JNPR
$27.39
Juniper Networks
($.25)
(.90%)
Earnings Details
1st Quarter March 2021
Tuesday, April 27, 2021 4:10:00 PM
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Summary

Juniper Networks Misses

Juniper Networks (JNPR) reported 1st Quarter March 2021 earnings of $0.27 per share on revenue of $1.1 billion. The consensus earnings estimate was $0.25 per share on revenue of $1.1 billion. The Earnings Whisper number was $0.28 per share. Revenue grew 7.7% on a year-over-year basis.

The company said it expects second quarter non-GAAP earnings of $0.33 to $0.43 per share on revenue of $1.09 billion to $1.19 billion. The current consensus earnings estimate is $0.37 per share on revenue of $1.13 billion for the quarter ending June 30, 2021.

Juniper Networks, Inc., designs, develops & sells products & services that provide its customers with network infrastructure built on simplicity, security, openness & scale. It offers services from PSD & SSD segments to service providers & enterprises.

Results
Reported Earnings
$0.27
Earnings Whisper
$0.28
Consensus Estimate
$0.25
Reported Revenue
$1.07 Bil
Revenue Estimate
$1.06 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Juniper Networks Reports Preliminary First Quarter 2021 Financial Results

SUNNYVALE, Calif.--(BUSINESS WIRE)--Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended March 31, 2021 and provided its outlook for the three months ending June 30, 2021.

First Quarter 2021 Financial Performance

Net revenues were $1,074.4 million, an increase of 8% year-over-year and a decrease of 12% sequentially.

GAAP operating margin was 2.6%, a decrease from 3.9% in the first quarter of 2020, and a decrease from 8.0% in the fourth quarter of 2020.

Non-GAAP operating margin was 12.1%, an increase from 10.2% in the first quarter of 2020, and a decrease from 19.3% in the fourth quarter of 2020.

GAAP net loss was $31.1 million, a decrease of 252% year-over-year and 201% sequentially, resulting in diluted loss per share of $0.10.

Non-GAAP net income was $98.5 million, an increase of 28% year-over-year, and a decrease of 46% sequentially, resulting in non-GAAP diluted earnings per share of $0.30.

The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Preliminary Net Revenues by Geographic Region table below.

“We reported strong March quarter results. Revenue exceeded our expectations and we experienced better than expected product orders across each of our customer verticals,” said Juniper’s CEO, Rami Rahim. “Momentum is strong entering the June quarter and we are confident regarding our growth prospects. We believe the success we are seeing is a result of the deliberate actions we have taken to strengthen our product portfolio and go-to-market organization, both of which are enabling us to capitalize on attractive end-market opportunities now and in the future.”

“We delivered a strong financial performance during the March quarter as revenue, non-GAAP operating margin and non-GAAP earnings per share each exceeded our expectations,” said Juniper’s CFO, Ken Miller. “Backlog grew both sequentially and year-over-year and near-term visibility is strong. We believe the investments we have made are paying off and should enable us to not only return to sustained revenue growth, but also to deliver improved profitability over time.”

Balance Sheet and Other Financial Results

Total cash, cash equivalents, and investments as of March 31, 2021 were $1,764.6 million, compared to $2,529.9 million as of March 31, 2020, and $2,430.6 million as of December 31, 2020.

Net cash flows provided by operations for the first quarter of 2021 was $179.8 million, compared to $272.2 million in the first quarter of 2020, and $125.8 million in the fourth quarter of 2020.

Days sales outstanding in accounts receivable was 64 days in the first quarter of 2021, compared to 61 days in the first quarter of 2020, and 71 days in the fourth quarter of 2020.

Capital expenditures were $19.7 million, and depreciation and amortization expense was $58.6 million during the first quarter of 2021.

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.

There is a worldwide shortage of semiconductors impacting many industries. Similar to others, we are experiencing ongoing supply constraints which have resulted in extended lead times. We have invested to strengthen our supply chain and have increased inventory levels over the course of the last year. We continue to work closely with our suppliers to further enhance our resiliency and mitigate recent disruptions outside of our control. Despite these actions, we believe extended lead times will likely persist for the next few quarters. While the situation is dynamic, at this point in time, we believe we will have access to sufficient semiconductor supply to meet our full-year financial forecast.

At the mid-point of guidance, revenue is expected to be up 5% year-over-year. We expect to see sequential growth across our Cloud and Enterprise verticals while Service Provider is expected to remain approximately flat.

We expect our Q2'21 non-GAAP gross margin to benefit from higher revenue and incremental software mix, which should more than offset unfavorable product mix trends and potentially higher component costs related to supply constraints.

We expect non-GAAP operating expense to increase sequentially, primarily due to the investments we are making to take advantage of future market opportunities.

Our guidance for the quarter ending June 30, 2021 is as follows:

  • Revenue will be approximately $1,140 million, plus or minus $50 million.
  • Non-GAAP gross margin will be approximately 59.5%, plus or minus 1.0%.
  • Non-GAAP operating expenses will be approximately $512 million, plus or minus $5 million.
  • Non-GAAP operating margin will be approximately 14.6% at the mid-point of revenue guidance.
  • Non-GAAP other income and expense (OI&E) will be an expense of approximately $12 million.
  • Non-GAAP tax rate will be approximately 19.5%.
  • Non-GAAP net income per share will be approximately $0.38, plus or minus $0.05. This assumes a share count of approximately 330 million.

For more detailed insight on guidance, please refer to the CFO Commentary that can be found on our website.

Capital Return

Our Board of Directors has declared a cash dividend of $0.20 per share to be paid on June 22, 2021 to stockholders of record as of the close of business on June 1, 2021. We remain committed to paying our dividend and remain opportunistic with respect to share buybacks.

First Quarter 2021 Financial Commentary Available Online

A CFO Commentary reviewing the Company’s first quarter 2021 financial results, as well as the second quarter and a full-year 2021 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, April 27, 2021, 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 1-877-407-8033. 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 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, including currency exchange rates; our financial guidance; and the expected continuing impact of COVID-19 and the consummation and integration of, and financial impact resulting from any acquisitions on our guidance; our expectations regarding our liquidity, capital return program, backlog, product mix, costs; 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: the duration, extent and continuing impact of the COVID-19 pandemic; general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending by our customers, including Cloud providers, Service Providers and Enterprises; the network capacity and security requirements of our customers and, in particular, Cloud and telecommunication service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; manufacturing, supply chain and logistics costs, constraints, changes or disruptions; availability and pricing of key product components, such as semiconductors; delays in scheduled product availability; adoption of or changes to laws regulations, standards or policies affecting Juniper Networks' operations, products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of new tax legislation and judicial or administrative interpretation of tax regulations and judicial or administrative interpretation of tax regulations, including the potential for corporate tax increases under the new Biden Administration; 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, depending on their scope and how they are implemented; 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 the COVID-19 pandemic and any worsening of the global business and economic environment as a result of the pandemic. We cannot at this time predict the extent of the continuing impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Note that our estimates as to 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 March 31, 2021. 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 the Form 10-Q.

All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition and strategic investment related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, gain or loss 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 March 31,

 

2021

 

2020

Net revenues:

 

 

 

Product

$

672.4

 

 

$

608.8

 

Service

402.0

 

 

389.2

 

Total net revenues

1,074.4

 

 

998.0

 

Cost of revenues:

 

 

 

Product

316.5

 

 

269.0

 

Service

142.3

 

 

149.7

 

Total cost of revenues

458.8

 

 

418.7

 

Gross margin

615.6

 

 

579.3

 

Operating expenses:

 

 

 

Research and development

254.7

 

 

232.5

 

Sales and marketing

252.7

 

 

239.2

 

General and administrative

61.1

 

 

59.3

 

Restructuring charges

19.3

 

 

8.9

 

Total operating expenses

587.8

 

 

539.9

 

Operating income

27.8

 

 

39.4

 

Loss on extinguishment of debt

(60.6

)

 

 

Other expense, net

(5.0

)

 

(11.1

)

Income (loss) before income taxes

(37.8

)

 

28.3

 

Income tax (benefit) provision

(6.7

)

 

7.9

 

Net (loss) income

$

(31.1

)

 

$

20.4

 

 

 

 

 

Net (loss) income per share:

 

 

 

Basic

$

(0.10

)

 

$

0.06

 

Diluted

$

(0.10

)

 

$

0.06

 

Weighted-average shares used to compute net (loss) income per share:

 

 

 

Basic

326.3

 

 

330.8

 

Diluted

326.3

 

 

335.1

 

Juniper Networks, Inc.

Preliminary Net Revenues by Customer Solution

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Automated WAN Solutions

$

386.4

 

 

$

315.5

 

Cloud-Ready Data Center

157.4

 

 

174.4

 

AI-Driven Enterprise

161.2

 

 

143.4

 

Hardware Maintenance and Professional Services

369.4

 

 

364.7

 

Total

$

1,074.4

 

 

$

998.0

 

Effective in the first quarter of fiscal 2021, we began reporting our revenue by customer solution in the following three categories: Automated WAN Solutions, Cloud-Ready Data Center, and AI-Driven Enterprise. In addition, we will report Hardware Maintenance and Professional Services. The change provides for alignment on key growth drivers that is consistent with our strategy. Historical quarterly revenue dating back to Q1 2019 is available on Juniper's Investor Relations website in the Financial Reports section under the Financial Statements and Supplemental Data.

Juniper Networks, Inc.

Preliminary Net Revenues by Vertical

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Cloud

$

270.7

 

 

$

261.9

 

Service Provider

438.2

 

 

375.5

 

Enterprise

365.5

 

 

360.6

 

Total

$

1,074.4

 

 

$

998.0

 

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Americas

$

583.0

 

 

$

579.5

 

Europe, Middle East, and Africa

311.1

 

 

255.0

 

Asia Pacific

180.3

 

 

163.5

 

Total

$

1,074.4

 

 

$

998.0

 

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP operating income

 

$

27.8

 

 

$

98.1

 

 

$

39.4

 

GAAP operating margin

 

2.6

%

 

8.0

%

 

3.9

%

Share-based compensation expense

C

57.5

 

 

50.9

 

 

42.0

 

Share-based payroll tax expense

C

3.4

 

 

0.5

 

 

4.0

 

Amortization of purchased intangible assets

A

19.1

 

 

11.9

 

 

9.9

 

Restructuring charges

B

19.3

 

 

53.1

 

 

8.9

 

Acquisition and strategic investment related charges

A

2.3

 

 

17.7

 

 

1.3

 

Gain (loss) on non-qualified deferred compensation plan ("NQDC")

B

0.7

 

 

2.9

 

 

(3.7

)

Legal reserve and settlement charges

B

 

 

0.3

 

 

 

Others

B

 

 

0.9

 

 

 

Non-GAAP operating income

 

$

130.1

 

 

$

236.3

 

 

$

101.8

 

Non-GAAP operating margin

 

12.1

%

 

19.3

%

 

10.2

%

 

 

 

 

 

 

 

GAAP net (loss) income

 

$

(31.1

)

 

$

30.8

 

 

$

20.4

 

Share-based compensation expense

C

57.5

 

 

50.9

 

 

42.0

 

Share-based payroll tax expense

C

3.4

 

 

0.5

 

 

4.0

 

Amortization of purchased intangible assets

A

19.1

 

 

11.9

 

 

9.9

 

Restructuring charges

B

19.3

 

 

53.1

 

 

8.9

 

Acquisition and strategic investment related charges

A

2.3

 

 

17.7

 

 

1.3

 

Legal reserve and settlement charges

B

 

 

0.3

 

 

 

Loss (gain) on equity investments

B

(2.1

)

 

(2.3

)

 

1.5

 

Loss on extinguishment of debt

B

60.6

 

 

55.0

 

 

 

Income tax effect of non-GAAP exclusions

B

(30.5

)

 

(31.8

)

 

(10.8

)

Others

 

 

 

(4.3

)

 

 

Non-GAAP net income

 

$

98.5

 

 

$

181.8

 

 

$

77.2

 

 

 

 

 

 

 

 

GAAP diluted net (loss) income per share

 

$

(0.10

)

 

$

0.09

 

 

$

0.06

 

Non-GAAP diluted net income per share

D

$

0.30

 

 

$

0.55

 

 

$

0.23

 

Shares used in computing GAAP diluted net (loss) income per share

 

326.3

 

 

332.7

 

 

335.1

 

Shares used in computing Non-GAAP diluted net income per share

 

332.7

 

 

332.7

 

 

335.1

 

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. 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. In particular, 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 and Strategic Investment 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 and Strategic Investment 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 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, infrequent or unplanned events, including the following, when applicable: (i) strategic partnership-related charges; (ii) legal reserve and settlement charges or benefits; (iii) gain or loss on equity investments or other significant isolated events or transactions which are 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 certain expenses incurred for the formation of a strategic partnership, 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)

 

 

March 31,
2021

 

December 31,
2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

989.1

 

 

$

1,361.9

 

Short-term investments

294.1

 

 

412.1

 

Accounts receivable, net of allowances

758.9

 

 

964.1

 

Prepaid expenses and other current assets

558.2

 

 

533.1

 

Total current assets

2,600.3

 

 

3,271.2

 

Property and equipment, net

743.6

 

 

762.3

 

Operating lease assets

185.8

 

 

184.6

 

Long-term investments

481.4

 

 

656.6

 

Purchased intangible assets, net

335.1

 

 

266.7

 

Goodwill

3,753.3

 

 

3,669.6

 

Other long-term assets

611.6

 

 

567.3

 

Total assets

$

8,711.1

 

 

$

9,378.3

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

244.8

 

 

$

277.0

 

Accrued compensation

207.3

 

 

270.7

 

Deferred revenue

897.2

 

 

867.3

 

Short-term portion of long-term debt

 

 

421.5

 

Other accrued liabilities

258.4

 

 

324.6

 

Total current liabilities

1,607.7

 

 

2,161.1

 

Long-term debt

1,685.2

 

 

1,705.8

 

Long-term deferred revenue

434.5

 

 

418.5

 

Long-term income taxes payable

313.7

 

 

312.5

 

Long-term operating lease liabilities

164.0

 

 

163.5

 

Other long-term liabilities

76.4

 

 

73.4

 

Total liabilities

4,281.5

 

 

4,834.8

 

Total stockholders' equity

4,429.6

 

 

4,543.5

 

Total liabilities and stockholders' equity

$

8,711.1

 

 

$

9,378.3

 

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net (loss) income

$

(31.1

)

 

$

20.4

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

Share-based compensation expense

57.5

 

 

42.0

 

Depreciation, amortization, and accretion

60.4

 

 

54.0

 

Operating lease assets expense

11.7

 

 

10.5

 

Loss on extinguishment of debt

60.6

 

 

 

Other

(3.9

)

 

10.3

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable, net

204.8

 

 

202.6

 

Prepaid expenses and other assets

(39.1

)

 

(37.1

)

Accounts payable

(29.4

)

 

18.4

 

Accrued compensation

(61.5

)

 

(59.8

)

Income taxes payable

(23.1

)

 

5.1

 

Other accrued liabilities

(72.6

)

 

(27.0

)

Deferred revenue

45.5

 

 

32.8

 

Net cash provided by operating activities

179.8

 

 

272.2

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(19.7

)

 

(21.8

)

Purchases of available-for-sale debt securities

(104.8

)

 

(257.1

)

Proceeds from sales of available-for-sale debt securities

283.7

 

 

94.0

 

Proceeds from maturities and redemptions of available-for-sale debt securities

118.1

 

 

354.0

 

Purchases of equity securities

(1.5

)

 

(3.1

)

Proceeds from sales of equity securities

2.9

 

 

3.1

 

Payments for business acquisitions, net of cash and cash equivalents acquired

(175.0

)

 

(0.2

)

Other

(1.3

)

 

 

Net cash provided by investing activities

102.4

 

 

168.9

 

Cash flows from financing activities:

 

 

 

Repurchase and retirement of common stock

(131.9

)

 

(203.2

)

Proceeds from issuance of common stock

28.2

 

 

27.1

 

Payment of dividends

(65.2

)

 

(65.5

)

Payment of debt

(423.8

)

 

 

Payment for debt extinguishment costs

(58.3

)

 

 

Net cash used in financing activities

(651.0

)

 

(241.6

)

Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash

(2.0

)

 

(16.2

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

(370.8

)

 

183.3

 

Cash, cash equivalents, and restricted cash at beginning of period

1,383.0

 

 

1,276.5

 

Cash, cash equivalents, and restricted cash at end of period

$

1,012.2

 

 

$

1,459.8

 

 

Investor Relations:
Jess Lubert
Juniper Networks
(408) 936-3734
jlubert@juniper.net

Media Relations:
Leslie Moore
Juniper Networks
(408) 936-5767
llmoore@juniper.net

Source: Juniper Networks