Juniper Networks, Inc. (JNPR) Q4 2022 Earnings Call Transcript

Juniper Networks, Inc. (NYSE:JNPR) Q4 2022 Earnings Conference Call January 31, 2023 5:00 PM ET

Company Participants

Jess Lubert - Vice President, Investor Relations

Rami Rahim - Chief Executive Officer

Ken Miller - Chief Financial Officer

Conference Call Participants

Tim Long - Barclays

Alex Henderson - Needham

George Notter - Jefferies

Samik Chatterjee - JPMorgan

Sami Badri - Credit Suisse

Simon Leopold - Raymond James

David Vogt - UBS

Amit Daryanani - Evercore

Tal Liani - Bank of America

James Fish - Piper Sandler

Fahad Najam - Loop Capital

Operator

Greetings. Welcome to the Juniper Networks' Q4 2022 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 fourth quarter 2022 conference call. Joining me today are Rami Rahim, Chief Executive Officer; and Ken Miller, Chief Financial Officer.

Today's call contains -- these statements are subject to risks and uncertainties -- in 10-Q, the press release and CFO commentary furnished with our 8-K filed 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 Q4 and full year 2022 results. We delivered record revenue during the fourth quarter, although total sales of $1.449 billion were slightly below the midpoint of our guidance due to the timing of supply and some logistical challenges at the end of the quarter.

Despite these challenges, we achieved a second consecutive quarter of double-digit year-over-year revenue growth. A record performance by our Enterprise business and our second highest Cloud revenue quarter.