ex992q419earningspresent

Forward-looking statements and non-GAAP measures Information in this presentation and related comments of presenters contain a number of forward-looking statements. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include Ciena’s long-term financial targets, prospective financial results, return of capital plans, business strategies, expectations about its addressable markets and market share, and business outlook for future periods, as well as statements regarding Ciena’s expectations, beliefs, intentions or strategies regarding the future. Often, these can be identified by forward-looking words such as “target” “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “plan,” “predict,” “potential,” “project, “continue,” and “would” or similar words. Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers and their business; our ability to execute our business and growth strategies; changes in network spending or network strategy by our customers; seasonality and the timing and size of customer orders, including our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; supply chain disruptions and the level of success relating to efforts to optimize Ciena's operations; changes in foreign currency exchange rates affecting revenue and operating expense; the impact of the Tax Cuts and Jobs Act; changes in tax or trade regulations, including the imposition of tariffs and duties; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena’s Annual Report on Form 10-K to be filed with the SEC and Ciena’s Quarterly Report on Form 10-Q filed with the SEC on September 11, 2019. All information, statements, and projections in this presentation and the related earnings call speak only as of the date of this presentation and related earnings call. Ciena assumes no obligation to update any forward-looking or other information included in this presentation or related earnings calls, whether as a result of new information, future events or otherwise. In addition, this presentation includes historical, and may include prospective, non-GAAP measures of Ciena’s gross margin, operating expense, operating profit, EBITDA, net income, and net income per share. These measures are not intended to be a substitute for financial information presented in accordance with GAAP. A reconciliation of non-GAAP measures used in this presentation to Ciena’s GAAP results for the relevant period can be found in the Appendix to this presentation. Additional information can also be found in our press release filed this morning and in our reports on Form 10-Q filed with the Securities and Exchange Commission. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 2

We are taking market share and We are forcing the pace of innovation Our balance sheet is strong outperforming the competition with the Adaptive Network ▪ Annual revenue growth significantly ▪ Free cash flow resulted in $351M or ▪ WaveLogic roadmap extends beyond greater than the market at 15% 75% of adjusted operating income 400G and with multiple form factors ▪ Adjusted EPS growth of over 50% ▪ Ended the year with over $1B in cash ▪ Adaptive IP capabilities for Packet ▪ Expect to have gained at least 3% of and investments Networking to address fiber global market share ▪ Significant return of capital to densification (5G & Fiber Deep) ▪ Top 10 customers include service shareholders with $150M used to ▪ Blue Planet Automation Software providers, cable and web-scale repurchase shares during the year portfolio and closed-loop automation spanning across three different regions ▪ Ratings agency upgrades from Moody’s capability strengthened with recent and S&P acquisition of Centina * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 4

FY 2019 financial highlights FY’19 FY’18 Revenue $3.57B $3.09B Adjusted Gross Margin* 43.7% 43.0% $1,092M $994M Adjusted Operating Expense* 30.6% / total revenue 32.1% / total revenue Adjusted Operating Margin* 13.1% 10.9% Adjusted EBITDA* $557M $421M Adjusted EPS* $2.11 $1.39 * A reconciliation of these non-GAAP measures to our GAAP results is included in the press release for the relative period. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 5

FY 2019 operating metrics FY’19 FY’18 Cash and Investments $1,024M $953M Cash Flow from Operations $413M $229M DSO 82 days 92 days Inventory Turns 5.0 5.7 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 6

Long-term financial targets score card Long-term target¹ FY’19 Actual Revenue 15.5% Adjusted Operating Margin 13.1%* Adjusted EPS >50%* Free cash flow 75% 1 Projections or outlook with respect to future operating results are only as of December 13, 2018, the date presented on the related earnings call. Actual results may differ materially from these forward-looking statements. Ciena assumes no obligation to update this information, whether as a result of new information, future events or otherwise. * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 7

Our extraordinary fiscal 2019 performance was driven by a combination of strategic execution and favorable dynamics Continued strategic execution ▪ Favorable competitive dynamics ▪ Customer trust in Ciena and strong relationships ▪ Subscale vendors struggled financially and with innovation ▪ Web-scale providers pursue quality products and a strong ▪ Competing products were late to roadmap market ▪ Service providers seek strong, ▪ Larger competitors faced long-term partners competing investment priorities ▪ Tier 1 service provider wins at a higher ▪ Web-scale spending has outpaced the rate ▪ Diversification as a result of broad overall market based geographies, market verticals and customers All the above resulted in intensified share gains Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 8

Market leadership #1 GLOBALLY #1 GLOBALLY #1 GLOBALLY #1 GLOBALLY • DATA CENTER INTERCONNECT • OPTICAL EQUIPMENT VENDOR • PURPOSE-BUILT/COMPACT • DATA CENTER INTERCONNECT • DATA CENTER INTERCONNECT LEADERSHIP SP SURVEY MODULAR DCI • DATA CENTER INTERCONNECT for ICPs • OPTICAL NETWORK HARDWARE • CLOUD & COLO MARKET for ICPs • PURPOSE-BUILT/COMPACT VENDOR SCORECARD • SLTE WDM MARKET • PURPOSE-BUILT/COMPACT MODULAR DCI • CARRIER ETHERNET ACCESS MODULAR DCI • SLTE WDM MARKET DEVICES • DATA CENTER INTERCONNECT #1 N. AMERICA • PURPOSE-BUILT/COMPACT • TOTAL OPTICAL NETWORKING #1 N. AMERICA #1 N. AMERICA MODULAR DCI • LH WDM • TOTAL OPTICAL NETWORKING • TOTAL OPTICAL NETWORKING • SLTE WDM MARKET • METRO WDM • PACKET OPTICAL • LH WDM • LH WDM • METRO WDM • METRO WDM #1 N. AMERICA #2 GLOBALLY • TOTAL OPTICAL NETWORKING • TOTAL OPTICAL NETWORKING #2 GLOBALLY • CARRIER ETHERNET ACCESS • LH WDM #2 GLOBALLY • TOTAL OPTICAL NETWORKING DEVICES • METRO WDM • TOTAL OPTICAL NETWORKING • LH WDM • LH WDM • NEXT-GEN OPTICAL • METRO WDM • METRO WDM • PACKET OPTICAL • LH WDM #2 GLOBALLY • TOTAL OPTICAL NETWORKING • LH WDM • METRO WDM Optical Networks Report, 3Q19 Optical Networks Report, 3Q19 Optical Hardware Report, 3Q19 Optical Networks Report, 3Q19 Data Center Interconnect Market Share DCI Market Tracker, September 2019 Optical Customer Markets Report, 3Q19 Report, 3Q19 Ethernet Access Devices Tracker, September 2019 Optical Hardware Applications Report, 3Q19 Optical Network HW Vendor Scorecard, June 2019 Optical Equipment Vendor Leadership Global Service Provider Survey January 2019 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 10

Several mega trends and the innovations that will enable them IoT & Cloud Data Center Connected Objects Fiber Deep (Cable/MSO) Mobility & 5G Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 11

Achieving balanced growth Driving the pace of innovation Delivering shareholder value ▪ Non-telco represented 39% of total ▪ TTM Adjusted R&D* investment was revenue $534M ▪ Direct web-scale contributed 20% of ▪ WaveLogic Ai has 146 total customers total revenue with 18 new wins in Q4 ▪ EMEA revenue up 24% YoY ▪ Waveserver has 155 customers with ▪ NA revenue up 21% YoY 13 new wins in Q4 * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 13

Q4 FY 2019 financial highlights Adjusted Operating Margin* * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 14

Q4 FY 2019 comparisons (year-over-year) Revenue Adj. Gross Margin* Adj. Operating Margin* (in millions) Q4 FY'18 Q4 FY'19 Q4 FY'18 Q4 FY'19 Q4 FY'18 Q4 FY'19 44.7% $968.0 43.8% 13.9% 13.3% $899.4 Adj. OpEx* Adj. EBITDA* Adj. EPS* (in millions) (in millions) Q4 FY'18 Q4 FY'19 Q4 FY'18 Q4 FY'19 Q4 FY'18 Q4 FY'19 $0.58 $295.3 $277.7 $151.6 $0.53 $145.8 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. 15

Revenue by segment (Amounts in millions) 44.7% 44.7% 43.9% 43.8% Q4 FY 2019 Q4 FY 2018 1,000.0 42.2% 45.0% 900.0 40.0% Revenue %** Revenue %** 800.0 Networking Platforms 35.0% 700.0 Converged Packet Optical $665.8 68.8 $646.4 71.9 30.0% Packet Networking 600.0 131.9 13.6 66.5 7.4 25.0% Total Networking Platforms 500.0 797.7 82.4 712.9 79.3 20.0% Platform Software and Services 41.2 4.3 56.6 6.3 400.0 16.2% 13.9% Blue Planet Automation Software and 12.7% 13.3% 15.0% 300.0 Services 16.6 1.7 10.7 1.2 9.6% 10.0% Global Services 200.0 Maintenance Support and Training 65.3 6.7 67.4 7.5 100.0 5.0% Installation and Deployment 36.5 3.8 39.3 4.4 0.0 0.0% Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Consulting and Network Design 10.7 1.1 12.5 1.3 Total Global Services Networking Platforms Platform Software and Services 112.5 11.6 119.2 13.2 BP Automation Software and Services Global Services Total Adj. Operating Margin* Adj. Gross Margin* $968.0 100.0% $899.4 100.0% * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. ** Denotes % of total revenue Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 16

Continued strength derived from non-telco revenue* Q4 FY 2019 Direct Webscale Cable Gov't, R&E & Enterprise 45% 40% 7% 35% 11.1% Direct Webscale 8% 7% 11.1% 30% 8% 8% Cable 25% 7% 19.8% 8.5% 9% 7% 20% Gov't, R&E, 8.5% Enterprise 15% 27% 10% 21% 19.8% 17% 19% 5% *represents 39.4% of total revenue in Q4 FY’19 0% Q4 FY'18 Q1 FY'19 Q2 FY'19 Q3 FY'19 Q4 FY'19 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 17

Revenue by geographic region Q4 FY 2019 North America EMEA CALA APAC $1,000.0 10.3% $900.0 14% 4.4% $800.0 19% 16% 4% 4.4% North America 15.8% 10.3% $700.0 6% 17% 5% 18% 4% 13% Europe, Middle East $600.0 14% 15.8% and Africa 17% Caribbean and Latin $500.0 America 69.5% millions) (In $400.0 Asia Pacific 69.5% $300.0 64% 62% 67% 62% $200.0 $100.0 $- Q4 FY'18 Q1 FY'19 Q2 FY'19 Q3 FY'19 Q4 FY'19 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 18

Returning value to shareholders through strong capital allocation priorities Adj. R&D* R&D % Rev $50.0 $600 17.0% $45.0 $40.0 16.5% $500 $35.0 16.0% $400 $30.0 15.5% $25.0 $300 15.0% $20.0 $200 $15.0 14.5% $10.0 $100 14.0% $5.0 $0 13.5% $0.0 FY'15 FY'16 FY'17 FY'18 FY'19 Q4 FY'18 Q1 FY'19 Q2 FY'19 Q3 FY'19 Q4 FY'19 * A reconciliation of these non-GAAP measures to our GAAP results is included in the appendix to this presentation. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 20

Delivering profitability and total shareholder return Adjusted EPS 1YR Stock Return* 31.4% CAGR 80.0% $2.11 60.0% 40.0% $1.39 $1.14 20.0% $0.93 0.0% -20.0% -40.0% FY'16 FY'17 FY'18 FY'19 Ciena Acacia Cisco Infinera ADVA Juniper Nokia ADTRAN Source: company disclosures and S&P Capital IQ *1 year represents 11/1/18-10/31/19 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 21

Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 GAAP gross profit $419,696 $424,352 $374,677 $323,341 $398,075 Share-based compensation-products 748 781 702 637 705 Share-based compensation-services 715 783 907 770 651 Amortization of intangible assets 3,303 3,303 3,303 3,418 2,957 Total adjustments related to gross profit 4,766 4,867 4,912 4,825 4,313 Adjusted (non-GAAP) gross profit $424,462 $429,219 $379,589 $328,166 $402,388 Adjusted (non-GAAP) gross margin 43.8% 44.7% 43.9% 42.2% 44.7% Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 23

Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 GAAP operating expense $326,494 $299,051 $294,357 $275,398 $302,205 Share-based compensation-research and development 3,287 3,560 4,083 3,391 3,385 Share-based compensation-sales and marketing 4,151 4,192 4,346 3,785 3,741 Share-based compensation-general and administrative 6,425 5,813 5,491 5,112 5,588 Amortization of intangible assets 5,222 5,529 5,529 5,528 4,654 Significant asset impairments and restructuring costs 12,842 5,355 4,068 2,273 1,460 Acquisition and integration costs, excluding share-based compensation (735) 1,362 1,135 1,608 3,778 Legal settlement - - - 137 1,929 Total adjustments related to operating expense $31,192 25,811 $24,652 $21,834 $24,535 Adjusted (non-GAAP) operating expense $295,302 $273,240 $269,705 $253,564 $277,670 Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 GAAP income from operations $93,202 $125,301 $80,320 $47,943 $95,870 Total adjustments related to gross profit 4,766 4,867 4,912 4,825 4,313 Total adjustments related to operating expense 31,192 25,811 24,652 21,834 24,535 Total adjustments related to income from operations 35,958 30,678 29,564 26,659 28,848 Adjusted (non-GAAP) income from operations $129,160 $155,979 $109,884 $74,602 $124,718 Adjusted (non-GAAP) operating margin 13.3% 16.2% 12.7% 9.6% 13.9% Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 24

Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 GAAP net income $80,331 $86,749 $52,738 $33,616 $63,977 Exclude GAAP provision (benefit) for income taxes 2,552 30,198 17,867 9,139 (10,224) Income before income taxes 82,883 116,947 70,605 42,755 53,753 Total adjustments related to income from operations 35,958 30,678 29,564 26,659 28,848 Loss on extinguishment and modification of debt - - - - 13,887 Non-cash interest expense - - - - 727 Change in fair value of debt conversion liability - - - - 12,070 Adjusted income before income taxes 118,841 147,625 100,169 69,414 109,285 Non-GAAP tax provision on adjusted income before income taxes 28,403 35,282 23,940 16,590 28,272 Adjusted (non-GAAP) net income $90,438 $112,343 $76,229 $52,824 $81,013 Weighted average basic common shares outstanding 154,852 155,488 156,170 156,314 143,659 Weighted average dilutive potential common shares outstanding1 156,612 157,455 158,289 158,174 157,745 Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 GAAP diluted net income per common share $ 0.51 $ 0.55 $ 0.33 $ 0.21 $ 0.34 Adjusted (Non-GAAP) diluted net income per common share $ 0.58 $ 0.71 $ 0.48 $ 0.33 $ 0.53 • 1. Weighted average dilutive potential common shares outstanding used in calculating adjusted (non-GAAP) diluted net income per common share for the fourth quarter of fiscal 2019 includes 1.8 million shares underlying certain stock options and stock unit awards. Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 25

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q4 FY 2019 Q3 FY 2019 Q2 FY 2019 Q1 FY 2019 Q4 FY 2018 Net income (GAAP) $ 80,331 $ 86,749 $ 52,738 $ 33,616 $ 63,977 Add: Interest expense 9,136 9,404 9,471 9,441 14,873 Less: Interest and other income (loss), net (1,183) 1,050 (244) 4,253 (13,357) Add: Loss on extinguishment and modification of debt - - - - (13,887) Add: Provision (benefit) for income taxes 2,552 30,198 17,867 9,139 (10,224) Add: Depreciation of equipment, building, furniture and fixtures, and amortization 22,505 22,076 21,482 21,513 21,110 of leasehold improvements Add: Amortization of intangible assets 8,525 8,832 8,832 8,947 7,611 EBITDA $ 124,232 $ 156,209 $ 110,634 $ 78,403 $ 124,591 Add: Shared-based compensation cost 15,290 15,084 15,607 13,755 14,076 Add: Significant asset impairments and restructuring costs 12,842 5,355 4,068 2,273 1,460 Add: Acquisition and integration costs (735) 1,362 1,135 1,608 3,778 Add: Legal settlement - - - 137 1,929 Adjusted EBITDA $ 151,629 $ 178,010 $ 131,444 $ 96,176 $ 145,834 Copyright © Ciena Corporation 2019. All rights reserved. Confidential & Proprietary. 26