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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 March 31, 2023

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 321,592,106 shares of the Company's Common Stock, par value $0.00001, outstanding as of April 26, 2023.



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 March 31,
20232022
Net revenues:
Product$912.6 $744.3 
Service459.2 423.9 
Total net revenues1,371.8 1,168.2 
Cost of revenues:
Product454.9 378.5 
Service145.7 140.3 
Total cost of revenues600.6 518.8 
Gross margin771.2 649.4 
Operating expenses:
Research and development284.8 248.6 
Sales and marketing303.2 273.3 
General and administrative68.0 60.2 
Restructuring (benefits) charges(0.5)8.8 
Total operating expenses655.5 590.9 
Operating income115.7 58.5 
Other expense, net(8.6)(12.9)
Income before income taxes and loss from equity method investment107.1 45.6 
Income tax provision (benefit)19.6 (10.1)
Loss from equity method investment, net of tax2.1 — 
Net income$85.4 $55.7 
Net income per share:
Basic$0.26 $0.17 
Diluted$0.26 $0.17 
Weighted-average shares used to compute net income per share:
Basic322.3 321.8 
Diluted329.1 331.1 

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 March 31,
20232022
Net income$85.4 $55.7 
Other comprehensive income, net:
Available-for-sale debt securities:
Change in net unrealized gains and losses2.1 (5.7)
Net realized losses reclassified into net income— 0.1 
Net change on available-for-sale debt securities2.1 (5.6)
Cash flow hedges:
Change in net unrealized gains and losses(6.9)20.8 
Net realized losses reclassified into net income7.4 0.1 
Net change on cash flow hedges0.5 20.9 
Change in foreign currency translation adjustments1.5 (1.5)
Other comprehensive income, net4.1 13.8 
Comprehensive income$89.5 $69.5 

See accompanying Notes to Condensed Consolidated Financial Statements

4
Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets    
(In millions, except par values)
March 31,
2023		December 31,
2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$923.5 $880.1 
Short-term investments174.9 210.3 
Accounts receivable, net of allowances1,061.8 1,227.3 
Inventory761.5 619.4 
Prepaid expenses and other current assets736.4 680.0 
Total current assets3,658.1 3,617.1 
Property and equipment, net671.0 666.8 
Operating lease assets132.7 141.6 
Long-term investments92.6 139.6 
Purchased intangible assets, net143.3 160.5 
Goodwill3,734.4 3,734.4 
Other long-term assets884.2 866.7 
Total assets$9,316.3 $9,326.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$357.5 $347.4 
Accrued compensation228.4 306.1 
Deferred revenue1,074.3 1,020.5 
Other accrued liabilities414.0 404.9 
Total current liabilities2,074.2 2,078.9 
Long-term debt1,616.7 1,601.3 
Long-term deferred revenue685.6 642.6 
Long-term income taxes payable279.8 279.4 
Long-term operating lease liabilities105.5 117.7 
Other long-term liabilities119.3 131.7 
Total liabilities4,881.1 4,851.6 
Commitments and contingencies (Note 13)
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; 321.4 shares and 322.9 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
— — 
Additional paid-in capital6,808.1 6,846.4 
Accumulated other comprehensive income8.3 4.2 
Accumulated deficit(2,381.2)(2,375.5)
Total stockholders' equity4,435.2 4,475.1 
Total liabilities and stockholders' equity$9,316.3 $9,326.7 

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

Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Three Months Ended March 31,
20232022
Cash flows from operating activities:
Net income$85.4 $55.7 
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense
60.9 45.2 
Depreciation, amortization, and accretion49.4 56.3 
Operating lease assets expense10.1 10.1 
Loss from equity method investment2.1 — 
Other3.7 6.8 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net166.1 145.5 
Inventory*(145.7)(47.8)
Prepaid expenses and other assets*(84.3)(105.9)
Accounts payable15.4 44.6 
Accrued compensation(78.4)(95.4)
Income taxes payable29.6 25.5 
Other accrued liabilities(19.0)(0.7)
Deferred revenue96.2 53.2 
Net cash provided by operating activities191.5 193.1 
Cash flows from investing activities:
Purchases of property and equipment(42.1)(25.0)
Purchases of available-for-sale debt securities(5.0)(58.1)
Proceeds from sales of available-for-sale debt securities14.0 33.3 
Proceeds from maturities and redemptions of available-for-sale debt securities
69.4 123.6 
Purchases of equity securities
(2.4)(9.3)
Proceeds from sales of equity securities
7.4 2.2 
Payments for business acquisitions, net of cash and cash equivalents acquired
— (3.3)
Other0.9 0.5 
Net cash provided by investing activities42.2 63.9 
Cash flows from financing activities:
Repurchase and retirement of common stock
(151.3)(126.3)
Proceeds from issuance of common stock
31.1 28.6 
Payment of dividends
(70.6)(67.5)
Net cash used in financing activities(190.8)(165.2)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
1.2 (1.7)
Net increase in cash, cash equivalents, and restricted cash44.1 90.1 
Cash, cash equivalents, and restricted cash at beginning of period
897.7 942.7 
Cash, cash equivalents, and restricted cash at end of period
$941.8 $1,032.8 
__________________
(*): The prior period amount has been reclassified to conform to the current period presentation.

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 March 31, 2023
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2022
322.9 $6,846.4 $4.2 $(2,375.5)$4,475.1 
Net income— — — 85.4 85.4 
Other comprehensive income, net— — 4.1 — 4.1 
Issuance of common stock3.3 31.1 — — 31.1 
Repurchase and retirement of common stock (4.8)(60.2)— (91.1)(151.3)
Share-based compensation expense— 61.4 — — 61.4 
Payments of cash dividends ($0.22 per share of common stock)
— (70.6)— — (70.6)
Balance at March 31, 2023
321.4 $6,808.1 $8.3 $(2,381.2)$4,435.2 
Three Months Ended March 31, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
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— — — 55.7 55.7 
Other comprehensive income, net— — 13.8 — 13.8 
Issuance of common stock4.8 28.6 — — 28.6 
Repurchase and retirement of common stock (3.6)(46.3)— (80.0)(126.3)
Share-based compensation expense— 45.7 — — 45.7 
Payments of cash dividends ($0.21 per share of common stock)
— (67.5)— — (67.5)
Balance at March 31, 2022
322.8 $6,933.1 $11.7 $(2,677.9)$4,266.9 

 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, 2022 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, 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, 2022 (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.

Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.

Summary of Significant Accounting Policies

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, 2022.





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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 2. 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 March 31, 2023 and December 31, 2022 (in millions):
As of March 31, 2023
As of December 31, 2022
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$24.6 $— $(0.8)$23.8 $37.8 $— $(1.2)$36.6 
Corporate debt securities210.8 — (5.2)205.6 277.5 — (7.1)270.4 
Foreign government debt securities
8.8 — (0.3)8.5 8.8 — (0.4)8.4 
Time deposits89.7 — — 89.7 70.6 — — 70.6 
U.S. government agency securities
18.6 — (0.4)18.2 18.6 — (0.6)18.0 
U.S. government securities5.0 — (0.1)4.9 9.0 — (0.2)8.8 
Total fixed income securities
357.5 — (6.8)350.7 422.3 — (9.5)412.8 
Privately-held debt and redeemable preferred stock securities20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total available-for-sale debt securities
$378.2 $37.4 $(6.8)$408.8 $437.8 $37.4 $(9.5)$465.7 
Reported as:
Cash equivalents$89.7 $— $— $89.7 $70.6 $— $— $70.6 
Short-term investments171.4 — (3.0)168.4 205.9 — (3.3)202.6 
Long-term investments96.4 — (3.8)92.6 145.8 — (6.2)139.6 
Other long-term assets20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total$378.2 $37.4 $(6.8)$408.8 $437.8 $37.4 $(9.5)$465.7 


The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$261.1 $258.1 
Due between one and five years96.4 92.6 
Total$357.5 $350.7 


As of March 31, 2023, the Company's unrealized loss of $6.8 million resulted from 216 investments, of which losses aggregating $0.2 million were from investments in an unrealized loss position for less than 12 months, and $6.6 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these 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 months ended March 31, 2023 and March 31, 2022.
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

During the three months ended March 31, 2023 and March 31, 2022, 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 March 31, 2023 and December 31, 2022 (in millions):
As of
March 31,
2023		December 31,
2022
Equity investments with readily determinable fair value:
Money market funds$496.7 $420.8 
Mutual funds31.9 28.1 
Publicly-traded equity securities6.5 7.7 
Equity investments without readily determinable fair value130.7 137.7 
Equity investment under the equity method of accounting33.9 36.0 
Total equity securities$699.7 $630.3 
Reported as:
Cash equivalents$496.7 $420.8 
Short-term investments6.5 7.7 
Prepaid expenses and other current assets2.5 2.4 
Other long-term assets194.0 199.4 
Total$699.7 $630.3 

For the three months ended March 31, 2023 and March 31, 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. For the three months ended March 31, 2023, the loss recognized from the equity method investment was $2.1 million.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of March 31, 2023, the carrying value of restricted cash and investments was $50.1 million, of which $18.4 million was included in prepaid expenses and other current assets, and $31.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
As of
March 31,
2023		December 31,
2022
Cash and cash equivalents$923.5 $880.1 
Restricted cash included in prepaid expenses and other current assets15.9 15.2 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$941.8 $897.7 
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
Fair Value Measurements at
March 31, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $23.8 $— $23.8 $— $36.6 $— $36.6 
Corporate debt securities — 205.6 — 205.6 — 270.4 — 270.4 
Foreign government debt securities— 8.5 — 8.5 — 8.4 — 8.4 
Time deposits— 89.7 — 89.7 — 70.6 — 70.6 
U.S. government agency securities— 18.2 — 18.2 — 18.0 — 18.0 
U.S. government securities4.9 — — 4.9 8.8 — — 8.8 
Privately-held debt and redeemable preferred stock securities— — 58.1 58.1 — — 52.9 52.9 
Total available-for-sale debt securities4.9 345.8 58.1 408.8 8.8 404.0 52.9 465.7 
Equity securities:
Money market funds496.7 — — 496.7 420.8 — — 420.8 
Mutual funds31.9 — — 31.9 28.1 — — 28.1 
Publicly-traded equity securities6.5 — — 6.5 7.7 — — 7.7 
Total equity securities535.1 — — 535.1 456.6 — — 456.6 
Derivative assets:
Foreign exchange contracts— 1.9 — 1.9 — 1.3 — 1.3 
Interest rate contracts— 111.4 — 111.4 — 125.4 — 125.4 
Total derivative assets— 113.3 — 113.3 — 126.7 — 126.7 
Total assets measured at fair value on a recurring basis$540.0 $459.1 $58.1 $1,057.2 $465.4 $530.7 $52.9 $1,049.0 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(26.4)$— $(26.4)$— $(37.6)$— $(37.6)
Interest rate contracts— (72.4)— (72.4)— (87.4)— (87.4)
Total derivative liabilities— (98.8)— (98.8)— (125.0)— (125.0)
Total liabilities measured at fair value on a recurring basis$— $(98.8)$— $(98.8)$— $(125.0)$— $(125.0)
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Fair Value Measurements at
March 31, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Total assets, reported as:
Cash equivalents$496.7 $89.7 $— $586.4 $420.8 $70.6 $— $491.4 
Short-term investments9.5 165.4 — 174.9 14.6 195.7 — 210.3 
Long-term investments1.9 90.7 — 92.6 1.9