{
  "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": 22,
  "pageCount": 28,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 22,
  "notes": "The slide uses a 'villain critique' style to frame M&A as value-destructive.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3ab27badb381/22",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381#slide-22",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.18,
        "x": 0.03,
        "y": 0.385
      },
      "kind": "callout",
      "text": "It is unusual to see a company that has spent more than its entire enterprise value on acquisitions – even more so when those acquisitions are such small contributors to value today",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dd84d8c-fdb5-4805-af15-c4e529c19994",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.15,
        "x": 0.82,
        "y": 0.26
      },
      "kind": "callout",
      "text": "Juniper continued its acquisition strategy in December, even with Juniper's CEO at the time leaving in 2 weeks and the head of Software Solutions having just resigned",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f53e2de-9d87-4cac-ace5-d198dc80f4b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.18,
        "x": 0.03,
        "y": 0.75
      },
      "kind": "callout",
      "text": "In addition to spending over $7B on M&A, Juniper has invested over ~$7.7B in R&D since its founding",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5fc2957-c17e-44ac-b3c4-dea86e6c4b6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.15,
        "x": 0.82,
        "y": 0.57
      },
      "kind": "callout",
      "text": "Peribit, Redline, Kagoor and Pacific Broadband products have been discontinued. NetScreen's ScreenOS products are also being phased out",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df8e3df7-9eaa-4ed1-9c1d-1ce44d88231c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is unusual to see a company that has spent more than its entire enterprise value on acquisitions - even more so when those acquisitions are such small contributors to value today",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b331-ec3ad249c2f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "M&A spend as % of Enterprise Value: 111%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b331-f2266b166343",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.11,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Juniper has spent over $7B on acquisitions, which amounts to 111% of its enterprise value at the time Elliott began to buy material amounts of the Company's stock. Juniper should give strong consideration to halting its acquisition program while it focuses on execution in its existing businesses",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e64b8e4-72f2-40c8-b2e4-ae3a541486c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.19,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Capital IQ. Transaction enterprise values calculated from company filings. Presented net of acquired cash and includes transaction costs when such data is disclosed. WANDL acquisition date represents date of announcement. Enterprise value as of November 4, 2013.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7eaa1bf1-393e-45aa-abad-f186d2fdfdfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.6,
        "x": 0.2,
        "y": 0.28
      },
      "kind": "table",
      "text": "List of acquisitions from 1999-2013 with target name, business area, and enterprise value.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6554072-631c-4670-acca-be07950d1eff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.11,
        "y": 0.11
      },
      "kind": "title",
      "text": "M&A Track Record Has Resulted in Significant Lost Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f80ca131-206d-4430-9bf8-e03ee177d7e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6e4f126a-fb6d-4ad9-a421-b172e21a7852",
      "evidence": "Highlighting excessive spending relative to enterprise value to suggest mismanagement.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}