ANET FY 2017 Earnings Report — Arista Networks, Inc. Revenue & Financial Results | Market Cap Arena

Arista Networks, Inc.ANET

FY 2017 Earnings

Reported February 16, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$1.6B	—	$1.1B	—	45.8%
Op. Income	$470M	—	$243M	—	93.2%
Gross Margin	64.5%	—	64.0%	—	0.5pp
Net Margin	25.7%	—	16.3%	—	9.4pp
EPS (Diluted)	$0.33	—	$0.16	—	106.3%
Free Cash Flow	$616M	—	$110M	—	460.2%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$584M
GROSS PROFIT	$1.1B
R&D Expenses	$350M
Selling & Marketing	$155M
General & Administrative	$87M
SG&A Expenses	$242M
Other Expenses	$0
Operating Expenses	$591M
Cost & Expenses	$1.2B
OPERATING INCOME	$470M
Interest Income	$8M
Interest Expense	$3M
Other Income/Expenses	$4M
INCOME BEFORE TAX	$475M
Income Tax Expense	$52M
Net Income from Continuing Ops	$423M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$423M
Net Income Deductions	-$68.0K
BOTTOM LINE NET INCOME	$422M
D&A	$21M
EBIT	$478M
EBITDA	$498M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$584M
GROSS PROFIT	$1.1B
R&D Expenses	$350M
Selling & Marketing	$155M
General & Administrative	$87M
SG&A Expenses	$242M
Other Expenses	$0
Operating Expenses	$591M
Cost & Expenses	$1.2B
OPERATING INCOME	$470M
Interest Income	$8M
Interest Expense	$3M
Other Income/Expenses	$4M
INCOME BEFORE TAX	$475M
Income Tax Expense	$52M
Net Income from Continuing Ops	$423M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$423M
Net Income Deductions	-$68.0K
BOTTOM LINE NET INCOME	$422M
D&A	$21M
EBIT	$478M
EBITDA	$498M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$423M
Depreciation & Amortization	$21M
Stock-Based Compensation	$75M
Deferred Income Tax	$8M
Other Non-Cash Items	$1M
Change in Working Capital	$102M
OPERATING CASH FLOW	$632M
Capital Expenditure	-$15M
Acquisitions (Net)	$0
Purchases of Investments	-$585M
Sales/Maturities of Investments	$206M
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$393M
Net Debt Issuance	-$2M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$4M
NET CASH FROM FINANCING	$51M
FREE CASH FLOW	$616M
Net Change in Cash	$291M

Balance Sheet

Item	Amount
Cash & Equivalents	$859M
Short-Term Investments	$676M
Net Receivables	$247M
Inventory	$306M
Other Current Assets	$96M
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$74M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$36M
Tax Assets	$65M
Other Non-Current Assets	$19M
TOTAL NON-CURRENT ASSETS	$194M
TOTAL ASSETS	$2.5B
Account Payables	$52M
Short-Term Debt	$0
Deferred Revenue	$328M
Other Current Liabilities	$16M
TOTAL CURRENT LIABILITIES	$530M
Long-Term Debt	$0
Deferred Revenue NC	$188M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$44M
TOTAL NON-CURRENT LIABILITIES	$269M
TOTAL LIABILITIES	$799M
Common Stock	$7.0K
Additional Paid-In Capital	$805M
Retained Earnings	$859M
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$2.5B
Total Debt	$38M
Net Debt	-$822M