Juniper Networks Reports Preliminary First Quarter 2021 Financial Results

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

 


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