Arista networks, inc. (ANET)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

859,867

328,115

423,201

184,189

121,102

86,850

42,460

21,349

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other

32,849

27,671

20,640

19,749

13,671

10,021

5,044

1,779

Stock-based compensation

101,280

91,202

75,427

59,032

45,303

27,619

10,159

4,703

Noncash lease expense

16,179

0

0

-

-

-

-

-

Deferred income taxes

-75,741

-57,896

8,426

-21,720

-24,409

-6,774

-8,831

-3,722

Unrealized Gain (Loss) on Investments

5,427

-13,800

0

0

-

-

-

-

Amortization (accretion) of investment premiums (discounts)

6,771

3,360

-1,452

-1,493

1,471

-348

0

-

Provision for bad debts

-

-

-

-

-

-

-

326

Excess tax benefit on stock based-compensation

-

-

-

-

-

17,436

882

95

Realized gain on notes receivable

-

-

-

-

-

4,000

0

0

Amortization of debt discount

-

-

-

-

-

527

1,118

1,040

Write-off of debt discount on notes payable

-

-

-

-

-

680

0

0

Other

-

-

-

-

-

-

-

0

Changes in operating assets and liabilities:
Accounts receivable, net

60,210

77,916

-5,773

108,856

47,281

18,984

28,098

22,043

Inventories

-20,927

-51,054

69,708

144,361

14,123

13,425

49,179

7,153

Prepaid expenses and other current assets

-54,259

-21,411

11,645

115,074

7,827

15,257

-2,981

5,009

Other assets

8,112

3,389

-907

-2,866

3,087

4,261

305

173

Accounts payable

-1,937

39,337

-30,104

38,678

9,037

14,007

3,865

3,842

Accrued liabilities

16,366

-14,786

43,535

30,629

20,398

18,874

11,967

6,544

Deferred revenue

-11,939

70,533

142,327

176,126

90,340

47,564

34,127

13,451

Interest payablerelated party

-

-

-

-

-

-

1,500

1,504

Income taxes payable

23,523

-112

19,921

42,650

32,018

4,377

2,141

4,914

Other liabilities

7,921

17,455

1,475

8,894

1,171

2,105

2,080

537

Interest payable

-

-

-

-

-

-960

4,501

4,512

Net cash provided by operating activities

963,034

503,119

631,627

174,295

237,784

131,875

34,648

26,306

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities

1,208,717

547,797

206,332

137,855

208,200

0

0

-

Purchases of marketable securities

1,503,893

1,174,259

585,373

439,711

0

210,019

0

0

Business acquisitions, net of cash acquired

1,365

96,821

0

0

-

-

-

-

Purchases of property and equipment

15,751

23,830

15,279

21,419

19,989

13,134

20,316

3,312

Investments in privately-held companies

28,220

8,000

0

2,500

0

-

-

-

Change in restricted cash

-

-

-

-

4,041

-4,040

0

4,040

Proceeds from repayment of notes receivable

-

-

-

0

0

8,000

1,000

0

Other investing activities

0

0

-3,000

0

-

38,249

175

5,000

Net cash used in investing activities

-284,072

-755,113

-391,320

-325,775

184,170

-249,362

-19,491

-12,352

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of lease financing obligations

0

1,929

1,617

1,336

1,086

793

0

0

Proceeds from issuance of common stock under equity plans

57,378

53,658

57,111

35,181

27,201

8,020

9,004

-

Tax withholding paid on behalf of employees for net share settlement

9,200

8,878

4,025

1,100

0

0

-

-

Repurchase of common stock

266,142

0

0

-

-

-

-

-

Proceeds from issuance of common stock, employee stock purchase plan

-

-

-

-

-

0

0

-

Proceeds from issuance of common stock upon exercising options, net of repurchases-2014 as restated

-

-

-

-

-

-

-

3,882

Excess tax benefit on stock-based compensation

-

-

-

-

-

17,436

882

95

Proceeds from initial public offering, net of issuance cost

-

-

-

-

-261

239,315

0

0

Repayment on notes payable

-

-

-

-

-

20,000

0

0

Net cash provided by (used in) financing activities

-217,964

42,851

51,469

32,745

25,854

243,978

9,886

3,977

Effect of exchange rate changes

353

-1,390

753

-464

-513

-124

-34

-1

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

461,351

-210,533

292,529

-119,199

447,295

126,367

25,009

17,930

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds

32,832

17,573

44,216

39,638

6,591

44,770

16,806

15,114

Cash paid for interest — lease financing obligation

0

2,692

2,814

2,916

2,999

2,809

0

0

Cash paid for interest notes payable

-

-

-

-

-

3,639

0

0

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Right-of-use assets recognized upon the adoption of ASC 842

93,207

0

0

-

-

-

-

-

Right-of-use assets obtained in exchange for new operating lease liabilities

10,948

0

0

-

-

-

-

-

Common stock issued for business acquisition

0

15,555

0

0

-

-

-

-

Property and equipment included in accounts payable and accrued liabilities

2,120

2,340

3,811

869

3,957

1,638

398

886

Vesting of early exercised stock options and restricted stock awards

276

305

564

1,082

2,226

4,095

4,041

-

Acquisition of building with financing obligation

-

-

-

-

-

456

18,718

25,253

Unpaid deferred offering costs

-

-

-

-

-

261

0

0