All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition and strategic investment related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, gain or loss on equity investments, loss on extinguishment of debt, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of further changes to tariffs and the impact of any future acquisitions, divestitures, or joint ventures that may occur in the period. 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 varied and may continue to vary significantly from quarter to quarter.
Juniper Networks, Inc. Preliminary Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2021 |
|
2020 |
||||
Net revenues: |
|
|
|
||||
Product |
$ |
672.4 |
|
|
$ |
608.8 |
|
Service |
402.0 |
|
|
389.2 |
|
||
Total net revenues |
1,074.4 |
|
|
998.0 |
|
||
Cost of revenues: |
|
|
|
||||
Product |
316.5 |
|
|
269.0 |
|
||
Service |
142.3 |
|
|
149.7 |
|
||
Total cost of revenues |
458.8 |
|
|
418.7 |
|
||
Gross margin |
615.6 |
|
|
579.3 |
|
||
Operating expenses: |
|
|
|
||||
Research and development |
254.7 |
|
|
232.5 |
|
||
Sales and marketing |
252.7 |
|
|
239.2 |
|
||
General and administrative |
61.1 |
|
|
59.3 |
|
||
Restructuring charges |
19.3 |
|
|
8.9 |
|
||
| Total operating expenses |
587.8 |
|
|
539.9 |
|
||
| Operating income |
27.8 |
|
|
39.4 |
|
||
| Loss on extinguishment of debt |
(60.6 |
) |
|
— |
|
||
| Other expense, net |
(5.0 |
) |
|
(11.1 |
) |
||
| Income (loss) before income taxes |
(37.8 |
) |
|
28.3 |
|
||
| Income tax (benefit) provision |
(6.7 |
) |
|
7.9 |
|
||
| Net (loss) income |
$ |
(31.1 |
) |
|
$ |
20.4 |
|
|
|
|
|
|
||||
| Net (loss) income per share: |
|
|
|
||||
| Basic |
$ |
(0.10 |
) |
|
$ |
0.06 |
|
| Diluted |
$ |
(0.10 |
) |
|
$ |
0.06 |
|
| Weighted-average shares used to compute net (loss) income per share: |
|
|
|
||||
| Basic |
326.3 |
|
|
330.8 |
|
||
| Diluted |
326.3 |
|
|
335.1 |
|
||
| Juniper Networks, Inc. Preliminary Net Revenues by Customer Solution (in millions) (unaudited) |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2021 |
|
2020 |
||||
| Automated WAN Solutions |
$ |
386.4 |
|
|
$ |
315.5 |
|
| Cloud-Ready Data Center |
157.4 |
|
|
174.4 |
|
||
| AI-Driven Enterprise |
161.2 |
|
|
143.4 |
|
||
| Hardware Maintenance and Professional Services |
369.4 |
|
|
364.7 |
|
||
| Total |
$ |
1,074.4 |
|
|
$ |
998.0 |
|
