Arista Networks Inc
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Information Technology : Communications Equipment | Large Cap Growth
Company profile

Arista Networks, Inc. is a supplier of cloud networking solutions that use software to address the needs of Internet companies, cloud service providers and enterprises. The Company cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Gigabit Ethernet switching and routing platforms. Its cognitive single-tier Spline campus network extends EOS across the data center and campus wired and wireless workspace. The Company’s CloudVision is a network-wide approach for workload orchestration and automation, leverages EOS and Cognitive WiFi features, to deliver cloud networking solutions to its enterprise customers. The Company sells its products through both its direct sales force and its channel partners. The Company’s end customers span a range of industries and include large Internet companies, service providers, financial services organizations, government agencies, media and entertainment companies and others.

Closing Price
$121.90
Day's Change
0.55 (0.45%)
Bid
--
Ask
--
B/A Size
--
Day's High
123.31
Day's Low
120.65
Volume
(Average)
Volume:
1,699,625

10-day average volume:
1,610,513
1,699,625

Arista Networks, Inc. Reports Second Quarter 2022 Financial Results

4:05 pm ET August 1, 2022 (BusinessWire) Print

Arista Networks, Inc. (NYSE: ANET), an industry leader in data-driven, client to cloud networking for large data center, campus and routing environments, today announced financial results for its second quarter ended June 30, 2022.

"In Q2 2022, we achieved our first billion-dollar revenue quarter, despite the challenges of an uncertain supply chain environment," said Jayshree Ullal, President and CEO of Arista Networks. "This record milestone further validates the customer value of Arista's differentiated cloud networking platforms, now adopted by many of the largest cloud and enterprise customers around the world."

Second Quarter Financial Highlights

Revenue of $1.052 billion, an increase of 20.0% compared to the first quarter of 2022, and an increase of 48.7% from the second quarter of 2021. GAAP gross margin of 61.2%, compared to GAAP gross margin of 63.1% in the first quarter of 2022 and 64.2% in the second quarter of 2021. Non-GAAP gross margin of 61.9%, compared to non-GAAP gross margin of 63.9% in the first quarter of 2022 and 65.2% in the second quarter of 2021. GAAP net income of $299.1 million, or $0.94 per diluted share, compared to GAAP net income of $196.9 million, or $0.62 per diluted share in the second quarter of 2021. Non-GAAP net income of $342.7 million, or $1.08 per diluted share, compared to non-GAAP net income of $216.8 million, or $0.68 per diluted share in the second quarter of 2021.

Commenting on the company's financial results, Ita Brennan, Arista's CFO said, "We are pleased with overall business momentum in the quarter with strong revenue growth driving significant EPS upside and demonstrating the inherent operational leverage of the business model."

Company Highlights

Arista Acquires Pluribus Networks - a leader in delivering unified cloud fabrics that provides agility, security, automation and visibility across all clouds. Arista Introduces Edge as a Service with Cognitive Unified Edge Solution - Arista announces the next phase of Arista's cognitive campus vision with the introduction of Arista CUE(TM) (Cognitive Unified Edge). CUE enables commercial and distributed branch customers to accelerate new services and technology innovations by consolidating multiple security and networking functions into an "edge as a service" cloud-managed solution. Arista Expands EOS and CloudVision Software Platforms as a Foundation for High-Performance Media and Entertainment Networking - Arista announces the extension of its Arista EOS(R) (Extensible Operating System) and CloudVision(R) software to support high-performance switched networks for media and entertainment customers. Arista Media Control Service (MCS) makes broadcast workflows an integral function of the Arista network fabric providing customers with faster establishment of audio and video streams. Arista Introduces Next Generation 7130 Series Systems for Converged Ultra Low Latency Networking - Arista announces the next generation of converged ultra low latency, highly programmable 7130 Series systems designed for demanding in-network applications. The new systems improve customer agility while consolidating multiple devices that reduce complexity, power and costs.

Financial Outlook

For the third quarter of 2022, we expect:

Revenue between $1.025 billion to $1.075 billion; Non-GAAP gross margin of 60% to 62%; and Non-GAAP operating margin of approximately 39%

Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of acquisition-related intangible assets, and certain non-recurring items. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis (see further explanation below under "Non-GAAP Financial Measures").

Prepared Materials and Conference Call Information

Arista's executives will discuss the second quarter 2022 financial results on a conference call at 1:30 p.m. Pacific time today. To listen to the call via telephone, dial (888) 330-2502 in the United States or +1 (240) 789-2713 from international locations. The Conference ID is 5655862.

The financial results conference call will also be available via live webcast on Arista's investor relations website at https://investors.arista.com/. Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on Arista's investor relations website.

Forward-Looking Statements

This press release contains "forward-looking statements" regarding our future performance, including quotations from management, statements in the section entitled "Financial Outlook," such as estimates regarding revenue, non-GAAP gross margin and non-GAAP operating margin for the third quarter of 2022, statements regarding Arista's business plans and its ability to execute such plans, and statements regarding the benefits of Arista's products. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from those anticipated in or implied by the forward-looking statements including risks associated with: interruptions or delays in shipments; the impact of supply shortages and manufacturing disruptions on our business including increased purchase commitments and extended lead times, the impact of the COVID-19 pandemic and related public safety measures on our business; the rapid evolution of the networking market; any failure to successfully pursue new products and service offerings and expand into adjacent markets; a decline in our revenue growth rate; deferral, reduction or cancellation of orders from end customers; increased component costs including as a result of global inflationary pressures and the impact of the Russian/Ukrainian conflict; variability in our gross margins including as a result of changes in end customer mix or product mix; adverse global economic and geopolitical conditions and reduced information technology and network infrastructure spending; intense competition; expansion of our international sales and operations; investments in or acquisitions of other businesses; fluctuations in our results of operations including as a result of seasonality; our ability to attract new large end customers or sell products and services to existing end customers and dependence on large end customers; the timing of orders and their fulfillment; our ability to increase market awareness of our company and new products and services; product quality problems; our ability to anticipate technological shifts and develop products to meet those technological shifts; insufficient, excess or obsolete inventory; a decline in end customer demand for our products or services; our ability to protect, defend and maintain our intellectual property rights; vulnerabilities in our products and failure of our products to detect security breaches; and tax, tariff, import/export restrictions; and other future events. Additional risks and uncertainties that could affect us can be found in our most recent filings with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. You can locate these reports through our website at https://investors.arista.com/ and on the SEC's website at https://www.sec.gov/. All forward-looking statements in this press release are based on information available to the company as of the date hereof and we disclaim any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Financial Measures

This press release and accompanying table contain certain non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margins, non-GAAP net income and non-GAAP diluted net income per share. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquisition-related intangible assets, certain non-recurring charges or benefits, and the income tax effect of these non-GAAP exclusions. In addition, non-GAAP financial measures exclude net tax benefits associated with stock-based awards, which include excess tax benefits, and other discrete indirect effects of such awards. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-GAAP financial measures and a reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

The company's guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of acquisition-related intangible assets, and other non-recurring items. The company does not provide guidance on GAAP gross margin or GAAP operating margin or the various reconciling items between GAAP gross margin and GAAP operating margin and non-GAAP gross margin and non-GAAP operating margin. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures on a forward-looking basis is not available because stock-based compensation expense is impacted by the company's future hiring and retention needs and the future fair market value of the company's common stock, all of which are difficult to predict and subject to constant change. The actual amount of stock-based compensation expense will have a significant impact on the company's GAAP gross margin and GAAP operating margin.

About Arista Networks

Arista Networks is an industry leader in data-driven, client to cloud networking for large data center, campus and routing environments. Arista's award-winning platforms deliver availability, agility, automation, analytics and security through an advanced network operating stack. For more information, visit www.arista.com.

ARISTA, EOS, CloudVision and Arista CUE are among the registered and unregistered trademarks of Arista Networks, Inc. in jurisdictions around the world. Other company names or product names may be trademarks of their respective owners.

                                                                                                                                            ARISTA NETWORKS, INC.
                                                                                                                               Condensed Consolidated Statements of Operations
                                                                                                                             (Unaudited, in thousands, except per share amounts)
                                                                                                                                                                            
                                                                                          Three Months Ended June 30,                                                                       Six Months Ended June 30,
                                                                                         ---------------------------------------------------------------------------------------------------                           --------------------------------------------------------------------------------
                                                                           2022                                        2021                              2022                              2021
                                                                                         -------------------------------------------------                        ------------------------------                       ------------------------------                       ------------------------------
Revenue:                                                                                                                                
                                                                                         $   885,806                        $    566,467                      $  1,610,524                      $  1,105,612
     Product
                                                                          166,085          140,852        318,433        269,269
     Service
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Total revenue                                                           1,051,891          707,319      1,928,957      1,374,881
Cost of revenue:                                                                                                                        
                                                                          375,634          225,779        669,443        444,212
     Product
                                                                           32,992           27,362         62,404         51,219
     Service
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Total cost of revenue                                                     408,626          253,141        731,847        495,431
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Gross profit                                                              643,265          454,178      1,197,110        879,450
Operating expenses:                                                                                                                     
                                                                          178,158          143,293        350,164        275,780
     Research and development
                                                                           79,372           70,625        160,111        141,645
     Sales and marketing
                                                                           22,882           20,895         45,995         36,368
     General and administrative
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
                                                                          280,412          234,813        556,270        453,793
          Total operating expenses
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Income from operations                                                    362,853          219,365        640,840        425,657
Other income (loss), net                                                     (533 )                             1,719         30,947          3,294
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Income before income taxes                                                362,320          221,084        671,787        428,951
Provision for income taxes                                                 63,221           24,196        100,429         51,697
                                                                                         -------------------- --------- --------------------                      -------------------- ----------                      -------------------- ----------                      -------------------- ----------
Net income                                                                               $   299,099                        $    196,888                      $    571,358                      $    377,254
                                                                                         ==================== ========= ====================                      ==================== ==========                      ==================== ==========                      ==================== ==========
Net income per share (1):                                                                                                               
                                                                                         $      0.98                        $       0.64                      $       1.86                      $       1.23
     Basic
                                                                                         ==================== ========= ====================                      ==================== ==========                      ==================== ==========                      ==================== ==========
                                                                                         $      0.94                        $       0.62                      $       1.80                      $       1.18
     Diluted
                                                                                         ==================== ========= ====================                      ==================== ==========                      ==================== ==========                      ==================== ==========
Weighted-average shares used in computing net income per share (1):                                                                     
                                                                          306,754          305,844        307,399        305,536
     Basic
                                                                                         ==================== ========= ====================                      ==================== ==========                      ==================== ==========                      ==================== ==========

_______________________

(1) Prior periods have been adjusted to reflect the four-for-one stock split effected in the form of a stock dividend in November 2021.

                                                                                                                                                                                 ARISTA NETWORKS, INC.
                                                                                                                                                            Reconciliation of Selected GAAP to Non-GAAP Financial Measures
                                                                                                                                                          (Unaudited, in thousands, except percentages and per share amounts)
                                                                                                                                                                                                                                 
                                                                                                             Three Months Ended June 30,                                                                                                         Six Months Ended June 30,
                                                                                                -------------------------------------------------------------------------------------------------------------------------                            ---------------------------------------------------------------------------------------------------------------------------
                                                              2022             2021               2022              2021       
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------
GAAP gross profit                                                                               $ 643,265                        $        454,178                        $ 1,197,110                        $        879,450  
GAAP gross margin                                                                 61.2 %                                  64.2 %                             62.1 %                                  64.0 %
                                                                                 2,312                1,796           3,621                3,196  
     Stock-based compensation expense
                                                                                 6,012                5,465          11,733               10,929  
     Intangible asset amortization
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------
Non-GAAP gross profit                                                                           $ 651,589                        $        461,439                        $ 1,212,464                        $        893,575  
                                                                                                ==================== ======= ====================                      ==================== ============== ====================                      ==================== ========= ====================                      ==================== ============== ====================
Non-GAAP gross margin                                                             61.9 %                                  65.2 %                             62.9 %                                  65.0 %
                                                                                                                                                                       
GAAP income from operations                                                                     $ 362,853                        $        219,365                        $   640,840                        $        425,657  
                                                                                50,224               44,944         100,503               82,497  
     Stock-based compensation expense
                                                                                 7,708                7,365          15,019               14,795  
     Intangible asset amortization
                                                                                 4,691       --           4,691       --  
     Acquisition-related costs (1)
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------
Non-GAAP income from operations                                                                 $ 425,476                        $        271,674                        $   761,053                        $        522,949  
                                                                                                ==================== ======= ====================                      ==================== ============== ====================                      ==================== ========= ====================                      ==================== ============== ====================
Non-GAAP operating margin                                                         40.4 %                                  38.4 %                             39.5 %                                  38.0 %
                                                                                                                                                                       
GAAP net income                                                                                 $ 299,099                        $        196,888                        $   571,358                        $        377,254  
                                                                                50,224               44,944         100,503               82,497  
     Stock-based compensation expense
                                                                                 7,708                7,365          15,019               14,795  
     Intangible asset amortization
                                                                                 4,691       --           4,691       --  
     Acquisition-related costs (1)
                                                                                 5,084       --         (23,413 )                        --  
     Unrealized loss (gain) on equity investments
                                                                               (17,725 )                               (24,113 )                          (48,689 )                               (45,019 )
     Tax benefit on stock-based awards
                                                                                (6,401 )                                (8,256 )                           (8,281 )                               (13,862 )
     Income tax effect on non-GAAP exclusions
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------
Non-GAAP net income                                                                             $ 342,680                        $        216,828                        $   611,188                        $        415,665  
                                                                                                ==================== ======= ====================                      ==================== ============== ====================                      ==================== ========= ====================                      ==================== ============== ====================
                                                                                                                                                                       
GAAP diluted net income per share (2)                                                           $    0.94                        $           0.62                        $      1.80                        $           1.18  
                                                                                  0.14                 0.06            0.12                 0.12  
     Non-GAAP adjustments to net income
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------
Non-GAAP diluted net income per share                                                           $    1.08                        $           0.68                        $      1.92                        $           1.30  
                                                                                                ==================== ======= ====================                      ==================== ============== ====================                      ==================== ========= ====================                      ==================== ============== ====================
Weighted-average shares used in computing diluted net income per share (2)     316,581              318,840         318,040              318,708  
Summary of Stock-Based Compensation Expense:                                                                                                                                              
Cost of revenue                                                                                 $   2,312                        $          1,796                        $     3,621                        $          3,196  
Research and development                                                        28,449               23,139          56,025               45,121  
Sales and marketing                                                             12,827               11,368          25,936               21,453  
General and administrative                                                       6,636                8,641          14,921               12,727  
                                                                                                -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------- --------------------                      -------------------- -------------- --------------------

___________________

(1) Represent non-recurring costs associated with business combinations, which primarily include retention bonuses, and professional and consulting fees. Represent non-recurring costs associated with business combinations, which primarily include retention bonuses, and professional and consulting fees.
                                                                                                  ARISTA NETWORKS, INC.
                                                                                          Condensed Consolidated Balance Sheets
                                                                                                (Unaudited, in thousands)
                                                                                         
                                                                         June 30, 2022                                       December 31, 2021
                                                                                           -------------------------------------------------                        -------------------------------------------------
ASSETS                                                                                                      
CURRENT ASSETS:                                                                                             
                                                                                           $   493,246                        $   620,813  
     Cash and cash equivalents
                                                                          2,408,656       2,787,502  
     Marketable securities
                                                                            585,786         516,509  
     Accounts receivable
                                                                            852,810         650,117  
     Inventories
                                                                            388,697         237,735  
     Prepaid expenses and other current assets
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                          4,729,195       4,812,676  
         Total current assets
Property and equipment, net                                                  91,823          78,634  
Acquisition-related intangible assets, net                                  140,836          93,555  
Goodwill                                                                    273,494         188,397  
Investments                                                                  38,263          20,247  
Operating lease right-of-use assets                                          61,869          65,182  
Deferred tax assets                                                         442,455         442,295  
Other assets                                                                 46,610          33,443  
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
TOTAL ASSETS                                                                               $ 5,824,545                        $ 5,734,429  
                                                                                           ==================== ========= ====================                      ==================== ========= ====================
LIABILITIES AND STOCKHOLDERS' EQUITY                                             
CURRENT LIABILITIES:                                                                                        
                                                                                           $   275,093                        $   202,636  
     Accounts payable
                                                                            210,334         226,643  
     Accrued liabilities
                                                                            697,762         593,578  
     Deferred revenue
                                                                             94,837          86,972  
     Other current liabilities
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                          1,278,026       1,109,829  
         Total current liabilities
Income taxes payable                                                         79,422          69,916  
Operating lease liabilities, non-current                                     51,793          56,527  
Deferred revenue, non-current                                               335,728         335,734  
Deferred tax liabilities, non-current                                        13,447         129,074  
Other long-term liabilities                                                  60,337          54,749  
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
TOTAL LIABILITIES                                                         1,818,753       1,755,829  
STOCKHOLDERS' EQUITY:                                                            
                                                                                 30              31  
     Common stock
                                                                          1,638,787       1,530,046  
     Additional paid-in capital
                                                                          2,408,294       2,456,823  
     Retained earnings
                                                                            (41,319 )                           (8,300 )
     Accumulated other comprehensive income (loss)
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
TOTAL STOCKHOLDERS' EQUITY                     4,005,792       3,978,600  
                                                                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $ 5,824,545                        $ 5,734,429  
                                                                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                          ARISTA NETWORKS, INC.
                                                                                             Condensed Consolidated Statements of Cash Flows
                                                                                                        (Unaudited, in thousands)
                                                                                                                        
                                                                                                                     Six Months Ended June 30,
                                                                                                       --------------------------------------------------------------------------------------------------------------------------
                                                                                        2022                                                    2021
                                                                                                       ------------------------------------------------                        ------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                  
Net income                                                                                             $  571,358                        $        377,254  
Adjustments to reconcile net income to net cash provided by operating activities:                                      
                                                                                        28,012               25,235  
     Depreciation, amortization and other
                                                                                       100,503               82,497  
     Stock-based compensation
                                                                                         9,161                8,410  
     Noncash lease expense
                                                                                      (105,937 )                                (2,998 )
     Deferred income taxes
                                                                                       (23,413 )                        --  
     Unrealized gain on equity investments
                                                                                        11,457               12,121  
     Amortization of investment premiums
Changes in operating assets and liabilities:                                                                           
                                                                                       (64,335 )                                25,326  
     Accounts receivable, net
                                                                                      (202,052 )                               (63,531 )
     Inventories
                                                                                      (158,149 )                               (44,356 )
     Prepaid expenses and other current assets
                                                                                        (5,543 )                                (3,390 )
     Other assets
                                                                                        71,169               10,879  
     Accounts payable
                                                                                       (16,210 )                                20,025  
     Accrued liabilities
                                                                                        91,201               95,263  
     Deferred revenue
                                                                                        10,792               (9,144 )
     Income taxes payable
                                                                                           221              (15,550 )
     Other liabilities
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                       318,235              518,041  
          Net cash provided by operating activities
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                  
                                                                                       829,714              819,807  
     Proceeds from maturities of marketable securities
                                                                                      (641,979 )                            (1,241,657 )
     Purchases of marketable securities
                                                                                       (23,744 )                                (9,567 )
     Purchases of property and equipment
                                                                                      (145,087 )                                 1,419  
     Business acquisitions, net of cash acquired
                                                                                       (11,691 )                                (6,084 )
     Investments in privately-held companies and intangibles
                                                                                       165,746       --  
     Proceeds from sale of marketable securities
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                       172,959             (436,082 )
          Net cash provided by (used in) investing activities
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                  
                                                                                        22,991               26,884  
     Proceeds from issuance of common stock under equity plans
                                                                                       (18,802 )                                (6,353 )
     Tax withholding paid on behalf of employees for net share settlement
                                                                                      (619,888 )                              (101,355 )
     Repurchase of common stock
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                      (615,699 )                               (80,824 )
          Net cash used in financing activities
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------
Effect of exchange rate changes                                                         (3,041 )                                  (665 )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH                 (127,546 )                                   470  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH --Beginning of period           625,050              897,454  
                                                                                                       -------------------- -------- --------------------                      -------------------- -------------- --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005641/en/

SOURCE: Arista Networks, Inc.

Investor Contacts:

Arista Networks, Inc.
Liz Stine, 408-547-5885
Investor Relations
liz@arista.com
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