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 | |||||||||||
Exhibit 99.2 | Investor Presentation for Ciena Corporation's fourth fiscal quarter and fiscal year ended October 30, 2021. | ||||||||||
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 9, 2021 | 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 30, | October 31, | Change | October 30, | October 31, | Change | |||||||||||||||||||||||||||||||||
| 2021 | 2020 | Y-T-Y* | 2021 | 2020 | Y-T-Y* | |||||||||||||||||||||||||||||||||
| Revenue | $ | 1,041.5 | $ | 828.5 | 25.7 | % | $ | 3,620.7 | $ | 3,532.2 | 2.5 | % | ||||||||||||||||||||||||||
| Gross margin | 45.8 | % | 48.8 | % | (3.0) | % | 47.6 | % | 46.8 | % | 0.8 | % | ||||||||||||||||||||||||||
| Operating expense | $ | 339.7 | $ | 310.9 | 9.3 | % | $ | 1,226.6 | $ | 1,165.9 | 5.2 | % | ||||||||||||||||||||||||||
| Operating margin | 13.2 | % | 11.3 | % | 1.9 | % | 13.7 | % | 13.8 | % | (0.1) | % | ||||||||||||||||||||||||||
| Non-GAAP Results (unaudited) | ||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Period | Year Ended | Period | |||||||||||||||||||||||||||||||||||
| October 30, | October 31, | Change | October 30, | October 31, | Change | |||||||||||||||||||||||||||||||||
| 2021 | 2020 | Y-T-Y* | 2021 | 2020 | Y-T-Y* | |||||||||||||||||||||||||||||||||
| Revenue | $ | 1,041.5 | $ | 828.5 | 25.7 | % | $ | 3,620.7 | $ | 3,532.2 | 2.5 | % | ||||||||||||||||||||||||||
| Adj. gross margin | 46.3 | % | 49.5 | % | (3.2) | % | 47.9 | % | 47.4 | % | 0.5 | % | ||||||||||||||||||||||||||
| Adj. operating expense | $ | 307.1 | $ | 278.9 | 10.1 | % | $ | 1,129.3 | $ | 1,055.3 | 7.0 | % | ||||||||||||||||||||||||||
| Adj. operating margin | 16.8 | % | 15.8 | % | 1.0 | % | 16.8 | % | 17.6 | % | (0.8) | % | ||||||||||||||||||||||||||
| Adj. EBITDA | $ | 199.2 | $ | 154.5 | 28.9 | % | $ | 702.8 | $ | 713.9 | (1.6) | % | ||||||||||||||||||||||||||
| Revenue by Segment (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
| Revenue | %** | Revenue | % ** | |||||||||||||||||||||||
| Networking Platforms | ||||||||||||||||||||||||||
Converged Packet Optical | $ | 754.6 | 72.5 | $ | 579.3 | 69.9 | ||||||||||||||||||||
Routing and Switching (1) | 74.2 | 7.1 | 56.0 | 6.8 | ||||||||||||||||||||||
| Total Networking Platforms | 828.8 | 79.6 | 635.3 | 76.7 | ||||||||||||||||||||||
Platform Software and Services | 66.1 | 6.3 | 54.5 | 6.6 | ||||||||||||||||||||||
| Blue Planet Automation Software and Services | 19.8 | 1.9 | 20.9 | 2.5 | ||||||||||||||||||||||
| Global Services | ||||||||||||||||||||||||||
Maintenance Support and Training | 71.3 | 6.9 | 67.0 | 8.1 | ||||||||||||||||||||||
Installation and Deployment | 47.2 | 4.5 | 43.0 | 5.2 | ||||||||||||||||||||||
Consulting and Network Design | 8.3 | 0.8 | 7.8 | 0.9 | ||||||||||||||||||||||
| Total Global Services | 126.8 | 12.2 | 117.8 | 14.2 | ||||||||||||||||||||||
| Total | $ | 1,041.5 | 100.0 | $ | 828.5 | 100.0 | ||||||||||||||||||||
| Revenue by Segment (unaudited) | ||||||||||||||||||||||||||
| Year Ended | ||||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
| Revenue | %** | Revenue | % ** | |||||||||||||||||||||||
| Networking Platforms | ||||||||||||||||||||||||||
Converged Packet Optical | $ | 2,553.5 | 70.5 | $ | 2,547.6 | 72.1 | ||||||||||||||||||||
Routing and Switching (1) | 271.8 | 7.5 | 267.5 | 7.6 | ||||||||||||||||||||||
| Total Networking Platforms | 2,825.3 | 78.0 | 2,815.1 | 79.7 | ||||||||||||||||||||||
Platform Software and Services | 229.6 | 6.4 | 197.8 | 5.6 | ||||||||||||||||||||||
| Blue Planet Automation Software and Services | 77.2 | 2.1 | 62.6 | 1.8 | ||||||||||||||||||||||
| Global Services | ||||||||||||||||||||||||||
Maintenance Support and Training | 283.4 | 7.8 | 269.4 | 7.6 | ||||||||||||||||||||||
Installation and Deployment | 171.5 | 4.7 | 152.0 | 4.3 | ||||||||||||||||||||||
Consulting and Network Design | 33.7 | 1.0 | 35.3 | 1.0 | ||||||||||||||||||||||
| Total Global Services | 488.6 | 13.5 | 456.7 | 12.9 | ||||||||||||||||||||||
| Total | $ | 3,620.7 | 100.0 | $ | 3,532.2 | 100.0 | ||||||||||||||||||||
| Revenue by Geographic Region (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
| Revenue | % ** | Revenue | % ** | |||||||||||||||||||||||
| Americas | $ | 748.7 | 71.9 | $ | 531.6 | 64.2 | ||||||||||||||||||||
| Europe, Middle East and Africa | 170.8 | 16.4 | 157.6 | 19.0 | ||||||||||||||||||||||
| Asia Pacific | 122.0 | 11.7 | 139.3 | 16.8 | ||||||||||||||||||||||
| Total | $ | 1,041.5 | 100.0 | $ | 828.5 | 100.0 | ||||||||||||||||||||
| Revenue by Geographic Region (unaudited) | ||||||||||||||||||||||||||
| Year Ended | ||||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
| Revenue | % ** | Revenue | % ** | |||||||||||||||||||||||
| Americas | $ | 2,525.6 | 69.8 | $ | 2,469.3 | 69.9 | ||||||||||||||||||||
| Europe, Middle East and Africa | 670.5 | 18.5 | 591.5 | 16.8 | ||||||||||||||||||||||
| Asia Pacific | 424.6 | 11.7 | 471.4 | 13.3 | ||||||||||||||||||||||
| Total | $ | 3,620.7 | 100.0 | $ | 3,532.2 | 100.0 | ||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 30, | October 31, | October 30, | October 31, | |||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||
| Products | $ | 860,925 | $ | 668,661 | $ | 2,932,602 | $ | 2,914,790 | ||||||||||||||||||
| Services | 180,561 | 159,819 | 688,082 | 617,367 | ||||||||||||||||||||||
| Total revenue | 1,041,486 | 828,480 | 3,620,684 | 3,532,157 | ||||||||||||||||||||||
| Cost of goods sold: | ||||||||||||||||||||||||||
| Products | 470,334 | 343,413 | 1,545,269 | 1,573,791 | ||||||||||||||||||||||
| Services | 94,033 | 80,718 | 353,436 | 305,475 | ||||||||||||||||||||||
| Total cost of goods sold | 564,367 | 424,131 | 1,898,705 | 1,879,266 | ||||||||||||||||||||||
| Gross profit | 477,119 | 404,349 | 1,721,979 | 1,652,891 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Research and development | 147,454 | 137,237 | 536,666 | 529,888 | ||||||||||||||||||||||
| Selling and marketing | 129,625 | 113,382 | 452,214 | 416,425 | ||||||||||||||||||||||
| General and administrative | 49,383 | 43,415 | 181,874 | 169,548 | ||||||||||||||||||||||
| Significant asset impairments and restructuring costs | 5,700 | 7,854 | 29,565 | 22,652 | ||||||||||||||||||||||
| Amortization of intangible assets | 5,836 | 5,851 | 23,732 | 23,383 | ||||||||||||||||||||||
| Acquisition and integration costs | 1,712 | 3,127 | 2,572 | 4,031 | ||||||||||||||||||||||
| Total operating expenses | 339,710 | 310,866 | 1,226,623 | 1,165,927 | ||||||||||||||||||||||
| Income from operations | 137,409 | 93,483 | 495,356 | 486,964 | ||||||||||||||||||||||
| Interest and other income (loss), net | (168) | (249) | (1,768) | 964 | ||||||||||||||||||||||
| Interest expense | (7,916) | (7,395) | (30,837) | (31,321) | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | — | — | — | (646) | ||||||||||||||||||||||
| Income before income taxes | 129,325 | 85,839 | 462,751 | 455,961 | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 25,826 | 20,798 | (37,445) | 94,670 | ||||||||||||||||||||||
| Net income | $ | 103,499 | $ | 65,041 | $ | 500,196 | $ | 361,291 | ||||||||||||||||||
| Net Income per Common Share | ||||||||||||||||||||||||||
| Basic net income per common share | $ | 0.67 | $ | 0.42 | $ | 3.22 | $ | 2.34 | ||||||||||||||||||
| Diluted net income per potential common share | $ | 0.66 | $ | 0.42 | $ | 3.19 | $ | 2.32 | ||||||||||||||||||
| Weighted average basic common shares outstanding | 155,232 | 154,706 | 155,279 | 154,287 | ||||||||||||||||||||||
Weighted average diluted potential common shares outstanding(1) | 156,689 | 156,563 | 156,743 | 155,955 | ||||||||||||||||||||||
| October 30, | October 31, | ||||||||||
| 2021 | 2020 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,422,546 | $ | 1,088,624 | |||||||
| Short-term investments | 181,483 | 150,667 | |||||||||
| Accounts receivable, net | 884,958 | 719,405 | |||||||||
| Inventories | 374,265 | 344,379 | |||||||||
| Prepaid expenses and other | 325,654 | 308,084 | |||||||||
| Total current assets | 3,188,906 | 2,611,159 | |||||||||
| Long-term investments | 70,038 | 82,226 | |||||||||
| Equipment, building, furniture and fixtures, net | 284,968 | 272,377 | |||||||||
| Operating lease right-of-use assets | 44,285 | 57,026 | |||||||||
| Goodwill | 311,645 | 310,847 | |||||||||
| Other intangible assets, net | 65,314 | 96,647 | |||||||||
| Deferred tax asset, net | 800,180 | 647,805 | |||||||||
| Other long-term assets | 99,891 | 102,830 | |||||||||
| Total assets | $ | 4,865,227 | $ | 4,180,917 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 356,176 | $ | 291,904 | |||||||
| Accrued liabilities and other short-term obligations | 409,285 | 334,132 | |||||||||
| Deferred revenue | 118,007 | 108,700 | |||||||||
| Operating lease liabilities | 18,632 | 19,035 | |||||||||
| Current portion of long-term debt | 6,930 | 6,930 | |||||||||
| Total current liabilities | 909,030 | 760,701 | |||||||||
| Long-term deferred revenue | 57,457 | 49,663 | |||||||||
| Other long-term obligations | 166,803 | 123,185 | |||||||||
| Long-term operating lease liabilities | 41,564 | 61,415 | |||||||||
| Long-term debt, net | 670,355 | 676,356 | |||||||||
| Total liabilities | $ | 1,845,209 | $ | 1,671,320 | |||||||
| 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; 154,858,981 and 154,563,005 shares issued and outstanding | 1,549 | 1,546 | |||||||||
| Additional paid-in capital | 6,803,162 | 6,826,531 | |||||||||
| Accumulated other comprehensive income (loss) | 439 | (35,358) | |||||||||
| Accumulated deficit | (3,785,132) | (4,283,122) | |||||||||
| Total stockholders’ equity | 3,020,018 | 2,509,597 | |||||||||
| Total liabilities and stockholders’ equity | $ | 4,865,227 | $ | 4,180,917 | |||||||
| Year Ended | |||||||||||
| October 30, 2021 | October 31, 2020 | ||||||||||
| Cash flows provided by operating activities: | |||||||||||
| Net income | $ | 500,196 | $ | 361,291 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 96,233 | 93,908 | |||||||||
| Share-based compensation costs | 84,336 | 67,758 | |||||||||
| Amortization of intangible assets | 36,033 | 38,619 | |||||||||
| Deferred taxes | (156,469) | 64,339 | |||||||||
| Provision for inventory excess and obsolescence | 17,850 | 24,701 | |||||||||
| Provision for warranty | 17,093 | 22,417 | |||||||||
| Other | 14,525 | 20,483 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (174,377) | (17,299) | |||||||||
| Inventories | (47,567) | (25,044) | |||||||||
| Prepaid expenses and other | (19,691) | (38,998) | |||||||||
| Operating lease right-of-use assets | 16,632 | 16,787 | |||||||||
| Accounts payable, accruals and other obligations | 162,134 | (117,931) | |||||||||
| Deferred revenue | 16,822 | 2,519 | |||||||||
| Short and long-term operating lease liabilities | (22,104) | (19,896) | |||||||||
| Net cash provided by operating activities | 541,646 | 493,654 | |||||||||
| Cash flows used in investing activities: | |||||||||||
| Payments for equipment, furniture, fixtures and intellectual property | (79,550) | (82,667) | |||||||||
| Purchase of available for sale securities | (172,778) | (223,196) | |||||||||
| Proceeds from maturities of available for sale securities | 152,253 | 110,390 | |||||||||
| Settlement of foreign currency forward contracts, net | 4,680 | 3,531 | |||||||||
| Proceeds from sale of equity investment | 4,678 | — | |||||||||
| Acquisition of businesses, net of cash acquired | — | (28,300) | |||||||||
| Net cash used in investing activities | (90,717) | (220,242) | |||||||||
| Cash flows used in financing activities: | |||||||||||
| Payment of long-term debt | (6,929) | (5,198) | |||||||||
| Payment of debt issuance costs | — | (382) | |||||||||
| Payment of finance lease obligations | (3,004) | (2,703) | |||||||||
| Shares repurchased for tax withholdings on vesting of stock unit awards | (44,071) | (32,472) | |||||||||
| Repurchases of common stock - repurchase program | (91,288) | (74,535) | |||||||||
| Proceeds from issuance of common stock | 28,457 | 28,068 | |||||||||
| Net cash used in financing activities | (116,835) | (87,222) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (198) | (1,643) | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 333,896 | 184,547 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of fiscal year | 1,088,708 | 904,161 | |||||||||
| Cash, cash equivalents and restricted cash at end of fiscal year | $ | 1,422,604 | $ | 1,088,708 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash paid during the fiscal year for interest | $ | 29,864 | $ | 32,837 | |||||||
| Cash paid during the fiscal year for income taxes, net | $ | 73,127 | $ | 53,076 | |||||||
| Operating lease payments | $ | 24,058 | $ | 22,089 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Purchase of equipment in accounts payable | $ | 10,138 | $ | 7,854 | |||||||
| Repurchase of common stock in accrued liabilities from repurchase program | $ | 800 | $ | — | |||||||
| Operating lease right-of-use assets subject to lease liability | $ | 4,356 | $ | 24,160 | |||||||
| Unrealized gain on equity investment | $ | — | $ | 2,681 | |||||||
| APPENDIX A - Reconciliation of Adjusted (Non-GAAP) Measurements (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
| Gross Profit Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP gross profit | $ | 477,119 | $ | 404,349 | $ | 1,721,979 | $ | 1,652,891 | ||||||||||||||||||
| Share-based compensation-products | 920 | 724 | 3,408 | 3,182 | ||||||||||||||||||||||
| Share-based compensation-services | 1,240 | 968 | 5,181 | 3,853 | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-products | — | — | (4,283) | — | ||||||||||||||||||||||
| Canadian Emergency Wage Subsidy-services | — | — | (2,667) | — | ||||||||||||||||||||||
| Amortization of intangible assets | 2,856 | 3,732 | 12,301 | 15,235 | ||||||||||||||||||||||
| Total adjustments related to gross profit | 5,016 | 5,424 | 13,940 | 22,270 | ||||||||||||||||||||||
| Adjusted (non-GAAP) gross profit | $ | 482,135 | $ | 409,773 | $ | 1,735,919 | $ | 1,675,161 | ||||||||||||||||||
| Adjusted (non-GAAP) gross profit percentage | 46.3 | % | 49.5 | % | 47.9 | % | 47.4 | % | ||||||||||||||||||
| Operating Expense Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP operating expense | $ | 339,710 | $ | 310,866 | $ | 1,226,623 | $ | 1,165,927 | ||||||||||||||||||
| Share-based compensation-research and development | 5,684 | 4,030 | 21,863 | 16,987 | ||||||||||||||||||||||
| Share-based compensation-sales and marketing | 6,192 | 5,137 | 25,152 | 20,194 | ||||||||||||||||||||||
| Share-based compensation-general and administrative | 7,466 | 5,982 | 28,804 | 23,424 | ||||||||||||||||||||||
| 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 | 5,700 | 7,854 | 29,565 | 22,652 | ||||||||||||||||||||||
| Amortization of intangible assets | 5,836 | 5,851 | 23,732 | 23,383 | ||||||||||||||||||||||
| Acquisition and integration costs | 1,712 | 3,127 | 2,572 | 4,031 | ||||||||||||||||||||||
| Total adjustments related to operating expense | $ | 32,590 | $ | 31,981 | $ | 97,358 | $ | 110,671 | ||||||||||||||||||
| Adjusted (non-GAAP) operating expense | $ | 307,120 | $ | 278,885 | $ | 1,129,265 | $ | 1,055,256 | ||||||||||||||||||
| Income from Operations Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP income from operations | $ | 137,409 | $ | 93,483 | $ | 495,356 | $ | 486,964 | ||||||||||||||||||
| Total adjustments related to gross profit | 5,016 | 5,424 | 13,940 | 22,270 | ||||||||||||||||||||||
| Total adjustments related to operating expense | 32,590 | 31,981 | 97,358 | 110,671 | ||||||||||||||||||||||
| Total adjustments related to income from operations | 37,606 | 37,405 | 111,298 | 132,941 | ||||||||||||||||||||||
| Adjusted (non-GAAP) income from operations | $ | 175,015 | $ | 130,888 | $ | 606,654 | $ | 619,905 | ||||||||||||||||||
| Adjusted (non-GAAP) operating margin percentage | 16.8 | % | 15.8 | % | 16.8 | % | 17.6 | % | ||||||||||||||||||
| Net Income Reconciliation (GAAP/non-GAAP) | ||||||||||||||||||||||||||
| GAAP net income | $ | 103,499 | $ | 65,041 | $ | 500,196 | $ | 361,291 | ||||||||||||||||||
| Exclude GAAP provision (benefit) for income taxes | 25,826 | 20,798 | (37,445) | 94,670 | ||||||||||||||||||||||
| Income before income taxes | 129,325 | 85,839 | 462,751 | 455,961 | ||||||||||||||||||||||
| Total adjustments related to income from operations | 37,606 | 37,405 | 111,298 | 132,941 | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | — | — | — | 646 | ||||||||||||||||||||||
| Unrealized (gain) loss on equity investment | — | (2,681) | 165 | (2,681) | ||||||||||||||||||||||
| Adjusted income before income taxes | 166,931 | 120,563 | 574,214 | 586,867 | ||||||||||||||||||||||
| Non-GAAP tax provision on adjusted income before income taxes | 34,221 | 26,042 | 117,714 | 126,763 | ||||||||||||||||||||||
| Adjusted (non-GAAP) net income | $ | 132,710 | $ | 94,521 | $ | 456,500 | $ | 460,104 | ||||||||||||||||||
| Weighted average basic common shares outstanding | 155,232 | 154,706 | 155,279 | 154,287 | ||||||||||||||||||||||
Weighted average diluted potential common shares outstanding(1) | 156,689 | 156,563 | 156,743 | 155,955 | ||||||||||||||||||||||
| Net Income per Common Share | ||||||||||||||||||||||||||
| GAAP diluted net income per potential common share | $ | 0.66 | $ | 0.42 | $ | 3.19 | $ | 2.32 | ||||||||||||||||||
| Adjusted (non-GAAP) diluted net income per potential common share | $ | 0.85 | $ | 0.60 | $ | 2.91 | $ | 2.95 | ||||||||||||||||||
| APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited) | ||||||||||||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
| Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) | ||||||||||||||||||||||||||
| Net income (GAAP) | $ | 103,499 | $ | 65,041 | $ | 500,196 | $ | 361,291 | ||||||||||||||||||
| Add: Interest expense | 7,916 | 7,395 | 30,837 | 31,321 | ||||||||||||||||||||||
| Less: Interest and other income (loss), net | (168) | (249) | (1,768) | 964 | ||||||||||||||||||||||
| Add: Loss on extinguishment and modification of debt | — | — | — | (646) | ||||||||||||||||||||||
| Add: Provision (benefit) for income taxes | 25,826 | 20,798 | (37,445) | 94,670 | ||||||||||||||||||||||
| Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 24,315 | 23,538 | 96,233 | 93,908 | ||||||||||||||||||||||
| Add: Amortization of intangible assets | 8,692 | 9,584 | 36,033 | 38,619 | ||||||||||||||||||||||
| EBITDA | $ | 170,416 | $ | 126,605 | $ | 627,622 | $ | 619,491 | ||||||||||||||||||
| Less: Canadian Emergency Wage Subsidy | — | — | 41,280 | — | ||||||||||||||||||||||
| Add: Share-based compensation cost | 21,366 | 16,920 | 84,336 | 67,758 | ||||||||||||||||||||||
| Add: Significant asset impairments and restructuring costs | 5,700 | 7,854 | 29,565 | 22,652 | ||||||||||||||||||||||
| Add: Acquisition and integration costs | 1,712 | 3,127 | 2,572 | 4,031 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 199,194 | $ | 154,506 | $ | 702,815 | $ | 713,932 | ||||||||||||||||||