Juniper Networks IR Presentation August 2023

Juniper Networks
Investor Relations
August 2023
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© 2023 Juniper Networks
Juniper Public
Forward-looking statements
This presentation contains 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, which statements
involve substantial risks and uncertainties. Except for historical information contained herein, all statements could be deemed forward-looking statement, including, without limitation, Juniper Networks’ views concerning
our business outlook; economic and market outlook; our future financial and operating results (including our financial model); the expected impact of network transitions and timing of deployments with large customers; our
capital return program; our expectations with respect to market trends; our future strategy; the strength of certain use-cases and customer segments; our ability to expand business opportunities (including in software,
security, hyperscale-switching, 5G buildouts and with enterprise customers); our expectations with respect to revenue growth, gross margin or operating costs or our ability to improve profitability and make necessary
investments; the introduction of future products; the strength of our solution portfolio; the timing of recovery from COVID-19 on customer demand; and overall future prospects.
Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: general economic and political conditions globally or regionally; the duration
of the COVID-19 pandemic; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity requirements of our customers and, in particular,
cloud and communication service providers; the timing of orders and their fulfillment; manufacturing and supply chain constraints, changes or disruptions; availability of product components; delays in scheduled product
availability; adoption of regulations or standards affecting Juniper Networks’ products, services or the networking industry; the impact of import tariffs; and other factors listed in Juniper Networks’ most recent report on
Form 10-Q and 10-K filed with the Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date of this presentation. Juniper Networks
undertakes no obligation to update the information in this presentation in the event facts or circumstances subsequently change.
Non-GAAP Financial Measures. This presentation contains information regarding Juniper Networks’ financial results prepared on a basis of accounting generally accepted in the United States of America (“GAAP”) as well as
certain financial measures calculated and presented on the basis of methodologies other than in accordance with GAAP (“non-GAAP”). The non-GAAP financial measures disclosed by Juniper Networks should not be
considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Please refer to “Discussion of Non-GAAP Financial Measures” in our quarterly earnings release for a detailed
explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide investors with
useful supplemental information.
With respect to future financial guidance provided on a non-GAAP basis, we exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring benefits
or charges, impairment charges, litigation settlement benefits or charges and resolution charges, supplier component remediation charges and recoveries, gain or loss on equity investments, 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 any future acquisitions, divestitures, or joint ventures that may occur in the period. Juniper Networks is unable to
provide a reconciliation of non-GAAP guidance measures to corresponding 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. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading. Material changes to any
one of these items could have a significant effect on our guidance and future GAAP results.
Statement of Product Direction. Juniper Networks may disclose information related to development and plans for future products, features or enhancements (“SOPD”). SOPD information is subject to change at any time,
without notice. Except as may be set forth in definitive agreements, Juniper Networks provides no assurances, and assumes no responsibility, that future products, features or enhancements will be introduced and third
parties should not base purchasing decisions upon reliance of timeframes or specifics outlined in an SOPD, because Juniper may delay or never introduce the future products, features or enhancements.
Company Logos. Juniper Networks, the Juniper Networks logo, Juniper and Junos are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names and/or logos
may be trademarks of their respective owners, and Juniper Networks’ use hereof does not imply an affiliation with, or endorsement by, the owners of these trademarks or logos.
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Juniper Public
Our strategy is
EXPERIENCE-FIRST
NETWORKING Our true north
EXPERIENCE
FIRST
NETWORKING
Our businesses
Automated Cloud-Ready AI-Driven

WAN Data Center Enterprise
Connected Security
Our objectives
Simple Operations. Sustained
Repeatability and Growth and
Superior User Scale in GTM
Experience Profitability
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Experience-First transformation: Common themes
01 02 03 04
400G experience Self-driving network Customer

Embrace open
driven by best experience created by diversification and
standards, APIs, and
cost/bit and automation and repeatable GTM
disaggregation
integratedc security AI-driven support motion
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Business aligned across THREE use cases
01 02 03
AUTOMATED CLOUD-READY AI-DRIVEN

WAN DATA CENTER ENTERPRISE
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AUTOMATED WAN
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Automated WAN: Market opportunity & inflections
Target Markets – TAM ($B) Key Market Inflections Product Strategy
Core • 400G Adoption in Cloud and Service • Win 400G refresh with differentiated
$3
1% Providers portfolio
$2 CAGR
• 5G and Cloud driving next-gen • Lead with automation and assurance
$1
2020 2021 2022 2023
metro and edge architectures
• Expand into 5G-ready Metro market
• Enterprise digitalization
Service Edge
$8
-3% • Focus on Experience and TCO
CAGR
reduction
$6
$4
GTM Strategy
2020 2021 2022 2023
• Continue customer diversification
Metro ‒ Cloud Majors
$3 6%
$2 CAGR ‒ Tier 2/3 SP
$2
‒ High End Enterprise
$1
2020 2021 2022 2023
3-Yr Business Projection: Stable to Slight Growth

Source: ACG Research
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Juniper targeting large sources of growth in routing
Investing to win inflections in 400G, 5G, Cloud
METRO (A&A) EDGE CORE

(#6) (#4) (#3)
$2.0B TAM (’20) $8.0B TAM (‘20) $2.8B TAM (’20)

CORE
PTX Series
+6% CAGR (‘20-’23) -3% CAGR (‘20-’23) +1% CAGR (‘20-’23)
EDGE
• Cloud Connect
• 5G xHaul • 400G MX Series
• Enterprise Digitization
• Cable DAA • Scale Out
METRO
Expand into Protect incumbency, Win
ACX Series
new TAM diversify use-cases 400G inflection
Source: ACG CRS 1H20 WW Mkt F
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Automation paves the way for Assured Service Experience
Optimize through model-based Plan, model, and verify; forecast

closed-loop automation Optimize Plan the success of the service
Cloud-Native
Open, DevOps
Correlate using AI/ML analytics to Cloud SaaS Orchestrate declarative
provide actionable insights Correlate Orchestrate intent-driven service activation
Assure Actively assure service and

network quality in real-time
Sense Sense
Access Aggregation Edge cloud Edge/core
Scalable IP Service Fabric

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Expanding into new TAM with Cloud-Delivered Automation
Drives further software margin expansion
YESTERDAY EXPERIENCE FIRST ERA

Critical
Managing boxes 5G, IOT services Assuring services
Operator massive
focus scale
Network operations center Service operations center
Network
Network
Slicing
slicing
Imperative, explicit logic Declarative, intent-driven
Rules-based ML/AI-based, predictive

Design
approach
Slow detection, reactive Real time, proactive
Best effort Closed loop, Active Assurance
Processes & Human-driven

Automation DevOps, AIOps
architecture
On-premises Cloud-native, SaaS
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Juniper Automated WAN: Real Results
Providing real value to Cloud Providers
Diversification of Cloud segment paying off

• Juniper #1 in Cloud WAN routing
1 Enterprise Cloud Connect
• Grow with the market: Cloud Providers continue strong growth
MX10k MX Edge Router
• Reduced reliance on largest Cloud customers Edge Router
Enterprise “A”
‒ Expansion into Cloud Majors Public
Enterprise “B”
Cloud
Growth driver of enterprise digitalization Enterprise “C”
US-based Hyperscaler
• Accelerated enterprise shift of workloads into public clouds
• Direct Cloud connectivity drives growth in MX edge routers
• Two-sided business opportunity: Cloud + Enterprise WAN New 400G Core Buildout
Growth driver of 400G core upgrades 400G
• Comprehensive 400G fixed & modular platform portfolio PTX10k Core Router PTX10k Core Router
• Investment in custom, high-performance Express silicon for 400G

MX Edge Router MX Edge Router
yields cost advantage, margin tailwinds
‒ >500 customers for 400G WAN solutions
China-based Hyperscaler
1 - Juniper Internal Estimates

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Juniper positioned to win in Automated WAN
Large, attractive WAN routing market with sources of growth create significant opportunity for Juniper
01 02 03
STABILIZE PROTECT EXPAND

in large Edge & Core margins through software
markets, diversify shift & silicon investments into new TAM with Metro &
Automation software investments
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CLOUD-READY
DATA CENTER
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Cloud-Ready Data Center: Market Opportunity &
Inflections
Large Enterprise1 • Drive adoption of best-in-class 400G &

• Hybrid and multicloud Data Centers
$5 10% dense 100G DC switches with cloud-
$4 CAGR
• Hyperscale-like operations optimized OS
$3
$2
• Automation and AIOps • Lead with industry leading
2020 2021 2022 2023 Intent-based Fabric Management
• 400G adoption and disaggregation in • Attach high-end firewall
Cloud Majors2 hyperscalers
$3
7% • Embrace disaggregation at hyperscalers
CAGR
$2
• Integrated security + networking
$1 GTM Strategy
2020 2021 2022 2023
• Scale Sales with Data Center

Data Center Security3 specialists
$4 6%
$3 CAGR • Focus on System Integrators
$2
$1
• Drive Apstra-powered turnkey
2020 2021 2022 2023 solutions for channel
3-Yr Business Projection: High Single-Digit Growth

1, 2 - 650 Group 3- Omdia
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Growth Driver
Execution on 400 Gig
400 Gig transition Ram Velaga
Senior Vice President and General Manager
• First to market with Trident 4 platform Core Switching Group, Broadcom
• Streamlined embedded Junos software

• Operations-optimized platforms “Juniper is the first to offer its customers a solution with the programmable power of
the Broadcom Trident 4 merchant silicon. By extending the broad array of the Junos
OS forwarding functions to a programmable 400G merchant chipset, Juniper is
delivering a diverse set of use cases now economically available to more buyers.”
Rene Avi,
CTO, next layer
“400G is critical to keep up with our customers' exploding traffic growth in

datacenter, metro and long-distance applications. Juniper QFX5220 switches with
the extensive and mature IP/MPLS stack deliver the port density, cost-per-bit, and
operational simplicity we need to deliver the performance and reliability of services
that our customers depend on every day.”
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Growth Driver
Juniper + Apstra delivers customer value
Unmatched approach
Adel Al-Saleh
• Assured operations starts with design intent CEO, T-Systems
• Built for purpose by top engineers
“Our success depends on rapidly introducing new services, quickly scaling to new
Powerful insertion demand and delivering the assured experiences our customers count on every day.
Juniper Networks and Apstra joining forces as one company helps T-Systems”
• Operational simplicity
• Applications transitions
• Multivendor operation and migration
Tom Nolle
Industry Analyst CIMI Corp
Business outcomes
One operations model, three vendors “The thing that makes this smart is the simplicity and clarity of the vision. Unlike
Cisco’s container strategy, which admitted to multiple possible justifications and thus
multiple possible paths to realization, there seems to be one single thing—experience
control end to end—that’s driving Juniper.”
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Growth Driver
Automated Data Center
• Unmatched Automation Contrail Networking
Unmatched Automation Policy-driven SDN

• Policy-driven SDN
Junos OS
• Cloud-optimized OS Cloud-optimized/Telemetry
• Best Switches
Switching Underlay
• Connected Security QFX/PTX Series
• Automated WAN
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Growth Driver
Disruptive Development
Contrail/K8s
AI-driven Operations Extensions

Edge cloud Disaggregation
Contrail/K8s
Contrail/K8s SONiC
Mist + Apstra
Edge
Edge cloud
cloud Containerized routing
On-prem + cloud
SmartNIC
SmartNIC
SmartNIC
Targets: Large Enterprise Targets: All Segments Targets: Hyperscalers
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Growth Driver
Market Reach
System Integrators
• Existing success at major SIs across THE globe
• Leverage services strength to support SI motion without becoming a credible threat to the SI
• Apstra multivendor management gives SIs a solution across requirements
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Juniper positioned to win in Cloud-Ready data center
01 02 03 04
Execution Disruptive acquisition: Disruptive Systems

on 400 Gig Juniper and Apstra development integrators
UPGRADE CYCLE PORTFOLIO INNOVATION TECHNOLOGY MARKET REACH

Execution Focus Product Focus Product Focus Execution Focus
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AI-DRIVEN
ENTERPRISE
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AI-Driven Enterprise: Market opportunity & inflections
Campus • Wi-Fi 6/6E refresh • Enhance the lead in cloud-first,

(Wireline & Wireless)1 3% assurance-led Mist Wireless +
$22
CAGR • Accelerated shift to cloud Wireline portfolio
$20
$18
• Evolving workspaces driving the • Bring entire portfolio under
$16
2020 2021 2022 2023 need for automated operations from common umbrella of Mist AI
client-to-cloud • Connected Security from
Cloud-delivered Campus client-to-cloud
(Wireline & Wireless)2 16% • Network and security convergence
$1.2 CAGR
$1.0
$0.8 GTM Strategy
$0.6
2020 2021 2022 2023
• POC. Sale. Repeat.
SD-WAN3 • Leverage Gartner MQs
$5 21% • Scale Enterprise GTM motion
$4 CAGR
$3 • Upsell the client-to-cloud portfolio:
$2 WLAN-LAN-WAN-Security
2020 2021 2022 2023
3-Yr Business Projection: High Single-Digit Growth

1,2 - 650 Group 3 - Gartner
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AI-Driven Enterprise: Core principles
ASSURANCE
The best user experiences
CLOUD-FIRST
Designed for agility and scale
SELF-DRIVING
Proactive AIOps and AI-driven support
SECURE
End-to-end connected security
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Disrupting an outdated WLAN/LAN switching market
WE DARE THE COMPETITION TO DO THIS:
Focus on Secure User

Modern Cloud AIOps and Support
Experiences
• Weekly pushes with limited • AI-driven assistant (MARVIS) with • Customizable Wi-Fi service levels
downtime NLP/NLU • Patented vBLE with virtual beacons
• 100% programmable (API driven) • Wired / wireless root cause isolation • Real-time anomaly detection and
• Proactive Dynamic Packet Capture • AI-driven support and self-driving SecIntel
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Leading WAN transformation with 128 Technology
Rich routing stack.

Application-aware, User experience centric –
Over 40% lower telco and
network centric. AIOps/ Self-Driving.
hosting costs in some instances1.
Secure Routers SD-WAN 2.0 AI-Driven WAN
WE DARE THE COMPETITION TO DO THIS:
User-centric policies, No tunnels = Up to 30% lower Secure “out of the box” with
Sub second failover
not tied to IP addresses telco and hosting costs zero trust + enhanced security
1 Mota, Ray. (2020). Tunnel-Based versus Tunnel-Free SD-WAN. 10.13140/RG.2.2.24597.27361.

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THE JUNIPER VISION
Automation and insight across the whole stack
AI Engine (Marvis™)
WIRELESS WIRED SD-WAN DATA CENTER
DEVICES CONNECTED SECURITY MULTICLOUD

& USERS APPS
2019 2020 NOW NOW
Acquired Mist Integrated EX AI-driven WAN Intent-based
data center operations
#1 in Wired and Wireless
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Analyst recognition across our portfolio
A LEADER A VISIONARY A CHALLENGER A LEADER
Gartner ® Gartner ® Gartner ® Gartner ®
2022 Magic 2022 Magic 2022 Magic 2023 Magic

Quadrant™ for Quadrant™ for Quadrant™ for Quadrant™ for
Enterprise Wired SD-WAN Network Indoor Location
& Wireless LAN Firewalls Services, Global
Infrastructure
Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure, Mike Toussaint, Christian Canales, Tim Zimmerman, 21 December 2022.
Gartner Magic Quadrant for SD-WAN, Jonathan Forest, Andrew Lerner, Naresh Singh, Karen Brown, 12 September 2022.
Gartner Magic Quadrant for Network Firewalls, by Rajpreet Kaur, Adam Hils, Thomas Lintemuth, 19 December 2022.
Gartner Magic Quadrant for Indoor Location Services, Tim Zimmerman, Annette Zimmermann, 21 February 2023.
GARTNER and Magic Quadrant are registered trademarks and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties,
expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Juniper Networks.
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Juniper positioned to win in AI-Driven Enterprise
01 02 03 04
Unique Differentiated Land and Real Results

Client-to-Cloud Architecture Expand
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CONNECTED
SECURITY
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Juniper Connected Security
From endpoint to edge, and every cloud in between.
Infrastructure Users
The
NETWORK Threat-Aware SECURITY
Network
Applications Devices
Connected Security is securing every point of connection to

safeguard our customers’ users, applications and infrastructure
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#1 In Every Test For The Past Three Years
Independently Validated Security Efficacy
NetSecOPEN Cyber Ratings AAA Rating
2022 2021 Next-Gen Firewall
99.8% 99.5% ICSA Labs

effectiveness against exploits Advanced Threat Defense
against client and server-side exploits
Q2 2022
Outperforming
“leading” vendors Cyber Ratings AAA Rating Q1 2022
Q4 2021
100%
malware block rate
• Fortinet 2022 Cloud Network Firewall
Q3 2021
<0.5%
• Palo Alto Networks
•
•
Zscaler
Checkpoint 100% 0Exploit False
Q2 2021
Q1 2021 false positives
• Cisco Q4 2020
block rate positives
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Juniper Connected Security in action
Leading customer use cases
AI-DRIVEN ENTERPRISE
CLOUD-READY
DATA CENTER CLOSED-LOOP
Security-as-a-Service
AUTONOMOUS
Application Security
Micro-Segmentation PROTECTION Any Device, Any Access
Cloud Workload Protection & POLICY
Multi-cloud Orchestration MANAGEMENT
Secure 5G Transformation
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Why We Win
Enterprise Edge Enterprise & Cloud Data Center
• Proven security efficacy against threats like exploits, • Scalable, effective security at the gateway, between servers, and within
ransomware and malicious traffic individual applications
• Easy to manage, easy to secure thousands of users and • Consistent security across public and private clouds simultaneously
devices globally • High performance throughput with smaller physical footprint
• Unmatched service & support
Service Provider Data Center

• High-performance, low-latency security, including
DDoS protection
• Threat prevention that “just works”
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SOFTWARE
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Software delivers real value to our customers…
“By automating our service assurance process, our engineering and operation
organizations can guarantee that scheduled changes in our core and access
networks do not impact customer experience.”
Automated
WAN Solutions
“Enabled us to gain the day-2 operations efficiency needed to manage and

sustain the complex network infrastructure in our cutting-edge facility.”
Cloud-Ready
Data Center
Reduced trouble tickets in their corporate network by 90%, saving the IT

department time & money while optimizing end user experience.
AI-Driven
Enterprise
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Software is a significant and growing business
SOFTWARE & RELATED SERVICES1 2020 REVENUE '20-23 GROWTH RATE*
Automation and Orchestration

Low double-digit
Paragon ~$200M CAGR
Automated Automation
Flex
Mostly perpetual
WAN Solutions
Intent-based Fabric Management

Flex Low double-digit
~$200M CAGR
Cloud-Ready Mostly Subscription
Data Center Contrail Security
AI-driven Support & Operations

Flex Doubling in 3 years
~$130M Mostly ratable
AI-Driven
Enterprise Security
*Expected growth rate; range within forecasted mid-point.

1 - Represents all software related revenue including software license revenue, software support and maintenance revenue and software-as-a-service (SaaS) revenue recognized from contracts with customers during the periods presented.
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Driving profitable growth
By increasing software and related services1
Revenue, in millions $
Acceleration across all businesses
driven by:
$994
• FLEX model
$761
• Targeted acquired assets
$536
• Cloud connected capabilities across portfolio
• Margin accretive
FY'20 FY'21 FY'22
1- Represents all software related revenue including software license revenue, software support and maintenance revenue
and software-as-a-service (SaaS) revenue recognized from contracts with customers during the periods presented.
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Driving predictable growth
With recurring revenue1
Revenue, in millions $ ~40% ARR1 growth driven by:

• Continued momentum from AI-driven Enterprise
‒ Wired, Wireless, 128T & WAN Assurance
‒ Advanced and premium subscriptions
$294 • Security Subscriptions
$206 • Cloudification of other Applications
$156 ‒ Apstra & Paragon
• Cloudification of support capabilities
FY'20 FY'21 FY'22 • Margin accretive
1- ARR Represents recurring revenue from renewable contracts with customers for software licenses, software support and maintenance, and software-as-a service (SaaS) expected to be recognized over an annual period of time. This
metric includes the implied annualized billing value of contracts with a duration of one year or greater that are active as of the end of the periods presented. This metric excludes software licenses recognized as revenue at a point in time.
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We have built the capabilities to succeed
PRODUCT
• Flexification to maximize software revenue
• Cloudification of AIDE portfolio & support offerings to maximize cross-sell offerings
• Enterprise Agreements (EA) and Capacity Activation Licensing (PAYG) offers
GTM
• Identified partners to drive recurring business
• Ensuring pricing/incentive models attractive to GTM ecosystem
OPERATIONS
• Continue investing in customer success function
• Updating IT stack to match needs of SW business
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Juniper is (becoming) a software company
01 02 03
Differentiated Deeper ongoing Sustainable, recurring &

customer outcomes customer relationships profitable revenue
growth
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GO-TO-MARKET
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Juniper addressable market opportunity
Consistency, Clarity and Judgement
CLOUD
SERVICE PROVIDER
• Routing (Automated WAN) use cases are mission critical, we continue to
expand use cases, very sticky technology with a control point in Junos • Solid growth in existing customers Routing (Automated WAN) use cases
• Campus (AI-Driven Enterprise) and Connected Security uses cases • Continue success in high end FW (Connected Security) in SP,
growing within all Cloud providers competition is weak in this use case
• AI Data Center Infrastructure Opportunity • Fresh Metro portfolio great initial traction and booking, new TAM
for next 5 years
ENTERPRISE CHANNEL
• Recognise as new market leader in multiple use cases (AI-Driven Enterprise) • Fatigued with incumbent suppliers
• M&A has provided significant differentiation (AI-Driven Enterprise) • Next-gen MSP attracted to cloud-delivered and ARR solutions in our
portfolio such as Mist and 128T
• Enterprise revenue growth >20% in 2022 and >30% in 1H 2023
• Strong momentum in deal registration and demand generation by the
channel
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Why we are winning
Differentiated • Experience-First Growth

• Customer Outcomes • Continued investment in
• Time to Value go-to-market organization
• Consistency
Customer
Outcome Experience
Sales
Segmentation
Digitalization
• Formalize cross sell opportunity • Customer diversification
identification & growth motion • Focused on critical
• Consistent customer engagement infrastructure
• Automation
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FINANCIALS
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01
SUSTAINED REVENUE GROWTH
Financial 02
Principles NON-GAAP OPERATING

MARGIN EXPANSION
03
STRONG CAPITAL
STEWARDSHIP
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LONG-TERM FINANCIAL MODEL
FY’23E Long-term targets

Revenue ~5-6% growth At least low single-digit growth
Gross Margin* Greater than 58% ~60-61%
Operating Expenses* Disciplined expense management Grow slower than revenue
Operating Margin* Expand >100 basis points Expansion each year
EPS* Grow double-digits High single-digit growth
Capital Return >50% of Free Cash Flow
Dividends Grow with Earnings
Share Buyback Offset Dilution/Opportunistic
*All financial values Non-GAAP except for Revenue

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Quarterly trended results
Revenue ($M) Non-GAAP EPS

$1,500 $0.70
$1,449
$1,430
$1,415
$1,400 $1,300 $1,372 $0.60
$1,300 $1,189 $1,270 $0.50

$1,172
$1,200 $1,168 $0.40
$1,074
$1,100 $0.30
$0.46 $0.56 $0.31 $0.42 $0.58 $0.65 $0.48 $0.58
$0.30 $0.43
$1,000 $0.20
$900 $0.10
Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
Revenue Non-GAAP EPS
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Summary of balance sheet, cash flow, and capital metrics
Sequential Year-over-Year YTD YTD-over-YTD Full-Year
Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 $ % $ % FY22 FY23 $ % FY17 FY18 FY19 FY20 FY21 FY22
Total Cash and Investments(1) 1,286 1,255 1,230 1,191 1,296 105 9% 11 1% 4,021 3,758 2,544 2,431 1,694 1,230
Short- and Long-Term Debt 1,626 1,596 1,601 1,617 1,603 (14) -1% (23) -1% 2,136 2,139 1,684 2,127 1,687 1,601
Net Cash and Investments (340) (341) (371) (426) (306) 120 -28% 34 -10% 1,885 1,619 860 303 7 (371)
Balance
Sheet
Onshore Cash and Investments %(2) 58% 62% 55% 50% 59% 9% 18% -6% -10% 9% 68% 74% 78% 63% 55%
DSO (days)(3) 74 65 76 70 57 (13) -18% (17) -23% 62 58 66 71 69 76
Deferred Product Revenue 112 106 109 96 91 (5) -5% (21) -19% 334 144 133 105 129 109
Deferred Service Revenue 1,350 1,372 1,554 1,664 1,674 10 1% 324 24% 1,205 1,069 1,091 1,181 1,284 1,554
Total Deferred Revenue 1,463 1,478 1,663 1,760 1,765 5 0% 302 21% 1,539 1,214 1,223 1,286 1,414 1,663
Operating Cash Flow (267) 52 120 192 343 152 79% 610 229% (74) 535 608 824% 1,259 861 529 612 690 98
Free Cash Flow (291) 28 88 149 302 153 102% 593 204% (123) 451 575 466% 1,108 714 419 512 590 (8)
Cash Flow and
Capex 25 24 32 42 41 (1) -2% 16 65% 50 83 34 68% 151 147 110 100 100 105
Capital Return
Dividends 67 68 68 71 70 (1) -1% 3 4% 135 141 6 4% 150 249 260 264 259 270
Share Repurchases 100 0 88 140 120 (20) -14% 20 20% 212 260 48 23% 720 750 550 375 433 300
Total Capital Return 167 68 155 211 190 (21) -10% 23 14% 347 401 53 15% 870 999 810 639 692 570
Total Capital Return as % of FCF 79% 140% 193% 125% 117% N/A
Diluted Share Count 328 329 330 329 326 (3) -1% (2) -1% 384 354 348 335 332 330
Ending Outstanding Share Count 320 325 323 321 318 (4) -1% (2) -1% 365 346 336 328 322 323
Cash to Enterprise Value(4) 13% 14% 11% 10% 12% 2% 22% -1% -5% 41% 47% 32% 31% 14% 11%
Debt to EBITDA(5) 2.5x 2.3x 2.2x 2.0x 1.9x -0.2x -8% -0.6x -25% 1.9x 2.7x 2.5x 3.3x 2.6x 2.2x
Financial
Metrics
Cash Conversion Cycle (days) (6) 70 79 105 120 128 8 7% 58 83% 39 33 40 57 62 105
Free Cash Flow Conversion(7) 12% -2% -1% -4% 76% 79% N/A 63% 516% 137% 107% 70% 98% 102% -1%
Free Cash Flow Yield(8) 1% 0% 0% 0% 5% 6% N/A 5% 662% 11% 9% 5% 6% 5% 0%
Dividend Yield(9) 2.9% 3.2% 2.6% 2.6% 2.8% 0.3% 10% -0.1% -5% 1.4% 2.7% 3.1% 3.6% 2.2% 2.6%
48
Juniper Public
APPENDIX – GAAP to non-GAAP reconciliation
(In millions, except per share amounts)
(Unaudited) Three Months Ended
June 30, 2023 March 31, 2023 June 30, 2022
GAAP net income $ 24.4 $ 85.4 $ 113.4

Share-based compensation expense 62.0 60.9 47.2
Share-based payroll tax expense 0.5 1.6 2.0
Amortization of purchased intangible assets 17.2 17.1 19.5
Restructuring charges (benefits) 16.5 (0.5) 0.5
Acquisition related charges - 0.7 0.8
Gain on divestiture - - (45.8)
(1)
Loss (gain) on privately-held investments 92.2 (0.2) (5.9)
(1)
Loss on equity investment 0.6 1.2 0.3
Loss from equity method investment 2.1 2.1 0.5
Income tax effect of non-GAAP exclusions (29.3) (17.1) -
Others 2.8 5.4 3.9
Non-GAAP net income $ 189.0 $ 156.6 $ 136.4
GAAP diluted net income per share $0.07 $0.26 $0.35

Non-GAAP diluted net income per share $0.58 $0.48 $0.42
Shares used in computing GAAP diluted net income per share 326.0 329.1 328.1
49
Juniper Public
Contacts
Investor Relations Industry Analyst Relations

Jess Lubert Ben Culp
jlubert@juniper.net bculp@juniper.net
50
Juniper Public

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Juniper Networks

Automated Cloud-Ready AI-Driven

400G experience Self-driving network Customer

AUTOMATED CLOUD-READY AI-DRIVEN

3-Yr Business Projection: Stable to Slight Growth

METRO (A&A) EDGE CORE

$2.0B TAM (’20) $8.0B TAM (‘20) $2.8B TAM (’20)

Optimize through model-based Plan, model, and verify; forecast

Assure Actively assure service and

Scalable IP Service Fabric

YESTERDAY EXPERIENCE FIRST ERA

Rules-based ML/AI-based, predictive

Best effort Closed loop, Active Assurance

Processes & Human-driven

Diversification of Cloud segment paying off

• Investment in custom, high-performance Express silicon for 400G

1 - Juniper Internal Estimates

STABILIZE PROTECT EXPAND

Large Enterprise1 • Drive adoption of best-in-class 400G &

• Scale Sales with Data Center

3-Yr Business Projection: High Single-Digit Growth

• Streamlined embedded Junos software

“400G is critical to keep up with our customers' exploding traffic growth in

• Unmatched Automation Contrail Networking

Unmatched Automation Policy-driven SDN

AI-driven Operations Extensions

Targets: Large Enterprise Targets: All Segments Targets: Hyperscalers

Execution Disruptive acquisition: Disruptive Systems

UPGRADE CYCLE PORTFOLIO INNOVATION TECHNOLOGY MARKET REACH

Campus • Wi-Fi 6/6E refresh • Enhance the lead in cloud-first,

3-Yr Business Projection: High Single-Digit Growth

Focus on Secure User

Rich routing stack.

Secure Routers SD-WAN 2.0 AI-Driven WAN

WE DARE THE COMPETITION TO DO THIS:

1 Mota, Ray. (2020). Tunnel-Based versus Tunnel-Free SD-WAN. 10.13140/RG.2.2.24597.27361.

WIRELESS WIRED SD-WAN DATA CENTER

DEVICES CONNECTED SECURITY MULTICLOUD

#1 in Wired and Wireless

Gartner ® Gartner ® Gartner ® Gartner ®

2022 Magic 2022 Magic 2022 Magic 2023 Magic

Unique Differentiated Land and Real Results

Connected Security is securing every point of connection to

NetSecOPEN Cyber Ratings AAA Rating

2022 2021 Next-Gen Firewall

99.8% 99.5% ICSA Labs

Service Provider Data Center

“Enabled us to gain the day-2 operations efficiency needed to manage and

Reduced trouble tickets in their corporate network by 90%, saving the IT

Automation and Orchestration

Intent-based Fabric Management

AI-driven Support & Operations

*Expected growth rate; range within forecasted mid-point.

FY'20 FY'21 FY'22

Revenue, in millions $ ~40% ARR1 growth driven by:

• Cloudification of support capabilities

FY'20 FY'21 FY'22 • Margin accretive

Differentiated Deeper ongoing Sustainable, recurring &

Differentiated • Experience-First Growth

SUSTAINED REVENUE GROWTH