Company delivers strong sequential revenue
and earnings growth
Juniper Networks (NYSE:JNPR), the industry leader in network
innovation, today reported preliminary financial results for the
three months ended June 30, 2015 and provided its outlook for the
three months ending Sept. 30, 2015.
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Net revenues for the second quarter of 2015 were $1,222 million,
a decrease of 1% year-over-year and an increase of 15%
sequentially.
Juniper’s operating margin for the second quarter of 2015
increased to 19.9% on a GAAP basis, a year-over-year increase of
10.5 points and an increase of 7.6 points sequentially. Non-GAAP
operating margin for the second quarter of 2015 increased to 25.2%,
an improvement of 2.9 points year-over-year and 6.7 points
sequentially.
Juniper posted GAAP net income of $158.0 million, or $0.40 per
diluted share for the second quarter of 2015, a decrease of 29%
year-over-year and an increase of 97% sequentially. Non-GAAP net
income was $208.8 million, or $0.53 per diluted share for the
second quarter of 2015, an increase of 33% year-over-year and an
increase of 66% sequentially.
The reconciliation between GAAP and non-GAAP results of
operations is provided in a table immediately following the
Preliminary Net Revenues by Market table below.
“We are pleased to report strong sequential revenue growth from
the first quarter across all technologies, which reflects the
strength of our innovative product portfolio as well as our
continued focus on execution,” said Rami Rahim, chief executive
officer of Juniper Networks. “Overall, this quarter is a good proof
point that Juniper’s strategy is winning and the investments we
have made are producing positive results. Our results reflect the
diversity of our customer base and we believe this positions us
well to capitalize on the market opportunity throughout 2015 and
beyond.”
“We exceeded both our revenue and earnings expectations for the
quarter, a reflection of the strength in our underlying business
and the focused execution of our strategy,” said Robyn Denholm,
chief financial and operations officer of Juniper Networks. “We
remain committed to our strong focus on operational fundamentals
and the effective management of our cost structure. I want to
commend our team for remaining laser focused on driving revenue
growth and operating efficiency.”
Other Financial Highlights
Total cash, cash equivalents, and investments as of June 30,
2015 were $3,076 million, compared to $3,451 million as of March
31, 2015, and $3,960 million as of June 30, 2014.
Juniper’s net cash flow provided by operations for the second
quarter of 2015 was $263 million, compared to net cash provided by
operations of $219 million in the first quarter of 2015, and $424
million in the second quarter of 2014. Cash flow in the second
quarter of 2014 reflected the gain of $75 million related to the
Company’s litigation settlement.
Days sales outstanding in accounts receivable or “DSO” was 39
days in the second quarter of 2015, compared to 43 days in the
prior quarter, and 41 days in the second quarter of 2014.
Capital expenditures were $40 million and depreciation and
amortization of intangible assets expense was $40 million during
the second quarter of 2015.
Juniper’s Board of Directors has declared a quarterly cash
dividend of $0.10 per share to be paid on Sept. 22, 2015 to
shareholders of record as of the close of business on Sept. 1,
2015.
During the second quarter of 2015, the Company repurchased $600
million of common stock, completing its commitment to repurchase a
total of $1.0 billion of shares from January through June 2015.
Additionally, the Board of Directors has approved an incremental
$500 million share repurchase authorization. Juniper now has a
total of approximately $675 million remaining on its share
repurchase authorization.
Since the first quarter of 2014, inclusive of share repurchases
and dividends, the Company has returned approximately $3.4 billion
of capital to shareholders against its commitment to return a total
of $4.1 billion by the end of 2016.
Outlook
Industry trends continue to unfold largely as the Company
expected. Consistent with its views last quarter, the Company
anticipates an improvement in revenue in the second half of 2015
relative to both the first half of the year and the second half of
2014.
Juniper Networks estimates that for the quarter ending Sept. 30,
2015:
- Revenues will be approximately $1,230
million, plus or minus $20 million.
- Non-GAAP gross margin will be
approximately 64%, plus or minus 0.5%, consistent with the
Company’s long-term model.
- Non-GAAP operating expenses will be
$485 million, plus or minus $5 million.
- Non-GAAP operating margin will be
roughly 24.5% at the midpoint of revenue guidance.
- Non-GAAP net income per share will
range between $0.50 and $0.54 on a diluted basis. This assumes a
share count of 390 million and a non-GAAP tax rate flat from the
second quarter, and assumes no renewal of the R&D tax credit
for 2015.
All forward-looking non-GAAP measures exclude estimates for
amortization of intangible assets, share-based compensation
expenses, acquisition-related charges, restructuring and other
(credit) charges, impairment charges, professional services related
to non-routine stockholder matters, litigation settlement and
resolution charges, professional fees and other income and expenses
associated with the sale of Junos Pulse, gain or loss on equity
investments, retroactive impact of certain tax settlements,
non-recurring income tax adjustments, valuation allowance on
deferred tax assets, and income tax effect of non-GAAP exclusions.
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis.
Second Quarter Financial Commentary Available Online
A commentary by Robyn Denholm, chief financial and
operations officer, reviewing the Company’s second quarter 2015
financial results and third quarter 2015 financial outlook will be
furnished to the SEC on Form 8-K and published on the
Company’s website at http://investor.juniper.net. Analysts and
investors are encouraged to review this commentary prior to
participating in the conference call webcast.
Conference Call Webcast
Juniper Networks will host a conference call webcast today, July
23, 2015, at 2:00 pm PT, to be broadcast live over the Internet at
http://investor.juniper.net. To participate via telephone in the
US, the toll free dial-in number is 1-877-407-8033. Outside the US,
dial +1-201-689-8033. Please call 10 minutes prior to the scheduled
conference call time. The webcast replay will be archived on the
Juniper Networks website.
About Juniper Networks
Juniper Networks (NYSE: JNPR) delivers innovation across
routing, switching and security. Juniper Networks’ innovations in
software, silicon and systems transform the experience and
economics of networking. Additional information can be found at
Juniper Networks (www.juniper.net) or connect with Juniper on
Twitter and Facebook.
Investors and others should note that the Company announces
material financial and operational information to its investors
using its Investor Relations website, press releases, SEC filings
and public conference calls and webcasts. The Company also intends
to use the Twitter accounts @JuniperNetworks and @Juniper_IR and
the Company’s blogs as a means of disclosing information about the
Company and for complying with its disclosure obligations under
Regulation FD. The social media channels that the Company intends
to use as a means of disclosing information described above may be
updated from time to time as listed on the Company’s Investor
Relations website.
Juniper Networks and Junos, are registered trademarks of Juniper
Networks, Inc. in the United States and other countries. The
Juniper Networks logo and the Junos logo are trademarks of Juniper
Networks, Inc. All other trademarks, service marks, registered
trademarks, or registered service marks are the property of their
respective owners.
Safe Harbor
Statements in this release concerning Juniper Networks' business
outlook, economic and market outlook, future financial and
operating results, ability to deliver significant margin expansion,
innovation pipeline, capital return program, and overall future
prospects are forward-looking statements that involve a number of
uncertainties and risks. Actual results or events could differ
materially from those anticipated in those forward-looking
statements as a result of several factors, including: general
economic and political conditions globally or regionally; business
and economic conditions in the networking industry; changes in
overall technology spending and spending by communication service
providers and major customers; the network capacity requirements of
communication service providers; contractual terms that may result
in the deferral of revenue; increases in and the effect of
competition; the timing of orders and their fulfillment;
manufacturing and supply chain constraints; availability of key
product components; ability to establish and maintain relationships
with distributors, resellers and other partners; variations in the
expected mix of products sold; changes in customer mix; changes in
geography mix; customer and industry analyst perceptions of Juniper
Networks and its technology, products and future prospects; delays
in scheduled product availability; market acceptance of Juniper
Networks products and services; rapid technological and market
change; adoption of regulations or standards affecting Juniper
Networks products, services or the networking industry; the ability
to successfully acquire, integrate and manage businesses and
technologies; product defects, returns or vulnerabilities; the
ability to recruit and retain key personnel; significant effects of
tax legislation and judicial or administrative interpretation of
tax regulations; currency fluctuations; litigation settlements and
resolutions; the potential impact of activities related to the
execution of capital return and product rationalization; and other
factors listed in Juniper Networks' most recent report on Form 10-Q
filed with the Securities and Exchange Commission. All statements
made in this press release are made only as of the date set forth
at the beginning of this release. Juniper Networks undertakes no
obligation to update the information in this release in the event
facts or circumstances subsequently change after the date of this
press release.
Juniper Networks believes that the presentation of non-GAAP
financial information provides important supplemental information
to management and investors regarding financial and business trends
relating to the company's financial condition and results of
operations. For further information regarding why Juniper Networks
believes that these non-GAAP measures provide useful information to
investors, the specific manner in which management uses these
measures, and some of the limitations associated with the use of
these measures, please refer to the discussion below. The following
tables and reconciliations can also be found on our Investor
Relations website at http://investor.juniper.net.
Juniper Networks, Inc. Preliminary Condensed
Consolidated Statements of Operations
(in millions, except per share
amounts)
(unaudited)
Three Months Ended June 30, Six Months
Ended June 30, 2015 2014 2015
2014 Net revenues: Product $ 899.7 $ 929.2 $ 1,663.8
$ 1,805.2 Service 322.5 300.3 625.8 594.4
Total net revenues 1,222.2 1,229.5 2,289.6 2,399.6 Cost of
revenues: Product 311.7 359.3 600.5 685.9 Service 129.0
122.0 250.3 245.4 Total cost of revenues 440.7
481.3 850.8 931.3 Gross margin 781.5 748.2 1,438.8
1,468.3 Operating expenses: Research and development 251.6 255.5
500.3 519.5 Sales and marketing 232.4 258.0 452.6 531.4 General and
administrative 56.3 60.6 111.5 135.5 Restructuring and other
(credit) charges (1.9 ) 58.2 (0.5 ) 172.2 Total operating
expenses 538.4 632.3 1,063.9 1,358.6 Operating
income 243.1 115.9 374.9 109.7 Other (expense) income, net (17.1 )
178.6 (32.9 ) 332.8 Income before income taxes 226.0 294.5
342.0 442.5 Income tax provision 68.0 73.4 103.8
110.8 Net income $ 158.0 $ 221.1 $ 238.2
$ 331.7 Net income per share: Basic $ 0.41 $
0.47 $ 0.60 $ 0.69 Diluted $ 0.40 $ 0.46
$ 0.59 $ 0.68 Shares used in computing net income per
share: Basic 389.9 470.3 398.4 478.1 Diluted
397.2 476.5 406.1 487.3 Cash dividends
declared per common stock $ 0.10 $ — $ 0.20 $
—
Juniper Networks, Inc. Preliminary Net Revenues
by Product and Service
(in millions)
(unaudited)
Three Months Ended June 30, Six Months
Ended June 30, 2015 2014 2015
2014 Routing $ 602.4 $ 617.8 $ 1,107.2 $ 1,167.6
Switching 190.2 199.8 356.7 391.8 Security 107.1 111.6
199.9 245.8 Total product 899.7 929.2 1,663.8 1,805.2
Total service 322.5 300.3 625.8 594.4
Total $ 1,222.2 $ 1,229.5 $ 2,289.6 $ 2,399.6
Juniper Networks, Inc. Preliminary Net
Revenues by Geographic Region
(in millions)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2015 2014 2015
2014 Americas $ 735.8 $ 711.0 $ 1,324.8 $ 1,392.5 Europe,
Middle East, and Africa 316.3 324.8 620.1 620.5 Asia Pacific 170.1
193.7 344.7 386.6 Total $ 1,222.2 $
1,229.5 $ 2,289.6 $ 2,399.6
Juniper
Networks, Inc. Preliminary Net Revenues by Market
(in millions)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2015 2014 2015
2014 Service Provider $ 835.3 $ 831.8 $ 1,552.3 $ 1,614.5
Enterprise 386.9 397.7 737.3 785.1 Total $
1,222.2 $ 1,229.5 $ 2,289.6 $ 2,399.6
Juniper Networks, Inc. Reconciliation between GAAP and
non-GAAP Financial Measures
(in millions, except percentages and per
share amounts)
(unaudited)
Three Months Ended
June 30,2015
March 31,2015
June 30,2014
GAAP operating income $ 243.1 $ 131.8 $ 115.9 GAAP operating margin
19.9 % 12.3 % 9.4 % Share-based compensation expense C 58.9 46.0
59.3 Share-based payroll tax expense C 2.0 2.9 2.7 Amortization of
purchased intangible assets A 5.6 11.9 9.8 Restructuring and other
(credit) charges B (1.9 ) 1.4 72.0 Memory-related, supplier
component remediation charge B — — 13.7 Professional services
related to non-routine stockholder matters B — 3.0 0.4 Other A,B
0.5 — 0.1 Non-GAAP operating income $ 308.2 $ 197.0 $ 273.9
Non-GAAP operating margin 25.2 % 18.5 % 22.3 % GAAP net
income $ 158.0 $ 80.2 $ 221.1 Share-based compensation expense C
58.9 46.0 59.3 Share-based payroll tax expense C 2.0 2.9 2.7
Amortization of purchased intangible assets A 5.6 11.9 9.8
Restructuring and other (credit) charges B (1.9 ) 1.4 72.0
Memory-related, supplier component remediation charge B — — 13.7
Professional services related to non-routine stockholder matters B
— 3.0 0.4 Other A,B (3.0 ) (1.1 ) 0.1 Gain on legal settlement, net
B — — (195.3 ) Income tax effect of non-GAAP exclusions B (10.8 )
(12.7 ) 6.5 Non-GAAP net income $ 208.8 $ 131.6
$ 190.3 GAAP diluted net income per share $ 0.40
$ 0.19 $ 0.46 Non-GAAP diluted net income per
share D $ 0.53 $ 0.32 $ 0.40 Shares used in
computing diluted net income per share 397.2 414.2
476.5
Discussion of Non-GAAP Financial Measures
This press release, including the tables above, includes the
following non-GAAP financial measures derived from our Preliminary
Condensed Consolidated Statements of Operations: operating income;
operating margin; net income; and diluted net income per share.
These measures are not presented in accordance with, nor are they a
substitute for U.S. generally accepted accounting principles, or
GAAP. In addition, these measures may be different from non-GAAP
measures used by other companies, limiting their usefulness for
comparison purposes. The non-GAAP financial measures used in the
table above should not be considered in isolation from measures of
financial performance prepared in accordance with GAAP. Investors
are cautioned that there are material limitations associated with
the use of non-GAAP financial measures as an analytical tool. In
particular, many of the adjustments to our GAAP financial measures
reflect the exclusion of items that are recurring and will be
reflected in our financial results for the foreseeable future.
We utilize a number of different financial measures, both GAAP
and non-GAAP, in analyzing and assessing the overall performance of
our business, in making operating decisions, forecasting and
planning for future periods, and determining payments under
compensation programs. We consider the use of the non-GAAP measures
presented above to be helpful in assessing the performance of the
continuing operation of our business. By continuing operations we
mean the ongoing revenue and expenses of the business, excluding
certain items that render comparisons with prior periods or
analysis of on-going operating trends more difficult, such as
expenses not directly related to the actual cash costs of
development, sale, delivery or support of our products and
services, or expenses that are reflected in periods unrelated to
when the actual amounts were incurred or paid. Consistent with this
approach, we believe that disclosing non-GAAP financial measures to
the readers of our financial statements provides such readers with
useful supplemental data that, while not a substitute for financial
measures prepared in accordance with GAAP, allows for greater
transparency in the review of our financial and operational
performance. In addition, we have historically reported non-GAAP
results to the investment community and believe that continuing to
provide non-GAAP measures provides investors with a tool for
comparing results over time. In assessing the overall health of our
business for the periods covered by the table above and, in
particular, in evaluating the financial line items presented in the
table above, we have excluded items in the following three general
categories, each of which are described below: Acquisition-Related
Charges, Other Items, and Share-Based Compensation Related Items.
We also provide additional detail below regarding the shares used
to calculate our non-GAAP net income per share. Notes identified
for line items in the table above correspond to the appropriate
note description below. Additionally, with respect to future
financial guidance provided on a non-GAAP basis, we have excluded
estimates for amortization of intangible assets, share-based
compensation expenses, acquisition-related charges, restructuring
and other (credit) charges, impairment charges, professional
services related to non-routine stockholder matters, litigation
settlement and resolution charges, professional fees and other
income and expenses associated with the sale of Junos Pulse, gain
or loss on equity investments, retroactive impact of certain tax
settlements, non-recurring income tax adjustments, valuation
allowance on deferred tax assets, and income tax effect of non-GAAP
exclusions.
Note A: Acquisition-Related
Charges. We exclude certain expense items resulting from
acquisitions including the following, when applicable: (i)
amortization of purchased intangible assets associated with our
acquisitions; and (ii) acquisition-related charges. The
amortization of purchased intangible assets associated with our
acquisitions results in our recording expenses in our GAAP
financial statements that were already expensed by the acquired
company before the acquisition and for which we have not expended
cash. Moreover, had we internally developed the products acquired,
the amortization of intangible assets, and the expenses of
uncompleted research and development would have been expensed in
prior periods. Accordingly, we analyze the performance of our
operations in each period without regard to such expenses. In
addition, acquisitions result in non-continuing operating expenses,
which would not otherwise have been incurred by us in the normal
course of our business operations. We believe that providing
non-GAAP information for acquisition-related expense items in
addition to the corresponding GAAP information allows the users of
our financial statements to better review and understand the
historic and current results of our continuing operations, and also
facilitates comparisons to less acquisitive peer companies.
Note B: Other Items. We exclude
certain other items that are the result of either unique or
unplanned events including the following, when applicable: (i)
restructuring and other (credit) charges; (ii) impairment charges;
(iii) professional fees and other income and expenses associated
with the sale of Junos Pulse; (iv) gain or loss on legal
settlement, net of related transaction costs; (v) memory-related,
supplier component remediation charge; (vi) retroactive impacts of
certain tax settlements; (vii) the income tax effect on our
financial statements of excluding items related to our non-GAAP
financial measures; and (viii) professional services related to
non-routine stockholder matters. It is difficult to estimate the
amount or timing of these items in advance. Restructuring and
impairment charges result from events, which arise from unforeseen
circumstances, which often occur outside of the ordinary course of
continuing operations. Although these events are reflected in our
GAAP financials, these unique transactions may limit the
comparability of our on-going operations with prior and future
periods. The significant effects of retroactive tax legislation are
unique events that occur in periods that are generally unrelated to
the level of business activity to which such settlement or
legislation applies. We believe this limits comparability with
prior periods and that these expenses do not accurately reflect the
underlying performance of our continuing business operations for
the period in which they are incurred. Whether we realize gains or
losses on equity investments is based primarily on the performance
and market value of those independent companies. Accordingly, we
believe that these gains and losses do not reflect the underlying
performance of our continuing operations. We also believe providing
financial information with and without the income tax effect of
excluding items related to our non-GAAP financial measures provide
our management and users of the financial statements with better
clarity regarding the on-going performance and future liquidity of
our business. Because of these factors, we assess our operating
performance with these amounts both included and excluded, and by
providing this information, we believe the users of our financial
statements are better able to understand the financial results of
what we consider our continuing operations.
Note C: Share-Based Compensation Related
Items. We provide non-GAAP information relative to our
expense for share-based compensation and related payroll tax. We
began to include share-based compensation expense in our GAAP
financial measures in accordance with Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
Topic 718, Compensation - Stock Compensation (“FASB ASC Topic
718”), in January 2006. Because of varying available valuation
methodologies, subjective assumptions and the variety of award
types, which affect the calculations of share-based compensation,
we believe that the exclusion of share-based compensation allows
for more accurate comparisons of our operating results to our peer
companies. Further, we believe that excluding share-based
compensation expense allows for a more accurate comparison of our
financial results to previous periods during which our equity-based
awards were not required to be reflected in our income statement.
Share-based compensation is very different from other forms of
compensation. A cash salary or bonus has a fixed and unvarying cash
cost. For example, the expense associated with a $10,000 bonus is
equal to exactly $10,000 in cash regardless of when it is awarded
and who it is awarded by. In contrast, the expense associated with
an award of an option for 1,000 shares of stock is unrelated to the
amount of compensation ultimately received by the employee; and the
cost to the company is based on a share-based compensation
valuation methodology and underlying assumptions that may vary over
time and that does not reflect any cash expenditure by the company
because no cash is expended. Furthermore, the expense associated
with granting an employee an option is spread over multiple years
unlike other compensation expenses which are more proximate to the
time of award or payment. For example, we may be recognizing
expense in a year where the stock option is significantly
underwater and is not going to be exercised or generate any
compensation for the employee. The expense associated with an award
of an option for 1,000 shares of stock by us in one quarter may
have a very different expense than an award of an identical number
of shares in a different quarter. Finally, the expense recognized
by us for such an option may be very different than the expense to
other companies for awarding a comparable option, which makes it
difficult to assess our operating performance relative to our
competitors. Similar to share-based compensation, payroll tax on
stock option exercises is dependent on our stock price and the
timing and exercise by employees of our share-based compensation,
over which our management has little control, and as such does not
correlate to the operation of our business. Because of these unique
characteristics of share-based compensation and the related payroll
tax, management excludes these expenses when analyzing the
organization's business performance. We also believe that
presentation of such non-GAAP information is important to enable
readers of our financial statements to compare current period
results with periods prior to the adoption of FASB ASC Topic
718.
Note D: Non-GAAP Net Income Per Share
Items. We provide diluted non-GAAP net income per share. The
diluted non-GAAP income per share includes additional dilution from
potential issuance of common stock, except when such issuances
would be anti-dilutive.
Juniper Networks, Inc. Preliminary
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
June 30, 2015 December 31, 2014
ASSETS Current assets: Cash and cash equivalents $ 1,330.3 $
1,639.6 Short-term investments 517.7 332.2 Accounts receivable, net
of allowances 533.0 598.9 Deferred tax assets, net 138.3 147.0
Prepaid expenses and other current assets 207.6 239.9 Total
current assets 2,726.9 2,957.6 Property and equipment, net 921.2
904.3 Long-term investments 1,228.3 1,133.1 Restricted cash and
investments 45.7 46.0 Purchased intangible assets, net 44.8 62.4
Goodwill 2,981.3 2,981.5 Other long-term assets 334.6 303.9
Total assets $ 8,282.8 $ 8,388.8
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $
299.9 $ — Accounts payable 222.6 234.6 Accrued compensation 227.3
225.0 Deferred revenue 795.4 780.8 Other accrued liabilities 217.3
273.0 Total current liabilities 1,762.5 1,513.4 Long-term
debt 1,648.7 1,349.0 Long-term deferred revenue 309.0 294.9
Long-term income taxes payable 180.2 177.5 Other long-term
liabilities 134.5 134.9 Total liabilities 4,034.9 3,469.7
Total stockholders' equity 4,247.9 4,919.1 Total liabilities
and stockholders' equity $ 8,282.8 $ 8,388.8
* Certain amounts in the prior year
Condensed Consolidated Financial Statements contained in this press
release have been reclassified to conform to the current year
presentation.
Juniper Networks, Inc. Preliminary Condensed
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Six Months Ended June 30, 2015
2014 Cash flows from operating activities: Net income
$ 238.2 $ 331.7 Adjustments to reconcile net income to net cash
provided by operating
activities:
Share-based compensation expense 104.9 120.1 Depreciation,
amortization, and accretion 89.0 95.6 Restructuring and other
(credit) charges (0.6 ) 194.4 Deferred income taxes 23.9 (82.3 )
Gain on investments, net (0.8 ) (167.0 ) Gain on legal settlement,
net — (120.3 ) Excess tax benefits from share-based compensation
(4.3 ) (8.0 ) Loss on disposal of fixed assets 0.4 0.8 Changes in
operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net 29.0 21.4 Prepaid expenses and other
assets (27.4 ) (3.9 ) Accounts payable (13.8 ) 52.5 Accrued
compensation 3.6 (39.5 ) Income taxes payable 56.7 113.5 Other
accrued liabilities (44.9 ) (62.7 ) Deferred revenue 28.6
101.9 Net cash provided by operating activities 482.5
548.2
Cash flows from investing activities: Purchases
of property and equipment (83.8 ) (98.6 ) Purchases of
available-for-sale investments (841.3 ) (1,577.6 ) Proceeds from
sales of available-for-sale investments 450.9 1,504.6 Proceeds from
maturities of available-for-sale investments 115.9 234.2 Purchases
of trading investments (2.5 ) (2.4 ) Proceeds from sales of
privately-held investments — 2.5 Purchases of privately-held
investments (3.2 ) (5.0 ) Payments for business acquisitions, net
of cash and cash equivalents acquired — (27.1 ) Changes in
restricted cash — 25.0 Net cash (used in) provided by
investing activities (364.0 ) 55.6
Cash flows from
financing activities: Proceeds from issuance of common stock
63.0 121.2 Purchases and retirement of common stock (1,004.7 )
(907.1 ) Purchase of equity forward contract — (300.0 ) Issuance of
long-term debt, net 594.6 346.5 Payment for capital lease
obligation 0.4 (0.4 ) Customer financing arrangements — 0.7 Excess
tax benefits from share-based compensation 4.3 8.0 Payment of cash
dividends (79.5 ) — Net cash used in financing activities
(421.9 ) (731.1 ) Effect of foreign currency exchange rates on cash
and cash equivalents (5.9 ) 3.1 Net decrease in cash and
cash equivalents (309.3 ) (124.2 ) Cash and cash equivalents at
beginning of period 1,639.6 2,284.0 Cash and cash
equivalents at end of period $ 1,330.3 $ 2,159.8
* Certain amounts in the prior year
Condensed Consolidated Financial Statements contained in this press
release have been reclassified to conform to the current year
presentation.
Juniper Networks, Inc. Cash, Cash
Equivalents, and Investments
(in millions)
(unaudited)
June 30, 2015 December 31, 2014
Cash and cash equivalents $ 1,330.3 $ 1,639.6 Short-term
investments 517.7 332.2 Long-term investments 1,228.3
1,133.1 Total $ 3,076.3 $ 3,104.9
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150723006442/en/
Investor Relations:Juniper NetworksRyan Miyasato,
408-936-7497rmiyasato@juniper.netorMedia Relations:Juniper
NetworksCindy Ta, 408-936-6131cta@juniper.net
Juniper Networks (NYSE:JNPR)
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From Mar 2024 to Apr 2024
Juniper Networks (NYSE:JNPR)
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From Apr 2023 to Apr 2024