(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
ARISTA NETWORKS, INC. | ||||||||
October 30, 2023 | By: /s/ ITA BRENNAN | |||||||
Ita Brennan | ||||||||
Chief Financial Officer | ||||||||
(Principal Accounting and Financial Officer) |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Product | $ | 1,285,548 | $ | 1,008,689 | $ | 3,719,179 | $ | 2,619,213 | ||||||||||||||||||
Service | 223,908 | 168,112 | 600,552 | 486,545 | ||||||||||||||||||||||
Total revenue | 1,509,456 | 1,176,801 | 4,319,731 | 3,105,758 | ||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Product | 522,866 | 432,569 | 1,565,341 | 1,102,012 | ||||||||||||||||||||||
Service | 44,171 | 34,252 | 123,335 | 96,656 | ||||||||||||||||||||||
Total cost of revenue | 567,037 | 466,821 | 1,688,676 | 1,198,668 | ||||||||||||||||||||||
Gross profit | 942,419 | 709,980 | 2,631,055 | 1,907,090 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development | 212,353 | 187,807 | 643,437 | 537,971 | ||||||||||||||||||||||
Sales and marketing | 102,033 | 81,401 | 293,496 | 241,512 | ||||||||||||||||||||||
General and administrative | 25,338 | 23,425 | 76,787 | 69,420 | ||||||||||||||||||||||
Total operating expenses | 339,724 | 292,633 | 1,013,720 | 848,903 | ||||||||||||||||||||||
Income from operations | 602,695 | 417,347 | 1,617,335 | 1,058,187 | ||||||||||||||||||||||
Other income (expense), net | 41,815 | 6,817 | 110,300 | 37,764 | ||||||||||||||||||||||
Income before income taxes | 644,510 | 424,164 | 1,727,635 | 1,095,951 | ||||||||||||||||||||||
Provision for income taxes | 99,183 | 70,165 | 253,950 | 170,594 | ||||||||||||||||||||||
Net income | $ | 545,327 | $ | 353,999 | $ | 1,473,685 | $ | 925,357 | ||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | 1.76 | $ | 1.16 | $ | 4.78 | $ | 3.02 | ||||||||||||||||||
Diluted | $ | 1.72 | $ | 1.13 | $ | 4.66 | $ | 2.92 | ||||||||||||||||||
Weighted-average shares used in computing net income per share: | ||||||||||||||||||||||||||
Basic | 310,185 | 304,931 | 308,602 | 306,576 | ||||||||||||||||||||||
Diluted | 317,631 | 314,401 | 316,564 | 316,745 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
GAAP gross profit | $ | 942,419 | $ | 709,980 | $ | 2,631,055 | $ | 1,907,090 | ||||||||||||||||||
GAAP gross margin | 62.4 | % | 60.3 | % | 60.9 | % | 61.4 | % | ||||||||||||||||||
Stock-based compensation expense | 3,717 | 2,992 | 9,516 | 6,613 | ||||||||||||||||||||||
Intangible asset amortization | 5,622 | 6,820 | 19,262 | 18,553 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 951,758 | $ | 719,792 | $ | 2,659,833 | $ | 1,932,256 | ||||||||||||||||||
Non-GAAP gross margin | 63.1 | % | 61.2 | % | 61.6 | % | 62.2 | % | ||||||||||||||||||
GAAP income from operations | $ | 602,695 | $ | 417,347 | $ | 1,617,335 | $ | 1,058,187 | ||||||||||||||||||
Stock-based compensation expense | 85,390 | 65,477 | 215,398 | 165,980 | ||||||||||||||||||||||
Intangible asset amortization | 8,117 | 9,315 | 26,747 | 24,334 | ||||||||||||||||||||||
Acquisition-related costs (1) | — | — | — | 4,691 | ||||||||||||||||||||||
Non-GAAP income from operations | $ | 696,202 | $ | 492,139 | $ | 1,859,480 | $ | 1,253,192 | ||||||||||||||||||
Non-GAAP operating margin | 46.1 | % | 41.8 | % | 43.0 | % | 40.4 | % | ||||||||||||||||||
GAAP net income | $ | 545,327 | $ | 353,999 | $ | 1,473,685 | $ | 925,357 | ||||||||||||||||||
Stock-based compensation expense | 85,390 | 65,477 | 215,398 | 165,980 | ||||||||||||||||||||||
Intangible asset amortization | 8,117 | 9,315 | 26,747 | 24,334 | ||||||||||||||||||||||
Acquisition-related costs (1) | — | — | — | 4,691 | ||||||||||||||||||||||
(Gain)/loss on strategic investments | 473 | (708) | (18,699) | (24,121) | ||||||||||||||||||||||
Tax benefit on stock-based awards | (45,667) | (27,636) | (133,561) | (76,325) | ||||||||||||||||||||||
Income tax effect on non-GAAP exclusions | (12,253) | (8,524) | (28,488) | (16,805) | ||||||||||||||||||||||
Non-GAAP net income | $ | 581,387 | $ | 391,923 | $ | 1,535,082 | $ | 1,003,111 | ||||||||||||||||||
GAAP diluted net income per share | $ | 1.72 | $ | 1.13 | $ | 4.66 | $ | 2.92 | ||||||||||||||||||
Non-GAAP adjustments to net income | 0.11 | 0.12 | 0.19 | 0.25 | ||||||||||||||||||||||
Non-GAAP diluted net income per share | $ | 1.83 | $ | 1.25 | $ | 4.85 | $ | 3.17 | ||||||||||||||||||
Weighted-average shares used in computing diluted net income per share | 317,631 | 314,401 | 316,564 | 316,745 | ||||||||||||||||||||||
Summary of Stock-Based Compensation Expense: | ||||||||||||||||||||||||||
Cost of revenue | $ | 3,717 | $ | 2,992 | $ | 9,516 | $ | 6,613 | ||||||||||||||||||
Research and development | 47,965 | 37,698 | 125,671 | 93,723 | ||||||||||||||||||||||
Sales and marketing | 20,490 | 16,103 | 51,461 | 42,039 | ||||||||||||||||||||||
General and administrative | 13,218 | 8,684 | 28,750 | 23,605 | ||||||||||||||||||||||
Total | $ | 85,390 | $ | 65,477 | $ | 215,398 | $ | 165,980 |
September 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | 1,748,818 | $ | 671,707 | ||||||||||
Marketable securities | 2,706,785 | 2,352,022 | ||||||||||||
Accounts receivable | 833,374 | 923,096 | ||||||||||||
Inventories | 1,893,538 | 1,289,706 | ||||||||||||
Prepaid expenses and other current assets | 472,483 | 314,217 | ||||||||||||
Total current assets | 7,654,998 | 5,550,748 | ||||||||||||
Property and equipment, net | 102,592 | 95,009 | ||||||||||||
Acquisition-related intangible assets, net | 95,458 | 122,205 | ||||||||||||
Goodwill | 268,531 | 265,924 | ||||||||||||
Investments | 62,288 | 39,468 | ||||||||||||
Operating lease right-of-use assets | 58,888 | 53,390 | ||||||||||||
Deferred tax assets | 793,015 | 574,912 | ||||||||||||
Other assets | 33,265 | 73,754 | ||||||||||||
TOTAL ASSETS | $ | 9,069,035 | $ | 6,775,410 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable | $ | 268,972 | $ | 232,572 | ||||||||||
Accrued liabilities | 410,071 | 292,487 | ||||||||||||
Deferred revenue | 698,675 | 637,432 | ||||||||||||
Other current liabilities | 469,007 | 131,040 | ||||||||||||
Total current liabilities | 1,846,725 | 1,293,531 | ||||||||||||
Income taxes payable | 104,660 | 89,839 | ||||||||||||
Operating lease liabilities, non-current | 48,044 | 43,964 | ||||||||||||
Deferred revenue, non-current | 496,076 | 403,814 | ||||||||||||
Other long-term liabilities | 67,975 | 58,442 | ||||||||||||
TOTAL LIABILITIES | 2,563,480 | 1,889,590 | ||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||
Common stock | 31 | 31 | ||||||||||||
Additional paid-in capital | 2,028,301 | 1,780,714 | ||||||||||||
Retained earnings | 4,500,389 | 3,138,983 | ||||||||||||
Accumulated other comprehensive income (loss) | (23,166) | (33,908) | ||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 6,505,555 | 4,885,820 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 9,069,035 | $ | 6,775,410 | ||||||||||
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | 1,473,685 | $ | 925,357 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation, amortization and other | 56,233 | 45,169 | ||||||||||||
Stock-based compensation | 215,398 | 165,980 | ||||||||||||
Noncash lease expense | 13,615 | 13,837 | ||||||||||||
Deferred income taxes | (217,489) | (148,355) | ||||||||||||
Gain on strategic investments | (18,699) | (24,121) | ||||||||||||
Amortization (accretion) of investment premiums (discounts) | (22,389) | 14,167 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable, net | 89,722 | (129,947) | ||||||||||||
Inventories | (603,832) | (449,792) | ||||||||||||
Other assets | (118,622) | (86,895) | ||||||||||||
Accounts payable | 33,740 | 73,480 | ||||||||||||
Accrued liabilities | 117,481 | 14,690 | ||||||||||||
Deferred revenue | 153,505 | (1,245) | ||||||||||||
Income taxes, net | 346,170 | 41,074 | ||||||||||||
Other liabilities | (10,968) | (1,059) | ||||||||||||
Net cash provided by operating activities | 1,507,550 | 452,340 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from maturities of marketable securities | 1,564,950 | 1,277,821 | ||||||||||||
Proceeds from sale of marketable securities | 49,584 | 186,782 | ||||||||||||
Purchases of marketable securities | (1,934,156) | (973,489) | ||||||||||||
Purchases of property and equipment | (28,424) | (34,184) | ||||||||||||
Cash paid for business combinations, net of cash acquired | 1,799 | (145,087) | ||||||||||||
Investments in notes and privately-held companies | (4,250) | (12,691) | ||||||||||||
Net cash provided by (used in) investing activities | (350,497) | 299,152 | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Proceeds from issuance of common stock under equity plans | 53,797 | 43,073 | ||||||||||||
Tax withholding paid on behalf of employees for net share settlement | (23,939) | (25,542) | ||||||||||||
Repurchases of common stock | (112,279) | (667,470) | ||||||||||||
Net cash used in financing activities | (82,421) | (649,939) | ||||||||||||
Effect of exchange rate changes | (934) | (6,090) | ||||||||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,073,698 | 95,463 | ||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period | 675,978 | 625,050 | ||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $ | 1,749,676 | $ | 720,513 |
Cover Cover |
Oct. 30, 2023 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Oct. 30, 2023 |
Entity Registrant Name | ARISTA NETWORKS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36468 |
Entity Tax Identification Number | 20-1751121 |
Entity Address, Address Line One | 5453 Great America Parkway |
Entity Address, City or Town | Santa Clara |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95054 |
City Area Code | 408 |
Local Phone Number | 547-5500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Trading Symbol | ANET |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001596532 |
Amendment Flag | false |
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