Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven
networks, today reported preliminary financial results for the
three months ended September 30, 2023 and provided its outlook for
the three months ending December 31, 2023.
Third Quarter 2023 Financial Performance
Net revenues were $1,397.8 million, a decrease of 1%
year-over-year and a decrease of 2% sequentially.
GAAP operating margin was 6.3%, a decrease from 10.6% in the
third quarter of 2022, and a decrease from 9.9% in the second
quarter of 2023.
Non-GAAP operating margin was 17.5%, an increase from 17.2% in
the third quarter of 2022, and an increase from 16.9% in the second
quarter of 2023.
GAAP net income was $76.1 million, a decrease of 37%
year-over-year, and an increase of 212% sequentially, resulting in
diluted net income per share of $0.24.
Non-GAAP net income was $193.9 million, an increase of 2%
year-over-year, and an increase of 3% sequentially, resulting in
non-GAAP diluted net income per share of $0.60.
The reconciliation between GAAP and non-GAAP financial measures
is provided in a table immediately following the Preliminary Net
Revenues by Geographic Region table below.
“We delivered better than expected Q3 results due to another
record quarter in our enterprise business, which represented more
than 50% of total company revenue for the first time in the
company’s history,” said Juniper’s CEO, Rami Rahim. “While we are
continuing to experience headwinds from our cloud and service
provider customers, many of which are still digesting prior
purchases, our enterprise momentum remains strong and provides
confidence in our future growth prospects.”
“We delivered another quarter of improved profitability in Q3,
as non-GAAP gross and operating margin both exceeded the mid-point
of our guidance, which enabled us to achieve non-GAAP EPS above the
high-end of our outlook,” said Juniper’s CFO, Ken Miller. “We
remain committed to delivering greater than 100 basis points of
non-GAAP operating margin expansion in 2023 and see the potential
to deliver further improvement in 2024.”
Balance Sheet and Other Financial Results
Total cash, cash equivalents, and investments as of September
30, 2023 were $1,418.0 million, compared to $1,254.9 million as of
September 30, 2022, and $1,296.4 million as of June 30, 2023.
Cash flows provided by operations for the third quarter of 2023
were $329.2 million, compared to $51.8 million in the third quarter
of 2022, and $343.0 million in the second quarter of 2023.
Days sales outstanding in accounts receivable was 60 days in the
third quarter of 2023, compared to 65 days in the third quarter of
2022, and 57 days in the second quarter of 2023.
Capital expenditures were $40.8 million, and depreciation and
amortization expense was $48.3 million during the third quarter of
2023.
Outlook
These metrics are provided on a non-GAAP basis, except for
revenue and share count. Non-GAAP earnings per share is on a fully
diluted basis. The outlook assumes that the exchange rate of the
U.S. dollar to other currencies will remain relatively stable at
current levels.
The macro-economic environment is expected to remain challenged,
which has been factored into our outlook. For the fourth quarter of
2023, we expect to see a sequential growth in bookings and the rate
of year-over-year decline to further moderate. We continue to see
healthy Enterprise momentum and expect orders to grow both in Q4
and on a full-year basis. However, we expect demand from Cloud and
Service Provider customers to remain constrained as they continue
to digest previously placed orders.
Non-GAAP gross margin is expected to modestly increase in Q4
2023 due to expected lower supply chain costs.
We will continue to manage non-GAAP operating expenses prudently
and expect a sequential decline.
With our fourth quarter guidance, total 2023 revenue is expected
to grow approximately 5 to 6 percent on a full year basis and
non-GAAP operating margin will expand by more than 100 basis
points. Additionally, non-GAAP earnings per share are expected to
grow double-digits in 2023, meeting our previously stated guidance
for revenue and profitability.
Q4 2023
Our guidance for the quarter ending December 31, 2023 is as
follows:
- Revenue will be approximately $1,400 million, plus or minus $50
million.
- Non-GAAP gross margin will be approximately 60.0%, plus or
minus 1.0%.
- Non-GAAP operating expenses will be approximately $580 million,
plus or minus $5 million.
- Non-GAAP operating margin will be approximately 18.6% at the
mid-point of revenue guidance.
- Non-GAAP tax rate will be approximately 19.0%.
- Non-GAAP net income per share will be approximately $0.63, plus
or minus $0.05. This assumes a share count of approximately 323
million shares.
For more detailed insight on guidance, please refer to the CFO
Commentary that can be found on the Investor Relations section of
our website at http://investor.juniper.net.
Capital Return
Our Board of Directors has declared a cash dividend of $0.22 per
share to be paid on December 22, 2023 to stockholders of record as
of the close of business on December 1, 2023. We remain committed
to paying our dividend and remain opportunistic with respect to
share buybacks.
Third Quarter 2023 Financial Commentary Available
Online
A CFO Commentary reviewing the Company’s third quarter 2023
financial results, as well as the fourth quarter 2023 outlook will
be 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,
October 26, 2023, 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 number is 1-888-506-0062.
Outside the US, dial +1-973-528-0011. 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 challenges the inherent complexity that comes
with networking in the multicloud era. We do this with products,
solutions and services that transform the way people connect, work
and live. We simplify the process of transitioning to a secure and
automated multicloud environment to enable secure, AI-driven
networks that connect the world. Additional information can be
found at Juniper Networks (www.juniper.net).
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 account @JuniperNetworks 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, the Juniper Networks logo, Juniper, Junos, and
other trademarks are registered trademarks of Juniper Networks,
Inc. and/or its affiliates in the United States and other
countries. Other names may be trademarks of their respective
owners.
Safe Harbor; Forward-Looking Statements
Statements in this release concerning Juniper Networks’
business, economic and market outlook, financial guidance; the
consummation and integration of, and financial impact resulting
from any acquisitions and divestitures on our guidance; our
expectations regarding our liquidity and capital return program;
deal, customer and product mix; costs and supply constraints;
backlog; customer demand; share buybacks; and our overall future
prospects are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act 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, including
the impact of a U.S. federal government shutdown or sovereign debt
default and adverse changes in China-Taiwan relations and any
impact due to armed conflicts (such as the continuing conflict
between Russia and Ukraine and between Israel and Hamas as well as
governmental sanctions imposed in response); rising interest rates;
inflationary pressures; monetary policy shifts; recession risks;
business and economic conditions in the networking industry;
changes in overall technology spending by our customers; the
network capacity and security requirements of our customers;
contractual terms that may result in the deferral of revenue; the
timing of orders and their fulfillment; continuing manufacturing
and supply chain challenges and logistics costs, constraints,
changes or disruptions; availability and pricing of key product
components, such as semiconductors; delays in scheduled product
availability; order cancellations; adoption of or changes to laws,
regulations, standards or policies affecting our operations,
products, services or the networking industry; product defects,
returns or vulnerabilities; significant effects of tax legislation
and judicial or administrative interpretation of new tax
regulations, including the potential for corporate tax increases
and changes to global tax laws; legal settlements and resolutions,
including with respect to enforcing our proprietary rights; the
potential impact of activities related to the execution of capital
return, restructurings and product rationalization; the impact of
import tariffs and changes thereto; currency exchange rates; and
other factors listed in Juniper Networks’ most recent report on
Form 10-Q or 10-K filed with the Securities and Exchange
Commission. In addition, many of the foregoing risks and
uncertainties are, and could be, exacerbated by any worsening of
the global business and economic environment or other disruptions
due to geopolitical conditions and global health emergencies. Note
that our estimates as to the tax rate on our business are based on
current tax law and regulations, including current interpretations
thereof, and could be materially affected by changing
interpretations as well as additional legislation and guidance. 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 made in this
release in the event facts or circumstances subsequently change
after the date of this press release. We have not filed our Form
10-Q for the quarter ended September 30, 2023. As a result, all
financial results described in this earnings release should be
considered preliminary, and are subject to change to reflect any
necessary adjustments or changes in accounting estimates, that are
identified prior to the time we file our Form 10-Q.
All forward-looking non-GAAP measures exclude estimates for
amortization of intangible assets, share-based compensation
expenses, acquisition, divestiture, and strategic investment
related charges, restructuring benefits or charges, impairment
charges, strategic partnership-related charges, legal reserve and
settlement charges or benefits, gain, loss and impairment charges
on equity investments, loss on extinguishment of debt, retroactive
impact of certain tax settlements, significant effects of tax
legislation and judicial or administrative interpretation of tax
regulations, including the impact of income tax reform,
non-recurring income tax adjustments, valuation allowance on
deferred tax assets, and the income tax effect of non-GAAP
exclusions, and do not include the impact of further changes to
tariffs and the impact of any future acquisitions, divestitures, or
joint ventures that may occur in the period. Material changes to
any one of these items could have a significant effect on our
guidance and future GAAP results. Certain exclusions, such as
amortization of intangible assets and share-based compensation
expenses, are generally incurred each quarter, but the amounts have
historically varied and may continue to vary significantly from
quarter to quarter.
Juniper Networks, Inc.
Preliminary Condensed
Consolidated Statements of Operations
(in millions, except per share
amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net revenues:
Product
$
898.1
$
967.5
$
2,773.9
$
2,551.6
Service
499.7
447.1
1,425.8
1,300.8
Total net revenues
1,397.8
1,414.6
4,199.7
3,852.4
Cost of revenues:
Product
445.6
478.6
1,371.2
1,289.0
Service
141.8
148.2
433.8
432.1
Total cost of revenues
587.4
626.8
1,805.0
1,721.1
Gross margin
810.4
787.8
2,394.7
2,131.3
Operating expenses:
Research and development
288.5
274.0
855.3
766.9
Sales and marketing
311.5
286.8
923.0
834.4
General and administrative
60.3
64.7
193.5
192.1
Restructuring charges
62.5
13.0
78.5
22.3
Total operating expenses
722.8
638.5
2,050.3
1,815.7
Operating income
87.6
149.3
344.4
315.6
Gain (loss) on privately-held investments,
net (1) (2)
—
(0.1
)
(92.0
)
5.8
Gain on divestiture
—
—
—
45.8
Other expense, net (1)
(4.8
)
(9.0
)
(21.0
)
(35.9
)
Income before income taxes and loss from
equity method investment
82.8
140.2
231.4
331.3
Income tax provision
5.0
16.6
39.6
38.1
Loss from equity method investment, net of
tax
1.7
2.1
5.9
2.6
Net income
$
76.1
$
121.5
$
185.9
$
290.6
Net income per share:
Basic
$
0.24
$
0.38
$
0.58
$
0.90
Diluted
$
0.24
$
0.37
$
0.57
$
0.88
Weighted-average shares used to compute
net income per share:
Basic
319.3
322.8
320.3
321.8
Diluted
323.8
328.9
326.3
329.3
__________________
(1)
The prior period amounts have been
reclassified to conform to the current period presentation.
(2)
Privately-held investments represent
investments in privately-held debt and redeemable preferred stock
securities and equity investments without readily determinable fair
value.
Juniper Networks, Inc.
Preliminary Net Revenues by
Customer Solution
(in millions)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Customer Solutions:
Automated WAN Solutions
$
436.1
$
532.7
$
1,385.2
$
1,386.3
Cloud-Ready Data Center
170.0
229.3
563.9
619.0
AI-Driven Enterprise
382.5
266.6
1,070.6
707.9
Hardware Maintenance and Professional
Services
409.2
386.0
1,180.0
1,139.2
Total
$
1,397.8
$
1,414.6
$
4,199.7
$
3,852.4
Juniper Networks, Inc.
Preliminary Net Revenues by
Vertical
(in millions)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cloud
$
269.6
$
375.3
$
845.5
$
1,013.3
Service Provider
418.8
523.1
1,442.3
1,421.9
Enterprise
709.4
516.2
1,911.9
1,417.2
Total
$
1,397.8
$
1,414.6
$
4,199.7
$
3,852.4
Juniper Networks, Inc.
Preliminary Net Revenues by
Geographic Region
(in millions)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Americas
$
836.5
$
895.8
$
2,483.6
$
2,299.4
Europe, Middle East, and Africa
345.4
320.4
1,069.9
991.5
Asia Pacific
215.9
198.4
646.2
561.5
Total
$
1,397.8
$
1,414.6
$
4,199.7
$
3,852.4
Juniper Networks, Inc.
Preliminary Reconciliations
between GAAP and non-GAAP Financial Measures
(in millions, except percentages
and per share amounts)
(unaudited)
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
GAAP operating income
$
87.6
$
141.1
$
149.3
GAAP operating margin
6.3
%
9.9
%
10.6
%
Share-based compensation expense
C
74.7
62.0
61.5
Share-based payroll tax expense
C
3.7
0.5
2.1
Amortization of purchased intangible
assets
A
17.1
17.2
18.4
Restructuring charges
B
62.5
16.5
13.0
Acquisition and integration-related
charges
A
0.1
—
(0.5
)
Gain (loss) on non-qualified deferred
compensation plan ("NQDC")
B
(0.9
)
2.0
(1.0
)
Others
B
—
2.8
0.9
Non-GAAP operating income
$
244.8
$
242.1
$
243.7
Non-GAAP operating margin
17.5
%
16.9
%
17.2
%
GAAP net income
$
76.1
$
24.4
$
121.5
Share-based compensation expense
C
74.7
62.0
61.5
Share-based payroll tax expense
C
3.7
0.5
2.1
Amortization of purchased intangible
assets
A
17.1
17.2
18.4
Restructuring charges
B
62.5
16.5
13.0
Acquisition and integration-related
charges
A
0.1
—
(0.5
)
Loss on privately-held investments (1)
B
—
92.2
0.1
Loss (gain) on equity investments (1)
B
(1.5
)
0.6
(0.1
)
Loss from equity method investment
B
1.7
2.1
2.1
Income tax effect of tax legislation
B
(7.8
)
—
—
Income tax effect of non-GAAP
exclusions
B
(32.7
)
(29.3
)
(28.2
)
Others
B
—
2.8
0.9
Non-GAAP net income
$
193.9
$
189.0
$
190.8
GAAP diluted net income per share
$
0.24
$
0.07
$
0.37
Non-GAAP diluted net income per share
D
$
0.60
$
0.58
$
0.58
Shares used in computing diluted net
income per share
323.8
326.0
328.9
__________________
(1)
The prior period amounts have been
reclassified to conform to the current period presentation.
Discussion of Non-GAAP Financial Measures
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. Juniper is unable to provide a reconciliation of
non-GAAP guidance measures to corresponding U.S. generally accepted
accounting principles or GAAP measures on a forward-looking basis
without unreasonable effort due to the overall high variability and
low visibility of most of the foregoing items that have been
excluded from these non-GAAP measures. For example, share-based
compensation expense is impacted by the Company’s future hiring
needs, the type and volume of equity awards necessary for such
future hiring, and the price at which the Company’s stock will
trade in those future periods. Amortization of intangible assets is
significantly impacted by the timing and size of any future
acquisitions. The items that are being excluded are difficult to
predict and a reconciliation could result in disclosure that would
be imprecise or potentially misleading.
This press release, including the tables above, includes the
following non-GAAP financial measures derived from our Preliminary
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 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. Certain 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 operation, 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. With respect to the items excluded from our
forward-looking non-GAAP measures and reconciliation of such
measures, please see the “Outlook” section above.
The above tables and reconciliations can also be found on our
Investor Relations website at http://investor.juniper.net.
Note A: Acquisition Related
Charges. We exclude certain expense items resulting from
acquisitions including amortization of purchased intangible assets
associated with our acquisitions. The amortization of purchased
intangible assets associated with acquisitions results in 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,
infrequent or unplanned events, including the following, when
applicable: (i) strategic investment-related gain or loss,
including gain or loss from our equity method investment and our
privately-held investments; (ii) legal reserve and settlement
charges or benefits; (iii) gain or loss on significant isolated
events or transactions, including divestitures and the
Russia-Ukraine conflict, which are directly related to the events,
objectively quantifiable, and not expected to occur regularly in
the future that are not indicative of our core operating results;
(iv) loss on extinguishment of debt; (v) significant effects of tax
legislation and judicial or administrative interpretation of tax
regulations, including the impact of income tax reform; (vi)
recognition of previously unrecognized tax benefits that are
non-recurring in nature; and (vii) the income tax effect on our
financial statements of excluding items related to our non-GAAP
financial measures. Additionally, the non-GAAP results exclude the
effects of NQDC-related investments. It is difficult to estimate
the amount or timing of these items in advance. Although these
events are reflected in our GAAP financial statements, these
transactions may limit the comparability of our on-going operations
with prior and future periods.
In addition, we exclude restructuring benefits or charges as
these result from events that arise from unforeseen circumstances,
which often occur outside of the ordinary course of continuing
operations. As such, we believe these expenses do not accurately
reflect the underlying performance of our continuing business
operations for the period in which they are incurred or comparisons
to past operating results. We also exclude gains or losses related
to strategic investments as well as significant isolated events as
they are directly related to an event that is distinct and does not
reflect current ongoing business operations. In the case of legal
reserves and settlements, these gains or losses are recorded in the
period in which the matter is concluded or resolved even though the
subject matter of the underlying dispute may relate to multiple or
different periods. As such, we believe that these expenses do not
accurately reflect the underlying performance of our continuing
operations for the period in which they are incurred. Additionally,
we exclude previously unrecognized tax benefits that are
non-recurring in nature which are recorded in the period in which
applicable statutes of limitation lapse or upon the completion of
tax review cycles as the tax matter may relate to multiple or
different periods. Further, certain items related to global tax
reform may continue to impact the business and are generally
unrelated to the current level of business activity. We believe
these tax events limit the comparability with prior periods and
that these expenses or benefits do not accurately reflect the
underlying performance of our continuing business operations for
the period in which they are incurred. 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. Due
to the 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 and related payroll tax
allows for more accurate comparisons of our operating results to
our peer companies and is useful to investors to understand the
impact of share-based compensation on our results of operations.
Further, expense associated with granting share-based awards does
not reflect any cash expenditures by the company as no cash is
expended.
Note D: Non-GAAP Net Income Per Share
Items. We provide diluted non-GAAP net income per share. The
diluted non-GAAP net 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)
September 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
1,243.5
$
880.1
Short-term investments
133.6
210.3
Accounts receivable, net of allowances
937.3
1,227.3
Inventory
976.3
619.4
Prepaid expenses and other current
assets
580.6
680.0
Total current assets
3,871.3
3,617.1
Property and equipment, net
687.8
666.8
Operating lease assets
120.2
141.6
Long-term investments
40.9
139.6
Purchased intangible assets, net
109.0
160.5
Goodwill
3,734.3
3,734.4
Other long-term assets
841.3
866.7
Total assets
$
9,404.8
$
9,326.7
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
324.4
$
347.4
Accrued compensation
221.6
306.1
Deferred revenue
1,037.6
1,020.5
Other accrued liabilities
653.2
404.9
Total current liabilities
2,236.8
2,078.9
Long-term debt
1,588.5
1,601.3
Long-term deferred revenue
802.4
642.6
Long-term income taxes payable
201.1
279.4
Long-term operating lease liabilities
90.7
117.7
Other long-term liabilities
154.1
131.7
Total liabilities
5,073.6
4,851.6
Total stockholders' equity
4,331.2
4,475.1
Total liabilities and stockholders'
equity
$
9,404.8
$
9,326.7
Juniper Networks, Inc.
Preliminary Condensed
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities:
Net income
$
185.9
$
290.6
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation expense
197.6
153.9
Depreciation, amortization, and
accretion
147.4
165.4
Deferred income taxes (1)
(154.5
)
(173.2
)
Operating lease assets expense
30.5
30.3
Gain on divestiture
—
(45.8
)
Loss (gain) on privately-held investments,
net (1)
92.0
(5.8
)
Loss from equity method investment
5.9
2.6
Impairment of assets (1)
26.1
5.8
Other (1)
(2.3
)
10.1
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable, net
289.7
(34.3
)
Inventory (1)
(385.7
)
(256.4
)
Prepaid expenses and other assets (1)
193.3
(206.4
)
Accounts payable
(21.9
)
75.7
Accrued compensation
(82.5
)
(85.9
)
Income taxes payable
135.7
(11.2
)
Other accrued liabilities
30.0
(4.6
)
Deferred revenue
176.5
67.2
Net cash provided by (used in) operating
activities
863.7
(22.0
)
Cash flows from investing
activities:
Purchases of property and equipment
(124.0
)
(73.4
)
Proceeds from divestiture, net
—
89.1
Purchases of available-for-sale debt
securities
(28.1
)
(104.1
)
Proceeds from sales of available-for-sale
debt securities
28.2
102.3
Proceeds from maturities and redemptions
of available-for-sale debt securities
175.1
330.7
Purchases of equity securities
(5.5
)
(15.5
)
Proceeds from sales of equity
securities
11.0
3.8
Payments for business acquisitions, net of
cash and cash equivalents acquired
—
(3.9
)
Funding of loan receivable
(7.7
)
—
Other
1.8
2.2
Net cash provided by investing
activities
50.8
331.2
Cash flows from financing
activities:
Repurchase and retirement of common
stock
(396.8
)
(226.8
)
Proceeds from issuance of common stock
61.7
56.8
Payment of dividends
(210.5
)
(202.8
)
Payment of debt issuance costs
(1.3
)
—
Net cash used in financing activities
(546.9
)
(372.8
)
Effect of foreign currency exchange rates
on cash, cash equivalents, and restricted cash
(4.1
)
(29.5
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
363.5
(93.1
)
Cash, cash equivalents, and restricted
cash at beginning of period
897.7
942.7
Cash, cash equivalents, and restricted
cash at end of period
$
1,261.2
$
849.6
Non-cash investing activity:
Equity method investment
$
—
$
40.3
__________________
(1)
The prior period amounts have been
reclassified to conform to the current period presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026459411/en/
Investor Relations: Jess Lubert Juniper Networks (408)
936-3734 jlubert@juniper.net
Media Relations: Elliott Burr Juniper Networks (408)
936-7823 eburr@juniper.net
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