Ciena Corporation (NYSE:CIEN) Q3 2020 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 08:30 am ET


Ciena Corporation (NYSE:CIEN) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Ciena Fiscal Q3 2020 Financial Results Conference Call.

[Operator Instructions] I would now like to hand today's conference over to Gregg Lampf. Please go ahead.

Gregg Lampf

Thank you, Carmen. Good morning and welcome to Ciena's 2020 Fiscal Third Quarter review. We are conducting today's call from various remote locations. On the call today is Gary Smith, President and CEO and Jim Moylan, CFO. Scott McFeely, our Senior Vice President of Global Products and Services is also with us for the Q&A.

In addition to this call and the press release, we have posted to the Investor section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our fiscal Q3 2020 performance, developments in our business, and our view on current mortgage dynamics, including with respect COVID-19 as well as our outlook.

Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations. A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's press release.

Before I turn the call over to Gary I'll remind you that during this call, we'll be making certain forward-looking statements. Such statements, including our guidance and long-term financial targets are based on current expectations, forecasts and assumptions regarding the Company and its markets, which include risks and uncertainties that could cause actual results to differ materially from the statements discussed today.

These statements should be viewed in the context of the risk factors detailed in our most recent 10-Q filing as well as in our upcoming 10-Q, which is required to be filed with the SEC by September 11. We expect to file by that date. Ciena assumes no obligation to update the information discussed in this conference call whether as a result of new information, future events or otherwise.

As always, we will allow for as much Q&A as possible today so we ask that you limit yourself to one question and one follow-up. With that, I'll turn the call over to Gary.

Gary B. Smith

Thanks, Gregg, and good morning, everyone. Today we delivered outstanding third quarter results across the board and similar to last quarter, our performance in Q3 demonstrates that our strategy, focused on innovation leadership, diversification and global scale has enabled us to manage well through the challenges of the current environment. The Ciena team has been a key elements of our performance and businesses as we know are all about people.

Their focus, resilience, and drive to innovate and serve our customers is unrivaled in the industry. I remain incredibly proud of our global workforce and their collective efforts, including their continued volunteerism and charitable activities. Notwithstanding a strong quarterly performance and the resiliency of our business model, we are seeing negative effects of the pandemic and greater economic uncertainty weigh on our near-term outlook.

We believe that this is being driven by an impact on the velocity, and