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Arista Networks, Inc. (ANET) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Arista Networks, Inc.

CIK: 1596532 Ticker: ANET
Exhibit 99.1
Arista Networks, Inc. Reports First Quarter 2020 Financial Results
SANTA CLARA, Calif.- May 5, 2020 -- Arista Networks, Inc. (NYSE: ANET), an industry leader in software-driven cloud networking solutions for large datacenter and campus environments, today announced financial results for its first quarter ended March 31, 2020.
First Quarter Financial Highlights
Revenue of $523.0 million, a decrease of 5.3% compared to the fourth quarter of 2019, and a decrease of 12.2% from the first quarter of 2019.
GAAP gross margin of 64.7%, compared to GAAP gross margin of 64.5% in the fourth quarter of 2019 and 63.9% in the first quarter of 2019.
Non-GAAP gross margin of 65.6%, compared to non-GAAP gross margin of 65.2% in the fourth quarter of 2019 and 64.5% in the first quarter of 2019.
GAAP net income of $138.4 million, or $1.73 per diluted share, compared to GAAP net income of $201.0 million, or $2.47 per diluted share in the first quarter of 2019.
Non-GAAP net income of $161.7 million, or $2.02 per diluted share, compared to non-GAAP net income of $187.7 million, or $2.31 per diluted share in the first quarter of 2019.
"Arista delivered solid Q1 2020 financial results despite the global pandemic that we all are experiencing. We are committed to our employees' safety while bringing value to our customers, shareholders and community in these unpredictable times and believe we will emerge stronger in the long term,” stated Jayshree Ullal, Arista’s President and CEO.
Commenting on the company's financial results, Ita Brennan, Arista’s CFO, said, “We are pleased with our business execution in the quarter, with the majority of our team effectively working from home, yet continuing to engage productively with our customers, supply chain and other partners.”
First Quarter Company Highlights
Arista Networks announced that it has acquired Big Switch Networks, a network monitoring and SDN (Software Defined Networking) pioneer. The acquisition of Big Switch further strengthens the company’s network monitoring and observability suite delivered through Arista’s software platform CloudVision and DANZ (Data ANalyZer) capabilities.
Arista Networks Announced an Optical Line System for 400G - The Arista OSFP-LS is a highly compact, low power and cost-effective solution for increasing bandwidth between data centers without the need for external optical line systems. This pluggable OSFP form factor simplifies DWDM network deployment and reduces valuable rack space, appealing in particular to Tier2 Cloud and Internet Service Providers.
Ciena and Arista Complete Interoperability Testing of 400GbE-Optimized Transport Solution - Ciena and Arista completed an interoperability test of the industry’s most dense and spectrally-efficient 400GbE transport solution with the industry’s highest density native 400GbE router.
COVID-19 Response - A Letter from Our CEO - Arista plays a critical role in supporting the cloud communications and computing infrastructure that will keep the world running during these difficult times. The rapid acceleration of Covid-19 developments across the world has brought a new perspective to Arista's business, customers and community goals.

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The following information was filed by Arista Networks, Inc. (ANET) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Schedule Of Intangible Assets Acquired (Details)
Business Combinations - Schedule Of Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Investment By Maturity Dates (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Fair Value Of Financial Assets (Details)
Financial Statements Details
Financial Statements Details (Tables)
Financial Statements Details - Accounts Receivable, Net (Details)
Financial Statements Details - Accrued Liabilities (Details)
Financial Statements Details - Cash, Cash Equivalents And Restricted Cash (Details)
Financial Statements Details - Contract Balances (Details)
Financial Statements Details - Deferred Revenue (Details)
Financial Statements Details - Inventories (Details)
Financial Statements Details - Other Income (Expense), Net (Details)
Financial Statements Details - Performance Obligations (Details)
Financial Statements Details - Prepaid Expenses And Other Current Assets (Details)
Financial Statements Details - Property And Equipment, Net (Details)
Financial Statements Details - Warranty Accrual (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investments
Investments (Details)
Investments (Tables)
Net Income Per Share Available To Common Stock
Net Income Per Share Available To Common Stock (Tables)
Net Income Per Share Available To Common Stock - Antidilutive Securities Excluded From Earnings Per Share (Details)
Net Income Per Share Available To Common Stock - Basic And Diluted Net Income Per Share (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Option Activities (Details)
Stockholders' Equity - Restricted Stock Unit (Rsu) Activities (Details)
Stockholders' Equity - Shares Available For Grant (Details)
Stockholders' Equity - Stock Repurchase Program (Details)
Stockholders' Equity - Stock-Based Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

Arista Networks, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ANET
CIK: 1596532
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006504
Submitted to the SEC: Tue May 05 2020 7:21:42 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Computer Communications Equipment

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