Juniper Networks, Inc. (JNPR) Q1 2023 Earnings Call Transcript

Juniper Networks, Inc. (NYSE:JNPR) Q1 2023 Results Conference Call April 25, 2023 5:00 PM ET

Company Participants

Jess Lubert - VP, IR

Rami Rahim - CEO

Ken Miller - CFO

Conference Call Participants

Amit Daryanani - Evercore

Tim Long - Barclays

Paul Silverstein - TD Cowen

David Vogt - UBS

Samik Chatterjee - JP Morgan

Aaron Rakers - Wells Fargo

George Notter - Jeffries

Meta Marshall - Morgan Stanley

Mike Ng - Goldman Sachs

James Fish - Piper Sandler

Operator

Greetings. Welcome to the Juniper Networks Q1 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Jess Lubert. You may begin.

Jess Lubert

Thank you, operator. Good afternoon, and welcome to our first quarter 2023 conference call. Joining me today are Rami Rahim, Chief Executive Officer; and Ken Miller, Chief Financial Officer.

Today’s call contains certain forward-looking statements based on our current expectations. These statements are subject to risks and uncertainties, and actual results might differ materially. These risks are discussed in our most recent 10-K, the press release furnished with our 8-K filed today, the CFO commentary posted on the Investor Relations portion of our website today and in our other SEC filings. Our forward-looking statements speak only as of today, and Juniper undertakes no obligation to update any forward-looking statements.

Our discussion today will include non-GAAP financial results. Reconciliation information can be found on the Investor Relations section of our website under Financial Reports. Commentary on why we consider non-GAAP information a useful view of the Company’s financial results is included in today’s press release.

Following our prepared remarks, we will take questions. We ask that you please limit yourself to one question so that as many people as possible who would like to ask a question have a chance.

With that, I will now hand the call over to Rami.

Rami Rahim

Good afternoon, everyone, and thank you for joining us on today’s call to discuss our Q1 2023 results. We delivered better-than-expected results during the first quarter with total revenue of $1,372 million, growing 17% year-over-year and exceeding the midpoint of our guidance. Total product sales grew 23% year-over-year and we saw year-over-year growth across all customer solutions and all geographies.