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  "documentTitle": "Juniper Networks (JNPR)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2014-01-13 00:00:00",
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  "notes": "The slide uses two bar charts to benchmark Juniper against a set of peers, highlighting a specific 'Peer Avg' and calculating potential savings.",
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      "kind": "callout",
      "text": "Juniper's LTM R&D as a % of revenue is 9+ points higher than the peer average. The recommended target of $200M of opex savings is conservative relative to total potential savings of ~$420M in R&D alone",
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      "kind": "callout",
      "text": "Juniper spends ~27% more per R&D employee than the peer average. If Juniper spent at the peer average level, it would save ~$200M per year",
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      "text": "LTM Non-GAAP R&D as a % of LTM Revenue",
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      "text": "R&D spend: 21%",
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      "text": "Juniper's R&D spend is significantly higher than its peers relative to revenue and per R&D employee, representing a significant source of savings as part of the recommended cost realignment plan",
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      "text": "Source: Company filings. Analysis performed as of 1/9/14. 1. Includes only those peer companies that disclose their number of R&D employees.",
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      "text": "Juniper's R&D Spend is Excessive Relative to Peers",
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