Juniper Networks (JNPR) 8-K Juniper Networks Reports Preliminary Third Quarter 2018 Financial Results

Exhibit 99.1

Investor Relations:

Jess Lubert

Juniper Networks

(408)936-3734

jlubert@juniper.net

Media Relations:

Leslie Moore

Juniper Networks

(408)936-5767

llmoore@juniper.net

JUNIPER NETWORKS REPORTS PRELIMINARY THIRD QUARTER 2018 FINANCIAL RESULTS

SUNNYVALE, Calif., October 23, 2018-Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, today reported preliminary financial results for the three months ended September 30, 2018 and provided its outlook for the three months ending December 31, 2018.

Third Quarter 2018 Financial Performance

Net revenues were $1,179.8 million, a decrease of 6.0% year-over-year, and a decrease of 2.0% sequentially.

GAAP operating margin was 13.6%, a decrease from 18.4% in the third quarter of 2017, and an increase from 13.3% in the second quarter of 2018.

Non-GAAP operating margin was 20.0%, a decrease from 23.5% in the third quarter of 2017, and an increase from 18.5% in the second quarter of 2018.

GAAP net income was $223.8 million, an increase of 35.0% year-over-year and an increase of 92.0% sequentially, resulting in diluted earnings per share of $0.64.

Non-GAAP net income was $191.0 million, a decrease of 10.0% year-over-year and an increase of 12.0% sequentially, resulting in diluted earnings per share of $0.54.

The reconciliation between GAAP andnon-GAAP results of operations is provided in a table immediately following the Preliminary Net Revenues by Geographic Region table below.

“We reported better than expected Q3 results, as continued enterprise strength and better than expected service provider results more than offset weakness in the cloud,” said Rami Rahim, chief executive officer, Juniper Networks. “While our Q4 outlook is being impacted by the pace of deployments at several cloud customers, we believe this is a temporary headwind and remain confident that we have the right products and strategy in place to grow the business in 2019.”

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“We delivered better than expectednon-GAAP earnings during Q3, as gross margin exceeded thehigh-end of our forecast and operating expenses came in at thelow-end of our outlook. We also completed our $750 million accelerated share repurchase in the period,” said Ken Miller, chief financial officer, Juniper Networks. “While we believe we are making the investments needed to win in the market, we remain focused on capturing additional efficiencies and creating shareholder value.”

Balance Sheet and Other Financial Results

Total cash, cash equivalents, and investments as of September 30, 2018 were $3,648.0 million, compared to $4,199.3 million as of September 30, 2017, and $3,530.5 million as of June 30, 2018.

Net cash flows provided by operations for the third quarter of 2018 was $207.3 million, compared to $201.4 million in the third quarter of 2017, and $170.3 million in the second quarter of 2018.

Days sales outstanding in accounts receivable, or “DSO,” was 49 days in the third quarter of 2018, compared to 52 days in the third quarter of 2017, and 52 days in the second quarter of 2018.

Capital expenditures were $31.6 million, and depreciation and amortization expense was $48.8 million during the third quarter of 2018.

Juniper’s Board of Directors has declared a quarterly cash dividend of $0.18 per share to be paid on December 26, 2018 to shareholders of record as of the close of business on December 5, 2018.

Outlook

These metrics are provided on anon-GAAP basis, except for revenue and share count.Non-GAAP earnings per share is on a fully diluted basis. The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.

While we were previously expecting Q4 to return to growth on a year-over-year basis, themid-point of our revenue guidance reflects a year-over-year decline due to the slower pace of expected deployments in Cloud.

At this time, the Chinese tariffs are not expected to have a material direct impact on our Q4’18 financial results. However, customer buying behavior could be affected and gross margin could be slightly impacted.

While we expect to see gross margin benefit from volume in Q4’18, our guidance is down sequentially due to more normalized product and geographic mix. We continue to undertake specific efforts to improve our gross margin. These efforts include value engineering, optimizing our supply chain and Service business, pricing management and increasing software and solution sales.

With higher interest rates, other income and expense is likely to be lower going forward,in-line with our Q3’18 result.

While we expect our Q4’18non-GAAP tax rate to be approximately 18%, we believe ourgo-forwardnon-GAAP tax rate will be approximately 19% to 20%.

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Our guidance for the quarter ending December 31, 2018 is as follows:

Revenue will be approximately $1,220.0 million, plus or minus $30.0 million.

Non-GAAP gross margin will be approximately 60.0%, plus or minus 1.0%.

Non-GAAP operating expenses will be approximately $490.0 million, plus or minus $5.0 million.

Non-GAAP operating margin will be approximately 20.0% at the midpoint of revenue guidance.

Non-GAAP tax rate will be approximately 18.0%.

Non-GAAP net income per share will be approximately $0.57, plus or minus $0.03. This assumes a share count of approximately 350 million.

The guidance above is provided under ASC 606.

We plan to host an Investor Day in New York City on Friday, November 9, 2018. Additional information on this event is available at http://investor.juniper.net.

All forward-lookingnon-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, supplier component remediation charges and recoveries, gain or loss on equity investments, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform,non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect ofnon-GAAP exclusions, and do not include the impact of tariffs and the impact of any future acquisitions, divestitures, or joint ventures that may occur in the period. Juniper is unable to provide a reconciliation ofnon-GAAP guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. For example, share-based compensation expense is impacted by the Company’s future hiring needs, the type and volume of equity awards necessary for such future hiring, and the price at which the Company’s stock will trade in those future periods. Amortization of intangible assets is significantly impacted by the timing and size of any future acquisitions. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically and may continue to vary significantly from quarter to quarter.

Third Quarter 2018 Financial Commentary Available Online

A CFO Commentary reviewing the Company’s third quarter 2018 financial results, as well as fourth quarter 2018 financial outlook will be furnished to the SEC on Form8-K and published on the Company’s website athttp://investor.juniper.net. Analysts and investors are encouraged to review this commentary prior to participating in the conference call webcast.

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Conference Call Webcast

Juniper Networks will host a conference call webcast today, October 23, 2018, at 2:00 pm PT, to be broadcast live over the Internet athttp://investor.juniper.net. To participate via telephone in the US, the toll freedial-in number is1-877-407-8033. Outside the US, dial+1-201-689-8033. Please call 10 minutes prior to the scheduled conference call time. The webcast replay will be archived on the Juniper Networks website.

About Juniper Networks

Juniper Networks simplifies the complexities of networking with products, solutions and services in the cloud era to transform the way we connect, work and live. We remove the traditional constraints of networking to enable our customers and partners to deliver automated, scalable and secure networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net).

Investors and others should note that the Company announces material financial and operational information to its investors using its Investor Relations website, press releases, SEC filings and public conference calls and webcasts. The Company also intends to use the Twitter account @JuniperNetworks and the Company’s blogs as a means of disclosing information about the Company and for complying with its disclosure obligations under Regulation FD. The social media channels that the Company intends to use as a means of disclosing information described above may be updated from time to time as listed on the Company’s Investor Relations website.

Juniper Networks, the Juniper Networks logo, Juniper, and Junos are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Safe Harbor

Statements in this release concerning Juniper Networks’ business outlook, economic and market outlook, including pricing pressure, product mix and currency exchange rates; our future financial and operating results; expectations with respect to our market trends; expectations as to the timing of deployments; our expectations regarding the impact of tariffs on our financial results and the purchasing behavior of our customers; the strength of our solution portfolio and strategy; our ability to expand business opportunities, improve profitability and make necessary investments; our expectations around obtaining revenue and margin growth; our future financial and operating results, including our financial guidance; and our overall future prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity requirements of our customers and, in particular, cloud and communication service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; manufacturing and supply chain constraints, changes or disruptions; availability of key product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act; litigation settlements and resolutions; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the impact of import tariffs, depending on their scope and how they are implemented; and other factors listed in Juniper Networks’ most recent report on Form10-Q or10-K filed with the Securities and Exchange Commission. Note that our estimates as

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to tax rate and the impact of the Tax Cuts and Jobs Act on our business are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of the Act, as well as additional legislation and guidance around the Act. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release.

Use ofNon-GAAP Financial Information

Juniper Networks believes that the presentation ofnon-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. For further information regarding why Juniper Networks believes that thesenon-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Discussion ofNon-GAAP Financial Measures” section of this press release. The following tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net.

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Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net revenues:
Product	$	794.7		$	869.7		$	2,330.4		$	2,615.8
Service		385.1			388.1			1,136.1			1,171.9
Total net revenues		1,179.8			1,257.8			3,466.5			3,787.7
Cost of revenues:
Product		312.5			336.0			955.5			1,026.4
Service		156.3			149.4			480.7			440.4
Total cost of revenues		468.8			485.4			1,436.2			1,466.8
Gross margin		711.0			772.4			2,030.3			2,320.9
Operating expenses:
Research and development		253.8			236.4			772.0			752.8
Sales and marketing		224.8			232.5			702.5			716.6
General and administrative		67.9			70.6			178.1			176.7
Restructuring charges		4.4			2.0			2.3			29.4
Total operating expenses		550.9			541.5			1,654.9			1,675.5
Operating income		160.1			230.9			375.4			645.4
Other expense, net		(8.1	)		(5.1	)		(31.1	)		(33.8	)
Income before income taxes		152.0			225.8			344.3			611.6
Income tax (benefit) provision		(71.8	)		60.1			(30.4	)		157.3
Net income	$	223.8		$	165.7		$	374.7		$	454.3
Net income per share:
Basic	$	0.65		$	0.44		$	1.07		$	1.20
Diluted	$	0.64		$	0.43		$	1.05		$	1.18
Shares used in computing net income per share:
Basic		346.2			378.3			350.1			380.0
Diluted		350.5			382.7			355.2			386.5
Cash dividends declared per common stock	$	0.18		$	0.10		$	0.54		$	0.30

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Juniper Networks, Inc.

Preliminary Net Revenues by Product and Service

(in millions)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Routing	$	496.4	$	585.8	$	1,395.1	$	1,679.9
Switching		221.1		212.6		705.9		730.2
Security		77.2		71.3		229.4		205.7
Total Product		794.7		869.7		2,330.4		2,615.8
Total Service		385.1		388.1		1,136.1		1,171.9
Total	$	1,179.8	$	1,257.8	$	3,466.5	$	3,787.7

Juniper Networks, Inc.

Preliminary Net Revenues by Vertical

(in millions)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Cloud	$	250.0	$	344.9	$	798.1	$	1,056.1
Service Provider		543.6		576.9		1,546.8		1,707.8
Enterprise		386.2		336.0		1,121.6		1,023.8
Total	$	1,179.8	$	1,257.8	$	3,466.5	$	3,787.7

Juniper Networks, Inc.

Preliminary Net Revenues by Geographic Region

(in millions)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Americas	$	643.1	$	729.2	$	1,906.4	$	2,241.6
Europe, Middle East, and Africa		329.9		298.6		946.8		871.3
Asia Pacific		206.8		230.0		613.3		674.8
Total	$	1,179.8	$	1,257.8	$	3,466.5	$	3,787.7

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Juniper Networks, Inc.

Preliminary Reconciliations between GAAP andnon-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

		Three Months Ended
		September 30, 2018			June 30, 2018			September 30, 2017
GAAP operating income		$	160.1		$	159.8		$	230.9
GAAP operating margin			13.6	%		13.3	%		18.4	%
Share-based compensation expense	C		53.2			56.6			45.0
Share-based payroll tax expense	C		0.4			0.6			0.3
Amortization of purchased intangible assets	A		4.4			4.3			4.1
Restructuring charges (benefits)	B		4.4			(0.2	)		2.0
Acquisition-related charges	A		—			—			1.4
Strategic partnership-related charges	B		0.9			1.2			—
Legal reserve and settlement charges	B		12.0			—			13.2
Supplier component remediation recovery	B		—			—			(1.0	)
Non-GAAP operating income		$	235.4		$	222.3		$	295.9
Non-GAAP operating margin			20.0	%		18.5	%		23.5	%
GAAP net income		$	223.8		$	116.5		$	165.7
Share-based compensation expense	C		53.2			56.6			45.0
Share-based payroll tax expense	C		0.4			0.6			0.3
Amortization of purchased intangible assets	A		4.4			4.3			4.1
Restructuring charges (benefits)	B		4.4			(0.2	)		2.0
Acquisition-related charges	A		—			—			1.4
Strategic partnership-related charges	B		0.9			1.2			—
Legal reserve and settlement charges	B		12.0			—			13.2
Supplier component remediation recovery	B		—			—			(1.0	)
Loss (gain) on equity investments	B		2.8			—			(3.6	)
Recognition of previously unrecognized tax benefits	B		(67.6	)		—			—
Reduction of expected tax liabilities from tax accounting method change	B		(33.2	)		—			—
Income tax effect ofnon-GAAP exclusions	B		(10.1	)		(8.8	)		(16.0	)
Non-GAAP net income		$	191.0		$	170.2		$	211.1
GAAP diluted net income per share		$	0.64		$	0.33		$	0.43
Non-GAAP diluted net income per share	D	$	0.54		$	0.48		$	0.55
Shares used in computing diluted net income per share			350.5			351.3			382.7

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Discussion ofNon-GAAP Financial Measures

This press release, including the tables above, includes the followingnon-GAAP financial measures derived from our Preliminary Condensed Consolidated Statements of Operations: operating income; operating margin; net income; and diluted net income per share. These measures are not presented in accordance with, nor are they a substitute for GAAP. In addition, these measures may be different fromnon-GAAP measures used by other companies, limiting their usefulness for comparison purposes. Thenon-GAAP financial measures used in the table above should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use ofnon-GAAP financial measures as an analytical tool. In particular, certain of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future.

We utilize a number of different financial measures, both GAAP andnon-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of thenon-GAAP measures presented above to be helpful in assessing the performance of the continuing operation of our business. By continuing operation, we mean the ongoing revenue and expenses of the business, excluding certain items that render comparisons with prior periods or analysis ofon-going operating trends more difficult, such as expenses not directly related to the actual cash costs of development, sale, delivery or support of our products and services, or expenses that are reflected in periods unrelated to when the actual amounts were incurred or paid. Consistent with this approach, we believe that disclosingnon-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. In addition, we have historically reportednon-GAAP results to the investment community and believe that continuing to providenon-GAAP measures provides investors with a tool for comparing results over time. In assessing the overall health of our business for the periods covered by the table above and, in particular, in evaluating the financial line items presented in the table above, we have excluded items in the following three general categories, each of which are described below: Acquisition-Related Charges, Other Items, and Share-Based Compensation Related Items. We also provide additional detail below regarding the shares used to calculate ournon-GAAP net income per share. Notes identified for line items in the table above correspond to the appropriate note description below. With respect to the items excluded from our forward-lookingnon-GAAP measures and reconciliation of such measures, please see the “Outlook” section above.

Note A: Acquisition-Related Charges. We exclude certain expense items resulting from acquisitions including amortization of purchased intangible assets associated with our acquisitions. The amortization of purchased intangible assets associated with our acquisitions results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, acquisitions result innon-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. We believe that providingnon-GAAP information for acquisition-related expense items in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.

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Note B: Other Items. We exclude certain other items that are the result of either unique or unplanned events, including the following, when applicable: (i) restructuring charges or benefits; (ii) strategic partnership-related charges (iii) legal reserve and settlement charges or benefits; (iv) supplier component remediation charges or recovery; (v) gain or loss on equity investments; (vi) significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform; (vii) recognition of previously unrecognized tax benefits that arenon-recurring in nature; (viii) the income tax effect on our financial statements of excluding items related to ournon-GAAP financial measures. It is difficult to estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these unique or unplanned transactions may limit the comparability of ouron-going operations with prior and future periods. Restructuring benefits or charges result from events that arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. These expenses do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. We also exclude certain expenses incurred for the formation of a strategic partnership, as they are directly related to an event that is distinct and does not reflect current ongoing business operations. In the case of legal reserves and settlements, these gains or losses are recorded in the period in which the matter is concluded or resolved even though the subject matter of the underlying dispute may relate to multiple or different periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. Additionally, we exclude previously unrecognized tax benefits that arenon-recurring in nature which are recorded in the period in which applicable statutes of limitation lapse or upon the completion of tax review cycles as the tax matter may relate to multiple or different periods. Further, the impact of certain income tax reform, including the revaluation of our deferred tax assets and liabilities are unique events that occur in periods that are generally unrelated to the level of business activity to which such tax reform or legislation applies. We believe these tax events limit the comparability with prior periods and that these expenses or benefits do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred. We also believe providing financial information with and without the income tax effect of excluding items related to ournon-GAAP financial measures provide our management and users of the financial statements with better clarity regarding theon-going performance and future liquidity of our business. Because of these factors, we assess our operating performance with these amounts both included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.

Note C: Share-Based Compensation Related Items. We providenon-GAAP information relative to our expense for share-based compensation and related payroll tax. Due to the varying available valuation methodologies, subjective assumptions and the variety of award types, which affect the calculations of share-based compensation, we believe that the exclusion of share-based compensation and related payroll tax allows for more accurate comparisons of our operating results to our peer companies and is useful to investors to understand the impact of share-based compensation to our results of operations. Further, expense associated with granting share-based awards does not reflect any cash expenditures by the company as no cash is expended.

Note D:Non-GAAP Net Income Per Share Items. We provide dilutednon-GAAP net income per share. The dilutednon-GAAP net income per share includes additional dilution from potential issuance of common stock, except when such issuances would be anti-dilutive.

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Juniper Networks, Inc.

Preliminary Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

	September 30, 2018		December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	2,501.7	$	2,006.5
Short-term investments		887.3		1,026.1
Accounts receivable, net of allowances		648.3		852.0
Prepaid expenses and other current assets		253.4		299.9
Total current assets		4,290.7		4,184.5
Property and equipment, net		967.6		1,021.1
Long-term investments		259.0		988.4
Purchased intangible assets, net		115.0		128.1
Goodwill		3,094.3		3,096.2
Other long-term assets		373.7		415.5
Total assets	$	9,100.3	$	9,833.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	184.7	$	217.6
Accrued compensation		177.2		186.0
Deferred revenue		814.1		1,030.3
Short-term debt		349.7		—
Other accrued liabilities		214.8		304.3
Total current liabilities		1,740.5		1,738.2
Long-term debt		1,788.6		2,136.3
Long-term deferred revenue		351.2		509.0
Long-term income taxes payable		436.7		650.6
Other long-term liabilities		132.4		118.8
Total liabilities		4,449.4		5,152.9
Total stockholders’ equity		4,650.9		4,680.9
Total liabilities and stockholders’ equity	$	9,100.3	$	9,833.8

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Juniper Networks, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

	Nine Months Ended September 30,
	2018			2017(*)
Cash flows from operating activities:
Net income	$	374.7		$	454.3
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense		180.2			151.1
Depreciation, amortization, and accretion		159.2			169.7
Other		3.5			(6.7	)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net		200.9			331.9
Prepaid expenses and other assets		43.9			51.2
Accounts payable		(27.6	)		(11.5	)
Accrued compensation		(4.2	)		(60.6	)
Income taxes payable		(244.0	)		8.8
Other accrued liabilities		(14.5	)		(20.3	)
Deferred revenue		(23.4	)		(21.2	)
Net cash provided by operating activities		648.7			1,046.7
Cash flows from investing activities:
Purchases of property and equipment		(110.9	)		(97.6	)
Purchases ofavailable-for-sale debt securities		(608.1	)		(1,298.6	)
Proceeds from sales ofavailable-for-sale debt securities		1,012.2			761.2
Proceeds from maturities and redemptions ofavailable-for-sale debt securities		446.6			521.3
Purchases of equity securities		(8.1	)		(13.7	)
Proceeds from sales of equity securities		29.8			1.3
Proceeds from Pulse note receivable		—			75.0
Payment of escrow balance related to prior year acquisitions		(31.5	)		—
Payments for business acquisitions, net of cash and cash equivalents acquired		—			(27.0	)
Net cash provided by (used in) investing activities		730.0			(78.1	)
Cash flows from financing activities:
Repurchase and retirement of common stock		(755.5	)		(395.5	)
Proceeds from issuance of common stock		56.8			64.4
Payment of dividends		(187.0	)		(113.5	)
Change in customer financing arrangement		(16.9	)		—
Other		(1.5	)		—
Net cash used in financing activities		(904.1	)		(444.6	)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash		(10.9	)		13.3
Net increase in cash, cash equivalents, and restricted cash		463.7			537.3
Cash, cash equivalents, and restricted cash at beginning of period		2,059.1			1,880.6
Cash, cash equivalents, and restricted cash at end of period	$	2,522.8		$	2,417.9

^(*) During the first quarter of fiscal 2018, the Company adopted the new accounting pronouncement requiring classification of restricted cash to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. The adoption of this standard resulted in $47.4 million and $54.2 million increase in cash, cash equivalents and restricted cash in the beginning and ending balances, respectively for the nine months ended September 30, 2017. The adoption did not have a material impact on the cash flow activity presented on the Company’s Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017. The Company applied this provision on a retrospective basis.

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