Arista networks, inc. (ANET)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

138,431

260,692

208,895

189,251

201,029

170,322

168,524

-155,269

144,538

103,833

133,722

102,685

82,961

58,783

51,257

38,904

35,245

43,924

28,690

23,996

24,492

31,037

21,866

21,618

12,329

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

10,208

7,901

8,191

8,395

8,362

9,231

7,112

5,631

5,697

5,285

5,322

5,094

4,939

4,942

5,145

4,883

4,779

3,947

3,478

3,353

2,893

2,655

2,653

2,428

2,285

Stock-based compensation

27,556

26,435

26,257

24,297

24,291

24,619

23,254

22,478

20,851

20,436

20,152

18,400

16,439

16,324

15,116

14,232

13,360

12,978

12,278

11,208

8,839

8,050

8,082

6,705

4,782

Noncash lease expense

4,073

4,172

4,052

4,266

3,689

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

457

-86,686

3,031

8,632

-718

-8,281

-31,334

-14,740

-3,541

31,169

-14,228

-11,036

2,521

-8,000

-6,844

-5,279

-1,597

-8,926

-13,217

-3,936

1,670

-5,992

-1,485

-1,407

2,110

Unrealized Gain (Loss) on Investments

0

0

4,277

0

1,150

-4,700

0

-9,100

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization (accretion) of investment premiums (discounts)

-1,042

739

1,772

2,191

2,069

1,497

1,080

753

30

-346

-353

-423

-330

-2,487

609

385

0

139

449

396

487

-

-

-

-

Provision for bad debts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

219

331

43

Excess tax benefit on stock based-compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,406

12,406

10,569

16,595

382

148

311

Amortization of debt discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

235

292

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Changes in operating assets and liabilities:
Accounts receivable, net

-46,329

-55,265

104,172

71,834

-60,531

9,724

54,621

53,578

-40,007

34,735

-57,013

60,562

-44,057

42,876

63,584

11,540

-9,144

-15,967

37,888

9,285

16,075

12,327

16,335

5,272

-14,950

Inventories

17,691

4,024

-74,571

-32,976

82,596

47,230

-37,525

-22,692

-38,067

-26,959

-30,646

77,017

50,296

74,363

43,997

34,100

-8,099

-17,792

9,618

11,591

10,706

17,932

-2,216

-7,910

5,619

Prepaid expenses and other current assets

-25,751

5,129

-10,524

-18,200

-30,664

-71,918

-21,911

86,140

-13,722

-9,328

-1,266

-6,812

29,051

17,024

95,212

11,716

-8,878

-11,525

-1,395

23,360

-2,613

6,502

3,134

2,272

3,349

Other assets

-3,946

1,103

2,374

2,160

2,475

2,622

1,396

-2,656

2,027

-2,467

1,090

539

-69

342

-1,342

-1,333

-533

-5

-165

-245

3,502

2,119

1,546

-2,198

2,794

Accounts payable

-6,386

12,424

-7,578

-4,392

-2,391

8,822

26,918

-16,443

20,040

15,971

-47,374

19,947

-18,648

3,168

17,009

34,624

-16,123

9,182

-11,967

13,758

-1,936

8,407

811

10,693

-5,904

Accrued liabilities

-39,450

10,635

15,207

9,538

-19,014

21,131

11,236

987

-48,140

39,360

10,156

9,162

-15,143

14,716

21,109

9,672

-14,868

2,296

15,020

15,440

-12,358

11,141

7,107

599

27

Deferred revenue

21

46,277

26,793

-34,253

-50,756

57,372

63,257

-7,410

-42,686

-49,883

10,635

57,339

124,236

88,099

54,511

11,104

22,412

6,102

26,263

31,619

26,356

28,777

16,008

5,576

-2,797

Interest payablerelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

300

370

Income taxes payable

3,982

-6,285

15,409

12,359

2,040

-10,423

3,658

3,175

3,478

12,500

2,041

2,457

2,923

15,375

9,422

11,051

6,802

7,259

2,913

12,861

8,985

3,876

129

263

109

Other liabilities

-3,422

7,326

-3,360

3,295

660

7,481

11,211

-6,802

5,565

628

-2,746

6,068

-2,475

6,266

849

1,315

464

-809

2,094

308

-422

940

-1,451

2,560

56

Interest payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

670

0

-2,740

1,110

Net cash provided by operating activities

194,847

327,161

269,397

196,379

170,097

295,819

-118,825

130,584

195,541

183,664

205,868

79,233

162,862

65,567

-33,268

64,868

77,128

153,762

10,649

52,606

20,767

33,171

34,758

46,257

17,689

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

414,503

402,198

254,007

250,248

302,264

180,798

144,235

132,316

90,448

70,849

23,430

47,565

64,488

95,938

41,917

0

0

-

-

-

-

-

-

-

-

Purchases of marketable securities

674,649

663,795

290,715

217,136

332,247

347,061

130,533

428,689

267,976

259,959

211,219

52,684

61,511

97,227

49,546

241,300

51,638

0

0

0

0

-

-

-

-

Business acquisitions, net of cash acquired

66,225

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

3,107

2,432

4,680

3,402

5,237

6,217

4,542

6,735

6,336

3,120

2,625

4,889

4,645

4,935

3,745

4,107

8,632

6,015

5,206

3,632

5,136

2,345

2,210

5,476

3,103

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Purchases of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38

38

667

-

-

-

-

Other investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash used in investing activities

-329,478

-264,029

-14,533

29,710

-35,220

-171,661

-86,480

-313,108

-183,864

-192,230

-187,414

-10,008

-1,668

-6,224

-11,374

-247,907

-60,270

144,726

48,917

-3,670

-5,803

-223,162

-21,661

-1,436

-3,103

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

-

-

-

-

-

537

471

465

456

447

397

390

383

376

326

320

314

308

264

259

255

239

219

202

133

Proceeds from issuance of common stock under equity plans

17,082

5,201

14,073

11,781

26,323

4,016

20,832

11,510

17,300

15,241

13,765

8,624

19,481

9,299

14,677

4,455

6,750

12,639

2,571

6,669

5,322

5,442

500

217

1,861

Tax withholding paid on behalf of employees for net share settlement

1,740

2,131

2,407

2,812

1,850

1,964

2,451

2,927

1,536

1,568

1,101

776

580

289

212

599

0

-

-

-

-

-

-

-

-

Repurchase of common stock

227,895

51,525

114,609

100,008

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock, employee stock purchase plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,510

0

4,856

0

0

0

0

Excess tax benefit on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,406

12,406

10,569

16,595

382

148

311

Proceeds from initial public offering, net of issuance cost

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-261

-

-

-

-

Issuance costs from initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-775

775

Net cash provided by (used in) financing activities

-212,553

-48,455

-102,943

-91,039

24,473

1,515

17,910

8,118

15,308

13,226

12,267

7,458

18,518

8,634

14,139

3,536

6,436

-29,416

16,223

18,816

20,231

21,470

-1,556

222,800

1,264

Effect of exchange rate changes

-2,691

1,347

-1,066

-123

195

-406

-377

-593

-14

56

286

227

184

-331

-74

-102

43

-246

-247

20

-40

-44

-143

53

10

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

-349,875

16,024

150,855

134,927

159,545

125,267

-187,772

-174,999

26,971

4,716

31,007

76,910

179,896

67,646

-30,577

-179,605

23,337

268,826

75,542

67,772

35,155

-168,565

11,398

267,674

15,860

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,785

305

2,980

521

17,174

9,163

10,312

8,121

Cash paid for interest — lease financing obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

742

748

752

757

761

765

769

514

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

0

0

0

0

93,207

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

0

0

1,818

96

9,034

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Property and equipment included in accounts payable and accrued liabilities

524

1,436

-692

321

1,055

-139

1,402

-1,349

2,426

3,343

-204

-299

971

-444

-95

450

958

3,041

297

-38

657

-1,996

1,373

1,409

852

Acquisition of building with financing obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

456

Unpaid deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,014

2,124