Write a short report (no more than 3 pages long). In the report, you should analyze the common size and trend balance sheets and income statements and the charts prepared in Parts II and III and the cash flow data from Part IV. Interpret the financial ratios you compute for the company of interest relative to its peer and to its past performance. State clearly which company you would recommend to an investor and the rationale for your recommendation. Include the tables and charts from Parts I-VI as appendices.

December 31, 2018 December 31, 2017 X 2- Book1 Microsoft Excel (Product Activation Failed) File Home Insert Page Layout Formulas Data Review View O x July 28, 2018 July 29, 2017 $ $ 2,489 1,070.1 2,006.5 1,026.1 AutoSum Times New Roman - 12 2 Wrap Text General Fill B I U- % Merge & Center Insert Delete Format do Cut E Copy Paste Format Painter Clipboard C30 @ Clear $ $ 8,934 37,614 11,708 58,784 754.6 268.1 4.581.8 951.7 Conditional Format Cell Formatting as Table Styles Styles 852 299.9 4,184.5 1,021.1 Sort & Find & Filter - Select - Editing Font Alignment E Cells Number for COGS/ avg Inventory B H L MN P E 2019 1 Working Working 2018 Price earning per share Share Price/Earning per share 0.000011.01 $ 0.0000099 0.0001/1.62 $0.0000062 199.0 118.5 3,108.8 403.5 9,363.3 988.4 128.1 3,096.2 415.5 9,833.8 Eps Total earning i ots shares 345/343.2 1.01 566.9/349 1.62 5 6 $ $ Current Ratio 5,554 1,846 4,949 2,940 61,837 3,006 4,882 31,706 2,552 3,219 1,582 108,784 5,146 1,616 4,856 1,593 83,703 3,322 4,738 29,766 2,539 4,239 1,511 129,818 (In millions, except par values) December 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 1,215.8 Short-term investments 738 Accounts receivable, net of allowance for doubtful accounts of $4.9 and $5.7 as of December 31, 2018 and 2017, respectively 879.7 Prepaid expenses and other current assets 376.3 Total current assets 3,209.8 Property and equipment, net 830.9 Operating lease assets 169.7 Long-term investments 589.8 Purchased intangible assets, net 185.8 Goodwill 3,337.1 Other long-term assets 514.6 Total assets $ 8,837.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 219.5 Accrued compensation 229 Deferred revenue 812.9 Short-term portion of long-term debt Other accrued liabilities 282.5 Total current liabilities 1,543.9 Long-term debt 1,683.9 Long-term deferred revenue 410.5 Long-term income taxes payable 372.6 Long-term operating lease liabilities 158.1 Other long-term liabilities 58.1 Total liabilities 4,227.1 Stockholders' equity: Convertible preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding 8 Total current asset/Total current liability 3209.8/1543,9 2.080233312 4581.8/1842.5 2.48672999 $ $ Current asset- Inventories-Prepaid expensest current Liability Lesick Ratio 3209.8-376.3/1543.9 1.835 4581.8-268.1/1842.5 2.34 217.6 186 1,030.3 Receivable turnover ratio Net Sales/Average accounts receivable 4445.4/754.6+879.7/2 5.4 4647.5/852+754.6/2 5.78 Yorking capital Current asset- current Liability 3209.8-1543.9 1665.9 4581.8-1842.5 2739.3 208.8 221 829.3 349.9 233.5 1,842.5 1,789.1 3843 404.4 $ $ Return on asset Net Income 'Average asset 345/8837.7+9363.312 3.79 566.9/9363.3+9833.812 5.91 304.3 1,738.2 2,136.3 509 650.6 ratio equity Ratio Debt Ratio Total Equityl Total Assets 4610.6/8837.7 0.521696822 4823,2193633 0.51511753 $ $ Total Debt / Total Assets 1683.9+0/8837.7 0.190535999 1789.1+349.9/9363.3 CISCO SYSTEMS, INC. Consolidated Balance Sheets (in millions, except par value) Years Ended July 27, 2019 ASSETS Current assets: Cash and cash equivalents 11,750 Investments 21,663 Accounts receivable, net of allowance for doubtful accounts of $211 at July 29, 2017 and $249 at July 30, 2016 5,491 Inventories 1,383 Financing receivables, net 5,095 Other current assets 2,373 Total current assets 47,755 Property and equipment, net 2,789 Financing receivables, net 4,958 Goodwill 33,529 Purchased intangible assets, net 2,201 Deferred tax assets 4,065 Other assets 2,496 TOTAL ASSETS $ 97,793 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 10, 191 Accounts payable 2,059 Income taxes payable 1,149 Accrued compensation 3,221 Deferred revenue 10,558 Other current liabilities 4,424 Total current liabilities 31,712 Long-term debt 14,475 Income taxes payable 8,927 Deferred revenue 7,799 Other long-term liabilities 1,309 Total liabilities 64,222 Commitments and contingencies (Note 12) Equity Cisco shareholders' equity: Preferred stock, no par value: 5 shares authorized; none issued and outstanding Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,983 and 5,029 shares issued and outstanding at July 29, 2017 and July 30, 2016, respectively 40,266 Retained earnings (5,903) Accumulated other comprehensive income (loss) (792) Total Cisco shareholders' equity 33,571 Noncontrolling interests Total equity 33,571 TOTAL LIABILITIES AND EQUITY $ 97,793 0.228 Interest Coverage Ratio 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 119.8 4,540.1 118.8 5,152.9 EBIT / Interest Due No interest is there in income statement Total Assets Turnover Ratio Net sales/Average total asset 4445.4/8837.7+9363.312 48.8478655 4647.5/9363.3+9833.872 5,238 1,904 1,004 2,986 11,490 4,413 27,035 20,331 8,585 8,195 1.434 65,580 48.4187716 7,992 1,385 98 2,895 10,821 4,392 27,583 25,725 1,250 7,673 1,450 63,681 Latentory turnover ratio COGSI avq Inventor Cogs is given but inventory is not there Het profit margin 7,370.5 Net profit/sales"100 345/4445.4 .760831421 566.9/4647.5 12. 1979559 35 Common stock, $0.00001 par value; 1,000.0 shares authorized; 335.9 shares and 346.4 shares issued and outstanding as of December 31, 2019 and 2018, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity (18.5) Sheet1 Sheet2 Sheet3 7,672.8 (18.2) (2,831.4) 4,823.2 9,363.3 8,042.1 (5.4) (3,355.8) 4,680.9 9,833.8 Ready (2,741.4) 4,610.6 8,837.7 BO 56% + $ $ $ 19:55 02-12-2020 B D F G Juniper Networks, Inc. Consolidated Statements of Operations (In millions, except per share amounts) H 2018 E 2019 Denominator 2.63 31,712 5,523 Years Ended December 31, 2018 Numerator 56.68 47,755 51,904 42,820 1,233 (849) 43,204 Numerator 43.26 61,837 49,330 45,253 20,838 46 66,137 2019 Denominator 0.02 27,035 5,350 2017 Ratio 1,902.26 2.29 9.22 34,802 $ $ 2,867.7 1,577.7 4.445.4 3,107.1 1,540.4 4,647.5 3,446.2 1,581 5,0272 0.00 1 2 Ratio name Numerator Denominator 3 Price/Earnings Ratio Price per share EPS 4 Current Ratio Current Assets Current Liabilities 5 Receivable Turnover Ratio Net Credit Sales Average Accounts Receivable 6 Working Capital Current Assets - Current liabilities 7 Return on assets Net Income Total Assets 8 Financial Leverage Ratio EBIT EBT 9 Quick Ratio Current Assets - Inventory - Prepaid Expense Current Liabilities 10 Total Assets Turnover Ratio Sales Total Assets 11 Net Profit Margin Net Income Sales 12 Inventory Turnover Ratio Cost of Sales Average Inventory 13 Primary (Basic) earnings per share Net income available to Eq shareholders Weighted average number of shares 14 Return on equity Net Income Shareholder's Equity 43,204 108,784 Ratio 21.55 1.51 9.40 16,043 0.12 1.06 1.46 0.53 0.22 11.92 2.63 0.35 66,137 129,818 $ $ 1,227 601.6 1,828.6 2,616.8 1,277.2 629.1 1,906.3 2,741.2 11,621 15,440 46,372 51,904 11,621 19,238 11,621 11,621 1,360.9 594.2 1,955.1 3,072.1 97,793 14,571 31,712 97,793 51,904 1,615 4,419 33,571 110 13,982 59,991 49,330 110 18,724 110 110 108,784 13,039 27,035 108,784 49,330 1,731 4,837 43,204 1.07 2.22 0.45 0.00 10.82 0.02 0.00 Net revenues: Product Service Total net revenues Cost of revenues: Product Service Total cost of revenues Gross margin Operating expenses: Research and development Sales and marketing General and administrative Restructuring charges Total operating expenses Operating income Other expense, net Income before income taxes Income tax provision (benefit) Net income Workings :- July 28, 2018 July 29, 2017 A $ 980.7 950.2 227.5 65.6 2.224 848.1 (36.3) $ 36,709 12,621 49,330 955.7 939.3 244.3 35.3 2,174.6 442.2 (27.8) 414.4 69.4 345 35,705 12,300 48,005 1,003.2 927.4 231.1 7.3 2.169 572.2 (39.5) 532.7 (34.2) 566.9 811.8 $ 505.6 306.2 $ 14,427 4,297 18,724 30,606 $ 13,699 4,082 17,781 30,224 D E F G H 1 2019 2018 Numerator Denominator Ratio Numerator Denominator Ratio 56.68 =F13 =D3/E3 43.26 =113 =G3/H3 47755 31712 =D4/E4 61837 27035 =G4/H4 51904 =(5491+5554)/2 =D5/E5 49330 =(5554+5146)/2 =G5/H5 =D4-E4 =G4-H4 11621 97793 =D7/E7 110 108784 =G7/H7 =14571+869 14571 =D8/ES =13039+943 13039 =G8/H8 =D4-1383 31712 =D9/E9 =G4-1846 27035 =G9/H9 51904 97793 =D10/E10 49330 108784 =G10/H10 11621 51904 =D11/E11 110 49330 | =G11/H11 19238 =(1383-1846)/2 =D12/E12 18724 1=(1846+1616)/2 =G12/H12 11621 4419 =D13/E13 110 4837 =G13/H13 11621 33571 =D14/E14 110 143204 =G14/H14 2 Ratio name Numerator Denominator 3 Price/Earnings Ratio Price per share EPS 4 Current Ratio Current Assets Current Liabilities 5 Receivable Turnover Ratio Net Credit Sales Average Accounts Receivable 6 Working Capital Current Assets - Current liabilities 7 Return on assets Net Income Total Assets 8 Financial Leverage Ratio EBIT EBT 9 Quick Ratio Current Assets - Inventory - Prepaid Expense Current Liabilities 10 Total Assets Turnover Ratio Sales Total Assets 11 Net Profit Margin Net Income Sales 12 Inventory Turnover Ratio Cost of Sales Average Inventory 13 Primary (Basic) earnings per share Net income available to Eq shareholders Weighted average number of shares 14 Return on equity Net Income Shareholder's Equity $ Net income per share: Basic Diluted 1.62 1.01 0.99 $ $ 0.81 0.80 1.60 CISCO SYSTEMS, INC. Consolidated Statements of Operations (in millions, except per-share amounts) Years Ended July 27, 2019 REVENUE: Product $ 39,005 Service 12,899 Total revenue 51,904 COST OF SALES: Product 14,863 Service 4,375 Total cost of sales 19,238 GROSS MARGIN 32,666 OPERATING EXPENSES: Research and development 6,577 Sales and marketing 9,571 General and administrative 1,827 Amortization of purchased intangible assets 150 Restructuring and other charges 322 Total operating expenses 18,447 OPERATING INCOME 14,219 Interest income 1,308 Interest expense (859) Other income (loss), net (97) Interest and other income (loss), net 352 INCOME BEFORE PROVISION FOR INCOME TAXES 14,571 Provision for income taxes 2,950 NET INCOME $ 11,621 Net income per share: Basic $ 2.63 Diluted S 2.61 Shares used in per-share calculation: Basic 4,419 Diluted 4,453 Shares used in computing net income per share: Basic Diluted 377.7 343.2 348.2 349.0 354.4 384.2 6,332 9,242 2,144 221 358 18,297 12,309 1,508 (943) 165 730 13,039 12,929 110 6,059 9,184 1,993 259 756 18,251 11,973 1,338 (861) (163) 314 12,287 2,678 9.609 Juniper Networks, Inc. Consolidated Statements of Cash Flows (In millions) Years Ended December 31, 2018 2019 2017 $ 345 $ 566.9 $ 306.2 $ $ 202.2 210.3 217.1 210.5 187.5 225.6 $ $ 0.02 0.02 1.92 1.90 42 $ $ 15.3 2.9 3.5 42.6 9.6 4,837 4,881 5,010 5,049 (139.6) (14.5) (118.1) (100.7) 6.4 6.5 (40.5) (46.8) 0.9 528.9 96.3 (70.9) 3.5 41.4 (269.2) (11.4) 24.7 861.1 203.8 43 (10.1) (42.8) 447.3 (2.1) 55 1,259.3 July 28, 2018 July 29, 2017 110 $ 9,609 2,192 1,576 (134) 900 2,286 1,526 (8) (124) (153) 154 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense Depreciation, amortization, and accretion Operating lease assets expense Loss on extinguishment of debt Deferred income taxes Other Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net Prepaid expenses and other assets Accounts payable Accrued compensation Income taxes payable Other accrued liabilities Deferred revenue Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Purchases of available-for-sale debt securities Proceeds from sales of available-for-sale debt securities Proceeds from maturities and redemptions of available-for-sale debt securities Purchases of equity securities Proceeds from sales of equity securities Proceeds from Pulse note receivable Payments for business acquisitions, net of cash and cash equivalents acquired Subsequent payments related to acquisitions in prior years Net cash (used in) provided by investing activities Cash flows from financing activities: Repurchase and retirement of common stock Proceeds from issuance of common stock Payment of dividends Payment of debt Issuance of debt, net Payment for debt extinguishment costs Change in customer financing arrangement Other Net cash used in financing activities Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash Net increase in cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash at beginning of period Cash, cash equivalents, and restricted cash at end of period (109.6) (3,209.8) 1,520 1,642.3 (107.1) 14.2 (147.4) (1,228.5) 1,070.2 910.2 (17.5) 36.9 (151.2) (1,882.9) 944 741.6 (14.9) 12.4 75 (27) (322) (270.9) (73) (528.2) (16.4) (42.7) 564.8 (303) (269) (244) (219) 66 504 8,118 100 1,205 83 13,666 756 (394) (1,038) 15 311 60 (110) 1,683 (697) 13,876 (756.6) 56.9 (249.3) (725.8) 64.5 (150.4) (554.9) 55.6 (260.1) (950) 495.2 (14.6) 16.9 (16.9) (2.7) (968.6) (1,228.8) CISCO SYSTEMS, INC. Consolidated Statements of Cash Flows (in millions) Years Ended July 27, 2019 Cash flows from operating activities: Net income $ 11,621 $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization, and other 1,897 Share-based compensation expense 1,570 Provision (benefit) for receivables 40 Deferred income taxes (350) Excess tax benefits from share-based compensation (Gains) losses on divestitures, investments and other, net (24) Change in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable (84) Inventories 131 Financing receivables (249) Other assets (955) Accounts payable 87 Income taxes, net 312 Accrued compensation 277 Deferred revenue 1,407 Other liabilities 151 Net cash provided by operating activities 15,831 Cash flows from investing activities: Purchases of investments (2,416) Proceeds from sales of investments 7,388 Proceeds from maturities of investments 12,928 Acquisitions and divestitures (2,175) Purchases of investments in privately held companies (148) Return of investments in privately held companies 159 Acquisition of property and equipment (909) Proceeds from sales of property and equipment 22 Other (12) Net cash provided by (used in) investing activities 14,837 Cash flows from financing activities: Issuances of common stock 640 Repurchases of common stock - repurchase program (20,717) Shares repurchased for tax withholdings on vesting of restricted (862) Short-term borrowings, original maturities of 90 days or less, ne 3,446 Issuances of debt 2,250 Repayments of debt (6,780) Excess tax benefits from share-based compensation Dividends paid (5,979) Other 113 Net cash used in financing activities (27,889) Net increase (decrease) in cash, cash equivalents, and restricted c 2,779 Cash, cash equivalents, and restricted cash, beginning of fiscal yea 8,993 Cash, cash equivalents, and restricted cash, end of fiscal year $ 11,772 $ Supplemental cash flow information: Cash paid for interest $ 839 $ Cash paid for income taxes, net $ 2,986 $ (794.8) (14,285) 17,706 15,769 (2,979) (267) 168 (834) 59 (19) 15,318 (42,702) 28,827 12,143 (3,324) (222) 203 (964) 7 (4) (6,036) (1.2) (1,229.3) 2,505.8 1.276.5 (10.6) 446.7 2,059.1 2,505.8 17 178.5 1,880.6 2,059.1 $ $ $ Supplemental disclosures of cash flow information: Cash paid for interest, net of amounts capitalized Cash paid for income taxes, net $ $ 90.60 98.80 $ $ 94.00 181.00 $ $ 93.90 193.50 623 (17,547) (703) (2,502) 6,877 (12,375) 708 (3,685) (619) 2,497 6,980 (4,151) 153 (5,511) (178) (3,806) 4,034 7,739 11,773 (5,968) (169) (31,764) (2,780) 11,773 8,993 $ 910 3,911 897 2,742 $ December 31, 2018 December 31, 2017 X 2- Book1 Microsoft Excel (Product Activation Failed) File Home Insert Page Layout Formulas Data Review View O x July 28, 2018 July 29, 2017 $ $ 2,489 1,070.1 2,006.5 1,026.1 AutoSum Times New Roman - 12 2 Wrap Text General Fill B I U- % Merge & Center Insert Delete Format do Cut E Copy Paste Format Painter Clipboard C30 @ Clear $ $ 8,934 37,614 11,708 58,784 754.6 268.1 4.581.8 951.7 Conditional Format Cell Formatting as Table Styles Styles 852 299.9 4,184.5 1,021.1 Sort & Find & Filter - Select - Editing Font Alignment E Cells Number for COGS/ avg Inventory B H L MN P E 2019 1 Working Working 2018 Price earning per share Share Price/Earning per share 0.000011.01 $ 0.0000099 0.0001/1.62 $0.0000062 199.0 118.5 3,108.8 403.5 9,363.3 988.4 128.1 3,096.2 415.5 9,833.8 Eps Total earning i ots shares 345/343.2 1.01 566.9/349 1.62 5 6 $ $ Current Ratio 5,554 1,846 4,949 2,940 61,837 3,006 4,882 31,706 2,552 3,219 1,582 108,784 5,146 1,616 4,856 1,593 83,703 3,322 4,738 29,766 2,539 4,239 1,511 129,818 (In millions, except par values) December 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 1,215.8 Short-term investments 738 Accounts receivable, net of allowance for doubtful accounts of $4.9 and $5.7 as of December 31, 2018 and 2017, respectively 879.7 Prepaid expenses and other current assets 376.3 Total current assets 3,209.8 Property and equipment, net 830.9 Operating lease assets 169.7 Long-term investments 589.8 Purchased intangible assets, net 185.8 Goodwill 3,337.1 Other long-term assets 514.6 Total assets $ 8,837.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 219.5 Accrued compensation 229 Deferred revenue 812.9 Short-term portion of long-term debt Other accrued liabilities 282.5 Total current liabilities 1,543.9 Long-term debt 1,683.9 Long-term deferred revenue 410.5 Long-term income taxes payable 372.6 Long-term operating lease liabilities 158.1 Other long-term liabilities 58.1 Total liabilities 4,227.1 Stockholders' equity: Convertible preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding 8 Total current asset/Total current liability 3209.8/1543,9 2.080233312 4581.8/1842.5 2.48672999 $ $ Current asset- Inventories-Prepaid expensest current Liability Lesick Ratio 3209.8-376.3/1543.9 1.835 4581.8-268.1/1842.5 2.34 217.6 186 1,030.3 Receivable turnover ratio Net Sales/Average accounts receivable 4445.4/754.6+879.7/2 5.4 4647.5/852+754.6/2 5.78 Yorking capital Current asset- current Liability 3209.8-1543.9 1665.9 4581.8-1842.5 2739.3 208.8 221 829.3 349.9 233.5 1,842.5 1,789.1 3843 404.4 $ $ Return on asset Net Income 'Average asset 345/8837.7+9363.312 3.79 566.9/9363.3+9833.812 5.91 304.3 1,738.2 2,136.3 509 650.6 ratio equity Ratio Debt Ratio Total Equityl Total Assets 4610.6/8837.7 0.521696822 4823,2193633 0.51511753 $ $ Total Debt / Total Assets 1683.9+0/8837.7 0.190535999 1789.1+349.9/9363.3 CISCO SYSTEMS, INC. Consolidated Balance Sheets (in millions, except par value) Years Ended July 27, 2019 ASSETS Current assets: Cash and cash equivalents 11,750 Investments 21,663 Accounts receivable, net of allowance for doubtful accounts of $211 at July 29, 2017 and $249 at July 30, 2016 5,491 Inventories 1,383 Financing receivables, net 5,095 Other current assets 2,373 Total current assets 47,755 Property and equipment, net 2,789 Financing receivables, net 4,958 Goodwill 33,529 Purchased intangible assets, net 2,201 Deferred tax assets 4,065 Other assets 2,496 TOTAL ASSETS $ 97,793 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 10, 191 Accounts payable 2,059 Income taxes payable 1,149 Accrued compensation 3,221 Deferred revenue 10,558 Other current liabilities 4,424 Total current liabilities 31,712 Long-term debt 14,475 Income taxes payable 8,927 Deferred revenue 7,799 Other long-term liabilities 1,309 Total liabilities 64,222 Commitments and contingencies (Note 12) Equity Cisco shareholders' equity: Preferred stock, no par value: 5 shares authorized; none issued and outstanding Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,983 and 5,029 shares issued and outstanding at July 29, 2017 and July 30, 2016, respectively 40,266 Retained earnings (5,903) Accumulated other comprehensive income (loss) (792) Total Cisco shareholders' equity 33,571 Noncontrolling interests Total equity 33,571 TOTAL LIABILITIES AND EQUITY $ 97,793 0.228 Interest Coverage Ratio 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 119.8 4,540.1 118.8 5,152.9 EBIT / Interest Due No interest is there in income statement Total Assets Turnover Ratio Net sales/Average total asset 4445.4/8837.7+9363.312 48.8478655 4647.5/9363.3+9833.872 5,238 1,904 1,004 2,986 11,490 4,413 27,035 20,331 8,585 8,195 1.434 65,580 48.4187716 7,992 1,385 98 2,895 10,821 4,392 27,583 25,725 1,250 7,673 1,450 63,681 Latentory turnover ratio COGSI avq Inventor Cogs is given but inventory is not there Het profit margin 7,370.5 Net profit/sales"100 345/4445.4 .760831421 566.9/4647.5 12. 1979559 35 Common stock, $0.00001 par value; 1,000.0 shares authorized; 335.9 shares and 346.4 shares issued and outstanding as of December 31, 2019 and 2018, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity (18.5) Sheet1 Sheet2 Sheet3 7,672.8 (18.2) (2,831.4) 4,823.2 9,363.3 8,042.1 (5.4) (3,355.8) 4,680.9 9,833.8 Ready (2,741.4) 4,610.6 8,837.7 BO 56% + $ $ $ 19:55 02-12-2020 B D F G Juniper Networks, Inc. Consolidated Statements of Operations (In millions, except per share amounts) H 2018 E 2019 Denominator 2.63 31,712 5,523 Years Ended December 31, 2018 Numerator 56.68 47,755 51,904 42,820 1,233 (849) 43,204 Numerator 43.26 61,837 49,330 45,253 20,838 46 66,137 2019 Denominator 0.02 27,035 5,350 2017 Ratio 1,902.26 2.29 9.22 34,802 $ $ 2,867.7 1,577.7 4.445.4 3,107.1 1,540.4 4,647.5 3,446.2 1,581 5,0272 0.00 1 2 Ratio name Numerator Denominator 3 Price/Earnings Ratio Price per share EPS 4 Current Ratio Current Assets Current Liabilities 5 Receivable Turnover Ratio Net Credit Sales Average Accounts Receivable 6 Working Capital Current Assets - Current liabilities 7 Return on assets Net Income Total Assets 8 Financial Leverage Ratio EBIT EBT 9 Quick Ratio Current Assets - Inventory - Prepaid Expense Current Liabilities 10 Total Assets Turnover Ratio Sales Total Assets 11 Net Profit Margin Net Income Sales 12 Inventory Turnover Ratio Cost of Sales Average Inventory 13 Primary (Basic) earnings per share Net income available to Eq shareholders Weighted average number of shares 14 Return on equity Net Income Shareholder's Equity 43,204 108,784 Ratio 21.55 1.51 9.40 16,043 0.12 1.06 1.46 0.53 0.22 11.92 2.63 0.35 66,137 129,818 $ $ 1,227 601.6 1,828.6 2,616.8 1,277.2 629.1 1,906.3 2,741.2 11,621 15,440 46,372 51,904 11,621 19,238 11,621 11,621 1,360.9 594.2 1,955.1 3,072.1 97,793 14,571 31,712 97,793 51,904 1,615 4,419 33,571 110 13,982 59,991 49,330 110 18,724 110 110 108,784 13,039 27,035 108,784 49,330 1,731 4,837 43,204 1.07 2.22 0.45 0.00 10.82 0.02 0.00 Net revenues: Product Service Total net revenues Cost of revenues: Product Service Total cost of revenues Gross margin Operating expenses: Research and development Sales and marketing General and administrative Restructuring charges Total operating expenses Operating income Other expense, net Income before income taxes Income tax provision (benefit) Net income Workings :- July 28, 2018 July 29, 2017 A $ 980.7 950.2 227.5 65.6 2.224 848.1 (36.3) $ 36,709 12,621 49,330 955.7 939.3 244.3 35.3 2,174.6 442.2 (27.8) 414.4 69.4 345 35,705 12,300 48,005 1,003.2 927.4 231.1 7.3 2.169 572.2 (39.5) 532.7 (34.2) 566.9 811.8 $ 505.6 306.2 $ 14,427 4,297 18,724 30,606 $ 13,699 4,082 17,781 30,224 D E F G H 1 2019 2018 Numerator Denominator Ratio Numerator Denominator Ratio 56.68 =F13 =D3/E3 43.26 =113 =G3/H3 47755 31712 =D4/E4 61837 27035 =G4/H4 51904 =(5491+5554)/2 =D5/E5 49330 =(5554+5146)/2 =G5/H5 =D4-E4 =G4-H4 11621 97793 =D7/E7 110 108784 =G7/H7 =14571+869 14571 =D8/ES =13039+943 13039 =G8/H8 =D4-1383 31712 =D9/E9 =G4-1846 27035 =G9/H9 51904 97793 =D10/E10 49330 108784 =G10/H10 11621 51904 =D11/E11 110 49330 | =G11/H11 19238 =(1383-1846)/2 =D12/E12 18724 1=(1846+1616)/2 =G12/H12 11621 4419 =D13/E13 110 4837 =G13/H13 11621 33571 =D14/E14 110 143204 =G14/H14 2 Ratio name Numerator Denominator 3 Price/Earnings Ratio Price per share EPS 4 Current Ratio Current Assets Current Liabilities 5 Receivable Turnover Ratio Net Credit Sales Average Accounts Receivable 6 Working Capital Current Assets - Current liabilities 7 Return on assets Net Income Total Assets 8 Financial Leverage Ratio EBIT EBT 9 Quick Ratio Current Assets - Inventory - Prepaid Expense Current Liabilities 10 Total Assets Turnover Ratio Sales Total Assets 11 Net Profit Margin Net Income Sales 12 Inventory Turnover Ratio Cost of Sales Average Inventory 13 Primary (Basic) earnings per share Net income available to Eq shareholders Weighted average number of shares 14 Return on equity Net Income Shareholder's Equity $ Net income per share: Basic Diluted 1.62 1.01 0.99 $ $ 0.81 0.80 1.60 CISCO SYSTEMS, INC. Consolidated Statements of Operations (in millions, except per-share amounts) Years Ended July 27, 2019 REVENUE: Product $ 39,005 Service 12,899 Total revenue 51,904 COST OF SALES: Product 14,863 Service 4,375 Total cost of sales 19,238 GROSS MARGIN 32,666 OPERATING EXPENSES: Research and development 6,577 Sales and marketing 9,571 General and administrative 1,827 Amortization of purchased intangible assets 150 Restructuring and other charges 322 Total operating expenses 18,447 OPERATING INCOME 14,219 Interest income 1,308 Interest expense (859) Other income (loss), net (97) Interest and other income (loss), net 352 INCOME BEFORE PROVISION FOR INCOME TAXES 14,571 Provision for income taxes 2,950 NET INCOME $ 11,621 Net income per share: Basic $ 2.63 Diluted S 2.61 Shares used in per-share calculation: Basic 4,419 Diluted 4,453 Shares used in computing net income per share: Basic Diluted 377.7 343.2 348.2 349.0 354.4 384.2 6,332 9,242 2,144 221 358 18,297 12,309 1,508 (943) 165 730 13,039 12,929 110 6,059 9,184 1,993 259 756 18,251 11,973 1,338 (861) (163) 314 12,287 2,678 9.609 Juniper Networks, Inc. Consolidated Statements of Cash Flows (In millions) Years Ended December 31, 2018 2019 2017 $ 345 $ 566.9 $ 306.2 $ $ 202.2 210.3 217.1 210.5 187.5 225.6 $ $ 0.02 0.02 1.92 1.90 42 $ $ 15.3 2.9 3.5 42.6 9.6 4,837 4,881 5,010 5,049 (139.6) (14.5) (118.1) (100.7) 6.4 6.5 (40.5) (46.8) 0.9 528.9 96.3 (70.9) 3.5 41.4 (269.2) (11.4) 24.7 861.1 203.8 43 (10.1) (42.8) 447.3 (2.1) 55 1,259.3 July 28, 2018 July 29, 2017 110 $ 9,609 2,192 1,576 (134) 900 2,286 1,526 (8) (124) (153) 154 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense Depreciation, amortization, and accretion Operating lease assets expense Loss on extinguishment of debt Deferred income taxes Other Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net Prepaid expenses and other assets Accounts payable Accrued compensation Income taxes payable Other accrued liabilities Deferred revenue Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Purchases of available-for-sale debt securities Proceeds from sales of available-for-sale debt securities Proceeds from maturities and redemptions of available-for-sale debt securities Purchases of equity securities Proceeds from sales of equity securities Proceeds from Pulse note receivable Payments for business acquisitions, net of cash and cash equivalents acquired Subsequent payments related to acquisitions in prior years Net cash (used in) provided by investing activities Cash flows from financing activities: Repurchase and retirement of common stock Proceeds from issuance of common stock Payment of dividends Payment of debt Issuance of debt, net Payment for debt extinguishment costs Change in customer financing arrangement Other Net cash used in financing activities Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash Net increase in cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash at beginning of period Cash, cash equivalents, and restricted cash at end of period (109.6) (3,209.8) 1,520 1,642.3 (107.1) 14.2 (147.4) (1,228.5) 1,070.2 910.2 (17.5) 36.9 (151.2) (1,882.9) 944 741.6 (14.9) 12.4 75 (27) (322) (270.9) (73) (528.2) (16.4) (42.7) 564.8 (303) (269) (244) (219) 66 504 8,118 100 1,205 83 13,666 756 (394) (1,038) 15 311 60 (110) 1,683 (697) 13,876 (756.6) 56.9 (249.3) (725.8) 64.5 (150.4) (554.9) 55.6 (260.1) (950) 495.2 (14.6) 16.9 (16.9) (2.7) (968.6) (1,228.8) CISCO SYSTEMS, INC. Consolidated Statements of Cash Flows (in millions) Years Ended July 27, 2019 Cash flows from operating activities: Net income $ 11,621 $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization, and other 1,897 Share-based compensation expense 1,570 Provision (benefit) for receivables 40 Deferred income taxes (350) Excess tax benefits from share-based compensation (Gains) losses on divestitures, investments and other, net (24) Change in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable (84) Inventories 131 Financing receivables (249) Other assets (955) Accounts payable 87 Income taxes, net 312 Accrued compensation 277 Deferred revenue 1,407 Other liabilities 151 Net cash provided by operating activities 15,831 Cash flows from investing activities: Purchases of investments (2,416) Proceeds from sales of investments 7,388 Proceeds from maturities of investments 12,928 Acquisitions and divestitures (2,175) Purchases of investments in privately held companies (148) Return of investments in privately held companies 159 Acquisition of property and equipment (909) Proceeds from sales of property and equipment 22 Other (12) Net cash provided by (used in) investing activities 14,837 Cash flows from financing activities: Issuances of common stock 640 Repurchases of common stock - repurchase program (20,717) Shares repurchased for tax withholdings on vesting of restricted (862) Short-term borrowings, original maturities of 90 days or less, ne 3,446 Issuances of debt 2,250 Repayments of debt (6,780) Excess tax benefits from share-based compensation Dividends paid (5,979) Other 113 Net cash used in financing activities (27,889) Net increase (decrease) in cash, cash equivalents, and restricted c 2,779 Cash, cash equivalents, and restricted cash, beginning of fiscal yea 8,993 Cash, cash equivalents, and restricted cash, end of fiscal year $ 11,772 $ Supplemental cash flow information: Cash paid for interest $ 839 $ Cash paid for income taxes, net $ 2,986 $ (794.8) (14,285) 17,706 15,769 (2,979) (267) 168 (834) 59 (19) 15,318 (42,702) 28,827 12,143 (3,324) (222) 203 (964) 7 (4) (6,036) (1.2) (1,229.3) 2,505.8 1.276.5 (10.6) 446.7 2,059.1 2,505.8 17 178.5 1,880.6 2,059.1 $ $ $ Supplemental disclosures of cash flow information: Cash paid for interest, net of amounts capitalized Cash paid for income taxes, net $ $ 90.60 98.80 $ $ 94.00 181.00 $ $ 93.90 193.50 623 (17,547) (703) (2,502) 6,877 (12,375) 708 (3,685) (619) 2,497 6,980 (4,151) 153 (5,511) (178) (3,806) 4,034 7,739 11,773 (5,968) (169) (31,764) (2,780) 11,773 8,993 $ 910 3,911 897 2,742 $