Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Arista Networks Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	2,087,321)	1,352,446)	840,854)	634,557)	859,867)
Depreciation, amortization and other	70,630)	62,700)	50,334)	35,158)	32,849)
Noncash lease expense	18,236)	18,648)	17,112)	16,970)	16,179)
Stock-based compensation	296,756)	230,934)	186,875)	137,042)	101,280)
Deferred income taxes	(370,796)	(244,382)	(99,290)	(9,144)	(75,741)
Gain on strategic investments	(18,699)	(27,479)	—)	(4,164)	(5,427)
Amortization (accretion) of investment premiums (discount)	(33,518)	12,767)	26,847)	10,381)	(6,771)
Accounts receivable, net	(101,473)	(401,531)	(126,969)	10,673)	(60,210)
Inventories	(655,474)	(638,948)	(170,449)	(235,318)	20,927)
Other assets	(66,401)	(117,465)	(130,222)	(1,001)	46,147)
Accounts payable	198,612)	31,436)	66,681)	41,161)	(1,937)
Other liabilities	123,694)	70,704)	78,187)	19,830)	24,287)
Deferred revenue	464,958)	98,957)	278,485)	50,352)	(11,939)
Income taxes, net	20,168)	44,026)	(2,589)	28,617)	23,523)
Changes in operating assets and liabilities	(15,916)	(912,821)	(6,876)	(85,686)	40,798)
Adjustments to reconcile net income to net cash provided by operating activities	(53,307)	(859,633)	175,002)	100,557)	103,167)
Net cash provided by operating activities	2,034,014)	492,813)	1,015,856)	735,114)	963,034)
Proceeds from maturities of marketable securities	1,887,939)	1,643,824)	1,455,465)	1,545,689)	1,208,717)
Proceeds from sale of marketable securities	67,284)	193,782)	19,607)	772,978)	—)
Purchases of marketable securities	(2,606,878)	(1,418,857)	(2,317,264)	(2,688,064)	(1,503,893)
Purchases of property, equipment and intangible assets	(34,434)	(44,644)	(64,736)	(15,384)	(15,751)
Cash paid for business combination, net of cash acquired	1,799)	(145,087)	1,299)	(227,420)	(1,365)
Investments and notes and privately-held companies	(3,164)	(12,691)	(19,933)	3,399)	28,220)
Net cash (used in) provided by investing activities	(687,454)	216,327)	(925,562)	(608,802)	(284,072)
Proceeds from issuance of common stock under equity plans	62,093)	48,411)	67,245)	57,556)	57,378)
Tax withholding paid on behalf of employees for net share settlement	(33,563)	(32,725)	(16,482)	(8,722)	(9,200)
Repurchase of common stock	(112,279)	(670,287)	(411,645)	(395,173)	(266,142)
Net cash used in financing activities	(83,749)	(654,601)	(360,882)	(346,339)	(217,964)
Effect of exchange rate changes	675)	(3,611)	(1,816)	1,966)	353)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,263,486)	50,928)	(272,404)	(218,061)	461,351)
Cash, cash equivalents and restricted cash, beginning of period	675,978)	625,050)	897,454)	1,115,515)	654,164)
Cash, cash equivalents and restricted cash, end of period	1,939,464)	675,978)	625,050)	897,454)	1,115,515)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Arista Networks Inc. net cash provided by operating activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Arista Networks Inc. net cash (used in) provided by investing activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Arista Networks Inc. net cash used in financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Arista Networks Inc. (NYSE:ANET)

Cash Flow Statement