Arista Networks (ANET) FY2017 results: revenue $1.6 billion, up 45.8% on the year
Arista Networks, Inc. (ANET) reported revenue of $1.6 billion for fiscal 2017, the year ended 31 December 2017, up 45.8% on the year before. Net income was $423 million, up 129.8%, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$1.6 billion
+45.8% on the year
FY2012FY2017
Operating margin
28.6%
21.6% a year earlier
FY2012FY2017
Net income
$423 million
+129.8% on the year
FY2012FY2017
Diluted EPS
$0.33
+114.1% on the year
FY2012FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,646
1,129
838
+45.8%
Cost of revenue
584
406
294
+43.9%
Gross profit
1,062
723
544
+46.8%
Gross margin
64.5%
64.0%
64.9%
Research and development
350
274
209
+27.8%
Operating income
470
243
149
+93.2%
Operating margin
28.6%
21.6%
17.8%
Interest expense
2.8
3.1
n/a
-11.4%
Pre-tax income
475
242
146
+96.0%
Income tax
51.6
58.0
24.9
-11.2%
Effective tax rate
10.9%
24.0%
17.1%
Net income
423
184
121
+129.8%
Net margin
25.7%
16.3%
14.5%
Diluted EPS
$0.33
$0.16
$0.10
+114.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
632
174
238
+262.4%
Capital expenditure
15.3
21.4
20.0
-28.7%
Free cash flow
616
153
218
+303.2%
Free cash flow margin
37.4%
13.5%
26.0%
Cash from investing
-391
-326
184
Cash from financing
51.5
32.7
25.9
+57.2%
Depreciation and amortisation
20.6
19.7
13.7
+4.5%
Share-based compensation
75.4
59.0
45.3
+27.8%
Buybacks
0.0
n/a
n/a
Diluted shares, weighted
1,264m
1,172m
1,143m
+7.9%
Shares outstanding at period end
1,179m
1,133m
1,090m
+4.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,662
1,108
788
+50.0%
Debt
0.0
n/a
n/a
Finance lease liabilities
37.7
n/a
n/a
Other liabilities
761
621
372
+22.6%
Total liabilities and equity
2,461
1,729
1,160
+42.3%
Fixed assets
74.3
77.0
79.7
-3.5%
Goodwill
0.0
n/a
n/a
Intangible assets
0.0
n/a
n/a
Investments
712
300
0.0
+137.6%
Cash and equivalents
859
568
687
+51.3%
Receivables
247
253
144
-2.3%
Inventory
306
236
92.1
+29.5%
Other assets
261
295
156
-11.3%
Total assets
2,461
1,729
1,160
+42.3%
10-K for the year ended 31 December 2017, filed 15 February 2019: the filing.