{ "docId": "019dd923-622c-750b-8b9c-3ab27badb381", "docSlug": "cdaa07ebe8a9", "documentTitle": "Juniper Networks (JNPR)", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-01-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "pageCount": 28, "prevPage": 9, "nextPage": 11, "slideType": "cite_precedent", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "The slide uses red text to highlight specific criticisms regarding lack of focus, underperformance, and the need for restructuring.", "elementsJson": [ "headline_text", "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-3ab27badb381/10", "deckHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381#slide-10", "components": [ { "bbox": { "h": 0.04, "w": 0.13, "x": 0.83, "y": 0.085 }, "kind": "image", "text": "Juniper Networks logo", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c0beeb6b-842b-4688-a1ae-a371409a1d7a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.68, "w": 0.85, "x": 0.109, "y": 0.225 }, "kind": "list", "text": "A series of 11 bullet points containing analyst quotes from various financial institutions (Credit Suisse, FBR, Citigroup, Stifel, Oppenheimer, RBC, Morgan Stanley, BAML, Goldman Sachs, BofA Merrill Lynch) dated between 2013.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1fc2ebe7-b15d-495f-af5c-6f5cb603a3c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"On the product portfolio side, is there an argument that Juniper should be somewhat more focused?\" — Credit Suisse, CS Tech Conference (12/4/13); \"Juniper's current product cycle ramp seems to be the result of efforts to out-innovate the competition beyond what the business organization structure could support.\" — FBR (9/18/13); \"The Security business has been a very difficult one. ... Is that a core business for Juniper? Or could it be a candidate for divestiture at some point?\" — Citigroup, Citi Global Technology Conference (9/4/13); \"We wonder if a new CEO would initiate a restructuring. Specifically, we believe that the company has too many products that continue to underperform, especially on the security side\" — Stifel Nicolaus (8/20/13); \"And when QFabric came along, there was a very big promise. And yet it hasn't really delivered to where your expectations were\" — Oppenheimer, Oppenheimer Technology Conference (8/13/13); \"Juniper has been donating market share in security for several years now implying a new strategic direction may be considered\" — RBC (8/12/13); \"In security, Juniper has been trying to stabilize the business for some time. You have $2.8 billion in cash, which incidentally is the check that Cisco wrote this morning to acquire Sourcefire. So with that in mind, how do you accelerate change for the security division with the limited resources?\" — RBC, Q2'13 Earnings Call (7/23/13); \"Is it possible to separate [enterprise security] from the carrier security side and sort of run it for cash as opposed to for growth?\" — Morgan Stanley, Q2'13 Earnings Call (7/23/13); \"As the networking market has shown sort of below trend growth over the last several years, if it continues to be sluggish how will you guys think about right-sizing your business or restructuring to fit this new level of growth\" — Investor Q&A, BAML Conference (6/5/13); \"Juniper has had higher than average senior management turnover over the last 3 years. While change is constant in Silicon Valley, we are focused on future execution in the switching business, as two executives who led their entry into the market, Hitesh Sheth and David Yen, departed to competitors in 2009 and 2011\" — Goldman Sachs (3/19/13); \"Loss of focus, loss of share - We attribute Juniper's share losses to a number of factors... Beyond product deficiencies, we believe the company's dispersed efforts on multiple fronts (new routers, data center switches, MPLS, etc) restricted funding availability for sales efforts, exacerbating the problem\" — Bank of America Merrill Lynch (1/8/13)", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b333-bce9c15d22be", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.028, "w": 0.535, "x": 0.109, "y": 0.115 }, "kind": "title", "text": "Broad Calls for Change: Our Views Are Widely Held (cont'd)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00a775d5-cee5-46a2-b2a3-1f8ac0edfe26", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.305, "x": 0.109, "y": 0.185 }, "kind": "title", "text": "3 Product Portfolio Optimization", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fa6fb13e-df5e-4b73-b2cb-226c9b9169c7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "76c37441-bf3d-4e39-94cb-064f30592e71", "evidence": "Uses analyst quotes to validate the activist's thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 10, "from": 7, "beatId": "18361a43-eb8e-441c-8b93-88d1ec4d517f", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Agitates the problem by highlighting significant loss of shareholder value.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }