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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 September 30, 2021

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 and post 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 filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging 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 325,181,113 shares of the Company's Common Stock, par value $0.00001, outstanding as of October 27, 2021.



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 September 30,Nine Months Ended September 30,
2021202020212020
Net revenues:
Product$771.9 $733.7 $2,203.5 $2,034.8 
Service416.9 404.5 1,232.0 1,187.7 
Total net revenues1,188.8 1,138.2 3,435.5 3,222.5 
Cost of revenues:
Product343.4 327.7 1,010.3 918.4 
Service153.2 152.7 435.5 447.4 
Total cost of revenues496.6 480.4 1,445.8 1,365.8 
Gross margin692.2 657.8 1,989.7 1,856.7 
Operating expenses:
Research and development251.8 242.4 752.3 715.9 
Sales and marketing263.4 229.3 773.9 692.7 
General and administrative55.0 59.8 187.1 178.2 
Restructuring charges1.9 1.2 42.8 14.9 
Total operating expenses572.1 532.7 1,756.1 1,601.7 
Operating income120.1 125.1 233.6 255.0 
Loss on extinguishment of debt— — (60.6)— 
Other expense, net(8.3)(13.5)(24.2)(29.0)
Income before income taxes111.8 111.6 148.8 226.0 
Income tax provision (benefit)22.9 (33.8)29.0 (1.0)
Net income$88.9 $145.4 $119.8 $227.0 
Net income per share:
Basic$0.27 $0.44 $0.37 $0.69 
Diluted$0.27 $0.43 $0.36 $0.68 
Weighted-average shares used to compute net income per share:
Basic324.0 330.9 325.0 330.9 
Diluted331.1 334.5 331.4 335.2 

See accompanying Notes to Condensed Consolidated Financial Statements

3
Juniper Networks, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$88.9 $145.4 $119.8 $227.0 
Other comprehensive (loss) income, net:
Available-for-sale debt securities:
Change in net unrealized gains (losses)(0.6)0.5 (0.5)6.2 
Net realized gains reclassified into net income(0.1)(0.8)(1.1)(0.5)
Net change on available-for-sale debt securities(0.7)(0.3)(1.6)5.7 
Cash flow hedges:
Change in net unrealized gains (losses)(4.2)29.8 14.6 21.0 
Net realized (gains) and losses reclassified into net income(5.4)1.0 (21.5)8.5 
Net change on cash flow hedges(9.6)30.8 (6.9)29.5 
Change in foreign currency translation adjustments(1.6)7.6 (3.1)(1.5)
Other comprehensive (loss) income, net(11.9)38.1 (11.6)33.7 
Comprehensive income$77.0 $183.5 $108.2 $260.7 

See accompanying Notes to Condensed Consolidated Financial Statements

4
Juniper Networks, Inc.
Condensed Consolidated Balance Sheets    
(In millions, except par values)
September 30,
2021		December 31,
2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,010.7 $1,361.9 
Short-term investments321.1 412.1 
Accounts receivable, net of allowances774.3 964.1 
Inventory*223.2 210.2 
Prepaid expenses and other current assets*410.3 322.9 
Total current assets2,739.6 3,271.2 
Property and equipment, net715.4 762.3 
Operating lease assets174.1 184.6 
Long-term investments504.0 656.6 
Purchased intangible assets, net295.1 266.7 
Goodwill3,754.1 3,669.6 
Other long-term assets539.1 567.3 
Total assets$8,721.4 $9,378.3 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$269.7 $277.0 
Accrued compensation240.9 270.7 
Deferred revenue829.8 867.3 
Short-term debt— 421.5 
Other accrued liabilities298.7 324.6 
Total current liabilities1,639.1 2,161.1 
Long-term debt1,692.0 1,705.8 
Long-term deferred revenue451.3 418.5 
Long-term income taxes payable327.2 312.5 
Long-term operating lease liabilities154.9 163.5 
Other long-term liabilities73.1 73.4 
Total liabilities4,337.6 4,834.8 
Commitments and contingencies (Note 15)
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; 325.1 shares and 327.7 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
— — 
Additional paid-in capital7,036.8 7,156.9 
Accumulated other comprehensive income44.0 55.6 
Accumulated deficit(2,697.0)(2,669.0)
Total stockholders' equity4,383.8 4,543.5 
Total liabilities and stockholders' equity$8,721.4 $9,378.3 
_______________________
(*): The prior period amount has been reclassified to conform to the current period presentation. Previously, Inventory was reported as Prepaid expenses and other current assets.

See accompanying Notes to Condensed Consolidated Financial Statements
5
Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income $119.8 $227.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense
162.9 138.7 
Depreciation, amortization, and accretion
179.3 158.0 
Operating lease assets expense
34.5 31.5 
Loss on extinguishment of debt
60.6 — 
Other
6.5 2.6 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
189.1 126.1 
Prepaid expenses and other assets
(70.8)(43.8)
Accounts payable
(7.4)50.2 
Accrued compensation
(27.2)(31.6)
Income taxes payable
1.9 (60.1)
Other accrued liabilities
(70.7)(23.8)
Deferred revenue
(4.8)(88.6)
Net cash provided by operating activities
573.7 486.2 
Cash flows from investing activities:
Purchases of property and equipment
(69.5)(67.9)
Purchases of available-for-sale debt securities
(508.7)(831.9)
Proceeds from sales of available-for-sale debt securities
422.3 198.7 
Proceeds from maturities and redemptions of available-for-sale debt securities
331.8 746.6 
Purchases of equity securities
(8.3)(9.4)
Proceeds from sales of equity securities
5.6 4.6 
Proceeds from Pulse note receivable— 50.0 
Payments for business acquisitions, net of cash and cash equivalents acquired
(175.0)— 
Other— (4.7)
Net cash (used in) provided by investing activities(1.8)86.0 
Cash flows from financing activities:
Repurchase and retirement of common stock
(294.0)(305.7)
Proceeds from issuance of common stock
56.0 54.5 
Payment of dividends
(194.9)(198.0)
Payment of debt
(423.8)— 
Payment for debt extinguishment costs
(58.3)— 
Other(3.4)4.8 
Net cash used in financing activities(918.4)(444.4)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(3.7)(2.5)
Net (decrease) increase in cash, cash equivalents, and restricted cash(350.2)125.3 
Cash, cash equivalents, and restricted cash at beginning of period
1,383.0 1,276.5 
Cash, cash equivalents, and restricted cash at end of period
$1,032.8 $1,401.8 

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 September 30, 2021
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at June 30, 2021324.0 $7,042.8 $55.9 $(2,757.8)$4,340.9 
Net income— — — 88.9 88.9 
Other comprehensive loss, net— — (11.9)— (11.9)
Issuance of common stock2.8 27.1 — — 27.1 
Repurchase and retirement of common stock (1.7)(22.8)— (28.1)(50.9)
Share-based compensation expense— 54.7 — — 54.7 
Payments of cash dividends ($0.20 per share of common stock)
— (65.0)— — (65.0)
Balance at September 30, 2021325.1 $7,036.8 $44.0 $(2,697.0)$4,383.8 
Three Months Ended September 30, 2020
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at June 30, 2020331.7 $7,255.7 $(22.9)$(2,768.5)$4,464.3 
Net income— — — 145.4 145.4 
Other comprehensive income, net— — 38.1 — 38.1 
Issuance of common stock1.8 26.9 — — 26.9 
Repurchase and retirement of common stock (4.2)(54.3)— (46.1)(100.4)
Share-based compensation expense— 52.7 — — 52.7 
Payments of cash dividends ($0.20 per share of common stock)
— (66.2)— — (66.2)
Balance at September 30, 2020329.3 $7,214.8 $15.2 $(2,669.2)$4,560.8 

 See accompanying Notes to Condensed Consolidated Financial Statements

7

Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30, 2021
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2020327.7 $7,156.9 $55.6 $(2,669.0)$4,543.5 
Net income— — — 119.8 119.8 
Other comprehensive loss, net— — (11.6)— (11.6)
Issuance of common stock8.6 58.7 — — 58.7 
Repurchase and retirement of common stock (11.2)(146.2)— (147.8)(294.0)
Share-based compensation expense— 162.3 — — 162.3 
Payments of cash dividends ($0.60 per share of common stock)
— (194.9)— — (194.9)
Balance at September 30, 2021325.1 $7,036.8 $44.0 $(2,697.0)$4,383.8 
Nine Months Ended September 30, 2020
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at December 31, 2019335.9 $7,370.5 $(18.5)$(2,741.4)$4,610.6 
Net income— — — 227.0 227.0 
Other comprehensive income, net— — 33.7 — 33.7 
Issuance of common stock8.2 54.5 — — 54.5 
Repurchase and retirement of common stock (14.8)(190.9)— (154.8)(345.7)
Purchase of forward contract under accelerated share repurchase program ("ASR")— 40.0 — — 40.0 
Share-based compensation expense— 138.7 — — 138.7 
Payments of cash dividends ($0.60 per share of common stock)
— (198.0)— — (198.0)
Balance at September 30, 2020329.3 $7,214.8 $15.2 $(2,669.2)$4,560.8 

 See accompanying Notes to Condensed Consolidated Financial Statements
8

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, 2020 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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, 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, 2020 (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, 2020.

Recently Adopted Accounting Standards

Simplifying the Accounting for Income Taxes: On January 1, 2021, the Company adopted ASU No. 2019-12 (Topic 740) Income Taxes — Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects related to accounting for income taxes. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements.

Recent Accounting Standards Not Yet Adopted

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, 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, such as the Secured Overnight Financing Rate. In January 2021, the FASB issued ASU No. 2021-01 (Topic 848), Reference Rate Reform: Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The amendments were effective upon issuance and may be applied through December 31, 2022, to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the impact of the transition and disclosure requirements of the standard on its Condensed Consolidated Financial Statements.
9
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 2. Business Combinations

On January 27, 2021, the Company acquired 100% ownership of Apstra, Inc. ("Apstra"), a company that provides intent-based networking, open programmability and automated closed loop assurance for the management of data center networks. The purchase consideration was $179.4 million, consisting of $176.7 million in cash and $2.7 million in share-based awards attributable to services prior to the acquisition. The acquisition is expected to expand upon the Company's data center networking portfolio to advance its vision to transform data center operations.

The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the acquisition date (in millions):
Amount
Cash and cash equivalents$1.8 
Goodwill84.0 
Intangible assets87.8 
Other assets acquired12.6 
Liabilities assumed(6.8)
Total$179.4 

The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and will not be deductible for income tax purposes.

The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions):
Amount
Intangible assets(*):
Developed technology$80.5 
Customer relationships7.3 
Total intangible assets acquired$87.8 
 ________________________________
(*) Estimated useful life assigned to Developed Technology and Customer Relationships is 5 and 1.5 years, respectively.

Acquisition-related costs were not material during the nine months ended September 30, 2021, and were expensed in the period incurred within general and administrative expense in the Company's Condensed Consolidated Statements of Operations.

The Company's Condensed Consolidated Financial Statements include the operating results of this business combination from the date of acquisition. Pro forma results of operations for this acquisition have not been presented, as the financial impact to the Company's consolidated results of operations is not material. The preliminary purchase price allocation is subject to potential measurement period adjustments relating to certain tax and legal matters.

10
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 September 30, 2021 and December 31, 2020 (in millions):
As of September 30, 2021As of December 31, 2020
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$130.5 $— $— $130.5 $76.5 $0.2 $— $76.7 
Certificates of deposit11.0 — — 11.0 32.9 — — 32.9 
Commercial paper86.7 — — 86.7 89.3 — — 89.3 
Corporate debt securities485.4 2.1 (0.2)487.3 632.0 5.5 (0.1)637.4 
Foreign government debt securities
12.8 — — 12.8 4.6 — — 4.6 
Time deposits45.9 — — 45.9 255.6 — — 255.6 
U.S. government agency securities
31.3 0.1 (0.1)31.3 65.3 0.2 — 65.5 
U.S. government securities91.4 0.2 (0.1)91.5 232.8 1.0 — 233.8 
Total fixed income securities
895.0 2.4 (0.4)897.0 1,389.0 6.9 (0.1)1,395.8 
Privately-held debt and redeemable preferred stock securities20.7 39.9 — 60.6 18.3 37.4 — 55.7 
Total available-for-sale debt securities
$915.7 $42.3 $(0.4)$957.6 $1,407.3 $44.3 $(0.1)$1,451.5 
Reported as:
Cash equivalents$79.2 $— $— $79.2 $333.7 $— $— $333.7 
Short-term investments312.7 1.1 — 313.8 404.3 1.2 — 405.5 
Long-term investments503.1 1.3 (0.4)504.0 651.0 5.7 (0.1)656.6 
Other long-term assets20.7 39.9 — 60.6 18.3 37.4 — 55.7 
Total$915.7 $42.3 $(0.4)$957.6 $1,407.3 $44.3 $(0.1)$1,451.5 


The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2021 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$391.9 $393.0 
Due between one and five years503.1 504.0 
Total$895.0 $897.0 


For available-for-sale debt securities that have unrealized losses, the Company assesses impairment by evaluating various factors, including whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company periodically
11
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
assesses performance indicators of the investment by evaluating various factors such as (i) changes in the credit ratings and (ii) review of the issuer. As of September 30, 2021, the Company's unrealized loss of $0.4 million resulted from 184 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-for-sale debt securities and has determined that