JUNIPER NETWORKS REPORTS RECORD PRELIMINARY FOURTH QUARTER AND FISCAL YEAR 2010 FINANCIAL RESULTS
Q4 Financial Highlights ? Revenue: $1.190 billion, up 26% from Q4'09 and up 18% from Q3"10 ? Operating Margin: 19.1% GAAP; 24.5% non-GAAP ? GAAP Net Income Per Share: $0.35 diluted ? Non-GAAP Net Income Per Share: $0.42 diluted, up 31% from Q4'09 and
Q4 Financial Highlights ? Revenue: $1.190 billion, up 26% from Q4'09 and up 18% from Q3"10 ? Operating Margin: 19.1% GAAP; 24.5% non-GAAP ? GAAP Net Income Per Share: $0.35 diluted ? Non-GAAP Net Income Per Share: $0.42 diluted, up 31% from Q4'09 and Q3"10 (including approximately $0. ...
SUNNYVALE, Calif., Jan. 26, 2011 - Juniper Networks (NYSE: JNPR) today reported preliminary financial results for the three and twelve months ended December 31, 2010, and provided its outlook for the three months ending March 31, 2011. Juniper"s fourth quarter and full year 2010 results reflect record performance by the company as measured by non-GAAP net income and revenues.
Net revenues for the fourth quarter of 2010 increased 26% on a year-over-year basis and increased 18% sequentially, to $1.190 billion. For the year ended December 31, 2010, Juniper's revenue increased 23% on a year-over-year basis to $4.093 billion.
The Company posted GAAP net income of $190.2 million, or $0.35 per diluted share, and non-GAAP net income of $228.6 million, or $0.42 per diluted share, for the fourth quarter of 2010. Included in both the GAAP and non-GAAP net income per share is approximately $0.03 per share favorable impact due to the extension of R&D tax credit. Non-GAAP net income per diluted share for the fourth quarter of 2010 increased 31% on a year-over-year and quarter-over-quarter basis. For the year ended December 31, 2010, GAAP net income was $618.4 million, or $1.15 per diluted share, and non-GAAP net income was $710.5 million, or $1.32 per diluted share.
Non-GAAP net income per diluted share, for the year ended December 31, 2010, increased 43% on a year-over-year basis. 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 produced outstanding results in 2010, the first year of a multi-year growth strategy centered on mobile Internet and cloud computing trends," said Kevin Johnson, Juniper"s chief executive officer. "2011 is an important next step as we prepare to introduce innovative new products that continue to deliver on the promise of the new network."
Juniper's operating margin for the fourth quarter of 2010 increased to 19.1% on a GAAP basis, up from 0.6% in the same quarter a year ago. Non-GAAP operating margin for the fourth quarter of 2010 increased slightly to 24.5% from 24.4% in the same quarter a year ago. For the fiscal year 2010, Juniper's operating margin increased to 18.8% on a GAAP basis from 9.4% for the prior fiscal year. Non-GAAP operating margin for the fiscal year 2010 increased to 24.0% from 20.2% in the fiscal year 2009.
Juniper generated net cash from operations for the fourth quarter of 2010 of $371.0 million, compared to net cash provided by operations of $259.6 million for the same quarter of 2009. For the year ended December 31, 2010, Juniper generated net cash from operations of $812.3 million, compared to $796.1 million in 2009.
Capital expenditures as well as depreciation and amortization expense during the fourth quarter of 2010 were $47.8 million and $42.9 million, respectively. Capital expenditures as well as depreciation and amortization expense during the 2010 fiscal year were $185.3 million and $155.3 million, respectively.
"Juniper capped 2010 with a strong revenue and profit performance in the fourth quarter. The company executed well on the operating principles it set forth for the year, and we are showing strong returns on the investments we began making in 2009 in our innovation roadmap and the expansion of our routes to market," said Robyn Denholm, Juniper's chief financial officer. "We are focused on further enhancing our performance in 2011 by driving sustained, strong growth, improving margins, and leveraging our strong balance sheet."
- Juniper estimates revenue for the first quarter ending March 31, 2011 to be in the range of $1.06 billion to $1.11 billion, which equates to approximately 19% growth year-over-year at the mid-point of the range.
- Juniper estimates that its non-GAAP gross margin will remain in its targeted range of between 66% and 68% in the first quarter.
- Juniper estimates that its non-GAAP operating expenses will be higher as a percent of revenue but approximately flat with the prior quarter on a dollar basis. As a result, Juniper expects its non-GAAP operating margin for the first quarter will be 22.0%, plus or minus 0.5%.
- Juniper estimates that its non-GAAP net income per share will range between $0.30 and $0.33 on a diluted basis, assuming a flat share count and estimated non-GAAP tax rate of 28.5%. The non-GAAP EPS estimate includes the impact of recent acquisitions of approximately $0.02 per share.
All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, stock-based compensation expenses, acquisition related charges, restructuring charges, litigation settlement charges, gain or loss on equity investments, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and income tax effect of non-GAAP exclusions. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
Conference Call Web Cast
Juniper Networks will host a conference call web cast today, January 25, 2011 at 2:00 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 +1-201-689-8033. 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 April 14, 2011.
Statements in this release concerning Juniper Networks' business outlook, economic and market 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.
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