📊 Turnover & growth
- Total turnover1.219 billion USD (+29% YoY)
- → Strong growth, primarily driven by cloud providers (+94 % YoY) and international markets (EMEA +38 %, APAC +24 %).
- Segment mix:
- Optical NetworkingUSD 815.5 million (66.9% of sales)
- Routing & SwitchingUSD 125.9 million (10.3 %)
- Software & ServicesUSD 90.0 million (7.4 %)
- Global ServicesUSD 160.2 million (13.1 %)
💰 Profitability (non-GAAP)
Key figureQ3 FY25Q3 FY24Meaning
Gross margin
41,9 %
43,7 %
Slight decline, presumably due to product mix (more hardware, less high-margin software).
Operating costs
USD 380.2 million
USD 336.0 million
+13 %, partly due to higher sales and development expenses.
Operating margin
10,7 %
8,0 %
Significant improvement thanks to jump in sales and efficiency.
EBITDA
USD 158.0 million
USD 98.5 million
+60 %, shows strong operating leverage.
EPS
USD 0.67
0.35 USD
Almost doubled - reflects higher profits and share buybacks
💵 Cash flow & balance sheet
- Operating cash flowUSD +174 million (previous year: USD -159 million)
- Free cash flow: USD +135 million (previous year: USD -179 million) → significant improvement due to higher profitability and better working capital.
- DSO (days sales outstanding): 88 days (previous year: 100) → Customers pay faster.
- Inventory turns: 2.7 (previous year: 1.8) → Inventory turnover accelerates, capital commitment decreases.
- Net debtUSD 204 million (previous year: USD 401 million) → Debt almost halved.
- Gross leverage: 2.81x (previous year: 3.08x) → lower risk.
📌 Interpretation
- Strong sales growth with simultaneous improved operating efficiency.
- Margin pressure at gross level due to product mix, but operating margin increases thanks to economies of scale.
- Cash flow turnaroundfrom negative to strongly positive - an important indicator of financial health.
- Balance sheet strengthened: less debt, faster inventory turnover, shorter payment terms.
- Shareholder return: buyback of ~1m shares for USD 81.8m.
*summarized with AI
Source