Juniper Networks, net revenues were $1,414.6 million

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Juniper Networks, a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended September 30, 2022 and provided its outlook for the three months ending December 31, 2022. Net revenues were $1,414.6 million, an increase of 19% year-over-year and an increase of 11% sequentially. GAAP operating margin was 10.6%, an increase from 10.1% in the third quarter of 2021, and an increase from 8.5% in the second quarter of 2022. Non-GAAP operating margin was 17.2%, an increase from 16.6% in the third quarter of 2021, and an increase from 13.9% in the second quarter of 2022. GAAP net income was $121.5 million, an increase of 37% year-over-year, and an increase of 7% sequentially, resulting in diluted net income per share of $0.37. Non-GAAP net income was $190.8 million, an increase of 26% year-over-year, and an increase of 40% sequentially, resulting in non-GAAP diluted net income per share of $0.58. 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 delivered record revenue results during the September quarter. Product sales grew 25% year-over-year and we saw double-digit year-over-year growth across all customer verticals and all customer solutions,” said Juniper’s CEO, Rami Rahim. “Our teams are executing extremely well. Based on our current demand, our strong backlog and the actions we’ve taken to procure more supply, we expect to deliver continued revenue strength in Q4, and sustained growth in 2023 and beyond.” Juniper Business Use Only Page 2 of 13 “We had very strong financial performance in Q3, as revenue and non-GAAP EPS both exceeded the high-end of our guidance range,” said Juniper’s CFO, Ken Miller (in the picture). “Non-GAAP gross and operating margins also came in ahead of our forecast and we see the potential to expand profitability in 2023.” Total cash, cash equivalents, and investments as of September 30, 2022 were $1,254.9 million, compared to $1,835.8 million as of September 30, 2021, and $1,285.6 million as of June 30, 2022. Cash flows provided by operations for the third quarter of 2022 were $51.8 million, compared to $136.7 million of cash flows provided by operations in the third quarter of 2021, and $266.9 million of cash flows used in operations in the second quarter of 2022. Days sales outstanding in accounts receivable was 65 days in the third quarter of 2022, compared to 59 days in the third quarter of 2021, and 74 days in the second quarter of 2022. Capital expenditures were $23.9 million, and depreciation and amortization expense was $52.7 million during the third quarter of 2022.