Arista Networks Inc
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 13, 2024
ANET$185.02-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $2,087,321 | $1,352,446 | $840,854 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and other | 70,630 | 62,700 | 50,334 |
| Noncash lease expense | 18,236 | 18,648 | 17,112 |
| Stock-based compensation | 296,756 | 230,934 | 186,875 |
| Deferred income taxes | (370,796) | (244,382) | (99,290) |
| Gain on strategic investments | (18,699) | (27,479) | — |
| Amortization (accretion) of investment premiums (discount) | (33,518) | 12,767 | 26,847 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (101,473) | (401,531) | (126,969) |
| Inventories | (655,474) | (638,948) | (170,449) |
| Other assets | (66,401) | (117,465) | (130,222) |
| Accounts payable | 198,612 | 31,436 | 66,681 |
| Other liabilities | 123,694 | 70,704 | 78,187 |
| Deferred revenue | 464,958 | 98,957 | 278,485 |
| Income taxes, net | 20,168 | 44,026 | (2,589) |
| Net cash provided by operating activities | 2,034,014 | 492,813 | 1,015,856 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from maturities of marketable securities | 1,887,939 | 1,643,824 | 1,455,465 |
| Proceeds from sale of marketable securities | 67,284 | 193,782 | 19,607 |
| Purchases of marketable securities | (2,606,878) | (1,418,857) | (2,317,264) |
| Purchases of property, equipment and intangible assets | (34,434) | (44,644) | (64,736) |
| Cash paid for business combination, net of cash acquired | 1,799 | (145,087) | 1,299 |
| Investment in notes and privately-held companies | (3,164) | (12,691) | (19,933) |
| Net cash provided by (used in) investing activities | (687,454) | 216,327 | (925,562) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock under equity plans | 62,093 | 48,411 | 67,245 |
| Tax withholding paid on behalf of employees for net share settlement | (33,563) | (32,725) | (16,482) |
| Repurchase of common stock | (112,279) | (670,287) | (411,645) |
| Net cash used in financing activities | (83,749) | (654,601) | (360,882) |
| Effect of exchange rate changes | 675 | (3,611) | (1,816) |
| NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,263,486 | 50,928 | (272,404) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period | 675,978 | 625,050 | 897,454 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $1,939,464 | $675,978 | $625,050 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes, net of refunds | $686,155 | $427,846 | $189,774 |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $20,567 | $7,300 | $5,005 |
| Common stock issued for business acquisition | 2,331 | 4,049 | — |
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