Other Financial Highlights
Total cash, cash equivalents and investments as of March 31, 2013 were $3,672 million, compared to $3,837 million as of December 31, 2012 and $4,216 million as of March 31, 2012.
Juniper's net cash outflow from operations for the first quarter of 2013 was ($9) million, compared to net cash provided by operations of $155 million in the fourth quarter of 2012, and $102 million in the first quarter of 2012. The cash outflow in the quarter was primarily due to a sequential increase in accounts receivable, annual payments for incentive compensation, the timing of payments to our supply chain and lower net income. In Q2, the Company expects to return to its historical pattern of strong positive cash flows.
Days sales outstanding in accounts receivable ("DSO") was 45 days in the first quarter of 2013, compared to 35 days in the prior quarter and 39 days in the first quarter of 2012.
For the first quarter, Juniper repurchased 6.2 million shares at an average share price of $20.99 per share for a total of $130 million.
Capital expenditures, as well as depreciation and amortization of intangible assets expense during the first quarter of 2013 were $72 million and $52 million, respectively.
Juniper's outlook for the June quarter reflects its expectation that it will see continued weakness in the enterprise customer spending environment. In the service provider market, the Company expects to see a continuation of US service provider capital spending as well as moderately improved demand trends in EMEA. Juniper's new products continue to build momentum, especially in routing, and the Company remains focused on disciplined operational execution while driving revenue growth.
•Juniper estimates revenue for the first quarter ending June 30, 2013 to be in the range of $1,070 million to $1,100 million.
•Juniper estimates that its non-GAAP gross margin will be in the range of 64% to 65%.
•Juniper estimates that its non-GAAP operating expenses will be $510 million plus or minus $5 million.
•Juniper expects its non-GAAP operating margin for the first quarter will be 17.5%, at the midpoint of guidance.
•Juniper estimates that its non-GAAP net income per share will range between $0.22 and $0.26 on a diluted basis. This assumes a flat share count and non-GAAP tax rate of 29%, which includes the R&D tax credit.
All forward-looking non-GAAP measures exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring charges, litigation settlements and resolutions, gain or loss on equity investments, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and income tax effect of non-GAAP exclusions. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
Change in Segment Reporting
In the first quarter of 2013, Juniper Networks made changes to align its business segment reporting to its current organizational structure. Security products previously reported in its Platform Systems Division (PSD) segment (including the Branch SRX, Branch Firewall, and J Series product families) are now reported in its Software Solutions Division (SSD) segment. This results in all security products now being reported in its SSD segment. The Company believes this change will provide investors with increased financial reporting transparency and will enable better insight into the market and performance trends driving its business. A summary showing PSD and SSD 2012 and 2011 quarterly revenues on a basis consistent with the new reporting structure is included in Appendix 1.
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