On January 9, 2024, the Company entered into a Merger Agreement with HPE, and the completion of the Merger is currently expected to close in late calendar year 2024 or early calendar year 2025, subject to the receipt of regulatory approvals and other customary closing conditions.

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.

Annual Recurring Revenue (ARR) was $451.7 million as of September 30, 2024, compared to $357.4 million as of September 30, 2023. The increase was primarily driven by strong sales of SaaS subscriptions.

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.

Juniper's AI-Native Networking Platform is built from the ground up to leverage AI to deliver exceptional, highly secure, and sustainable user experiences from the edge to the data center and cloud.

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.

The pendency of the Merger may result in disruptions to our business, divert management's attention, disrupt our relationships with third parties and employees, and result in negative publicity, customer concerns, or legal proceedings.

Completion of the Merger is subject to the conditions contained in the Merger Agreement, including receipt of regulatory approvals, which may not be received, may take longer than expected or may impose conditions that are not presently anticipated or that cannot be met.

Litigation has arisen and additional litigation may arise in connection with the Merger, which could be costly, prevent or delay consummation of the Merger, divert management's attention, and otherwise materially harm our business.

The markets that we serve are rapidly evolving and highly competitive and include several well-established companies. We also compete with other companies that are developing technologies that compete with our products.

Our products incorporate and rely upon licensed third-party technology. We integrate licensed third-party technology into certain of our products.

We may face difficulties enforcing our proprietary rights, which could adversely affect our ability to compete. We rely on a combination of patents, copyrights, trademarks, trade secret laws, and contractual restrictions on disclosure of confidential and proprietary information, to protect our proprietary rights.

We depend on contract manufacturers and original design manufacturers as well as single-source and limited source suppliers, including for key components such as semiconductors.

Any disruptions to our supply chain, significant increase in component costs or logistics costs, or shortages of critical components, could decrease our sales, earnings, and liquidity or otherwise adversely affect our business and result in increased costs.

We provide demand forecasts for our products to our manufacturers, who order components and plan capacity based on these forecasts.

Juniper's AI-Native Networking Platform is built from the ground up to leverage AI to deliver exceptional, highly secure, and sustainable user experiences from the edge to the data center and cloud.

We incorporate AI capabilities into certain product and service offerings and internal operations, and this technology is a significant element of our business and certain of our partners' businesses.

Our products incorporate and rely upon licensed third-party technology. We integrate licensed third-party technology into certain of our products.

In connection with our entry into the Merger Agreement, we are required to suspend our stock repurchase program, and we did not repurchase our common stock during the three and nine months ended September 30, 2024.

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.

In June 2023, we entered into a credit agreement with certain institutional lenders that provides for a five-year $500.0 million unsecured revolving credit facility.

Our business could be negatively impacted by oversight of ESG matters and/or our reporting of ESG matters. There is an increasing focus from U.S. and foreign government agencies, investors, customers, consumers, employees, and other stakeholders concerning environmental, social, and governance (“ESG”) matters, including sustainable products.

We may communicate certain initiatives and goals, regarding environmental matters, diversity, responsible sourcing and social investments and other related matters, in our Corporate Social Responsibility Report, on our website, in our SEC filings, and elsewhere.

Environmental laws and regulations relevant to electronic equipment manufacturing or operations, including laws and regulations governing the hazardous material content of our products and the collection of and recycling of electrical and electronic equipment, may adversely impact our business and financial condition.

Global economic and business activities continue to face widespread macroeconomic uncertainties, including inflation, monetary policy shifts, and turmoil in the geopolitical environment.

Our overall performance depends in part on global economic conditions, as well as other disruptions and the impacts of such conditions on our customers.

Governmental regulations, economic sanctions and other legal restrictions that affect international trade or affect movement and disposition of our products and component parts could negatively affect our revenues and operating results.