ANET FY 2021 Earnings Report — Arista Networks, Inc. Revenue & Financial Results | Market Cap Arena

Arista Networks, Inc.ANET

FY 2021 Earnings

Reported February 14, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$2.9B	—	$2.3B	—	27.2%
Op. Income	$925M	—	$700M	—	32.2%
Gross Margin	63.8%	—	63.9%	—	-0.1pp
Net Margin	28.5%	—	27.4%	—	1.1pp
EPS (Diluted)	$0.66	—	$0.50	—	32.0%
Free Cash Flow	$951M	—	$720M	—	32.1%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.1B
GROSS PROFIT	$1.9B
R&D Expenses	$587M
Selling & Marketing	$286M
General & Administrative	$83M
SG&A Expenses	$369M
Other Expenses	$0
Operating Expenses	$956M
Cost & Expenses	$2.0B
OPERATING INCOME	$925M
Interest Income	$7M
Interest Expense	$0
Other Income/Expenses	$6M
INCOME BEFORE TAX	$931M
Income Tax Expense	$90M
Net Income from Continuing Ops	$841M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$841M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$841M
D&A	$50M
EBIT	$925M
EBITDA	$975M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.1B
GROSS PROFIT	$1.9B
R&D Expenses	$587M
Selling & Marketing	$286M
General & Administrative	$83M
SG&A Expenses	$369M
Other Expenses	$0
Operating Expenses	$956M
Cost & Expenses	$2.0B
OPERATING INCOME	$925M
Interest Income	$7M
Interest Expense	$0
Other Income/Expenses	$6M
INCOME BEFORE TAX	$931M
Income Tax Expense	$90M
Net Income from Continuing Ops	$841M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$841M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$841M
D&A	$50M
EBIT	$925M
EBITDA	$975M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$841M
Depreciation & Amortization	$50M
Stock-Based Compensation	$187M
Deferred Income Tax	-$99M
Other Non-Cash Items	$44M
Change in Working Capital	-$7M
OPERATING CASH FLOW	$1.0B
Capital Expenditure	-$65M
Acquisitions (Net)	-$20M
Purchases of Investments	-$2.3B
Sales/Maturities of Investments	$1.5B
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$926M
Net Debt Issuance	$0
Common Stock Repurchased	-$412M
Common Dividends Paid	$0
Other Financing Activities	-$16M
NET CASH FROM FINANCING	-$361M
FREE CASH FLOW	$951M
Net Change in Cash	-$272M

Balance Sheet

Item	Amount
Cash & Equivalents	$621M
Short-Term Investments	$2.8B
Net Receivables	$517M
Inventory	$650M
Other Current Assets	$173M
TOTAL CURRENT ASSETS	$4.8B
PP&E (Net)	$144M
Goodwill	$188M
Intangible Assets	$94M
Long-Term Investments	$20M
Tax Assets	$442M
Other Non-Current Assets	$33M
TOTAL NON-CURRENT ASSETS	$922M
TOTAL ASSETS	$5.7B
Account Payables	$203M
Short-Term Debt	$0
Deferred Revenue	$594M
Other Current Liabilities	$87M
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$0
Deferred Revenue NC	$336M
Deferred Tax Liabilities	$129M
Other Non-Current Liabilities	$125M
TOTAL NON-CURRENT LIABILITIES	$646M
TOTAL LIABILITIES	$1.8B
Common Stock	$31.0K
Additional Paid-In Capital	$1.5B
Retained Earnings	$2.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$8M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.0B
Minority Interest	$0
TOTAL EQUITY	$4.0B
TOTAL LIABILITIES & EQUITY	$5.7B
Total Debt	$57M
Net Debt	-$564M