Juniper Networks Reports Preliminary Third Quarter 2015 Financial Results

Juniper Networks believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. For further information regarding why Juniper Networks believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the discussion below. The following tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net.

Juniper Networks, Inc.
Preliminary Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2015   2014   2015   2014
Net revenues:                
Product   $ 925.4     $ 809.5     $ 2,589.2     $ 2,614.7
Service   323.2     316.4     949.0     910.8
Total net revenues   1,248.6     1,125.9     3,538.2     3,525.5
Cost of revenues:                
Product   322.6     290.0     923.1     975.9
Service   128.6     121.1     378.9     366.5
Total cost of revenues   451.2     411.1     1,302.0     1,342.4
Gross margin   797.4     714.8     2,236.2     2,183.1
Operating expenses:                
Research and development   247.0     253.2     747.3     772.7
Sales and marketing   235.3     249.2     687.9     780.6
General and administrative   57.1     55.0     168.6     190.5
Restructuring and other (benefits) charges       (15.0 )   (0.5 )   157.2
Total operating expenses   539.4     542.4     1,603.3     1,901.0
Operating income   258.0     172.4     632.9     282.1
Other (expense) income, net   (8.4 )   (6.8 )   (41.3 )   326.0
Income before income taxes   249.6     165.6     591.6     608.1
Income tax provision   51.9     62.0     155.7     172.8
Net income   $ 197.7     $ 103.6     $ 435.9     $ 435.3
                 
Net income per share:                
Basic   $ 0.52     $ 0.23     $ 1.11     $ 0.93
Diluted   $ 0.51     $ 0.23     $ 1.09     $ 0.91
Shares used in computing net income per share:                
Basic   382.8     448.4     393.2     468.1
Diluted   389.2     454.8     401.2     477.0
Cash dividends declared per common stock   $ 0.10     $ 0.10     $ 0.30     $ 0.10
                               
Juniper Networks, Inc.
Preliminary Net Revenues by Product and Service

(in millions)

(unaudited)

 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2015   2014   2015   2014
Routing   $ 604.4     $ 533.2     $ 1,711.6     $ 1,700.8
Switching   201.4     155.0     558.1     546.8
Security   119.6     121.3     319.5     367.1
Total product   925.4     809.5     2,589.2     2,614.7
                 
Total service   323.2     316.4     949.0     910.8
Total   $ 1,248.6     $ 1,125.9     $ 3,538.2     $ 3,525.5
                               
Juniper Networks, Inc.
Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2015   2014   2015   2014
Americas   $ 712.8     $ 678.3     $ 2,037.6     $ 2,070.8
Europe, Middle East, and Africa   355.0     290.5     975.1     911.0
Asia Pacific   180.8     157.1     525.5     543.7
Total   $ 1,248.6     $ 1,125.9     $ 3,538.2     $ 3,525.5
                               
Juniper Networks, Inc.
Preliminary Net Revenues by Market

(in millions)

(unaudited)

 
    Three Months Ended September 30,   Nine Months Ended September 30,
    2015   2014   2015   2014
Service Provider   $ 804.3     $ 741.5     $ 2,356.6     $ 2,356.0
Enterprise   444.3     384.4     1,181.6     1,169.5
Total   $ 1,248.6     $ 1,125.9     $ 3,538.2     $ 3,525.5
                               
Juniper Networks, Inc.
Reconciliation between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

   
        Three Months Ended
        September 30,   June 30,   September 30,
        2015   2015   2014
GAAP operating income       $ 258.0     $ 243.1     $ 172.4  
GAAP operating margin       20.7 %   19.9 %   15.3 %
Share-based compensation expense   C   56.5     58.9     65.3  
Share-based payroll tax expense   C   0.7     2.0     2.3  
Amortization of purchased intangible assets   A   5.6     5.6     8.5  
Restructuring and other benefits   B   (3.5 )   (1.9 )   (15.0 )
Memory-related, supplier component remediation charge   B           7.0  
Divestiture-related charges   B           1.0  
Other   B   0.5     0.5      
Non-GAAP operating income       $ 317.8     $ 308.2     $ 241.5  
Non-GAAP operating margin       25.5 %   25.2 %   21.5 %
                   
GAAP net income       $ 197.7     $ 158.0     $ 103.6  
Share-based compensation expense   C   56.5     58.9     65.3  
Share-based payroll tax expense   C   0.7     2.0     2.3  
Amortization of purchased intangible assets   A   5.6     5.6     8.5  
Restructuring and other benefits   B   (3.5 )   (1.9 )   (15.0 )
Memory-related, supplier component remediation charge   B           7.0  
Divestiture-related charges   B           1.0  
(Gain) loss on equity investments   B   (7.3 )       1.6  
Gain on legal/contract settlement, net   B   (4.0 )       (10.8 )
Income tax effect of non-GAAP exclusions   B   (22.4 )   (10.8 )   0.8  
Other   B   (1.6 )   (3.0 )   1.1  
Non-GAAP net income       $ 221.7     $ 208.8     $ 165.4  
GAAP diluted net income per share       $ 0.51     $ 0.40     $ 0.23  
Non-GAAP diluted net income per share   D   $ 0.57     $ 0.53     $ 0.36  
Shares used in computing diluted net income per share       389.2     397.2     454.8  
                       

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