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Ciena - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Ciena (ISIN: US1717793095, WKN: A0LDA7) Kursdatum: 27.07.2017 Kurs: 25,610 USD
Beschreibung Daten
Symbol CIEN
Marktkapitalisierung 3.859.529.472,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Technology
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2006-09-25 - 1:7 | 2000-09-19 - 2:1 |
Internet
Letztes Bilanz Update 21.12.2016

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
21,17 13,33 0,00% 2,67 26,59 50,22 1,48 5,04

Firmenbeschreibung

Firmenstrategie

The accompanying consolidated financial statements include the accounts of Ciena and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

Ciena recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the price to the buyer is fixed or determinable; and collectibility is reasonably assured. Customer purchase agreements and customer purchase orders are generally used to determine the existence of an arrangement. Shipping documents and evidence of customer acceptance, when applicable, are used to verify delivery or services rendered. Ciena assesses whether the price is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Ciena assesses collectibility based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history. Revenue for maintenance services is deferred and recognized ratably over the period during which the services are performed. Shipping and handling fees billed to customers are included in revenue, with the associated expenses included in product cost of goods sold.


Ciena applies the percentage-of-completion method to long-term arrangements where Ciena is required to undertake significant production, customization or modification engineering, and reasonable and reliable estimates of revenue and cost are available. Utilizing the percentage-of-completion method, Ciena recognizes revenue based on the ratio of “actual costs incurred to date” to “total estimated costs expected to be incurred”. In instances that do not meet the percentage-of-completion method criteria, recognition of revenue is deferred until there are no uncertainties regarding customer acceptance. Unbilled percentage-of-completion revenues recognized are included in accounts receivable, net. Billings in excess of revenues recognized on these contracts are recorded within deferred revenue. The percentage of total revenue recognized using the percentage-of-completion method for the fiscal years ended October 31, 2016, October 31, 2015 and October 31, 2014 were 0.3%, 1.8% and 4.0%, respectively.


Software revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectibility is probable. In instances where final acceptance criteria of the software are specified by the customer, revenue is deferred until there are no uncertainties regarding customer acceptance.


Ciena limits the amount of revenue recognition for delivered elements to the amount that is not contingent on the future delivery of products or services, future performance obligations or subject to customer-specified return or refund privileges.


Revenue for multiple element arrangements is allocated to each unit of accounting based on the relative selling price of each delivered element, with revenue recognized for each delivered element when the revenue recognition criteria are met. Ciena determines the selling price for each deliverable based upon the selling price hierarchy for multiple-deliverable arrangements. Under this hierarchy, Ciena uses vendor-specific objective evidence (“VSOE”) of selling price, if it exists, or third party evidence (“TPE”) of selling price if VSOE does not exist. If neither VSOE nor TPE of selling price exists for a deliverable, Ciena uses its best estimate of selling price (“BESP”) for that deliverable. For multiple element software arrangements where VSOE of undelivered maintenance does not exist, revenue for the entire arrangement is recognized over the maintenance term.


VSOE, when determinable, is established based on Ciena’s pricing and discounting practices for the specific product or service when sold separately. In determining whether VSOE exists, Ciena requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow pricing range. Ciena has been unable to establish TPE of selling price because its go-to-market strategy differs from that of others in its markets, and the extent of customization and differentiated features and functions varies among comparable products or services from its peers. Ciena determines BESP based upon management-approved pricing guidelines, which consider multiple factors including the type of product or service, gross margin objectives, competitive and market conditions, and the go-to-market strategy, all of which can affect pricing practices.

SegmentReportingDisclosureTextBlock

SEGMENT AND ENTITY WIDE DISCLOSURES

Segment Reporting


During the first quarter of fiscal 2016, Ciena reorganized its internal organizational structure, the management of its business, and the reporting of its operating segments. This resulted in three new operating segments: Networking Platforms, Software and Software-Related Services, and Global Services. Ciena’s previous Converged Packet-Optical, Packet Networking and Optical Transport segments were realigned to form the Networking Platforms segment under a single operating segment manager. Ciena’s previous Software and Services operating segment was reorganized into two separate operating segments: (i) Software and Software-Related Services, and (ii) Global Services. Segment revenue and segment profit for fiscal 2015 and fiscal 2014 have been restated to reflect the new operating segments adopted in fiscal 2016.


Networking Platforms reflects sales of Ciena’s Converged Packet Optical, Packet Networking and Optical Transport product lines.
Converged Packet Opticalincludes the 6500 Packet-Optical Platform and the 5430 Reconfigurable Switching System, which feature Ciena’s WaveLogic coherent optical processors. Products also include the Waveserver stackable interconnect system, the family of CoreDirector® Multiservice Optical Switches and the OTN configuration for the 5410 Reconfigurable Switching System. This product line also includes sales of the Z-Series Packet-Optical Platform acquired from Cyan.
Packet Networking 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 and the Ethernet packet configuration for the 5410 Service Aggregation Switch.
Optical Transport includes the 4200 Advanced Services Platform, 5100/5200 Advanced Services Platform, Common Photonic Layer (CPL) and 6100 Multiservice Optical Platform. Ciena’s Optical Transport products have either been previously discontinued, or are expected to be discontinued during fiscal 2016, reflecting network operators’ transition toward next-generation converged network architectures.

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 Consolidated Statement of Operations.

Software and Software-Related Services reflects sales of Ciena’s network virtualization, management, control and orchestration software solutions and software-related services, including subscription, installation, support, and consulting services.
This segment includes Ciena’s element and network management solutions and planning tools, including the OneControl Unified Management System, ON-Center® Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release and Planet Operate. As Ciena seeks adoption of its Blue Planet software platform and transition features, functionality and customers to this platform, Ciena expects revenue declines for its existing element and network management solutions.
This segment includes Ciena’s Blue Planet network virtualization, service orchestration and network management software platform, including the multi-domain service orchestration (MDSO), network function virtualization (NFV) management and orchestration (NFV MANO), and Ciena’s SDN Multilayer WAN Controller and its related applications.

Revenue from the software platforms portion of this segment is included in product revenue on the Consolidated Statement of Operations. Revenue from software-related services is included in services revenue on the Consolidated Statement of Operations.

Global Services reflects sales of a broad range of Ciena’s services for consulting and network design, installation and deployment, maintenance support and training activities. Revenue from this segment is included in services revenue on the Consolidated Statement of Operations.


Ciena's long-lived assets, including equipment, building, furniture and fixtures, finite-lived intangible assets, and maintenance spares, are not reviewed by the chief operating decision maker for purposes of evaluating performance and allocating resources. As of October 31, 2016, equipment, building, furniture and fixtures totaling $288.4 million primarily supports asset groups within Ciena’s Networking Platforms and Software and Software-Related Services segments and Ciena’s unallocated selling and general and administrative activities. As of October 31, 2016, $69.6 million of Ciena’s intangible assets were assigned to asset groups within Ciena’s Networking Platforms segment and $77.1 million of Ciena’s intangible assets were assigned to asset groups within Ciena’s Software and Software-Related Services. As of October 31, 2016, all of the maintenance spares totaling $49.5 million were assigned to asset groups within Ciena’s Global Services segment.


Segment Revenue

The table below (in thousands, except percentage data) sets forth Ciena’s segment revenue for the respective periods indicated:


 
Year Ended October 31,
 
2016
 
2015
 
2014
Revenue:
 
 
 
 
 
Networking Platforms
 
 
 
 
 
Converged Packet Optical
$
1,779,932

 
$
1,661,702

 
$
1,455,501

Packet Networking
252,862

 
229,223

 
244,116

Optical Transport
35,989

 
73,004

 
127,215

Total Networking Platforms
2,068,783

 
1,963,929

 
1,826,832

 
 
 
 
 
 
Software and Software-Related Services
 
 
 
 
 
Software Platforms
48,689

 
38,466

 
38,994

Software-Related Services
76,380

 
61,821

 
49,070

Total Software and Software-Related Services
125,069

 
100,287

 
88,064

 
 
 
 
 
 
Global Services
 
 
 
 
 
Maintenance Support and Training
228,982

 
224,079

 
217,032

Installation and Deployment
130,916

 
115,531

 
112,417

Consulting and Network Design
46,823

 
41,843

 
43,944

Total Global Services
406,721

 
381,453

 
373,393

 
 
 
 
 
 
Consolidated revenue
$
2,600,573

 
$
2,445,669

 
$
2,288,289

Segment Profit

Segment profit is determined based on internal performance measures used by the 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; acquisition and integration costs; amortization of intangible assets; restructuring costs; interest and other income (loss), net; interest expense; and provisions for income taxes.

The table below (in thousands) sets forth Ciena’s segment profit and the reconciliation to consolidated net income (loss) during the respective periods indicated:


EarningsPerSharePolicyTextBlock

Ciena calculates basic earnings per share (“EPS”) by dividing earnings attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted EPS includes other potential dilutive shares that would be outstanding if securities or other contracts to issue common stock were exercised or converted into common stock. Ciena uses a dual presentation of basic and diluted EPS on the face of its income statement. A reconciliation of the numerator and denominator used for the basic and diluted EPS computations is set forth in Note 18 below.

 
Year Ended October 31,
 
2016
 
2015
 
2014
Segment profit:
 
 
 
 
 
Networking Platforms
$
544,744

 
$
515,550

 
$
412,383