Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description of Document | ||||||||||
Exhibit 99.1 | Text of Press Release dated December 8, 2022, issued by Ciena Corporation, reporting its results of operations for its fiscal fourth quarter and year ended October 29, 2022. | ||||||||||
Exhibit 99.2 | Investor Presentation for Ciena Corporation's fourth fiscal quarter and fiscal year ended October 29, 2022. | ||||||||||
Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | ||
Ciena Corporation | ||||||||
Date: December 8, 2022 | By: | /s/ David M. Rothenstein | ||||||
David M. Rothenstein | ||||||||
Senior Vice President, General Counsel and Secretary | ||||||||
| GAAP Results (unaudited) | ||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Period | Year Ended | Period | |||||||||||||||||||||||||||||||||||
| October 29, | October 30, | Change | October 29, | October 30, | Change | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | Y-T-Y* | 2022 | 2021 | Y-T-Y* | |||||||||||||||||||||||||||||||||
| Revenue | $ | 971.0 | $ | 1,041.5 | (6.8) | % | $ | 3,632.7 | $ | 3,620.7 | 0.3 | % | ||||||||||||||||||||||||||
| Gross margin | 44.7 | % | 45.8 | % | (1.1) | % | 43.0 | % | 47.6 | % | (4.6) | % | ||||||||||||||||||||||||||
| Operating expense | $ | 356.3 | $ | 339.7 | 4.9 | % | $ | 1,337.5 | $ | 1,226.6 | 9.0 | % | ||||||||||||||||||||||||||
| Operating margin | 8.0 | % | 13.2 | % | (5.2) | % | 6.1 | % | 13.7 | % | (7.6) | % | ||||||||||||||||||||||||||
| Non-GAAP Results (unaudited) | ||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Period | Year Ended | Period | |||||||||||||||||||||||||||||||||||
| October 29, | October 30, | Change | October 29, | October 30, | Change | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | Y-T-Y* | 2022 | 2021 | Y-T-Y* | |||||||||||||||||||||||||||||||||
| Revenue | $ | 971.0 | $ | 1,041.5 | (6.8) | % | $ | 3,632.7 | $ | 3,620.7 | 0.3 | % | ||||||||||||||||||||||||||
| Adj. gross margin | 45.2 | % | 46.3 | % | (1.1) | % | 43.6 | % | 47.9 | % | (4.3) | % | ||||||||||||||||||||||||||
| Adj. operating expense | $ | 312.8 | $ | 307.1 | 1.9 | % | $ | 1,177.0 | $ | 1,129.3 | 4.2 | % | ||||||||||||||||||||||||||
| Adj. operating margin | 13.0 | % | 16.8 | % | (3.8) | % | 11.2 | % | 16.8 | % | (5.6) | % | ||||||||||||||||||||||||||
| Adj. EBITDA | $ | 153.5 | $ | 199.2 | (22.9) | % | $ | 502.4 | $ | 702.8 | (28.5) | % | ||||||||||||||||||||||||||
| Revenue by Segment (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||
| October 29, 2022 | October 30, 2021 | |||||||||||||||||||||||||
| Revenue | %** | Revenue | %** | |||||||||||||||||||||||
| Networking Platforms | ||||||||||||||||||||||||||
| Converged Packet Optical | $ | 649.9 | 66.9 | $ | 754.6 | 72.5 | ||||||||||||||||||||
| Routing and Switching | 102.8 | 10.6 | 74.2 | 7.1 | ||||||||||||||||||||||
| Total Networking Platforms | 752.7 | 77.5 | 828.8 | 79.6 | ||||||||||||||||||||||
| Platform Software and Services | 71.6 | 7.4 | 66.1 | 6.3 | ||||||||||||||||||||||
| Blue Planet Automation Software and Services | 21.2 | 2.2 | 19.8 | 1.9 | ||||||||||||||||||||||
| Global Services | ||||||||||||||||||||||||||
| Maintenance Support and Training | 73.1 | 7.5 | 71.3 | 6.9 | ||||||||||||||||||||||
| Installation and Deployment | 36.9 | 3.8 | 47.2 | 4.5 | ||||||||||||||||||||||
| Consulting and Network Design | 15.5 | 1.6 | 8.3 | 0.8 | ||||||||||||||||||||||
| Total Global Services | 125.5 | 12.9 | 126.8 | 12.2 | ||||||||||||||||||||||
| Total | $ | 971.0 | 100.0 | $ | 1,041.5 | 100.0 | ||||||||||||||||||||
| Revenue by Segment (unaudited) | ||||||||||||||||||||||||||
| Year Ended | ||||||||||||||||||||||||||
| October 29, 2022 | October 30, 2021 | |||||||||||||||||||||||||
| Revenue | %** | Revenue | %** | |||||||||||||||||||||||
| Networking Platforms | ||||||||||||||||||||||||||
| Converged Packet Optical | $ | 2,380.0 | 65.5 | $ | 2,553.5 | 70.5 | ||||||||||||||||||||
| Routing and Switching | 398.4 | 11.0 | 271.8 | 7.5 | ||||||||||||||||||||||
| Total Networking Platforms | 2,778.4 | 76.5 | 2,825.3 | 78.0 | ||||||||||||||||||||||
| Platform Software and Services | 277.2 | 7.6 | 229.6 | 6.4 | ||||||||||||||||||||||
| Blue Planet Automation Software and Services | 76.6 | 2.1 | 77.2 | 2.1 | ||||||||||||||||||||||
| Global Services | ||||||||||||||||||||||||||
| Maintenance Support and Training | 292.4 | 8.1 | 283.4 | 7.8 | ||||||||||||||||||||||
| Installation and Deployment | 157.4 | 4.3 | 171.5 | 4.7 | ||||||||||||||||||||||
| Consulting and Network Design | 50.7 | 1.4 | 33.7 | 1.0 | ||||||||||||||||||||||
| Total Global Services | 500.5 | 13.8 | 488.6 | 13.5 | ||||||||||||||||||||||
| Total | $ | 3,632.7 | 100.0 | $ | 3,620.7 | 100.0 | ||||||||||||||||||||
| Revenue by Geographic Region (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||
| October 29, 2022 | October 30, 2021 | |||||||||||||||||||||||||
| Revenue | % ** | Revenue | % ** | |||||||||||||||||||||||
| Americas | $ | 723.5 | 74.5 | $ | 748.7 | 71.9 | ||||||||||||||||||||
| Europe, Middle East and Africa | 135.1 | 13.9 | 170.8 | 16.4 | ||||||||||||||||||||||
| Asia Pacific | 112.4 | 11.6 | 122.0 | 11.7 | ||||||||||||||||||||||
| Total | $ | 971.0 | 100.0 | $ | 1,041.5 | 100.0 | ||||||||||||||||||||
| Revenue by Geographic Region (unaudited) | ||||||||||||||||||||||||||
| Year Ended | ||||||||||||||||||||||||||
| October 29, 2022 | October 30, 2021 | |||||||||||||||||||||||||
| Revenue | % ** | Revenue | % ** | |||||||||||||||||||||||
| Americas | $ | 2,636.9 | 72.6 | $ | 2,525.6 | 69.8 | ||||||||||||||||||||
| Europe, Middle East and Africa | 555.2 | 15.3 | 670.5 | 18.5 | ||||||||||||||||||||||
| Asia Pacific | 440.6 | 12.1 | 424.6 | 11.7 | ||||||||||||||||||||||
| Total | $ | 3,632.7 | 100.0 | $ | 3,620.7 | 100.0 | ||||||||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||
| October 29, | October 30, | October 29, | October 30, | ||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Products | $ | 779,609 | $ | 860,925 | $ | 2,888,848 | $ | 2,932,602 | |||||||||||||||
| Services | 191,401 | 180,561 | 743,813 | 688,082 | |||||||||||||||||||
| Total revenue | 971,010 | 1,041,486 | 3,632,661 | 3,620,684 | |||||||||||||||||||
| Cost of goods sold: | |||||||||||||||||||||||
| Products | 440,253 | 470,334 | 1,699,631 | 1,545,269 | |||||||||||||||||||
| Services | 97,160 | 94,033 | 372,686 | 353,436 | |||||||||||||||||||
| Total cost of goods sold | 537,413 | 564,367 | 2,072,317 | 1,898,705 | |||||||||||||||||||
| Gross profit | 433,597 | 477,119 | 1,560,344 | 1,721,979 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 166,898 | 147,454 | 624,656 | 536,666 | |||||||||||||||||||
| Selling and marketing | 121,865 | 129,625 | 466,565 | 452,214 | |||||||||||||||||||
| General and administrative | 48,191 | 49,383 | 179,382 | 181,874 | |||||||||||||||||||
| Significant asset impairments and restructuring costs | 13,621 | 5,700 | 33,824 | 29,565 | |||||||||||||||||||
| Amortization of intangible assets | 5,754 | 5,836 | 32,511 | 23,732 | |||||||||||||||||||
| Acquisition and integration costs | — | 1,712 | 598 | 2,572 | |||||||||||||||||||
| Total operating expenses | 356,329 | 339,710 | 1,337,536 | 1,226,623 | |||||||||||||||||||
| Income from operations | 77,268 | 137,409 | 222,808 | 495,356 | |||||||||||||||||||
| Interest and other income (loss), net | 1,887 | (168) | 6,747 | (1,768) | |||||||||||||||||||
| Interest expense | (13,775) | (7,916) | (47,050) | (30,837) | |||||||||||||||||||
| Income before income taxes | 65,380 | 129,325 | 182,505 | 462,751 | |||||||||||||||||||
| Provision (benefit) for income taxes | 7,735 | 25,826 | 29,603 | (37,445) | |||||||||||||||||||
| Net income | $ | 57,645 | $ | 103,499 | $ | 152,902 | $ | 500,196 | |||||||||||||||
| Net Income per Common Share | |||||||||||||||||||||||
| Basic net income per common share | $ | 0.39 | $ | 0.67 | $ | 1.01 | $ | 3.22 | |||||||||||||||
| Diluted net income per potential common share | $ | 0.39 | $ | 0.66 | $ | 1.00 | $ | 3.19 | |||||||||||||||
| Weighted average basic common shares outstanding | 148,548 | 155,232 | 151,208 | 155,279 | |||||||||||||||||||
Weighted average dilutive potential common shares outstanding 1 | 149,111 | 156,689 | 152,193 | 156,743 | |||||||||||||||||||
| October 29, 2022 | October 30, 2021 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 994,352 | $ | 1,422,546 | |||||||
| Short-term investments | 153,989 | 181,483 | |||||||||
| Accounts receivable, net | 920,772 | 884,958 | |||||||||
| Inventories | 946,730 | 374,265 | |||||||||
| Prepaid expenses and other | 370,053 | 325,654 | |||||||||
| Total current assets | 3,385,896 | 3,188,906 | |||||||||
| Long-term investments | 35,385 | 70,038 | |||||||||
| Equipment, building, furniture and fixtures, net | 267,779 | 284,968 | |||||||||
| Operating lease right-of-use assets | 45,108 | 44,285 | |||||||||
| Goodwill | 328,322 | 311,645 | |||||||||
| Other intangible assets, net | 69,517 | 65,314 | |||||||||
| Deferred tax asset, net | 824,008 | 800,180 | |||||||||
| Other long-term assets | 113,617 | 99,891 | |||||||||
| Total assets | $ | 5,069,632 | $ | 4,865,227 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 516,047 | $ | 356,176 | |||||||
| Accrued liabilities and other short-term obligations | 360,782 | 409,285 | |||||||||
| Deferred revenue | 137,899 | 118,007 | |||||||||
| Operating lease liabilities | 18,925 | 18,632 | |||||||||
| Current portion of long-term debt | 6,930 | 6,930 | |||||||||
| Total current liabilities | 1,040,583 | 909,030 | |||||||||
| Long-term deferred revenue | 62,336 | 57,457 | |||||||||
| Other long-term obligations | 150,335 | 166,803 | |||||||||
| Long-term operating lease liabilities | 42,392 | 41,564 | |||||||||
| Long-term debt, net | 1,061,125 | 670,355 | |||||||||
| Total liabilities | $ | 2,356,771 | $ | 1,845,209 | |||||||
| Stockholders’ equity: | |||||||||||
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding | — | — | |||||||||
Common stock – par value $0.01; 290,000,000 shares authorized; 148,412,943 and 154,858,981 shares issued and outstanding | 1,484 | 1,549 | |||||||||
| Additional paid-in capital | 6,390,252 | 6,803,162 | |||||||||
| Accumulated other comprehensive income (loss) | (46,645) | 439 | |||||||||
| Accumulated deficit | (3,632,230) | (3,785,132) | |||||||||
| Total stockholders’ equity | 2,712,861 | 3,020,018 | |||||||||
| Total liabilities and stockholders’ equity | $ | 5,069,632 | $ | 4,865,227 | |||||||
| Year Ended | |||||||||||
| October 29, | October 30, | ||||||||||
| 2022 | 2021 | ||||||||||
| Cash flows provided by (used in) operating activities: | |||||||||||
| Net income | $ | 152,902 | $ | 500,196 | |||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 95,922 | 96,233 | |||||||||
| Share-based compensation expense | 105,131 | 84,336 | |||||||||
| Amortization of intangible assets | 44,281 | 36,033 | |||||||||
| Deferred taxes | (27,502) | (156,469) | |||||||||
| Provision for inventory excess and obsolescence | 16,184 | 17,850 | |||||||||
| Provision for warranty | 17,440 | 17,093 | |||||||||
| Other | — | 14,525 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (47,069) | (174,377) | |||||||||
| Inventories | (589,113) | (47,567) | |||||||||
| Prepaid expenses and other | (58,996) | (19,691) | |||||||||
| Operating lease right-of-use assets | 16,453 | 16,632 | |||||||||
| Accounts payable, accruals and other obligations | 100,327 | 162,134 | |||||||||
| Deferred revenue | 26,380 | 16,822 | |||||||||
| Short and long-term operating lease liabilities | (20,096) | (22,104) | |||||||||
| Net cash provided by (used in) operating activities | (167,756) | 541,646 | |||||||||
| Cash flows used in investing activities: | |||||||||||
| Payments for equipment, furniture, fixtures and intellectual property | (90,818) | (79,550) | |||||||||
| Purchase of available for sale securities | (643,971) | (172,778) | |||||||||
| Proceeds from maturities of available for sale securities | 698,642 | 152,253 | |||||||||
| Settlement of foreign currency forward contracts, net | 4,942 | 4,680 | |||||||||
| Acquisition of business, net of cash acquired | (62,043) | — | |||||||||
| Purchase of cost method equity investments | (8,000) | — | |||||||||
| Proceeds from sale of cost method equity investments | — | 4,678 | |||||||||
| Net cash used in investing activities | (101,248) | (90,717) | |||||||||
| Cash flows used in financing activities: | |||||||||||
| Proceeds from issuance of senior notes | 400,000 | — | |||||||||
| Payment of long term debt | (5,197) | (6,929) | |||||||||
| Payment of debt issuance costs | (5,484) | — | |||||||||
| Payment of finance lease obligations | (3,468) | (3,004) | |||||||||
| Shares repurchased for tax withholdings on vesting of stock unit awards | (48,454) | (44,071) | |||||||||
| Repurchases of common stock - repurchase program | (500,800) | (91,288) | |||||||||
| Proceeds from issuance of common stock | 30,348 | 28,457 | |||||||||
| Net cash used in financing activities | (133,055) | (116,835) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (26,167) | (198) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (428,226) | 333,896 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 1,422,604 | 1,088,708 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 994,378 | $ | 1,422,604 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash paid during the period for interest | $ | 42,812 | $ | 29,864 | |||||||
| Cash paid during the period for income taxes, net | $ | 34,967 | $ | 73,127 | |||||||
| Operating lease payments | $ | 21,661 | $ | 24,058 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Purchase of equipment in accounts payable | $ | 12,373 | $ | 10,138 | |||||||
| Repurchase of common stock in accrued liabilities from repurchase program | $ | — | $ | 800 | |||||||
| Operating right-of-use assets subject to lease liability | $ | 23,242 | $ | 4,356 | |||||||
| Unrealized gain on equity investment | $ | 4,120 | $ | — | |||||||
| APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements | ||||||||||||||||||||||||||
| (in thousands, except per share data) (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 29, | October 30, | October 29, | October 30, | |||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Gross Profit Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP gross profit | $ | 433,597 | $ | 477,119 | $ | 1,560,344 | $ | 1,721,979 | ||||||||||||||||||
| Share-based compensation-products | 907 | 920 | 3,867 | 3,408 | ||||||||||||||||||||||
| Share-based compensation-services | 2,066 | 1,240 | 7,533 | 5,181 | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-products | — | — | — | (4,283) | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-services | — | — | — | (2,667) | ||||||||||||||||||||||
| Amortization of intangible assets | 2,005 | 2,856 | 11,770 | 12,301 | ||||||||||||||||||||||
| Total adjustments related to gross profit | 4,978 | 5,016 | 23,170 | 13,940 | ||||||||||||||||||||||
| Adjusted (non-GAAP) gross profit | $ | 438,575 | $ | 482,135 | $ | 1,583,514 | $ | 1,735,919 | ||||||||||||||||||
| Adjusted (non-GAAP) gross profit percentage | 45.2 | % | 46.3 | % | 43.6 | % | 47.9 | % | ||||||||||||||||||
| Operating Expense Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP operating expense | $ | 356,329 | $ | 339,710 | $ | 1,337,536 | $ | 1,226,623 | ||||||||||||||||||
| Share-based compensation-research and development | 8,507 | 5,684 | 31,879 | 21,863 | ||||||||||||||||||||||
| Share-based compensation-sales and marketing | 8,084 | 6,192 | 31,280 | 25,152 | ||||||||||||||||||||||
| Share-based compensation-general and administrative | 7,610 | 7,466 | 30,435 | 28,804 | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-research and development | — | — | — | (29,519) | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-sales and marketing | — | — | — | (2,604) | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-general and administrative | — | — | — | (2,207) | ||||||||||||||||||||||
| Significant asset impairments and restructuring costs | 13,621 | 5,700 | 33,824 | 29,565 | ||||||||||||||||||||||
| Amortization of intangible assets | 5,754 | 5,836 | 32,511 | 23,732 | ||||||||||||||||||||||
| Acquisition and integration costs | — | 1,712 | 598 | 2,572 | ||||||||||||||||||||||
| Total adjustments related to operating expense | 43,576 | 32,590 | 160,527 | 97,358 | ||||||||||||||||||||||
| Adjusted (non-GAAP) operating expense | $ | 312,753 | $ | 307,120 | $ | 1,177,009 | $ | 1,129,265 | ||||||||||||||||||
| Income from Operations Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP income from operations | $ | 77,268 | $ | 137,409 | $ | 222,808 | $ | 495,356 | ||||||||||||||||||
| Total adjustments related to gross profit | 4,978 | 5,016 | 23,170 | 13,940 | ||||||||||||||||||||||
| Total adjustments related to operating expense | 43,576 | 32,590 | 160,527 | 97,358 | ||||||||||||||||||||||
| Total adjustments related to income from operations | 48,554 | 37,606 | 183,697 | 111,298 | ||||||||||||||||||||||
| Adjusted (non-GAAP) income from operations | $ | 125,822 | $ | 175,015 | $ | 406,505 | $ | 606,654 | ||||||||||||||||||
| Adjusted (non-GAAP) operating margin percentage | 13.0 | % | 16.8 | % | 11.2 | % | 16.8 | % | ||||||||||||||||||
| Net Income Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP net income | $ | 57,645 | $ | 103,499 | $ | 152,902 | $ | 500,196 | ||||||||||||||||||
| Exclude GAAP provision (benefit) for income taxes | 7,735 | 25,826 | 29,603 | (37,445) | ||||||||||||||||||||||
| Income before income taxes | 65,380 | 129,325 | 182,505 | 462,751 | ||||||||||||||||||||||
| Total adjustments related to income from operations | 48,554 | 37,606 | 183,697 | 111,298 | ||||||||||||||||||||||
| Unrealized (gain) loss on cost method equity investment | — | — | (4,120) | 165 | ||||||||||||||||||||||
| Adjusted income before income taxes | 113,934 | 166,931 | 362,082 | 574,214 | ||||||||||||||||||||||
| Non-GAAP tax provision on adjusted income before income taxes | 23,015 | 34,221 | 73,141 | 117,714 | ||||||||||||||||||||||
| Adjusted (non-GAAP) net income | $ | 90,919 | $ | 132,710 | $ | 288,941 | $ | 456,500 | ||||||||||||||||||
| APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements | ||||||||||||||||||||||||||
| (in thousands, except per share data) (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 29, | October 30, | October 29, | October 30, | |||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Weighted average basic common shares outstanding | 148,548 | 155,232 | 151,208 | 155,279 | ||||||||||||||||||||||
Weighted average dilutive potential common shares outstanding 1 | 149,111 | 156,689 | 152,193 | 156,743 | ||||||||||||||||||||||
| Net Income per Common Share | ||||||||||||||||||||||||||
| GAAP diluted net income per potential common share | $ | 0.39 | $ | 0.66 | $ | 1.00 | $ | 3.19 | ||||||||||||||||||
| Adjusted (non-GAAP) diluted net income per potential common share | $ | 0.61 | $ | 0.85 | $ | 1.90 | $ | 2.91 | ||||||||||||||||||
| APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited) | ||||||||||||||||||||||||||
| (in thousands) (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 29, | October 30, | October 29, | October 30, | |||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) | ||||||||||||||||||||||||||
| Net income (GAAP) | $ | 57,645 | $ | 103,499 | $ | 152,902 | $ | 500,196 | ||||||||||||||||||
| Add: Interest expense | 13,775 | 7,916 | 47,050 | 30,837 | ||||||||||||||||||||||
| Less: Interest and other income (loss), net | 1,887 | (168) | 6,747 | (1,768) | ||||||||||||||||||||||
| Add: Provision (benefit) for income taxes | 7,735 | 25,826 | 29,603 | (37,445) | ||||||||||||||||||||||
| Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 27,642 | 24,315 | 95,922 | 96,233 | ||||||||||||||||||||||
| Add: Amortization of intangible assets | 7,759 | 8,692 | 44,281 | 36,033 | ||||||||||||||||||||||
| EBITDA | $ | 112,669 | $ | 170,416 | $ | 363,011 | $ | 627,622 | ||||||||||||||||||
| Less: Canadian Emergency Wage Subsidy | — | — | — | 41,280 | ||||||||||||||||||||||
| Add: Share-based compensation cost | 27,174 | 21,366 | 104,994 | 84,336 | ||||||||||||||||||||||
| Add: Significant asset impairments and restructuring costs | 13,621 | 5,700 | 33,824 | 29,565 | ||||||||||||||||||||||
| Add: Acquisition and integration costs | — | 1,712 | 598 | 2,572 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 153,464 | $ | 199,194 | $ | 502,427 | $ | 702,815 | ||||||||||||||||||