 | $ 272,377 |
Operating right-of-use assets | $ 48,937 | $ 57,026 |
Number of operating segments | segment | 4 |
SEGMENTS AND ENTITY-WIDE DISCLOSURES - Other Intangibles Assets, Goodwill and Maintenance Spares (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Other intangible assets, net | $ 73,974 | |
Goodwill | 311,569 | $ 310,847 |
Maintenance spares, net | 61,048 | |
Networking Platforms | ||
Segment Reporting Information [Line Items] | ||
Other intangible assets, net | 9,865 | |
Goodwill | 66,329 | |
Maintenance spares, net | 0 | |
Platform Software and Services | ||
Segment Reporting Information [Line Items] | ||
Other intangible assets, net | 0 | |
Goodwill | 156,191 | |
Maintenance spares, net | 0 | |
Blue Planet Automation Software and Services | ||
Segment Reporting Information [Line Items] | ||
Other intangible assets, net | 64,109 | |
Goodwill | 89,049 | |
Maintenance spares, net | 0 | |
Global Services | ||
Segment Reporting Information [Line Items] | ||
Other intangible assets, net | 0 | |
Goodwill | 0 | |
Maintenance spares, net | $ 61,048 |
SEGMENTS AND ENTITY-WIDE DISCLOSURES - Geographic Distribution of Equipment, Building, Furniture and Fixtures (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Oct. 31, 2020 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Equipment, building, furniture and fixtures, net | $ 337,874 | $ 329,403 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Equipment, building, furniture and fixtures, net | 242,495 | 214,188 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Equipment, building, furniture and fixtures, net | 54,050 | 65,321 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Equipment, building, furniture and fixtures, net | $ 41,329 | $ 49,894 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | 53 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2021
USD ($)
|
Aug. 01, 2020
USD ($)
|
Jul. 31, 2021
USD ($)
government_entity
|
Jul. 31, 2021
CAD ($)
government_entity
|
Aug. 01, 2020
USD ($)
|
Jul. 31, 2021
USD ($)
|
Jul. 31, 2021
CAD ($)
|
Jul. 31, 2021
CAD ($)
|
|
Loss Contingencies [Line Items] | ||||||||
Total revenue | $ | $ 988,141 | $ 976,712 | $ 2,579,198 | $ 2,703,677 | ||||
Canadian Grant | ||||||||
Loss Contingencies [Line Items] | ||||||||
Maximum amount of Canadian grant | 46,200 | $ 46,200 | $ 46,200 | $ 57.6 | ||||
Number of Canadian government entities | government_entity | 3 | 3 | ||||||
Total revenue | $ 6,300 | $ 8.0 | 39,000 | $ 48.6 | ||||
Amounts receivable from grant | $ 4,700 | $ 4,700 | $ 4,700 | $ 5.8 |
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands |
4 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 03, 2021 |
Jul. 31, 2021 |
Oct. 31, 2020 |
|
Subsequent Event [Line Items] | |||
Stock repurchases (in shares) | 1,203,439 | ||
Stock repurchases | $ 65,356 | ||
Average price of shares repurchased (in dollars per share) | $ 54.31 | ||
Aggregate shares repurchased (in shares) | 6,914,351 | 5,710,912 | |
Subsequent event | |||
Subsequent Event [Line Items] | |||
Stock repurchases (in shares) | 176,815 | ||
Stock repurchases | $ 10,000 | ||
Average price of shares repurchased (in dollars per share) | $ 56.57 | ||
Aggregate shares repurchased (in shares) | 7,091,166 | ||
Authorized funds remaining under stock repurchase program | $ 200,000 |
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