Arista Networks Inc

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchase of Equity Securities

In October 2021, our board of directors authorized a $1.0 billion stock repurchase program (the “Existing Repurchase Program”). This authorization allows us to repurchase shares of our common stock that will be funded from working capital and expires in the fourth quarter of 2024. In May 2024, our board of directors authorized an additional $1.2 billion stock repurchase program (the “New Repurchase Program” and together with the Existing Repurchase Program, the "Repurchase Programs"), which allows us to repurchase shares of our common stock to be funded from working capital. Repurchases under the Repurchase Programs may be made at management's discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The Repurchase Programs do not obligate us to acquire any of our common stock and may be suspended or discontinued by the company at any time without prior notice.

Our repurchases for the three months ended March 31, 2024 are disclosed as below (in thousands, except per share amounts). For further information on our repurchase activities during the quarter ended March 31, 2024, please refer to Note 6. Stockholders' Equity and Stock-Based Compensation of the Notes to Consolidated Financial Statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.