Executive Summary (QQ3 2024): Ciena posted revenue of $942.31 million for the quarter, a 9.19% year-over-year decline but a 3.46% sequential rise, signaling a stabilization in demand after a sharper prior-year trough. Gross profit totaled $373.78 million with a gross margin of 39.67%, marking a YoY margin contraction versus the implied 42.9% in the prior year but a modest QoQ improvement from earlier quarters. Operating income reached $28.10 million, delivering an operating margin of 2.98%, while net income was $14.23 million and diluted EPS stood at $0.098. EBITDA was $73.69 million with an EBITDA margin of 7.82%. The quarter reflects ongoing investment in R&D and SG&A alongside a more favorable mix of higher-margin software and services versus hardware-only sales, yet profitability remains constrained by ongoing cost and competitive dynamics. Free cash flow was negative at approximately $(178.98) million, and net cash from operating activities was $(159.38) million, underscoring working-capital headwinds despite a robust cash balance of about $883.5 million. On the balance sheet, total assets are $5.58 billion with total liabilities of $2.68 billion and shareholders’ equity of $2.89 billion. Notably, long-term debt stands at $1.566 billion with total debt at $1.597 billion, yielding a net debt position of about $713 million. The company maintains solid liquidity (cash ratio ~1.02) but faces negative free cash flow dynamics in the near term. Management commentary (where available) and industry context suggest a continued focus on software and services expansion to improve margins, while market cyclicality in communications infrastructure capex remains a key risk factor for near-term revenue stability.