| Juniper Networks, Inc. | ||||||||
| Preliminary Condensed Consolidated Statements of Cash Flows | ||||||||
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(in millions) |
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(unaudited) |
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| Nine Months Ended September 30, | ||||||||
| 2015 |
2014 (*) |
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| Cash flows from operating activities: | ||||||||
| Net income | $ | 435.9 | $ | 435.3 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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| Share-based compensation expense | 161.3 | 185.4 | ||||||
| Depreciation, amortization, and accretion | 131.5 | 141.9 | ||||||
| Restructuring and other (benefits) charges | (4.0 | ) | 179.4 | |||||
| Deferred income taxes | 10.0 | (85.4 | ) | |||||
| Gain on investments, net | (6.8 | ) | (165.1 | ) | ||||
| Gain on legal settlement, net | — | (121.1 | ) | |||||
| Excess tax benefits from share-based compensation | (7.4 | ) | (8.8 | ) | ||||
| Loss on disposal of fixed assets | 0.4 | 1.9 | ||||||
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Changes in operating assets and liabilities, net of effects from acquisitions: |
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| Accounts receivable, net | (15.7 | ) | (33.2 | ) | ||||
| Prepaid expenses and other assets | 8.8 | (19.9 | ) | |||||
| Accounts payable | (21.8 | ) | 49.9 | |||||
| Accrued compensation | (29.0 | ) | (78.3 | ) | ||||
| Income taxes payable | 108.2 | 86.1 | ||||||
| Other accrued liabilities | (45.0 | ) | (130.5 | ) | ||||
| Deferred revenue | 49.1 | 40.9 | ||||||
| Net cash provided by operating activities | 775.5 | 478.5 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (154.9 | ) | (141.0 | ) | ||||
| Purchases of available-for-sale investments | (1,147.6 | ) | (1,970.5 | ) | ||||
| Proceeds from sales of available-for-sale investments | 625.9 | 1,918.7 | ||||||
| Proceeds from maturities of available-for-sale investments | 197.4 | 339.0 | ||||||
| Purchases of trading investments | (3.8 | ) | (3.5 | ) | ||||
| Proceeds from sales of privately-held investments | 10.3 | 2.5 | ||||||
| Purchases of privately-held investments | (5.4 | ) | (12.3 | ) | ||||
| Payments for business acquisitions, net of cash and cash equivalents acquired | (3.5 | ) | (27.1 | ) | ||||
| Changes in restricted cash | 11.6 | 45.0 | ||||||
| Net cash (used in) provided by investing activities | (470.0 | ) | 150.8 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of common stock | 97.0 | 157.6 | ||||||
| Purchases and retirement of common stock | (1,057.6 | ) | (1,761.0 | ) | ||||
| Issuance of long-term debt, net | 594.6 | 346.5 | ||||||
| Payment for capital lease obligation | 0.4 | (0.4 | ) | |||||
| Customer financing arrangements | — | 0.8 | ||||||
| Excess tax benefits from share-based compensation | 7.4 | 8.8 | ||||||
| Payment of cash dividends | (118.0 | ) | (43.8 | ) | ||||
| Net cash used in financing activities | (476.2 | ) | (1,291.5 | ) | ||||
| Effect of foreign currency exchange rates on cash and cash equivalents | (15.4 | ) | (5.9 | ) | ||||
| Net decrease in cash and cash equivalents | (186.1 | ) | (668.1 | ) | ||||
| Cash and cash equivalents at beginning of period | 1,639.6 | 2,284.0 | ||||||
| Cash and cash equivalents at end of period | $ | 1,453.5 | $ | 1,615.9 | ||||
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Juniper Networks Reports Preliminary Third Quarter 2015 Financial Results
* 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.
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