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Preliminary Fourth Quarter and Fiscal Year 2011 Financial Results
Q4 Financial Highlights:
- Revenue: $1,120.8 million, down 6% from Q4'10 and up 1% from Q3'11
- Operating Margin: 11.9% GAAP; 18.6% non-GAAP
- GAAP Net Income Per Share: $0.18 diluted
- Non-GAAP Net Income Per Share: $0.28 diluted, down 33% from Q4'10 and flat from Q3'11
2011 Financial Highlights:
- Revenue: $4,448.7 million, up 9% from 2010
- Operating Margin: 13.9% GAAP; 20.6% non-GAAP
- GAAP Net Income Per Share: $0.79 diluted
- Non-GAAP Net Income Per Share: $1.19 diluted, down 10% from 2010
Juniper Networks (NYSE: JNPR), the industry leader in network innovation, today reported preliminary financial results for the three and twelve months ended December 31, 2011, and provided its outlook for the three months ending March 31, 2012.
Net revenues for the fourth quarter of 2011 decreased 6% on a year-over-year basis, and increased 1% sequentially, to $1,120.8 million.
For the year ended December 31, 2011, Juniper's revenue increased 9% on a year-over-year basis to $4,448.7 million.
The Company posted GAAP net income of $96.2 million, or $0.18 per diluted share, and non- GAAP net income of $150.1 million, or $0.28 per diluted share, for the fourth quarter of 2011. Included in the GAAP diluted earnings per share was a $0.02 cents impact for restructuring and other charges. Non-GAAP net income per diluted share decreased 33% compared to the fourth quarter of 2010 and was flat compared to the third quarter of 2011.
For the year ended December 31, 2011, GAAP net income was $425.1 million, or $0.79 per diluted share, and non-GAAP net income was $644.6 million, or $1.19 per diluted share. Non- GAAP net income per diluted share for the year ended December 31, 2011 decreased 10% on a year-over-year basis. The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Share-Based Compensation Related Payroll Tax by Category table below.
"While the fourth quarter was softer than we had anticipated primarily due to weak demand from service providers, Juniper delivered record revenues in a year where macro economic uncertainty increased as the year unfolded," said Kevin Johnson, president and CEO. "During the year, we introduced innovative new products across our portfolio that we believe will enable Juniper to continue to grow faster than the markets we serve. We are confident in our strategy and our innovation pipeline, and we remain committed to delivering differentiated solutions that are highly relevant to our customers."
Juniper's GAAP operating margin for the fourth quarter of 2011 was 11.9% compared to 12.4% in the third quarter of 2011, and 19.1% in the prior year fourth quarter. Non-GAAP operating margin for the fourth quarter of 2011 was 18.6% compared to 20.0% in the third quarter of 2011, and 24.5% in the prior year fourth quarter. For the fiscal year 2011, Juniper's GAAP operating margin was 13.9% compared to 18.8% for the prior fiscal year. Non-GAAP operating margin for the fiscal year 2011 was 20.6% compared to 24.0% in the fiscal year 2010.
"The December quarter was an atypical and unexpectedly weak finish to the year, with reduced spending by some of our largest customers." said Robyn Denholm, Juniper's chief financial officer. "While long-term industry fundamentals remain strong, we expect the near-term environment to remain challenging. We will invest in support of our strategy while continuing our focus on execution and prudent cost management."
Other Financial Highlights
Total cash, cash equivalents and investments as of the fourth quarter of 2011 was $4,292.4 million, compared to $4,130.3 million as of the third quarter of 2011 and $2,821.6 million as of the fourth quarter of 2010.
Juniper generated net cash from operations in the fourth quarter of 2011 of $243.6 million, compared to net cash provided by operations of $185.2 million in the third quarter of 2011, and $371.0 million in the fourth quarter of 2010. For the year ended December 31, 2011, Juniper generated net cash from operations of $986.7 million, compared to $812.3 million in 2010.
Days sales outstanding in accounts receivable ("DSO") was 46 days in the fourth quarter of 2011, compared to 36 days in the prior quarter and 45 days in the fourth quarter of 2010.
For the year ended December 31, 2011, Juniper repurchased 17.5 million shares, at an average share price of $30.93 per share, for a total of $541.2 million, which largely offset stock issued through our employee equity programs.
Capital expenditures, as well as depreciation and amortization of intangible assets expense during the fourth quarter of 2011, were $78.4 million and $43.3 million, respectively. Capital expenditures, as well as depreciation and amortization of intangible assets expense during the fiscal year 2011, were $266.3 million and $169.3 million, respectively.
WE BELIEVE THE LONG-TERM DEMAND FUNDAMENTALS REMAIN INTACT AND WE ARE CONFIDENT ABOUT THE GROWTH POTENTIAL OF OUR NEW PRODUCT PORTFOLIO. HOWEVER, OUR OUTLOOK FOR THE MARCH QUARTER REFLECTS NEAR-TERM UNCERTAINTY IN THE MACRO-ENVIRONMENT AND THE EFFECT IT MAY HAVE ON THE LEVEL, TIMING, AND PRIORITIZATION OF CUSTOMER DEMAND.
- Juniper estimates revenue for the first quarter ending March 31, 2012, to be in the range of $960 million to $990 million.
- Juniper estimates that its non-GAAP gross margin will be in the range of 63% and 64% in the first quarter.
- Juniper estimates that its non-GAAP operating expenses will increase in the first quarter compared to the fourth quarter 2011, primarily due to typical fringe-related employee expenses and variable compensation.
- Juniper expects its non-GAAP operating margin for the first quarter to be in the range of 11% and 13%.
- Juniper estimates that its non-GAAP net income per share will range between $0.11 and $0.14 on a diluted basis, assuming a flat share count and estimated non-GAAP tax rate of 29%. This tax rate includes an estimated $0.01 cent quarterly impact on non-GAAP earnings per share assuming no renewal of the R&D tax credit.
All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition related charges, restructuring charges, impairment charges, litigation settlement charges, gain or loss on equity investments, nonrecurring 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.
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