Ciena Corp Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Samik Chatterjee - JPMorgan Chase & Co, Research Division - Analyst : I guess I wanted to start with Jim, I know you mentioned some headwinds to cash conversion, I think, next year, if I heard you right. But as you return to a more normal level of growth post fiscal '22, I think you'll be generating about $400 million, $500 million of cash. Why shouldn't -- I mean given the needs for deployment of cash that you have, I don't see any major M&A requirements that you had done unless you're thinking of any -- why shouldn't we be thinking that the share repurchases can be or the cash shareholder returns can be as much as 100% of free cash flow with the strong balance sheet that you highlighted? And I have a follow-up, please.

Question: Samik Chatterjee - JPMorgan Chase & Co, Research Division - Analyst : Got it. And for my follow-up, just going back again to the long-term guide beyond FY '22, the 6% to 8%, that's a rough largely similar to what you had pre-pandemic for your long-term guide as well. But if you can share any thoughts about how similar or dissimilar is that in composition to how you thought about it pre-pandemic. Is there more growth coming out of telcos? Or is there maybe less share gain in certain verticals, just how to think about how similar or dissimilar is to pre-pandemic levels?