PLAYSTUDIOS to Release Second Quarter 2022 Results August 9

PLAYSTUDIOS to Release Second Quarter 2022 Results August 9

LAS VEGAS–(BUSINESS WIRE)–PLAYSTUDIOS, Inc. (Nasdaq: MYPS) (“PLAYSTUDIOS” or the “Company”), an award-winning developer of free-to-play casual mobile and social games that offer real-world rewards to loyal players, today announced that it will release its second quarter 2022 results after the close of the market on Tuesday, August 9, 2022.

The Company will host a conference call and audio webcast on Tuesday, August 9, 2022 at 5:00 pm Eastern Time to discuss the results. To listen to the audio webcast and live Q&A, please visit the PLAYSTUDIOS investor relations website at ir.playstudios.com. Interested parties may also dial (866) 405-1203 or (201) 689-8432.

An audio replay of the webcast will be available on the PLAYSTUDIOS investor relations website shortly after the call for one year.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc. (Nasdaq: MYPS), creator of the groundbreaking playAWARDS loyalty platform, is a publisher and developer of award-winning mobile games, including the iconic Tetris® mobile app, POP! Slots, myVEGAS Slots, myVEGAS Blackjack, myKONAMI Slots, myVEGAS Bingo, and MGM Slots Live. The playAWARDS loyalty platform enables players to earn real-world rewards from a global collection of iconic hospitality, entertainment, and leisure brands. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, IHG, Bowlero, Gray Line Tours, and Hippodrome Casino, among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps combine the best elements of popular casual games with compelling real-world experiences. To learn more about PLAYSTUDIOS, visit www.playstudios.com.

Investor Relations

[email protected]

Media Relations

Amy Rossetti

[email protected]

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Entertainment Consumer Electronics Apps/Applications Technology Mobile Entertainment Electronic Games Casino/Gaming

MEDIA:

Logo
Logo

FreightCar America, Inc. to Release Second Quarter 2022 Results on August 8, 2022

CHICAGO, July 26, 2022 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today announced that it will release its second quarter 2022 financial results on Monday, August 8, 2022, after the market close. The conference call and live webcast will be held on Tuesday, August 9, 2022 at 11:00 a.m. (Eastern Time), and will be available on the Investor Relations page of the Company’s website at www.freightcaramerica.com.

Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call which can be accessed at:

Event URL: https://viavid.webcasts.com/starthere.jsp?ei=1558577&tp_key=e146d97490

Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties may also participate in the call by dialing (877) 407-0789 or (201) 689-8562 and entering the passcode 13731238. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.

An audio replay of the conference call will be available beginning at 2:00 p.m. (Eastern Time) on Tuesday August 9, 2022, until 12:00 a.m. (Eastern Time) on Wednesday August 24, 2022. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13731238. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

About FreightCar America

FreightCar America, Inc. is a diversified manufacturer of railroad freight cars, that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars, coal cars, and also specializes in the conversion of railcars for repurposed use. It is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.

INVESTOR & MEDIA CONTACT Lisa Fortuna or Stephen Poe
E-MAIL [email protected] 
TELEPHONE  312-445-2870



CubeSmart Declares Third Quarter 2022 Dividend

MALVERN, Pa., July 26, 2022 (GLOBE NEWSWIRE) — CubeSmart (NYSE: CUBE) announced today that its Board of Trustees declared a quarterly dividend of $0.43 per common share for the period ending September 30, 2022. The dividend is payable on October 17, 2022 to common shareholders of record on October 3, 2022.  

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,279 self-storage properties across the United States. According to the 2022 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.

The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company’s self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.

For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.

Company Contact:

CubeSmart
Josh Schutzer
Vice President, Finance
610-535-5700



The GEO Group Reschedules Date for Second Quarter 2022 Earnings Release and Conference Call

The GEO Group Reschedules Date for Second Quarter 2022 Earnings Release and Conference Call

  • Earnings Release Rescheduled to Tuesday, August 2, 2022 Before the Market Opens
  • Conference Call Rescheduled to Tuesday, August 2, 2022 at 11:00 AM (Eastern Time)

BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE:GEO) (“GEO”) announced today that it has rescheduled the date for its second quarter 2022 earnings release and conference call. GEO will now release its second quarter 2022 financial results on Tuesday, August 2, 2022 before the market opens. GEO has rescheduled its conference call and simultaneous webcast for 11:00 AM (Eastern Time) on Tuesday, August 2, 2022.

Hosting the call for GEO will be George C. Zoley, Executive Chairman of the Board, Jose Gordo, Chief Executive Officer, Brian R. Evans, Senior Vice President and Chief Financial Officer, James Black, President, GEO Secure Services, and Ann Schlarb, President, GEO Care.

To participate in the teleconference, please contact one of the following numbers 5 minutes prior to the scheduled start time:

1-877-250-1553 (U.S.)

1-412-542-4145 (International)

In addition, a live audio webcast of the conference call may be accessed on the Webcasts section of GEO’s investor relations home page at investors.geogroup.com. A webcast replay will remain available on the website for one year.

A telephonic replay will also be available through August 16, 2022. The replay numbers are 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The passcode for the telephonic replay is 3959973. If you have any questions, please contact GEO at 1-866-301-4436.

Pablo E. Paez 1-866-301-4436

Executive Vice President, Corporate Relations

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Professional Services Security Technology Other Construction & Property Finance Construction & Property REIT

MEDIA:

Logo
Logo

Highwoods Announces Availability of Second Quarter 2022 Results

RALEIGH, N.C., July 26, 2022 (GLOBE NEWSWIRE) — Highwoods Properties, Inc. (NYSE:HIW) has released its second quarter 2022 results. To view the release, please visit the investors section of our website at www.highwoods.com or click on the following link:                                

HIW Reports Second Quarter 2022 Results

About Highwoods

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index.  Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.  For more information about Highwoods, please visit our website at www.highwoods.com.                                         

Contact: Brendan Maiorana    
  Executive Vice President and Chief Financial Officer
  [email protected]
  919-872-4924 



Velocity Financial, Inc. Announces Date of Second Quarter 2022 Financial Results Webcast and Conference Call

Velocity Financial, Inc. Announces Date of Second Quarter 2022 Financial Results Webcast and Conference Call

WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–
Velocity Financial, Inc. (NYSE:VEL) (“Velocity” or “Company”), a leader in commercial investor loans, will release its second quarter 2022 results after the market close on Thursday, August 4, 2022. Velocity’s executive management team will host a conference call and webcast to review its financial results at 3:00 p.m. Pacific Time / 6:00 p.m. Eastern Time on the same day.

Webcast Information

The conference call will be webcast live in listen-only mode and can be accessed through the Events and Presentations section of Velocity Financial’s Investor Relations website at https://www.velfinance.com/events-and-presentations. To listen to the webcast, please go to Velocity’s website at least 15 minutes before the call to register and to download and install any needed software. An audio replay of the call will also be available on Velocity’s website following the completion of the conference call.

Conference Call Information

To participate by phone, please dial-in 15 minutes prior to the start time to allow for wait times to access the conference call. The live conference call will be accessible by dialing 1-833-316-0544 in the U.S. and Canada and 1-412-317-5725 for international callers. Callers should ask to be joined into the Velocity Financial, Inc. earnings call.

A replay of the call will be available through midnight on August 29, 2022 and can be accessed by dialing 1-877-344-7529 in the U.S. and 855-669-9658 in Canada or 1-412-317-0088 internationally. The passcode for the replay is #9239674. The replay will also be available on the Investor Relations section of the Company’s website under “Events and Presentations.”

About Velocity Financial, Inc.

Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages investor loans secured by 1-4-unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers built and refined over 18 years.

Investors and Media:

Chris Oltmann

(818) 532-3708

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property Banking

MEDIA:

Logo
Logo

Apollo Commercial Real Estate Finance, Inc. Reports Second Quarter 2022 Results

NEW YORK, July 26, 2022 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter and six months ended June 30, 2022.

For the second quarter of 2022, net income available to common stockholders per diluted share of common stock was $0.44 and Distributable Earnings (a non-GAAP financial measure defined below) were $0.35 per share of common stock.

Commenting on the financial results, Stuart Rothstein, Chief Executive Officer and President of the Company said: “The rapidly evolving economic climate had a significant effect on the real estate capital markets during the second quarter. Despite the environment, ARI’s results demonstrated we continued to effectively deploy capital and earn our common stock dividend. I am encouraged that our resilient and diversified loan portfolio can generate solid returns in uncertain markets.”

ARI issued a detailed presentation of the Company’s three and six months ended June 30, 2022 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast:

The Company will hold a conference call to review second quarter results on July 27, 2022 at 9 a.m. ET. To register for the call, please use the following link: https://register.vevent.com/register/BIbd7322c8f03543fdbafacdf99acc0e14

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the “Stockholders” section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the “Stockholders” section on ARI’s website approximately two hours after the call.

Distributable Earnings

“Distributable Earnings”, a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization on real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, (v) the non-cash amortization expense related to the reclassification of a portion of the Company’s convertible senior notes (the “Notes”) to stockholders’ equity in accordance with GAAP, and (vi) provision for loan losses.

The weighted-average diluted shares outstanding used for Distributable Earnings per weighted-average diluted share has been adjusted from weighted-average diluted shares under GAAP to exclude shares issued from a potential conversion of the Notes. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs, which the Company believes is a useful presentation for investors. The Company believes that excluding shares issued in connection with a potential conversion of the Notes from its computation of Distributable Earnings per weighted-average diluted share is useful to investors for various reasons, including the following: (i) conversion of Notes to shares requires both the holder of a Note to elect to convert the Note and for the Company to elect to settle the conversion in the form of shares; (ii) future conversion decisions by Note holders will be based on the Company’s stock price in the future, which is presently not determinable; (iii) the exclusion of shares issued in connection with a potential conversion of the Notes from the computation of Distributable Earnings per weighted-average diluted share is consistent with how the Company treats other unrealized items in its computation of Distributable Earnings per weighted-average diluted share; and (iv) the Company believes that when evaluating its operating performance, investors and potential investors consider the Company’s Distributable Earnings relative to its actual distributions, which are based on shares outstanding and not shares that might be issued in the future.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

The Company believes it is useful to its investors to also present Distributable Earnings prior to realized losses and impairments on real estate owned, and investments, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to realized losses and impairments on real estate owned, and investments, or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly-titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings, and Distributable Earnings prior to realized losses and impairments on real estate owned, and investments, to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s three and six months ended June 30, 2022 results, which can be viewed at www.apollocref.com.

About Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $513 billion of assets under management at March 31, 2022.

Additional information can be found on the Company’s website at www.apollocref.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: macro- and micro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic, including the emergence and spread of COVID-19 variants; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the efficacy of vaccines or other remedies and the speed of their distributions and administration; the impact of the COVID-19 pandemic on the Company’s financial condition, results of operations, liquidity and capital resources; market trends in the Company’s industry, interest rates, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT: Hilary Ginsberg

Investor Relations

(212) 822-0767



Priority Technology Holdings, Inc. Announces Second Quarter 2022 Financial Results Release Date and Conference Call Information

Priority Technology Holdings, Inc. Announces Second Quarter 2022 Financial Results Release Date and Conference Call Information

ALPHARETTA, Ga.–(BUSINESS WIRE)–
Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading payments technology company helping customers collect, store and send money, today announced that it will release its second quarter 2022 financial results before financial markets open on Tuesday, August 9, 2022.

In addition, the Company will host a conference call and webcast to review its financial and operating results. A question-and-answer session will follow.

Second Quarter 2022 Conference Call

Tuesday, August 9, 2022

11:00 a.m. Eastern Time

Phone: US/Canada: (833) 636-1319 or International: (412) 902-4286

Internet webcast link and accompanying slide presentation can be accessed at https://edge.media-server.com/mmc/p/fgpa38jmand will also be posted in the “Investor Relations” section of the Company’s website at www.PRTH.com.

An audio replay of the call will be available shortly after the conference call until August 16, 2022 at 2:00 pm Eastern Time. To listen to the audio replay, dial (877) 344-7529 or (412) 317-0088 and enter conference ID number 4629057. Alternatively, you may access the webcast replay in the “Investors” section of the Company’s website at www.PRTH.com.

About Priority Technology Holdings, Inc.

Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value, payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

Priority Investor Inquiries:

Chris Kettmann

[email protected]

(773) 497-7575

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Technology Finance Banking Accounting Professional Services Software Networks Internet Data Management

MEDIA:

Nathan E. Walker Appointed CEO of North Shore Trust and Savings

WAUKEGAN, Ill., July 26, 2022 (GLOBE NEWSWIRE) — NSTS Bancorp, Inc. (the “Company”), the holding company for North Shore Trust and Savings (the “Bank”), announced today that Mr. Nathan E. Walker has been named Chief Executive Officer of the Bank, as well as appointed to Executive Vice President of the Company. Mr. Stephen G. Lear, who previously served as Chief Executive Officer of the Bank will continue as Chairman of the Board of Directors of the Bank as well as Chairman, President and CEO of the Company.

Mr. Walker has been with the Bank since 1996 and previously served as Senior Vice President of Retail Banking between 2010 and 2020. Mr. Walker has served as President and Chief Operating Officer of the Bank since November 2020.

“It has been a tremendous honor to serve as the CEO of the Bank for the past 24 years,” said Lear. “The Board and I are confident that Nathan is the right person to continue the traditions and move the Bank forward. His increasing responsibility at the Bank over the past 26 years has laid the groundwork for his elevation to CEO.”

“I am thankful to Steve for his leadership and dedication to the Bank,” said Walker. “I am excited to assume this new role and for the future of the Company.”

About
NSTS Bancorp, Inc. and
North Shore Trusts and Savings

NSTS Bancorp, Inc. is the stock holding company of North Shore Trust and Savings. As of March 31, 2022, NSTS Bancorp, Inc. had approximately $285 million in assets and operates from its headquarters and main banking office in Waukegan, Illinois, as well as two additional full-service branch offices located in Waukegan and Lindenhurst, Illinois, respectively. For over 100 years, North Shore Trust and Savings has served the local communities where it operates and has deep and longstanding relationships with its businesses and retail customers as well as local municipalities.

Forward-Looking Statements

Certain statements contained herein are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

Any forward-looking statement speaks only as of the date on which it is made. Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future events, business strategies and decisions that are subject to change. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.



Stephen G. Lear
Chairman, President and Chief Executive Officer
[email protected]
(847) 336-4430

Juniper Networks Reports Preliminary Second Quarter 2022 Financial Results

Juniper Networks Reports Preliminary Second Quarter 2022 Financial Results

SUNNYVALE, Calif.–(BUSINESS WIRE)–
Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended June 30, 2022 and provided its outlook for the three months ending September 30, 2022.

Second Quarter 2022 Financial Performance

Net revenues were $1,269.6 million, an increase of 8% year-over-year and an increase of 9% sequentially.

GAAP operating margin was 8.5%, an increase from 7.3% in the second quarter of 2021, and an increase from 5.0% in the first quarter of 2022.

Non-GAAP operating margin was 13.9%, a decrease from 15.8% in the second quarter of 2021, and an increase from 11.8% in the first quarter of 2022.

GAAP net income was $113.4 million, an increase of 83% year-over-year, and an increase of 104% sequentially, resulting in diluted net income per share of $0.35.

Non-GAAP net income was $136.4 million, a decrease of 3% year-over-year, and an increase of 34% sequentially, resulting in non-GAAP diluted net income per share of $0.42.

The reconciliation between GAAP and non-GAAP financial measures is provided in a table immediately following the Preliminary Net Revenues by Geographic Region table below.

“We exceeded our revenue forecast during the June quarter and delivered a second consecutive quarter of double-digit year-over-year product revenue growth,” said Juniper’s CEO, Rami Rahim. “Demand signals remain healthy and we are seeing attractive opportunities across our enterprise, cloud and service provider markets. Based on this momentum, the backlog we have built, and our latest expectations regarding supply, I am increasingly optimistic regarding our revenue growth prospects for the year.”

“Our teams executed well against the backdrop of an extremely challenged supply chain environment in the June quarter,” said Juniper’s CFO, Ken Miller. “We have taken actions to improve delivery of our products to customers. While some of these actions are likely to impact profitability over the next few quarters, they are enabling us to better meet customer demand, which should have positive long-term implications for our business. We remain focused on driving improved profitability and expect margins to improve in 2023.”

Balance Sheet and Other Financial Results

Total cash, cash equivalents, and investments as of June 30, 2022 were $1,285.6 million, compared to $1,815.4 million as of June 30, 2021, and $1,668.9 million as of March 31, 2022.

Cash flow used in operations for the second quarter of 2022 was $266.9 million, compared to $257.2 million of cash flow provided by operations in the second quarter of 2021, and $193.1 million of cash flow provided by operations in the first quarter of 2022.

Days sales outstanding in accounts receivable was 74 days in the second quarter of 2022, compared to 59 days in the second quarter of 2021, and 65 days in the first quarter of 2022.

Capital expenditures were $24.5 million, and depreciation and amortization expense was $53.9 million during the second quarter of 2022.

Outlook

These metrics are provided on a non-GAAP basis, except for revenue and share count. Non-GAAP earnings per share is on a fully diluted basis. The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.

There is a worldwide shortage of semiconductors and other components impacting many industries. Similar to others, we are experiencing ongoing supply chain challenges, which have resulted in extended lead times, as well as elevated logistics and component costs. We continue to work to resolve supply chain challenges and have increased inventory levels and purchase commitments. We are working closely with our suppliers to further enhance our resiliency and mitigate the effects of disruptions outside of our control. We believe that even with these actions, extended lead times and elevated costs will likely persist for at least the remainder of the year. While the situation is dynamic, at this point in time we believe we will have access to sufficient supplies of semiconductors and other components to meet our financial forecast.

For the third quarter, we expect to see solid revenue growth driven by the strength of our backlog, strong demand and an improved supply outlook. Our better than expected supply outlook is the result of strategic actions we have taken to improve our access to components. We will continue to prioritize delivering products to our customers as timely as possible. We are incurring higher costs to secure supply, which will negatively impact margins over the next several quarters. In addition, we expect to see a similar software mix in the third quarter as we saw in the second quarter. These factors will continue to pressure our gross margin and overall profitability.

Our guidance for the quarter ending September 30, 2022 is as follows:

  • Revenue will be approximately $1,350 million, plus or minus $50 million.
  • Non-GAAP gross margin will be approximately 56.5%, plus or minus 1.0%.
  • Non-GAAP operating expenses will be approximately $550 million, plus or minus $5 million.
  • Non-GAAP operating margin will be approximately 15.8% at the mid-point of revenue guidance.
  • Non-GAAP other income and expense (OI&E) will be near Q2’22 levels.
  • Non-GAAP tax rate will be approximately 19.5%.
  • Non-GAAP net income per share will be approximately $0.50, plus or minus $0.05. This assumes a share count of approximately 330 million.

For more detailed insight on guidance, please refer to the CFO Commentary that can be found on our website.

Capital Return

Our Board of Directors has declared a cash dividend of $0.21 per share to be paid on September 22, 2022 to stockholders of record as of the close of business on September 1, 2022. We remain committed to paying our dividend and remain opportunistic with respect to share buybacks.

Second Quarter 2022 Financial Commentary Available Online

A CFO Commentary reviewing the Company’s second quarter 2022 financial results, as well as the third quarter and full-year 2022 outlook will be furnished to the SEC on Form 8-K and published on the Company’s website at http://investor.juniper.net. Analysts and investors are encouraged to review this commentary prior to participating in the conference call webcast.

Conference Call Webcast

Juniper Networks will host a conference call webcast today, July 26, 2022, at 2:00 pm PT, to be broadcast live over the Internet at http://investor.juniper.net. To participate via telephone in the US, the toll-free number is 1-888-506-0062. Outside the US, dial +1-973-528-0011. Please call 10 minutes prior to the scheduled conference call time. The webcast replay will be archived on the Juniper Networks website.

About Juniper Networks

Juniper Networks challenges the inherent complexity that comes with networking in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net).

Investors and others should note that the Company announces material financial and operational information to its investors using its Investor Relations website, press releases, SEC filings and public conference calls and webcasts. The Company also intends to use the Twitter account @JuniperNetworks and the Company’s blogs as a means of disclosing information about the Company and for complying with its disclosure obligations under Regulation FD. The social media channels that the Company intends to use as a means of disclosing information described above may be updated from time to time as listed on the Company’s Investor Relations website.

Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Safe Harbor; Forward-Looking Statements

Statements in this release concerning Juniper Networks’ business, economic and market outlook, including currency exchange rates; our financial guidance; and the expected continuing impact of manufacturing and supply constraints, and the consummation and integration of, and financial impact resulting from any acquisitions and divestitures on our guidance; our expectations regarding our liquidity, capital return program, supply constraints and access to sufficient supplies of semiconductors and other components; deal, customer and product mix; costs; backlog; share buybacks; and our overall future prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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 several factors, including: the duration, extent and continuing impact of the ongoing COVID-19 pandemic; general economic and political conditions globally or regionally, including any impact due to armed conflicts (such as the continuing conflict between Russia and Ukraine as well as governmental sanctions imposed in response); inflationary pressures; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity and security requirements of our customers and, in particular, Cloud and telecommunication service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; continuing manufacturing and supply chain challenges and logistics costs, constraints, changes or disruptions; availability and pricing of key product components, such as semiconductors; delays in scheduled product availability; our customers canceling orders that are included in the calculation of backlog, which they may do without significant penalty; adoption of or changes to laws, regulations, standards or policies affecting Juniper Networks’ operations, products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of new tax regulations, including the potential for corporate tax increases and changes to global tax laws; legal settlements and resolutions, including with respect to enforcing our proprietary rights; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the impact of import tariffs and changes thereto; and other factors listed in Juniper Networks’ most recent report on Form 10-Q or 10-K filed with the Securities and Exchange Commission. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by the ongoing COVID-19 pandemic and any worsening of the global business and economic environment as a result of the pandemic. We cannot at this time predict the extent of the continuing impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Note that our estimates as to the tax rate on our business are based on current tax law and regulations, including current interpretations thereof, and could be materially affected by changing interpretations as well as additional legislation and guidance. 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 made in this release in the event facts or circumstances subsequently change after the date of this press release. We have not filed our Form 10-Q for the quarter ended June 30, 2022. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.

All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition, divestiture, and strategic investment related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, gain or loss on equity investments, loss on extinguishment of debt, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of further changes to tariffs and the impact of any future acquisitions, divestitures, or joint ventures that may occur in the period. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net revenues:

 

 

 

 

 

 

 

Product

$

839.8

 

 

$

759.2

 

 

$

1,584.1

 

 

$

1,431.6

 

Service

 

429.8

 

 

 

413.1

 

 

 

853.7

 

 

 

815.1

 

Total net revenues

 

1,269.6

 

 

 

1,172.3

 

 

 

2,437.8

 

 

 

2,246.7

 

Cost of revenues:

 

 

 

 

 

 

 

Product

 

431.9

 

 

 

350.4

 

 

 

810.4

 

 

 

666.9

 

Service

 

143.6

 

 

 

140.0

 

 

 

283.9

 

 

 

282.3

 

Total cost of revenues

 

575.5

 

 

 

490.4

 

 

 

1,094.3

 

 

 

949.2

 

Gross margin

 

694.1

 

 

 

681.9

 

 

 

1,343.5

 

 

 

1,297.5

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

244.3

 

 

 

245.8

 

 

 

492.9

 

 

 

500.5

 

Sales and marketing

 

274.3

 

 

 

257.8

 

 

 

547.6

 

 

 

510.5

 

General and administrative

 

67.2

 

 

 

71.0

 

 

 

127.4

 

 

 

132.1

 

Restructuring charges

 

0.5

 

 

 

21.6

 

 

 

9.3

 

 

 

40.9

 

Total operating expenses

 

586.3

 

 

 

596.2

 

 

 

1,177.2

 

 

 

1,184.0

 

Operating income

 

107.8

 

 

 

85.7

 

 

 

166.3

 

 

 

113.5

 

Gain on divestiture

 

45.8

 

 

 

 

 

 

45.8

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(60.6

)

Other expense, net

 

(8.1

)

 

 

(10.9

)

 

 

(21.0

)

 

 

(15.9

)

Income before income taxes and loss from equity method investment

 

145.5

 

 

 

74.8

 

 

 

191.1

 

 

 

37.0

 

Income tax provision

 

31.6

 

 

 

12.8

 

 

 

21.5

 

 

 

6.1

 

Loss from equity method investment, net of tax

 

0.5

 

 

 

 

 

 

0.5

 

 

 

 

Net income

$

113.4

 

 

$

62.0

 

 

$

169.1

 

 

$

30.9

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.35

 

 

$

0.19

 

 

$

0.53

 

 

$

0.09

 

Diluted

$

0.35

 

 

$

0.19

 

 

$

0.51

 

 

$

0.09

 

Weighted-average shares used to compute net income per share:

 

 

 

 

 

 

 

Basic

 

321.0

 

 

 

324.5

 

 

 

321.1

 

 

 

325.4

 

Diluted

 

328.1

 

 

 

330.4

 

 

 

329.3

 

 

 

331.5

 

Juniper Networks, Inc.

Preliminary Net Revenues by Customer Solution

(in millions)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Customer Solutions:

 

 

 

 

 

 

 

Automated WAN Solutions

$

462.9

 

$

396.1

 

$

853.6

 

$

782.5

Cloud-Ready Data Center

 

200.9

 

 

201.9

 

 

389.7

 

 

359.3

AI-Driven Enterprise

 

227.3

 

 

195.1

 

 

441.3

 

 

356.3

Hardware Maintenance and Professional Services

 

378.5

 

 

379.2

 

 

753.2

 

 

748.6

Total

$

1,269.6

 

$

1,172.3

 

$

2,437.8

 

$

2,246.7

Juniper Networks, Inc.

Preliminary Net Revenues by Vertical

(in millions)

(unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cloud

$

331.0

 

$

320.6

 

$

638.0

 

$

591.3

Service Provider

 

470.8

 

 

443.7

 

 

898.8

 

 

881.9

Enterprise

 

467.8

 

 

408.0

 

 

901.0

 

 

773.5

Total

$

1,269.6

 

$

1,172.3

 

$

2,437.8

 

$

2,246.7

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Americas

$

748.6

 

$

652.7

 

$

1,403.6

 

$

1,235.7

Europe, Middle East, and Africa

 

337.2

 

 

323.9

 

 

671.1

 

 

635.0

Asia Pacific

 

183.8

 

 

195.7

 

 

363.1

 

 

376.0

Total

$

1,269.6

 

$

1,172.3

 

$

2,437.8

 

$

2,246.7

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

June 30, 2022

 

March 31, 2022

 

June 30, 2021

GAAP operating income

 

$

107.8

 

 

$

58.5

 

 

$

85.7

 

GAAP operating margin

 

 

8.5

%

 

 

5.0

%

 

 

7.3

%

Share-based compensation expense

C

 

47.2

 

 

 

45.2

 

 

 

50.5

 

Share-based payroll tax expense

C

 

2.0

 

 

 

3.7

 

 

 

0.6

 

Amortization of purchased intangible assets

A

 

19.5

 

 

 

19.7

 

 

 

20.1

 

Restructuring charges

B

 

0.5

 

 

 

8.8

 

 

 

21.6

 

Acquisition related charges

A

 

0.8

 

 

 

1.7

 

 

 

4.3

 

Gain (loss) on non-qualified deferred compensation plan (“NQDC”)

B

 

(4.8

)

 

 

(2.2

)

 

 

2.0

 

Others

B

 

3.9

 

 

 

2.0

 

 

 

 

Non-GAAP operating income

 

$

176.9

 

 

$

137.4

 

 

$

184.8

 

Non-GAAP operating margin

 

 

13.9

%

 

 

11.8

%

 

 

15.8

%

 

 

 

 

 

 

 

GAAP net income

 

$

113.4

 

 

$

55.7

 

 

$

62.0

 

Share-based compensation expense

C

 

47.2

 

 

 

45.2

 

 

 

50.5

 

Share-based payroll tax expense

C

 

2.0

 

 

 

3.7

 

 

 

0.6

 

Amortization of purchased intangible assets

A

 

19.5

 

 

 

19.7

 

 

 

20.1

 

Restructuring charges

B

 

0.5

 

 

 

8.8

 

 

 

21.6

 

Acquisition related charges

A

 

0.8

 

 

 

1.7

 

 

 

4.3

 

Gain on divestiture

B

 

(45.8

)

 

 

 

 

 

 

Loss (gain) on equity investments

B

 

(5.6

)

 

 

0.9

 

 

 

3.3

 

Loss from equity method investment

B

 

0.5

 

 

 

 

 

 

 

Income tax effect of Assets Held for Sale and tax legislation

B

 

 

 

 

(12.9

)

 

 

 

Income tax effect of non-GAAP exclusions

B

 

 

 

 

(23.2

)

 

 

(21.4

)

Others

B

 

3.9

 

 

 

2.0

 

 

 

 

Non-GAAP net income

 

$

136.4

 

 

$

101.6

 

 

$

141.0

 

 

 

 

 

 

 

 

GAAP diluted net income per share

 

$

0.35

 

 

$

0.17

 

 

$

0.19

 

Non-GAAP diluted net income per share

D

$

0.42

 

 

$

0.31

 

 

$

0.43

 

Shares used in computing GAAP diluted net income per share

 

 

328.1

 

 

 

331.1

 

 

 

330.4

 

Shares used in computing Non-GAAP diluted net income per share

 

 

328.1

 

 

 

331.1

 

 

 

330.4

 

Discussion of Non-GAAP Financial Measures

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. Juniper is unable to provide a reconciliation of non-GAAP guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded from these non-GAAP measures. For example, share-based compensation expense is impacted by the Company’s future hiring needs, the type and volume of equity awards necessary for such future hiring, and the price at which the Company’s stock will trade in those future periods. Amortization of intangible assets is significantly impacted by the timing and size of any future acquisitions. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading.

This press release, including the tables above, includes the following non-GAAP financial measures derived from our Preliminary Consolidated Statements of Operations: operating income; operating margin; net income; and diluted net income per share. These measures are not presented in accordance with, nor are they a substitute for GAAP. In addition, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. The non-GAAP financial measures used in the table above should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Certain of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures presented above to be helpful in assessing the performance of the continuing operation of our business. By continuing operation, we mean the ongoing revenue and expenses of the business, excluding certain items that render comparisons with prior periods or analysis of on-going operating trends more difficult, such as expenses not directly related to the actual cash costs of development, sale, delivery or support of our products and services, or expenses that are reflected in periods unrelated to when the actual amounts were incurred or paid. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. In addition, we have historically reported non-GAAP results to the investment community and believe that continuing to provide non-GAAP measures provides investors with a tool for comparing results over time. In assessing the overall health of our business for the periods covered by the table above and, in particular, in evaluating the financial line items presented in the table above, we have excluded items in the following three general categories, each of which are described below: Acquisition Related Charges, Other Items, and Share-Based Compensation Related Items. We also provide additional detail below regarding the shares used to calculate our non-GAAP net income per share. Notes identified for line items in the table above correspond to the appropriate note description below. With respect to the items excluded from our forward-looking non-GAAP measures and reconciliation of such measures, please see the “Outlook” section above.

The above tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net.

Note A: Acquisition Related Charges. We exclude certain expense items resulting from acquisitions including amortization of purchased intangible assets associated with our acquisitions. The amortization of purchased intangible assets associated with acquisitions results in recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. We believe that providing non-GAAP information for acquisition-related expense items in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.

Note B: Other Items. We exclude certain other items that are the result of either unique, infrequent or unplanned events, including the following, when applicable: (i) strategic investment-related gain or loss, including gain or loss from our equity method investment; (ii) legal reserve and settlement charges or benefits; (iii) gain or loss on significant isolated events or transactions, including divestitures and the Russia-Ukraine conflict, which are directly related to the events, objectively quantifiable, and not expected to occur regularly in the future that are not indicative of our core operating results; (iv) loss on extinguishment of debt; (v) significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform; (vi) recognition of previously unrecognized tax benefits that are non-recurring in nature; and (vii) the income tax effect on our financial statements of excluding items related to our non-GAAP financial measures. Additionally, the non-GAAP results exclude the effects of NQDC-related investments. It is difficult to estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these transactions may limit the comparability of our on-going operations with prior and future periods.

In addition, we exclude restructuring benefits or charges as these result from events that arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. As such, we believe these expenses do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred or comparisons to past operating results. We also exclude gains or losses related to the strategic investments as well as significant isolated events as they are directly related to an event that is distinct and does not reflect current ongoing business operations. In the case of legal reserves and settlements, these gains or losses are recorded in the period in which the matter is concluded or resolved even though the subject matter of the underlying dispute may relate to multiple or different periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. Additionally, we exclude previously unrecognized tax benefits that are non-recurring in nature which are recorded in the period in which applicable statutes of limitation lapse or upon the completion of tax review cycles as the tax matter may relate to multiple or different periods. Further, certain items related to global tax reform may continue to impact the business and are generally unrelated to the current level of business activity. We believe these tax events limit the comparability with prior periods and that these expenses or benefits do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. We also believe providing financial information with and without the income tax effect of excluding items related to our non-GAAP financial measures provide our management and users of the financial statements with better clarity regarding the on-going performance and future liquidity of our business. Because of these factors, we assess our operating performance with these amounts both included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.

Note C: Share-Based Compensation Related Items. We provide non-GAAP information relative to our expense for share-based compensation and related payroll tax. Due to the varying available valuation methodologies, subjective assumptions and the variety of award types, which affect the calculations of share-based compensation, we believe that the exclusion of share-based compensation and related payroll tax allows for more accurate comparisons of our operating results to our peer companies and is useful to investors to understand the impact of share-based compensation on our results of operations. Further, expense associated with granting share-based awards does not reflect any cash expenditures by the company as no cash is expended.

Note D: Non-GAAP Net Income Per Share Items. We provide diluted non-GAAP net income per share. The diluted non-GAAP net income per share includes additional dilution from potential issuance of common stock, except when such issuances would be anti-dilutive.

Juniper Networks, Inc.

Preliminary Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

 

 

June 30,

2022

 

December 31,

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

721.8

 

$

922.5

Short-term investments

 

294.3

 

 

315.5

Accounts receivable, net of allowances

 

1,048.4

 

 

994.4

Inventory

 

394.9

 

 

272.6

Prepaid expenses and other current assets

 

612.6

 

 

451.6

Total current assets

 

3,072.0

 

 

2,956.6

Property and equipment, net

 

675.7

 

 

703.0

Operating lease assets

 

145.2

 

 

161.3

Long-term investments

 

269.5

 

 

455.5

Purchased intangible assets, net

 

196.2

 

 

284.3

Goodwill

 

3,733.8

 

 

3,762.1

Other long-term assets

 

768.6

 

 

564.2

Total assets

$

8,861.0

 

$

8,887.0

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

360.6

 

$

273.7

Accrued compensation

 

276.1

 

 

336.0

Deferred revenue

 

940.4

 

 

937.9

Other accrued liabilities

 

372.8

 

 

328.9

Total current liabilities

 

1,949.9

 

 

1,876.5

Long-term debt

 

1,625.8

 

 

1,686.8

Long-term deferred revenue

 

522.2

 

 

475.7

Long-term income taxes payable

 

274.3

 

 

330.5

Long-term operating lease liabilities

 

125.1

 

 

142.2

Other long-term liabilities

 

115.0

 

 

58.4

Total liabilities

 

4,612.3

 

 

4,570.1

Total stockholders’ equity

 

4,248.7

 

 

4,316.9

Total liabilities and stockholders’ equity

$

8,861.0

 

$

8,887.0

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net income

$

169.1

 

 

$

30.9

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Share-based compensation expense

 

92.4

 

 

 

108.0

 

Depreciation, amortization, and accretion

 

111.5

 

 

 

120.9

 

Operating lease assets expense

 

20.3

 

 

 

24.8

 

Gain on divestiture

 

(45.8

)

 

 

 

Loss on extinguishment of debt

 

 

 

 

60.6

 

Other

 

8.4

 

 

 

4.7

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable, net

 

(54.2

)

 

 

195.1

 

Prepaid expenses and other assets

 

(473.1

)

 

 

(55.4

)

Accounts payable

 

88.5

 

 

 

(18.5

)

Accrued compensation

 

(54.7

)

 

 

(4.4

)

Income taxes payable

 

(3.9

)

 

 

(3.4

)

Other accrued liabilities

 

17.1

 

 

 

(71.8

)

Deferred revenue

 

50.6

 

 

 

45.5

 

Net cash (used in) provided by operating activities

 

(73.8

)

 

 

437.0

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(49.5

)

 

 

(41.1

)

Proceeds from divestiture, net

 

89.1

 

 

 

 

Purchases of available-for-sale debt securities

 

(104.1

)

 

 

(314.4

)

Proceeds from sales of available-for-sale debt securities

 

74.8

 

 

 

352.3

 

Proceeds from maturities and redemptions of available-for-sale debt securities

 

218.8

 

 

 

200.5

 

Purchases of equity securities

 

(12.2

)

 

 

(6.1

)

Proceeds from sales of equity securities

 

3.3

 

 

 

5.0

 

Payments for business acquisitions, net of cash and cash equivalents acquired

 

(3.9

)

 

 

(175.0

)

Other

 

1.4

 

 

 

(0.6

)

Net cash provided by investing activities

 

217.7

 

 

 

20.6

 

Cash flows from financing activities:

 

 

 

Repurchase and retirement of common stock

 

(226.3

)

 

 

(243.1

)

Proceeds from issuance of common stock

 

29.1

 

 

 

28.9

 

Payment of dividends

 

(134.8

)

 

 

(129.9

)

Payment of debt

 

 

 

 

(423.8

)

Payment for debt extinguishment costs

 

 

 

 

(58.3

)

Other

 

 

 

 

(3.4

)

Net cash used in financing activities

 

(332.0

)

 

 

(829.6

)

Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash

 

(14.0

)

 

 

(1.6

)

Net decrease in cash, cash equivalents, and restricted cash

 

(202.1

)

 

 

(373.6

)

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

$

740.6

 

 

$

1,009.4

 

Non-cash investing activity:

 

 

 

Equity method investment

$

40.3

 

 

$

 

 

Investor Relations:

Jess Lubert

Juniper Networks

(408) 936-3734

[email protected]

Media Relations:

Leslie Moore

Juniper Networks

(408) 936-5767

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Data Management Security Technology Software Networks Artificial Intelligence Internet

MEDIA:

Logo
Logo