Stock Analysis on Net

Arista Networks Inc. (NYSE:ANET)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Arista Networks Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current assets 8,390,235 5,550,748 4,812,676 3,836,998 3,471,636
Adjustments
Add: Product sales rebate, returns reserve and others 9,911 5,394 5,088 4,497 6,160
After Adjustment
Adjusted current assets 8,400,146 5,556,142 4,817,764 3,841,495 3,477,796

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Adjustments to Total Assets

Arista Networks Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets 9,946,806 6,775,410 5,734,429 4,738,919 4,185,290
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Product sales rebate, returns reserve and others 9,911 5,394 5,088 4,497 6,160
Less: Deferred tax assets, non-current2 945,792 574,912 442,295 441,531 452,025
After Adjustment
Adjusted total assets 9,010,925 6,205,892 5,297,222 4,301,885 3,739,425

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets, non-current. See details »


Adjustments to Current Liabilities

Arista Networks Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current liabilities 1,909,606 1,293,531 1,109,829 768,243 597,074
Adjustments
Less: Deferred revenue, current 915,204 637,432 593,578 396,259 312,668
After Adjustment
Adjusted current liabilities 994,402 656,099 516,251 371,984 284,406

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Adjustments to Total Liabilities

Arista Networks Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities 2,727,747 1,889,590 1,755,829 1,418,628 1,290,604
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities, non-current2 42 129,074 227,936 254,710
Less: Deferred revenue 1,506,204 1,041,246 929,312 650,827 575,288
After Adjustment
Adjusted total liabilities 1,221,543 848,302 697,443 539,865 460,606

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities, non-current. See details »


Adjustments to Stockholders’ Equity

Arista Networks Inc., adjusted stockholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Stockholders’ equity 7,219,059 4,885,820 3,978,600 3,320,291 2,894,686
Adjustments
Less: Net deferred tax assets (liabilities)1 945,792 574,870 313,221 213,595 197,315
Add: Product sales rebate, returns reserve and others 9,911 5,394 5,088 4,497 6,160
Add: Deferred revenue 1,506,204 1,041,246 929,312 650,827 575,288
After Adjustment
Adjusted stockholders’ equity 7,789,382 5,357,590 4,599,779 3,762,020 3,278,819

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Arista Networks Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total reported debt
Stockholders’ equity 7,219,059 4,885,820 3,978,600 3,320,291 2,894,686
Total reported capital 7,219,059 4,885,820 3,978,600 3,320,291 2,894,686
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities, current (included in Other current liabilities)2 21,106 19,878 20,298 17,773 16,052
Add: Operating lease liabilities, non-current (included in Other long-term liabilities)3 44,413 43,964 56,527 72,397 83,022
Adjusted total debt 65,519 63,842 76,825 90,170 99,074
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 945,792 574,870 313,221 213,595 197,315
Add: Product sales rebate, returns reserve and others 9,911 5,394 5,088 4,497 6,160
Add: Deferred revenue 1,506,204 1,041,246 929,312 650,827 575,288
Adjusted stockholders’ equity 7,789,382 5,357,590 4,599,779 3,762,020 3,278,819
After Adjustment
Adjusted total capital 7,854,901 5,421,432 4,676,604 3,852,190 3,377,893

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liabilities, current (included in Other current liabilities). See details »

3 Operating lease liabilities, non-current (included in Other long-term liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Arista Networks Inc., adjusted revenue

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Revenue 5,860,168 4,381,310 2,948,037 2,317,512 2,410,706
Adjustment
Add: Increase (decrease) in deferred revenue 464,958 111,934 278,485 75,539 (11,939)
After Adjustment
Adjusted revenue 6,325,126 4,493,244 3,226,522 2,393,051 2,398,767

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Adjustments to Reported Income

Arista Networks Inc., adjusted net income

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income 2,087,321 1,352,446 840,854 634,557 859,867
Adjustments
Add: Deferred income tax expense (benefit)1 (370,796) (244,379) (99,047) (8,563) (75,779)
Add: Increase (decrease) in product sales rebate, returns reserve and others 4,517 306 591 (1,663) (2,960)
Add: Increase (decrease) in deferred revenue 464,958 111,934 278,485 75,539 (11,939)
Add: Other comprehensive income (loss), net of tax 30,580 (25,608) (8,538) 95 4,137
After Adjustment
Adjusted net income 2,216,580 1,194,699 1,012,345 699,965 773,326

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Deferred income tax expense (benefit). See details »