Juniper Networks Inc's (JNPR) CEO Rami Rahim on Q2 2022 Results - Earnings Call Transcript

Juniper Networks Inc. (NYSE:JNPR) Q2 2022 Earnings Conference Call July 26, 2022 5:00 PM ET

Company Participants

Jess Lubert – Vice President of Investor Relations

Rami Rahim – Chief Executive Officer

Ken Miller – Chief Financial Officer

Conference Call Participants

Paul Silverstein – Cowen

Tim Long – Barclays

Amit Daryanani – Evercore

Rod Hall – Goldman Sachs

Alex Henderson – Needham

George Notter – Jefferies

David Vod – UBS

Simon Leopold – Raymond James

Angela Jin – JPMorgan

Aaron Rakers – Wells Fargo

Meta Marshall – Morgan Stanley

Sami Badri – Juniper

Tal Liani – Bank of America

Operator

Good afternoon, ladies and gentlemen, and welcome to the Juniper Networks' Second Quarter 2022 Financial Results Conference Call. At this time all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Jess Lubert, Vice President of Investor Relations. The floor is yours.

Jess Lubert

Thank you, operator. Good afternoon and welcome to our second quarter 2022 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-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 Q2 2022 results. We delivered strong top line results during the June quarter as total revenue of $1.270 billion exceeded the mid-point of our guidance and product revenue saw a second consecutive quarter of double-digit year-over-year growth despite ongoing challenges from a supply chain perspective. Demand remained strong and exceeded our expectations with product orders seeing double-digit year-over-year growth when adjusted to account for extended lead times. While gross orders experienced a single digit year-over-year decline, this was better than expected given the difficult comp in Q2 of last year, when the duration of customer orders began to extend.