CIENA CORP
For the period ended Nov 2, 2024. Filed Dec 20, 2024.
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FY2024 · Filed Dec 20, 2024
CIEN$272.10+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended | |||
|---|---|---|---|
| November 2, 2024 | October 28, 2023 | October 29, 2022 | |
| Cash flows provided by (used in) operating activities: | |||
| Net income | $83,956 | $254,827 | $152,902 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Loss on extinguishment of debt | — | 1,864 | — |
| Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 92,846 | 92,564 | 95,922 |
| Share-based compensation costs | 156,404 | 130,455 | 105,131 |
| Amortization of intangible assets | 40,624 | 49,616 | 44,281 |
| Deferred taxes | (76,810) | (14,852) | (27,502) |
| Provision for inventory excess and obsolescence | 77,341 | 29,464 | 16,184 |
| Provision for warranty | 25,643 | 31,742 | 17,440 |
| Gain on equity investments, net | — | (26,368) | (4,120) |
| Other | 11,768 | 15,771 | 4,120 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 80,313 | (94,565) | (47,069) |
| Inventories | 153,021 | (132,497) | (589,113) |
| Prepaid expenses and other | (198,910) | (51,965) | (58,996) |
| Operating lease right-of-use assets | 11,837 | 14,190 | 16,453 |
| Accounts payable, accruals and other obligations | 64,255 | (138,469) | 100,327 |
| Deferred revenue | 9,884 | 27,412 | 26,380 |
| Short and long-term operating lease liabilities | (17,640) | (20,857) | (20,096) |
| Net cash provided by (used in) operating activities | 514,532 | 168,332 | (167,756) |
| Cash flows used in investing activities: | |||
| Payments for equipment, furniture, fixtures and intellectual property | (136,641) | (106,197) | (90,818) |
| Purchases of investments | (287,536) | (252,329) | (647,526) |
| Proceeds from sales and maturities of investments | 140,836 | 208,104 | 702,197 |
| Purchase of equity investment | (21,682) | — | (8,000) |
| Settlement of foreign currency forward contracts, net | (1,454) | (2,984) | 4,942 |
| Acquisition of businesses, net of cash acquired | — | (230,048) | (62,043) |
| Net cash used in investing activities | (306,477) | (383,454) | (101,248) |
| Cash flows provided by (used in) financing activities: | |||
| Proceeds from issuance of senior notes | — | — | 400,000 |
| Proceeds from issuance of term loan, net | — | 497,500 | — |
| Payment of long-term debt | (11,700) | (9,430) | (5,197) |
| Proceeds from modification of term loan | — | 830 | — |
| Payment of debt issuance costs | (2,554) | (6,379) | (5,484) |
| Payment of finance lease obligations | (4,029) | (3,791) | (3,468) |
| Shares repurchased for tax withholdings on vesting of stock unit awards | (46,567) | (38,506) | (48,454) |
| Repurchases of common stock - repurchase program, net | (254,502) | (242,201) | (500,800) |
| Proceeds from issuance of common stock | 34,291 | 31,357 | 30,348 |
| Net cash provided by (used in) financing activities | (285,061) | 229,380 | (133,055) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,246 | 2,150 | (26,167) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (75,760) | 16,408 | (428,226) |
| Cash, cash equivalents and restricted cash at beginning of fiscal year | 1,010,786 | 994,378 | 1,422,604 |
| Cash, cash equivalents and restricted cash at end of fiscal year | $935,026 | $1,010,786 | $994,378 |
| Supplemental disclosure of cash flow information | |||
| Cash paid during the fiscal year for interest, net | $92,515 | $84,465 | $42,812 |
| Cash paid during the fiscal year for income taxes, net | $54,956 | $78,242 | $34,967 |
| Operating lease payments | $19,452 | $22,782 | $21,661 |
| Non-cash investing and financing activities | |||
| Purchase of equipment in accounts payable | $14,682 | $6,990 | $12,373 |
| Repurchase of common stock in accrued liabilities from repurchase program, net | $6,172 | $9,310 | $— |
| Operating lease right-of-use assets subject to lease liability | $6,912 | $10,236 | $23,242 |
| Gain on equity investment, net | $— | $26,368 | $4,120 |
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