Gary. Thanks
In your accordingly. this detail will addition our tax, capital to two long-term On tax-related thinking include the measures strategic about and earlier how available and of that today our some matters profitability we're have allocation. models to adjust require impact recorded we matters quarter commentary you drivers and targets, important on
valuation resulted fiscal in of DTAs short, a billion income our in reversal the statement, on of EPS tax on this benefit allowance adjusted one-time or First, our our tax We've QX out increasing our for $X.X income non-GAAP and XXXX. impact deferred net our QX results. QX and GAAP assets, for substantially
the the not It's tax future these of due against for we'll a provision asset Going reversal indication note these of we GAAP be tax assets. in this strong expect to and about do pay forward, are income. taxes, to taking that these a in you view be foreseeable provision should GAAP we approximately taxes also forward accordance offset XX% to deferred size the important to XX% future U.S. making for full and Because cash to valuable a DTAs as will net positive a of our allowance their utilization our with tax while GAAP, and taxes, profitability. sentiment ability Ciena's valuation of
that XXXX hitting further today of affect to then our to to XX% will Second, have in flows, actual it before. of This to will which result SEC the XXXX. XX% Board the program cash use Directors In inflection million to an end our a bonds fiscal cash stock of up a accordance authorized though in and income of basis at in calculate This cash significantly result against our the provisions announced Therefore, to the change, shareholders are associated non-GAAP settle fiscal of a addition our provision sign we how repurchase seen income. million changing not before of through taxes on to our capital our is $XXX will with for a guidance, point, we $XXX payments provision of tax. higher non-GAAP in intend our return tax income or company XXXX. non-GAAP we full shares common for of end convertible tax tax in you we it net
are Our or is more and cash approximately generation. for a million our current less depending reflection thinking confidence steps price in long-term our strong and be of strategy of stock balance a fiscal repurchase flow $XXX sheet and We strong XXXX, growth these our could believe it the other factors. continued on but
for balance sheet retain to still of leverage we our healthy and maintain level. it percentage think balance about on allocation, will business important As we our a believe broadly a meaningful and we capital capital is sheet the
incorporate However, capital and we driving to provide and over shareholder value target line QX revenue as are the reported operating within today guidance that intend range, adjusted in strategic to toward the we of committed margin With margin. expense with Overall, I'll strong return with detail our operational our the we our gross long-term comment adjusted overall operating on outlook. of of to part on briefly quarter flow, our plans. strong results plan the a delivered we and our high-end range, shareholders and fourth order strong
wins revenue. $XXX deliver million, revenue we we remind in $XXX Looking margin On in several gross to ahead, you coming range the that for to have the fiscal range million. mid-XXs new expense specifically, to XXXX, and first $XXX to margin low of gross of are approximately quarter operating I'll that expect
stages startup deployments margins. correspondingly we've of As earlier and often high lower the carry said, require costs
quarters around the market We share world. for target expect new next to continue through dynamic footprint to we as opportunities aggressively of continue couple the this
before, performance and individual vary said quarter-to-quarter. we've financial metrics As may from overall our financial
said, delivered continue and financial example, the to for the value. annually respect Gary we topline profitability managing growth, for and we we as to with to have do expect When future. However, performance business cash long-term viewed in are so consistent
we remarks available our financial fact, In that in set longer-term illustrate our earlier targets a our future. in of offered today, reported confidence
remains revenue to market. of continue the than an an years. current growth, annual our still long-term XX% a market we faster of Specifically, have at we over revenue adjusted basis X% as Also, overall expect and indicated, X% average Based the achievable our we expect previously estimates three on we on target important grow next goal. on operating and to that margin growing annualized achieving to approximately our
to XX% our free expect three approximately to grow approximately over adjusted three confidence years earnings and pleased annual to we're the the next very we XX% longer-term our year at growth an maturity provide how and average strength into years. adjusted income achieve and the and flow closing, our business over transparency expect be and to share each cash We per gives take questions. generation In several to we'll of that plan to our of XX% them Caron, XX% operating years. with we per the also goals next over of of next prospects now the us
