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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from_________ to_________

Commission file number: 001-34501

JUNIPER NETWORKS, INC.

(Exact name of registrant as specified in its charter)


Delaware		77-0422528
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1133 Innovation Way
Sunnyvale,	California	94089
(Address of principal executive offices)		(Zip code)

(408) 745-2000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.00001 per share	JNPR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

There were 331,089,057 shares of the Company's Common Stock, par value $0.00001, outstanding as of October 29, 2024.

Juniper Networks, Inc.


Table of Contents

PART I - FINANCIAL INFORMATION
			Page
Item 1. Financial Statements (Unaudited)			3

Condensed Consolidated Statements of Operations Three and Nine Months Ended September 30, 2024 and September 30, 2023			3

Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 30, 2024 and September 30, 2023			4

Condensed Consolidated Balance Sheets September 30, 2024 and December 31, 2023			5

Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and September 30, 2023			6

Condensed Consolidated Statements of Changes in Stockholders' Equity Three and Nine Months Ended September 30, 2024 and September 30, 2023			7

Notes to Condensed Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			33

Item 3. Quantitative and Qualitative Disclosures About Market Risk			44

Item 4. Controls and Procedures			44

PART II - OTHER INFORMATION

Item 1. Legal Proceedings			45

Item 1A. Risk Factors			45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			65

Item 5. Other Information			66

Item 6. Exhibits			67

SIGNATURES			68

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Juniper Networks, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net revenues:
Product	$	816.7	$	898.1	$	2,149.8	$	2,773.9
Service	514.3		499.7		1,519.7		1,425.8
Total net revenues	1,331.0		1,397.8		3,669.5		4,199.7
Cost of revenues:
Product	409.3		445.6		1,089.4		1,371.2
Service	148.3		141.8		437.3		433.8
Total cost of revenues	557.6		587.4		1,526.7		1,805.0
Gross margin	773.4		810.4		2,142.8		2,394.7
Operating expenses:
Research and development	290.6		288.5		861.8		855.3
Sales and marketing	308.2		311.5		911.0		923.0
General and administrative	62.1		60.3		183.6		193.5
Restructuring charges	4.8		62.5		10.5		78.5
Merger-related charges (1)	13.6		—		51.0		—
Total operating expenses	679.3		722.8		2,017.9		2,050.3
Operating income	94.1		87.6		124.9		344.4
Gain (loss) on privately-held investments, net	0.5		—		(13.1)		(92.0)


Other income (expense), net	2.3		(4.8)		5.7		(21.0)
Income before income taxes and loss from equity method investment	96.9		82.8		117.5		231.4
Income tax provision (benefit)	2.1		5.0		(14.8)		39.6
Loss from equity method investment, net of tax	2.2		1.7		6.4		5.9
Net income	$	92.6	$	76.1	$	125.9	$	185.9

Net income per share:
Basic	$	0.28	$	0.24	$	0.39	$	0.58
Diluted	$	0.28	$	0.24	$	0.38	$	0.57
Weighted-average shares used to compute net income per share:
Basic	329.4		319.3		325.7		320.3
Diluted	335.9		323.8		333.4		326.3

__________________

(1) Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	92.6	$	76.1	$	125.9	$	185.9
Other comprehensive income (loss), net:
Available-for-sale debt securities:
Change in net unrealized gains and losses	3.1		1.2		(25.3)		4.9
Net realized gains reclassified into net income	(0.1)		—		(0.3)		—
Net change on available-for-sale debt securities	3.0		1.2		(25.6)		4.9
Cash flow hedges:
Change in net unrealized gains and losses	12.2		(7.7)		3.2		(0.6)
Net realized losses reclassified into net income	1.8		6.0		5.3		20.4
Net change on cash flow hedges	14.0		(1.7)		8.5		19.8
Change in foreign currency translation adjustments	5.8		(8.5)		(0.2)		(6.8)
Other comprehensive income (loss), net	22.8		(9.0)		(17.3)		17.9
Comprehensive income	$	115.4	$	67.1	$	108.6	$	203.8

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Condensed Consolidated Balance Sheets

(In millions, except par values)


	September 30, 2024		December 31, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,065.0	$	1,068.1
Short-term investments	166.7		139.4
Accounts receivable, net of allowances	958.1		1,044.1
Inventory	872.5		952.4
Prepaid expenses and other current assets	463.2		591.5

Total current assets	3,525.5		3,795.5
Property and equipment, net	684.9		689.9
Operating lease assets	148.5		111.4
Long-term investments	331.2		116.8
Purchased intangible assets, net	53.1		91.8
Goodwill	3,734.4		3,734.4
Other long-term assets	1,118.0		978.7
Total assets	$	9,595.6	$	9,518.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	258.0	$	295.1
Accrued compensation	314.4		292.2
Deferred revenue	1,118.1		1,130.0

Other accrued liabilities	357.6		386.7
Total current liabilities	2,048.1		2,104.0
Long-term debt	1,632.6		1,616.8
Long-term deferred revenue	950.2		894.9
Long-term income taxes payable	81.1		204.5
Long-term operating lease liabilities	124.0		82.9
Other long-term liabilities	116.9		122.7
Total liabilities	4,952.9		5,025.8
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding	—		—
Common stock, $0.00001 par value; 1,000.0 shares authorized; 330.9 shares and 320.3 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	—		—
Additional paid-in capital	6,791.6		6,740.0
Accumulated other comprehensive income	31.8		49.1
Accumulated deficit	(2,180.7)		(2,296.4)
Total stockholders' equity	4,642.7		4,492.7
Total liabilities and stockholders' equity	$	9,595.6	$	9,518.5

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net income	$	125.9	$	185.9
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	211.4		197.6
Depreciation, amortization, and accretion	119.6		147.4
Deferred income taxes	(147.6)		(154.5)
Provision for inventory excess and obsolescence (1)	26.3		100.5
Operating lease assets expense	32.3		30.5

Loss on privately-held investments, net	13.1		92.0
Loss from equity method investment	6.4		5.9

Impairment of assets	5.2		26.1
Other	(7.3)		(2.3)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	86.4		289.7
Inventory (1)	34.8		(472.6)
Prepaid expenses and other assets	130.2		193.3
Accounts payable	(31.2)		(21.9)
Accrued compensation	22.5		(82.5)
Income taxes payable	(97.6)		135.7
Other accrued liabilities (1)	(65.6)		16.4
Deferred revenue	43.5		176.5
Net cash provided by operating activities	508.3		863.7
Cash flows from investing activities:
Purchases of property and equipment	(88.3)		(124.0)

Purchases of available-for-sale debt securities	(471.3)		(28.1)
Proceeds from sales of available-for-sale debt securities	36.7		28.2
Proceeds from maturities and redemptions of available-for-sale debt securities	182.3		175.1

Purchases of equity securities	(7.1)		(5.5)
Proceeds from sales of equity securities	5.5		11.0





Funding of loan receivable	—		(7.7)
Other	—		1.8
Net cash (used in) provided by investing activities	(342.2)		50.8
Cash flows from financing activities:
Repurchase and retirement of common stock	(15.2)		(396.8)
Proceeds from issuance of common stock	60.5		61.7
Payment of dividends	(215.6)		(210.5)


Payment of debt issuance costs	—		(1.3)

Other	1.4		—
Net cash used in financing activities	(168.9)		(546.9)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash	(1.1)		(4.1)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(3.9)		363.5
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	$	1,080.4	$	1,261.2

__________________

(1) The prior period amounts have been reclassified to conform to the current period presentation.

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended September 30, 2024
		Common Stock and Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders' Equity
	Shares
Balance at June 30, 2024	325.3	$	6,765.9	$	9.0	$	(2,272.9)	$	4,502.0
Net income	—	—		—		92.6		92.6
Other comprehensive income, net	—	—		22.8		—		22.8
Issuance of common stock	5.6	28.4		—		—		28.4

Repurchase and retirement of common stock	—	(0.2)				(0.4)		(0.6)

Share-based compensation expense	—	70.2		—		—		70.2
Payments of cash dividends ($0.22 per share of common stock)	—	(72.7)		—		—		(72.7)
Balance at September 30, 2024	330.9	$	6,791.6	$	31.8	$	(2,180.7)	$	4,642.7


	Three Months Ended September 30, 2023
		Common Stock and Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders' Equity
	Shares
Balance at June 30, 2023	317.8	$	6,749.7	$	31.1	$	(2,425.9)	$	4,354.9
Net income	—	—		—		76.1		76.1
Other comprehensive loss, net	—	—		(9.0)		—		(9.0)
Issuance of common stock	5.5	30.1		—		—		30.1

Repurchase and retirement of common stock	(4.5)	(55.5)		—		(70.0)		(125.5)

Share-based compensation expense	—	74.6		—		—		74.6
Payments of cash dividends ($0.22 per share of common stock)	—	(70.0)		—		—		(70.0)


Balance at September 30, 2023	318.8	$	6,728.9	$	22.1	$	(2,419.8)	$	4,331.2

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(In millions, except per share amounts)

(Unaudited)


	Nine Months Ended September 30, 2024
		Common Stock and Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders' Equity
	Shares
Balance at December 31, 2023	320.3	$	6,740.0	$	49.1	$	(2,296.4)	$	4,492.7
Net income	—	—		—		125.9		125.9
Other comprehensive loss, net	—	—		(17.3)		—		(17.3)
Issuance of common stock	11.0	60.5		—		—		60.5

Repurchase and retirement of common stock	(0.4)	(5.0)		—		(10.2)		(15.2)

Share-based compensation expense	—	211.7		—		—		211.7
Payments of cash dividends ($0.66 per share of common stock)	—	(215.6)		—		—		(215.6)
Balance at September 30, 2024	330.9	$	6,791.6	$	31.8	$	(2,180.7)	$	4,642.7


	Nine Months Ended September 30, 2023
		Common Stock and Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders' Equity
	Shares
Balance at December 31, 2022	322.9	$	6,846.4	$	4.2	$	(2,375.5)	$	4,475.1
Net income	—	—		—		185.9		185.9
Other comprehensive income, net	—	—		17.9		—		17.9
Issuance of common stock	9.3	61.7		—		—		61.7
Repurchase and retirement of common stock	(13.4)	(166.6)		—		(230.2)		(396.8)

Share-based compensation expense	—	197.9		—		—		197.9
Payments of cash dividends ($0.66 per share of common stock)	—	(210.5)		—		—		(210.5)
Balance at September 30, 2023	318.8	$	6,728.9	$	22.1	$	(2,419.8)	$	4,331.2

See accompanying Notes to Condensed Consolidated Financial Statements

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.

Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.

HPE Merger Agreement

On January 9, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes.

The Merger Agreement generally requires the Company to use commercially reasonable efforts to operate the Company's business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict the Company from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, the Company is permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share.

The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders. If the transaction is consummated, the Company's common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”).

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which the Merger Agreement is terminated, HPE is required to pay the Company a termination fee equal to $815.0 million.

In connection with the pending Merger, the Company incurred $13.6 million and $51.0 million of expenses for the three and nine months ended September 30, 2024, respectively, including professional services, financial advisory fees, and certain retention costs, all of which were recorded within “Merger-related charges” in the Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2023.

Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 2. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2024 and December 31, 2023 (in millions):


	As of September 30, 2024								As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Estimated Fair Value
Fixed income securities:
Asset-backed and mortgage-backed securities	$	108.1	$	0.9	$	(0.2)	$	108.8	$	38.2	$	0.2	$	(0.4)	$	38.0
Corporate debt securities	274.3		2.2		(0.1)		276.4		160.2		0.7		(1.3)		159.6
Certificates of deposit	4.0		—		—		4.0		3.0		—		—		3.0
Commercial paper	66.6		—		—		66.6		41.1		—		—		41.1
Foreign government debt securities	—		—		—		—		5.3		—		(0.2)		5.1
Time deposits	226.8		—		—		226.8		273.6		—		—		273.6
U.S. government agency securities	—		—		—		—		4.0		—		—		4.0
U.S. government securities	84.6		0.5		—		85.1		54.8		0.1		—		54.9
Total fixed income securities	764.4		3.6		(0.3)		767.7		580.2		1.0		(1.9)		579.3
Privately-held debt and redeemable preferred stock securities	47.0		—		(15.4)		31.6		20.6		37.4		(8.3)		49.7
Total available-for-sale debt securities	$	811.4	$	3.6	$	(15.7)	$	799.3	$	600.8	$	38.4	$	(10.2)	$	629.0

Reported as:
Cash equivalents	$	282.5	$	—	$	—	$	282.5	$	328.2	$	—	$	—	$	328.2
Short-term investments	153.8		0.2		—		154.0		135.7		—		(1.4)		134.3
Long-term investments	328.1		3.4		(0.3)		331.2		116.3		1.0		(0.5)		116.8
Other long-term assets	47.0		—		(15.4)		31.6		20.6		37.4		(8.3)		49.7
Total	$	811.4	$	3.6	$	(15.7)	$	799.3	$	600.8	$	38.4	$	(10.2)	$	629.0

The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2024 (in millions):


	Amortized Cost		Estimated Fair Value
Due in less than one year	$	436.3	$	436.5
Due between one and five years	328.1		331.2
Total	$	764.4	$	767.7

As of September 30, 2024, the Company's unrealized loss of $0.3 million resulted from 47 fixed income available-for-sale debt securities, of which losses aggregating $0.1 million were from investments in an unrealized loss position for less than 12

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

months, and $0.2 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three and nine months ended September 30, 2024 and September 30, 2023.

During the three months ended September 30, 2024, the Company did not record any material allowance for credit loss. During the nine months ended September 30, 2024, the Company recorded an allowance for credit loss of $7.1 million on privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and an evaluation of the investee's financial condition in relation to its outstanding obligations. As of September 30, 2024 and December 31, 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three and nine months ended September 30, 2024 and September 30, 2023, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of September 30, 2024 and December 31, 2023 (in millions):


	As of
	September 30, 2024		December 31, 2023
Equity investments with readily determinable fair value:
Money market funds	$	514.1	$	337.5
Mutual funds	47.6		38.0
Publicly-traded equity securities	12.7		5.1
Equity investments without readily determinable fair value	50.8		45.8
Equity investment under the equity method of accounting	20.0		26.4
Total equity securities	$	645.2	$	452.8

Reported as:
Cash equivalents	$	514.1	$	337.5
Short-term investments	12.7		5.1
Prepaid expenses and other current assets	3.2		2.5
Other long-term assets	115.2		107.7
Total	$	645.2	$	452.8

For the three and nine months ended September 30, 2024 and September 30, 2023, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value except $89.9 million unrealized losses recognized for equity securities without readily determinable fair value in the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, the loss recognized from the equity method investment was $2.2 million and $6.4 million, respectively. For the three and nine months ended September 30, 2023, the loss recognized from the equity method investment was $1.7 million and $5.9 million, respectively.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of September 30, 2024, the carrying value of restricted cash and investments was $63.1 million, of which $16.2 million was included in prepaid expenses and other current assets, and $46.9 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (in millions):


	As of
	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,065.0	$	1,068.1
Restricted cash included in prepaid expenses and other current assets	13.0		13.8
Restricted cash included in other long-term assets	2.4		2.4
Total cash, cash equivalents, and restricted cash	$	1,080.4	$	1,084.3

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 3. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (in millions):


	Fair Value Measurements at September 30, 2024								Fair Value Measurements at December 31, 2023
	Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities	$	—	$	108.8	$	—	$	108.8	$	—	$	38.0	$	—	$	38.0
Certificates of deposit	—		4.0		—		4.0		—		3.0		—		3.0
Corporate debt securities	—		276.4		—		276.4		—		159.6		—		159.6
Commercial paper	—		66.6		—		66.6		—		41.1		—		41.1
Foreign government debt securities	—		—		—		—		—		5.1		—		5.1
Time deposits	—		226.8		—		226.8		—		273.6		—		273.6
U.S. government agency securities	—		—		—		—		—		4.0		—		4.0
U.S. government securities	51.9		33.2		—		85.1		20.0		34.9		—		54.9
Privately-held debt and redeemable preferred stock securities	—		—		31.6		31.6		—		—		49.7		49.7
Total available-for-sale debt securities	51.9		715.8		31.6		799.3		20.0		559.3		49.7		629.0
Equity securities:
Money market funds	514.1		—		—		514.1		337.5		—		—		337.5
Mutual funds	47.6		—		—		47.6		38.0		—		—		38.0
Publicly-traded equity securities	12.7		—		—		12.7		5.1		—		—		5.1
Total equity securities	574.4		—		—		574.4		380.6		—		—		380.6
Derivative assets:
Foreign exchange contracts	—		11.7		—		11.7		—		7.2		—		7.2

Total derivative assets	—		11.7		—		11.7		—		7.2		—		7.2
Total assets measured at fair value on a recurring basis	$	626.3	$	727.5	$	31.6	$	1,385.4	$	400.6	$	566.5	$	49.7	$	1,016.8
Liabilities:
Derivative liabilities:
Foreign exchange contracts	$	—	$	(3.1)	$	—	$	(3.1)	$	—	$	(7.2)	$	—	$	(7.2)
Interest rate contracts	—		(59.1)		—		(59.1)		—		(73.6)		—		(73.6)
Total derivative liabilities	—		(62.2)		—		(62.2)		—		(80.8)		—		(80.8)
Total liabilities measured at fair value on a recurring basis	$	—	$	(62.2)	$	—	$	(62.2)	$	—	$	(80.8)	$	—	$	(80.8)

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)


	Fair Value Measurements at September 30, 2024								Fair Value Measurements at December 31, 2023
	Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total

Total assets, reported as:
Cash equivalents	$	514.1	$	282.5	$	—	$	796.6	$	337.5	$	328.2	$	—	$	665.7
Short-term investments	20.9		145.8		—		166.7		12.8		126.6		—		139.4
Long-term investments	43.6		287.6		—		331.2		12.3		104.5		—		116.8
Prepaid expenses and other current assets	3.1		9.7		—		12.8		2.5		4.6		—		7.1
Other long-term assets	44.6		1.9		31.6		78.1		35.5		2.6		49.7		87.8
Total assets measured at fair value	$	626.3	$	727.5	$	31.6	$	1,385.4	$	400.6	$	566.5	$	49.7	$	1,016.8

Total liabilities, reported as:
Other accrued liabilities	$	—	$	(2.7)	$	—	$	(2.7)	$	—	$	(6.2)	$	—	$	(6.2)
Other long-term liabilities	—		(59.5)		—		(59.5)		—		(74.6)		—		(74.6)
Total liabilities measured at fair value on a recurring basis	$	—	$	(62.2)	$	—	$	(62.2)	$	—	$	(80.8)	$	—	$	(80.8)

The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three and nine months ended September 30, 2024, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. In January 2024, the Company invested in a convertible note of a privately-held company for a principal amount of $25.0 million with a maturity period of two years. During the three months ended September 30, 2024, the Company did not record any material allowance for credit loss. During nine months ended September 30, 2024, the Company recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of September 30, 2024, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 million. There have been no material upward adjustments to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three and nine months ended September 30, 2024.

As of September 30, 2024 and December 31, 2023, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of September 30, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,621.9 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 4. Derivative Instruments

The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. The Company does not use derivative financial instruments for speculative purposes.

The notional amount of the Company's derivative instruments is summarized as follows (in millions):


	As of
	September 30, 2024		December 31, 2023
Designated derivatives:
Cash flow hedges:
Foreign currency contracts	$	539.8	$	801.0

Fair value hedges:
Interest rate swap contracts	600.0		600.0
Total designated derivatives	1,139.8		1,401.0

Non-designated derivatives	224.5		200.7
Total	$	1,364.3	$	1,601.7

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:


		As of
	Balance Sheet Classification	September 30, 2024		December 31, 2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	9.3	$	4.4
Foreign currency contracts	Other long-term assets	2.0		2.7


Total derivatives designated as hedging instruments		$	11.3	$	7.1
Derivatives not designated as hedging instruments	Other current assets	0.4		0.1
Total derivative assets		$	11.7	$	7.2
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other accrued liabilities	$	2.5	$	6.0
Foreign currency contracts	Other long-term liabilities	0.4		1.0

Interest rate swap contracts	Other long-term liabilities	59.1		73.6
Total derivatives designated as hedging instruments		$	62.0	$	80.6
Derivatives not designated as hedging instruments	Other accrued liabilities	0.2		0.2
Total derivative liabilities		$	62.2	$	80.8

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $11.0 million and $7.2 million, respectively.

Designated Derivatives

The Company uses foreign currency forward contracts or options contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less.

The Company enters into interest rate swap contracts, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes (“Notes”) to floating interest rates. In April 2021, the Company entered into these contracts for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the contracts entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swap contracts will expire within six years.

In 2020, the Company entered into interest rate lock contracts with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts were designated as cash flow hedges for a forecasted debt issuance, which was expected to occur by the end of 2025. During the year ended December 31, 2023, the Company terminated the interest rate lock contracts, resulting in a deferred gain of $133.9 million recognized in accumulated other comprehensive income, which will be deferred and amortized to interest expense over the term of the anticipated debt unless it becomes probable that the debt will not be issued with the terms anticipated at the hedge's inception. The Company classifies the cash flow in the same section as the underlying item resulting in the proceeds from sale being presented as operating activities.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

For cash flow hedges, the Company recognized an unrealized gain of $12.0 million and $3.2 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2024, respectively. The Company recognized an unrealized loss of $5.5 million and an unrealized gain of $1.7 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2023, respectively.

For foreign currency contracts, the Company reclassified a loss of $1.7 million and $5.1 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2024, respectively, and a loss of $6.0 million and $21.0 million for the comparable periods ended September 30, 2023, respectively. As of September 30, 2024, an estimated $6.8 million of unrealized net gain within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months.

Non-Designated Derivatives

The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately one to four months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three and nine months ended September 30, 2024 and September 30, 2023.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Other Financial Information

Total Inventory

Total inventory consisted of the following (in millions):


	As of
	September 30, 2024		December 31, 2023
Production and service materials	$	678.3	$	719.0
Finished goods	265.9		299.0
Total inventory	$	944.2	$	1,018.0

Reported as:
Inventory	$	872.5	$	952.4
Other long-term assets (1)	71.7		65.6
Total inventory	$	944.2	$	1,018.0

__________________

(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):


	As of
	September 30, 2024		December 31, 2023
Contract manufacturer deposits	$	151.1	$	316.4
Prepaid expenses	127.5		140.9
Other current assets	184.6		134.2
Total prepaid expenses and other current assets	$	463.2	$	591.5

Warranties

Changes during the nine months ended September 30, 2024 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):


Balance as of December 31, 2023	$	29.4
Provisions made during the period	31.0

Actual costs incurred during the period	(29.4)

Balance as of September 30, 2024	$	31.0

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):


	As of
	September 30, 2024		December 31, 2023
Deferred product revenue, net	$	60.7	$	92.1
Deferred service revenue, net	2,007.6		1,932.8
Total	$	2,068.3	$	2,024.9
Reported as:
Current	$	1,118.1	$	1,130.0
Long-term	950.2		894.9
Total	$	2,068.3	$	2,024.9

Revenue

See Note 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region.

Product revenue of $20.1 million and $60.2 million included in deferred revenue at January 1, 2024 were recognized during the three and nine months ended September 30, 2024, respectively. Service revenue of $229.8 million and $865.8 million included in deferred revenue at January 1, 2024 were recognized during the three and nine months ended September 30, 2024, respectively.

Remaining Performance Obligations

Remaining Performance Obligations (“RPO”) are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements.

The following table summarizes the breakdown of RPO(1) as of September 30, 2024 and when the Company expects to recognize the amounts as revenue (in millions):


	Revenue Recognition Expected by Period
	Total		Less than 1 year		1-3 years		More than 3 years
Product	$	61.2	$	47.7	$	11.7	$	1.8
Service	2,019.8		1,078.5		726.7		214.6
Total	$	2,081.0	$	1,126.2	$	738.4	$	216.4

__________________

(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.

Deferred Contract Cost

The Company capitalizes direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. The Company incurs these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Deferred contract cost was $41.4 million as of September 30, 2024. For the three and nine months ended September 30, 2024, amortization expense associated with the deferred commissions was $28.6 million and $69.8 million, respectively, and there were no impairment charges recognized.

Other Income (Expense), Net

Other income (expense), net, consisted of the following (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income	$	19.7	$	14.1	$	53.3	$	35.3
Interest expense	(20.6)		(20.5)		(61.6)		(59.4)
Gain on other investments, net (1)	4.8		0.4		12.8		2.3
Other	(1.6)		1.2		1.2		0.8
Other income (expense), net	$	2.3	$	(4.8)	$	5.7	$	(21.0)

________________

(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Restructuring Charges

During the third quarter of 2024, the Company initiated a restructuring plan designed to realign its workforce with the Company's strategic objectives, which resulted in $3.9 million in employee severance charges.

The following table presents changes in the restructuring liabilities (in millions):


	Nine Months Ended September 30, 2024
	Employee severance		Facility exit-related and asset impairments		Contract terminations and other		Total
Liability as of December 31, 2023	$	30.0	$	0.4	$	3.2	$	33.6
Charges	7.1		2.7		0.7		10.5
Cash payments	(30.7)		(0.1)		(3.9)		(34.7)
Non-cash items	(0.1)		(2.9)		—		(3.0)
Liability as of September 30, 2024	$	6.3	$	0.1	$	—	$	6.4

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 7. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):


				As of
	Maturity Date	Effective Interest Rates		September 30, 2024		December 31, 2023
Senior Notes:
1.200% fixed-rate notes	December 2025	1.37	%	$	400.0	$	400.0
3.750% fixed-rate notes	August 2029	3.86	%	500.0		500.0
2.000% fixed-rate notes	December 2030	2.12	%	400.0		400.0
5.950% fixed-rate notes	March 2041	6.03	%	400.0		400.0
Total Notes				1,700.0		1,700.0
Unaccreted discount and debt issuance costs				(8.3)		(9.6)
Hedge accounting fair value adjustments(*)				(59.1)		(73.6)
Total				$	1,632.6	$	1,616.8

________________________________

(*) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swap contracts.

The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes.

The Company may redeem the Notes, either in whole or in part, at any time, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. Upon both a change-of-control and a rating event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. The terms of the Merger Agreement restrict the Company from redeeming any indebtedness that has a make whole amount, prepayment penalty, or similar obligation, including the Notes, without HPE’s approval.

Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the “indentures”) that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds.

As of September 30, 2024, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company maintains an unsecured revolving credit facility that was entered into in June 2023, with an aggregate lending commitment of $500.0 million and an option to increase the facility by up to an additional $200.0 million for a period of five years with two one-year extension options. As of September 30, 2024, there were no amounts outstanding, and the Company was in compliance with all covenants in the credit agreement.

Under the terms of the Merger Agreement, the Company is required to terminate the Revolving Credit Facility upon the closing of the Merger.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 8. Equity

The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividends:
Per share	$	0.22	$	0.22	$	0.66	$	0.66
Amount	$	72.7	$	70.0	$	215.6	$	210.5

Repurchased under the 2018 Stock Repurchase Program:
Shares	—		4.5		—		13.1
Average price per share	$	—	$	27.95	$	—	$	29.47
Amount	$	—	$	125.0	$	—	$	385.0

Cash Dividends on Shares of Common Stock

During the three and nine months ended September 30, 2024, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $72.7 million and $215.6 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2024.

Stock Repurchase Activities

As of September 30, 2024, there was approximately $0.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. In connection with its entry into the Merger Agreement, the Company is required to suspend its stock repurchase program and did not repurchase its common stock during the three and nine months ended September 30, 2024.

In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. During the nine months ended September 30, 2024 and September 30, 2023, repurchases associated with tax withholdings were $15.2 million and $11.9 million, respectively.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, for the nine months ended September 30, 2024 were as follows (in millions):


	Unrealized Gains/Losses on Available-for- Sale Debt Securities		Unrealized Gains/Losses on Cash Flow Hedges		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2023	$	28.9	$	102.3	$	(82.1)	$	49.1
Other comprehensive (loss) income, net before reclassifications	(25.3)		3.2		(0.2)		(22.3)
Amount reclassified from accumulated other comprehensive income	(0.3)		5.3		—		5.0
Other comprehensive (loss) income, net	(25.6)		8.5		(0.2)		(17.3)
Balance as of September 30, 2024	$	3.3	$	110.8	$	(82.3)	$	31.8

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 9. Employee Benefit Plans

Equity Incentive Plans

The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. In June 2024, the Company's stockholders approved an additional 7.0 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan and an additional 3.0 million shares of common stock for issuance under the Company's ESPP. As of September 30, 2024, 2.3 million and 4.1 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards (“RSAs”), and PSAs.

After signing the Merger Agreement, the Company has suspended the following aspects of the Company's ESPP: (1) commencing a new offering period, (2) permitting new participants, and (3) any increase in the amount of payroll deductions.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the nine months ended September 30, 2024 were as follows (in millions, except per share amounts and years):


	Outstanding RSUs, RSAs, and PSAs
	Number of Shares	Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Balance as of December 31, 2023	20.2	$	28.10
Granted(*)	8.7	35.40

Vested	(8.4)	26.80
Cancelled	(1.8)	28.16
Balance as of September 30, 2024	18.7	$	32.09	1.3	$	727.6

________________________________

(*) Includes 6.9 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.

Employee Stock Purchase Plan

The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Shares purchased	1.2		1.3		2.5		2.6
Average exercise price per share	$	23.81	$	23.63	$	23.81	$	23.53

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Share-Based Compensation Expense

Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues - Product	$	1.8	$	1.6	$	5.0	$	5.0
Cost of revenues - Service	5.7		5.4		16.1		14.8
Research and development	30.7		34.0		95.6		85.8
Sales and marketing	21.5		23.3		64.3		61.3
General and administrative	10.5		10.4		30.4		30.7
Total	$	70.2	$	74.7	$	211.4	$	197.6

The following table summarizes share-based compensation expense by award type (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options	$	0.2	$	0.4	$	0.8	$	1.8
RSUs, RSAs, and PSAs	64.4		65.9		193.5		173.8
ESPP purchase rights	5.6		8.4		17.1		22.0
Total	$	70.2	$	74.7	$	211.4	$	197.6

As of September 30, 2024, the total unrecognized compensation cost related to unvested share-based awards was $421.6 million to be recognized over a weighted-average period of 2.07 years.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 10. Segments

The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below.

The following table presents net revenues by customer solution (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Customer Solutions(*):
Wide Area Networking	$	363.2	$	436.1	$	1,054.4	$	1,385.2
Data Center	244.6		170.0		576.4		563.9
Campus and Branch	319.3		382.5		839.7		1,070.6
Hardware Maintenance and Professional Services	403.9		409.2		1,199.0		1,180.0
Total	$	1,331.0	$	1,397.8	$	3,669.5	$	4,199.7

________________

(*) 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 changed to Wide Area Networking, 2) Cloud-Ready Data Center changed to Data Center, and 3) AI-Driven Enterprise changed to Campus and Branch.

The following table presents net revenues by customer vertical (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cloud	$	349.6	$	269.6	$	867.5	$	845.5
Service Provider	389.0		418.8		1,138.0		1,442.3
Enterprise	592.4		709.4		1,664.0		1,911.9
Total	$	1,331.0	$	1,397.8	$	3,669.5	$	4,199.7

The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Americas:
United States	$	786.7	$	760.5	$	2,050.7	$	2,270.4
Other	57.4		76.0		172.9		213.2
Total Americas	844.1		836.5		2,223.6		2,483.6
Europe, Middle East, and Africa	302.1		345.4		909.6		1,069.9
Asia Pacific	184.8		215.9		536.3		646.2
Total	$	1,331.0	$	1,397.8	$	3,669.5	$	4,199.7

For the three and nine months ended September 30, 2024 and September 30, 2023, no customer accounted for more than 10% of total net revenues.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 11. Income Taxes

The following table provides details of income taxes (in millions, except percentages):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income before income taxes	$	96.9		$	82.8		$	117.5		$	231.4
Income tax provision (benefit)	$	2.1		$	5.0		$	(14.8)		$	39.6
Effective tax rate	2.2		%	6.0		%	(12.6)		%	17.1		%

The Company’s effective tax rate differs from the federal statutory rate of 21% primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and the capitalization of research and development ("R&D") expenditures, R&D and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments.

The Company’s effective tax rate for the nine months ended September 30, 2024 includes $19.0 million of one-time benefits from tax settlements related to the geographic mix of earnings and $14.0 million of excess tax benefits associated with stock-based compensation.

The Company’s effective tax rate for the nine months ended September 30, 2023 includes one-time benefits from tax legislation changes, restructuring charges, and excess tax benefits associated with stock-based compensation, partially offset by tax expense on adjustments for certain privately-held investments.

As of September 30, 2024, deferred tax assets increased $155.4 million to $796.3 million from $640.9 million at December 31, 2023. Deferred income taxes are classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets.

As of September 30, 2024, the total amount of gross unrecognized tax benefits was $118.2 million. Primarily due to the completion of tax review cycles, the amount decreased by $14.6 million compared to $132.8 million at December 31, 2023.

The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $0.4 million within the next 12 months and $54.6 million within the next 15 months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.

The Company's examination by the IRS for the 2017 through 2018 tax years closed in February 2024. The closure did not have a significant impact to the income tax provision and the Company is not currently under examination by the IRS for other tax years. The Company is under examination by the India tax authorities for the 2012 through 2020 tax years.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 12. Net Income per Share

The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	92.6	$	76.1	$	125.9	$	185.9
Denominator:
Weighted-average shares used to compute basic net income per share	329.4		319.3		325.7		320.3
Dilutive effect of employee stock awards	6.5		4.5		7.7		6.0
Weighted-average shares used to compute diluted net income per share	335.9		323.8		333.4		326.3
Net income per share:
Basic	$	0.28	$	0.24	$	0.39	$	0.58
Diluted	$	0.28	$	0.24	$	0.38	$	0.57

Anti-dilutive shares	—		8.2		—		6.7

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 13. Commitments and Contingencies

Commitments

Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 14, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K.

Purchase Commitments with Contract Manufacturers and Suppliers

In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancellable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $1,158.0 million as of September 30, 2024.

HPE Merger Contingencies

In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $156.0 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees, certain retention bonuses and legal fees.

Legal Proceedings

In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigation, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.

Tax Liability

Our transition tax liability represents future cash payments on accumulated foreign earnings of subsidiaries as a result of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). The Company has elected to pay its transition tax, net of applicable tax refunds, over the eight-year period provided in the Tax Act. The remaining balance of the Company's transition tax obligation of $102.0 million is to be paid within the next 12 months and is included within short-term income taxes payable as of September 30, 2024. Short-term income taxes payable are classified as other accrued liabilities in the Company's Condensed Consolidated Balance Sheets.

As of September 30, 2024, the Company also had $81.1 million included in long-term income taxes payable on the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.

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Juniper Networks, Inc.

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 14. Subsequent Events

Dividend Declaration

On October 31, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on December 23, 2024 to stockholders of record as of the close of business on December 2, 2024.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q, which we refer to as the Report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Juniper Networks, Inc., which we refer to as “Juniper Networks,” “Juniper,” “we,” “us,” or the “Company,” that are based on our current expectations, estimates, forecasts, and projections about our business, our results of operations, the industry in which we operate, our economic and market outlook, and the beliefs and assumptions of our management. These forward-looking statements include, but are not limited to, statements concerning our proposed acquisition by Hewlett Packard Enterprise Company (“HPE”) pursuant to an Agreement and Plan of Merger, dated as of January 9, 2024 (the “Merger Agreement”), by and among Juniper, HPE, and Jasmine Acquisition Sub, Inc., a wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE, including our expectations regarding the timing and completion of the proposed acquisition as well as general business uncertainty relating to the proposed acquisition and the anticipated benefits of the proposed acquisition. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “would,” “will,” “could,” “may,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the impact of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies, continuing supply chain challenges, and our ability to successfully manage the associated demand, supply, and operational impacts, such as excess inventory, as well as our expectations regarding backlog, customer and product mix, changes in overall technology spending by our customers, the timing of orders and their fulfillment, business and economic conditions in the networking industry, our overall future prospects, and the outcome of any legal proceedings that may be instituted against us related to the Merger Agreement, including related disclosures, or the transactions contemplated thereby. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in this Report under the section entitled “Risk Factors” in Item 1A of Part II and elsewhere, and in other reports we file with the U.S. Securities and Exchange Commission, or the SEC. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by any worsening of the global business, financial, political, and economic environments. While forward-looking statements are based on reasonable expectations of our management at the time that they are made, you should not rely on them. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by applicable law.

The following discussion is based upon our unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, of this Report. We intend the discussion of our financial condition and results of operations to provide information that will assist the reader in understanding our Condensed Consolidated Financial Statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting estimates affect our Condensed Consolidated Financial Statements. To aid in understanding our operating results for the periods covered by this Report, we have provided an executive overview, which includes a summary of our business and market environment along with a financial results and key performance metrics overview and a discussion of material events and uncertainties known to management. These sections should be read in conjunction with the more detailed discussion and analysis of our condensed consolidated financial condition and results of operations in this Item 2, our “Risk Factors” section included in Item 1A of Part II of this Report, and our unaudited Condensed Consolidated Financial Statements and Notes included in Item 1 of Part I of this Report, as well as our audited Consolidated Financial Statements and Notes included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or Form 10-K.

Business and Market Environment

Juniper Networks designs, develops, and sells products and services for high-performance networks to enable customers to build scalable, reliable, secure, and cost-effective networks for their businesses, while achieving agility and improved operating efficiency through automation. We sell our solutions in more than 150 countries in three geographic regions: Americas; Europe, Middle East, and Africa, which we refer to as EMEA; and Asia Pacific, which we refer to as APAC. We organize and manage our business by major functional departments on a consolidated basis as one operating segment.

We believe that network connectivity is not the same as experiencing a great network connection. Juniper's AI-Native Networking Platform is built from the ground up to leverage AI to deliver exceptional, highly secure, and sustainable user

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experiences from the edge to the data center and cloud. Our customer solution categories1 include: Campus and Branch, Data Center, and Wide Area Networking, and our connected security products are sold in each category.

•Campus and Branch encompasses client-to-cloud portfolio, cloud-delivered campus wired and wireless solutions of Mist and EX switches, and our SD-WAN portfolio, which includes Session Smart Router, Branch SRX and Network Access Control solutions.

•Data Center includes our QFX switching product line and Juniper Apstra, along with our high-end security portfolio of SRX, targeting data center security for service provider, cloud, and enterprise.

•Wide Area Networking includes our MX, PTX, and ACX routing product lines. It also includes Juniper Paragon, our WAN Automation suite.

In addition to our product offerings, we offer software-as-a-service (”SaaS”), software subscriptions, and other customer services, including maintenance and support, professional services, and education and training programs.

Our products and services address high-performance network requirements for our customers within our verticals: Cloud, Service Provider, and Enterprise who view the network as critical to their success. We believe our silicon, systems, and software represent innovations that transform the economics and experience of networking, helping our customers achieve superior performance, greater choice, and flexibility, while reducing overall total cost of ownership. We are executing against our innovation roadmap as each of our industry verticals transitions to cloud architectures. We focus on compelling and differentiated use cases targeting the Campus and Branch, Data Center, and Wide Area Networking solution categories. We believe our understanding of high-performance networking technology and cloud architecture positions us to effectively capitalize on the industry transition to more automated, cost-efficient, and scalable networks.

HPE Merger Agreement

On January 9, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes.

The Merger Agreement generally requires us to use commercially reasonable efforts to operate our business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict us from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, we are permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share.

The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, we received stockholder approval of the Merger Agreement. If the Merger is consummated, our common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Merger Agreement can be terminated under certain customary circumstances, including by mutual agreement, the imposition of a final and non-appealable governmental order that permanently enjoins or otherwise prohibits the Merger, an uncured breach of the Merger Agreement by the other party, or if the Merger has not been consummated by January 9, 2025, as may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which the Merger Agreement is terminated, HPE is required to pay us a termination fee equal to $815.0 million.

In connection with the pending Merger, we expect to incur additional liabilities of approximately $156.0 million consisting of financial advisory fees, certain retention bonuses and legal fees, that are contingent on the consummation of the Merger.

1 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 changed to Wide Area Networking, 2) Cloud-Ready Data Center changed to Data Center, and 3) AI-Driven Enterprise changed to Campus and Branch.

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See the section entitled “Risk Factors” in Item 1A of Part II of this Report for further discussion about the risks related to the Merger.

Global Supply and Demand Update

Global economic and business activities continue to face widespread macroeconomic uncertainties, including inflation, monetary policy shifts, and turmoil in the geopolitical environment, including the Russia-Ukraine conflict, the political and economic tensions between China and Taiwan, and the escalation of Middle East conflicts and wars. Our overall performance depends in part on global economic conditions, as well as other disruptions and the impacts of such conditions on our customers.

We have a global supply chain, which is primarily composed of manufacturing partners, component suppliers, and third-party logistics partners. In prior periods, certain customers placed advanced product orders in an effort to secure supply and as a result, we experienced elongated sales cycles. We have seen improvements in sales cycles in the first three quarters of 2024 and expect to see continued improvements through the end of 2024.

In prior years, we purchased additional inventory to meet customer demands and to mitigate supply constraints. As customers adopted a more conservative approach to spending, our mitigating actions resulted in increased inventory levels, and we increased inventory obsolescence charges in 2023. The inventory levels and excess and obsolescence charges have declined during 2024 and are expected to continue to decline through the end of 2024.

Management continues to actively monitor the impact of macroeconomic factors on the Company's financial condition, liquidity, operations, suppliers, industry, and workforce. The extent of the impact on our operations and financial performance, our ability to execute our business strategies, and initiatives in the expected time frame, will depend on the impact of macroeconomic factors on our customers, partners, employees, contract manufacturers and supply chain. See the section entitled “Risk Factors” in Item 1A of Part II of this Report for further discussion.

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Financial Results and Key Performance Metrics Overview

The following table provides an overview of our financial results and key financial metrics (in millions, except per share amounts, percentages, and days sales outstanding, or DSO):


	Three Months Ended September 30,										Nine Months Ended September 30,
	2024			2023			$ Change		% Change		2024			2023			$ Change		% Change
Net revenues	$	1,331.0		$	1,397.8		$	(66.8)	(5)	%	$	3,669.5		$	4,199.7		$	(530.2)	(13)	%
Gross margin	$	773.4		$	810.4		$	(37.0)	(5)	%	$	2,142.8		$	2,394.7		$	(251.9)	(11)	%
Percentage of net revenues	58.1		%	58.0		%					58.4		%	57.0		%
Operating income	$	94.1		$	87.6		$	6.5	7	%	$	124.9		$	344.4		$	(219.5)	(64)	%
Percentage of net revenues	7.1		%	6.3		%					3.4		%	8.2		%
Net income	$	92.6		$	76.1		$	16.5	22	%	$	125.9		$	185.9		$	(60.0)	(32)	%
Percentage of net revenues	7.0		%	5.4		%					3.4		%	4.4		%
Net income per share:
Basic	$	0.28		$	0.24		$	0.04	17	%	$	0.39		$	0.58		$	(0.19)	(33)	%
Diluted	$	0.28		$	0.24		$	0.04	17	%	$	0.38		$	0.57		$	(0.19)	(33)	%

Operating cash flows											$	508.3		$	863.7		$	(355.4)	(41)	%
Stock repurchase plan activity	$	—		$	125.0		$	(125.0)	(100)	%	$	—		$	385.0		$	(385.0)	(100)	%
Cash dividends declared per common stock	$	0.22		$	0.22		$	—	—	%	$	0.66		$	0.66		$	—	—	%
DSO	65			60			5		8	%

											As of
											September 30, 2024			December 31, 2023			$ Change		% Change
Deferred revenue:
Deferred product revenue											$	60.7		$	92.1		$	(31.4)	(34)	%
Deferred service revenue											2,007.6			1,932.8			74.8		4	%
Total											$	2,068.3		$	2,024.9		$	43.4	2	%

Deferred revenue from customer solutions(*)											$	916.3		$	843.4		$	72.9	9	%
Deferred revenue from hardware maintenance and professional services											1,152.0			1,181.5			(29.5)		(2)	%
Total											$	2,068.3		$	2,024.9		$	43.4	2	%

______________________

(*) Includes deferred revenue from hardware solutions, software licenses, software support and maintenance, and SaaS offerings sold in our Campus and Branch, Data Center, and Wide Area Networking customer solution categories.

•Net Revenues: Product net revenues decreased during the three and nine months ended September 30, 2024, compared to the same periods in 2023, due to declines in Wide Area Networking and Campus and Branch, partially offset by an increase in Data Center, and from a vertical standpoint, the decrease was due to Service Provider and Enterprise, partially offset by an increase in Cloud. Service net revenues increased during the three and nine months ended September 30, 2024, compared to the same periods in 2023, primarily driven by strong sales of software support and hardware support contracts and SaaS.

Of our top ten customers for the third quarter of 2024, five were in Cloud, three were in Service Provider, and two were in Enterprise. Of these customers, one was located outside of the U.S.

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•Gross Margin: Gross margin as a percentage of net revenues increased primarily due to higher service revenue mix and lower inventory-related expenses partially offset by unfavorable product mix and lower revenue.

•Operating Margin: Operating income as a percentage of net revenues increased during the three months ended September 30, 2024, compared to the same period in 2023 primarily due to higher restructuring costs in the prior year, and the drivers described in the gross margin discussion above. Operating margin decreased during the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to merger-related charges incurred in connection with our pending acquisition by HPE, partially offset by the drivers described in the gross margin discussion above.

•Operating Cash Flows: Net cash provided by operations decreased primarily due to lower customer collections, resumption of normal timing of cash tax payments post-expiration of IRS relief for the California floods in October 2023, and one-time gain from unwinding of interest rate swap locks in August 2023, partially offset by lower supplier payments.

•Capital Return: We continue to return capital to our stockholders. During the three and nine months ended September 30, 2024, we paid a quarterly dividend of $0.22 per share, for an aggregate amount of $72.7 million and $215.6 million, respectively.

•Annual Recurring Revenue (“ARR”): ARR represents annual recurring revenue from renewable contracts with customers for software licenses, software support and maintenance, and SaaS expected to be recognized over an annual period of time. ARR includes the implied annualized billing value of contracts that are active as of the end of the periods presented. ARR excludes (i) software licenses recognized as revenue at a point in time and (ii) revenue included in bundled hardware maintenance stock-keeping units that is allocable to software-related maintenance. As of September 30, 2024, ARR was $451.7 million, compared to $357.4 million as of September 30, 2023, and the increase was primarily driven by strong sales of SaaS subscriptions.

•DSO: DSO is calculated as the ratio of ending accounts receivable, net of allowances, divided by average daily net revenues for the preceding 90 days. DSO increased primarily due to invoicing, which occurred later in the quarter, in addition to lower product revenue.

•Deferred Revenue: Total deferred revenue increased as of September 30, 2024, compared to December 31, 2023, primarily driven by the timing of contract renewals and an increase in deferrals of SaaS subscriptions and software and related services.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. On an ongoing basis, we evaluate our estimates and assumptions. These estimates and assumptions are based on current facts, historical experience, and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

During the nine months ended September 30, 2024, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Form 10-K.

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Results of Operations

Revenues

The following table presents net revenues by customer solution, customer vertical, and geographic region (in millions, except percentages):


	Three Months Ended September 30,										Nine Months Ended September 30,
	2024			2023			$ Change		% Change		2024			2023			$ Change		% Change
Customer Solutions:
Wide Area Networking	$	363.2		$	436.1		$	(72.9)	(17)	%	$	1,054.4		$	1,385.2		$	(330.8)	(24)	%
Percentage of net revenues	27.3		%	31.2		%					28.7		%	33.0		%
Data Center	244.6			170.0			74.6		44	%	576.4			563.9			12.5		2	%
Percentage of net revenues	18.4		%	12.2		%					15.7		%	13.4		%
Campus and Branch	319.3			382.5			(63.2)		(17)	%	839.7			1,070.6			(230.9)		(22)	%
Percentage of net revenues	24.0		%	27.4		%					22.9		%	25.5		%
Hardware Maintenance and Professional Services	403.9			409.2			(5.3)		(1)	%	1,199.0			1,180.0			19.0		2	%
Percentage of net revenues	30.3		%	29.2		%					32.7		%	28.1		%
Total net revenues	$	1,331.0		$	1,397.8		$	(66.8)	(5)	%	$	3,669.5		$	4,199.7		$	(530.2)	(13)	%

Cloud	$	349.6		$	269.6		$	80.0	30	%	$	867.5		$	845.5		$	22.0	3	%
Percentage of net revenues	26.3		%	19.2		%					23.7		%	20.2		%
Service Provider	389.0			418.8			(29.8)		(7)	%	1,138.0			1,442.3			(304.3)		(21)	%
Percentage of net revenues	29.2		%	30.0		%					31.0		%	34.3		%
Enterprise	592.4			709.4			(117.0)		(16)	%	1,664.0			1,911.9			(247.9)		(13)	%
Percentage of net revenues	44.5		%	50.8		%					45.3		%	45.5		%
Total net revenues	$	1,331.0		$	1,397.8		$	(66.8)	(5)	%	$	3,669.5		$	4,199.7		$	(530.2)	(13)	%

Americas:
United States	$	786.7		$	760.5		$	26.2	3	%	$	2,050.7		$	2,270.4		$	(219.7)	(10)	%
Other	57.4			76.0			(18.6)		(24)	%	172.9			213.2			(40.3)		(19)	%
Total Americas	844.1			836.5			7.6		1	%	2,223.6			2,483.6			(260.0)		(10)	%
Percentage of net revenues	63.4		%	59.9		%					60.6		%	59.1		%
EMEA	302.1			345.4			(43.3)		(13)	%	909.6			1,069.9			(160.3)		(15)	%
Percentage of net revenues	22.7		%	24.7		%					24.8		%	25.5		%
APAC	184.8			215.9			(31.1)		(14)	%	536.3			646.2			(109.9)		(17)	%
Percentage of net revenues	13.9		%	15.4		%					14.6		%	15.4		%
Total net revenues	$	1,331.0		$	1,397.8		$	(66.8)	(5)	%	$	3,669.5		$	4,199.7		$	(530.2)	(13)	%

Three Months Ended September 30, 2024 compared with the Three Months Ended September 30, 2023

Total net revenues decreased primarily due to decreases in Wide Area Networking, Campus and Branch, and Hardware Maintenance and Professional Services, which were mainly driven by lower sales volume, partially offset by an increase in Data Center.

The Wide Area Networking revenue and Campus and Branch revenue decreased due to Enterprise and Service Provider, partially offset by a growth in Cloud.

The Data Center revenue increased primarily due to increases in Cloud and Enterprise, partially offset by a decline in Service Provider.

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Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023

Total net revenues decreased primarily due to decreases in Wide Area Networking and Campus and Branch, which were mainly driven by lower sales volume, partially offset by an increase in Data Center and Hardware Maintenance and Professional Services.

The Wide Area Networking revenue and Campus and Branch revenue decreased across all verticals.

The Data Center revenue increased due to an increase in Cloud, partially offset by declines in Service Provider and Enterprise.

Also, software and security products and services represent key areas of our strategic focus that are critical components to our business success. Software and related service offerings include revenue from software license, software support and maintenance and SaaS contracts, except for revenue included in bundled hardware maintenance stock-keeping units that is allocable to software-related maintenance. Total security offerings include revenue from our complete portfolio of hardware and software security products, including SD-WAN solutions, as well as services related to our security solutions.

The following table presents net revenues from software and security products and services (in millions, except percentages):


	Three Months Ended September 30,										Nine Months Ended September 30,
	2024			2023			$ Change		% Change		2024			2023			$ Change		% Change
Software and Related Services	$	331.1		$	313.3		$	17.8	6	%	$	938.8		$	863.8		$	75.0	9	%
Percentage of net revenues	24.9		%	22.4		%					25.6		%	20.6		%
Total Security	$	137.1		$	159.8		$	(22.7)	(14)	%	$	391.7		$	509.0		$	(117.3)	(23)	%
Percentage of net revenues	10.3		%	11.4		%					10.7		%	12.1		%

Gross Margins

The following table presents gross margins (in millions, except percentages):


	Three Months Ended September 30,										Nine Months Ended September 30,
	2024			2023			$ Change		% Change		2024			2023			$ Change		% Change
Product gross margin	$	407.4		$	452.5		$	(45.1)	(10)	%	$	1,060.4		$	1,402.7		$	(342.3)	(24)	%
Percentage of product revenues	49.9		%	50.4		%					49.3		%	50.6		%
Service gross margin	366.0			357.9			8.1		2	%	1,082.4			992.0			90.4		9	%
Percentage of service revenues	71.2		%	71.6		%					71.2		%	69.6		%
Total gross margin	$	773.4		$	810.4		$	(37.0)	(5)	%	$	2,142.8		$	2,394.7		$	(251.9)	(11)	%
Percentage of net revenues	58.1		%	58.0		%					58.4		%	57.0		%

Our gross margins as a percentage of net revenues have been and will continue to be affected by a variety of factors, including general inflationary pressures, the mix and average selling prices of our products and services, new product introductions and enhancements, manufacturing, component costs, and logistics costs, expenses for inventory obsolescence and warranty obligations, cost of support and service personnel, customer mix as we continue to expand our footprint with certain strategic customers, the mix of distribution channels through which our products and services are sold, and import tariffs. See the “Risk Factors” section of Item 1A of Part II of this Report.

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Three Months Ended September 30, 2024 compared with the Three Months Ended September 30, 2023

Product gross margin

Product gross margin as a percentage of product revenues decreased primarily due to unfavorable revenue mix, partially offset by lower inventory-related expenses. We continue to undertake specific efforts to address certain factors impacting our product gross margin. These efforts include performance and quality improvements through engineering to increase value across our products; optimizing our supply chain and service business; pricing management; and increasing software and solution sales.

Service gross margin

Service gross margin as a percentage of service net revenues decreased primarily due to higher service delivery costs.

Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023

Product gross margin

Product gross margin as a percentage of product revenues decreased primarily due to unfavorable revenue mix and lower volume, partially offset by lower inventory-related expenses.

Service gross margin

Service gross margin as a percentage of service net revenues increased primarily due to higher revenue, a 4% increase in maintenance revenue, 44% increase in SaaS revenue, 28% increase in professional services revenue, and ongoing productivity improvements.

Operating Expenses

The following table presents operating expenses (in millions, except percentages):


	Three Months Ended September 30,										Nine Months Ended September 30,
	2024			2023			$ Change		% Change		2024			2023			$ Change		% Change
Research and development	$	290.6		$	288.5		$	2.1	1	%	$	861.8		$	855.3		$	6.5	1	%
Percentage of net revenues	21.8		%	20.6		%					23.5		%	20.4		%
Sales and marketing	308.2			311.5			(3.3)		(1)	%	911.0			923.0			(12.0)		(1)	%
Percentage of net revenues	23.1		%	22.3		%					24.8		%	22.0		%
General and administrative	62.1			60.3			1.8		3	%	183.6			193.5			(9.9)		(5)	%
Percentage of net revenues	4.7		%	4.3		%					5.0		%	4.6		%
Restructuring charges	4.8			62.5			(57.7)		(92)	%	10.5			78.5			(68.0)		(87)	%
Percentage of net revenues	0.4		%	4.5		%					0.3		%	1.9		%
Merger-related charges	13.6			—			13.6		N/M		51.0			—			51.0		N/M
Percentage of net revenues	1.0		%	—		%					1.4		%	—		%
Total operating expenses	$	679.3		$	722.8		$	(43.5)	(6)	%	$	2,017.9		$	2,050.3		$	(32.4)	(2)	%
Percentage of net revenues	51.0		%	51.7		%					55.0		%	48.8		%

______________________

N/M - Not meaningful

Three Months Ended September 30, 2024 compared with the Three Months Ended September 30, 2023

Total operating expenses decreased primarily due to lower restructuring charges, partially offset by merger-related charges incurred in 2024 and to a lesser extent by higher variable compensation .

Nine Months Ended September 30, 2024 compared with the Nine Months Ended September 30, 2023

Total operating expenses decreased primarily due to lower restructuring charges, a decrease in marketing and personnel-related spend and a reduction in legal and other professional services, partially offset by merger-related charges incurred in 2024, including professional services and financial advisory fees incurred directly in connection with the pending Merger.

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Gain (Loss) on Privately-Held Investments, Net

The following table presents the gain (loss) on privately-held investments, net (in millions, except percentages):


	Three Months Ended September 30,							Nine Months Ended September 30,
	2024		2023		$ Change		% Change	2024		2023		$ Change		% Change
Gain (loss) on privately-held investments, net	$	0.5	$	—	$	0.5	N/M	$	(13.1)	$	(92.0)	$	78.9	(86)	%
Percentage of net revenues

JUNIPER NETWORKS INC 10-Q