Arista Networks (ANET) FY2020 results: revenue $2.3 billion, down 3.9% on the year
Arista Networks, Inc. (ANET) reported revenue of $2.3 billion for fiscal 2020, the year ended 31 December 2020, down 3.9% on the year before. Net income was $635 million, down 26.2%, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$2.3 billion
-3.9% on the year
FY2013FY2020
Operating margin
30.2%
33.4% a year earlier
FY2013FY2020
Net income
$635 million
-26.2% on the year
FY2013FY2020
Diluted EPS
$0.50
-24.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,318
2,411
2,151
-3.9%
Cost of revenue
836
866
778
-3.5%
Gross profit
1,482
1,544
1,373
-4.0%
Gross margin
63.9%
64.1%
63.8%
Research and development
487
463
442
+5.2%
Operating income
700
806
273
-13.2%
Operating margin
30.2%
33.4%
12.7%
Interest expense
n/a
n/a
2.7
Pre-tax income
739
862
289
-14.3%
Income tax
104
2.4
-39.3
+4,240.7%
Effective tax rate
14.1%
0.3%
-13.6%
Net income
635
860
328
-26.2%
Net margin
27.4%
35.7%
15.3%
Diluted EPS
$0.50
$0.66
$0.25
-24.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
735
963
503
-23.7%
Capital expenditure
15.4
15.8
23.8
-2.3%
Free cash flow
720
947
479
-24.0%
Free cash flow margin
31.1%
39.3%
22.3%
Cash from investing
-609
-284
-755
Cash from financing
-346
-218
42.9
Depreciation and amortisation
35.2
32.8
27.7
+7.0%
Share-based compensation
137
101
91.2
+35.3%
Buybacks
395
266
0.0
+48.5%
Diluted shares, weighted
1,271m
1,294m
1,294m
-1.7%
Shares outstanding at period end
1,219m
1,222m
1,211m
-0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,320
2,895
2,143
+14.7%
Debt
0.0
0.0
0.0
Operating lease liabilities
72.4
83.0
0.0
-12.8%
Finance lease liabilities
n/a
0.0
35.4
Other liabilities
1,346
1,208
903
+11.5%
Total liabilities and equity
4,739
4,185
3,082
+13.2%
Fixed assets
32.2
39.3
75.4
-17.9%
Goodwill
190
54.9
53.7
+245.8%
Intangible assets
123
45.2
58.6
+171.4%
Investments
1,988
1,617
1,337
+22.9%
Cash and equivalents
893
1,111
650
-19.6%
Receivables
390
392
332
-0.6%
Inventory
480
244
265
+96.7%
Other assets
644
682
312
-5.5%
Total assets
4,739
4,185
3,082
+13.2%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.