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OPERATING SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
OPERATING SEGMENT INFORMATION |
Schedule of segment reporting information | ​ The tables below present significant segment expenses regularly reviewed by the CODM for the three and nine months ended September 30, 2025 and 2024 (in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended | ​
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Segment revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud and Edge |  | $ | 124,438 |  | $ | 128,078 |  | $ | 369,077 |  | $ | 340,302 |
IP Optical Networks |  | ​ | 90,933 |  | ​ | 82,160 |  | ​ | 248,156 |  | ​ | 242,220 |
Revenue |  | $ | 215,371 |  | $ | 210,238 |  | $ | 617,233 |  | $ | 582,522 |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended | ​
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Segment adjusted gross profit: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud and Edge |  | $ | 77,387 |  | $ | 86,661 |  | $ | 229,537 |  | $ | 226,726 |
IP Optical Networks |  | ​ | 35,805 |  | ​ | 29,634 |  | ​ | 86,580 |  | ​ | 93,390 |
Total segment adjusted gross profit |  | ​ | 113,192 |  | ​ | 116,295 |  | ​ | 316,117 |  | ​ | 320,116 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment adjusted gross profit to gross profit and loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation expense | ​ | ​ | (169) | ​ | ​ | (355) | ​ | ​ | (752) | ​ | ​ | (1,271) | ​
Amortization of acquired technology |  | ​ | (5,057) |  | ​ | (6,323) |  | ​ | (15,722) |  | ​ | (19,406) |
Gross profit |  | ​ | 107,966 |  | ​ | 109,617 |  | ​ | 299,643 |  | ​ | 299,439 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | ​ | 45,894 | ​ | ​ | 45,645 | ​ | ​ | 134,158 | ​ | ​ | 134,897 | ​
Sales and marketing expense | ​ | ​ | 33,063 | ​ | ​ | 33,060 | ​ | ​ | 97,387 | ​ | ​ | 100,760 | ​
General and administrative expense | ​ | ​ | 16,368 | ​ | ​ | 21,588 | ​ | ​ | 48,126 | ​ | ​ | 51,680 | ​
Amortization of acquired intangible assets | ​ | ​ | 5,933 | ​ | ​ | 6,457 | ​ | ​ | 18,063 | ​ | ​ | 19,671 | ​
Acquisition-, disposal- and integration-related expense | ​ | ​ | 439 | ​ | ​ | — | ​ | ​ | 4,337 | ​ | ​ | — | ​
Restructuring and related expense | ​ | ​ | 3,506 | ​ | ​ | 3,794 | ​ | ​ | 10,193 | ​ | ​ | 8,779 | ​
Interest expense, net | ​ | ​ | 11,606 | ​ | ​ | 11,952 | ​ | ​ | 33,083 | ​ | ​ | 21,818 | ​
Other expense (income), net | ​ | ​ | 134 | ​ | ​ | (1,056) | ​ | ​ | (836) | ​ | ​ | 15,960 | ​
Loss before income taxes | ​ | $ | (8,977) | ​ | $ | (11,823) | ​ | $ | (44,868) | ​ | $ | (54,126) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended | ​
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Segment depreciation expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud and Edge |  | $ | 2,399 |  | $ | 2,324 |  | $ | 7,151 |  | $ | 6,981 |
IP Optical Networks |  | ​ | 2,026 |  | ​ | 1,037 |  | ​ | 5,031 |  | ​ | 3,150 |
Depreciation expense |  | $ | 4,425 |  | $ | 3,361 |  | $ | 12,182 |  | $ | 10,131 |
​

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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