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.

Juniper Networks, Inc.
Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 
    Nine Months Ended September 30,
    2015  

2014 (*)

Cash flows from operating activities:        
Net income   $ 435.9     $ 435.3  

Adjustments to reconcile net income to net cash provided by operating activities:

       
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  

Changes in operating assets and liabilities, net of effects from acquisitions:

       
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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