– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
SANTA CLARA, Calif.--(BUSINESS WIRE)--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, 2023.
“Arista again achieves record revenue and profitability for Q2 2023,” said Jayshree Ullal, President and CEO of Arista Networks. “Our customers now represent more than 75 million cumulative cloud networking ports.”
Second Quarter Financial Highlights
Commenting on the company's financial results, Ita Brennan, Arista’s CFO, said, “In spite of the return to shorter lead times and reduced visibility, we are executing well with gradual incremental improvements to our 2023 outlook which now calls for year-over-year growth in excess of 30%.”
Company Highlights
Financial Outlook
For the third quarter of 2023, we expect:
Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of acquisition-related intangible assets, and potential non-recurring charges or benefits. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis because these exclusions can be uncertain or difficult to predict, including stock-based compensation expense which is impacted by the company’s future hiring and retention needs and the future fair market value of the company’s common stock. The actual amount of these exclusions will have a significant impact on the company’s GAAP gross margin and GAAP operating margin.
Prepared Materials and Conference Call Information
Arista's executives will discuss the second quarter 2023 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 2023 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: dependence on a limited number of end customers who represent a substantial portion of our revenue; adverse economic and geopolitical conditions, including inflationary pressures which result in increased component costs and reduced information technology and network infrastructure spending, and the Russia/Ukraine conflict; changes in our customers technology roadmaps and priorities including the need for the rapid deployment of artificial intelligence (“AI”) and related technologies; the impact of limited sources of supply on our business, including significant purchase commitments, excess inventory and extended lead times or supply changes; volatility in our revenue growth rate; variations in our results of operations, including as a result of seasonality; the rapid evolution of the networking market; any failure to successfully pursue new products and service offerings and expand into adjacent markets; variability in our gross margins, including as a result of changes in customer mix or product mix; intense competition; expansion of our international sales and operations; investments in or acquisitions of other businesses; fluctuations in currency exchange rates; any failure to raise any needed capital; our ability to attract new large end customers or sell additional products and services to existing end customers; our ability to grow sales of our switches; our ability to increase market awareness of our new products and services; a decrease in the sales prices of our products and services; a decline in maintenance renewals by end customers; product quality problems; our ability to anticipate technological shifts and develop products and product enhancements that meet those technological shifts; any failure to manage the supply of our products and product components, resulting in insufficient component supply and inventory or excess inventory; our dependence on third-party manufacturers to build our products; assertions by third parties of infringement or other violations by us of their intellectual property rights; our ability to protect our intellectual property rights; vulnerabilities in our products and failure of our products to detect security breaches; tax, tariff, import/export restrictions, Chinese regulations or other trade barriers; 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 margin, 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 intangibles and other acquisition-related expenses, unrealized gains/losses on equity investments, 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.
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 and CloudVision, CV AGNI, 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 Income Statements (Unaudited, in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Product |
|
$ |
1,261,537 |
|
$ |
885,806 |
|
|
$ |
2,433,631 |
|
$ |
1,610,524 |
|||
Service |
|
|
197,387 |
|
|
|
166,085 |
|
|
|
376,644 |
|
|
|
318,433 |
|
Total revenue |
|
|
1,458,924 |
|
|
|
1,051,891 |
|
|
|
2,810,275 |
|
|
|
1,928,957 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||
Product |
|
|
533,613 |
|
|
|
375,634 |
|
|
|
1,042,475 |
|
|
|
669,443 |
|
Service |
|
|
41,182 |
|
|
|
32,992 |
|
|
|
79,164 |
|
|
|
62,404 |
|
Total cost of revenue |
|
|
574,795 |
|
|
|
408,626 |
|
|
|
1,121,639 |
|
|
|
731,847 |
|
Gross profit |
|
|
884,129 |
|
|
|
643,265 |
|
|
|
1,688,636 |
|
|
|
1,197,110 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
229,676 |
|
|
|
178,158 |
|
|
|
431,084 |
|
|
|
350,164 |
|
Sales and marketing |
|
|
97,971 |
|
|
|
79,372 |
|
|
|
191,463 |
|
|
|
160,111 |
|
General and administrative |
|
|
26,420 |
|
|
|
22,882 |
|
|
|
51,449 |
|
|
|
45,995 |
|
Total operating expenses |
|
|
354,067 |
|
|
|
280,412 |
|
|
|
673,996 |
|
|
|
556,270 |
|
Income from operations |
|
|
530,062 |
|
|
|
362,853 |
|
|
|
1,014,640 |
|
|
|
640,840 |
|
Other income (expense), net |
|
|
56,339 |
|
|
|
(533 |
) |
|
|
68,485 |
|
|
|
30,947 |
|
Income before income taxes |
|
|
586,401 |
|
|
|
362,320 |
|
|
|
1,083,125 |
|
|
|
671,787 |
|
Provision for income taxes |
|
|
94,516 |
|
|
|
63,221 |
|
|
|
154,767 |
|
|
|
100,429 |
|
Net income |
|
$ |
491,885 |
|
|
$ |
299,099 |
|
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.59 |
|
|
$ |
0.98 |
|
|
$ |
3.02 |
|
|
$ |
1.86 |
|
Diluted |
|
$ |
1.55 |
|
|
$ |
0.94 |
|
|
$ |
2.94 |
|
|
$ |
1.80 |
|
Weighted-average shares used in computing net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
308,636 |
|
|
|
306,754 |
|
|
|
307,810 |
|
|
|
307,399 |
|
Diluted |
|
|
316,485 |
|
|
|
316,581 |
|
|
|
316,031 |
|
|
|
318,040 |
|
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, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
GAAP gross profit |
|
$ |
884,129 |
|
|
$ |
643,265 |
|
|
$ |
1,688,636 |
|
|
$ |
1,197,110 |
|
GAAP gross margin |
|
|
60.6 |
% |
|
|
61.2 |
% |
|
|
60.1 |
% |
|
|
62.1 |
% |
Stock-based compensation expense |
|
|
2,824 |
|
|
|
2,312 |
|
|
|
5,799 |
|
|
|
3,621 |
|
Intangible asset amortization |
|
|
6,820 |
|
|
|
6,012 |
|
|
|
13,640 |
|
|
|
11,733 |
|
Non-GAAP gross profit |
|
$ |
893,773 |
|
|
$ |
651,589 |
|
|
$ |
1,708,075 |
|
|
$ |
1,212,464 |
|
Non-GAAP gross margin |
|
|
61.3 |
% |
|
|
61.9 |
% |
|
|
60.8 |
% |
|
|
62.9 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP income from operations |
|
$ |
530,062 |
|
|
$ |
362,853 |
|
|
$ |
1,014,640 |
|
|
$ |
640,840 |
|
Stock-based compensation expense |
|
|
67,127 |
|
|
|
50,224 |
|
|
|
130,008 |
|
|
|
100,503 |
|
Intangible asset amortization |
|
|
9,315 |
|
|
|
7,708 |
|
|
|
18,630 |
|
|
|
15,019 |
|
Acquisition-related costs (1) |
|
|
— |
|
|
|
4,691 |
|
|
|
— |
|
|
|
4,691 |
|
Non-GAAP income from operations |
|
$ |
606,504 |
|
|
$ |
425,476 |
|
|
$ |
1,163,278 |
|
|
$ |
761,053 |
|
Non-GAAP operating margin |
|
|
41.6 |
% |
|
|
40.4 |
% |
|
|
41.4 |
% |
|
|
39.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
|
$ |
491,885 |
|
|
$ |
299,099 |
|
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Stock-based compensation expense |
|
|
67,127 |
|
|
|
50,224 |
|
|
|
130,008 |
|
|
|
100,503 |
|
Intangible asset amortization |
|
|
9,315 |
|
|
|
7,708 |
|
|
|
18,630 |
|
|
|
15,019 |
|
Acquisition-related costs (1) |
|
|
— |
|
|
|
4,691 |
|
|
|
— |
|
|
|
4,691 |
|
Unrealized loss (gain) on equity investments |
|
|
(24,743 |
) |
|
|
5,084 |
|
|
|
(19,172 |
) |
|
|
(23,413 |
) |
Tax benefit on stock-based awards |
|
|
(37,832 |
) |
|
|
(17,725 |
) |
|
|
(87,894 |
) |
|
|
(48,689 |
) |
Income tax effect on non-GAAP exclusions |
|
|
(4,519 |
) |
|
|
(6,401 |
) |
|
|
(16,235 |
) |
|
|
(8,281 |
) |
Non-GAAP net income |
|
$ |
501,233 |
|
|
$ |
342,680 |
|
|
$ |
953,695 |
|
|
$ |
611,188 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted net income per share |
|
$ |
1.55 |
|
|
$ |
0.94 |
|
|
$ |
2.94 |
|
|
$ |
1.80 |
|
Non-GAAP adjustments to net income |
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.08 |
|
|
|
0.12 |
|
Non-GAAP diluted net income per share |
|
$ |
1.58 |
|
|
$ |
1.08 |
|
|
$ |
3.02 |
|
|
$ |
1.92 |
|
Weighted-average shares used in computing diluted net income per share |
|
|
316,485 |
|
|
|
316,581 |
|
|
|
316,031 |
|
|
|
318,040 |
|
Summary of Stock-Based Compensation Expense: |
|
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
$ |
2,824 |
|
|
$ |
2,312 |
|
|
$ |
5,799 |
|
|
$ |
3,621 |
|
Research and development |
|
|
41,137 |
|
|
|
28,449 |
|
|
|
77,706 |
|
|
|
56,025 |
|
Sales and marketing |
|
|
15,833 |
|
|
|
12,827 |
|
|
|
30,971 |
|
|
|
25,936 |
|
General and administrative |
|
|
7,333 |
|
|
|
6,636 |
|
|
|
15,532 |
|
|
|
14,921 |
|
Total |
|
$ |
67,127 |
|
|
$ |
50,224 |
|
|
$ |
130,008 |
|
|
$ |
100,503 |
|
_____________________________________________ |
||
(1) |
Represent 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, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,261,836 |
|
|
$ |
671,707 |
|
Marketable securities |
|
|
2,479,290 |
|
|
|
2,352,022 |
|
Accounts receivable |
|
|
779,726 |
|
|
|
923,096 |
|
Inventories |
|
|
1,864,334 |
|
|
|
1,289,706 |
|
Prepaid expenses and other current assets |
|
|
466,371 |
|
|
|
314,217 |
|
Total current assets |
|
|
6,851,557 |
|
|
|
5,550,748 |
|
Property and equipment, net |
|
|
101,705 |
|
|
|
95,009 |
|
Acquisition-related intangible assets, net |
|
|
103,575 |
|
|
|
122,205 |
|
Goodwill |
|
|
268,531 |
|
|
|
265,924 |
|
Investments |
|
|
61,788 |
|
|
|
39,468 |
|
Operating lease right-of-use assets |
|
|
61,333 |
|
|
|
53,390 |
|
Deferred tax assets |
|
|
705,856 |
|
|
|
574,912 |
|
Other assets |
|
|
31,696 |
|
|
|
73,754 |
|
TOTAL ASSETS |
|
$ |
8,186,041 |
|
|
$ |
6,775,410 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Accounts payable |
|
$ |
351,920 |
|
|
$ |
232,572 |
|
Accrued liabilities |
|
|
363,036 |
|
|
|
292,487 |
|
Deferred revenue |
|
|
624,207 |
|
|
|
637,432 |
|
Other current liabilities |
|
|
316,629 |
|
|
|
131,040 |
|
Total current liabilities |
|
|
1,655,792 |
|
|
|
1,293,531 |
|
Income taxes payable |
|
|
98,722 |
|
|
|
89,839 |
|
Operating lease liabilities, non-current |
|
|
51,702 |
|
|
|
43,964 |
|
Deferred revenue, non-current |
|
|
460,697 |
|
|
|
403,814 |
|
Other long-term liabilities |
|
|
61,546 |
|
|
|
58,442 |
|
TOTAL LIABILITIES |
|
|
2,328,459 |
|
|
|
1,889,590 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock |
|
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
|
1,927,697 |
|
|
|
1,780,714 |
|
Retained earnings |
|
|
3,955,062 |
|
|
|
3,138,983 |
|
Accumulated other comprehensive income (loss) |
|
|
(25,208 |
) |
|
|
(33,908 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
5,857,582 |
|
|
|
4,885,820 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
8,186,041 |
|
|
$ |
6,775,410 |
|
ARISTA NETWORKS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2023 |
|
2022 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net income |
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization and other |
|
|
39,227 |
|
|
|
28,012 |
|
Stock-based compensation |
|
|
130,008 |
|
|
|
100,503 |
|
Noncash lease expense |
|
|
9,154 |
|
|
|
9,161 |
|
Deferred income taxes |
|
|
(130,287 |
) |
|
|
(105,937 |
) |
Unrealized gain on equity investments |
|
|
(19,172 |
) |
|
|
(23,413 |
) |
Amortization (accretion) of investment premiums (discounts) |
|
|
(11,998 |
) |
|
|
11,457 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
143,370 |
|
|
|
(64,335 |
) |
Inventories |
|
|
(574,628 |
) |
|
|
(202,052 |
) |
Other assets |
|
|
(120,864 |
) |
|
|
(163,692 |
) |
Accounts payable |
|
|
114,905 |
|
|
|
71,169 |
|
Accrued liabilities |
|
|
70,418 |
|
|
|
(16,210 |
) |
Deferred revenue |
|
|
43,658 |
|
|
|
91,201 |
|
Income taxes, net |
|
|
198,100 |
|
|
|
10,792 |
|
Other liabilities |
|
|
(11,676 |
) |
|
|
221 |
|
Net cash provided by operating activities |
|
|
808,573 |
|
|
|
318,235 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Proceeds from maturities of marketable securities |
|
|
1,265,305 |
|
|
|
829,714 |
|
Proceeds from sale of marketable securities |
|
|
21,725 |
|
|
|
165,746 |
|
Purchases of marketable securities |
|
|
(1,392,020 |
) |
|
|
(641,979 |
) |
Purchases of property and equipment |
|
|
(17,212 |
) |
|
|
(23,744 |
) |
Cash paid for business acquisitions, net of cash acquired |
|
|
1,799 |
|
|
|
(145,087 |
) |
Investments in notes and privately-held companies |
|
|
(4,250 |
) |
|
|
(11,691 |
) |
Net cash provided by (used in) investing activities |
|
|
(124,653 |
) |
|
|
172,959 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from issuance of common stock under equity plans |
|
|
30,410 |
|
|
|
22,991 |
|
Tax withholding paid on behalf of employees for net share settlement |
|
|
(15,766 |
) |
|
|
(18,802 |
) |
Repurchases of common stock |
|
|
(112,279 |
) |
|
|
(619,888 |
) |
Net cash used in financing activities |
|
|
(97,635 |
) |
|
|
(615,699 |
) |
Effect of exchange rate changes |
|
|
429 |
|
|
|
(3,041 |
) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
586,714 |
|
|
|
(127,546 |
) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period |
|
|
675,978 |
|
|
|
625,050 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period |
|
$ |
1,262,692 |
|
|
$ |
497,504 |
|
САНТА-КЛАРА, Калифорния. -- (BUSINESS WIRE) --Arista Networks, Inc. (NYSE: ANET), лидер отрасли в области управляемых данными сетей клиент-облако для крупных центров обработки данных, кампусов и сред маршрутизации, сегодня объявила финансовые результаты за второй квартал, закончившийся 30 июня 2023 года.
“Arista снова добилась рекордной выручки и рентабельности во втором квартале 2023 года”, - сказал Джейшри Уллал, президент и главный исполнительный директор Arista Networks. “В настоящее время наши клиенты представляют более 75 миллионов совокупных портов облачных сетей”.
Основные финансовые показатели за второй квартал
Комментируя финансовые результаты компании, Ита Бреннан, финансовый директор Arista, сказала: “Несмотря на возвращение к сокращению сроков выполнения заказов и снижение видимости, мы добиваемся хороших результатов благодаря постепенным улучшениям нашего прогноза на 2023 год, который теперь предусматривает рост в годовом исчислении более чем на 30%”.
Основные моменты компании
Финансовые перспективы
В третьем квартале 2023 года мы ожидаем:
Руководство по финансовым показателям, не соответствующим GAAP, исключает расходы на компенсацию на основе запасов, амортизацию нематериальных активов, связанных с приобретением, и потенциальные единовременные платежи или льготы. Сверка показателей, не связанных с GAAP, с соответствующими показателями GAAP на перспективной основе недоступна, поскольку эти исключения могут быть неопределенными или трудно прогнозируемыми, включая расходы на компенсацию на основе акций, на которые влияют будущие потребности компании в найме и удержании персонала, а также будущая справедливая рыночная стоимость активов компании. обыкновенные акции. Фактическая сумма этих исключений окажет существенное влияние на валовую прибыль компании по GAAP и операционную маржу по GAAP.
Подготовленные материалы и информация о телефонной конференции
Руководители Arista обсудят финансовые результаты за второй квартал 2023 года на телефонной конференции сегодня в 13:30 по тихоокеанскому времени. Чтобы прослушать звонок по телефону, наберите (888) 330-2502 в Соединенных Штатах или +1 (240) 789-2713 из других стран. Идентификатор конференции - 5655862.
Телефонная конференция по финансовым результатам также будет доступна в режиме прямой трансляции на веб-сайте Arista по связям с инвесторами по адресу https://investors.arista.com /. Вскоре после завершения телефонной конференции повтор аудио-трансляции будет доступен на веб-сайте Arista по связям с инвесторами.
Заявления прогнозного характера
Настоящий пресс-релиз содержит “прогнозные заявления” относительно наших будущих результатов, включая цитаты руководства, заявления в разделе, озаглавленном “Финансовые перспективы”, такие как оценки выручки, валовой прибыли не по GAAP и операционной прибыли не по GAAP за третий квартал 2023 года, а также заявления о преимуществах Aristaпродукты компании. Прогнозные заявления подвержены известным и неизвестным рискам, неопределенностям, предположениями и другими факторами, которые могут вызвать фактические результаты, показатели деятельности или достижения могут существенно отличаться от ожидаемых или подразумеваемых в заявлениях прогнозного характера, включая риски, связанные с: зависимость от ограниченного числа клиентов, которые составляют значительную часть наших доходов; неблагоприятные экономические и геополитические условия, в том числе инфляционные процессы, в результате которых увеличилась стоимость компонентов и снижение информационных технологий и сетевой инфраструктуры расходы, а Россию/Украину конфликта; изменения у наших клиентов прогнозов технологического развития и приоритеты включая необходимость быстрого развертывания искусственного интеллекта (“ИИ”) и связанные с ними технологии; влияние общества источники поставки на наш бизнес, в том числе значительные покупки обязательств, избыточных запасов и длительное время или поставку изменения; неустойчивость в нашем рост выручки; различия в результатах деятельности, в том числе в результате сезонности; стремительное развитие сетевого рынка; неисполнение успешного продвижения новых товаров и услуг и выйти на смежные рынки; изменчивость в наш валовой прибыли, в том числе в результате изменения структуры клиентуры или ассортимента продукции; острая конкуренция; расширение международных продаж и операций; инвестиций или приобретения других предприятий; колебания валютных курсов; невозможность поднять любой необходимый капитал; наши возможности для привлечения новых крупных клиентов или окончание продажи дополнительных продуктов и услуг существующим клиентам; наша способность к росту продаж наших коммутаторов; способность к осведомленности о наших новых продуктах и услугах; снижение цены продажи наших продуктов и услуг; снижение содержания продления конечных клиентов; продукт имеет проблемы с качеством, наша способность предвидеть технологические сдвиги и разработки продуктов и усовершенствования продукта, которые удовлетворяют эти технологические сдвиги; неспособность управлять поставку нашей продукции и продукции компонентов, что приводит к недостаточной поставки компонентов и запаса или избыточного инвентаря; нашу зависимость от сторонних производителей для создания нашей продукции; заявления третьих лиц о нарушении или других нарушений их прав на интеллектуальную собственность; нашу способность защищать наши права на интеллектуальную собственность; уязвимостей в наших продуктах и отказа от нашей продукции для обнаружения брешей в безопасности; налоговые, тарифные, импорт/экспортные ограничения, китайским правилам или других торговых барьеров; и других будущих событий. Дополнительные риски и неопределенности, которые могут повлиять на нас, можно найти в наших последних заявках в Комиссию по ценным бумагам и биржам, включая, но не ограничиваясь этим, наш годовой отчет по форме 10-K и квартальные отчеты по форме 10-Q. Вы можете ознакомиться с этими отчетами на нашем веб-сайте по адресу https://investors.arista.com / и на веб-сайте SEC по адресу https://www.sec.gov /. Все заявления прогнозного характера, содержащиеся в настоящем пресс-релизе, основаны на информации, доступной компании на дату публикации настоящего документа, и мы отказываемся от каких-либо обязательств публично обновлять или пересматривать любые заявления прогнозного характера, чтобы отразить события, которые происходят или обстоятельства, существующие после даты, на которую они были сделаны.
Финансовые показатели, не относящиеся к GAAP
Настоящий пресс-релиз и прилагаемая таблица содержат определенные финансовые показатели, не относящиеся к GAAP, включая валовую прибыль, не относящуюся к GAAP, валовую маржу, не относящуюся к GAAP, операционный доход, не относящийся к GAAP, чистую прибыль, не относящуюся к GAAP, и разводненную чистую прибыль на акцию, не относящуюся к GAAP. Эти финансовые показатели, не соответствующие GAAP, исключают расходы на компенсацию, основанную на акциях, амортизацию нематериальных активов, связанных с приобретением, и другие расходы, связанные с приобретением, нереализованные прибыли/убытки по инвестициям в акционерный капитал, а также влияние этих исключений, не связанных с GAAP, на налог на прибыль. Кроме того, финансовые показатели, не соответствующие GAAP, исключают чистые налоговые льготы, связанные с премиями, основанными на акциях, которые включают избыточные налоговые льготы и другие дискретные косвенные эффекты таких премий. Компания использует эти финансовые показатели, не соответствующие GAAP, для внутреннего анализа своих финансовых результатов и считает, что эти финансовые показатели, не соответствующие GAAP, полезны инвесторам в качестве дополнительного инструмента для оценки текущих операционных результатов и тенденций. Кроме того, эти показатели являются основными показателями, которые руководство использует в качестве основы для своего планирования и прогнозирования на будущие периоды.
Финансовые показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых финансовых показателей по GAAP. Финансовые показатели, не относящиеся к GAAP, подвержены ограничениям и должны рассматриваться только в сочетании с консолидированной финансовой отчетностью компании, подготовленной в соответствии с GAAP. Финансовые показатели, не относящиеся к GAAP, не имеют какого-либо стандартизированного значения и поэтому вряд ли будут сопоставимы с показателями с аналогичным названием, представленными другими компаниями. Описание этих финансовых показателей, не относящихся к GAAP, и сверка финансовых показателей компании, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми показателями по GAAP были представлены в таблицах финансовой отчетности, включенных в данный пресс-релиз, и инвесторам рекомендуется ознакомиться с этой сверкой.
О Arista Networks
Arista Networks является лидером отрасли в области управляемых данными сетей клиент-облако для крупных центров обработки данных, кампусов и сред маршрутизации. Отмеченные наградами платформы Arista обеспечивают доступность, гибкость, автоматизацию, аналитику и безопасность благодаря передовому сетевому операционному стеку. Для получения дополнительной информации посетите www.arista.com .
ARISTA и CloudVision, CV AGNI, Arista CUE входят в число зарегистрированных и незарегистрированных товарных знаков Arista Networks, Inc. в юрисдикциях по всему миру. Другие названия компаний или продуктов могут быть товарными знаками соответствующих владельцев.
Arista Networks, INC. Condensed Consolidated Income Statements (Unaudited, in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Product |
|
$ |
1,261,537 |
|
$ |
885,806 |
|
|
$ |
2,433,631 |
|
$ |
1,610,524 |
|||
Service |
|
|
197,387 |
|
|
|
166,085 |
|
|
|
376,644 |
|
|
|
318,433 |
|
Total revenue |
|
|
1,458,924 |
|
|
|
1,051,891 |
|
|
|
2,810,275 |
|
|
|
1,928,957 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||
Product |
|
|
533,613 |
|
|
|
375,634 |
|
|
|
1,042,475 |
|
|
|
669,443 |
|
Service |
|
|
41,182 |
|
|
|
32,992 |
|
|
|
79,164 |
|
|
|
62,404 |
|
Total cost of revenue |
|
|
574,795 |
|
|
|
408,626 |
|
|
|
1,121,639 |
|
|
|
731,847 |
|
Gross profit |
|
|
884,129 |
|
|
|
643,265 |
|
|
|
1,688,636 |
|
|
|
1,197,110 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
229,676 |
|
|
|
178,158 |
|
|
|
431,084 |
|
|
|
350,164 |
|
Sales and marketing |
|
|
97,971 |
|
|
|
79,372 |
|
|
|
191,463 |
|
|
|
160,111 |
|
General and administrative |
|
|
26,420 |
|
|
|
22,882 |
|
|
|
51,449 |
|
|
|
45,995 |
|
Total operating expenses |
|
|
354,067 |
|
|
|
280,412 |
|
|
|
673,996 |
|
|
|
556,270 |
|
Income from operations |
|
|
530,062 |
|
|
|
362,853 |
|
|
|
1,014,640 |
|
|
|
640,840 |
|
Other income (expense), net |
|
|
56,339 |
|
|
|
(533 |
) |
|
|
68,485 |
|
|
|
30,947 |
|
Income before income taxes |
|
|
586,401 |
|
|
|
362,320 |
|
|
|
1,083,125 |
|
|
|
671,787 |
|
Provision for income taxes |
|
|
94,516 |
|
|
|
63,221 |
|
|
|
154,767 |
|
|
|
100,429 |
|
Net income |
|
$ |
491,885 |
|
|
$ |
299,099 |
|
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.59 |
|
|
$ |
0.98 |
|
|
$ |
3.02 |
|
|
$ |
1.86 |
|
Diluted |
|
$ |
1.55 |
|
|
$ |
0.94 |
|
|
$ |
2.94 |
|
|
$ |
1.80 |
|
Weighted-average shares used in computing net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
308,636 |
|
|
|
306,754 |
|
|
|
307,810 |
|
|
|
307,399 |
|
Diluted |
|
|
316,485 |
|
|
|
316,581 |
|
|
|
316,031 |
|
|
|
318,040 |
|
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, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
GAAP gross profit |
|
$ |
884,129 |
|
|
$ |
643,265 |
|
|
$ |
1,688,636 |
|
|
$ |
1,197,110 |
|
GAAP gross margin |
|
|
60.6 |
% |
|
|
61.2 |
% |
|
|
60.1 |
% |
|
|
62.1 |
% |
Stock-based compensation expense |
|
|
2,824 |
|
|
|
2,312 |
|
|
|
5,799 |
|
|
|
3,621 |
|
Intangible asset amortization |
|
|
6,820 |
|
|
|
6,012 |
|
|
|
13,640 |
|
|
|
11,733 |
|
Non-GAAP gross profit |
|
$ |
893,773 |
|
|
$ |
651,589 |
|
|
$ |
1,708,075 |
|
|
$ |
1,212,464 |
|
Non-GAAP gross margin |
|
|
61.3 |
% |
|
|
61.9 |
% |
|
|
60.8 |
% |
|
|
62.9 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP income from operations |
|
$ |
530,062 |
|
|
$ |
362,853 |
|
|
$ |
1,014,640 |
|
|
$ |
640,840 |
|
Stock-based compensation expense |
|
|
67,127 |
|
|
|
50,224 |
|
|
|
130,008 |
|
|
|
100,503 |
|
Intangible asset amortization |
|
|
9,315 |
|
|
|
7,708 |
|
|
|
18,630 |
|
|
|
15,019 |
|
Acquisition-related costs (1) |
|
|
— |
|
|
|
4,691 |
|
|
|
— |
|
|
|
4,691 |
|
Non-GAAP income from operations |
|
$ |
606,504 |
|
|
$ |
425,476 |
|
|
$ |
1,163,278 |
|
|
$ |
761,053 |
|
Non-GAAP operating margin |
|
|
41.6 |
% |
|
|
40.4 |
% |
|
|
41.4 |
% |
|
|
39.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
|
$ |
491,885 |
|
|
$ |
299,099 |
|
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Stock-based compensation expense |
|
|
67,127 |
|
|
|
50,224 |
|
|
|
130,008 |
|
|
|
100,503 |
|
Intangible asset amortization |
|
|
9,315 |
|
|
|
7,708 |
|
|
|
18,630 |
|
|
|
15,019 |
|
Acquisition-related costs (1) |
|
|
— |
|
|
|
4,691 |
|
|
|
— |
|
|
|
4,691 |
|
Unrealized loss (gain) on equity investments |
|
|
(24,743 |
) |
|
|
5,084 |
|
|
|
(19,172 |
) |
|
|
(23,413 |
) |
Tax benefit on stock-based awards |
|
|
(37,832 |
) |
|
|
(17,725 |
) |
|
|
(87,894 |
) |
|
|
(48,689 |
) |
Income tax effect on non-GAAP exclusions |
|
|
(4,519 |
) |
|
|
(6,401 |
) |
|
|
(16,235 |
) |
|
|
(8,281 |
) |
Non-GAAP net income |
|
$ |
501,233 |
|
|
$ |
342,680 |
|
|
$ |
953,695 |
|
|
$ |
611,188 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted net income per share |
|
$ |
1.55 |
|
|
$ |
0.94 |
|
|
$ |
2.94 |
|
|
$ |
1.80 |
|
Non-GAAP adjustments to net income |
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.08 |
|
|
|
0.12 |
|
Non-GAAP diluted net income per share |
|
$ |
1.58 |
|
|
$ |
1.08 |
|
|
$ |
3.02 |
|
|
$ |
1.92 |
|
Weighted-average shares used in computing diluted net income per share |
|
|
316,485 |
|
|
|
316,581 |
|
|
|
316,031 |
|
|
|
318,040 |
|
Summary of Stock-Based Compensation Expense: |
|
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
$ |
2,824 |
|
|
$ |
2,312 |
|
|
$ |
5,799 |
|
|
$ |
3,621 |
|
Research and development |
|
|
41,137 |
|
|
|
28,449 |
|
|
|
77,706 |
|
|
|
56,025 |
|
Sales and marketing |
|
|
15,833 |
|
|
|
12,827 |
|
|
|
30,971 |
|
|
|
25,936 |
|
General and administrative |
|
|
7,333 |
|
|
|
6,636 |
|
|
|
15,532 |
|
|
|
14,921 |
|
Total |
|
$ |
67,127 |
|
|
$ |
50,224 |
|
|
$ |
130,008 |
|
|
$ |
100,503 |
|
_____________________________________________ |
||
(1) |
Represent 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, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,261,836 |
|
|
$ |
671,707 |
|
Marketable securities |
|
|
2,479,290 |
|
|
|
2,352,022 |
|
Accounts receivable |
|
|
779,726 |
|
|
|
923,096 |
|
Inventories |
|
|
1,864,334 |
|
|
|
1,289,706 |
|
Prepaid expenses and other current assets |
|
|
466,371 |
|
|
|
314,217 |
|
Total current assets |
|
|
6,851,557 |
|
|
|
5,550,748 |
|
Property and equipment, net |
|
|
101,705 |
|
|
|
95,009 |
|
Acquisition-related intangible assets, net |
|
|
103,575 |
|
|
|
122,205 |
|
Goodwill |
|
|
268,531 |
|
|
|
265,924 |
|
Investments |
|
|
61,788 |
|
|
|
39,468 |
|
Operating lease right-of-use assets |
|
|
61,333 |
|
|
|
53,390 |
|
Deferred tax assets |
|
|
705,856 |
|
|
|
574,912 |
|
Other assets |
|
|
31,696 |
|
|
|
73,754 |
|
TOTAL ASSETS |
|
$ |
8,186,041 |
|
|
$ |
6,775,410 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Accounts payable |
|
$ |
351,920 |
|
|
$ |
232,572 |
|
Accrued liabilities |
|
|
363,036 |
|
|
|
292,487 |
|
Deferred revenue |
|
|
624,207 |
|
|
|
637,432 |
|
Other current liabilities |
|
|
316,629 |
|
|
|
131,040 |
|
Total current liabilities |
|
|
1,655,792 |
|
|
|
1,293,531 |
|
Income taxes payable |
|
|
98,722 |
|
|
|
89,839 |
|
Operating lease liabilities, non-current |
|
|
51,702 |
|
|
|
43,964 |
|
Deferred revenue, non-current |
|
|
460,697 |
|
|
|
403,814 |
|
Other long-term liabilities |
|
|
61,546 |
|
|
|
58,442 |
|
TOTAL LIABILITIES |
|
|
2,328,459 |
|
|
|
1,889,590 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
||||
Common stock |
|
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
|
1,927,697 |
|
|
|
1,780,714 |
|
Retained earnings |
|
|
3,955,062 |
|
|
|
3,138,983 |
|
Accumulated other comprehensive income (loss) |
|
|
(25,208 |
) |
|
|
(33,908 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
5,857,582 |
|
|
|
4,885,820 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
8,186,041 |
|
|
$ |
6,775,410 |
|
Arista Networks, INC. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2023 |
|
2022 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net income |
|
$ |
928,358 |
|
|
$ |
571,358 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation, amortization and other |
|
|
39,227 |
|
|
|
28,012 |
|
Stock-based compensation |
|
|
130,008 |
|
|
|
100,503 |
|
Noncash lease expense |
|
|
9,154 |
|
|
|
9,161 |
|
Deferred income taxes |
|
|
(130,287 |
) |
|
|
(105,937 |
) |
Unrealized gain on equity investments |
|
|
(19,172 |
) |
|
|
(23,413 |
) |
Amortization (accretion) of investment premiums (discounts) |
|
|
(11,998 |
) |
|
|
11,457 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
143,370 |
|
|
|
(64,335 |
) |
Inventories |
|
|
(574,628 |
) |
|
|
(202,052 |
) |
Other assets |
|
|
(120,864 |
) |
|
|
(163,692 |
) |
Accounts payable |
|
|
114,905 |
|
|
|
71,169 |
|
Accrued liabilities |
|
|
70,418 |
|
|
|
(16,210 |
) |
Deferred revenue |
|
|
43,658 |
|
|
|
91,201 |
|
Income taxes, net |
|
|
198,100 |
|
|
|
10,792 |
|
Other liabilities |
|
|
(11,676 |
) |
|
|
221 |
|
Net cash provided by operating activities |
|
|
808,573 |
|
|
|
318,235 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Proceeds from maturities of marketable securities |
|
|
1,265,305 |
|
|
|
829,714 |
|
Proceeds from sale of marketable securities |
|
|
21,725 |
|
|
|
165,746 |
|
Purchases of marketable securities |
|
|
(1,392,020 |
) |
|
|
(641,979 |
) |
Purchases of property and equipment |
|
|
(17,212 |
) |
|
|
(23,744 |
) |
Cash paid for business acquisitions, net of cash acquired |
|
|
1,799 |
|
|
|
(145,087 |
) |
Investments in notes and privately-held companies |
|
|
(4,250 |
) |
|
|
(11,691 |
) |
Net cash provided by (used in) investing activities |
|
|
(124,653 |
) |
|
|
172,959 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from issuance of common stock under equity plans |
|
|
30,410 |
|
|
|
22,991 |
|
Tax withholding paid on behalf of employees for net share settlement |
|
|
(15,766 |
) |
|
|
(18,802 |
) |
Repurchases of common stock |
|
|
(112,279 |
) |
|
|
(619,888 |
) |
Net cash used in financing activities |
|
|
(97,635 |
) |
|
|
(615,699 |
) |
Effect of exchange rate changes |
|
|
429 |
|
|
|
(3,041 |
) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
586,714 |
|
|
|
(127,546 |
) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period |
|
|
675,978 |
|
|
|
625,050 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period |
|
$ |
1,262,692 |
|
|
$ |
497,504 |
|
