ANET FY 2022 Earnings Report — Arista Networks, Inc. Revenue & Financial Results | Market Cap Arena

Arista Networks, Inc.ANET

FY 2022 Earnings

Reported February 13, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$4.4B	—	$2.9B	—	48.6%
Op. Income	$1.5B	—	$925M	—	65.1%
Gross Margin	61.1%	—	63.8%	—	-2.7pp
Net Margin	30.9%	—	28.5%	—	2.3pp
EPS (Diluted)	$1.07	—	$0.66	—	62.1%
Free Cash Flow	$448M	—	$951M	—	-52.9%

Revenue Flow

Item	Amount
REVENUE	$4.4B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.7B
R&D Expenses	$728M
Selling & Marketing	$327M
General & Administrative	$93M
SG&A Expenses	$420M
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.9B
OPERATING INCOME	$1.5B
Interest Income	$28M
Interest Expense	$0
Other Income/Expenses	$55M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$229M
Net Income from Continuing Ops	$1.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.4B
D&A	$63M
EBIT	$1.5B
EBITDA	$1.6B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$4.4B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.7B
R&D Expenses	$728M
Selling & Marketing	$327M
General & Administrative	$93M
SG&A Expenses	$420M
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.9B
OPERATING INCOME	$1.5B
Interest Income	$28M
Interest Expense	$0
Other Income/Expenses	$55M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$229M
Net Income from Continuing Ops	$1.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.4B
D&A	$63M
EBIT	$1.5B
EBITDA	$1.6B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$1.4B
Depreciation & Amortization	$63M
Stock-Based Compensation	$231M
Deferred Income Tax	-$244M
Other Non-Cash Items	$4M
Change in Working Capital	-$913M
OPERATING CASH FLOW	$493M
Capital Expenditure	-$45M
Acquisitions (Net)	-$145M
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$1.8B
Other Investing Activities	-$13M
NET CASH FROM INVESTING	$216M
Net Debt Issuance	$0
Common Stock Repurchased	-$670M
Common Dividends Paid	$0
Other Financing Activities	-$33M
NET CASH FROM FINANCING	-$655M
FREE CASH FLOW	$448M
Net Change in Cash	$51M

Balance Sheet

Item	Amount
Cash & Equivalents	$672M
Short-Term Investments	$2.4B
Net Receivables	$923M
Inventory	$1.3B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$5.6B
PP&E (Net)	$95M
Goodwill	$266M
Intangible Assets	$122M
Long-Term Investments	$39M
Tax Assets	$575M
Other Non-Current Assets	$127M
TOTAL NON-CURRENT ASSETS	$1.2B
TOTAL ASSETS	$6.8B
Account Payables	$233M
Short-Term Debt	$0
Deferred Revenue	$637M
Other Current Liabilities	$248M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$0
Deferred Revenue NC	$404M
Deferred Tax Liabilities	$42.0K
Other Non-Current Liabilities	$148M
TOTAL NON-CURRENT LIABILITIES	$596M
TOTAL LIABILITIES	$1.9B
Common Stock	$31.0K
Additional Paid-In Capital	$1.8B
Retained Earnings	$3.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$34M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.9B
Minority Interest	$0
TOTAL EQUITY	$4.9B
TOTAL LIABILITIES & EQUITY	$6.8B
Total Debt	$44M
Net Debt	-$628M