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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, 2022

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)
Delaware77-0422528
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1133 Innovation Way
Sunnyvale,California94089
(Address of principal executive offices)(Zip code)
(408) 745-2000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00001 per shareJNPRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x
There were 323,095,442 shares of the Company's Common Stock, par value $0.00001, outstanding as of April 27, 2022.




Juniper Networks, Inc.
Table of Contents
Page

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Juniper Networks, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
Three Months Ended March 31,
20222021
Net revenues:
Product$744.3 $672.4 
Service423.9 402.0 
Total net revenues1,168.2 1,074.4 
Cost of revenues:
Product378.5 316.5 
Service140.3 142.3 
Total cost of revenues518.8 458.8 
Gross margin649.4 615.6 
Operating expenses:
Research and development248.6 254.7 
Sales and marketing273.3 252.7 
General and administrative60.2 61.1 
Restructuring charges8.8 19.3 
Total operating expenses590.9 587.8 
Operating income58.5 27.8 
Loss on extinguishment of debt (60.6)
Other expense, net(12.9)(5.0)
Income (loss) before income taxes45.6 (37.8)
Income tax benefit(10.1)(6.7)
Net income (loss)$55.7 $(31.1)
Net income (loss) per share:
Basic$0.17 $(0.10)
Diluted$0.17 $(0.10)
Weighted-average shares used to compute net income (loss) per share:
Basic321.8 326.3 
Diluted331.1 326.3 

See accompanying Notes to Condensed Consolidated Financial Statements

3

Juniper Networks, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended March 31,
20222021
Net income (loss)$55.7 $(31.1)
Other comprehensive income, net:
Available-for-sale debt securities:
Change in net unrealized gains and losses(5.7)(1.2)
Net realized losses (gains) reclassified into net income0.1 (0.8)
Net change on available-for-sale debt securities(5.6)(2.0)
Cash flow hedges:
Change in net unrealized gains and losses20.8 38.5 
Net realized losses (gains) reclassified into net income0.1 (8.9)
Net change on cash flow hedges20.9 29.6 
Change in foreign currency translation adjustments(1.5)(1.9)
Other comprehensive income, net13.8 25.7 
Comprehensive income (loss)$69.5 $(5.4)

See accompanying Notes to Condensed Consolidated Financial Statements

4

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets    
(In millions, except par values)
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,013.3 $922.5 
Short-term investments293.4 315.5 
Accounts receivable, net of allowances848.8 994.4 
Inventory317.0 272.6 
Prepaid expenses and other current assets480.3 451.6 
Assets held for sale 85.5  
Total current assets3,038.3 2,956.6 
Property and equipment, net689.4 703.0 
Operating lease assets153.1 161.3 
Long-term investments362.2 455.5 
Purchased intangible assets, net215.6 284.3 
Goodwill3,733.9 3,762.1 
Other long-term assets635.4 564.2 
Total assets$8,827.9 $8,887.0 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$318.3 $273.7 
Accrued compensation238.8 336.0 
Deferred revenue967.0 937.9 
Other accrued liabilities334.3 328.9 
Total current liabilities1,858.4 1,876.5 
Long-term debt1,648.4 1,686.8 
Long-term deferred revenue499.6 475.7 
Long-term income taxes payable332.6 330.5 
Long-term operating lease liabilities133.7 142.2 
Other long-term liabilities88.3 58.4 
Total liabilities4,561.0 4,570.1 
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding
  
Common stock, $0.00001 par value; 1,000.0 shares authorized; 321.8 shares and 321.6 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
  
Additional paid-in capital6,933.1 6,972.6 
Accumulated other comprehensive income (loss)11.7 (2.1)
Accumulated deficit(2,677.9)(2,653.6)
Total stockholders' equity4,266.9 4,316.9 
Total liabilities and stockholders' equity$8,827.9 $8,887.0 

See accompanying Notes to Condensed Consolidated Financial Statements
5

Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net income (loss)$55.7 $(31.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation expense
45.2 57.5 
Depreciation, amortization, and accretion
56.3 60.4 
Operating lease assets expense
10.1 11.7 
Loss on extinguishment of debt
 60.6 
Other
6.8 (3.9)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
145.5 204.8 
Prepaid expenses and other assets
(153.7)(39.1)
Accounts payable
44.6 (29.4)
Accrued compensation
(95.4)(61.5)
Income taxes payable
25.5 (23.1)
Other accrued liabilities
(0.7)(72.6)
Deferred revenue
53.2 45.5 
Net cash provided by operating activities
193.1 179.8 
Cash flows from investing activities:
Purchases of property and equipment
(25.0)(19.7)
Purchases of available-for-sale debt securities
(58.1)(104.8)
Proceeds from sales of available-for-sale debt securities
33.3 283.7 
Proceeds from maturities and redemptions of available-for-sale debt securities
123.6 118.1 
Purchases of equity securities
(9.3)(1.5)
Proceeds from sales of equity securities
2.2 2.9 
Payments for business acquisitions, net of cash and cash equivalents acquired
(3.3)(175.0)
Other0.5 (1.3)
Net cash provided by investing activities63.9 102.4 
Cash flows from financing activities:
Repurchase and retirement of common stock
(126.3)(131.9)
Proceeds from issuance of common stock
28.6 28.2 
Payment of dividends
(67.5)(65.2)
Payment of debt
 (423.8)
Payment for debt extinguishment costs
 (58.3)
Net cash used in financing activities(165.2)(651.0)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(1.7)(2.0)
Net increase (decrease) in cash, cash equivalents, and restricted cash90.1 (370.8)
Cash, cash equivalents, and restricted cash at beginning of period
942.7 1,383.0 
Cash, cash equivalents, and restricted cash at end of period
$1,032.8 $1,012.2 

See accompanying Notes to Condensed Consolidated Financial Statements
6


Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2021
321.6 $6,972.6 $(2.1)$(2,653.6)$4,316.9 
Net income— — — 55.7 55.7 
Other comprehensive income, net— — 13.8 — 13.8 
Issuance of common stock4.8 28.6 — — 28.6 
Repurchase and retirement of common stock (3.6)(46.3)— (80.0)(126.3)
Share-based compensation expense— 45.7 — — 45.7 
Payments of cash dividends ($0.21 per share of common stock)
— (67.5)— — (67.5)
Balance at March 31, 2022
322.8 $6,933.1 $11.7 $(2,677.9)$4,266.9 
Three Months Ended March 31, 2021
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at December 31, 2020327.7 $7,156.9 $55.6 $(2,669.0)$4,543.5 
Net loss— — — (31.1)(31.1)
Other comprehensive income, net— — 25.7 — 25.7 
Issuance of common stock5.0 31.1 — — 31.1 
Repurchase and retirement of common stock (5.3)(69.4)— (62.5)(131.9)
Share-based compensation expense— 57.5 — — 57.5 
Payments of cash dividends ($0.20 per share of common stock)
— (65.2)— — (65.2)
Balance at March 31, 2021
327.4 $7,110.9 $81.3 $(2,762.6)$4,429.6 

 See accompanying Notes to Condensed Consolidated Financial Statements

7


Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.

Summary of Significant Accounting Policies

Except for the change in certain policies upon adoption of the accounting standards described below, there have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2021.

Recently Adopted Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements.

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The standard became effective upon issuance and may be applied to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR through December 31, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
8

Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

Note 2. Assets Held for Sale

The Company classifies its long-lived assets or disposal groups to be sold as held for sale in the period in which all of the held for sale criteria are met. The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the transaction is closed.

To align the value of the silicon photonics intellectual property and enable broader market access to innovative technologies, on March 24, 2022, the Company entered into a definitive agreement to divest 75% of its silicon photonics business for $90 million. The transaction was closed on April 4, 2022. The related assets and liabilities to be sold have been presented as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2022.

The following table presents the carrying value of the major components of assets and liabilities held for sale as of March 31, 2022 (in millions):

As of
March 31,
2022
Assets:
Total current assets$0.1 
Property and equipment, net3.6 
Deferred tax assets3.9 
Purchased intangible assets, net49.0 
Goodwill28.9 
Total assets held for sale$85.5 
Liabilities:
Accounts payable$0.4 
Total liabilities held for sale(*)
$0.4 
________________________________
(*)      $0.4 million of liabilities held for sale was included in other accrued liabilities on the Condensed Consolidated Balance Sheet as of March 31, 2022.
9

Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 3. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2022 and December 31, 2021 (in millions):
As of March 31, 2022
As of December 31, 2021
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$117.2 $ $(1.4)$115.8 $139.1 $ $(0.5)$138.6 
Certificates of deposit1.4   1.4 5.0   5.0 
Commercial paper34.5   34.5 75.8   75.8 
Corporate debt securities413.1 0.1 (6.6)406.6 443.3 0.7 (1.5)442.5 
Foreign government debt securities
12.8  (0.3)12.5 12.8  (0.1)12.7 
Time deposits17.5   17.5 35.2   35.2 
U.S. government agency securities
25.7  (0.5)25.2 26.8  (0.1)26.7 
U.S. government securities57.8  (0.2)57.6 73.5 0.1  73.6 
Total fixed income securities
680.0 0.1 (9.0)671.1 811.5 0.8 (2.2)810.1 
Privately-held debt and redeemable preferred stock securities17.0 37.4  54.4 9.6 37.4  47.0 
Total available-for-sale debt securities
$697.0 $37.5 $(9.0)$725.5 $821.1 $38.2 $(2.2)$857.1 
Reported as:
Cash equivalents$23.0 $ $ $23.0 $47.2 $ $ $47.2 
Short-term investments286.7 0.1 (0.9)285.9 306.8 0.7 (0.1)307.4 
Long-term investments370.3  (8.1)362.2 457.5 0.1 (2.1)455.5 
Other long-term assets17.0 37.4  54.4 9.6 37.4  47.0 
Total$697.0 $37.5 $(9.0)$725.5 $821.1 $38.2 $(2.2)$857.1 


The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2022 (in millions):
 Amortized
Cost
Estimated Fair
Value
Due in less than one year$309.7 $308.9 
Due between one and five years370.3 362.2 
Total$680.0 $671.1 


As of March 31, 2022, the Company's unrealized loss of $9.0 million resulted from 446 investments that were primarily in an unrealized loss position for less than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-
10

Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three months ended March 31, 2022 and March 31, 2021.

During the three months ended March 31, 2022 and March 31, 2021, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of March 31, 2022 and December 31, 2021 (in millions):
As of
March 31,
2022
December 31,
2021
Equity investments with readily determinable fair value:
Money market funds$469.1 $382.0 
Mutual funds32.1 33.4 
Publicly-traded equity securities7.5 8.1 
Equity investments without readily determinable fair value:156.8 150.1 
Total equity securities$665.5 $573.6 
Reported as:
Cash equivalents$459.1 $371.5 
Short-term investments7.5 8.1 
Prepaid expenses and other current assets13.4 15.1 
Other long-term assets185.5 178.9 
Total$665.5 $573.6 

For the three months ended March 31, 2022 and March 31, 2021, there were no material unrealized gains or losses recognized for equity investments.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily in 2020. Restricted investments consist of equity investments. As of March 31, 2022, the carrying value of restricted cash and investments was $61.6 million, of which $29.9 million was included in prepaid expenses and other current assets, and $31.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheet.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions):
As of
March 31,
2022
December 31,
2021
Cash and cash equivalents$1,013.3 $922.5 
Restricted cash included in Prepaid expenses and other current assets16.5 17.2 
Restricted cash included in Other long-term assets3.0 3.0 
Total cash, cash equivalents, and restricted cash$1,032.8 $942.7 
11

Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 4. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions):
Fair Value Measurements at
March 31, 2022
Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$ $115.8 $ $115.8 $ $138.6 $ $138.6 
Certificates of deposit 1.4  1.4  5.0  5.0 
Commercial paper 34.5  34.5  75.8  75.8 
Corporate debt securities  406.6  406.6  442.5  442.5 
Foreign government debt securities 12.5  12.5  12.7  12.7 
Time deposits 17.5  17.5  35.2  35.2 
U.S. government agency securities 25.2  25.2  26.7  26.7 
U.S. government securities36.6 21.0  57.6 42.3 31.3  73.6 
Privately-held debt and redeemable preferred stock securities  54.4 54.4   47.0 47.0 
Total available-for-sale debt securities36.6 634.5 54.4 725.5 42.3 767.8 47.0 857.1 
Equity securities:
Money market funds469.1   469.1 382.0   382.0 
Mutual funds32.1   32.1 33.4   33.4 
Publicly-traded equity securities7.5   7.5 8.1   8.1 
Total equity securities508.7   508.7 423.5   423.5 
Derivative assets:
Foreign exchange contracts 14.3  14.3  9.2  9.2 
Interest rate contracts 67.1  67.1  47.1  47.1 
Total derivative assets 81.4  81.4  56.3