8-K

Juniper Networks, Inc.

October 24, 2019

/s/ Brian M. Martin

Brian M. Martin

Senior Vice President and General Counsel

0001193125-19-273693.txt : 20191109 0001193125-19-273693.hdr.sgml : 20191109 20191024184905 ACCESSION NUMBER: 0001193125-19-273693 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191024 DATE AS OF CHANGE: 20191029 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: 191166771 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 d818345d8k.htm 8-K 8-K

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) October 24, 2019

Juniper Networks, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-34501	77-0422528
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	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 October 24, 2019, Juniper Networks, Inc. (“we”, “our” or the “Company”) issued a press release in which we announced preliminary financial results for the quarter ended September 30, 2019. The Company also posted on the Investor Relations section of its website (www.juniper.net) prepared remarks with respect to the quarter ended September 30, 2019. 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 (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01

Other Events.

On October 24, 2019, the Company announced that its Board of Directors approved an increase to the Company’s stock repurchase program granting the Company authority to repurchase up to an additional $1 billion in our common stock, which brings our current total authorization to $1.9 billion. Under our stock repurchase program, we may repurchase shares in the open market, in privately negotiated transactions or by other means, including through repurchase plans designed to comply with Rule 10b5-1 and through derivative, accelerated share repurchase and other structured transactions, in each case, at such prices and times and upon such other terms and conditions as any authorized officer of the Company may determine. The timing and exact amount of any share repurchases will depend on various factors, including market conditions and the trading price of our common stock; the Company’s capital position, liquidity and financial performance; alternative uses of capital; and legal and regulatory considerations. A copy of the press release announcing an increase to our stock repurchase program is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

	99.1	Press release issued by Juniper Networks, Inc. on October 24, 2019

	99.2	Prepared remarks by Juniper Networks, Inc. dated as of October 24, 2019

	99.3	Press release issued by Juniper Networks, Inc. on October 24, 2019 announcing an increase in the registrant’s stock repurchase program

	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.

EX-99.1 2 d818345dex991.htm EX-99.1 EX-99.1

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 THIRD QUARTER 2019 FINANCIAL RESULTS

SUNNYVALE, Calif., October 24, 2019 - Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended September 30, 2019 and provided its outlook for the three months ending December 31, 2019.

Third Quarter 2019 Financial Performance

Net revenues were $1,133.1 million, a decrease of 4% year-over-year, and an increase of 3% sequentially.

GAAP operating margin was 12.2%, a decrease from 13.6% in the third quarter of 2018, and an increase from 7.5% in the second quarter of 2019.

Non-GAAP operating margin was 18.3%, a decrease from 20.0% in the third quarter of 2018, and an increase from 15.8% in the second quarter of 2019.

GAAP net income was $99.3 million, a decrease of 56% year-over-year, and an increase of 115% sequentially, resulting in diluted earnings per share of $0.29.

Non-GAAP net income was $166.6 million, a decrease of 13% year-over-year, and an increase of 19% sequentially, resulting in non-GAAP diluted earnings per share of $0.48.

“We believe we are executing well in a dynamic environment,” said Rami Rahim, Juniper’s, Chief Executive Officer. “While we are encouraged to see improved momentum with our Cloud customers, Service Provider spending remains challenged and we experienced weaker than expected Enterprise orders in the September quarter. Despite this backdrop, we still expect to deliver modest year-over-year growth during the December quarter and remain optimistic regarding our long-term growth prospects.”

“We demonstrated strong financial management during the September quarter as our non-GAAP measures for gross margin, operating profit, and EPS all exceeded the mid-point of our guidance,” said Ken Miller, Juniper’s Chief Financial Officer. “Our board of directors has approved an incremental $1.0 billion share repurchase authorization and we intend to enter into a new $200 million accelerated share repurchase plan this quarter and expect to be opportunistic about capital return, as we remain optimistic regarding the prospects of our business.”

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Balance Sheet and Other Financial Results

Total cash, cash equivalents, and investments as of September 30, 2019 were $2,826.7 million, compared to $3,648.0 million as of September 30, 2018, and $2,875.0 million as of June 30, 2019.

Net cash flows provided by operations for the third quarter of 2019 was $185.0 million, compared to $207.3 million in the third quarter of 2018, and $88.8 million in the second quarter of 2019.

Days sales outstanding in accounts receivable was 51 days in the third quarter of 2019, compared to 49 days in the third quarter of 2018, and 54 days in the second quarter of 2019.

Capital expenditures were $28.3 million, and depreciation and amortization expense was $56.1 million during the third quarter of 2019.

Juniper’s Board of Directors has declared a quarterly cash dividend of $0.19 per share to be paid on December 23, 2019 to shareholders of record as of the close of business on December 2, 2019.

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.

Our revenue outlook shows a modest return to year-over-year growth at the mid-point. However, it is lower than previously expected due to continued business challenges at some of our largest Service Provider customers, lingering impacts from our sales force transformation and macro-economic uncertainty.

We remain confident in our position in the markets we serve, and in our relationships with our customers.

Q4’19 non-GAAP gross margin guidance reflects the recent increase in China tariffs, which is offset partially by the expected increased revenue. We continue to undertake specific efforts to improve our gross margin. These efforts include value engineering, optimizing our supply chain and Service business, pricing management and increasing software and solution sales.

We expect a Q4’19 non-GAAP tax rate of 17%, due to the anticipated reduction in India’s corporate tax rate.

Despite the lower than expected revenue outlook, we continue to manage costs prudently, and still expect to achieve the low-end of our $1.70-$1.80 earnings per share range for the full-year 2019.

We remain committed to shareholder return and we are confident in our long-term growth prospects. To that end, our Board of Directors has authorized an additional $1.0 billion in our share repurchase authorization, which brings our current authorization to $1.9 billion. In addition, we intend to enter into an accelerated share repurchase program for $200 million in Q4’19. We expect to be opportunistic about capital return in the future.

Our guidance for the quarter ending December 31, 2019 is as follows:

•

Revenue will be approximately $1,185 million, plus or minus $30 million.

•

Non-GAAP gross margin will be approximately 61.0%, plus or minus 1%.

•

Non-GAAP operating expenses will be approximately $485 million, plus or minus $5 million.

•

Non-GAAP operating margin will be approximately 20.1% at the mid-point of revenue guidance.

•

Non-GAAP tax rate will be approximately 17%.

•

Non-GAAP net income per share will be approximately $0.57, plus or minus $0.03. This assumes a share count of approximately 340 million.

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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, 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 changes to previously announced 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 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.

Third Quarter 2019 Financial Commentary Available Online

A CFO Commentary reviewing the Company’s third quarter 2019 financial results, as well as the fourth quarter 2019 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, October 24, 2019, 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, and Junos 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.

Page 3 of 11

Safe Harbor

Statements in this release concerning Juniper Networks’ business outlook, economic and market outlook, including currency exchange rates; our future financial and operating results; our expectations regarding our sales execution and investments in our go-to-market organization; the strength of our solution portfolio and strategy; our expectations around our capital return program, including entering into an accelerated share repurchase program; our expectations around obtaining revenue and margin growth (including a return to year-over-year growth during the fourth quarter of 2019); the impact of tariffs; our future financial and operating results, including our financial guidance; 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: 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 and Service Providers; 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 costs, constraints, changes or disruptions; availability and pricing of key product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act, 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. Note that our estimates as to tax rate on our business are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be materially affected by changing interpretations of the Act, as well as additional legislation and guidance around the Act. 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.

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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net revenues:
Product	$	743.2		$	794.7		$	2,075.8		$	2,330.4
Service		389.9			385.1			1,161.5			1,136.1

Total net revenues		1,133.1			1,179.8			3,237.3			3,466.5
Cost of revenues:
Product		304.0			312.5			888.3			955.5
Service		150.7			156.3			451.5			480.7

Total cost of revenues		454.7			468.8			1,339.8			1,436.2

Gross margin		678.4			711.0			1,897.5			2,030.3
Operating expenses:
Research and development		244.5			253.8			716.1			772.0
Sales and marketing		235.3			224.8			692.8			702.5
General and administrative		61.2			67.9			189.4			178.1
Restructuring (benefits) charges		(1.1	)		4.4			35.6			2.3

Total operating expenses		539.9			550.9			1,633.9			1,654.9

Operating income		138.5			160.1			263.6			375.4
Other expense, net		(20.4	)		(8.1	)		(23.2	)		(31.1	)

Income before income taxes		118.1			152.0			240.4			344.3
Income tax provision (benefit)		18.8			(71.8	)		63.8			(30.4	)

Net income	$	99.3		$	223.8		$	176.6		$	374.7

Net income per share:
Basic	$	0.29		$	0.65		$	0.51		$	1.07

Diluted	$	0.29		$	0.64		$	0.50		$	1.05

Shares used in computing net income per share:
Basic		342.2			346.2			345.5			350.1

Diluted		345.5			350.5			350.1			355.2

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Juniper Networks, Inc.

Preliminary Net Revenues by Product and Service

(in millions)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Routing	$	407.5	$	496.4	$	1,199.1	$	1,395.1
Switching		241.6		221.1		633.6		705.9
Security		94.1		77.2		243.1		229.4

Total Product		743.2		794.7		2,075.8		2,330.4
Total Service		389.9		385.1		1,161.5		1,136.1

Total	$	1,133.1	$	1,179.8	$	3,237.3	$	3,466.5

Juniper Networks, Inc.

Preliminary Net Revenues by Vertical^(*)

(in millions)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cloud	$	271.9	$	257.1	$	780.0	$	812.4
Service Provider		452.5		545.3		1,335.3		1,550.3
Enterprise		408.7		377.4		1,122.0		1,103.8

Total	$	1,133.1	$	1,179.8	$	3,237.3	$	3,466.5

^(*)

Certain insignificant prior-period amounts have been reclassified to conform to the current-period presentation.

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Americas	$	648.8	$	643.1	$	1,841.2	$	1,906.4
Europe, Middle East, and Africa		301.5		329.9		879.6		946.8
Asia Pacific		182.8		206.8		516.5		613.3

Total	$	1,133.1	$	1,179.8	$	3,237.3	$	3,466.5

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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
		September 30, 2019			June 30, 2019			September 30, 2018
GAAP operating income		$	138.5		$	82.4		$	160.1
GAAP operating margin			12.2	%		7.5	%		13.6	%
Share-based compensation expense	C		57.5			55.7			53.2
Share-based payroll tax expense	C		0.3			0.7			0.4
Amortization of purchased intangible assets	A		9.9			9.9			4.4
Restructuring (benefits) charges	B		(1.1	)		21.4			4.4
Acquisition and strategic investment related charges	A		2.4			4.3			—
Strategic partnership-related charges	B		—			—			0.9
Legal reserve and settlement (benefits) charges	B		(0.2	)		—			12.0

Non-GAAP operating income		$	207.3		$	174.4		$	235.4

Non-GAAP operating margin			18.3	%		15.8	%		20.0	%

GAAP net income		$	99.3		$	46.2		$	223.8
Share-based compensation expense	C		57.5			55.7			53.2
Share-based payroll tax expense	C		0.3			0.7			0.4
Amortization of purchased intangible assets	A		9.9			9.9			4.4
Restructuring (benefits) charges	B		(1.1	)		21.4			4.4
Acquisition and strategic investment related charges	A		2.4			4.3			—
Strategic partnership-related charges	B		—			—			0.9
Legal reserve and settlement (benefits) charges	B		(0.2	)		—			12.0
Supplier component remediation charge	B		—			—			—
Loss on equity investments	B		3.4			3.5			2.8
Loss on extinguishment of debt	B		15.3			—			—
Recognition of previously unrecognized tax benefits	B		—			—			(67.6	)
Reduction of expected tax liabilities from tax accounting method change	B		—			—			(33.2	)
Income tax effect of non-GAAP exclusions	B		(20.2	)		(2.2	)		(10.1	)

Non-GAAP net income		$	166.6		$	139.5		$	191.0


GAAP diluted net income per share		$	0.29		$	0.13		$	0.64

Non-GAAP diluted net income per share	D	$	0.48		$	0.40		$	0.54

Shares used in computing diluted net income per share			345.5			349.1			350.5

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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) loss on extinguishment of debt; (vi) significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform; (vii) recognition of previously unrecognized tax benefits that are non-recurring in nature; (viii) the income tax effect on our financial statements of excluding items related to our 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

Page 8 of 11

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)


	September 30, 2019		December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	1,204.8	$	2,489.0
Short-term investments		1,040.8		1,070.1
Accounts receivable, net of allowances		635.8		754.6
Prepaid expenses and other current assets		306.1		268.1

Total current assets		3,187.5		4,581.8
Property and equipment, net		848.7		951.7
Operating lease right-of-use assets		171.9		—
Long-term investments		581.1		199.0
Purchased intangible assets, net		195.7		118.5
Goodwill		3,338.3		3,108.8
Other long-term assets		430.4		403.5

Total assets	$	8,753.6	$	9,363.3

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	229.0	$	208.8
Accrued compensation		176.9		221.0
Deferred revenue		741.6		829.3
Short-term portion of long-term debt		—		349.9
Other accrued liabilities		275.4		233.5

Total current liabilities		1,422.9		1,842.5
Long-term debt		1,687.6		1,789.1
Long-term deferred revenue		377.1		384.3
Long-term income taxes payable		402.0		404.4
Long-term operating lease liabilities		163.5		—
Other long-term liabilities		58.1		119.8

Total liabilities		4,111.2		4,540.1
Total stockholders’ equity		4,642.4		4,823.2

Total liabilities and stockholders’ equity	$	8,753.6	$	9,363.3

Page 10 of 11

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)


	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net income	$	176.6		$	374.7
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense		147.1			180.2
Depreciation, amortization, and accretion		155.5			159.2
Operating lease assets expense		32.0			—
Loss on extinguishment of debt		15.3			—
Other		3.6			3.5
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net		125.2			200.9
Prepaid expenses and other assets		(33.8	)		43.9
Accounts payable		19.1			(27.6	)
Accrued compensation		(45.4	)		(4.2	)
Income taxes payable		(8.7	)		(244.0	)
Other accrued liabilities		(49.5	)		(14.5	)
Deferred revenue		(103.8	)		(23.4	)

Net cash provided by operating activities		433.2			648.7

Cash flows from investing activities:
Purchases of property and equipment		(83.5	)		(110.9	)
Purchases of available-for-sale debt securities		(2,789.6	)		(608.1	)
Proceeds from sales of available-for-sale debt securities		1,035.0			1,012.2
Proceeds from maturities and redemptions of available-for-sale debt securities		1,410.1			446.6
Purchases of equity securities		(10.2	)		(8.1	)
Proceeds from sales of equity securities		5.0			29.8
Payments for business acquisitions, net of cash and cash equivalents acquired		(270.9	)		—
Subsequent payments related to acquisitions in prior years		—			(31.5	)

Net cash (used in) provided by investing activities		(704.1	)		730.0

Cash flows from financing activities:
Repurchase and retirement of common stock		(354.9	)		(755.5	)
Proceeds from issuance of common stock		55.4			56.8
Payment of dividends		(196.4	)		(187.0	)
Payment of debt		(950.0	)		—
Issuance of debt, net		495.2			—
Payment for debt extinguishment costs		(14.6	)		—
Change in customer financing arrangement		—			(16.9	)
Other		—			(1.5	)

Net cash used in financing activities		(965.3	)		(904.1	)

Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash		(3.6	)		(10.9	)

Net (decrease) increase in cash, cash equivalents, and restricted cash		(1,239.8	)		463.7
Cash, cash equivalents, and restricted cash at beginning of period		2,505.8			2,059.1

Cash, cash equivalents, and restricted cash at end of period	$	1,266.0		$	2,522.8

Page 11 of 11

EX-99.2 3 d818345dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Juniper Networks, Inc.

1133 Innovation Way

Sunnyvale, CA 94089

October 24, 2019

CFO Commentary on Third Quarter 2019 Preliminary Financial Results

Related Information

The following commentary is provided by management and should be referenced in conjunction with Juniper Networks’ third quarter 2019 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.

Q3 2019 Preliminary Financial Results

GAAP


(in millions, except per share amounts and percentages)	Q3’19			Q2’19			Q3’18			Q/Q Change			Y/Y Change
Revenue	$	1,133.1		$	1,102.5		$	1,179.8			3	%		(4	)%
Product		743.2			713.9			794.7			4	%		(6	)%
Service		389.9			388.6			385.1			—	%		1	%
Gross margin %		59.9	%		57.8	%		60.3	%		2.1	pts		(0.4	)pts
Research and development		244.5			244.0			253.8			—	%		(4	)%
Sales and marketing		235.3			229.0			224.8			3	%		5	%
General and administrative		61.2			60.0			67.9			2	%		(10	)%
Restructuring (benefits) charges		(1.1	)		21.4			4.4			N/M			N/M

Total operating expenses	$	539.9		$	554.4		$	550.9			(3	)%		(2	)%

Operating margin %		12.2	%		7.5	%		13.6	%		4.7	pts		(1.4	)pts

Net income	$	99.3		$	46.2		$	223.8			115	%		(56	)%

Diluted net income per share	$	0.29		$	0.13		$	0.64			123	%		(55	)%

N/M - Not meaningful

Non-GAAP


(in millions, except per share amounts and percentages)	Q4’19 Guidance	Q3’19			Q2’19			Q3’18			Q/Q Change	Y/Y Change
Revenue	$1,185 +/- $30	$	1,133.1		$	1,102.5		$	1,179.8		3%	(4)%
Product			743.2			713.9			794.7		4%	(6)%
Service			389.9			388.6			385.1		— %	1%
Gross margin %	61% +/- 1.0%		61.1	%		59.2	%		61.1	%	1.9pts	— pts
Research and development			214.8			217.5			225.6		(1)%	(5)%
Sales and marketing			218.3			212.2			211.4		3%	3%
General and administrative			51.4			48.4			48.6		6%	6%

Total operating expenses	$485 +/- $5	$	484.5		$	478.1		$	485.6		1%	— %

Operating margin %	~20.1% at the midpoint		18.3	%		15.8	%		20.0	%	2.5pts	(1.7)pts

Net income		$	166.6		$	139.5		$	191.0		19%	(13)%

Diluted net income per share	$0.57 +/- $0.03	$	0.48		$	0.40		$	0.54		20%	(11)%

Q3 2019 Overview

We ended the third quarter at $1,133 million in revenue, slightly below mid-point of guidance. Non-GAAP gross margin was strong at 61.1%, higher than our guidance range. These results, along with prudent expense management, drove non-GAAP earnings per share of $0.48, at the high-end of our forecast.

Looking at our revenue by vertical, on a year-over-year basis, Cloud increased 6% and Enterprise increased 8%, while Service Provider declined 17%. The lower than mid-point revenue result was due to greater than anticipated Service Provider weakness.

On a sequential basis, Enterprise increased 10%, Service Provider increased 1% and Cloud was down 5%.

From a technology perspective, Routing decreased 18% year-over-year and 2% sequentially. Switching increased 9% year-over-year and 12% sequentially. Security increased 22% year-over-year and 16% sequentially. Our Services business increased 1% year-over-year and was flat sequentially.

Software revenue increased 13% year-over-year and was approximately 10% of total revenue.

In reviewing our top 10 customers for the quarter, three were Cloud, six were Service Provider, and one was an Enterprise.

Product deferred revenue was $129 million, down 3% year-over-year due to the timing of the delivery of contractual commitments.

Non-GAAP operating expenses were flat year-over-year and up 1% sequentially.

Cash flow from operations was $185 million for the quarter. We paid $65 million in dividends, reflecting a quarterly dividend of $0.19 per share. The accelerated share repurchase program (“ASR”) we entered into in Q2’19 settled on August 13, 2019, and we also repurchased an additional $50 million of shares in the open market.

Total cash, cash equivalents, and investments at the end of the third quarter of 2019 was $2.8 billion.

Revenue

Product & Service

•

Routing product revenue: $407 million, down 18% year-over-year and down 2% sequentially. The year-over-year decrease was primarily due to Service Provider and to a lesser extent, Cloud, partially offset by strength in Enterprise. The sequential decrease was primarily due to Cloud, partially offset by growth in Enterprise and Service Provider. The MX product family declined year-over-year but increased sequentially. PTX grew year-over-year and declined sequentially.

•

Switching product revenue: $242 million, up 9% year-over-year and up 12% sequentially. The year-over-year increase was primarily driven by Cloud, and to a lesser extent, Enterprise, partially offset by a decline in Service Provider. The sequential increase was primarily driven by Cloud. The QFX product family increased year-over-year and sequentially. EX declined year-over-year and grew sequentially.

•

Security product revenue: $94 million, up 22% year-over-year and up 16% sequentially. The year-over-year increase was primarily driven by Enterprise, and to a lesser extent, Service Provider. The sequential increase was driven by Enterprise and Service Provider, partially offset by a decline in Cloud.

•

Service revenue: $390 million, up 1% year-over-year and flat sequentially.

Vertical

•

Cloud: $272 million, up 6% year-over-year and down 5% sequentially. Year-over-year, Switching and to a lesser extent, Services grew, partially offset by a decline in Routing. The sequential decrease was primarily due to Routing, partially offset by growth in Switching.

•

Service Provider: $453 million, down 17% year-over-year and up 1% sequentially. The year-over-year decrease was primarily due to Routing. The sequential increase was primarily driven by Security.

•

Enterprise: $408 million, up 8% year-over-year and up 10% sequentially. All technologies and services increased both year-over-year and sequentially.

Geography

•

Americas: $648 million, up 1% year-over-year and flat sequentially. Year-over-year, the increase was primarily driven by Cloud, and to a lesser extent, Enterprise, partially offset by a decline in Service Provider. Sequentially, Enterprise growth was offset by a decline in Cloud and Service Provider.

•

EMEA: $302 million, down 9% year-over-year and up 3% sequentially. Year-over-year, the decrease was primarily due to Service Provider and Cloud, partially offset by growth in Enterprise. Sequentially, the increase was driven by Enterprise and Cloud, partially offset by a decline in Service Provider.

•

APAC: $183 million, down 12% year-over-year and up 13% sequentially. The year-over-year decrease was primarily due to Service Provider and Cloud. The sequential increase was driven by Service Provider and Enterprise, partially offset by Cloud.

Gross Margin

•

GAAP gross margin: 59.9%, compared to 60.3% from the prior year and 57.8% from last quarter.

•

Non-GAAP gross margin: 61.1%, compared to 61.1% from the prior year and 59.2% from last quarter.

•

GAAP product gross margin: 59.1%, down 1.6 points from the prior year and up 3.1 points from last quarter.

Year-over-year, the decrease in GAAP product gross margin was primarily due to higher intangible amortization associated with the acquisition of Mist Systems, and to a lesser extent, China tariffs.

The sequential increase in GAAP product gross margin was primarily due to product and customer mix and a one-time write-off charge in Q2’19.

•

Non-GAAP product gross margin: 60.3%, down 1.1 points from the prior year and up 2.8 points from last quarter.

The year-over-year decrease in Non-GAAP product gross margin was primarily due to China tariffs and lower revenue.

Non-GAAP product gross margin was up sequentially, primarily driven by product and customer mix.

•

GAAP service gross margin: 61.3%, up 1.9 points from the prior year and flat from last quarter.

•

Non-GAAP service gross margin: 62.4%, up 1.8 points from the prior year and up 0.2 points from last quarter.

Year-over-year, the increase in service gross margin, on a GAAP and non-GAAP basis, was primarily driven by lower delivery costs.

On a sequential basis, non-GAAP service gross margin was essentially flat.

Operating Expenses

•

GAAP operating expenses: $540 million, a decrease of $11 million year-over-year, and a decrease of $15 million sequentially.

The year-over-year decrease in operating expenses was primarily due to a reserve taken in Q3’18 related to an estimated legal settlement. The sequential decrease was primarily due to lower restructuring charges.

GAAP operating expenses were 47.6% of revenue, up 1.0 points year-over-year and down 2.6 points sequentially.

•

Non-GAAP operating expenses: $485 million, a decrease of $1 million year-over-year, and an increase of $6 million sequentially.

The year-over-year decrease and sequential increase in operating expenses was primarily driven by headcount related costs.

Non-GAAP operating expenses were 42.8% of revenue, up 1.6 points year-over-year and down 0.6 points sequentially.

Operating Margin

•

GAAP operating margin: 12.2%, a decrease of 1.4 points year-over-year and an increase of 4.7 points sequentially.

•

Non-GAAP operating margin: 18.3%, a decrease of 1.7 points year-over-year and an increase of 2.5 points sequentially.

Tax Rate

•

GAAP tax rate: 15.9% provision, compared to 47.3% benefit in the prior year and 40.6% provision, last quarter.

The year-over-year increase in the effective tax rate, on a GAAP basis, was due to discrete benefits in the prior year of approximately $100 million, partially offset by structural changes in 2019, which impacted the taxation of the geographic mix of earnings.

The decrease in the effective tax rate in Q3 compared to Q2, was primarily driven by the benefit of discrete items including a reduction of income tax reserves, partially offset by the write down of deferred tax assets in the prior quarter.

•

Non-GAAP tax rate: 19.0%, compared to 17.0% in in the prior year and 19.5% last quarter.

The year-over-year increase in the effective tax rate was primarily due to structural changes which impacted the taxation of the geographic mix of earnings.

In Q3’19, based on our review of the mix of global earnings, we reduced the full-year estimated non-GAAP tax rate to 19% from 19.5%.

Diluted Earnings Per Share

•

GAAP diluted earnings per share: $0.29, a decrease of $0.35 year-over-year and an increase of $0.16 sequentially.

•

Non-GAAP diluted earnings per share: $0.48, a decrease of $0.06 year-over-year and an increase of $0.08 sequentially.

The year-over-year decrease in GAAP EPS was primarily due to a higher tax rate and lower revenue.

The year-over-year decrease in non-GAAP EPS was primarily due to lower revenue.

Sequentially, the increase in EPS on a GAAP basis was primarily driven by a lower tax rate, a higher gross margin percentage and higher revenue.

The sequential increase in non-GAAP EPS was primarily driven by a higher gross margin percentage and higher revenue.

Balance Sheet, Cash Flow, Capital Return, and Other Financial Metrics


(in millions, except days sales outstanding (“DSO”), and headcount)	Q3’19		Q2’19		Q1’19		Q4’18		Q3’18
Cash⁽¹⁾	$	2,826.7	$	2,875.0	$	3,502.7	$	3,758.1	$	3,648.0
Debt		1,687.6		1,790.0		1,789.6		2,139.0		2,138.3
Net cash⁽²⁾		1,139.1		1,085.0		1,713.1		1,619.1		1,509.7
Operating cash flow		185.0		88.8		159.4		212.4		207.3
Capital expenditures		28.3		27.3		27.9		36.5		31.6
Depreciation and amortization		56.1		56.4		51.0		52.2		48.8
Share repurchases⁽³⁾		50.0		300.0		—		—		—
Dividends	$	64.7	$	65.5	$	66.2	$	62.3	$	62.1
Diluted shares		345.5		349.1		352.7		350.8		350.5
DSO		51		54		58		58		49
Headcount		9,283		8,995		9,068		9,283		9,311

⁽¹⁾	Includes cash, cash equivalents, and investments.

⁽²⁾	Net cash includes cash, cash equivalents, and investments, net of debt.

⁽³⁾	For Q2’19, $300.0 million represents the full amount of the ASR. 8.6 million shares were received initially for an aggregate price of $240.0 million. The ASR concluded in Q3’19, and at final settlement, an additional 3.0 million shares were received.

Cash Flow

•

Cash flow from operations: $185 million, down $22 million year-over-year and up $96 million sequentially.

The year-over-year decrease was primarily due to lower cash collections, partially offset by lower payments to suppliers.

The sequential increase was primarily due to lower payments to suppliers and lower cash tax payments, partially offset by higher payments related to variable compensation.

Days Sales Outstanding (DSO)

•

DSO: 51 days, a 3-day decrease from the prior quarter, driven primarily by higher customer collections and higher revenue.

Capital Return

•

In the quarter, we paid a dividend of $0.19 per share for a total of $65 million.

•

In the quarter, we repurchased $50 million worth of shares. In addition, the $300 million ASR entered into in Q2’19 settled in the quarter.

Financing Activities

•

Debt: In the quarter, we issued $500 million of long-term debt and repurchased and redeemed $600 million of outstanding debt with maturities in 2020 and 2021, for a net decrease of $100 million. We continue to maintain an investment grade credit rating. We believe our debt has well staggered maturities and aligns with our focus on an efficient capital structure.

Demand metrics

•

Total deferred revenue was $1,119 million, down $46 million year-over-year and down $82 million sequentially.

•

Product deferred revenue was $129 million, down $5 million year-over-year and down $4 million quarter-over-quarter.

The year-over-year decline in product deferred revenue was due to the timing of the delivery of contractual commitments.

•

Service deferred revenue was $990 million, down $42 million year-over-year and down $78 million sequentially.

The year-over-year and sequential decrease in service deferred revenue was primarily due to the timing of contract renewals.

Deferred Revenue


(in millions)	September 30, 2019		June 30, 2019		September 30, 2018
Deferred product revenue, net	$	129.0	$	133.4	$	133.6
Deferred service revenue		989.7		1,068.0		1,031.7

Total	$	1,118.7	$	1,201.4	$	1,165.3

Headcount

•

Ending headcount for Q3’19 was 9,283, a decrease of 28 employees year-over-year and increase of 288 sequentially. The year-over-year decrease was primarily a result of outsourcing IT services to IBM in Q2’19, partially offset by the acquisition of Mist Systems in Q2’19. The sequential increase was primarily a result of additional hires in our go-to-market and R&D organizations.

Outlook

We remain confident in our position in the markets we serve, and in our relationships with our customers.

Our Q4’19 non-GAAP gross margin guidance reflects the recent increase in China tariffs, which is offset partially by the expected increase in revenue. We continue to undertake specific efforts to improve our gross margin. These efforts include value engineering, optimizing our supply chain and Service business, pricing management and increasing software and solution sales.

We expect a Q4’19 non-GAAP tax rate of approximately 17% due to the anticipated reduction in India’s corporate tax rate.

Despite the lower than expected revenue outlook, we continue to manage costs prudently, and still expect to achieve the low-end of our $1.70-$1.80 earnings range for the full-year 2019.

We remain committed to shareholder return and we are confident in our long-term growth prospects. To that end, our Board of Directors has approved an additional $1.0 billion of share repurchase authorization, which brings our current authorization to $1.9 billion. In addition, we intend to enter into an accelerated share repurchase program for $200 million in Q4’19. We expect to be opportunistic on future capital return.

Our Board of Directors has declared a quarterly cash dividend of $0.19 per share to be paid on December 23, 2019 to shareholders of record as of the close of business on December 2, 2019.

Our guidance for the quarter ending December 31, 2019 is as follows:

•

Revenue will be approximately $1,185 million, plus or minus $30 million.

•

Non-GAAP gross margin will be approximately 61.0%, plus or minus 1%.

•

Non-GAAP operating expenses will be approximately $485 million, plus or minus $5 million.

•

Non-GAAP operating margin will be approximately 20.1% at the mid-point of revenue guidance.

•

Non-GAAP tax rate will be approximately 17%.

•

Non-GAAP net income per share will be approximately $0.57, plus or minus $0.03. This assumes a share count of approximately 340 million.

Forward-Looking Statements

Statements in this CFO Commentary and related conference call concerning Juniper Networks’ business outlook, economic and market outlook, including currency exchange rates; our future financial and operating results; our expectations regarding our sales execution and investments in our go-to-market organization; the strength of our solution portfolio and strategy; our expectations around our capital return program, including entering into an accelerated share repurchase program; our expectations around obtaining revenue and margin growth (including a return to year-over-year growth during the fourth quarter of 2019; the impact of tariffs; our future financial and operating results, including our financial guidance; 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: 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 and Service Providers; 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 costs, constraints, changes or disruptions; availability and pricing of key product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act, 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. Note that our estimates as to tax rate on our business are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be materially affected by changing interpretations of the Act, as well as additional legislation and guidance around the Act. 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.

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 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.

In the second quarter of 2019, we adopted a full-year projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the annual reporting periods. In projecting our full-year non-GAAP tax rate, we utilize a full-year financial projection that excludes the impact of stock options and the amortization of acquisition-related intangible assets. The projected rate considers other factors such as changes to our current operating structure, existing tax positions in various jurisdictions, the effect of key tax legislation, significant tax matters, and the other non-GAAP financial measures noted above, to the extent they are applicable to the full-year financial projection. For fiscal year 2019, our projected non-GAAP tax rate is 19.0% after including the impact of our acquisition of Mist Systems, Inc, which did not have a significant impact to our tax rate. Our projected tax rate on non-GAAP income may be adjusted during the year to account for events or trends that we believe materially impact the projected annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of earnings and other significant events.

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.

Juniper Networks, Inc.

Preliminary Supplemental Data

(in millions, except percentages)

(unaudited)

Deferred Revenue


	As of
	September 30, 2019			December 31, 2018
Deferred product revenue:
Undelivered product commitments and other product deferrals	$	138.4		$	163.3

Deferred gross product revenue		138.4			163.3
Deferred cost of product revenue		(9.4	)		(18.9	)

Deferred product revenue, net		129.0			144.4
Deferred service revenue		989.7			1,069.2

Total	$	1,118.7		$	1,213.6

Reported as:
Current	$	741.6		$	829.3
Long-term		377.1			384.3

Total	$	1,118.7		$	1,213.6

Vertical Reporting: Revenue Trend


	2017		2018		Q3’18		Q4’18		Q1’19		Q2’19		Q3’19		Q/Q Change					Y/Y Change
Cloud	$	1,310.7	$	1,049.9	$	257.1	$	237.5	$	223.1	$	285.0	$	271.9	$	(13.1	)	(4.6	)%	$	14.8		5.8	%
Service Provider		2,319.4		2,066.7		545.3		516.4		435.6		447.2		452.5		5.3		1.2	%		(92.8	)	(17.0	)%
Enterprise		1,397.1		1,530.9		377.4		427.1		343.0		370.3		408.7		38.4		10.4	%		31.3		8.3	%

Total revenue	$	5,027.2	$	4,647.5	$	1,179.8	$	1,181.0	$	1,001.7	$	1,102.5	$	1,133.1	$	30.6		2.8	%	$	(46.7	)	(4.0	)%

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)


	Three Months Ended
	September 30, 2019			June 30, 2019			September 30, 2018
GAAP gross margin - Product	$	439.2		$	399.6		$	482.2
GAAP product gross margin % of product revenue		59.1	%		56.0	%		60.7	%
Share-based compensation expense		0.8			1.6			1.5
Share-based payroll tax expense		0.1			—			0.1
Amortization of purchased intangible assets		8.4			8.4			3.8
Acquisition and strategic investment related charges		—			1.2			—

Non-GAAP gross margin - Product	$	448.5		$	410.8		$	487.6

Non-GAAP product gross margin % of product revenue		60.3	%		57.5	%		61.4	%

GAAP gross margin - Service	$	239.2		$	237.2		$	228.8
GAAP service gross margin % of service revenue		61.3	%		61.0	%		59.4	%
Share-based compensation expense		4.1			4.4			4.5
Share-based payroll tax expense		—			0.1			0.1

Non-GAAP gross margin - Service	$	243.3		$	241.7		$	233.4

Non-GAAP service gross margin % of service revenue		62.4	%		62.2	%		60.6	%

GAAP gross margin	$	678.4		$	636.8		$	711.0
GAAP gross margin % of revenue		59.9	%		57.8	%		60.3	%
Share-based compensation expense		4.9			6.0			6.0
Share-based payroll tax expense		0.1			0.1			0.2
Amortization of purchased intangible assets		8.4			8.4			3.8
Acquisition and strategic investment related charges		—			1.2			—

Non-GAAP gross margin	$	691.8		$	652.5		$	721.0

Non-GAAP gross margin % of revenue		61.1	%		59.2	%		61.1	%

GAAP research and development expense	$	244.5		$	244.0		$	253.8
Share-based compensation expense		(29.6	)		(26.2	)		(28.1	)
Share-based payroll tax expense		(0.1	)		(0.3	)		(0.1	)

Non-GAAP research and development expense	$	214.8		$	217.5		$	225.6


GAAP sales and marketing expense	$	235.3		$	229.0		$	224.8
Share-based compensation expense		(15.5	)		(15.1	)		(12.9	)
Share-based payroll tax expense		(0.1	)		(0.3	)		(0.1	)
Amortization of purchased intangible assets		(1.4	)		(1.4	)		(0.4	)

Non-GAAP sales and marketing expense	$	218.3		$	212.2		$	211.4


GAAP general and administrative expense	$	61.2		$	60.0		$	67.9
Share-based compensation expense		(7.5	)		(8.4	)		(6.2	)
Amortization of purchased intangible assets		(0.1	)		(0.1	)		(0.2	)
Acquisition and strategic investment related charges		(2.4	)		(3.1	)		—
Strategic partnership-related charges		—			—			(0.9	)
Legal reserve and settlement benefits (charges)		0.2			—			(12.0	)

Non-GAAP general and administrative expense	$	51.4		$	48.4		$	48.6

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)


	Three Months Ended
	September 30, 2019			June 30, 2019			September 30, 2018
GAAP operating expenses	$	539.9		$	554.4		$	550.9
GAAP operating expenses % of revenue		47.6	%		50.3	%		46.7	%
Share-based compensation expense		(52.6	)		(49.7	)		(47.2	)
Share-based payroll tax expense		(0.2	)		(0.6	)		(0.2	)
Amortization of purchased intangible assets		(1.5	)		(1.5	)		(0.6	)
Restructuring benefits (charges)		1.1			(21.4	)		(4.4	)
Acquisition and strategic investment related charges		(2.4	)		(3.1	)		—
Strategic partnership-related charges		—			—			(0.9	)
Legal reserve and settlement benefits (charges)		0.2			—			(12.0	)

Non-GAAP operating expenses	$	484.5		$	478.1		$	485.6

Non-GAAP operating expenses % of revenue		42.8	%		43.4	%		41.2	%

GAAP operating income	$	138.5		$	82.4		$	160.1
GAAP operating margin		12.2	%		7.5	%		13.6	%
Share-based compensation expense		57.5			55.7			53.2
Share-based payroll tax expense		0.3			0.7			0.4
Amortization of purchased intangible assets		9.9			9.9			4.4
Restructuring (benefits) charges		(1.1	)		21.4			4.4
Acquisition and strategic investment related charges		2.4			4.3			—
Strategic partnership-related charges		—			—			0.9
Legal reserve and settlement (benefits) charges		(0.2	)		—			12.0

Non-GAAP operating income	$	207.3		$	174.4		$	235.4

Non-GAAP operating margin		18.3	%		15.8	%		20.0	%

GAAP income tax provision (benefit)	$	18.8		$	31.6		$	(71.8	)
GAAP income tax rate (benefit)		15.9	%		40.6	%		(47.3	)%
Recognition of previously unrecognized tax benefits		—			—			67.6
Reduction of expected tax liabilities from tax accounting method change		—			—			33.2
Income tax effect of non-GAAP exclusions		20.2			2.2			10.1

Non-GAAP provision for income tax	$	39.0		$	33.8		$	39.1

Non-GAAP income tax rate		19.0	%		19.5	%		17.0	%

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)


	Three Months Ended
	September 30, 2019			June 30, 2019			September 30, 2018
GAAP net income	$	99.3		$	46.2		$	223.8
Share-based compensation expense		57.5			55.7			53.2
Share-based payroll tax expense		0.3			0.7			0.4
Amortization of purchased intangible assets		9.9			9.9			4.4
Restructuring (benefits) charges		(1.1	)		21.4			4.4
Acquisition and strategic investment related charges		2.4			4.3			—
Strategic partnership-related charges		—			—			0.9
Legal reserve and settlement (benefits) charges		(0.2	)		—			12.0
Loss on equity investments		3.4			3.5			2.8
Loss on extinguishment of debt		15.3			—			—
Recognition of previously unrecognized tax benefits		—			—			(67.6	)
Reduction of expected tax liabilities from tax accounting method change		—			—			(33.2	)
Income tax effect of non-GAAP exclusions		(20.2	)		(2.2	)		(10.1	)

Non-GAAP net income	$	166.6		$	139.5		$	191.0

GAAP diluted net income per share	$	0.29		$	0.13		$	0.64

Non-GAAP diluted net income per share	$	0.48		$	0.40		$	0.54

Shares used in computing diluted net income per share		345.5			349.1			350.5

EX-99.3 4 d818345dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

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 ANNOUNCES INCREASED STOCK BUYBACK AUTHORIZATION

Additional $1 Billion Buyback Authorization

SUNNYVALE, Calif., October 24, 2019 - Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today announced that its Board of Directors has approved a $1 billion stock buyback authorization increase, adding to the existing buyback authorization, which has $900 million remaining for a total of $1.9 billion. Juniper plans to enter a $200 million accelerated share repurchase program (“ASR”) in Q4 2019 and intends to continue to be opportunistic with its share repurchases thereafter.

“Our increased stock buyback authorization reinforces our ongoing commitment to delivering total shareholder value,” said Ken Miller, chief financial officer, Juniper Networks. “The increase in the buyback authorization, and anticipated ASR program reflect our confidence in our ability to generate cash and our long-term strategy.”

Juniper will continue to review its capital return policy over time, subject to capital availability, company financial performance, economic outlook and other relevant considerations. The stock buyback program, which has no expiration date, may be terminated or suspended at any time.

Juniper today also reported preliminary financial results for the three months ended September 30, 2019 and provided its outlook for the three months ending December 31, 2019. Additional details can be found in the Investor Relations section of the Company’s website.

About Juniper Networks

Page 1 of 2

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.

Safe Harbor

Statements in this release concerning Juniper Networks’ business outlook, economic and market outlook, our future financial and operating results, including our ability to generate cash flow; our expectations regarding the use of our stock repurchase authorization, including entering into an accelerated share repurchase program in Q4 2019; 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: 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 and Service Providers; 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 costs, constraints, changes or disruptions; availability and pricing of key product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act, 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. 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.

Page 2 of 2

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Document and Entity Information	Oct. 24, 2019
Cover [Abstract]
Entity Registrant Name	JUNIPER NETWORKS INC
Amendment Flag	false
Entity Central Index Key	0001043604
Document Type	8-K
Document Period End Date	Oct. 24, 2019
Entity Incorporation State 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
Security 12b Title	Common Stock, par value $0.00001 per share
Trading Symbol	JNPR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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