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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to_________
Commission file number: 001-34501

JUNIPER NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Delaware77-0422528
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1133 Innovation Way
Sunnyvale,California94089
(Address of principal executive offices)(Zip code)
(408) 745-2000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00001 per shareJNPRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
There were 324,555,523 shares of the Company's Common Stock, par value $0.00001, outstanding as of October 26, 2022.



Juniper Networks, Inc.
Table of Contents
Page

2
Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)


Juniper Networks, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net revenues:
Product$967.5 $771.9 $2,551.6 $2,203.5 
Service447.1 416.9 1,300.8 1,232.0 
Total net revenues1,414.6 1,188.8 3,852.4 3,435.5 
Cost of revenues:
Product478.6 343.4 1,289.0 1,010.3 
Service148.2 153.2 432.1 435.5 
Total cost of revenues626.8 496.6 1,721.1 1,445.8 
Gross margin787.8 692.2 2,131.3 1,989.7 
Operating expenses:
Research and development274.0 251.8 766.9 752.3 
Sales and marketing286.8 263.4 834.4 773.9 
General and administrative64.7 55.0 192.1 187.1 
Restructuring charges13.0 1.9 22.3 42.8 
Total operating expenses638.5 572.1 1,815.7 1,756.1 
Operating income149.3 120.1 315.6 233.6 
Gain on divestiture— — 45.8 — 
Loss on extinguishment of debt— — — (60.6)
Other expense, net(9.1)(8.3)(30.1)(24.2)
Income before income taxes and loss from equity method investment140.2 111.8 331.3 148.8 
Income tax provision16.6 22.9 38.1 29.0 
Loss from equity method investment, net of tax2.1 — 2.6 — 
Net income$121.5 $88.9 $290.6 $119.8 
Net income per share:
Basic$0.38 $0.27 $0.90 $0.37 
Diluted$0.37 $0.27 $0.88 $0.36 
Weighted-average shares used to compute net income per share:
Basic322.8 324.0 321.8 325.0 
Diluted328.9 331.1 329.3 331.4 

See accompanying Notes to Condensed Consolidated Financial Statements

3
Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$121.5 $88.9 $290.6 $119.8 
Other comprehensive loss, net:
Available-for-sale debt securities:
Change in net unrealized gains and losses(0.8)(0.6)(8.2)(0.5)
Net realized losses (gains) reclassified into net income0.1 (0.1)0.3 (1.1)
Net change on available-for-sale debt securities(0.7)(0.7)(7.9)(1.6)
Cash flow hedges:
Change in net unrealized gains and losses(40.2)(4.2)(20.4)14.6 
Net realized losses (gains) reclassified into net income9.0 (5.4)13.1 (21.5)
Net change on cash flow hedges(31.2)(9.6)(7.3)(6.9)
Change in foreign currency translation adjustments(20.6)(1.6)(35.3)(3.1)
Other comprehensive loss, net(52.5)(11.9)(50.5)(11.6)
Comprehensive income$69.0 $77.0 $240.1 $108.2 

See accompanying Notes to Condensed Consolidated Financial Statements

4
Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets    
(In millions, except par values)
September 30,
2022		December 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$830.9 $922.5 
Short-term investments226.2 315.5 
Accounts receivable, net of allowances1,027.6 994.4 
Inventory519.6 272.6 
Prepaid expenses and other current assets604.4 451.6 
Total current assets3,208.7 2,956.6 
Property and equipment, net667.2 703.0 
Operating lease assets145.7 161.3 
Long-term investments197.8 455.5 
Purchased intangible assets, net177.7 284.3 
Goodwill3,734.3 3,762.1 
Other long-term assets844.8 564.2 
Total assets$8,976.2 $8,887.0 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$352.7 $273.7 
Accrued compensation239.9 336.0 
Deferred revenue894.3 937.9 
Other accrued liabilities409.8 328.9 
Total current liabilities1,896.7 1,876.5 
Long-term debt1,595.7 1,686.8 
Long-term deferred revenue583.9 475.7 
Long-term income taxes payable279.7 330.5 
Long-term operating lease liabilities123.3 142.2 
Other long-term liabilities158.8 58.4 
Total liabilities4,638.1 4,570.1 
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding
— — 
Common stock, $0.00001 par value; 1,000.0 shares authorized; 324.5 shares and 321.6 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
— — 
Additional paid-in capital6,894.9 6,972.6 
Accumulated other comprehensive loss(52.6)(2.1)
Accumulated deficit(2,504.2)(2,653.6)
Total stockholders' equity4,338.1 4,316.9 
Total liabilities and stockholders' equity$8,976.2 $8,887.0 

See accompanying Notes to Condensed Consolidated Financial Statements
5
Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income$290.6 $119.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense
153.9 162.9 
Depreciation, amortization, and accretion165.4 179.3 
Operating lease assets expense30.3 34.5 
Gain on divestiture(45.8)— 
Loss from equity method investment2.6 — 
Loss on extinguishment of debt— 60.6 
Other10.1 6.5 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net(34.3)189.1 
Prepaid expenses and other assets(636.0)(70.8)
Accounts payable75.7 (7.4)
Accrued compensation(85.9)(27.2)
Income taxes payable(11.2)1.9 
Other accrued liabilities(4.6)(70.7)
Deferred revenue67.2 (4.8)
Net cash (used in) provided by operating activities(22.0)573.7 
Cash flows from investing activities:
Purchases of property and equipment(73.4)(69.5)
Proceeds from divestiture, net89.1 — 
Purchases of available-for-sale debt securities(104.1)(508.7)
Proceeds from sales of available-for-sale debt securities102.3 422.3 
Proceeds from maturities and redemptions of available-for-sale debt securities
330.7 331.8 
Purchases of equity securities
(15.5)(8.3)
Proceeds from sales of equity securities
3.8 5.6 
Payments for business acquisitions, net of cash and cash equivalents acquired
(3.9)(175.0)
Other2.2 — 
Net cash provided by (used in) investing activities331.2 (1.8)
Cash flows from financing activities:
Repurchase and retirement of common stock
(226.8)(294.0)
Proceeds from issuance of common stock
56.8 56.0 
Payment of dividends
(202.8)(194.9)
Payment of debt
— (423.8)
Payment for debt extinguishment costs
— (58.3)
Other— (3.4)
Net cash used in financing activities(372.8)(918.4)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(29.5)(3.7)
Net decrease in cash, cash equivalents, and restricted cash(93.1)(350.2)
Cash, cash equivalents, and restricted cash at beginning of period
942.7 1,383.0 
Cash, cash equivalents, and restricted cash at end of period
$849.6 $1,032.8 
Non-cash investing activity:
Equity method investment (Note 2)$40.3 $— 
See accompanying Notes to Condensed Consolidated Financial Statements
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Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at June 30, 2022
320.4 $6,874.2 $(0.1)$(2,625.4)$4,248.7 
Net income— — — 121.5 121.5 
Other comprehensive loss, net— — (52.5)— (52.5)
Issuance of common stock4.1 27.7 — — 27.7 
Repurchase and retirement of common stock — (0.2)— (0.3)(0.5)
Share-based compensation expense— 61.2 — — 61.2 
Payments of cash dividends ($0.21 per share of common stock)
— (68.0)— — (68.0)
Balance at September 30, 2022
324.5 $6,894.9 $(52.6)$(2,504.2)$4,338.1 
Three Months Ended September 30, 2021
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at June 30, 2021
324.0 $7,042.8 $55.9 $(2,757.8)$4,340.9 
Net income— — — 88.9 88.9 
Other comprehensive loss, net— — (11.9)— (11.9)
Issuance of common stock2.8 27.1 — — 27.1 
Repurchase and retirement of common stock (1.7)(22.8)— (28.1)(50.9)
Share-based compensation expense— 54.7 — — 54.7 
Payments of cash dividends ($0.20 per share of common stock)
— (65.0)— — (65.0)
Balance at September 30, 2021
325.1 $7,036.8 $44.0 $(2,697.0)$4,383.8 

 See accompanying Notes to Condensed Consolidated Financial Statements






















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Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2021
321.6 $6,972.6 $(2.1)$(2,653.6)$4,316.9 
Net income— — — 290.6 290.6 
Other comprehensive loss, net— — (50.5)— (50.5)
Issuance of common stock9.6 56.8 — — 56.8 
Repurchase and retirement of common stock (6.7)(85.6)— (141.2)(226.8)
Share-based compensation expense— 153.9 — — 153.9 
Payments of cash dividends ($0.63 per share of common stock)
— (202.8)— — (202.8)
Balance at September 30, 2022
324.5 $6,894.9 $(52.6)$(2,504.2)$4,338.1 
Nine Months Ended September 30, 2021
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at December 31, 2020
327.7 $7,156.9 $55.6 $(2,669.0)$4,543.5 
Net income— — — 119.8 119.8 
Other comprehensive loss, net— — (11.6)— (11.6)
Issuance of common stock8.6 58.7 — — 58.7 
Repurchase and retirement of common stock (11.2)(146.2)— (147.8)(294.0)
Share-based compensation expense— 162.3 — — 162.3 
Payments of cash dividends ($0.60 per share of common stock)
— (194.9)— — (194.9)
Balance at September 30, 2021
325.1 $7,036.8 $44.0 $(2,697.0)$4,383.8 

 See accompanying Notes to Condensed Consolidated Financial Statements


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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.

Summary of Significant Accounting Policies

Except for the change in certain policies upon adoption of the accounting standards and the policy for equity method investments described below, there have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2021.

The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable.

Recently Adopted Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements.

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The standard became effective upon issuance and may
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
be applied to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR through December 31, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.

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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 2. Divestiture

On April 4, 2022, Synopsys, Inc ("Synopsys") purchased Juniper's silicon photonics business and formed a new entity called OpenLight Photonics, Inc. ("OpenLight"). The Company received cash consideration of $90.0 million and retained a 25% equity interest in the new entity. The agreements with Synopsys contain redemption options with respect to Juniper's equity interest in OpenLight, which are exercisable either by (i) Juniper on or after the third anniversary of the acquisition or sooner in certain circumstances, or (ii) Synopsys on or after the third anniversary of the acquisition. Juniper can exercise its put option at the greater of fair value at the time of redemption or $30.0 million, and the option was assigned a value of $10.8 million. The divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore, does not qualify as a discontinued operation.

The Company recognized a gain on divestiture of $45.8 million and the portion of gain related to the remeasurement of retained investment was $19.5 million. The following table presents the carrying value of the major components of assets and liabilities derecognized as of April 4, 2022 (in millions):

As of
April 4,
2022
Assets:
Total current assets$1.0 
Property and equipment, net3.6 
Deferred tax assets3.9 
Other long-term assets1.1 
Purchased intangible assets, net49.0 
Goodwill28.9 
Total assets held for sale$87.5 
Liabilities:
Accounts payable$1.4 
Other liabilities1.1 
Total liabilities held for sale$2.5 

The Company's 25% equity interest in OpenLight is accounted for under the equity method of accounting. The investment was recognized at fair value in other long-term assets within the consolidated balance sheet at an aggregate amount of $40.8 million. The fair value was determined based on the price paid by Synopsys for its 75% equity interest in OpenLight along with the value of the redemption options.
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 3. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2022 and December 31, 2021 (in millions):
As of September 30, 2022
As of December 31, 2021
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$53.9 $— $(1.5)$52.4 $139.1 $— $(0.5)$138.6 
Certificates of deposit5.1 — — 5.1 5.0 — — 5.0 
Commercial paper2.2 — — 2.2 75.8 — — 75.8 
Corporate debt securities322.2 — (9.0)313.2 443.3 0.7 (1.5)442.5 
Foreign government debt securities
8.8 — (0.4)8.4 12.8 — (0.1)12.7 
Time deposits80.9 — — 80.9 35.2 — — 35.2 
U.S. government agency securities
18.7 — (0.7)18.0 26.8 — (0.1)26.7 
U.S. government securities17.0 — (0.3)16.7 73.5 0.1 — 73.6 
Total fixed income securities
508.8 — (11.9)496.9 811.5 0.8 (2.2)810.1 
Privately-held debt and redeemable preferred stock securities15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total available-for-sale debt securities
$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 
Reported as:
Cash equivalents$80.9 $— $— $80.9 $47.2 $— $— $47.2 
Short-term investments221.6 — (3.4)218.2 306.8 0.7 (0.1)307.4 
Long-term investments206.3 — (8.5)197.8 457.5 0.1 (2.1)455.5 
Other long-term assets15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 


The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$302.5 $299.1 
Due between one and five years206.3 197.8 
Total$508.8 $496.9 


As of September 30, 2022, the Company's unrealized loss of $11.9 million resulted from 370 investments, of which loss aggregating $7.0 million was from investments in an unrealized loss position for less than 12 months, and $4.9 million was from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three and nine months ended September 30, 2022 and September 30, 2021.

During the three and nine months ended September 30, 2022 and September 30, 2021, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of September 30, 2022 and December 31, 2021 (in millions):
<
As of
September 30,
2022		December 31,
2021
Equity investments with readily determinable fair value:
Money market funds$429.5 $382.0 
Mutual funds