Juniper Networks Reports Preliminary First Quarter 2021 Financial Results

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

 


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