Juniper Networks studies preliminary monetary outcomes for the primary quarter of 2021

SUNNYVALE, Calif .– (BUSINESS WIRE) – April 27, 2021

Juniper Networks (NYSE: JNPR), a leading provider of secure, AI-powered networks, today announced preliminary financial results for the three months ended March 31, 2021 and announced its outlook for the three months ended June 30, 2021.

Financial performance for the first quarter of 2021

Net sales were $ 1,074.4 million, an increase of 8% year over year and a decrease of 12% over the previous quarter.

GAAP operating margin was 2.6%, down 3.9% in the first quarter of 2020 and down 8.0% in the fourth quarter of 2020.

The non-GAAP operating margin was 12.1%, an increase of 10.2% in the first quarter of 2020 and a decrease of 19.3% in the fourth quarter of 2020.

GAAP net loss was $ 31.1 million, down 252% year over year and 201% year over quarter, resulting in a diluted loss per share of $ 0.10.

Non-GAAP net income was $ 98.5 million, up 28% year over year and down 46% quarterly, resulting in diluted non-GAAP earnings per share of $ 0.30.

The reconciliation between GAAP and non-GAAP operating results is provided in a table immediately following the table below of preliminary net income by geographic region.

“We reported strong results for the March quarter. Sales exceeded our expectations and we received better than expected product orders in all of our customers' industries, ”said Rami Rahim, CEO of Juniper. “The momentum in the June quarter is strong and we are confident about our growth prospects. We believe that the success we see is the result of the targeted measures we have taken to strengthen our product portfolio and our go-to-market organization. Both enable us to benefit from attractive end-market opportunities now and in the future. ”

"We had strong financial performance in March as revenue, non-GAAP operating margin and non-GAAP earnings per share all exceeded our expectations," said Ken Miller, CFO of Juniper. “The backlog has grown both sequentially and year over year, and short term visibility is strong. We believe the investments made should pay off and allow us not only to return to sustained revenue growth, but also to achieve improved profitability over time. "

Balance sheet and other financial results

Total cash, cash equivalents, and investments were $ 1,764.6 million as of March 31, 2021, compared to $ 2,529.9 million as of March 31, 2020 and $ 2,430.6 million as of December 31, 2020.

Net cash from operating activities was $ 179.8 million for the first quarter of 2021, compared to $ 272.2 million in the first quarter of 2020 and $ 125.8 million in the fourth quarter of 2020.

Receivables outstanding revenue was 64 days in the first quarter of 2021, compared to 61 days in the first quarter of 2020 and 71 days in the fourth quarter of 2020.

Capital expenditures were $ 19.7 million and depreciation was $ 58.6 million in the first quarter of 2021.

outlook

These metrics are provided on a non-GAAP basis with the exception of revenue and number of shares. Non-GAAP earnings per share are fully diluted. The outlook assumes that the exchange rate of the US dollar to other currencies will remain relatively stable at the current level.

There is a global shortage of semiconductors that affects many industries. Similar to other companies, there are persistent delivery bottlenecks that have led to longer lead times. We have invested over the past year to strengthen our supply chain and increase inventory. We continue to work closely with our suppliers to further improve our resilience and to mitigate recent disruptions that are beyond our control. Despite these measures, we assume that the extended lead times will likely continue in the next few quarters. While the situation is dynamic, at this point we believe we will have access to adequate semiconductor supplies to meet our financial guidance for the full year.

In the middle of the forecast, an increase in sales of 5% compared to the previous year is expected. We expect sequential growth in our cloud and enterprise industries, while the service provider is likely to remain roughly unchanged.

We expect our non-GAAP gross margin to benefit from higher sales and an incremental software mix in Q2 21, which should more than offset unfavorable product mix trends and potentially higher component costs due to delivery bottlenecks.

We anticipate that non-GAAP operating costs will increase sequentially, largely due to the investments we are making to capitalize on future market opportunities.

Our forecast for the quarter ending June 30, 2021 is as follows:

Revenue will be approximately $ 1,140 million, plus or minus $ 50 million.
The non-GAAP gross margin is approximately 59.5% plus or minus 1.0%.
Non-GAAP operating expenses are approximately $ 512 million plus or minus $ 5 million.
The non-GAAP operating margin will be approximately 14.6% by mid-revenue forecast.
Non-GAAP other income and expense (OI&E) is approximately $ 12 million.
The non-GAAP tax rate is approximately 19.5%.
Non-GAAP net earnings per share is approximately $ 0.38 plus or minus $ 0.05. This assumes a number of shares of around 330 million.

For more information on guidance, see the CFO comment on our website.

Return on investment

Our Board of Directors has approved a cash dividend of $ 0.20 per share to be paid on June 22, 2021 to shareholders of record as of the close of business on June 1, 2021. We remain committed to paying our dividend and remain opportunistic about share buybacks.

Financial commentary for the first quarter of 2021 available online

A CFO comment regarding the company's review of the company's financial results for the first quarter of 2021 and its financial statements for the second quarter and full year 2021 will be made available to the SEC on Form 8-K and posted on the company's website at http: // investor . juniper.net. Analysts and investors are encouraged to read this comment prior to participating in the webcast of the conference call.

Conference call webcast

Juniper Networks will host a conference call webcast today, April 27, 2021 at 2:00 p.m. local time, which will be streamed live over the Internet at http://investor.juniper.net. To participate in the United States by phone, call the toll free number 1-877-407-8033. Outside the US, call 1-201-689-8033. Please call 10 minutes before the scheduled conference call. The webcast replay is archived on the Juniper Networks website.

Via Juniper Networks

Juniper Networks questions the inherent complexity that comes with networking in the multicloud era. We do this with products, solutions and services that change the way people connect, work and live. We're simplifying the transition to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Visit Juniper Networks (www.juniper.net) for more information.

Investors and others should note that the company publishes material financial and operational information to its investors through its investor relations website, press releases, SEC filings, and public conference calls and webcasts. The company also intends to use the @JuniperNetworks Twitter account and blogs as a means of disclosing information about the company and complying with its Regulation FD disclosure requirements. The social media channels that the company wishes to use as a means of disclosing the 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, Junos, and other marks are registered trademarks of Juniper Networks, Inc. and / or its affiliates in the US and other countries. Other names may be trademarks of their respective owners.

Safe haven; Forward-Looking Statements

Statements in this press release relating to Juniper Networks' business, economic and market prospects, including foreign exchange rates; our financial guidance; and the expected ongoing impact of COVID-19 and the completion and integration of, and the financial impact of, acquisitions on our policies; our expectations for liquidity, ROI, order backlog, product mix, costs; and our general prospects for the future 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 these forward-looking statements due to various factors including: the duration, extent and ongoing effects of the COVID-19 pandemic; general economic and political conditions global or regional; Business and economic conditions in the networking industry; Changes in the overall technology spending of our customers, including cloud providers, service providers and businesses; the network capacity and security requirements of our customers and in particular of cloud and telecommunications service providers; Contractual terms that can lead to the deferral of revenue; the time of orders and their fulfillment; Manufacturing, supply chain and logistics costs, restrictions, changes or disruptions; Availability and pricing of key product components such as semiconductors; Delays in planned product availability; Accept or change any law, regulation, standard, or policy that affects the operations, products, services, or networking industry of Juniper Networks; Product defects, returns or weaknesses; significant impact of new tax legislation and judicial or administrative interpretation of tax regulations and judicial or administrative interpretation of tax regulations, including the potential for corporate tax increases under the new Biden administration; legal settlements and decisions, also with regard to the enforcement of our property rights; the potential impact of activities related to the implementation of ROI, restructuring and product rationalization; the impact of import duties, depending on their size and implementation; and other factors set out in Juniper Networks' most recent report on Form 10-Q or 10-K filed with the Securities and Exchange Commission. In addition, many of the risks and uncertainties mentioned above are and could be exacerbated by the COVID-19 pandemic and a deterioration in the global business and economic environment as a result of the pandemic. At this time, we cannot predict the extent of the ongoing effects of the COVID-19 pandemic and the resulting business or economic impact, but this could materially affect our business, financial condition, results of operations and cash flows. Please note that our estimates of the tax rate for our business are based on current tax laws and regulations, including current interpretations, and can be materially influenced by changes in interpretations and additional laws and regulations. All information provided in this press release is only valid as of the date stated at the beginning of this press release. Juniper Networks assumes no obligation to update the information contained in this press release if facts or circumstances subsequently change after the date of this press release. We did not submit our Form 10-Q for the quarter ended March 31, 2021. Therefore, all financial results described in this earnings release should be considered preliminary and are subject to change to reflect necessary adjustments or changes in accounting estimates identified prior to the filing of the Form 10-Q.

All forward-looking non-GAAP measures exclude estimates for the amortization of intangible assets, stock-based compensation expenses, acquisition and strategic investment costs, restructuring benefits or expenses, impairment charges, strategic partnership expenses, legal reserves, and accounting costs or benefits, profit or loss Holdings, loss on extinction of debt, retrospective effects of certain tax returns, significant effects of tax law and judicial or administrative interpretation of tax regulations, including the effects of income tax reform, one-time income tax adjustments, the allowance for deferred tax assets, and the income tax effect of non-GAAP exclusions does not include the effects of further tariff changes and the effects of future acquisitions, divestments or joint ventures that occurred in the reporting period itraum can occur. Material changes to any of these items could have a material impact on our forecasts and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, typically occur quarterly. However, the amounts have changed historically and can vary significantly from quarter to quarter.

Juniper Networks, Inc. Preliminary condensed consolidated income statement (in millions, except amounts per share) (unchecked)

	Three months to March 31
	2021		2020
Net sales:
product	$	672.4			$	608.8
service	402.0			389.2
Total net sales	1,074.4			998.0
Cost of sales:
product	316.5			269.0
service	142.3			149.7
Total cost of revenue	458.8			418.7
Gross margin	615.6			579.3
Operating expenses:
Research and Development	254.7			232.5
Sales and marketing	252.7			239.2
General and administrative	61.1			59.3
Restructuring costs	19.3			8.9
Business expense	587.8			539.9
Operating profit	27.8			39.4
Loss in extinguishing debt	(60.6	)		– –
Other expenses, net	(5.0	)		(11.1	)
Earnings before taxes	(37.8	)		28.3
Income tax (performance) provision	(6.7	)		7.9
Net profit (loss)	$	(31.1	)		$	20.4

Net earnings (loss) per share:
basic	$	(0.10	)		$	0.06
Diluted	$	(0.10	)		$	0.06
Weighted Average Shares Used to Calculate Net Earnings (Loss) Per Share:
basic	326.3			330.8
Diluted	326.3			335.1

Juniper Networks, Inc. Preliminary net income according to customer solution (in millions) (unchecked)

	Three months to March 31
	2021		2020
Automated WAN solutions	$	386.4			$	315.5
Cloud-enabled data center	157.4			174.4
AI-driven company	161.2			143.4
Hardware maintenance and professional services	369.4			364.7
total	$	1,074.4			$	998.0

With effect from the first quarter of fiscal year 2021, we started reporting our sales by customer solution in the following three categories: Automated WAN solutions, cloud-enabled data center and AI-driven enterprise. In addition, we will report on hardware maintenance and professional services. The change provides for a focus on key growth drivers that is in line with our strategy. Historical quarterly revenues for the first quarter of 2019 are available on Juniper's Investor Relations website in the Financial Reports section under Financial Reports and Supplementary Data.

Juniper Networks, Inc. Preliminary net income after vertical (in millions) (unchecked)

	Three months to March 31
	2021		2020
cloud	$	270.7			$	261.9
service provider	438.2			375.5
Companies	365.5			360.6
total	$	1,074.4			$	998.0

Juniper Networks, Inc. Preliminary net revenue by geographic region (in millions) (unchecked)

	Three months to March 31
	2021		2020
America	$	583.0			$	579.5
Europe, Middle East and Africa	311.1			255.0
Asia Pacific	180.3			163.5
total	$	1,074.4			$	998.0

Juniper Networks, Inc. Preliminary reconciliations between GAAP and non-GAAP financial measures (in millions, excluding percentages and amounts per share) (unchecked)

		Three months ended
		March 31, 2021		December 31, 2020		March 31, 2020
GAAP operating income		$	27.8			$	98.1			$	39.4
GAAP operating margin		2.6	%.		8.0	%.		3.9	%.
Share-based compensation expense	C.	57.5			50.9			42.0
Share-based income tax expense	C.	3.4			0.5			4.0
Amortization of acquired intangible assets	A	19.1			11.9			9.9
Restructuring costs	B.	19.3			53.1			8.9
Acquisition and strategic investment costs	A	2.3			17.7			1.3
Gain (Loss) on Unqualified Deferred Compensation Plan ("NQDC")	B.	0.7			2.9			(3.7	)
Legal Reserve and Settlement Fees	B.	– –			0.3			– –
Other	B.	– –			0.9			– –
Non-GAAP Operating Income		$	130.1			$	236.3			$	101.8
Non-GAAP Operating Margin		12.1	%.		19.3	%.		10.2	%.

GAAP Net Income (Loss)		$	(31.1	)		$	30.8			$	20.4
Share-based compensation expense	C.	57.5			50.9			42.0
Share-based income tax expense	C.	3.4			0.5			4.0
Amortization of acquired intangible assets	A	19.1			11.9			9.9
Restructuring costs	B.	19.3			53.1			8.9
Acquisition and strategic investment costs	A	2.3			17.7			1.3
Legal Reserve and Settlement Fees	B.	– –			0.3			– –
Loss (profit) from participations	B.	(2.1	)		(2.3	)		1.5
Loss in extinguishing debt	B.	60.6			55.0			– –
Income Tax Effect of Non-GAAP Exclusions	B.	(5/30	)		(31.8	)		(10.8	)
Other		– –			(4.3	)		– –
Non-GAAP Net Income		$	98.5			$	181.8			$	77.2

GAAP diluted earnings per share under GAAP		$	(0.10	)		$	0.09			$	0.06
Diluted non-GAAP earnings per share	D.	$	0.30			$	0.55			$	0.23
Stocks used in calculating GAAP diluted net earnings per share		326.3			332.7			335.1
Shares used in calculating non-GAAP diluted net earnings per share		332.7			332.7			335.1

Discussion of non-GAAP financial measures

Juniper Networks believes that the presentation of non-GAAP financial information provides management and investors with important supplemental information about financial and business trends affecting the company's financial condition and results of operations. Due to the overall high variability and the low visibility of most of the above points, Juniper is unable to provide a transition from non-GAAP guidelines to corresponding generally accepted US accounting principles or GAAP key figures on a forward-looking basis without undue effort. For example, stock-based compensation expense is affected by the company's future hiring needs, the type and volume of stock awards required for such future hiring, and the price at which the company's stock will trade in those future periods. The amortization of intangible assets is largely influenced by the timing and size of future acquisitions. The items excluded are difficult to predict and a vote could result in disclosure that would be inaccurate or potentially misleading.

This press release, including the tables above, contains the following non-GAAP financial measures, which were derived from our preliminary consolidated income statement: Income from operations; operating margin; Net income; and diluted net earnings per share. These metrics are not presented under GAAP, nor do they replace GAAP. Additionally, these measures may differ from the non-GAAP measures used by other companies, which limits their usefulness for comparison purposes. The non-GAAP financial measures used in the table above should not be viewed in isolation from the GAAP financial performance measures. Investors are cautioned that there are significant limitations associated with the use of non-GAAP financial metrics as an analytical tool. In particular, some adjustments to our GAAP financial measures reflect the exclusion of recurring items and will be reflected in our financial results for the foreseeable future.

We use a variety of financial metrics, both GAAP and non-GAAP, to analyze and evaluate the overall performance of our business, make operating decisions, forecast and plan for future periods, and determine payments under compensation programs. We consider the use of the non-GAAP measures presented above to be helpful in assessing the continued performance of our business. By continuing operations, we mean the current income and expenses of the business, with the exception of certain items that make comparisons with previous periods or the analysis of ongoing operational trends difficult, such as: B. Expenses that are not directly related to actual cash costs for development and sales, delivery or support of our products and services, or costs that are reflected in periods that are unrelated to when the actual amounts were incurred or paid were. Consistent with this approach, we believe that disclosing non-GAAP financial measures to readers of our financial statements provides those readers with useful supplemental information that, while not a substitute for GAAP financial measures, allows for greater transparency in the review our financial and operational performance. Additionally, we have reported non-GAAP results to the investment community in the past and believe that the continued provision of non-GAAP measures provides investors with a tool to compare results over time. In assessing the overall health of our business for the periods covered in the table above, and specifically in assessing the financial items listed in the table above, we have excluded items in the following three general categories, each of which is described below: Acquisition and Strategic investment-related costs, other items, and stock-based compensation items. Below are more details about the stocks used to calculate our non-GAAP net earnings per share. Notes given in the above table for line items correspond to the corresponding note description below. For items that are excluded from our forward-looking non-GAAP measures and the reconciliation of such measures, please see the “Outlook” section above.

The tables and votes above can also be found on our Investor Relations website at http://investor.juniper.net.

Note A: Acquisition and strategic investment costs. We exclude certain expenses from acquisitions, including amortization of purchased intangible assets in connection with our acquisitions. The amortization of acquired intangible assets related to our acquisitions results in our expense expense in our GAAP financial statements that were recognized as an expense prior to the acquisition by the acquiree and for which we did not spend any cash. If we had developed the acquired products internally, the amortization of intangible assets and the expenses for incomplete research and development would have been recorded as expenses in previous periods. Accordingly, we analyze the performance of our business operations in each period without taking these costs into account. In addition, acquisitions lead to non-ongoing operating expenses that we would not otherwise have incurred in the normal course of business. We believe that providing non-GAAP information for acquisition-related expense items in addition to corresponding GAAP information will enable users of our financial statements to better review and understand the historical and current results of our continuing operations and to compare them with less acquisitive ones Activities to enable peer companies.

Note B: Other items. We exclude certain other items that are the result of unique, infrequent, or unplanned events, including the following, as applicable: (i) fees related to strategic partnerships; (ii) legal reserves and settlement fees or benefits; (iii) gain or loss from equity investments or other material isolated events or transactions that are not expected to occur on a regular basis in the future and that are not indicative of our core operating results; (iv) loss on extinction of debt; (v) significant effects of tax legislation and the judicial or administrative interpretation of tax rules, including the effects of income tax reform; (vi) recognition of previously unrecognized tax benefits that are unique in nature; and (vii) the income tax effect on our financial statements from the exclusion of items related to our non-GAAP financial measures. Additionally, the non-GAAP results exclude the impact of NQDC-related investments. 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 transactions could limit the comparability of our ongoing business with prior and future periods.

In addition, we exclude restructuring benefits or costs as these result from events arising from unforeseen circumstances that often occur outside of the normal course of continuing operations. Therefore, we believe that these charges may not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred or any comparison with prior operating results. We also exclude certain costs associated with establishing a strategic partnership as they are directly related to an event that is unique and does not reflect current ongoing business operations. In the case of statutory provisions and settlements, these gains or losses are recognized in the period in which the matter is closed or resolved, although the subject matter of the underlying litigation may relate to several or different periods of time. Therefore, we believe that these charges do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. In addition, we exclude previously unrecognized tax benefits that are not one-off and are recognized in the period in which the applicable statute of limitations expires or after the tax audit cycles have been completed, as the tax matter may relate to multiple or different periods. In addition, certain items related to global tax reform may continue to affect business and are generally unrelated to current business operations. We believe that these tax events limit comparability with prior periods and that these expenses or benefits do not accurately reflect the underlying performance of our continuing operations for the period in which they occur. We also believe that providing financial information, with and without income tax impact, by excluding items related to our non-GAAP financial measures, provides our management and users of the financial statements with greater clarity about the ongoing performance and future liquidity of our business . Based on these factors, we evaluate our operational performance with these included and excluded amounts. By providing this information, we believe that the users of our financial statements will better understand the financial results of our continuing operations.

Note C: Share-based payment items. We provide non-GAAP information about our stock-based compensation expense and related income tax. Due to the different valuation methods available, subjective assumptions and the variety of award types that affect the calculation of share-based compensation, we believe that the exclusion of share-based compensation and the associated income tax allows for more accurate comparisons of our operating results for our peer group companies and is useful for investors to understand the impact of stock-based compensation on our results of operations. In addition, the costs associated with granting stock-based rewards do not reflect any cash expenditures by the company, as there are no cash expenditures.

Note D: Non-GAAP Net Earnings Per Share. We offer diluted non-GAAP earnings per share. Diluted non-GAAP earnings per share include additional dilution from the potential issuance of common stock, unless those issues were not dilutive.

Juniper Networks, Inc. Preliminary condensed consolidated balance sheets (in millions) (unchecked)

	March 31, 2021		December 31, 2020
FINANCIAL ASSETS
Current assets:
Cash and cash equivalents	$	989.1			$	1,361.9
Short term investments	294.1			412.1
Accounts receivable less value adjustments	758.9			964.1
Rechnungsabgrenzungsposten und sonstige kurzfristige Vermögenswerte	558.2			533.1
Total current assets	2.600,3			3,271.2
Sachanlagen, netto	743.6			762.3
Operating-Leasing-Vermögenswerte	185,8			184.6
Langzeitinvestitionen	481.4			656.6
Gekaufte immaterielle Vermögenswerte, netto	335.1			266.7
Goodwill	3.753,3			3,669.6
Sonstige langfristige Vermögenswerte	611.6			567.3
Total assets	$	8,711.1			$	9.378,3

LIABILITIES AND SHAREHOLDERS EQUITY
Kurzfristige Verbindlichkeiten:
Abbrechnungsverbindlichkeiten	$	244.8			$	277.0
Aufgelaufene Entschädigung	207.3			270,7
Rechnungsabgrenzungsposten	897.2			867.3
Kurzfristiger Anteil der langfristigen Schulden	– –			421.5
Sonstige Rückstellungen	258.4			324.6
Summe kurzfristige Verbindlichkeiten	1.607,7			2.161,1
Long-term liabilities	1,685,2			1.705,8
Langfristige Rechnungsabgrenzungsposten	434.5			418,5
Langfristig zu zahlende Einkommenssteuern	313.7			312.5
Langfristige Verbindlichkeiten aus Operating-Leasingverhältnissen	164.0			163.5
Sonstige langfristige Verbindlichkeiten	76.4			73.4
Total liabilities	4,281.5			4.834,8
Total equity	4,429.6			4,543,5
Total liabilities and equity	$	8,711.1			$	9.378,3

Juniper Networks, Inc. Vorläufige verkürzte konsolidierte Kapitalflussrechnung (in Millionen) (ungeprüft)

	Drei Monate bis zum 31. März
	2021		2020
Der Cash Flow aus laufender Geschäftstätigkeit:
Nettogewinn (Verlust)	$	(31.1	)		$	20.4
Anpassungen zur Überleitung des Nettogewinns (Verlustgewinns) zum Cashflow aus laufender Geschäftstätigkeit:
Aktienbasierter Vergütungsaufwand	57.5			42.0
Abschreibungen und Zuwächse	60.4			54.0
Aufwand für Operating-Leasing-Vermögenswerte	11.7			10.5
Verlust beim Erlöschen von Schulden	60.6			– –
Other	(3.9	)		10.3
Veränderungen der betrieblichen Vermögenswerte und Schulden abzüglich Akquisitionen:
Forderungen, netto	204.8			202.6
Rechnungsabgrenzungsposten und sonstige Vermögenswerte	(39.1	)		(37.1	)
Abbrechnungsverbindlichkeiten	(29.4	)		18.4
Aufgelaufene Entschädigung	(61,5	)		(59,8	)
Zu zahlende Steuern vom Einkommen und vom Ertrag	(23.1	)		5.1
Sonstige Rückstellungen	(72,6	)		(27.0	)
Rechnungsabgrenzungsposten	45.5			32.8
Cash-Flow aus laufender Geschäftstätigkeit	179,8			272.2
Cashflow aus Investitionstätigkeit:
Kauf von Sachanlagen	(19.7	)		(21.8	)
Käufe von zur Veräußerung verfügbaren Schuldtiteln	(104,8	)		(257.1	)
Einnahmen aus dem Verkauf von zur Veräußerung verfügbaren Schuldtiteln	283.7			94.0
Erlöse aus Fälligkeiten und Rücknahmen von zur Veräußerung verfügbaren Schuldtiteln	118.1			354.0
Käufe von Beteiligungspapieren	(1.5	)		(3.1	)
Einnahmen aus dem Verkauf von Beteiligungspapieren	2.9			3.1
Zahlungen für Unternehmensakquisitionen, abzüglich der erworbenen Zahlungsmittel und Zahlungsmitteläquivalente	(175,0	)		(0,2	)
Other	(1.3	)		– –
Cashflow aus Investitionstätigkeit	102.4			168.9
Cashflow aus Finanzierungstätigkeit:
Rückkauf und Stilllegung von Stammaktien	(131,9	)		(203.2	)
Erlös aus der Ausgabe von Stammaktien	28.2			27.1
Zahlung von Dividenden	(65,2	)		(65,5	)
Zahlung von Schulden	(423,8	)		– –
Zahlung für Schuldenlöschkosten	(58.3	)		– –
Mittelabfluss aus Finanzierungstätigkeit	(651,0	)		(241,6	)
Auswirkung von Wechselkursen auf Zahlungsmittel, Zahlungsmitteläquivalente und eingeschränkte Zahlungsmittel	(2.0	)		(16.2	)
Netto (Abnahme) Anstieg der Zahlungsmittel, Zahlungsmitteläquivalente und eingeschränkten Zahlungsmittel	(370,8	)		183.3
Zahlungsmittel, Zahlungsmitteläquivalente und eingeschränkte Zahlungsmittel zu Beginn des Berichtszeitraums	1.383,0			1.276,5
Zahlungsmittel, Zahlungsmitteläquivalente und eingeschränkte Zahlungsmittel am Ende des Berichtszeitraums	$	1.012,2			$	1.459,8