{
  "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": 3,
  "pageCount": 28,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "executive_summary",
  "function": "frame_situation",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide serves as an introductory executive summary for an activist investor presentation.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "numbered_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3ab27badb381/3",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3ab27badb381#slide-3",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.82,
        "x": 0.09,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the above simple and achievable steps, which can lead to a stock price of $35-$40 per share in our view",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "347b4620-3b62-41a0-8274-77ee7d02fca3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.12,
        "x": 0.828,
        "y": 0.088
      },
      "kind": "image",
      "text": "Juniper Networks logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb6797ee-e65e-4485-bbff-f0b1bc641458",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.82,
        "x": 0.09,
        "y": 0.51
      },
      "kind": "list",
      "text": "We believe Juniper should implement the following low-risk, high-reward initiatives to drive long-term shareholder value:",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50b900d3-a80e-4cbf-9462-df0bc9d39e1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.82,
        "x": 0.09,
        "y": 0.31
      },
      "kind": "list",
      "text": "Today, Juniper's new CEO and board face a vastly different set of challenges in a larger and more complex company: Juniper's stock has severely and consistently underperformed the market and its peer group by any objective measure and over any relevant time period. This underperformance has been driven by the Company's 1) outsized cost structure, 2) inefficient capital structure, 3) poor M&A track record and 4) execution issues caused by unsuccessful extensions into security and enterprise switching. As a result of this underperformance, Juniper's shareholders and the investment community at large are significantly frustrated",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bda4171c-58d0-4d3e-afc2-53afe77696f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.23
      },
      "kind": "list",
      "text": "Elliott has tremendous respect for Juniper's impressive history. Founded by Pradeep Sindhu and led by CEO Scott Kriens, Juniper rose to become a networking powerhouse in the late 1990s/early 2000s through aggressive innovation and product focus",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0aa2404-c14c-4dc5-965f-8405a0bc4fc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.56
      },
      "kind": "list",
      "text": "1. Cost Realignment: $200M run-rate reduction in operating expenses from their 2013 level to right-size the cost structure such that it is closer to that of the company's peers and more proximate to what is prudent and efficient",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34c5e33b-c815-485f-a63c-951a75b80cfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.63
      },
      "kind": "list",
      "text": "2. Capital Return: $3.5B share repurchase program comprised of an immediate $2.5B stock repurchase, a $1.0B repurchase in 2015 and an ongoing commitment to return 50% of free cash flow (including a $0.125/share quarterly dividend)",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44d208d6-b15d-41b3-87fb-1d6545f70ec5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.7
      },
      "kind": "list",
      "text": "3. Product Portfolio Optimization: Review of the security and switching businesses to streamline Juniper's product portfolio to focus on projects and areas where Juniper has clear competencies and the greatest risk-adjusted return on investment",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c98cc34-6287-4ad7-84d8-72e4f1efe041",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: $35-$40",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b330-640daa089e5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.82,
        "x": 0.09,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Elliott Management - holder of 6.2% of Juniper's common stock - welcomes the opportunity to present its viewpoints to Juniper's board and management on the best way to deliver significant value to shareholders",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a055c57-db61-46d5-a0b3-1b264aff6e98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.82,
        "x": 0.09,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "We believe these value initiatives can collectively result in a stock price of $35-$40 per share, ~57%-77% above the current price (1)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed1498b0-26b9-4e63-9b15-bbdd015612f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.09,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1. Current price as of 1/9/14.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f73688bf-d985-4c75-8b0b-4900a73c9f84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.09,
        "y": 0.11
      },
      "kind": "title",
      "text": "Why Are We Here?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8195a005-9921-4c3b-9d24-6a3cbb74932a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "4a241a6d-a9d3-4e19-bd5f-167e41770791",
      "evidence": "The slide presents a clear call to action with specific initiatives to drive long-term shareholder value.",
      "confidence": 0.7
    },
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "00c133c6-788c-4d11-9b24-a257c7a20c05",
      "evidence": "This slide contains a clear and concise summary of the key points, typical of an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 3,
      "beatId": "00079583-e0bc-481b-a9f2-a6f4bdbe25f4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Identifies Juniper's stock price underperformance as a problem.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}