0001043604-20-000066.txt : 20200728 0001043604-20-000066.hdr.sgml : 20200728 20200728162152 ACCESSION NUMBER: 0001043604-20-000066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20200728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200728 DATE AS OF CHANGE: 20200728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JUNIPER NETWORKS INC CENTRAL INDEX KEY: 0001043604 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576] IRS NUMBER: 770422528 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34501 FILM NUMBER: 201054118 BUSINESS ADDRESS: STREET 1: 1133 INNOVATION WAY CITY: SUNNYVALE STATE: CA ZIP: 94089 BUSINESS PHONE: 4087452000 MAIL ADDRESS: STREET 1: 1133 INNOVATION WAY CITY: SUNNYVALE STATE: CA ZIP: 94089 8-K 1 a8-k20200630.htm 8-K Document
false0001043604 0001043604 2020-07-28 2020-07-28
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) July 28, 2020
 
JUNIPER NETWORKS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-34501
 
77-0422528
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
1133 Innovation Way
 

Sunnyvale,
California
 
94089
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code (408) 745-2000
Not Applicable
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.00001 per share
JNPR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 


Item 2.02 Results of Operations and Financial Condition.
On July 28, 2020, Juniper Networks, Inc. (“we”, “our” or the “Company”) issued a press release in which we announced preliminary financial results for the quarter ended June 30, 2020. The Company also posted on the Investor Relations section of its website (www.juniper.net) prepared remarks with respect to the quarter ended June 30, 2020. Copies of the press release and prepared remarks by the Company are furnished as Exhibits 99.1 and 99.2, respectively, to this report. Information on our website is not, and will not be deemed, a part of this report or incorporated into any other filings the Company makes with the Securities and Exchange Commission.

The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No.
 
Description
99.1
 
 
 
99.2
 
 
 
 
104
 
Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                                                                                
 
Juniper Networks, Inc.
 
 
 
 
July 28, 2020
 
By:
/s/ Brian M. Martin
 
 
Name:
Brian M. Martin
 
 
Title:
Senior Vice President and General Counsel

 EX-99.1 2 jnpr-20200630ex991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

Investor Relations:
Jess Lubert
Juniper Networks
(408) 936-3734
jlubert@juniper.net


Media Relations:
Leslie Moore
Juniper Networks
(408) 936-5767
llmoore@juniper.net

 
JUNIPER NETWORKS REPORTS PRELIMINARY SECOND QUARTER 2020 FINANCIAL RESULTS


SUNNYVALE, Calif., July 28, 2020 - Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended June 30, 2020 and provided its outlook for the three months ending September 30, 2020.

Second Quarter 2020 Financial Performance
Net revenues were $1,086.3 million, a decrease of 1% year-over-year, and an increase of 9% sequentially.
GAAP operating margin was 8.3%, an increase from 7.5% in the second quarter of 2019, and an increase from 3.9% in the first quarter of 2020.
Non-GAAP operating margin was 14.3%, a decrease from 15.9% in the second quarter of 2019, and an increase from 10.2% in the first quarter of 2020.
GAAP net income was $61.2 million, an increase of 32% year-over-year, and an increase of 200% sequentially, resulting in diluted earnings per share of $0.18.
Non-GAAP net income was $116.3 million, a decrease of 17% year-over-year, and an increase of 51% sequentially, resulting in non-GAAP diluted earnings per share of $0.35.

“We experienced solid demand during the June quarter, as our combination of technological differentiation and go- to-market execution drove a second consecutive quarter of positive order growth,” said Juniper’s CEO, Rami Rahim. “While the global macro environment remains uncertain, the strategic importance of the global network has never been clearer and we remain confident regarding the long-term outlook for our business.”     

“We delivered better than expected results during the June quarter, with both revenue and non-GAAP earnings per share exceeding the mid-point of our guidance,” said Juniper’s CFO, Ken Miller. “We are entering Q3 with healthy backlog and are optimistic regarding our ability to navigate COVID-19 related supply chain challenges and deliver improved profitability during the upcoming quarter.”

Page 1 of 11



Balance Sheet and Other Financial Results
Total cash, cash equivalents, and investments as of June 30, 2020 were $2,570.3 million, compared to $2,875.0 million as of June 30, 2019, and $2,529.9 million as of March 31, 2020.
Net cash flows provided by operations for the second quarter of 2020 was $97.6 million, compared to $88.8 million in the second quarter of 2019, and $272.2 million in the first quarter of 2020.
Days sales outstanding in accounts receivable was 63 days in the second quarter of 2020, compared to 54 days in the second quarter of 2019, and 61 days in the first quarter of 2020.
Capital expenditures were $22.0 million, and depreciation and amortization expense was $51.0 million during the second quarter of 2020.

Outlook
These metrics are provided on a non-GAAP basis, except for revenue and share count. Non-GAAP earnings per share is on a fully diluted basis. The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.

At the mid-point of our Q3 guidance we expect to see sequential revenue and earnings growth. Confidence in our forecast is driven by strong backlog and strength within our Service Provider and Cloud verticals. We believe these factors should help offset continued uncertainty in parts of the Enterprise market.

We expect to see sequential volume-driven improvements in non-GAAP gross margin and a more favorable customer mix during the September quarter. We expect logistics and other supply chain-related costs to remain elevated, consistent with Q2 levels, due to the effects of the ongoing pandemic.

We expect third quarter non-GAAP operating expense to be essentially flat compared to Q2, as we continue to benefit from lower travel costs due to COVID-19. We will remain focused on prudent cost management while continuing to invest to capture future opportunities.

Our Board of Directors has declared a cash dividend of $0.20 per share to be paid on September 22, 2020 to shareholders of record as of the close of business on September 1, 2020. We remain committed to paying our dividend and will remain opportunistic with respect to share buybacks.

Our guidance for the quarter ending September 30, 2020 is as follows:
•Revenue will be approximately $1,125 million, plus or minus $50 million.
•Non-GAAP gross margin will be approximately 59.5%, plus or minus 1.0%.
•Non-GAAP operating expenses will be approximately $478 million, plus or minus $5 million.
•Non-GAAP operating margin will be approximately 17% at the mid-point of revenue guidance.
•Non-GAAP tax rate will be approximately 19.5%.
•Non-GAAP net income per share will be approximately $0.43, plus or minus $0.05. This assumes a
share count of approximately 334 million.
All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition and strategic investment related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, gain or loss on equity investments, loss on extinguishment of debt, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of further changes to tariffs and the impact of any future acquisitions, divestitures, or joint ventures that may occur in the period. Juniper is unable to provide a reconciliation

Page 2 of 11


of non-GAAP guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. For example, share-based compensation expense is impacted by the Company’s future hiring needs, the type and volume of equity awards necessary for such future hiring, and the price at which the Company’s stock will trade in those future periods. Amortization of intangible assets is significantly impacted by the timing and size of any future acquisitions. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically and may continue to vary significantly from quarter to quarter.

Second Quarter 2020 Financial Commentary Available Online
A CFO Commentary reviewing the Company’s second quarter 2020 financial results, as well as the third quarter 2020 financial outlook will be furnished to the SEC on Form 8-K and published on the Company’s website at http://investor.juniper.net. Analysts and investors are encouraged to review this commentary prior to participating in the conference call webcast.

Conference Call Webcast
Juniper Networks will host a conference call webcast today, July 28, 2020, at 2:00 pm PT, to be broadcast live over the Internet at http://investor.juniper.net. To participate via telephone in the US, the toll-free number is 1-877-407-8033. Outside the US, dial +1-201-689-8033. Please call 10 minutes prior to the scheduled conference call time. The webcast replay will be archived on the Juniper Networks website.

About Juniper Networks
Juniper Networks challenges the inherent complexity that comes with networking in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net).
Investors and others should note that the Company announces material financial and operational information to its investors using its Investor Relations website, press releases, SEC filings and public conference calls and webcasts. The Company also intends to use the Twitter account @JuniperNetworks and the Company’s blogs as a means of disclosing information about the Company and for complying with its disclosure obligations under Regulation FD. The social media channels that the Company intends to use as a means of disclosing information described above may be updated from time to time as listed on the Company’s Investor Relations website.

Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Safe Harbor
Statements in this release concerning Juniper Networks’ business, economic and market outlook, including currency exchange rates; our financial guidance; and the expected impact of COVID-19 on these measures; our expectations regarding our liquidity, capital return program and operating expenses; and our overall future prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: the duration, extent and impact of the COVID-19 pandemic; general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending by our customers, including Cloud providers, Service Providers and Enterprises;

Page 3 of 11


the network capacity requirements of our customers and, in particular, Cloud and telecommunication service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; manufacturing, supply chain and logistics costs, constraints, changes or disruptions; availability and pricing of key product components; delays in scheduled product availability; adoption of or changes to laws regulations, standards or policies affecting Juniper Networks' operations, products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations and judicial or administrative interpretation of tax regulations; legal settlements and resolutions; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the impact of import tariffs, depending on their scope and how they are implemented; the upcoming presidential election, and other factors listed in Juniper Networks’ most recent report on Form 10-Q or 10-K filed with the Securities and Exchange Commission. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. We cannot at this time predict the extent of the impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Note that our estimates as to tax rate on our business are based on current tax law and regulations, including current interpretations thereof, and could be materially affected by changing interpretations as well as additional legislation and guidance. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release. We have not filed our Form 10-Q for the quarter ended June 30, 2020. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.

Use of Non-GAAP Financial Information
Juniper Networks believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. For further information regarding why Juniper Networks believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Discussion of Non-GAAP Financial Measures" section of this press release. The following tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net.

Page 4 of 11


Juniper Networks, Inc.
Preliminary Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
(unaudited)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net revenues:
 
 
 
 
 
 
 
Product
$
692.3

 
$
713.9

 
$
1,301.1

 
$
1,332.6

Service
394.0

 
388.6

 
783.2

 
771.6

Total net revenues
1,086.3

 
1,102.5

 
2,084.3

 
2,104.2

Cost of revenues:
 
 
 
 
 
 
 
Product
321.7

 
314.3

 
590.7

 
584.3

Service
145.0

 
151.4

 
294.7

 
300.8

Total cost of revenues
466.7

 
465.7

 
885.4

 
885.1

Gross margin
619.6

 
636.8

 
1,198.9

 
1,219.1

Operating expenses:
 
 
 
 
 
 
 
Research and development
241.0

 
244.0

 
473.5

 
471.6

Sales and marketing
224.2

 
229.0

 
463.4

 
457.5

General and administrative
59.1

 
60.0

 
118.4

 
128.2

Restructuring charges
4.8

 
21.4

 
13.7

 
36.7

Total operating expenses
529.1

 
554.4

 
1,069.0

 
1,094.0

Operating income
90.5

 
82.4

 
129.9

 
125.1

Other expense, net
(4.4
)
 
(4.6
)
 
(15.5
)
 
(2.8
)
Income before income taxes
86.1

 
77.8

 
114.4

 
122.3

Income tax provision
24.9

 
31.6

 
32.8

 
45.0

Net income
$
61.2

 
$
46.2

 
$
81.6

 
$
77.3

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
0.18

 
$
0.13

 
$
0.25

 
$
0.22

Diluted
$
0.18

 
$
0.13

 
$
0.24

 
$
0.22

Weighted-average shares used to compute net income per share:
 
 
 
 
 
 
 
Basic
331.0

 
346.3

 
330.9

 
347.2

Diluted
333.1

 
349.1

 
334.7

 
351.7

 

Page 5 of 11


Juniper Networks, Inc.
Preliminary Net Revenues by Product and Service
(in millions)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Routing
$
403.2

 
$
416.9

 
$
717.7

 
$
791.6

Switching
208.8

 
215.6

 
428.6

 
392.0

Security
80.3

 
81.4

 
154.8

 
149.0

Total Product
692.3

 
713.9

 
1,301.1

 
1,332.6

Total Service
394.0

 
388.6

 
783.2

 
771.6

Total
$
1,086.3

 
$
1,102.5

 
$
2,084.3

 
$
2,104.2




Juniper Networks, Inc.
Preliminary Net Revenues by Vertical
(in millions)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Cloud
$
285.5

 
$
285.0

 
$
547.4

 
$
508.2

Service Provider
436.2

 
447.2

 
811.7

 
882.8

Enterprise
364.6

 
370.3

 
725.2

 
713.2

Total
$
1,086.3

 
$
1,102.5

 
$
2,084.3

 
$
2,104.2




Juniper Networks, Inc.
Preliminary Net Revenues by Geographic Region
(in millions)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Americas
$
608.8

 
$
648.8

 
$
1,188.3

 
$
1,192.4

Europe, Middle East, and Africa
294.1

 
291.9

 
549.1

 
578.1

Asia Pacific
183.4

 
161.8

 
346.9

 
333.7

Total
$
1,086.3

 
$
1,102.5

 
$
2,084.3

 
$
2,104.2




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Juniper Networks, Inc.
Preliminary Reconciliations between GAAP and non-GAAP Financial Measures
(in millions, except percentages and per share amounts)
(unaudited)

 
 
Three Months Ended
 
 
June 30, 2020
 
March 31, 2020
 
March 31, 2020
 
June 30, 2019
 
June 30, 2019
 
 
 
 
(As Previously Presented)
 
(As Adjusted)
 
(As Previously Presented)
 
(As Adjusted)
GAAP operating income
 
$
90.5

 
$
39.4

 
$
39.4

 
$
82.4

 
$
82.4

GAAP operating margin
 
8.3
%
 
3.9
%
 
3.9
%
 
7.5
%
 
7.5
%
Share-based compensation expense
C
44.0

 
42.0

 
42.0

 
55.7

 
55.7

Share-based payroll tax expense
C
0.6

 
4.0

 
4.0

 
0.7

 
0.7

Amortization of purchased intangible assets
A
9.4

 
9.9

 
9.9

 
9.9

 
9.9

Restructuring charges
B
4.8

 
8.9

 
8.9

 
21.4

 
21.4

Acquisition and strategic investment related charges
A
2.1

 
1.3

 
1.3

 
4.3

 
4.3

Gain (loss) on non-qualified deferred compensation plan ("NQDC")
B
3.8

 
—

 
(3.7
)
 
—

 
0.9

Non-GAAP operating income
 
$
155.2

 
$
105.5

 
$
101.8

 
$
174.4

 
$
175.3

Non-GAAP operating margin
 
14.3
%
 
10.6
%
 
10.2
%
 
15.8
%
 
15.9
%
 
 
 
 
 
 
 
 
 
 
 
GAAP net income
 
$
61.2

 
$
20.4

 
$
20.4

 
$
46.2

 
$
46.2

Share-based compensation expense
C
44.0

 
42.0

 
42.0

 
55.7

 
55.7

Share-based payroll tax expense
C
0.6

 
4.0

 
4.0

 
0.7

 
0.7

Amortization of purchased intangible assets
A
9.4

 
9.9

 
9.9

 
9.9

 
9.9

Restructuring charges
B
4.8

 
8.9

 
8.9

 
21.4

 
21.4

Acquisition and strategic investment related charges
A
2.1

 
1.3

 
1.3

 
4.3

 
4.3

Loss (gain) on equity investments
B
(2.5
)
 
1.5

 
1.5

 
3.5

 
3.5

Income tax effect of non-GAAP exclusions
B
(3.3
)
 
(10.8
)
 
(10.8
)
 
(2.2
)
 
(2.2
)
Non-GAAP net income
 
$
116.3

 
$
77.2

 
$
77.2

 
$
139.5

 
$
139.5

 
 
 
 
 
 
 
 
 
 
 
GAAP diluted net income per share
 
$
0.18

 
$
0.06

 
$
0.06

 
$
0.13

 
$
0.13

Non-GAAP diluted net income per share
D
$
0.35

 
$
0.23

 
$
0.23

 
$
0.40

 
$
0.40

Shares used in computing diluted net income per share
 
333.1

 
335.1

 
335.1

 
349.1

 
349.1



Page 7 of 11


Discussion of Non-GAAP Financial Measures
This press release, including the tables above, includes the following non-GAAP financial measures derived from our Preliminary Consolidated Statements of Operations: operating income; operating margin; net income; and diluted net income per share. These measures are not presented in accordance with, nor are they a substitute for GAAP. In addition, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. The non-GAAP financial measures used in the table above should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, certain of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future.
We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures presented above to be helpful in assessing the performance of the continuing operation of our business. By continuing operation, we mean the ongoing revenue and expenses of the business, excluding certain items that render comparisons with prior periods or analysis of on-going operating trends more difficult, such as expenses not directly related to the actual cash costs of development, sale, delivery or support of our products and services, or expenses that are reflected in periods unrelated to when the actual amounts were incurred or paid. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. In addition, we have historically reported non-GAAP results to the investment community and believe that continuing to provide non-GAAP measures provides investors with a tool for comparing results over time. In assessing the overall health of our business for the periods covered by the table above and, in particular, in evaluating the financial line items presented in the table above, we have excluded items in the following three general categories, each of which are described below: Acquisition and Strategic Investment Related Charges, Other Items, and Share-Based Compensation Related Items. We also provide additional detail below regarding the shares used to calculate our non-GAAP net income per share. Notes identified for line items in the table above correspond to the appropriate note description below. With respect to the items excluded from our forward-looking non-GAAP measures and reconciliation of such measures, please see the “Outlook” section above.
Note A: Acquisition and Strategic Investment Related Charges. We exclude certain expense items resulting from acquisitions including amortization of purchased intangible assets associated with our acquisitions. The amortization of purchased intangible assets associated with our acquisitions results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. We believe that providing non-GAAP information for acquisition-related expense items in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.
Note B: Other Items. We exclude certain other items that are the result of either unique, infrequent or unplanned events, including the following, when applicable: (i) restructuring charges or benefits; (ii) strategic partnership-related charges (iii) legal reserve and settlement charges or benefits; (iv) gain or loss on equity investments; (v) significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform; (vi) recognition of previously unrecognized tax benefits that are non-recurring in nature; (vii) the income tax effect on our financial statements of excluding items related to our non-GAAP financial measures. Additionally, the non-GAAP results in the second quarter of 2020 exclude the effects of non-qualified deferred compensation plan ("NQDC") -related investments. It is difficult to estimate the amount or timing of these items in advance. Although

Page 8 of 11


these events are reflected in our GAAP financial statements, these transactions may limit the comparability of our on-going operations with prior and future periods.
To enhance the comparability relative to the second quarter of 2019 and the first quarter of 2020, we have included reconciliations of both the originally-reported non-GAAP results and recast June 2019 as well as March 2020 non-GAAP results that conform to the current presentation with respect to the effects of NQDC-related investments, in the preliminary reconciliations between GAAP and non-GAAP financial measures. It is difficult to estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these transactions may limit the comparability of our on-going operations with prior and future periods. Restructuring benefits or charges result from events that arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. These expenses do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. We also exclude certain expenses incurred for the formation of a strategic partnership, as they are directly related to an event that is distinct and does not reflect current ongoing business operations. In the case of legal reserves and settlements, these gains or losses are recorded in the period in which the matter is concluded or resolved even though the subject matter of the underlying dispute may relate to multiple or different periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. Additionally, we exclude previously unrecognized tax benefits that are non-recurring in nature which are recorded in the period in which applicable statutes of limitation lapse or upon the completion of tax review cycles as the tax matter may relate to multiple or different periods. Further, the impact of certain income tax reform, including the revaluation of our deferred tax assets and liabilities are unique events that occur in periods that are generally unrelated to the level of business activity to which such tax reform or legislation applies. We believe these tax events limit the comparability with prior periods and that these expenses or benefits do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. We also believe providing financial information with and without the income tax effect of excluding items related to our non-GAAP financial measures provide our management and users of the financial statements with better clarity regarding the on-going performance and future liquidity of our business. Because of these factors, we assess our operating performance with these amounts both included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.
Note C: Share-Based Compensation Related Items. We provide non-GAAP information relative to our expense for share-based compensation and related payroll tax. Due to the varying available valuation methodologies, subjective assumptions and the variety of award types, which affect the calculations of share-based compensation, we believe that the exclusion of share-based compensation and related payroll tax allows for more accurate comparisons of our operating results to our peer companies and is useful to investors to understand the impact of share-based compensation to our results of operations. Further, expense associated with granting share-based awards does not reflect any cash expenditures by the company as no cash is expended.
Note D: Non-GAAP Net Income Per Share Items. We provide diluted non-GAAP net income per share. The diluted non-GAAP net income per share includes additional dilution from potential issuance of common stock, except when such issuances would be anti-dilutive.


Page 9 of 11


Juniper Networks, Inc.
Preliminary Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,460.3

 
$
1,215.8

Short-term investments
397.6

 
738.0

Accounts receivable, net of allowances
754.7

 
879.7

Prepaid expenses and other current assets
388.6

 
376.3

Total current assets
3,001.2

 
3,209.8

Property and equipment, net
781.6

 
830.9

Operating lease right-of-use assets
174.2

 
169.7

Long-term investments
712.4

 
589.8

Purchased intangible assets, net
161.3

 
185.8

Goodwill
3,337.1

 
3,337.1

Other long-term assets
573.7

 
514.6

Total assets
$
8,741.5

 
$
8,837.7

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
238.0

 
$
219.5

Accrued compensation
215.7

 
229.0

Deferred revenue
834.5

 
812.9

Other accrued liabilities
308.1

 
282.5

Total current liabilities
1,596.3

 
1,543.9

Long-term debt
1,720.1

 
1,683.9

Long-term deferred revenue
377.1

 
410.5

Long-term income taxes payable
360.3

 
372.6

Long-term operating lease liabilities
162.1

 
158.1

Other long-term liabilities
61.3

 
58.1

Total liabilities
4,277.2

 
4,227.1

Total stockholders' equity
4,464.3

 
4,610.6

Total liabilities and stockholders' equity
$
8,741.5

 
$
8,837.7


Page 10 of 11


Juniper Networks, Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
81.6

 
$
77.3

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Share-based compensation expense
86.0

 
89.6

Depreciation, amortization, and accretion
106.0

 
101.7

Operating lease assets expense
21.0

 
21.3

Other
3.8

 
0.4

Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
124.7

 
102.3

Prepaid expenses and other assets
(38.7
)
 
(55.2
)
Accounts payable
20.6

 
(28.1
)
Accrued compensation
(11.7
)
 
(15.8
)
Income taxes payable
0.9

 
(3.8
)
Other accrued liabilities
(14.2
)
 
(20.1
)
Deferred revenue
(10.2
)
 
(21.4
)
Net cash provided by operating activities
369.8

 
248.2

Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(43.8
)
 
(55.2
)
Purchases of available-for-sale debt securities
(546.2
)
 
(1,760.0
)
Proceeds from sales of available-for-sale debt securities
156.9

 
628.5

Proceeds from maturities and redemptions of available-for-sale debt securities
622.7

 
906.0

Purchases of equity securities
(3.6
)
 
(9.4
)
Proceeds from sales of equity securities
3.7

 
4.1

Payments for business acquisitions, net of cash and cash equivalents acquired
—

 
(270.9
)
Subsequent payments related to acquisitions in prior years
(0.2
)
 
—

Net cash provided by (used in) investing activities
189.5

 
(556.9
)
Cash flows from financing activities:
 
 
 
Repurchase and retirement of common stock
(205.3
)
 
(303.8
)
Proceeds from issuance of common stock
27.6

 
29.7

Payment of dividends
(131.8
)
 
(131.7
)
Payment of debt
—

 
(350.0
)
Customer financing arrangement
4.8

 
—

Net cash used in financing activities
(304.7
)
 
(755.8
)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(9.9
)
 
2.1

Net increase (decrease) in cash, cash equivalents, and restricted cash
244.7

 
(1,062.4
)
Cash, cash equivalents, and restricted cash at beginning of period
1,276.5

 
2,505.8

Cash, cash equivalents, and restricted cash at end of period
$
1,521.2

 
$
1,443.4



Page 11 of 11
 EX-99.2 3 jnpr-20200630ex992.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2

juniperlogoa32.jpg
Juniper Networks, Inc.
1133 Innovation Way
Sunnyvale, CA 94089

July 28, 2020

CFO Commentary on Second Quarter 2020 Preliminary Financial Results

Related Information
The following commentary is provided by management and should be referenced in conjunction with Juniper Networks’ second quarter 2020 preliminary financial results press release available on its Investor Relations website at http://investor.juniper.net. These remarks represent management’s current views of the Company’s financial and operational performance and outlook and are provided to give investors and analysts further insight into the Company's performance in advance of the earnings call webcast.

Q2 2020 Preliminary Financial Results
GAAP
(in millions, except per share amounts and percentages)
 Q2'20

Q1'20

Q2'19
 
Q/Q Change
 
Y/Y Change
Revenue
$
1,086.3

 
$
998.0

 
$
1,102.5

 
9
 %
 
(1
)%
Product
692.3

 
608.8

 
713.9

 
14
 %
 
(3
)%
Service
394.0

 
389.2

 
388.6

 
1
 %
 
1
 %
Gross margin %
57.0
%
 
58.0
%
 
57.8
%
 
(1.0
)pts
 
(0.8
)pts
Research and development
241.0

 
232.5

 
244.0

 
4
 %
 
(1
)%
Sales and marketing
224.2

 
239.2

 
229.0

 
(6
)%
 
(2
)%
General and administrative
59.1

 
59.3

 
60.0

 
—
 %
 
(2
)%
Restructuring charges
4.8

 
8.9

 
21.4

 
(46
)%
 
(78
)%
Total operating expenses
$
529.1

 
$
539.9

 
$
554.4

 
(2
)%
 
(5
)%
Operating margin %
8.3
%
 
3.9
%
 
7.5
%
 
4.4
 pts
 
0.8
 pts
Net income
$
61.2

 
$
20.4

 
$
46.2

 
200
 %
 
32
 %
Diluted net income per share
$
0.18

 
$
0.06

 
$
0.13

 
200
 %
 
38
 %



1



Non-GAAP
(in millions, except per share
  amounts and percentages)
Q3'20 Guidance
 
 Q2'20

Q1'20(*)
 
Q2'19(*)
 
Q/Q Change
 
Y/Y Change
Revenue
$1,125 +/- $50
 
$
1,086.3

 
$
998.0

 
$
1,102.5

 
9
 %
 
(1
)%
Product
 
 
692.3

 
608.8

 
713.9

 
14
 %
 
(3
)%
Service
 
 
394.0

 
389.2

 
388.6

 
1
 %
 
1
 %
Gross margin %
59.5% +/- 1.0%
 
58.3
%
 
59.5
%
 
59.2
%
 
(1.2
)pts
 
(0.9
)pts
Research and development
 
 
220.2

 
217.3

 
217.1

 
1
 %
 
1
 %
Sales and marketing
 
 
208.2

 
224.0

 
211.9

 
(7
)%
 
(2
)%
General and administrative
 
 
49.3

 
50.5

 
48.3

 
(2
)%
 
2
 %
Total operating expenses
$478 +/- $5
 
$
477.7

 
$
491.8

 
$
477.3

 
(3
)%
 
—
 %
Operating margin %
~17% at the midpoint
 
14.3
%
 
10.2
%
 
15.9
%
 
4.1
 pts
 
(1.6
)pts
Net income
 
 
$
116.3

 
$
77.2

 
$
139.5

 
51
 %
 
(17
)%
Diluted net income per share
$0.43 +/- $0.05
 
$
0.35

 
$
0.23

 
$
0.40

 
52
 %
 
(13
)%
________________________________
(*) 
Certain prior-period amounts have been reclassified to conform to the current-period presentation. For further information of the reclassification, see Preliminary Reconciliations between GAAP and non-GAAP Financial Measures of this CFO Commentary.

Q2 2020 Overview

We ended the second quarter of 2020 at $1,086 million in revenue and non-GAAP earnings per share of $0.35, both above the mid-point of our guidance range. We experienced strong demand in the quarter with orders growing mid-single digits year-over-year, exceeding our expectations. Revenue was down 1% year-over-year. As expected, supply constraints resulted in extended lead times throughout the quarter.
Looking at our revenue by vertical, on a sequential basis all verticals grew, with Service Provider +16%, Cloud +9% and Enterprise +1%. On a year-over-year basis, Cloud increased slightly while both Enterprise and Service Provider declined 2%.
From a technology perspective, Routing and Switching decreased 3% year-over-year and Security decreased 1% year-over-year. Our Services business increased 1% year-over-year.
Software revenue was below 10% of total revenue for the quarter and declined year-over year; however, software bookings grew 7% year-over-year.
In reviewing our top 10 customers for the quarter, six were Cloud, three were Service Provider, and one was an Enterprise.
Non-GAAP gross margin was 58.3%, below our expectations primarily due to higher than anticipated COVID-19 related logistics costs. If it weren't for the elevated logistics costs due to COVID-19 we would have posted non-GAAP gross margin of approximately 59.5%.
Non-GAAP operating expenses were flat year-over-year and declined 3% sequentially, which was in-line with our guidance range. Our operating expenses in Q2 benefited from COVID-19 related savings.
Cash flow from operations was $98 million. We paid $66 million in dividends, reflecting a quarterly dividend of $0.20 per share.

Total cash, cash equivalents, and investments at the end of the second quarter of 2020 was $2.6 billion, slightly up from the first quarter of 2020.





2



Revenue

Product & Service
•
Routing product revenue: $403 million, down 3% year-over-year and up 28% sequentially. The year-over-year decrease was primarily due to Enterprise and to a lesser extent, Service Provider, partially offset by strength in Cloud. The sequential increase was primarily driven by Service Provider and to a lesser extent, Cloud. Both PTX and MX product families posted strong sequential growth but declined year-over-year.

•
Switching product revenue: $209 million, down 3% year-over-year and down 5% sequentially. The year-over-year and sequential decrease was primarily due to Cloud. The EX and Mist product families grew year-over-year and sequentially, while the QFX product family declined year-over-year and sequentially.

•
Security product revenue: $80 million, down 1% year-over-year and up 8% sequentially. The year-over-year decrease was due to Enterprise and Cloud, partially offset by growth in Service Provider. The sequential increase was driven by Service Provider and Enterprise, partially offset by a decline in Cloud. High-end SRX grew on both a year-over-year and sequential basis.
    
•
Service revenue: $394 million, up 1% year-over-year and up 1% sequentially. The year-over-year increase was primarily driven by strong sales of support contracts. The sequential increase was primarily driven by timing of renewals and professional services projects.

Vertical
•
Cloud: $286 million, up slightly year-over-year and up 9% sequentially. Routing and Services grew year-over-year, partially offset by a decline in Switching and Security. The sequential increase was primarily driven by Routing and Services, partially offset by a decrease in Switching and Security.

•
Service Provider: $436 million, down 2% year-over-year and up 16% sequentially. The year-over-year decrease was primarily due to Services and Routing partially offset by growth in Switching and Security. All products grew sequentially, partially offset by a decline in Services.

•
Enterprise: $364 million, down 2% year-over-year and up 1% sequentially. The year-over-year decrease was primarily due to Routing. The sequential increase was driven by Switching, and to a lesser extent, Security and Services, partially offset by a decline in Routing.

Geography
•
Americas: $609 million, down 6% year-over-year and up 5% sequentially. Year-over-year, the decrease was across all verticals. The sequential increase was primarily driven by Service Provider.

•
EMEA: $294 million, up 1% year-over-year and up 15% sequentially. Year-over-year, the increase was primarily driven by Cloud, partially offset by a decline in Service Provider. All verticals increased sequentially.

•
APAC: $183 million, up 13% year-over-year and up 12% sequentially. All verticals grew year-over-year and sequentially.

Gross Margin
•
GAAP gross margin: 57.0%, compared to 57.8% from the prior year and 58.0% from last quarter.

•
Non-GAAP gross margin: 58.3%, compared to 59.2% from the prior year and 59.5% from last quarter.


3


•
GAAP product gross margin: 53.5%, down 2.5 points from the prior year and down 2.3 points from last quarter.

•
Non-GAAP product gross margin: 54.9%, down 2.6 points from the prior year and down 2.5 points from last quarter.

The year-over-year decrease in product gross margin, on a GAAP and non-GAAP basis, was primarily due to increased logistics and other supply chain-related costs related to the COVID-19 pandemic and certain strategic insertion opportunities.

The sequential decrease in product gross margin on a GAAP and non-GAAP basis, was primarily due to increased logistics and other supply chain-related costs related to the COVID-19 pandemic and certain strategic insertion opportunities, partially offset by higher revenue relative to fixed costs of goods sold.

•
GAAP service gross margin: 63.2%, up 2.2 points from the prior year and up 1.7 points from last quarter.

•
Non-GAAP service gross margin: 64.2%, up 2.0 points from the prior year and up 1.5 points from last quarter.

The year-over-year and sequential increase in service gross margin, on a GAAP and non-GAAP basis, was primarily driven by lower delivery costs and higher revenue.

Operating Expenses
•
GAAP operating expenses: $529 million, a decrease of $25 million year-over-year, and a decrease of $11 million sequentially.

The year-over-year decrease in operating expenses was primarily due to lower restructuring and lower travel costs related to COVID-19, partially offset by higher headcount related costs. The sequential decrease in operating expenses was primarily due to lower travel costs related to COVID-19.

GAAP operating expenses were 48.7% of revenue, down 1.6 points year-over-year and down 5.4 points sequentially.

•
Non-GAAP operating expenses: $478 million, flat year-over-year, and a decrease of $14 million sequentially.

Operating expenses were essentially flat on a year-over-year basis. Increases in headcount-related costs were primarily offset by lower travel costs related to COVID-19. The sequential decrease in operating expenses was primarily due to lower travel costs related to COVID-19.

Non-GAAP operating expenses were 44.0% of revenue, up 0.7 points year-over-year and down 5.3 points sequentially.
 
Operating Margin
•
GAAP operating margin: 8.3%, an increase of 0.8 points year-over-year and an increase of 4.4 points sequentially.
 
•
Non-GAAP operating margin: 14.3%, a decrease of 1.6 points year-over-year and an increase of 4.1 points sequentially.

Tax Rate
•
GAAP tax rate: 28.9%, compared to 40.6% in the prior year and 28.0% last quarter.


4


The year-over-year decrease in the effective tax rate, on a GAAP basis, was primarily due to the relative impact of discrete items in the comparative period. The current rate includes the cumulative impact of cost sharing for stock options, partially offset by a reduction of income tax reserves.

The quarter-over-quarter effective tax rate, on a GAAP basis, was flat

•
Non-GAAP tax rate: 19.5%, compared to 19.5% in the prior year and 19.5% last quarter.

The year-over-year and quarter-over-quarter effective tax rate, on a non-GAAP basis, was flat.

Diluted Earnings Per Share
•
GAAP diluted earnings per share: $0.18, an increase of $0.05 year-over-year and an increase of $0.12 sequentially.

The year-over-year increase in EPS on a GAAP basis, was primarily driven by lower operating expenses and a lower tax rate, partially offset by lower revenue.

Sequentially, the increase in GAAP EPS was primarily driven by higher revenue.

•
Non-GAAP diluted earnings per share: $0.35, a decrease of $0.05 year-over-year and an increase of $0.12 sequentially.

The year-over-year decrease in EPS on a non-GAAP basis, was primarily due to lower gross margin and revenue.

Sequentially, the increase in non-GAAP EPS was primarily driven by higher revenue.

Balance Sheet, Cash Flow, Capital Return, and Other Financial Metrics
(in millions, except days sales outstanding
   ("DSO"), and headcount)
 Q2'20
 
Q1'20
 
Q4'19
 
Q3'19
 
Q2'19
Cash(1)
$
2,570.3

 
$
2,529.9

 
$
2,543.6

 
$
2,826.7

 
$
2,875.0

Debt(2)
1,720.1

 
1,712.9

 
1,683.9

 
1,687.6

 
1,790.0

Net cash(3)
850.2

 
817.0

 
859.7

 
1,139.1

 
1,085.0

Operating cash flow
97.6

 
272.2

 
95.7

 
185.0

 
88.8

Capital expenditures
22.0

 
21.8

 
26.1

 
28.3

 
27.3

Depreciation and amortization
51.0

 
53.7

 
55.2

 
56.1

 
56.4

Share repurchases(4)
—

 
200.0

 
200.0

 
50.0

 
300.0

Dividends
$
66.3

 
$
65.5

 
$
63.7

 
$
64.7

 
$
65.5

Diluted shares
333.1

 
335.1

 
340.8

 
345.5

 
349.1

DSO
63

 
61

 
66

 
51

 
54

Headcount
9,838

 
9,586

 
9,419

 
9,283

 
8,995

______________________
(1) Includes cash, cash equivalents, and short and long-term investments.
(2) Debt includes change in fair value of fixed-rate debt swapped to floating rate, equally offset on the balance sheet by a swap asset. No new debt or loans were issued in Q2’20.
(3) Net cash includes cash, cash equivalents, and short and long-term investments, net of debt.
(4) For Q4’19, $200.0 million represents the full amount under the Q4'19 ASR. 6.4 million shares were received initially for an aggregate price of $160.0 million. The Q4'19 ASR concluded in Q1’20, and at final settlement, an additional 1.8 million shares were received. For Q2’19, $300.0 million represents the full amount of the Q2'19 ASR. 8.6 million shares were received initially for an aggregate price of $240.0 million. The Q2'19 ASR concluded in Q3’19, and at final settlement, an additional 3.0 million shares were received.


5


Cash Flow
•
Cash flow from operations: $98 million, up $9 million year-over-year and down $175 million sequentially.

The year-over-year increase was primarily due to timing differences related to payments to suppliers and taxes, partially offset by differences in working capital related to customer collections. The lower tax payments are primarily a result of the CARES Act. The sequential decrease was primarily due to timing differences related to customer collections and payments to suppliers, partially offset by lower payments related to variable compensation.

Days Sales Outstanding (DSO)
•
DSO: 63 days, a 2-day increase from the prior quarter, driven primarily by higher overall invoicing in Q2’20 as well as timing of in-quarter service invoicing, partially offset by higher revenue.

Capital Return
•
In the quarter, we paid a dividend of $0.20 per share for a total of $66 million.

Demand metrics
•
Total deferred revenue was $1,212 million, up $10 million year-over-year and down $43 million sequentially.
•
Product deferred revenue was $116 million, down $17 million year-over-year and up $5 million sequentially.
The year-over-year decline in product deferred revenue was primarily due to the timing of the delivery of contractual commitments and to a lesser extent, the timing of software subscription orders.
The sequential increase in product deferred revenue was primarily driven by the timing of software subscription orders.
•
Service deferred revenue was $1,095 million, up $27 million year-over-year and down $48 million sequentially.
The year-over-year increase in service deferred revenue was primarily driven by the timing of contract renewals.
The sequential decrease in service deferred revenue was primarily due to the timing of contract renewals.

Deferred Revenue
(in millions)
June 30, 2020
 
March 31, 2020
 
June 30, 2019
Deferred product revenue, net
$
116.3

 
$
111.5

 
$
133.4

Deferred service revenue, net
1,095.3

 
1,143.3

 
1,068.0

Total
$
1,211.6

 
$
1,254.8

 
$
1,201.4


Headcount
•
Ending headcount for Q2'20 was 9,838, an increase of 843 employees year-over-year and an increase of 252 sequentially. The year-over-year and sequential increases were primarily a result of additional hires in our R&D and go-to-market organizations.


6


Outlook
These metrics are provided on a non-GAAP basis, except for revenue and share count. Non-GAAP earnings per share is on a fully diluted basis. The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.

At the mid-point of our Q3 guidance we expect to see sequential revenue and earnings growth. Confidence in our forecast is driven by strong backlog and strength within our Service Provider and Cloud verticals. We believe these factors should help offset continued uncertainty in parts of the Enterprise market.

We expect to see sequential volume-driven improvements in non-GAAP gross margin and a more favorable customer mix during the September quarter. We expect logistics and other supply chain-related costs to remain elevated, consistent with Q2 levels, due to the effects of the ongoing pandemic.

We expect third quarter non-GAAP operating expense to be essentially flat compared to Q2, as we continue to benefit from lower travel costs due to COVID-19. We will remain focused on prudent cost management while continuing to invest to capture future opportunities.

Our Board of Directors has declared a cash dividend of $0.20 per share to be paid on September 22, 2020 to shareholders of record as of the close of business on September 1, 2020. We remain committed to paying our dividend and will remain opportunistic with respect to share buybacks.

Our guidance for the quarter ending September 30, 2020 is as follows:
•Revenue will be approximately $1,125 million, plus or minus $50 million.
•Non-GAAP gross margin will be approximately 59.5%, plus or minus 1.0%.
•Non-GAAP operating expenses will be approximately $478 million, plus or minus $5 million.
•Non-GAAP operating margin will be approximately 17% at the mid-point of revenue guidance.
•Non-GAAP tax rate will be approximately 19.5%.
•Non-GAAP net income per share will be approximately $0.43, plus or minus $0.05. This assumes a
share count of approximately 334 million.

7


Forward-Looking Statements
Statements in this CFO Commentary and related conference call concerning Juniper Networks' business, economic and market outlook, including currency exchange rates; our financial guidance and the expected impact of COVID-19 on our guidance; our expectations regarding our liquidity, capital return program, operating expenses, and non-GAAP tax rate; and our overall future prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: the duration, extent and impact of the COVID-19 pandemic; general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity requirements of our customers and, in particular, Cloud and telecommunication service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; manufacturing, and supply chain and logistics costs, constraints, changes or disruptions; availability and pricing of key product components; delays in scheduled product availability; adoption of or changes to laws, regulations, standards or policies affecting Juniper Networks' operations, products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations; legal settlements and resolutions; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the impact of import tariffs, depending on their scope and how they are implemented; and other factors listed in Juniper Networks’ most recent report on Form 10-Q or 10-K filed with the Securities and Exchange Commission. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. We cannot at this time predict the extent of the impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Note that our estimates as to the tax rate on our business are based on current tax law and regulations, including current interpretations thereof, and could be materially affected by changing interpretations as well as additional legislation and guidance. All statements made in this CFO Commentary and related conference call are made only as of the date set forth at the beginning of this document. Juniper Networks undertakes no obligation to update the information made in this document or the related conference call in the event facts or circumstances subsequently change after the date of this document. We have not filed our Form 10-Q for the quarter ended June 30, 2020. As a result, all financial results described in this CFO Commentary should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.

Non-GAAP Financial Measures
This CFO Commentary contains references to the following non-GAAP financial measures: gross margin; product gross margin; service gross margin; product gross margin as a percentage of product revenue; service gross margin as a percentage of service revenue; gross margin as a percentage of revenue; research and development expense; sales and marketing expense; general and administrative expense; operating expense; operating expense as a percentage of revenue; operating income; operating margin; provision for income tax; income tax rate; net income; diluted earnings per share; diluted shares outstanding; and free cash flow. For important commentary on why Juniper Networks considers non-GAAP information a useful view of the company’s financial results, please see the press release furnished with our Form 8-K filed today with the SEC. With respect to future financial guidance provided on a non-GAAP basis, we have excluded estimates for amortization of intangible assets, share-based compensation expenses, acquisition and strategic investment related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, supplier component remediation charges and recoveries, gain or loss on equity investments, loss on extinguishment of debt, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of further tariffs and the impact of any future acquisitions, divestitures, or joint ventures that may occur in the applicable period. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAAP. In addition, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. The non-GAAP financial measures used in this CFO Commentary should not be considered in isolation from measures

8


of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. For example, share-based compensation expense is impacted by the Company’s future hiring needs, and restructuring actions, the type and volume of equity awards necessary for such future hiring, and the price at which the Company’s stock will trade in those future periods. Amortization of intangible assets is significantly impacted by the timing and size of any future acquisitions. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically and may continue to vary significantly from quarter to quarter.


9



Juniper Networks, Inc.
Preliminary Supplemental Data
(in millions, except percentages)
(unaudited)

Deferred Revenue
 
As of
 
June 30,
2020
 
December 31,
2019
Deferred product revenue:
 
 
 
Undelivered product commitments and other product deferrals
$
125.9

 
$
141.7

Deferred gross product revenue
125.9

 
141.7

Deferred cost of product revenue
(9.6
)
 
(9.1
)
Deferred product revenue, net
116.3

 
132.6

Deferred service revenue, net
1,095.3

 
1,090.8

Total
$
1,211.6

 
$
1,223.4

Reported as:
 
 
 
Current
$
834.5

 
$
812.9

Long-term
377.1

 
410.5

Total
$
1,211.6

 
$
1,223.4



Vertical Reporting: Revenue Trend
 
Q2'19
 
Q3'19
 
Q4'19
 
Q1'20
 
Q2'20
 
Q/Q Change
 
Y/Y Change
Cloud
$
285.0

 
$
271.9

 
$
279.8

 
$
261.9

 
$
285.5

 
$
23.6

 
9.0
%
 
$
0.5

 
0.2
 %
Service Provider
447.2

 
452.5

 
492.5

 
375.5

 
436.2

 
60.7

 
16.2
%
 
(11.0
)
 
(2.5
)%
Enterprise
370.3

 
408.7

 
435.8

 
360.6

 
364.6

 
4.0

 
1.1
%
 
(5.7
)
 
(1.5
)%
Total revenue
$
1,102.5

 
$
1,133.1

 
$
1,208.1

 
$
998.0

 
$
1,086.3

 
$
88.3

 
8.8
%
 
$
(16.2
)
 
(1.5
)%




10


Juniper Networks, Inc.
Preliminary Reconciliations between GAAP and non-GAAP Financial Measures
(in millions, except percentages and per share amounts)
(unaudited)
 
Three Months Ended
 
June 30, 2020
 
March 31, 2020
 
March 31, 2020
 
June 30, 2019
 
June 30, 2019
 
 
 
(As Previously Presented)
 
(As Adjusted)
 
(As Previously Presented)
 
(As Adjusted)
GAAP gross margin - Product
$
370.6

 
$
339.8

 
$
339.8

 
$
399.6

 
$
399.6

GAAP product gross margin % of product revenue
53.5
%
 
55.8
%
 
55.8
%
 
56.0
%
 
56.0
%
Share-based compensation expense
1.1

 
1.4

 
1.4

 
1.6

 
1.6

Share-based payroll tax expense
—

 
0.2

 
0.2

 
—

 
—

Amortization of purchased intangible assets
7.9

 
8.4

 
8.4

 
8.4

 
8.4

Acquisition and strategic investment related charges
—

 
—

 
—

 
1.2

 
1.2

Gain (loss) on non-qualified deferred compensation plan ("NQDC")
0.2

 
—

 
(0.2
)
 
—

 
—

Non-GAAP gross margin - Product
$
379.8

 
$
349.8

 
$
349.6

 
$
410.8

 
$
410.8

Non-GAAP product gross margin % of product revenue
54.9
%
 
57.5
%
 
57.4
%
 
57.5
%
 
57.5
%
 
 
 
 
 
 
 
 
 
 
GAAP gross margin - Service
$
249.0

 
$
239.5

 
$
239.5

 
$
237.2

 
$
237.2

GAAP service gross margin % of service revenue
63.2
%
 
61.5
%
 
61.5
%
 
61.0
%
 
61.0
%
Share-based compensation expense
3.4

 
4.2

 
4.2

 
4.4

 
4.4

Share-based payroll tax expense
0.1

 
0.9

 
0.9

 
0.1

 
0.1

Gain (loss) on NQDC
0.6

 
—

 
(0.6
)
 
—

 
0.1

Non-GAAP gross margin - Service
$
253.1

 
$
244.6

 
$
244.0

 
$
241.7

 
$
241.8

Non-GAAP service gross margin % of service revenue
64.2
%
 
62.8
%
 
62.7
%
 
62.2
%
 
62.2
%
 
 
 
 
 
 
 
 
 
 
GAAP gross margin
$
619.6

 
$
579.3

 
$
579.3

 
$
636.8

 
$
636.8

GAAP gross margin % of revenue
57.0
%
 
58.0
%
 
58.0
%
 
57.8
%
 
57.8
%
Share-based compensation expense
4.5

 
5.6

 
5.6

 
6.0

 
6.0

Share-based payroll tax expense
0.1

 
1.1

 
1.1

 
0.1

 
0.1

Amortization of purchased intangible assets
7.9

 
8.4

 
8.4

 
8.4

 
8.4

Acquisition and strategic investment related charges
—

 
—

 
—

 
1.2

 
1.2

Gain (loss) on NQDC
0.8

 
—

 
(0.8
)
 
—

 
0.1

Non-GAAP gross margin
$
632.9

 
$
594.4

 
$
593.6

 
$
652.5

 
$
652.6

Non-GAAP gross margin % of revenue
58.3
%
 
59.6
%
 
59.5
%
 
59.2
%
 
59.2
%
 
 
 
 
 
 
 
 
 
 
GAAP research and development expense
$
241.0

 
$
232.5

 
$
232.5

 
$
244.0

 
$
244.0

Share-based compensation expense
(19.0
)
 
(15.2
)
 
(15.2
)
 
(26.2
)
 
(26.2
)
Share-based payroll tax expense
(0.3
)
 
(1.5
)
 
(1.5
)
 
(0.3
)
 
(0.3
)
Loss (gain) on NQDC
(1.5
)
 
—

 
1.5

 
—

 
(0.4
)
Non-GAAP research and development expense
$
220.2

 
$
215.8

 
$
217.3

 
$
217.5

 
$
217.1



11


Juniper Networks, Inc.
Preliminary Reconciliations between GAAP and non-GAAP Financial Measures
(in millions, except percentages and per share amounts)
(unaudited)
 
Three Months Ended
 
June 30, 2020
 
March 31, 2020
 
March 31, 2020
 
June 30, 2019
 
June 30, 2019
 
 
 
(As Previously Presented)
 
(As Adjusted)
 
(As Previously Presented)
 
(As Adjusted)
GAAP sales and marketing expense
$
224.2

 
$
239.2

 
$
239.2

 
$
229.0

 
$
229.0

Share-based compensation expense
(13.2
)
 
(13.8
)
 
(13.8
)
 
(15.1
)
 
(15.1
)
Share-based payroll tax expense
(0.2
)
 
(1.1
)
 
(1.1
)
 
(0.3
)
 
(0.3
)
Amortization of purchased intangible assets
(1.4
)
 
(1.4
)
 
(1.4
)
 
(1.4
)
 
(1.4
)
Loss (gain) on NQDC
(1.2
)
 
—

 
1.1

 
—

 
(0.3
)
Non-GAAP sales and marketing expense
$
208.2

 
$
222.9

 
$
224.0

 
$
212.2

 
$
211.9

 
 
 
 
 
 
 
 
 
 
GAAP general and administrative expense
$
59.1

 
$
59.3

 
$
59.3

 
$
60.0

 
$
60.0

Share-based compensation expense
(7.3
)
 
(7.4
)
 
(7.4
)
 
(8.4
)
 
(8.4
)
Share-based payroll tax expense
—

 
(0.3
)
 
(0.3
)
 
—

 
—

Amortization of purchased intangible assets
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
Acquisition and strategic investment related charges
(2.1
)
 
(1.3
)
 
(1.3
)
 
(3.1
)
 
(3.1
)
Loss (gain) on NQDC
(0.3
)
 
—

 
0.3

 
—

 
(0.1
)
Non-GAAP general and administrative expense
$
49.3

 
$
50.2

 
$
50.5

 
$
48.4

 
$
48.3

 
 
 
 
 
 
 
 
 
 
GAAP operating expenses
$
529.1

 
$
539.9

 
$
539.9

 
$
554.4

 
$
554.4

GAAP operating expenses % of revenue
48.7
%
 
54.1
%
 
54.1
%
 
50.3
%
 
50.3
%
Share-based compensation expense
(39.5
)
 
(36.4
)
 
(36.4
)
 
(49.7
)
 
(49.7
)
Share-based payroll tax expense
(0.5
)
 
(2.9
)
 
(2.9
)
 
(0.6
)
 
(0.6
)
Amortization of purchased intangible assets
(1.5
)
 
(1.5
)
 
(1.5
)
 
(1.5
)
 
(1.5
)
Restructuring charges
(4.8
)
 
(8.9
)
 
(8.9
)
 
(21.4
)
 
(21.4
)
Acquisition and strategic investment related charges
(2.1
)
 
(1.3
)
 
(1.3
)
 
(3.1
)
 
(3.1
)
Loss (gain) on NQDC
(3.0
)
 
—

 
2.9

 
—

 
(0.8
)
Non-GAAP operating expenses
$
477.7

 
$
488.9

 
$
491.8

 
$
478.1

 
$
477.3

Non-GAAP operating expenses % of revenue
44.0
%
 
49.0
%
 
49.3
%
 
43.4
%
 
43.3
%
 
 
 
 
 
 
 
 
 
 
GAAP operating income
$
90.5

 
$
39.4

 
$
39.4

 
$
82.4

 
$
82.4

GAAP operating margin
8.3
%
 
3.9
%
 
3.9
%
 
7.5
%
 
7.5
%
Share-based compensation expense
44.0

 
42.0

 
42.0

 
55.7

 
55.7

Share-based payroll tax expense
0.6

 
4.0

 
4.0

 
0.7

 
0.7

Amortization of purchased intangible assets
9.4

 
9.9

 
9.9

 
9.9

 
9.9

Restructuring charges
4.8

 
8.9

 
8.9

 
21.4

 
21.4

Acquisition and strategic investment related charges
2.1

 
1.3

 
1.3

 
4.3

 
4.3

Gain (loss) on NQDC
3.8

 
—

 
(3.7
)
 
—

 
0.9

Non-GAAP operating income
$
155.2

 
$
105.5

 
$
101.8

 
$
174.4

 
$
175.3

Non-GAAP operating margin
14.3
%
 
10.6
%
 
10.2
%
 
15.8
%
 
15.9
%


12


Juniper Networks, Inc.
Preliminary Reconciliations between GAAP and non-GAAP Financial Measures
(in millions, except percentages and per share amounts)
(unaudited)

Three Months Ended

June 30, 2020
 
March 31, 2020

March 31, 2020
 
June 30, 2019

June 30, 2019
 
 
 
(As Previously Presented)
 
(As Adjusted)
 
(As Previously Presented)
 
(As Adjusted)
GAAP other (expense) income, net
$
(4.4
)
 
$
(11.1
)
 
$
(11.1
)
 
$
(4.6
)
 
$
(4.6
)
GAAP other (expense) income, net % of revenue
(0.4
)%
 
(1.1
)%
 
(1.1
)%
 
(0.4
)%
 
(0.4
)%
Loss (gain) on equity investments
(2.5
)
 
1.5

 
1.5

 
3.5

 
3.5

Loss (gain) on NQDC
(3.8
)
 
—

 
3.7

 
—

 
(0.9
)
Non-GAAP other (expense) income, net
$
(10.7
)
 
$
(9.6
)
 
$
(5.9
)
 
$
(1.1
)
 
$
(2.0
)
Non-GAAP other (expense) income, net % of revenue
(1.0
)%
 
(1.0
)%
 
(0.6
)%
 
(0.1
)%
 
(0.2
)%
 
 
 
 
 
 
 
 
 
 
GAAP income tax provision
$
24.9

 
$
7.9

 
$
7.9

 
$
31.6

 
$
31.6

GAAP income tax rate
28.9
 %
 
28.0
 %
 
28.0
 %
 
40.6
 %
 
40.6
 %
Income tax effect of non-GAAP exclusions
3.3

 
10.8

 
10.8

 
2.2

 
2.2

Non-GAAP provision for income tax
$
28.2

 
$
18.7

 
$
18.7

 
$
33.8

 
$
33.8

Non-GAAP income tax rate
19.5
 %
 
19.5
 %
 
19.5
 %
 
19.5
 %
 
19.5
 %
 
 
 
 
 
 
 
 
 
 
GAAP net income
$
61.2

 
$
20.4

 
$
20.4

 
$
46.2

 
$
46.2

Share-based compensation expense
44.0

 
42.0

 
42.0

 
55.7

 
55.7

Share-based payroll tax expense
0.6

 
4.0

 
4.0

 
0.7

 
0.7

Amortization of purchased intangible assets
9.4

 
9.9

 
9.9

 
9.9

 
9.9

Restructuring charges
4.8

 
8.9

 
8.9

 
21.4

 
21.4

Acquisition and strategic investment related charges
2.1

 
1.3

 
1.3

 
4.3

 
4.3

Loss (gain) on equity investments
(2.5
)
 
1.5

 
1.5

 
3.5

 
3.5

Income tax effect of non-GAAP exclusions
(3.3
)
 
(10.8
)
 
(10.8
)
 
(2.2
)
 
(2.2
)
Non-GAAP net income
$
116.3

 
$
77.2

 
$
77.2

 
$
139.5

 
$
139.5

 
 
 
 
 
 
 
 
 
 
GAAP diluted net income per share
$
0.18

 
$
0.06

 
$
0.06

 
$
0.13

 
$
0.13

Non-GAAP diluted net income per share
$
0.35

 
$
0.23

 
$
0.23

 
$
0.40

 
$
0.40

Shares used in computing diluted net income per share
333.1

 
335.1

 
335.1

 
349.1

 
349.1




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DE 001-34501 77-0422528 1133 Innovation Way Sunnyvale, CA 94089 408 745-2000 false false false false Common Stock, par value $0.00001 per share JNPR NYSE false XML 11 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Cover Page
Jul. 28, 2020
Cover [Abstract]  
Entity Registrant Name JUNIPER NETWORKS, INC.
Amendment Flag false
Entity Central Index Key 0001043604
Document Type 8-K
Document Period End Date Jul. 28, 2020
Entity Incorporation, State or Country Code DE
Entity File Number 001-34501
Entity Tax Identification Number 77-0422528
Entity Address, Address Line One 1133 Innovation Way
Entity Address, City or Town Sunnyvale,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94089
City Area Code 408
Local Phone Number 745-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.00001 per share
Trading Symbol JNPR
Security Exchange Name NYSE
Entity Emerging Growth Company false

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