Juniper Networks Reports Preliminary First Quarter 2021 Financial Results

Effective in the first quarter of fiscal 2021, we began reporting our revenue by customer solution in the following three categories: Automated WAN Solutions, Cloud-Ready Data Center, and AI-Driven Enterprise. In addition, we will report Hardware Maintenance and Professional Services. The change provides for alignment on key growth drivers that is consistent with our strategy. Historical quarterly revenue dating back to Q1 2019 is available on Juniper's Investor Relations website in the Financial Reports section under the Financial Statements and Supplemental Data.

Juniper Networks, Inc.

Preliminary Net Revenues by Vertical

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Cloud

$

270.7

 

 

$

261.9

 

Service Provider

438.2

 

 

375.5

 

Enterprise

365.5

 

 

360.6

 

Total

$

1,074.4

 

 

$

998.0

 

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Americas

$

583.0

 

 

$

579.5

 

Europe, Middle East, and Africa

311.1

 

 

255.0

 

Asia Pacific

180.3

 

 

163.5

 

Total

$

1,074.4

 

 

$

998.0

 

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP operating income

 

$

27.8

 

 

$

98.1

 

 

$

39.4

 

GAAP operating margin

 

2.6

%

 

8.0

%

 

3.9

%

Share-based compensation expense

C

57.5

 

 

50.9

 

 

42.0

 

Share-based payroll tax expense

C

3.4

 

 

0.5

 

 

4.0

 

Amortization of purchased intangible assets

A

19.1

 

 

11.9

 

 

9.9

 

Restructuring charges

B

19.3

 

 

53.1

 

 

8.9

 

Acquisition and strategic investment related charges

A

2.3

 

 

17.7

 

 

1.3

 

Gain (loss) on non-qualified deferred compensation plan ("NQDC")

B

0.7

 

 

2.9

 

 

(3.7

)

Legal reserve and settlement charges

B

 

 

0.3

 

 

 

Others

B

 

 

0.9

 

 

 

Non-GAAP operating income

 

$

130.1

 

 

$

236.3

 

 

$

101.8

 

Non-GAAP operating margin

 

12.1

%

 

19.3

%

 

10.2

%

 

 

 

 

 

 

 

GAAP net (loss) income

 

$

(31.1

)

 

$

30.8

 

 

$

20.4

 

Share-based compensation expense

C

57.5

 

 

50.9

 

 

42.0

 

Share-based payroll tax expense

C

3.4

 

 

0.5

 

 

4.0

 

Amortization of purchased intangible assets

A

19.1

 

 

11.9

 

 

9.9

 

Restructuring charges

B

19.3

 

 

53.1

 

 

8.9

 

Acquisition and strategic investment related charges

A

2.3

 

 

17.7

 

 

1.3

 

Legal reserve and settlement charges

B

 

 

0.3

 

 

 

Loss (gain) on equity investments

B

(2.1

)

 

(2.3

)

 

1.5

 

Loss on extinguishment of debt

B

60.6

 

 

55.0

 

 

 

Income tax effect of non-GAAP exclusions

B

(30.5

)

 

(31.8

)

 

(10.8

)

Others

 

 

 

(4.3

)

 

 

Non-GAAP net income

 

$

98.5

 

 

$

181.8

 

 

$

77.2

 

 

 

 

 

 

 

 

GAAP diluted net (loss) income per share

 

$

(0.10

)

 

$

0.09

 

 

$

0.06

 

Non-GAAP diluted net income per share

D

$

0.30

 

 

$

0.55

 

 

$

0.23

 

Shares used in computing GAAP diluted net (loss) income per share

 

326.3

 

 

332.7

 

 

335.1

 

Shares used in computing Non-GAAP diluted net income per share

 

332.7

 

 

332.7

 

 

335.1

 


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