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recently reported its third quarter earnings. Shares of the company are up 7 percent.
Below are some key highlights from its conference call.
• In addition to these direct sales, the Webscale community buys enormous amounts of network capacity from Ciena's service provider and submarine customers around the world.
• In 2014, international revenues were up 12% versus 2013. And over the course of the year, we developed and significantly expanded our relationship with the largest MSO outside North America, Liberty Global.
• Our revenue was $2.3 billion, a 10% increase over 2013.
• Fiscal 2014 was another demonstration of our ability to consistently raise the bar on our performance.
• Our adjusted gross margin for the year came in at 42.1%, roughly flat with 2013 and in line with our expectations.
• We remain committed to controlling the things that are within our control and our adjusted operating expense for 2014 reflects that commitment.
• OpEx for the year was $816 million below the target we set and communicated to you at the beginning of the year.
• As a result of this performance, we saw increased operating leverage in our business in 2014 with adjusted operating margin coming in at 6.5% for the year.
• Our adjusted operating profit for the year was $148 million, an increase of 28% over 2013.
• We ended the year with $777 million in cash and investments that includes the proceeds from the term loan facility we closed last summer.
• During 2014, our business generated $45 million in cash excluding the proceeds from the term loan.
• Adjusted gross margin in Q4 was 38% at the lower end of our guidance range.
• In 2014 our two largest customers on a combined basis represented 26% of revenue, down from 29% in 2013.
• Looking at our fiscal first quarter, we expect revenue in the range of $540 million to $570 million reflecting the normal seasonal reductions.
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