PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Juniper Networks' unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020, including statements of operations, balance sheets, cash flows, and detailed accounting notes [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total net revenues for Q3 2020 slightly increased to $1,138.2 million, with net income significantly rising to $145.4 million, while nine-month net revenues remained flat with increased net income Key Financial Metrics (Unaudited) | Financial Metric | Three Months Ended Sep 30, 2020 (Millions USD) | Three Months Ended Sep 30, 2019 (Millions USD) | Nine Months Ended Sep 30, 2020 (Millions USD) | Nine Months Ended Sep 30, 2019 (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | **$1,138.2** | **$1,133.1** | **$3,222.5** | **$3,237.3** | | Product Revenue | $733.7 | $743.2 | $2,034.8 | $2,075.8 | | Service Revenue | $404.5 | $389.9 | $1,187.7 | $1,161.5 | | **Gross margin** | **$657.8** | **$678.4** | **$1,856.7** | **$1,897.5** | | **Operating income** | **$125.1** | **$138.5** | **$255.0** | **$263.6** | | **Net income** | **$145.4** | **$99.3** | **$227.0** | **$176.6** | | **Diluted EPS** | **$0.43** | **$0.29** | **$0.68** | **$0.50** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to $8,694.7 million as of September 30, 2020, with total liabilities also decreasing, while cash and cash equivalents increased Condensed Consolidated Balance Sheets (Unaudited) | Balance Sheet Item | Sep 30, 2020 (Unaudited, Millions USD) | Dec 31, 2019 (Millions USD) | | :--- | :--- | :--- | | **Total current assets** | **$3,038.5** | **$3,209.8** | | Cash and cash equivalents | $1,341.5 | $1,215.8 | | Goodwill | $3,337.1 | $3,337.1 | | **Total assets** | **$8,694.7** | **$8,837.7** | | **Total current liabilities** | **$1,501.6** | **$1,543.9** | | Long-term debt | $1,714.1 | $1,683.9 | | **Total liabilities** | **$4,133.9** | **$4,227.1** | | **Total stockholders' equity** | **$4,560.8** | **$4,610.6** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to $486.2 million for the nine months ended September 30, 2020, with a significant shift to cash provided by investing activities and reduced cash used in financing activities Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity (Nine Months Ended Sep 30) | 2020 (Millions USD) | 2019 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$486.2** | **$433.2** | | **Net cash provided by (used in) investing activities** | **$86.0** | **($704.1)** | | **Net cash used in financing activities** | **($444.4)** | **($965.3)** | | Repurchase of common stock | ($305.7) | ($354.9) | | Payment of dividends | ($198.0) | ($196.4) | | **Net increase (decrease) in cash** | **$125.3** | **($1,239.8)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies and financial results, covering investments, debt, equity transactions, segment revenues, income taxes, and subsequent events like acquisitions - The company adopted new accounting standards for Fair Value Measurement (Topic 820), Goodwill Impairment (Topic 350), and Credit Losses on Financial Instruments (Topic 326) on January 1, 2020, with **no material impact** on the financial statements[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) - Total debt as of September 30, 2020, was **$1,714.1 million**, consisting of various senior notes with maturities ranging from 2024 to 2041, and the company also has an undrawn **$500.0 million** unsecured revolving credit facility expiring in April 2024[83](index=83&type=chunk)[86](index=86&type=chunk) - Subsequent to the quarter end, the company announced an agreement to acquire 128 Technology for approximately **$450.0 million** and completed the acquisition of Netrounds for approximately **$35.0 million**, with a quarterly dividend of **$0.20 per share** also declared[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) Revenue by Segment (Q3 2020) | Revenue by Segment (Q3 2020) | Net Revenues (Millions USD) | YoY Change (%) | | :--- | :--- | :--- | | **Product** | **$733.7** | **-1%** | | Routing | $432.0 | +6% | | Switching | $229.0 | -5% | | Security | $72.7 | -23% | | **Service** | **$404.5** | **+4%** | | **Total** | **$1,138.2** | **~0%** | Revenue by Vertical (Q3 2020) | Revenue by Vertical (Q3 2020) | Net Revenues (Millions USD) | YoY Change (%) | | :--- | :--- | :--- | | Cloud | $253.1 | -7% | | Service Provider | $475.1 | +5% | | Enterprise | $410.0 | ~0% | | **Total** | **$1,138.2** | **~0%** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q3 and nine-month 2020 financial performance, covering business environment, COVID-19 impacts, revenue, gross margin, operating expenses, liquidity, and capital return strategies [Business and Market Environment](index=33&type=section&id=Business%20and%20Market%20Environment) Juniper focuses on high-performance networking for Cloud, Service Provider, and Enterprise, accelerating AI-driven enterprise networking through the Mist Systems acquisition and expanding its security portfolio - The company's strategy focuses on compelling use cases in **AI-Driven Enterprise, Automated WAN Solutions, and Cloud Ready Data Centers**[138](index=138&type=chunk) - The acquisition of **Mist Systems** in 2019 is a key part of accelerating the company's execution in **cloud-managed, AI-enabled enterprise networking operations**[135](index=135&type=chunk) [COVID-19 Pandemic Update](index=34&type=section&id=COVID-19%20Pandemic%20Update) COVID-19 continued to negatively impact Q3 2020 financial results through supply chain constraints and increased logistics costs, though manufacturing capacity improved, and the company entered Q4 with a healthy backlog - Supply constraints during the first three quarters of 2020 were due to both **constrained manufacturing capacity and component parts shortages**[140](index=140&type=chunk) - The supply chain issues resulted in **extended lead-times, increased logistics costs**, and **negatively impacted revenue recognition and gross margins**[140](index=140&type=chunk) - Despite challenges, the company entered Q4 2020 with a **healthy backlog in its Cloud and Service Provider verticals**[143](index=143&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q3 2020 net revenues slightly increased, driven by Service Provider, while gross margin decreased to 57.8% due to COVID-19 logistics costs, operating expenses decreased by 1%, and the effective tax rate was -30.3% due to a tax dispute resolution - Q3 2020 **product revenue decreased** due to declines in switching and security, offset by growth in routing, while **service revenue increased** due to strong sales of support contracts and software subscriptions[158](index=158&type=chunk)[159](index=159&type=chunk) - **Product gross margin as a percentage of revenue decreased** in Q3 2020 primarily due to **increased logistics and other supply chain-related costs** from the COVID-19 pandemic and **unfavorable product mix**[163](index=163&type=chunk) - **Total operating expenses decreased** in Q3 2020, driven by **reduced travel expenses** due to COVID-19, partially offset by higher personnel-related expenses from increased headcount[168](index=168&type=chunk) - The **effective tax rate decreased significantly** in Q3 2020 due to a change in the effect of discrete items, including the **resolution of a tax dispute with India Tax Authorities** for the 2010-2012 tax years, resulting in a **release of $54.5 million in unrecognized tax benefits**[174](index=174&type=chunk)[111](index=111&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2020, total cash and investments were $2,561.2 million, with net cash from operations at $486.2 million, supporting continued capital return through $300.0 million in stock repurchases and $197.9 million in dividends - The company repurchased **14.5 million shares** for **$300.0 million** in the open market during the first nine months of 2020[185](index=185&type=chunk) - A quarterly cash dividend of **$0.20 per share** was paid, totaling **$197.9 million** for the first nine months of 2020[187](index=187&type=chunk) - As of September 30, 2020, approximately **$1.4 billion** remained authorized under the 2018 Stock Repurchase Program[185](index=185&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposures since December 31, 2019, referring to its Annual Report on Form 10-K for detailed disclosures - There have been **no material changes** in the company's market risk exposures since the end of the previous fiscal year (December 31, 2019)[191](index=191&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during Q3, despite the remote work environment - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of the end of the reporting period[193](index=193&type=chunk) - **No changes in internal control over financial reporting** occurred during Q3 2020 that have materially affected, or are reasonably likely to materially affect, internal controls[194](index=194&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business but does not anticipate any material adverse effect on its financial position - The company is subject to various legal proceedings but **does not expect them to have a material adverse effect** on its financial position[124](index=124&type=chunk)[196](index=196&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section outlines numerous risks, including the uncertain impact of COVID-19, supply chain dependencies, system security threats, and various legal, regulatory, and compliance challenges - The COVID-19 pandemic poses a **significant risk**, with uncertain duration and extent, potentially **impacting operations, supply chains, customer demand, and financial performance**[198](index=198&type=chunk)[199](index=199&type=chunk) - The company's operations **depend on contract manufacturers and single-source suppliers**, making it **vulnerable to manufacturing issues, supply-chain disruptions, and component shortages**, which have been exacerbated by the pandemic[227](index=227&type=chunk)[228](index=228&type=chunk)[230](index=230&type=chunk) - **System security risks, data protection breaches, and cyberattacks** are significant threats that could **compromise proprietary information, disrupt operations, and harm the company's reputation**[235](index=235&type=chunk) - The business is subject to **extensive legal and regulatory risks**, including those related to **international trade** (tariffs, export controls), **data privacy** (GDPR, CCPA), and **environmental compliance**[252](index=252&type=chunk)[258](index=258&type=chunk)[266](index=266&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 2020, the company repurchased **4.2 million shares** for approximately **$23.81 per share** under its 2018 Stock Repurchase Program, with **$1.4 billion** remaining authorized as of September 30, 2020 Common Stock Repurchases (Q3 2020) | Period (2020) | Total Shares Purchased (Millions) | Average Price Paid per Share (USD) | | :--- | :--- | :--- | | July | 0 | N/A | | August | 2.6 | $24.50 | | September | 1.6 | $23.03 | | **Total Q3** | **4.2** | **~$23.81** | - As of September 30, 2020, approximately **$1.4 billion** remained for share repurchases under the authorized program[294](index=294&type=chunk) [Item 6. Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists Form 10-Q exhibits, including updated Change of Control and Severance Agreements, CEO and CFO certifications, and iXBRL-formatted financial statements - Filed exhibits include **updated forms of Change of Control and Severance Agreements** for certain officers, effective November 2, 2020[301](index=301&type=chunk) - **Certifications from the Chief Executive Officer and Chief Financial Officer** pursuant to SEC rules are included as exhibits[301](index=301&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q3 2020 was $1.138 billion, exceeding the midpoint of guidance and showing year-over-year growth for the first time this year [24][25] - Non-GAAP earnings per share were $0.43, in line with the midpoint of guidance [24] - Non-GAAP gross margins were 59.0%, slightly below expectations due to product mix and elevated logistics costs related to COVID-19 [26] Business Line Data and Key Metrics Changes - Service Provider revenue grew 5% year-over-year, marking the first year-over-year growth in 13 quarters [25][16] - Enterprise business experienced double-digit order growth year-over-year, with slight year-over-year revenue growth [12][25] - Cloud revenue declined 7% year-over-year, attributed to lumpiness following five consecutive quarters of growth [25][18] Market Data and Key Metrics Changes - Strong order growth was noted in the North American enterprise and U.S. federal verticals, offsetting weakness in Europe [12] - The service provider segment benefited from diversification across customers, products, and geographies, particularly with U.S. cable customers and Tier 2 and Tier 3 carriers internationally [16][17] - The cloud business backlog remains healthy, with favorable spending outlook from hyperscale and Tier 2 customers [18][19] Company Strategy and Development Direction - The company is focusing on AI-driven enterprise, automated WAN solutions, and cloud-ready data centers to capitalize on market opportunities [10][11] - Investments in go-to-market strategies and acquisitions, such as Mist Systems and 128 Technology, are aimed at enhancing product offerings and market share [15][10] - The company aims to return to organic revenue growth in 2021, with expectations of nearly a point of additional growth from the acquisition of 128 Technology [30][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow organically in 2021, assuming no further economic deterioration due to COVID-19 [30][66] - The company anticipates a gradual reduction in COVID-19 related costs throughout 2021, with expectations for improved gross margins driven by increased volume and software sales [31][30] - Management remains optimistic about the service provider segment's stabilization and potential for future growth through diversification strategies [68][69] Other Important Information - The company paid $66 million in dividends and repurchased $100 million worth of shares in Q3 2020 [27] - Non-GAAP operating expenses were down 2% year-over-year, benefiting from COVID-19 related savings [26][27] Q&A Session Summary Question: What is the outlook for switching and macro conditions? - Management clarified that data center switching momentum is strong, and the decline in overall switching revenue is due to large hyperscaler deployment dynamics [35] - On macro conditions, management remains encouraged by order strength across verticals despite potential second-wave shutdowns in Europe [36] Question: What is the status of the ACX pipeline and higher-speed MPC line card upgrades? - Management indicated that the ACX product has early momentum, with expectations for more significant progress in the second half of next year [41] - The MPC line card upgrade process is largely complete, with revenue ramp expected to continue [42] Question: How is pricing and competitive dynamics in the service provider and cloud markets? - Pricing remains competitive with no material changes noted, while management is confident in their competitive differentiation, particularly in the AI-driven enterprise space [46][48] Question: What is the outlook for organic growth in 2021? - Management expects low single-digit organic growth, driven by share gains rather than macro improvements [66][83] Question: How does disaggregation impact the competitive landscape? - Management views disaggregation as an opportunity rather than a threat, having already invested in disaggregated operating systems and seeing robust interest in certain components [85][86]

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 June 30, 2020 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) (State or other jurisdicti ...

Juniper Networks, Inc. (NYSE:JNPR) Q2 2020 Results Earnings Conference Call July 28, 2020 5:00 PM ET Company Participants Jess Lubert - Vice President, Head of Investor Relations Rami Rahim - Chief Executive Officer Ken Miller - Executive Vice President, Chief Financial Officer Conference Call Participants Rod Hall - Goldman Sachs Tim Long - Barclays Alex Henderson - Needham Ittai Kidron - Oppenheimer George Notter - Jefferies Samik Chatterjee - JPMorgan Tal Liani - Bank of America Simon Leopold - Raymond J ...

Juniper Networks, Inc. (NYSE:JNPR) 5G Forum Summary Industry Overview - The discussion centers around the 5G telecommunications industry and Juniper Networks' role within it, particularly in the context of ongoing developments and strategic partnerships in the sector [1][3]. Core Insights and Arguments - **5G Momentum**: There is a clear indication that momentum for 5G is building, even amidst the COVID-19 pandemic, highlighting the strategic importance of network investments [4][6]. - **Spectrum Auctions**: Upcoming spectrum auctions, including the CBRS auction and mid-band auction, are seen as positive indicators for 5G deployment [5][6]. - **Government Engagement**: Increased government engagement in 5G initiatives, such as the Open RAN bill in the U.S. and similar efforts in Europe, is noted as a positive development [5][6]. - **5G Architecture**: The transition to a fully software-based architecture is emphasized, with a focus on virtualizing services and separating control and user planes, which presents significant opportunities for Juniper [8][9]. - **Capacity Expansion**: The expectation of capacity expansion in the IP Edge and core networks is projected to take effect in 2021-2022, driven by radio upgrades and densification [10][11]. - **TAM Expansion**: The transition to 5G is expected to create a significant Total Addressable Market (TAM) expansion opportunity for Juniper, particularly in areas like Metro and fiber densification [10][11][12]. - **Standalone 5G**: The shift from non-standalone to fully standalone 5G infrastructure is anticipated to drive increased demand for bandwidth and new applications [15][16]. Strategic Partnerships - **StarCraft Partnership**: Juniper's collaboration with StarCraft is aimed at enhancing edge computing capabilities and providing a cloud-agnostic solution for carriers, which is crucial for the telco cloud transition [17][19][22]. - **Ericsson Collaboration**: Juniper has a longstanding partnership with Ericsson, which has been deepened to focus on 5G, resulting in joint customer wins and a collaborative access and aggregation portfolio [26][27]. Diversification and Market Strategy - **Service Provider Focus**: Juniper is diversifying its market focus within the service provider space, aiming to expand its presence in Tier 2 and Tier 3 markets while leveraging its strengths in routing and data center solutions [28][30]. - **SD-WAN Adoption**: The company sees significant opportunities in SD-WAN adoption among telecom service providers, particularly as managed service provider-led deployments are increasing [31][34]. Additional Insights - **Automation and Security**: The transition to 5G will require more automation and enhanced security measures due to increased ingress and egress points in the network [11][36]. - **Investment Priorities**: Juniper's investment priorities remain focused on virtualizing network services, telco cloud, automation, and security, with a concerted effort to engage Tier 2 and Tier 3 service providers [36]. This summary encapsulates the key points discussed during the Juniper Networks session at the Wells Fargo 5G Forum, highlighting the company's strategic positioning and outlook in the evolving 5G landscape.

Juniper Networks, Inc. (NYSE:JNPR) 48th Annual Cowen and Company 2020 Virtual Technology, Media & Telecom Conference May 28, 2020 1:50 PM ET Company Participants Rami Rahim - Chief Executive Officer Jess Lubert - Head of Investor Relations Conference Call Participants Paul Silverstein - Cowen & Company Paul Silverstein Good afternoon everyone. It's Paul Silverstein, Senior Analyst, Networking and Communications Equipment at Cowen. It is my pleasure to have with us Juniper Networks' CEO, Rami Rahim; and Head ...

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, 2020 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) (State or other jurisdict ...

Juniper Networks, Inc. (NYSE:JNPR) Q1 2020 Earnings Conference Call April 28, 2020 5:00 PM ET CompanyParticipants Jess Lubert - Vice President, Investor Relations Rami Rahim - CEO Ken Miller - EVP, Chief Financial Officer Conference Call Participants Samik Chatterjee - JPMorgan Simon Leopold - Raymond James Paul Silverstein - Cowen Ittai Kidron - Oppenheimer & Company Tal Liani - Bank of America Tim Long - Barclays Alex Henderson - Needham Rod Hall - Goldman Sachs Meta Marshall - Morgan Stanley Amit Daryana ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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) Delaware 77-0422528 (State ...

Juniper Networks, Inc. (NYSE:JNPR) Q4 2019 Earnings Conference Call January 27, 2020 5:00 PM ET Company Participants Jess Lubert - Vice President, Investor Relations Rami Rahim - Chief Executive Officer Ken Miller - Chief Financial Officer Conference Call Participants Ittai Kidron - Oppenheimer & Company Amit Daryanani - Evercore Samik Chatterjee - JPMorgan Simon Leopold - Raymond James Aaron Rakers - Wells Fargo Jeff Kvaal - Nomura Alex Henderson - Needham Ashwin Kesireddy - Goldman Sachs Meta Marshall - M ...