Press Releases
Juniper Networks Reports Preliminary Fourth Quarter 2009 Financial Results
Q4 Financial Highlights
- Revenue: $941.5 million, up 2% from Q4'08
- Operating Margin: 18.6% GAAP; 24.4% non-GAAP
- GAAP Net Income Per Share: $0.24 diluted
- Non-GAAP Net Income Per Share: $0.32 flat from Q4'08
2009 Financial Highlights
- Revenue: $3.32 billion, down 7% from 2008
- Operating Margin: 14.5% GAAP; 20.2% non-GAAP
- GAAP Net Income Per Share: $0.42 diluted
- Non-GAAP Net Income Per Share: $0.92 diluted, down 22% from 2008
Juniper Networks Reports Preliminary Fourth Quarter 2009 Financial Results [ 
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SUNNYVALE, Calif., January 28, 2010 — Juniper Networks, Inc. (NYSE: JNPR) today reported preliminary financial results for the three and twelve months ended December 31, 2009.
Net revenues for the fourth quarter of 2009 increased 2% on a year-over-year basis to $941.5 million. For the twelve months ended December 31, 2009, Juniper's revenue decreased 7% on a year-over-year basis to $3.32 billion.
The Company posted GAAP net income of $131.0 million, or $0.24 per diluted share, and non-GAAP net income of $173.7 million, or $0.32 per diluted share for the fourth quarter of 2009. Non-GAAP net income per share remained flat compared to the fourth quarter of 2008. For the twelve months ended December 31, 2009, GAAP net income was $225.1 million, or $0.42 per diluted share, and non-GAAP net income was $491.5 million, or $0.92 per diluted share. The non-GAAP EPS figure represents a decrease of 22% from the $1.18 per diluted share reported for the twelve months ended December 31, 2008. The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Net Revenues by Market table below.
"Juniper enters 2010 with good operational execution, improved financial results, and a clear strategic direction centered on innovation and expanded routes to market," said Kevin Johnson, Juniper's Chief Executive Officer. "Our results for the year, capped by a strong fourth quarter, validate our commitment to managing the business carefully while maintaining investments in innovation that we believe will help us grow our share of the high-performance networking market. We see improving conditions in 2010 and are positioning Juniper to accelerate out of the downturn."
Juniper's operating margin for the fourth quarter of 2009 decreased to 18.6% on a GAAP basis from 20.6% in the same quarter a year ago. Non-GAAP operating margin for the fourth quarter of 2009 decreased slightly to 24.4% from 24.5% in the same quarter a year ago. For the fiscal year 2009, Juniper's operating margin decreased to 14.5% on a GAAP basis from 19.5% for the prior fiscal year. Non-GAAP operating margin for the fiscal year 2009 decreased to 20.2% from 24.2% in the fiscal year 2008.
Juniper generated net cash from operations for the fourth quarter of 2009 of $259.6 million, compared to net cash provided by operations of $215.1 million for the same quarter of 2008. For the year ended December 31, 2009, Juniper generated net cash from operations of $796.1 million, compared to $875.2 million in 2008.
Capital expenditures as well as depreciation and amortization expense during the fourth quarter of 2009 were $39.9 million and $36.6 million, respectively. Capital expenditures as well as depreciation and amortization expense during 2009 were $153.1 million and $148.4 million, respectively.
"During 2009, we focused on continuing to improve our operational execution while increasing investments in our product roadmap. Our fourth quarter results demonstrate good progress on both fronts. Revenue increased, we saw increased traction from our new products, and we managed expenses well," stated Robyn Denholm, Juniper's Chief Financial Officer. "We remain committed to thoughtfully managing our cost structure, and enter 2010 with optimism for an improved environment as the economy strengthens."
Juniper Networks will host a conference call web cast today, January 28, 2010 at 1:45 p.m. (Pacific Time), to be broadcast live over the Internet at: http://www.juniper.net/company/investor/conferencecall.html.
To participate via telephone, in the U.S. the toll free dial-in number is 877-407-8033; outside of the U.S. dial 201-689-8033. Please call ten minutes prior to the scheduled conference call time. The webcast replay of the conference call will be archived on the Juniper Networks website until March 15, 2010.
About Juniper Networks, Inc.
From devices to data centers, from consumers to the cloud, Juniper Networks delivers innovative software, silicon and systems that transform the experience and economics of networking. The company serves more than 30,000 customers and partners worldwide, and generated more than $3 billion in revenue over the last year. Additional information can be found at www.juniper.net.
Juniper Networks and Junos are registered trademarks of Juniper Networks, Inc. in the United States and other countries. The Juniper Networks and Junos logos are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
Statements in this release concerning Juniper Networks' business outlook, economic outlook, future financial and operating results, and overall future prospects are forward-looking statements that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including: general economic conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending; the network capacity requirements of communication service providers; contractual terms that may result in the deferral of revenue; increases in and the effect of competition; the timing of orders and their fulfillment; manufacturing and supply chain constraints; ability to establish and maintain relationships with distributors, resellers and other partners; variations in the expected mix of products sold; changes in customer mix; changes in geography mix; customer and industry analyst perceptions of Juniper Networks and its technology, products and future prospects; delays in scheduled product availability; market acceptance of Juniper Networks products and services; rapid technological and market change; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; the ability to successfully acquire, integrate and manage businesses and technologies; product defects, returns or vulnerabilities; the ability to recruit and retain key personnel; significant effects of tax legislation and judicial or administrative interpretation of tax regulations; currency fluctuations; litigation; and other factors listed in Juniper Networks' most recent report on Form 10-Q filed with the Securities and Exchange Commission. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release.
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.
