NYSE: JNPR Price: $ 27.15 +0.16 +0.59% Volume: 2,273,484 July 18, 2019

Juniper Networks Reports Preliminary First Quarter 2015 Financial Results

04/23/2015

Company delivers strong year-on-year operating margin expansion, poised for revenue growth

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Juniper Networks (NYSE: JNPR), the industry leader in network innovation, today reported preliminary financial results for the three months ended March 31, 2015 and provided its outlook for the three months ending June 30, 2015.

Net revenues for the first quarter of 2015 decreased 9% year-over-year and decreased 3% sequentially to $1,067 million (normalized for Junos Pulse sale: decrease of 6% year-over-year).

Juniper’s operating margin for the first quarter of 2015 increased to 12.3% on a GAAP basis, from (63.7%) in the fourth quarter of 2014, and increased from (0.5%) in the first quarter of 2014. Excluding the non-cash goodwill impairment charge related to its security reporting unit, the GAAP operating margin for the fourth quarter of 2014 would have been 13.5%. Non-GAAP operating margin for the first quarter of 2015 decreased to 18.5% from 21.9% in the fourth quarter of 2014, and increased from 17.2% in the first quarter of 2014.

Juniper posted GAAP net income of $80.2 million, or $0.19 per diluted share for the first quarter of 2015. Non-GAAP net income was $131.6 million, or $0.32 per diluted share for the first quarter of 2015. Non-GAAP net income per diluted share decreased 22% compared to the fourth quarter of 2014, and increased 10% compared to the first quarter of 2014.

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

“We are off to a good start to 2015, delivering solid results for the first quarter and making significant progress against our key initiatives for the year,” said Rami Rahim, chief executive officer of Juniper Networks. “Our sharpened focus resulted in improved execution and momentum across our key customer verticals. Over the past few months, we announced enhancements to our portfolio with a new lineup of breakthrough-performance networking and security products and garnered several new design wins, with more anticipated in the pipeline. We are focused on profitable growth and driving forward our innovation engine, and believe we are well positioned in achieving our goal of realizing Juniper’s full potential.”

“During the quarter, we delivered good year-over-year non-GAAP operating margin and earnings per share expansion, through continued management of our cost structure,” said Robyn Denholm, chief financial and operations officer. “We also continue to benefit from our focus on customer diversification and we see broader healthy demand trends beginning to emerge. Meanwhile, we continue to deliver on our capital return commitments, driving additional shareholder value.”

Other Financial Highlights

Total cash, cash equivalents, and investments as of March 31, 2015 were $3,451 million, compared to $3,105 million as of December 31, 2014, and $3,479 million as of March 31, 2014.

Juniper’s net cash flow provided by operations for the first quarter of 2015 was $219 million, compared to net cash provided by operations of $285 million in the fourth quarter of 2014, and $125 million in the first quarter of 2014.

Days sales outstanding in accounts receivable or “DSO” was 43 days in the first quarter of 2015, compared to 49 days in the prior quarter, and 46 days in the first quarter of 2014.

Capital expenditures were $44 million and depreciation and amortization of intangible assets expense was $46 million during the first quarter of 2015.

Juniper’s Board of Directors has declared a quarterly cash dividend of $0.10 per share to be paid on June 23, 2015 to shareholders of record as of the close of business on June 2, 2015.

During the first quarter of 2015, the Company repurchased $400 million of common stock against its commitment to repurchase $1.0 billion of shares from January through June 2015. Additionally, the Company completed a $600 million bond offering in February 2015 that will enable it to execute against its commitment to return a total of $4.1 billion through 2016.

Outlook

The Company continues to see the long-term demand drivers as healthy and is confident in its innovation pipeline. Juniper expects to return to its historical pattern of higher revenue in the second half of 2015 versus the first half of the year.

Juniper Networks estimates that for the quarter ending June 30, 2015:

  • Revenues will be in the range of $1,090 million to $1,120 million.
  • Non-GAAP gross margin will be approximately 64%, plus or minus 0.5%.
  • Non-GAAP operating expenses will be $475 million, plus or minus $5 million.
  • Non-GAAP operating margin will be roughly 21% at the midpoint of revenue guidance.
  • Non-GAAP net income per share will range between $0.38 and $0.42 on a diluted basis. This assumes a share count of 395 million and a non-GAAP tax rate flat from the first quarter, assuming no renewal of the R&D tax credit for 2015.

All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring and other charges, impairment charges, professional services related to non-routine stockholder matters, litigation settlement and resolution charges, gain on the sale of Junos Pulse, professional fees and other income and expenses associated with the sale of Junos Pulse, gain or loss on equity investments, retroactive impact of certain tax settlements, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and income tax effect of non-GAAP exclusions. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.

First Quarter Financial Commentary Available Online

A commentary by Robyn Denholm, chief financial and operations officer, reviewing the Company’s first quarter 2015 financial results and second quarter 2015 financial outlook will be furnished to the SEC on Form 8-K and published on the Company’s website at http://investor.juniper.net/investor-relations/default.aspx. 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 23, 2015, at 2:00 pm PT, to be broadcast live over the Internet at http://investor.juniper.net/investor-relations/default.aspx. To participate via telephone in the US, the toll free dial-in 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 (NYSE: JNPR) delivers innovation across routing, switching and security. From the network core down to consumer devices, Juniper Networks’ innovations in software, silicon and systems transform the experience and economics of networking. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter and Facebook.

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 accounts @JuniperNetworks and @Juniper_IR 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 and Junos, are registered trademarks of Juniper Networks, Inc. in the United States and other countries. The Juniper Networks logo and the Junos logo are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

Safe Harbor

Statements in this release concerning Juniper Networks' business outlook, economic and market outlook, future financial and operating results, capital return program, and overall future prospects are forward-looking statements 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 certain factors, including: general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending and spending by communication service providers and major customers; the network capacity requirements of communication service providers; contractual terms that may result in the deferral of revenue; increases in and the effect of competition; the timing of orders and their fulfillment; manufacturing and supply chain constraints; ability to establish and maintain relationships with distributors, resellers and other partners; variations in the expected mix of products sold; changes in customer mix; changes in geography mix; customer and industry analyst perceptions of Juniper Networks and its technology, products and future prospects; delays in scheduled product availability; market acceptance of Juniper Networks products and services; rapid technological and market change; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; the ability to successfully acquire, integrate and manage businesses and technologies; product defects, returns or vulnerabilities; the ability to recruit and retain key personnel; significant effects of tax legislation and judicial or administrative interpretation of tax regulations; currency fluctuations; litigation settlements and resolutions; the potential impact of activities related to the execution of capital return and product rationalization; and other factors listed in Juniper Networks' most recent report on Form 10-K filed with the Securities and Exchange Commission. 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 in this release in the event facts or circumstances subsequently change after the date of this press release.

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. 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 below. The following tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net/investor-relations/default.aspx.

 

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

 
Three Months Ended March 31,
2015   2014
Net revenues:
Product $ 764.1 $ 876.0
Service 303.3   294.1  
Total net revenues 1,067.4 1,170.1
Cost of revenues:
Product 283.2 326.6
Service 121.3   123.4  
Total cost of revenues 404.5   450.0  
Gross margin 662.9 720.1
Operating expenses:
Research and development 248.7 264.0
Sales and marketing 225.8 273.4
General and administrative 55.2 74.9
Restructuring and other charges 1.4   114.0  
Total operating expenses 531.1   726.3  
Operating income (loss) 131.8 (6.2 )
Other (expense) income, net (15.8 ) 154.2  
Income before income taxes 116.0 148.0
Income tax provision 35.8   37.4  
Net income $ 80.2   $ 110.6  
 
Net income per share:
Basic $ 0.20   $ 0.23  
Diluted $ 0.19   $ 0.22  
Shares used in computing net income per share:
Basic 407.1   486.2  
Diluted 414.2   496.5  
Cash dividends declared per common stock $ 0.10   $  

         

Juniper Networks, Inc.

Preliminary Net Revenues by Product and Service

(in millions)

(unaudited)

 
Three Months Ended March 31,
2015   2014
Routing $ 504.8 $ 549.8
Switching 166.5 192.0
Security 92.8   134.2
Total product 764.1 876.0
 
Total service 303.3   294.1
Total $ 1,067.4   $ 1,170.1

         

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

 
Three Months Ended March 31,
2015   2014
Americas $ 589.0 $ 681.5
Europe, Middle East, and Africa 303.8 295.7
Asia Pacific 174.6   192.9
Total $ 1,067.4   $ 1,170.1

         

Juniper Networks, Inc.

Preliminary Net Revenues by Market

(in millions)

(unaudited)

 
Three Months Ended March 31,
2015   2014
Service Provider $ 717.0 $ 782.7
Enterprise 350.4   387.4
Total $ 1,067.4   $ 1,170.1

 

Juniper Networks, Inc.

Reconciliation between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

 
Three Months Ended

March 31,
2015

 

December 31,
2014

 

March 31,
2014

GAAP operating income (loss) $ 131.8 $ (701.8 ) $ (6.2 )
GAAP operating margin 12.3 % (63.7 )% (0.5 )%
Share-based compensation expense C 46.0 54.6 60.8
Share-based payroll tax expense C 2.9 1.1 7.0
Amortization of purchased intangible assets A 11.9 8.5 9.5
Restructuring and other charges B 1.4 29.2 122.4
Impairment of goodwill B 850.0
Acquisition-related charges A 0.6
Professional services related to non-routine stockholder matters B 3.0 7.3
Non-GAAP operating income $ 197.0 $ 241.6 $ 201.4
Non-GAAP operating margin 18.5 % 21.9 % 17.2 %
 
GAAP net income (loss) $ 80.2 $ (769.6 ) $ 110.6
Share-based compensation expense C 46.0 54.6 60.8
Share-based payroll tax expense C 2.9 1.1 7.0
Amortization of purchased intangible assets A 11.9 8.5 9.5
Restructuring and other charges B 1.4 29.2 122.4
Impairment of goodwill B 850.0
Acquisition-related charges

A

0.6
Professional services related to non-routine stockholder matters B 3.0 7.3
Gain on equity investments B (0.6 ) (164.0 )
Gain on sale of Junos Pulse B (19.6 )
Other B (1.1 ) (2.0 )
Income tax effect of non-GAAP exclusions B (12.7 ) 27.7   (11.6 )
Non-GAAP net income $ 131.6   $ 179.3   $ 142.6  
GAAP diluted net income (loss) per share $ 0.19   $ (1.81 ) $ 0.22  
Non-GAAP diluted net income per share D $ 0.32   $ 0.41   $ 0.29  
Shares used in computing GAAP diluted net income (loss) per share 414.2   426.1   496.5  
Shares used in computing Non-GAAP diluted net income per share 414.2   432.4   496.5  

Discussion of Non-GAAP Financial Measures

This press release, including the tables above, includes the following non-GAAP financial measures derived from our Preliminary Condensed Consolidated Statements of Operations: operating income; operating margin; net income; and net income per share. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles or 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, many 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 operations 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. Additionally, with respect to future financial guidance provided on a non-GAAP basis, we have excluded estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring and other charges, impairment charges, professional services related to non-routine stockholder matters, litigation settlement and resolution charges, gain on the sale of Junos Pulse, gain or loss on equity investments, retroactive impact of certain tax settlements, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and income tax effect of non-GAAP exclusions.

Note A: Acquisition-Related Charges. We exclude certain expense items resulting from acquisitions including the following, when applicable: (i) amortization of purchased intangible assets associated with our acquisitions; and (ii) acquisition-related charges. 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 or unplanned events including the following, when applicable: (i) restructuring and other charges; (ii) impairment charges; (iii) gain on the sale of Junos Pulse, professional fees and other income and expenses associated with the sale of Junos Pulse; (iv) gain or loss on equity investments; (v) retroactive impacts of certain tax settlements; (vi) non-recurring income tax adjustments; (vii) valuation allowance on deferred tax assets (viii) the income tax effect on our financial statements of excluding items related to our non-GAAP financial measures; and (ix) professional services related to non-routine stockholder matters. It is difficult to estimate the amount or timing of these items in advance. Restructuring and impairment charges result from events, which arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The significant effects of retroactive tax legislation are unique events that occur in periods that are generally unrelated to the level of business activity to which such settlement or legislation applies. We believe this limits comparability with prior periods and that these expenses do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. Whether we realize gains or losses on equity investments is based primarily on the performance and market value of those independent companies. Accordingly, we believe that these gains and losses do not reflect the underlying performance of our continuing operations. 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 both with these amounts 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. We began to include share-based compensation expense in our GAAP financial measures in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation - Stock Compensation (“FASB ASC Topic 718”), in January 2006. Because of 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 allows for more accurate comparisons of our operating results to our peer companies. Further, we believe that excluding share-based compensation expense allows for a more accurate comparison of our financial results to previous periods during which our equity-based awards were not required to be reflected in our income statement. Share-based compensation is very different from other forms of compensation. A cash salary or bonus has a fixed and unvarying cash cost. For example, the expense associated with a $10,000 bonus is equal to exactly $10,000 in cash regardless of when it is awarded and who it is awarded by. In contrast, the expense associated with an award of an option for 1,000 shares of share is unrelated to the amount of compensation ultimately received by the employee; and the cost to the company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time and that does not reflect any cash expenditure by the company because no cash is expended. Furthermore, the expense associated with granting an employee an option is spread over multiple years unlike other compensation expenses which are more proximate to the time of award or payment. For example, we may be recognizing expense in a year where the stock option is significantly underwater and is not going to be exercised or generate any compensation for the employee. The expense associated with an award of an option for 1,000 shares of stock by us in one quarter may have a very different expense than an award of an identical number of shares in a different quarter. Finally, the expense recognized by us for such an option may be very different than the expense to other companies for awarding a comparable option, which makes it difficult to assess our operating performance relative to our competitors. Similar to share-based compensation, payroll tax on stock option exercises is dependent on our stock price and the timing and exercise by employees of our share-based compensation, over which our management has little control, and as such does not correlate to the operation of our business. Because of these unique characteristics of share-based compensation and the related payroll tax, management excludes these expenses when analyzing the organization's business performance. We also believe that presentation of such non-GAAP information is important to enable readers of our financial statements to compare current period results with periods prior to the adoption of FASB ASC Topic 718.

Note D: Non-GAAP Net Income Per Share Items. We provide diluted non-GAAP net income per share. The diluted non-GAAP 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,
2015
December 31,
2014
ASSETS
Current assets:
Cash and cash equivalents $ 1,810.8 $ 1,639.6
Short-term investments 398.2 332.2
Accounts receivable, net of allowances 507.6 598.9
Deferred tax assets, net 148.2 147.0
Prepaid expenses and other current assets 236.9   254.2
Total current assets 3,101.7 2,971.9
Property and equipment, net 912.2 904.3
Long-term investments 1,241.6 1,133.1
Restricted cash and investments 46.0 46.0
Purchased intangible assets, net 50.5 62.4
Goodwill 2,981.3 2,981.5
Other long-term assets 333.3   303.9
Total assets $ 8,666.6   $ 8,403.1
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 299.9 $
Accounts payable 223.6 234.6
Accrued compensation 169.9 225.0
Deferred revenue 855.5 780.8
Other accrued liabilities 221.5   287.3
Total current liabilities 1,770.4 1,527.7
Long-term debt 1,648.7 1,349.0
Long-term deferred revenue 319.2 294.9
Long-term income taxes payable 178.9 177.5
Other long-term liabilities 132.3   134.9
Total liabilities 4,049.5 3,484.0
Total stockholders' equity 4,617.1   4,919.1
Total liabilities and stockholders' equity $ 8,666.6   $ 8,403.1

   

Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 
Three Months Ended March 31,
2015   2014
Cash flows from operating activities:
Net income $ 80.2 $ 110.6
Adjustments to reconcile net income to net cash provided by operating

activities:

Share-based compensation expense 46.0 60.8
Depreciation, amortization, and accretion 47.5 48.1
Restructuring and other charges 1.4 122.4
Deferred income taxes 11.3 (44.5 )
Gain on investments, net (0.6 ) (166.2 )
Excess tax benefits from share-based compensation (1.7 ) (6.7 )
Loss on disposal of fixed assets 0.8
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net 54.2 (15.7 )
Prepaid expenses and other assets (21.8 ) (15.7 )
Accounts payable (7.8 ) 19.0
Accrued compensation (54.1 ) (92.0 )
Income taxes payable 14.1 73.1
Other accrued liabilities (48.4 ) (52.2 )
Deferred revenue 99.0   82.8  

Net cash provided by operating activities

219.3   124.6  
Cash flows from investing activities:
Purchases of property and equipment (44.2 ) (57.4 )
Purchases of available-for-sale investments (398.8 ) (327.1 )
Proceeds from sales of available-for-sale investments 169.5 1,221.4
Proceeds from maturities of available-for-sale investments 57.3 79.3
Purchases of trading investments (1.9 ) (1.8 )
Proceeds from sales of privately-held investments 2.5
Purchases of privately-held investments (3.2 ) (1.7 )
Payments for business acquisitions, net of cash and cash equivalents acquired (27.1 )
Changes in restricted cash   24.9  
Net cash (used in) provided by investing activities (221.3 ) 913.0  
Cash flows from financing activities:
Proceeds from issuance of common stock 31.8 101.2
Purchases and retirement of common stock (402.4 ) (905.8 )
Purchase of equity forward contract (300.0 )
Issuance of long-term debt, net 594.6 346.5
Payment for capital lease obligation 0.4 (0.4 )
Customer financing arrangements 8.0
Excess tax benefits from share-based compensation 1.7 6.7
Payment of cash dividends (40.8 )  
Net cash provided by (used in) financing activities 185.3   (743.8 )
Effect of foreign currency exchange rates on cash and cash equivalents (12.1 ) 1.6  
Net increase in cash and cash equivalents 171.2 295.4
Cash and cash equivalents at beginning of period 1,639.6   2,284.0  
Cash and cash equivalents at end of period $ 1,810.8   $ 2,579.4  

* 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.

Cash, Cash Equivalents, and Investments

(in millions)

(unaudited)

 
March 31,
2015
December 31,
2014
Cash and cash equivalents $ 1,810.8 $ 1,639.6
Short-term investments 398.2 332.2
Long-term investments 1,241.6   1,133.1
Total $ 3,450.6   $ 3,104.9

Source: Juniper Networks

Juniper Networks

Investor Relations:

Ryan Miyasato, 408-936-7497

rmiyasato@juniper.net

or

Media Relations:

Cindy Ta, 408-936-6131

cta@juniper.net