Juniper Networks (NYSE: JNPR), a leader in secure, AI-Native
Networks, today reported preliminary financial results for the
three months ended March 31, 2024.
Proposed Merger with Hewlett Packard Enterprise
As announced on January 9, 2024, Hewlett Packard Enterprise
(“HPE”) plans to acquire Juniper Networks in an all-cash
transaction for $40.00 per share, representing an equity value of
approximately $14 billion. The transaction is currently expected to
close in late calendar year 2024 or early calendar year 2025,
subject to receipt of regulatory approvals, and satisfaction of
other customary closing conditions.
First Quarter 2024 Financial Performance
Net revenues were $1,148.9 million, a decrease of 16%
year-over-year, and a decrease of 16% sequentially.
GAAP operating margin was (1.2)%, a decrease from 8.4% in the
first quarter of 2023, and a decrease from 9.2% in the fourth
quarter of 2023.
Non-GAAP operating margin was 10.6%, a decrease from 14.8% in
the first quarter of 2023, and a decrease from 18.3% in the fourth
quarter of 2023.
GAAP net loss was $0.8 million, a decrease of 101%
year-over-year and sequentially, resulting in diluted net loss per
share of $(0.00).
Non-GAAP net income was $96.6 million, a decrease of 38%
year-over-year, and a decrease of 51% sequentially, resulting in
non-GAAP diluted net income per share of $0.29.
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.
“While many of our customers continue to be impacted by macro
headwinds and the digestion of previously placed orders, we are
starting to see a recovery in demand from our cloud customers and
saw another quarter of double-digit order growth in our Mist-led
business,” said Juniper CEO, Rami Rahim. “I remain optimistic
regarding our long-term growth prospects, particularly as customers
adopt our AI offerings, both for network operations and data center
use cases.”
“We delivered strong non-GAAP gross margin and better than
seasonal expense trends during the March quarter,” said Juniper’s
CFO, Ken Miller. “We remain focused on profitability, while making
the necessary investments to drive long-term growth.”
Balance Sheet and Other Financial Results
Total cash, cash equivalents, and investments as of March 31,
2024 were $1,534.9 million, compared to $1,191.0 million as of
March 31, 2023, and $1,324.3 million as of December 31, 2023.
Net cash flows provided by operations for the first quarter of
2024 were $325.0 million, compared to $191.5 million in the first
quarter of 2023, and $9.1 million in the fourth quarter of
2023.
Days sales outstanding in accounts receivable was 64 days in the
first quarter of 2024, compared to 70 days in the first quarter of
2023, and 69 days in the fourth quarter of 2023.
Capital expenditures were $34.8 million, and depreciation and
amortization expense was $45.1 million during the first quarter of
2024.
Capital Return
Our Board of Directors has declared a cash dividend of $0.22 per
share to be paid on June 24, 2024 to stockholders of record as of
the close of business on June 3, 2024. We remain committed to
paying our dividend; we have suspended our stock repurchase program
in accordance with the terms of the merger agreement with HPE.
First Quarter 2024 Financial Commentary Available
Online
A CFO Commentary reviewing Juniper Networks’ preliminary first
quarter 2024 financial results will be published on Juniper
Networks’ website at http://investor.juniper.net.
In light of the proposed transaction with HPE, and as is
customary during the pendency of an acquisition, Juniper Networks
will not be providing financial guidance for 2024.
About Juniper Networks
Juniper Networks believes that connectivity is not the same as
experiencing a great connection. Juniper's AI-Native Networking
Platform is built from the ground up to leverage AI to deliver the
best and most secure user experiences from the edge to the data
center and cloud. Additional information can be found at Juniper
Networks (www.juniper.net) or connect with Juniper on X (Twitter),
LinkedIn, and Facebook.
Investors and others should note that Juniper Networks announces
material financial and operational information to its investors
using its Investor Relations website, press releases, SEC filings
and public conference calls and webcasts. Juniper Networks also
intends to use the X (formerly Twitter) account @JuniperNetworks
and Juniper Networks’ blogs as a means of disclosing information
about Juniper Networks and for complying with its disclosure
obligations under Regulation FD. The social media channels that
Juniper Networks intends to use as a means of disclosing
information described above may be updated from time to time as
listed on Juniper Networks’ 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, our expectations regarding
our liquidity and capital return program; 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
completion of the proposed transaction with HPE on anticipated
terms and timing or at all, including obtaining regulatory
approvals and other conditions to the completion of the
transaction; the fact that if the proposed transaction is
completed, Juniper stockholders will forego the opportunity to
realize the potential long-term value of the successful execution
of Juniper’s current strategy as an independent company, which will
also be affected by the ability of HPE to integrate and implement
its plans, forecasts and other expectations with respect to
Juniper’s business after the completion of the proposed transaction
and realize additional opportunities for growth and innovation; the
occurrence of any event, change or other circumstance or condition
that could give rise to the termination of the merger agreement;
Juniper’s ability to implement its business strategies; potential
significant transaction costs associated with the proposed
transaction; the risks related to HPE’s financing of the proposed
transaction; potential litigation or regulatory actions relating to
the proposed transaction; the risk that disruptions from the
proposed transaction will harm Juniper’s business, including
current plans and operations, and risks related to diverting
management’s attention from Juniper’s ongoing business operations
and relationships; the ability of Juniper to retain and hire key
personnel; potential adverse business uncertainty resulting from
the announcement, pendency or completion of the proposed
transaction, including restrictions during the pendency of the
proposed transaction that may impact Juniper’s ability to pursue
certain business opportunities or strategic transactions; legal,
regulatory, tax and economic developments affecting Juniper’s
business; the unpredictability and severity of catastrophic events,
including, but not limited to, acts of terrorism, outbreak of war
or hostilities or current or future pandemics or epidemics, as well
as Juniper’s response to any of the aforementioned factors; 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 the Middle East conflicts, 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. 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 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 release. We have not filed our Form
10-Q for the quarter ended March 31, 2024. 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.
Use of Non-GAAP Financial Information
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 Juniper Networks’ 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 of Non-GAAP
Financial Measures" section of this press release. 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 March
31,
2024
2023
Net revenues:
Product
$
651.9
$
912.6
Service
497.0
459.2
Total net revenues
1,148.9
1,371.8
Cost of revenues:
Product
323.9
454.9
Service
144.1
145.7
Total cost of revenues
468.0
600.6
Gross margin
680.9
771.2
Operating expenses:
Research and development
296.6
284.8
Sales and marketing
305.4
303.2
General and administrative
60.7
68.0
Restructuring charges (benefits)
4.1
(0.5
)
Merger-related charges (1)
28.3
—
Total operating expenses
695.1
655.5
Operating (loss) income
(14.2
)
115.7
Gain (loss) on privately-held investments,
net (2)
(14.3
)
0.2
Other income (expense), net (2)
2.1
(8.8
)
Income (loss) before income taxes and loss
from equity method investment
(26.4
)
107.1
Income tax (benefit) provision
(27.7
)
19.6
Loss from equity method investment, net of
tax
2.1
2.1
Net (loss) income
$
(0.8
)
$
85.4
Net (loss) income per share:
Basic
$
(0.00
)
$
0.26
Diluted
$
(0.00
)
$
0.26
Weighted-average shares used to compute
net (loss) income per share:
Basic
322.6
322.3
Diluted
322.6
329.1
__________________
(1)
Represents charges incurred directly in
connection with the pending merger with HPE.
(2)
The prior period amounts have been reclassified to conform to the
current period presentation.
Juniper Networks, Inc.
Preliminary Net Revenues by
Customer Solution
(in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Customer Solutions(*):
Wide Area Networking
$
350.4
$
474.5
Data Center
163.1
193.6
Campus and Branch
240.5
317.0
Hardware Maintenance and Professional
Services
394.9
386.7
Total
$
1,148.9
$
1,371.8
__________________
(*)
Effective as of the first quarter of 2024,
our Customer Solution revenue categories include the following name
changes, and historical revenue by customer solution was not
impacted by the name change: 1) Automated WAN Solutions changes to
Wide Area Networking, 2) Cloud-Ready Data Center changes to Data
Center, and 3) AI-Driven Enterprise changes to Campus and
Branch.
Juniper Networks, Inc.
Preliminary Net Revenues by
Vertical
(in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Cloud
$
250.0
$
264.9
Service Provider
381.9
549.9
Enterprise
517.0
557.0
Total
$
1,148.9
$
1,371.8
Juniper Networks, Inc.
Preliminary Net Revenues by
Geographic Region
(in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Americas
$
665.5
$
798.5
Europe, Middle East, and Africa
311.1
369.9
Asia Pacific
172.3
203.4
Total
$
1,148.9
$
1,371.8
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, 2024
December 31, 2023
March 31, 2023
GAAP operating (loss) income
$
(14.2
)
$
125.7
$
115.7
GAAP operating margin
(1.2
)%
9.2
%
8.4
%
Share-based compensation expense
C
79.9
81.8
60.9
Share-based payroll tax expense
C
3.1
0.9
1.6
Amortization of purchased intangible
assets
A
17.1
17.2
17.1
Restructuring charges (benefits)
B
4.1
19.5
(0.5
)
Merger-related charges (1)
B
28.3
1.6
—
Acquisition and integration-related
charges (benefits)
A
(0.1
)
(0.1
)
0.7
Gain on non-qualified deferred
compensation plan ("NQDC")
B
3.0
3.5
2.1
Others (1)
B
0.1
0.1
5.4
Non-GAAP operating income
$
121.3
$
250.2
$
203.0
Non-GAAP operating margin
10.6
%
18.3
%
14.8
%
GAAP net (loss) income
$
(0.8
)
$
124.3
$
85.4
Share-based compensation expense
C
79.9
81.8
60.9
Share-based payroll tax expense
C
3.1
0.9
1.6
Amortization of purchased intangible
assets
A
17.1
17.2
17.1
Restructuring charges (benefits)
B
4.1
19.5
(0.5
)
Merger-related charges (1)
B
28.3
1.6
—
Acquisition and integration-related
charges (benefits)
A
(0.1
)
(0.1
)
0.7
Loss (gain) on privately-held investments
(2)
B
14.3
5.3
(0.2
)
Loss (gain) on equity investments (2)
B
(0.4
)
(0.8
)
1.2
Loss from equity method investment
B
2.1
3.7
2.1
One-time tax benefit (3)
B
(19.0
)
(15.5
)
—
Income tax effect of non-GAAP
exclusions
B
(32.1
)
(41.1
)
(17.1
)
Others (1)
B
0.1
0.1
5.4
Non-GAAP net income
$
96.6
$
196.9
$
156.6
GAAP diluted net (loss) income per
share
$
(0.00
)
$
0.38
$
0.26
Non-GAAP diluted net income per share
D
$
0.29
$
0.61
$
0.48
Shares used in computing GAAP diluted net
(loss) income per share
322.6
324.6
329.1
Shares used in computing Non-GAAP diluted
net income per share
331.4
324.6
329.1
__________________
(1)
Amount for the fourth quarter of 2023 has
been reclassified to conform to the current period
presentation.
(2)
Amount for the first quarter of 2023 has been reclassified to
conform to the current period presentation.
(3)
Benefits related to one-time changes in the geographic mix of
taxable earnings.
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.
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.
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) merger-related charges, including professional services and
financial advisory fees, in connection with the pending merger with
HPE; (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)
March 31, 2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,069.8
$
1,068.1
Short-term investments
187.9
139.4
Accounts receivable, net of allowances
814.9
1,044.1
Inventory
958.2
952.4
Prepaid expenses and other current
assets
510.1
591.5
Total current assets
3,540.9
3,795.5
Property and equipment, net
688.6
689.9
Operating lease assets
158.4
111.4
Long-term investments
277.2
116.8
Purchased intangible assets, net
74.6
91.8
Goodwill
3,734.3
3,734.4
Other long-term assets
1,004.2
978.7
Total assets
$
9,478.2
$
9,518.5
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
250.2
$
295.1
Accrued compensation
210.9
292.2
Deferred revenue
1,205.5
1,130.0
Other accrued liabilities
363.4
386.7
Total current liabilities
2,030.0
2,104.0
Long-term debt
1,607.1
1,616.8
Long-term deferred revenue
919.4
894.9
Long-term income taxes payable
173.5
204.5
Long-term operating lease liabilities
130.6
82.9
Other long-term liabilities
136.4
122.7
Total liabilities
4,997.0
5,025.8
Total stockholders' equity
4,481.2
4,492.7
Total liabilities and stockholders'
equity
$
9,478.2
$
9,518.5
Juniper Networks, Inc.
Preliminary Condensed
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities:
Net (loss) income
$
(0.8
)
$
85.4
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Share-based compensation expense
79.9
60.9
Depreciation, amortization, and
accretion
44.2
49.4
Deferred income taxes (1)
(26.6
)
(28.3
)
Provision (benefit) for inventory excess
and obsolescence (1)
(1.0
)
22.4
Operating lease assets expense
10.8
10.1
Loss (gain) on privately-held investments,
net (1)
14.3
(0.2
)
Loss from equity method investment
2.1
2.1
Other (1)
(0.3
)
3.9
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable, net
228.8
166.1
Inventory (1)
(22.5
)
(171.0
)
Prepaid expenses and other assets (1)
70.2
(56.0
)
Accounts payable
(38.3
)
15.4
Accrued compensation
(79.4
)
(78.4
)
Income taxes payable
(24.9
)
29.6
Other accrued liabilities (1)
(32.5
)
(16.1
)
Deferred revenue
101.0
96.2
Net cash provided by operating
activities
325.0
191.5
Cash flows from investing
activities:
Purchases of property and equipment
(34.8
)
(42.1
)
Purchases of available-for-sale debt
securities
(283.5
)
(5.0
)
Proceeds from sales of available-for-sale
debt securities
6.1
14.0
Proceeds from maturities and redemptions
of available-for-sale debt securities
45.1
69.4
Purchases of equity securities
(2.7
)
(2.4
)
Proceeds from sales of equity
securities
4.3
7.4
Other
—
0.9
Net cash (used in) provided by investing
activities
(265.5
)
42.2
Cash flows from financing
activities:
Repurchase and retirement of common
stock
(14.6
)
(151.3
)
Proceeds from issuance of common stock
32.1
31.1
Payment of dividends
(71.4
)
(70.6
)
Net cash used in financing activities
(53.9
)
(190.8
)
Effect of foreign currency exchange rates
on cash, cash equivalents, and restricted cash
(3.6
)
1.2
Net increase in cash, cash equivalents,
and restricted cash
2.0
44.1
Cash, cash equivalents, and restricted
cash at beginning of period
1,084.3
897.7
Cash, cash equivalents, and restricted
cash at end of period
$
1,086.3
$
941.8
__________________
(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/20240425795719/en/
Investor Relations: Jess Lubert Juniper
Networks (408) 936-3734 jlubert@juniper.net
Media Relations: Penny Still Juniper Networks
+441372385692 pstill@juniper.net
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