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Share Name | Share Symbol | Market | Type |
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Arista Networks | NYSE:ANET | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.24 | 0.09% | 265.00 | 270.25 | 264.30 | 267.94 | 2,521,906 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-1751121
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.0001 par value
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New York Stock Exchange
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Large accelerated filer
x
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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our ability to maintain an adequate rate of revenue growth and our future financial performance, including our expectations regarding our cost of revenue, gross profit or gross margin and operating expenses;
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our belief that the cloud networking market is still in the early stages of adoption and has a significant potential opportunity for growth;
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our business plan and our ability to effectively manage our growth, including the reporting requirements and compliance obligations of a public company;
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costs associated with defending intellectual property infringement and other claims and the potential outcomes of such disputes, such as those claims discussed in “Legal Proceedings,” including the Cisco and Optumsoft litigation matters;
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our ability to comply with any remedial orders issued in connection with the Cisco litigation;
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our ability to satisfy the requirements for cloud networking solutions and to successfully anticipate technological shifts and market needs, innovate new products and bring them to market in a timely manner;
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our ability to retain and increase sales to existing customs and attract new end customers, including large end customers;
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the budgeting cycles and purchasing practices of end customers, including large end customers who may receive lower pricing terms due to volume discounts;
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the buying patterns of our large end customers in which large bulk purchases may or may not occur in certain quarters;
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our inability to fulfill our end customers’ orders due to supply chain delays, access to key commodities or technologies or events that impact our manufacturers or their suppliers;
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the deferral or cancellation of orders by end customers, warranty returns or delays in acceptance of our products;
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our ability to further penetrate our existing customer base and sell more complex and higher-performance configurations of our products;
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our ability to displace existing products in established markets;
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our belief that increasing channel leverage will extend and improve our engagement with a broad set of customers;
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our ability to expand our leadership position in the network switch industry, including the areas of mobility, virtualization, cloud computing and cloud networks;
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our ability to timely and effectively scale and adapt our existing technology;
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the benefits realized by our customers in their use of our products and services including lower total cost of ownership;
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our ability to expand our business domestically and internationally;
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the effects of increased competition in our market and our ability to compete effectively;
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the effects of seasonal and cyclical trends on our results of operations;
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our expectations concerning relationships with third parties;
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the attraction and retention of qualified employees and key personnel;
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our ability to maintain, protect and enhance our brand and intellectual property;
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economic and industry trends;
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estimates and estimate methodologies used in preparing our financial statements;
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future trading prices of our common stock;
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our belief that we have adequately reserved for uncertain tax positions;
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our belief that our existing cash and cash equivalents together with cash flow from operations will be sufficient to meet our working capital requirements and our growth strategies for the foreseeable future; and
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future acquisitions of or investments in complementary companies, products, services or technologies;
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Capacity, Performance and Scalability.
Cloud networks must have sufficient capacity to interconnect large numbers of servers, up to hundreds of thousands, with predictable network bandwidth.
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High Availability.
Cloud networks must overcome hardware and software failures for customers in order to avoid network outages that can result in lost revenue, dissatisfied customers and increased operational cost.
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Open and Programmable.
Cloud networks must be based on open protocols and be programmable to enable integration with leading network applications and management and data analysis tools.
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Workflow Automation.
Cloud networks must offer automated provisioning and configuration to enable fast service delivery and to minimize operational costs, avoiding time-consuming and error-prone manual processes for configuring, provisioning, monitoring and managing the network.
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Network Visibility.
Cloud networks must provide IT administrators with real-time in-depth visibility of network status to proactively monitor, detect and notify when issues arise.
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Security.
Cloud networks require dynamic security and services from physical-to-physical and physical-to-virtual workloads.
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Cost Performance.
Cloud networks must deliver high performance while lowering overall cost of ownership, including capital and operational costs.
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Purpose-Built Cloud Networking Platform.
We have developed a highly scalable cloud networking platform that uses software to address the needs of large-scale Internet companies, cloud service providers, financial services organizations, government agencies and media and entertainment companies, including virtualization, big data and low-latency applications. As a result, our cloud networking platform does not have the inherent limitations of legacy network architectures.
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Broad and Differentiated Portfolio.
Using multiple silicon architectures, we deliver switches and routers with industry-leading capacity, low latency, port density and power efficiency and have innovated in areas such as deep packet buffers, embedded optics and reversible cooling. Our broad portfolio has allowed us to offer customers products that best match their specific requirements.
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Single Binary Image Software.
The single binary image of EOS software allows us to maintain feature consistency across our entire product portfolio and enables us to introduce new software innovations into the market that become available to our entire installed base without a “forklift upgrade” (i.e., a broad upgrade of the data center infrastructure).
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Rapid Development of New Features and Applications.
Our highly modular EOS software has allowed us to rapidly deliver new features and applications while preserving the structural integrity and quality of our network operating system. We believe our ability to deliver new features and capabilities more quickly than legacy switch/router operators, provides us with a strategic advantage given that the requirements in cloud and next-generation data center networking continue to evolve rapidly.
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Deep Understanding of Customer Requirements.
We have developed close working relationships with many of our largest customers that provide us with insights about their needs and future requirements. This has allowed us to develop and deliver products to market that meet customer demands and expectations as well as to rapidly grow sales to existing customers.
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Strong Management and Engineering Team with Significant Data Center Networking Expertise.
Our management and engineering team consists of networking veterans with extensive data center networking expertise. Our President and Chief Executive Officer, Jayshree Ullal, with 30+ years of networking expertise from silicon to systems companies. Andy Bechtolsheim,
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Significant Technology Lead.
We believe that our networking technology represents a fundamental advance in networking software. Our EOS software is state-driven and the result of more than 1,000 man-years of research and development investment over a ten-year period with 10+ million lines of code as a key cloud networking software stack.
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Centralized representation of distributed network state, allowing for a single point of integration and network-wide visibility and analytics;
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Controller agnostic support for physical and virtual workload orchestration through open APIs such as OVSDB, JSON and Openstack plugins;
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Turn-key automation for zero touch provisioning, configuration management and network-wide upgrades and rollback;
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Compliance Dashboard for Security, Audit and patch management;
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Real-time Streaming for Telemetry and Network Analytics, a modern approach to replace legacy polling per device;
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Provides visibility and troubleshooting for underlay and overlay networks; and
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Enables Macro-Segmentation Services which provides a dynamic and scalable network service to logically insert security devices into the path of traffic, regardless of whether the security device or workload is physical or virtual and with complete flexibility on placement of security devices and workloads.
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breadth of product offerings and features;
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reliability and product quality;
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ease of use;
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pricing;
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total cost of ownership, including automation, monitoring and integration costs;
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performance and scale;
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programmability and extensibility;
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interoperability with other products;
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ability to be bundled with other vendor offerings; and
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quality of service, support and fulfillment.
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our ability to increase sales to existing customers and attract new end customers, including large end customers;
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the budgeting cycles and purchasing practices of end customers, including large end customers who may receive lower pricing terms due to volume discounts;
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the buying patterns of our large end customers in which large bulk purchases may or may not occur in certain quarters;
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the cost and potential outcomes of existing and future litigation, including Cisco and Optumsoft litigation matters;
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our ability to comply with any remedial orders issued in connection with the Cisco litigation;
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the rate of expansion and productivity of our sales force;
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changes in our pricing policies, whether initiated by us or as a result of competition;
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our inability to fulfill our end customers’ orders due to supply chain delays, access to key commodities or technologies or events that impact our manufacturers or their suppliers;
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the amount and timing of operating costs and capital expenditures related to the operation and expansion of our business;
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changes in end-customer, distributor or reseller requirements or market needs;
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deferral or cancellation of orders from end customers, including in anticipation of new products or product enhancements announced by us or our competitors, or warranty returns;
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the inclusion of any acceptance provisions in our customer contracts or any delays in acceptance of those products;
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changes in the growth rate of the networking market;
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the actual or rumored timing and success of new product and service introductions by us or our competitors or any other change in the competitive landscape of our industry, including consolidation among our competitors or end customers;
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our ability to successfully expand our business domestically and internationally;
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our ability to increase the size of our distribution channel;
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decisions by potential end customers to purchase cloud networking solutions from larger, more established vendors, white box vendors or their primary network equipment vendors;
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price competition;
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insolvency or credit difficulties confronting our end customers, which could adversely affect their ability to purchase or pay for our products and services, or confronting our key suppliers, including our sole source suppliers, which could disrupt our supply chain;
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any disruption in our sales channel or termination of our relationship with important channel partners;
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seasonality or cyclical fluctuations in our markets;
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future accounting pronouncements or changes in our accounting policies;
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stock-based compensation expense;
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our overall effective tax rate, including impacts caused by any reorganization in our corporate structure, any changes in our valuation allowance for domestic deferred tax assets and any new legislation or regulatory developments;
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increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates, as an increasing portion of our expenses are incurred and paid in currencies other than the U.S. dollar;
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general economic conditions, both domestically and in foreign markets; and
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other risk factors described in this Annual Report on Form 10-K.
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greater name recognition and longer operating histories;
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larger sales and marketing budgets and resources;
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broader distribution and established relationships with channel partners and end customers;
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greater access to larger end-customer bases;
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greater end-customer support resources;
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greater manufacturing resources;
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the ability to leverage their sales efforts across a broader portfolio of products;
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the ability to leverage purchasing power with vendor subcomponents;
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the ability to bundle competitive offerings with other products and services;
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the ability to develop their own silicon chips;
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the ability to set more aggressive pricing policies;
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lower labor and development costs;
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greater resources to make acquisitions;
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larger intellectual property portfolios; and
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substantially greater financial, technical, research and development or other resources.
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greater difficulty in enforcing contracts and accounts receivable collection and longer collection periods;
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increased expenses incurred in establishing and maintaining our international operations;
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fluctuations in exchange rates between the U.S. dollar and foreign currencies where we do business;
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greater difficulty and costs in recruiting local experienced personnel;
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wage inflation in certain growing economies;
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general economic and political conditions in these foreign markets;
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economic uncertainty around the world as a result of sovereign debt issues;
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communication and integration problems resulting from cultural and geographic dispersion;
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limitations on our ability to access cash resources in our international operations;
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ability to establish necessary business relationships and to comply with local business requirements;
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risks associated with trade restrictions and foreign legal requirements, including the importation, certification and localization of our products required in foreign countries;
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greater risk of unexpected changes in regulatory practices, tariffs and tax laws and treaties;
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the uncertainty of protection for intellectual property rights in some countries;
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greater risk of a failure of foreign employees to comply with both U.S. and foreign laws, including antitrust regulations, the FCPA and any trade regulations ensuring fair trade practices; and
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heightened risk of unfair or corrupt business practices in certain geographies and of improper or fraudulent sales arrangements that may impact financial results and result in restatements of, or irregularities in, financial statements.
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changes in end-customer or product mix, including mix of configurations within each product group;
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introduction of new products, including products with price-performance advantages;
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increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints, or as a result of changes in our manufacturing process or supply chain;
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our ability to reduce production costs;
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entry into new markets or growth in lower margin markets;
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entry in markets with different pricing and cost structures;
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pricing discounts;
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increases in material costs in the event we are restricted from sourcing components and manufacturing products internationally.
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costs associated with defending intellectual property infringement and other claims and the potential outcomes of such disputes, such as those claims discussed in “Legal Proceedings,” including the Cisco and Optumsoft litigation matters;
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excess inventory and inventory holding charges;
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obsolescence charges;
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changes in shipment volume;
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the timing of revenue recognition and revenue deferrals;
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increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorates;
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lower than expected benefits from value engineering;
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increased price competition;
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changes in distribution channels;
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increased warranty costs; and
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how well we execute our strategy and operating plans.
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evolve or enhance our products and services;
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continue to expand our sales and marketing and research and development organizations;
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acquire complementary technologies, products or businesses;
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expand operations, in the U.S. or internationally;
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hire, train and retain employees; or
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respond to competitive pressures or unanticipated working capital requirements.
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sensitive data regarding our business, including intellectual property and other proprietary data, could be stolen;
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our electronic communications systems, including email and other methods, could be disrupted, and our ability to conduct our business operations could be seriously damaged until such systems can be restored;
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our ability to process customer orders and electronically deliver products and services could be degraded, and our distribution channels could be disrupted, resulting in delays in revenue recognition;
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defects and security vulnerabilities could be introduced into our software, thereby damaging the reputation and perceived reliability and security of our products and potentially making the data systems of our customers vulnerable to further data loss and cyber incidents; and
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personally identifiable data of our customers, employees and business partners could be compromised.
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actual or anticipated announcements of new products, services or technologies, commercial relationships, acquisitions or other events by us or our competitors;
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forward looking statements related to future revenue, gross margins and earnings per share;
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price and volume fluctuations in the overall stock market from time to time;
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litigation involving us, our industry, or both including events occurring in our litigation with Cisco Systems and Optumsoft;
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manufacturing, supply or distribution shortages or constraints, or challenges with adding or changing our manufacturing process or supply chain;
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significant volatility in the market price and trading volume of technology companies in general and of companies in the IT security industry in particular;
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fluctuations in the trading volume of our shares or the size of our public float;
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sales by our officers, directors or significant stockholders;
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actual or anticipated changes or fluctuations in our results of operations;
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adverse changes to our relationships with any of our channel partners;
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whether our results of operations or our financial outlook for future fiscal periods meet the expectations of securities analysts or investors;
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actual or anticipated changes in the expectations of investors or securities analysts;
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regulatory developments in the U.S., foreign countries or both;
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general economic conditions and trends;
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major catastrophic events;
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sales of large blocks of our common stock; or
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departures of key personnel.
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a classified board of directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our board of directors;
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the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;
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the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;
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a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;
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the requirement that a special meeting of stockholders may be called only by the chairman of our board of directors, our president, our secretary or a majority vote of our board of directors, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors;
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the requirement for the affirmative vote of holders of at least 66 2/3% of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to amend the provisions of our amended and restated certificate of incorporation relating to the issuance of preferred stock and management of our business or our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt;
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the ability of our board of directors, by majority vote, to amend the bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws to facilitate an unsolicited takeover attempt; and
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advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
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High
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Low
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Fiscal 2015 Quarters
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First quarter
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$
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74.52
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$
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56.11
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Second quarter
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$
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88.56
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$
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63.16
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Third quarter
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$
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88.25
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$
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60.10
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Fourth quarter
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$
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79.44
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$
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58.77
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Fiscal 2016 Quarters
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First quarter
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$
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79.22
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$
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52.51
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Second quarter
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$
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75.40
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$
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60.51
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Third quarter
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$
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86.35
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$
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62.21
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Fourth quarter
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$
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98.90
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$
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78.82
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Year Ended December 31,
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2016
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2015
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2014
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2013
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2012
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(in thousands, except per share data)
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Selected Consolidated Statements of Operations Data:
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Revenue
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$
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1,129,167
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$
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837,591
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$
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584,106
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$
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361,224
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$
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193,408
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Cost of revenue
(1)
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406,051
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294,031
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192,015
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122,686
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61,252
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Total gross profit
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723,116
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543,560
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392,091
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238,538
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132,156
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Operating expenses
(1)
:
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||||||||||
Research and development
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273,581
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209,448
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148,909
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98,587
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55,155
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Sales and marketing
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130,887
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109,084
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85,338
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55,115
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28,603
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|||||
General and administrative
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75,239
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75,720
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32,331
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18,688
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8,501
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|||||
Total operating expenses
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479,707
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394,252
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266,578
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172,390
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92,259
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|||||
Income from operations
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243,409
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149,308
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125,513
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66,148
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39,897
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Other income (expense), net:
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||||||||||
Interest expense
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(3,136
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)
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(3,152
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)
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(6,280
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)
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(7,119
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)
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(7,057
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)
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Other income (expense), net
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1,952
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(147
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)
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2,275
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(754
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)
|
|
135
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|||||
Total other income (expense), net
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(1,184
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)
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|
(3,299
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)
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(4,005
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)
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|
(7,873
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)
|
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(6,922
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)
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|||||
Income before provision for income taxes
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242,225
|
|
|
146,009
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|
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121,508
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|
|
58,275
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|
|
32,975
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Provision for income taxes
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58,036
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|
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24,907
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34,658
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|
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15,815
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|
|
11,626
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|||||
Net income
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$
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184,189
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$
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121,102
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$
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86,850
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|
|
$
|
42,460
|
|
|
$
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21,349
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
182,965
|
|
|
$
|
119,115
|
|
|
$
|
68,889
|
|
|
$
|
20,777
|
|
|
$
|
9,622
|
|
Diluted
|
$
|
183,039
|
|
|
$
|
119,264
|
|
|
$
|
70,524
|
|
|
$
|
21,780
|
|
|
$
|
9,662
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
2.66
|
|
|
$
|
1.81
|
|
|
$
|
1.42
|
|
|
$
|
0.76
|
|
|
$
|
0.39
|
|
Diluted
|
$
|
2.50
|
|
|
$
|
1.67
|
|
|
$
|
1.29
|
|
|
$
|
0.72
|
|
|
$
|
0.39
|
|
Weighted-average shares used in computing net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
68,771
|
|
|
65,964
|
|
|
48,427
|
|
|
27,320
|
|
|
24,711
|
|
|||||
Diluted
|
73,222
|
|
|
71,411
|
|
|
54,590
|
|
|
30,051
|
|
|
24,901
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Cost of revenue
|
$
|
3,620
|
|
|
$
|
3,048
|
|
|
$
|
1,535
|
|
|
$
|
408
|
|
|
$
|
270
|
|
Research and development
|
31,892
|
|
|
25,515
|
|
|
14,986
|
|
|
5,464
|
|
|
2,590
|
|
|||||
Sales and marketing
|
15,666
|
|
|
11,454
|
|
|
7,643
|
|
|
2,985
|
|
|
1,078
|
|
|||||
General and administrative
|
7,854
|
|
|
5,286
|
|
|
3,455
|
|
|
1,302
|
|
|
765
|
|
|||||
Total stock-based compensation
|
$
|
59,032
|
|
|
$
|
45,303
|
|
|
$
|
27,619
|
|
|
$
|
10,159
|
|
|
$
|
4,703
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Consolidated Balance Sheet Data:
|
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
567,923
|
|
|
$
|
687,326
|
|
|
$
|
240,031
|
|
|
$
|
113,664
|
|
|
$
|
88,655
|
|
Working capital
|
1,066,573
|
|
|
739,317
|
|
|
535,106
|
|
|
73,422
|
|
|
130,808
|
|
|||||
Total assets
|
1,729,007
|
|
|
1,159,890
|
|
|
811,023
|
|
|
364,520
|
|
|
220,168
|
|
|||||
Total indebtedness
(1)
|
41,210
|
|
|
42,546
|
|
|
43,634
|
|
|
160,213
|
|
|
134,277
|
|
|||||
Total deferred revenue
|
372,935
|
|
|
196,808
|
|
|
106,468
|
|
|
58,904
|
|
|
24,777
|
|
|||||
Total stockholders’ equity (deficit)
|
$
|
1,107,820
|
|
|
$
|
788,152
|
|
|
$
|
555,658
|
|
|
$
|
77,732
|
|
|
$
|
18,910
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Consolidated Statements of Operations Data:
|
|
|
|
|
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Product
|
$
|
991,337
|
|
|
$
|
744,877
|
|
|
$
|
531,543
|
|
Service
|
137,830
|
|
|
92,714
|
|
|
52,563
|
|
|||
Total revenue
|
1,129,167
|
|
|
837,591
|
|
|
584,106
|
|
|||
Cost of revenue
(1)
:
|
|
|
|
|
|
||||||
Product
|
369,768
|
|
|
263,585
|
|
|
174,004
|
|
|||
Service
|
36,283
|
|
|
30,446
|
|
|
18,011
|
|
|||
Total cost of revenue
|
406,051
|
|
|
294,031
|
|
|
192,015
|
|
|||
Gross profit
|
723,116
|
|
|
543,560
|
|
|
392,091
|
|
|||
Operating expenses
(1)
:
|
|
|
|
|
|
||||||
Research and development
|
273,581
|
|
|
209,448
|
|
|
148,909
|
|
|||
Sales and marketing
|
130,887
|
|
|
109,084
|
|
|
85,338
|
|
|||
General and administrative
|
75,239
|
|
|
75,720
|
|
|
32,331
|
|
|||
Total operating expenses
|
479,707
|
|
|
394,252
|
|
|
266,578
|
|
|||
Income from operations
|
243,409
|
|
|
149,308
|
|
|
125,513
|
|
|||
Interest expense
|
(3,136
|
)
|
|
(3,152
|
)
|
|
(6,280
|
)
|
|||
Other income (expense), net
|
1,952
|
|
|
(147
|
)
|
|
2,275
|
|
|||
Total other income (expense), net
|
(1,184
|
)
|
|
(3,299
|
)
|
|
(4,005
|
)
|
|||
Income before provision for income taxes
|
242,225
|
|
|
146,009
|
|
|
121,508
|
|
|||
Provision for income taxes
|
58,036
|
|
|
24,907
|
|
|
34,658
|
|
|||
Net income
|
$
|
184,189
|
|
|
$
|
121,102
|
|
|
$
|
86,850
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Stock-Based Compensation Expense:
|
|
|
|
|
|
||||||
Cost of revenue
|
$
|
3,620
|
|
|
$
|
3,048
|
|
|
$
|
1,535
|
|
Research and development
|
31,892
|
|
|
25,515
|
|
|
14,986
|
|
|||
Sales and marketing
|
15,666
|
|
|
11,454
|
|
|
7,643
|
|
|||
General and administrative
|
7,854
|
|
|
5,286
|
|
|
3,455
|
|
|||
Total stock-based compensation
|
$
|
59,032
|
|
|
$
|
45,303
|
|
|
$
|
27,619
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
|
(as a percentage of revenue)
|
|||||||
Revenue:
|
|
|
|
|
|
|||
Product
|
87.8
|
%
|
|
88.9
|
%
|
|
91.0
|
%
|
Service
|
12.2
|
|
|
11.1
|
|
|
9.0
|
|
Total revenue
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of revenue:
|
|
|
|
|
|
|||
Product
|
32.8
|
|
|
31.5
|
|
|
29.8
|
|
Service
|
3.2
|
|
|
3.6
|
|
|
3.1
|
|
Total cost of revenue
|
36.0
|
|
|
35.1
|
|
|
32.9
|
|
Gross margin
|
64.0
|
|
|
64.9
|
|
|
67.1
|
|
Operating expenses:
|
|
|
|
|
|
|||
Research and development
|
24.2
|
|
|
25.0
|
|
|
25.5
|
|
Sales and marketing
|
11.6
|
|
|
13.0
|
|
|
14.6
|
|
General and administrative
|
6.7
|
|
|
9.0
|
|
|
5.5
|
|
Total operating expenses
|
42.5
|
|
|
47.0
|
|
|
45.6
|
|
Income from operations
|
21.6
|
|
|
17.9
|
|
|
21.5
|
|
Interest expense
|
(0.3
|
)
|
|
(0.4
|
)
|
|
(1.1
|
)
|
Other income (expense), net
|
0.2
|
|
|
—
|
|
|
0.4
|
|
Total other income (expense), net
|
(0.1
|
)
|
|
(0.4
|
)
|
|
(0.7
|
)
|
Income before provision for income taxes
|
21.5
|
|
|
17.5
|
|
|
20.8
|
|
Provision for income taxes
|
5.1
|
|
|
3.0
|
|
|
5.9
|
|
Net income
|
16.3
|
%
|
|
14.5
|
%
|
|
14.9
|
%
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
2016
|
|
2015
|
|
Change in
|
|||||||||||||||
|
$
|
|
% of
revenue
|
|
$
|
|
% of
revenue
|
|
$
|
|
%
|
|||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
$
|
991,337
|
|
|
87.8
|
%
|
|
$
|
744,877
|
|
|
88.9
|
%
|
|
$
|
246,460
|
|
|
33.1
|
%
|
Service
|
137,830
|
|
|
12.2
|
|
|
92,714
|
|
|
11.1
|
|
|
45,116
|
|
|
48.7
|
|
|||
Total revenue
|
1,129,167
|
|
|
100.0
|
|
|
837,591
|
|
|
100.0
|
|
|
291,576
|
|
|
34.8
|
|
|||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
369,768
|
|
|
32.8
|
|
|
263,585
|
|
|
31.5
|
|
|
106,183
|
|
|
40.3
|
|
|||
Service
|
36,283
|
|
|
3.2
|
|
|
30,446
|
|
|
3.6
|
|
|
5,837
|
|
|
19.2
|
|
|||
Total cost of revenue
|
406,051
|
|
|
36.0
|
|
|
294,031
|
|
|
35.1
|
|
|
112,020
|
|
|
38.1
|
|
|||
Gross profit
|
$
|
723,116
|
|
|
64.0
|
%
|
|
$
|
543,560
|
|
|
64.9
|
%
|
|
$
|
179,556
|
|
|
33.0
|
%
|
Gross margin
|
64.0
|
%
|
|
|
|
64.9
|
%
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
||||||
Americas
|
$
|
874,740
|
|
|
77.5
|
%
|
|
$
|
646,919
|
|
|
77.3
|
%
|
Europe, Middle East and Africa
|
168,789
|
|
|
14.9
|
|
|
128,400
|
|
|
15.3
|
|
||
Asia-Pacific
|
85,638
|
|
|
7.6
|
|
|
62,272
|
|
|
7.4
|
|
||
Total revenue
|
$
|
1,129,167
|
|
|
100.0
|
%
|
|
$
|
837,591
|
|
|
100.0
|
%
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
2016
|
|
2015
|
|
Change in
|
|||||||||||||||
|
$
|
|
% of
revenue
|
|
$
|
|
% of
revenue
|
|
$
|
|
%
|
|||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
$
|
273,581
|
|
|
24.2
|
%
|
|
$
|
209,448
|
|
|
25.0
|
%
|
|
$
|
64,133
|
|
|
30.6
|
%
|
Sales and marketing
|
130,887
|
|
|
11.6
|
|
|
109,084
|
|
|
13.0
|
|
|
21,803
|
|
|
20.0
|
|
|||
General and administrative
|
75,239
|
|
|
6.7
|
|
|
75,720
|
|
|
9.0
|
|
|
(481
|
)
|
|
(0.6
|
)
|
|||
Total operating expenses
|
$
|
479,707
|
|
|
42.5
|
%
|
|
$
|
394,252
|
|
|
47.0
|
%
|
|
$
|
85,455
|
|
|
21.7
|
%
|
|
Year Ended December 31,
|
|
Change in
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
(3,136
|
)
|
|
$
|
(3,152
|
)
|
|
$
|
16
|
|
|
(0.5
|
)%
|
Other income (expense), net
|
1,952
|
|
|
(147
|
)
|
|
2,099
|
|
|
(1,427.9
|
)
|
|||
Total other income (expense), net
|
$
|
(1,184
|
)
|
|
$
|
(3,299
|
)
|
|
$
|
2,115
|
|
|
(64.1
|
)%
|
|
Year Ended December 31,
|
|
Change in
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Provision for income taxes
|
$
|
58,036
|
|
|
$
|
24,907
|
|
|
$
|
33,129
|
|
|
133.0
|
%
|
Effective tax rate
|
24.0
|
%
|
|
17.1
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
2015
|
|
2014
|
|
Change in
|
|||||||||||||||
|
$
|
|
% of
revenue
|
|
$
|
|
% of
revenue
|
|
$
|
|
%
|
|||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
$
|
744,877
|
|
|
88.9
|
%
|
|
$
|
531,543
|
|
|
91.0
|
%
|
|
$
|
213,334
|
|
|
40.1
|
%
|
Service
|
92,714
|
|
|
11.1
|
|
|
52,563
|
|
|
9.0
|
|
|
40,151
|
|
|
76.4
|
|
|||
Total revenue
|
837,591
|
|
|
100.0
|
|
|
584,106
|
|
|
100.0
|
|
|
253,485
|
|
|
43.4
|
|
|||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
263,585
|
|
|
31.5
|
|
|
174,004
|
|
|
29.8
|
|
|
89,581
|
|
|
51.5
|
|
|||
Service
|
30,446
|
|
|
3.6
|
|
|
18,011
|
|
|
3.1
|
|
|
12,435
|
|
|
69.0
|
|
|||
Total cost of revenue
|
294,031
|
|
|
35.1
|
|
|
192,015
|
|
|
32.9
|
|
|
102,016
|
|
|
53.1
|
|
|||
Gross profit
|
$
|
543,560
|
|
|
64.9
|
%
|
|
$
|
392,091
|
|
|
67.1
|
%
|
|
$
|
151,469
|
|
|
38.6
|
%
|
Gross margin
|
64.9
|
%
|
|
|
|
67.1
|
%
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
2015
|
|
% of Total
|
|
2014
|
|
% of Total
|
||||||
Americas
|
$
|
646,919
|
|
|
77.3
|
%
|
|
$
|
465,544
|
|
|
79.7
|
%
|
Europe, Middle East and Africa
|
128,400
|
|
|
15.3
|
|
|
74,555
|
|
|
12.8
|
|
||
Asia-Pacific
|
62,272
|
|
|
7.4
|
|
|
44,007
|
|
|
7.5
|
|
||
Total revenue
|
$
|
837,591
|
|
|
100.0
|
%
|
|
$
|
584,106
|
|
|
100.0
|
%
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
2015
|
|
2014
|
|
Change in
|
|||||||||||||||
|
$
|
|
% of
revenue
|
|
$
|
|
% of
revenue
|
|
$
|
|
%
|
|||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
$
|
209,448
|
|
|
25.0
|
%
|
|
$
|
148,909
|
|
|
25.5
|
%
|
|
$
|
60,539
|
|
|
40.7
|
%
|
Sales and marketing
|
109,084
|
|
|
13.0
|
|
|
85,338
|
|
|
14.6
|
|
|
23,746
|
|
|
27.8
|
|
|||
General and administrative
|
75,720
|
|
|
9.0
|
|
|
32,331
|
|
|
5.5
|
|
|
43,389
|
|
|
134.2
|
|
|||
Total operating expenses
|
$
|
394,252
|
|
|
47.0
|
%
|
|
$
|
266,578
|
|
|
45.6
|
%
|
|
$
|
127,674
|
|
|
47.9
|
%
|
|
Year Ended December 31,
|
|
Change in
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
(3,152
|
)
|
|
$
|
(6,280
|
)
|
|
$
|
3,128
|
|
|
(49.8
|
)%
|
Other income (expense), net
|
(147
|
)
|
|
2,275
|
|
|
(2,422
|
)
|
|
(106.5
|
)
|
|||
Total other income (expense), net
|
$
|
(3,299
|
)
|
|
$
|
(4,005
|
)
|
|
$
|
706
|
|
|
(17.6
|
)%
|
|
Year Ended December 31,
|
|
Change in
|
|||||||||||
|
2015
|
|
2014
|
|
$
|
|
%
|
|||||||
Provision for income taxes
|
$
|
24,907
|
|
|
$
|
34,658
|
|
|
$
|
(9,751
|
)
|
|
(28.1
|
)%
|
Effective tax rate
|
17.1
|
%
|
|
28.5
|
%
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
(in thousands)
|
||||||||||
Cash provided by operating activities
|
|
$
|
131,440
|
|
|
$
|
200,533
|
|
|
$
|
131,875
|
|
Cash provided by (used in) investing activities
|
|
(325,979
|
)
|
|
184,170
|
|
|
(249,362
|
)
|
|||
Cash provided by financing activities
|
|
75,600
|
|
|
63,105
|
|
|
243,978
|
|
|||
Effect of exchange rate changes
|
|
(464
|
)
|
|
(513
|
)
|
|
(124
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
(119,403
|
)
|
|
$
|
447,295
|
|
|
$
|
126,367
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than
1 Year
|
|
1 to 3 Years
|
|
3 to 5 Years
|
|
More than
5 Years
|
||||||||||
Financing lease obligation
(1)
|
|
$
|
43,626
|
|
|
$
|
5,933
|
|
|
$
|
12,406
|
|
|
$
|
13,151
|
|
|
$
|
12,136
|
|
Operating lease obligations
|
|
50,131
|
|
|
7,867
|
|
|
14,262
|
|
|
12,256
|
|
|
15,746
|
|
|||||
Non-cancelable purchase obligations
|
|
261,868
|
|
|
261,868
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Total
|
|
$
|
355,625
|
|
|
$
|
275,668
|
|
|
$
|
26,668
|
|
|
$
|
25,407
|
|
|
$
|
27,882
|
|
•
|
Persuasive evidence of an arrangement exists.
Evidence of an arrangement consists of stand-alone purchase orders or purchase orders issued pursuant to the terms and conditions of a master sales agreement. It is our practice to identify an end customer prior to shipment to a reseller or distributor.
|
•
|
Delivery or performance has occurred.
We use shipping documents or written evidence of customer acceptance, when applicable, to verify delivery or performance. We recognize product revenue upon transfer of title and risk of loss, which primarily is upon shipment to customers. We generally do not have significant obligations for future performance, rights of return, or pricing credits associated with our product sales. In instances where substantive acceptance provisions are specified in the customer arrangement, revenue and deferred cost of revenue is deferred until all acceptance criteria have been met.
|
•
|
The sales price is fixed or determinable
. We assess whether the sales price is fixed or determinable based on payment terms and whether the sales price is subject to refund or adjustment.
|
•
|
Collectability is reasonably assured
. We assess probability of collectability on a customer-by-customer basis. Our customers and channel partners are subjected to a credit review process that evaluates their financial condition and ability to pay for products and services.
|
•
|
VSOE
—We determine VSOE based on our historical pricing and discounting practices for the specific products and services when sold separately. In determining VSOE, we require that a substantial majority of the stand-alone selling prices fall within a reasonably narrow pricing range.
|
•
|
TPE
—When VSOE cannot be established for deliverables in multiple-element arrangements, we apply judgment with respect to whether we can establish a selling price based on TPE. TPE is determined based on competitor prices for interchangeable products or services when sold separately to similarly situated customers. However, as our products contain a significant element of proprietary technology and offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. Additionally, as we are unable to reliably determine what competitors products’ selling prices are on a stand-alone basis, we are not able to obtain reliable evidence of TPE of selling price.
|
•
|
BESP
—When we are unable to establish selling price using VSOE or TPE, we use BESP in our allocation of arrangement consideration. The objective of BESP is to determine the price at which we would transact a sale if the product or service was sold regularly on a stand-alone basis. BESP is based on considering multiple factors including, but not limited to the sales channel (reseller, distributor or end customer), the geographies in which our products and services were sold (domestic or international) and size of the end customer.
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
567,923
|
|
|
$
|
687,326
|
|
Marketable securities
|
299,910
|
|
|
—
|
|
||
Accounts receivable, net of allowances of $1,521 and $1,529, respectively
|
253,119
|
|
|
144,263
|
|
||
Inventories
|
236,490
|
|
|
92,129
|
|
||
Prepaid expenses and other current assets
|
168,684
|
|
|
50,610
|
|
||
Total current assets
|
1,526,126
|
|
|
974,328
|
|
||
Property and equipment, net
|
76,961
|
|
|
79,706
|
|
||
Investments
|
36,136
|
|
|
36,636
|
|
||
Deferred tax assets
|
70,960
|
|
|
48,429
|
|
||
Other assets
|
18,824
|
|
|
20,791
|
|
||
TOTAL ASSETS
|
$
|
1,729,007
|
|
|
$
|
1,159,890
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
79,457
|
|
|
$
|
43,966
|
|
Accrued liabilities
|
90,951
|
|
|
60,971
|
|
||
Deferred revenue
|
273,350
|
|
|
122,049
|
|
||
Other current liabilities
|
15,795
|
|
|
8,025
|
|
||
Total current liabilities
|
459,553
|
|
|
235,011
|
|
||
Income taxes payable
|
14,498
|
|
|
14,060
|
|
||
Lease financing obligations, non-current
|
39,593
|
|
|
41,210
|
|
||
Deferred revenue, non-current
|
99,585
|
|
|
74,759
|
|
||
Other long-term liabilities
|
7,958
|
|
|
6,698
|
|
||
TOTAL LIABILITIES
|
621,187
|
|
|
371,738
|
|
||
Commitments and contingencies (Note 5)
|
|
|
|
|
|||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock, $0.0001 par value—100,000 shares authorized and no shares issued and outstanding as of December 31, 2016 and 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.0001 par value—1,000,000 shares authorized as of December 31, 2016 and 2015; 70,811 and 68,132 shares issued and outstanding as of December 31, 2016 and December 31, 2015
|
7
|
|
|
7
|
|
||
Additional paid-in capital
|
674,183
|
|
|
537,904
|
|
||
Retained earnings
|
435,105
|
|
|
250,916
|
|
||
Accumulated other comprehensive loss
|
(1,475)
|
|
|
(675
|
)
|
||
TOTAL STOCKHOLDERS’ EQUITY
|
1,107,820
|
|
|
788,152
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,729,007
|
|
|
$
|
1,159,890
|
|
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Product
|
$
|
991,337
|
|
|
$
|
744,877
|
|
|
$
|
531,543
|
|
Service
|
137,830
|
|
|
92,714
|
|
|
52,563
|
|
|||
Total revenue
|
1,129,167
|
|
|
837,591
|
|
|
584,106
|
|
|||
Cost of revenue:
|
|
|
|
|
|
||||||
Product
|
369,768
|
|
|
263,585
|
|
|
174,004
|
|
|||
Service
|
36,283
|
|
|
30,446
|
|
|
18,011
|
|
|||
Total cost of revenue
|
406,051
|
|
|
294,031
|
|
|
192,015
|
|
|||
Gross profit
|
723,116
|
|
|
543,560
|
|
|
392,091
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
273,581
|
|
|
209,448
|
|
|
148,909
|
|
|||
Sales and marketing
|
130,887
|
|
|
109,084
|
|
|
85,338
|
|
|||
General and administrative
|
75,239
|
|
|
75,720
|
|
|
32,331
|
|
|||
Total operating expenses
|
479,707
|
|
|
394,252
|
|
|
266,578
|
|
|||
Income from operations
|
243,409
|
|
|
149,308
|
|
|
125,513
|
|
|||
Other income (expense), net:
|
|
|
|
|
|
||||||
Interest expense
|
(3,136
|
)
|
|
(3,152
|
)
|
|
(6,280
|
)
|
|||
Other income (expense), net
|
1,952
|
|
|
(147
|
)
|
|
2,275
|
|
|||
Total other income (expense), net
|
(1,184
|
)
|
|
(3,299
|
)
|
|
(4,005
|
)
|
|||
Income before provision for income taxes
|
242,225
|
|
|
146,009
|
|
|
121,508
|
|
|||
Provision for income taxes
|
58,036
|
|
|
24,907
|
|
|
34,658
|
|
|||
Net income
|
$
|
184,189
|
|
|
$
|
121,102
|
|
|
$
|
86,850
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
||||||
Basic
|
$
|
182,965
|
|
|
$
|
119,115
|
|
|
$
|
68,889
|
|
Diluted
|
$
|
183,039
|
|
|
$
|
119,264
|
|
|
$
|
70,524
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.66
|
|
|
$
|
1.81
|
|
|
$
|
1.42
|
|
Diluted
|
$
|
2.50
|
|
|
$
|
1.67
|
|
|
$
|
1.29
|
|
Weighted-average shares used in computing net income per share attributable to common stockholders:
|
|
|
|
|
|
||||||
Basic
|
68,771
|
|
|
65,964
|
|
|
48,427
|
|
|||
Diluted
|
73,222
|
|
|
71,411
|
|
|
54,590
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
184,189
|
|
|
$
|
121,102
|
|
|
$
|
86,850
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(348
|
)
|
|
(494
|
)
|
|
(217)
|
|
|||
Net change in unrealized gains (losses) on available-for-sale securities
|
(452
|
)
|
|
153
|
|
|
(153
|
)
|
|||
Other comprehensive loss
|
(800
|
)
|
|
(341
|
)
|
|
(370
|
)
|
|||
Comprehensive income
|
$
|
183,389
|
|
|
$
|
120,761
|
|
|
$
|
86,480
|
|
|
Convertible Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders’ Equity |
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
Balance—December 31, 2013
|
24,000
|
|
|
$
|
5,992
|
|
|
31,927
|
|
|
$
|
3
|
|
|
$
|
28,737
|
|
|
$
|
42,964
|
|
|
$
|
36
|
|
|
$
|
77,732
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,850
|
|
|
—
|
|
|
86,850
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(370
|
)
|
|
(370
|
)
|
||||||
Issuance of common stock from initial public offering, net of offering costs
|
—
|
|
|
—
|
|
|
6,038
|
|
|
1
|
|
|
239,054
|
|
|
—
|
|
|
—
|
|
|
239,055
|
|
||||||
Conversion of convertible preferred stock into common stock upon initial public offering
|
(24,000
|
)
|
|
(5,992
|
)
|
|
24,000
|
|
|
3
|
|
|
5,989
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Conversion of notes payable and accrued interest into common stock upon initial public offering
|
—
|
|
|
—
|
|
|
1,543
|
|
|
—
|
|
|
66,338
|
|
|
—
|
|
|
—
|
|
|
66,338
|
|
||||||
Conversion of notes payable and accrued interest, related party, into common stock upon initial public offering
|
—
|
|
|
—
|
|
|
701
|
|
|
—
|
|
|
30,153
|
|
|
—
|
|
|
—
|
|
|
30,153
|
|
||||||
Tax benefit for equity incentive plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,358
|
|
|
—
|
|
|
—
|
|
|
17,358
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,619
|
|
|
—
|
|
|
—
|
|
|
27,619
|
|
||||||
Issuance of common stock in connection with employee equity incentive plans
|
—
|
|
|
—
|
|
|
1,319
|
|
|
—
|
|
|
6,828
|
|
|
—
|
|
|
—
|
|
|
6,828
|
|
||||||
Vesting of stock options and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,095
|
|
|
—
|
|
|
—
|
|
|
4,095
|
|
||||||
Balance—December 31, 2014
|
—
|
|
|
—
|
|
|
65,528
|
|
|
7
|
|
|
426,171
|
|
|
129,814
|
|
|
(334
|
)
|
|
555,658
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,102
|
|
|
—
|
|
|
121,102
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(341
|
)
|
|
(341
|
)
|
||||||
Tax benefit for equity incentive plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,003
|
|
|
—
|
|
|
—
|
|
|
37,003
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,303
|
|
|
—
|
|
|
—
|
|
|
45,303
|
|
||||||
Issuance of common stock in connection with employee equity incentive plans
|
—
|
|
|
—
|
|
|
2,577
|
|
|
—
|
|
|
27,201
|
|
|
—
|
|
|
—
|
|
|
27,201
|
|
||||||
Vesting of stock options and restricted stock
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
2,226
|
|
|
—
|
|
|
—
|
|
|
2,226
|
|
||||||
Balance—December 31, 2015
|
—
|
|
|
—
|
|
|
68,132
|
|
|
7
|
|
|
537,904
|
|
|
250,916
|
|
|
(675
|
)
|
|
788,152
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184,189
|
|
|
|
|
184,189
|
|
|||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(800
|
)
|
|
(800
|
)
|
||||||
Tax benefit for equity incentive plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,084
|
|
|
—
|
|
|
—
|
|
|
42,084
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,032
|
|
|
—
|
|
|
—
|
|
|
59,032
|
|
||||||
Issuance of common stock in connection with employee equity incentive plans
|
—
|
|
|
—
|
|
|
2,694
|
|
|
—
|
|
|
35,181
|
|
|
—
|
|
|
—
|
|
|
35,181
|
|
||||||
Minimum tax withholding paid for net share settlement of equity awards
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(1,100
|
)
|
|
—
|
|
|
—
|
|
|
(1,100
|
)
|
||||||
Vesting of stock options and restricted stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
||||||
Balance—December 31, 2016
|
—
|
|
|
$
|
—
|
|
|
70,811
|
|
|
$
|
7
|
|
|
$
|
674,183
|
|
|
$
|
435,105
|
|
|
$
|
(1,475
|
)
|
|
$
|
1,107,820
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
184,189
|
|
|
$
|
121,102
|
|
|
$
|
86,850
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
19,749
|
|
|
13,671
|
|
|
10,021
|
|
|||
Stock-based compensation
|
59,032
|
|
|
45,303
|
|
|
27,619
|
|
|||
Deferred income taxes
|
(21,720
|
)
|
|
(24,409
|
)
|
|
(6,774
|
)
|
|||
Excess tax benefit on stock based-compensation
|
(42,855
|
)
|
|
(37,251
|
)
|
|
(17,436
|
)
|
|||
Amortization of investment premiums
|
1,493
|
|
|
1,471
|
|
|
348
|
|
|||
Realized gain on notes receivable
|
—
|
|
|
—
|
|
|
(4,000
|
)
|
|||
Amortization of debt discount
|
—
|
|
|
—
|
|
|
527
|
|
|||
Write-off of debt discount on notes payable
|
—
|
|
|
—
|
|
|
680
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
(108,856
|
)
|
|
(47,281
|
)
|
|
(18,984
|
)
|
|||
Inventories
|
(144,361
|
)
|
|
(14,123
|
)
|
|
(13,425
|
)
|
|||
Prepaid expenses and other current assets
|
(115,074
|
)
|
|
(7,827
|
)
|
|
(15,257
|
)
|
|||
Other assets
|
2,866
|
|
|
(3,087
|
)
|
|
(4,261
|
)
|
|||
Accounts payable
|
38,678
|
|
|
9,037
|
|
|
14,007
|
|
|||
Accrued liabilities
|
30,629
|
|
|
20,398
|
|
|
18,874
|
|
|||
Deferred revenue
|
176,126
|
|
|
90,340
|
|
|
47,564
|
|
|||
Income taxes payable
|
42,650
|
|
|
32,018
|
|
|
4,377
|
|
|||
Other liabilities
|
8,894
|
|
|
1,171
|
|
|
2,105
|
|
|||
Interest payable
|
—
|
|
|
—
|
|
|
(960
|
)
|
|||
Net cash provided by operating activities
|
131,440
|
|
|
200,533
|
|
|
131,875
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from marketable securities
|
137,855
|
|
|
208,200
|
|
|
—
|
|
|||
Purchases of marketable securities
|
(439,711
|
)
|
|
—
|
|
|
(210,019
|
)
|
|||
Purchases of property and equipment
|
(21,419
|
)
|
|
(19,989
|
)
|
|
(13,134
|
)
|
|||
Other investing activities
|
(2,500
|
)
|
|
—
|
|
|
(38,249
|
)
|
|||
Proceeds from repayment of notes receivable
|
—
|
|
|
—
|
|
|
8,000
|
|
|||
Change in restricted cash
|
(204
|
)
|
|
(4,041
|
)
|
|
4,040
|
|
|||
Net cash provided by (used in) investing activities
|
(325,979
|
)
|
|
184,170
|
|
|
(249,362
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Principal payments of lease financing obligations
|
(1,336
|
)
|
|
(1,086
|
)
|
|
(793
|
)
|
|||
Proceeds from issuance of common stock upon exercising options, net of repurchases
|
24,855
|
|
|
17,835
|
|
|
8,020
|
|
|||
Minimum tax withholding paid on behalf of employees for net share settlement
|
(1,100
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of common stock, employee stock purchase plan
|
10,326
|
|
|
9,366
|
|
|
—
|
|
|||
Excess tax benefit on stock-based compensation
|
42,855
|
|
|
37,251
|
|
|
17,436
|
|
|||
Proceeds from initial public offering, net of issuance cost
|
—
|
|
|
(261
|
)
|
|
239,315
|
|
|||
Repayment on notes payable
|
—
|
|
|
—
|
|
|
(20,000
|
)
|
|||
Net cash provided by financing activities
|
75,600
|
|
|
63,105
|
|
|
243,978
|
|
|||
Effect of exchange rate changes
|
(464
|
)
|
|
(513
|
)
|
|
(124
|
)
|
|||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
(119,403
|
)
|
|
447,295
|
|
|
126,367
|
|
|||
CASH AND CASH EQUIVALENTS—Beginning of year
|
687,326
|
|
|
240,031
|
|
|
113,664
|
|
|||
CASH AND CASH EQUIVALENTS—End of year
|
$
|
567,923
|
|
|
$
|
687,326
|
|
|
$
|
240,031
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Cash paid for income taxes, net of refunds
|
$
|
39,638
|
|
|
$
|
6,591
|
|
|
$
|
44,770
|
|
Cash paid for interest— lease financing obligation
|
$
|
2,916
|
|
|
$
|
2,999
|
|
|
$
|
2,809
|
|
Cash paid for interest— notes payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,639
|
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
|
|
|
|
|
|
||||||
Property and equipment included in accounts payable and accrued liabilities
|
$
|
869
|
|
|
$
|
3,957
|
|
|
$
|
1,638
|
|
Vesting of early exercised stock options and restricted stock awards
|
$
|
1,082
|
|
|
$
|
2,226
|
|
|
$
|
4,095
|
|
Conversion of notes payable and accrued interest to common stock upon initial public offering
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,338
|
|
Conversion of notes payable and accrued interest, related party, to common stock upon initial public offering
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,153
|
|
Conversion of convertible preferred stock to common stock upon initial public offering
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,992
|
|
Acquisition of building with financing obligation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
456
|
|
Unpaid deferred offering costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
261
|
|
|
|
Revenue
|
|
Accounts Receivable
|
|||||||||||
|
|
Year Ended December 31,
|
|
December 31,
|
|||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|||||
Customer A
|
|
16
|
%
|
|
12
|
%
|
|
15
|
%
|
|
36
|
%
|
|
30
|
%
|
•
|
Persuasive evidence of an arrangement exists.
Evidence of an arrangement consists of stand-alone purchase orders or purchase orders issued pursuant to the terms and conditions of a master sales agreement. It is our practice to identify an end customer prior to shipment to a reseller or distributor.
|
•
|
Delivery or performance has occurred.
We use shipping documents or written evidence of customer acceptance, when applicable, to verify delivery or performance. We recognize product revenue upon transfer of title and risk of loss, which primarily is upon shipment to customers. We generally do not have significant obligations for future performance, rights of return or pricing credits associated with our product sales. In instances where substantive acceptance provisions are specified in the customer arrangement, revenue and the related cost of revenue is deferred until all acceptance criteria have been met.
|
•
|
The sales price is fixed or determinable
. We assess whether the sales price is fixed or determinable based on payment terms and whether the sales price is subject to refund or adjustment.
|
•
|
Collectability is reasonably assured
. We assess probability of collectability on a customer-by-customer basis. Our customers and channel partners are subjected to a credit review process that evaluates their financial condition and ability to pay for products and services.
|
•
|
VSOE
—We determine VSOE based on our historical pricing and discounting practices for the specific products and services when sold separately. In determining VSOE, we require that a substantial majority of the stand-alone selling prices fall within a reasonably narrow pricing range.
|
•
|
TPE
—When VSOE cannot be established for deliverables in multiple-element arrangements, we apply judgment with respect to whether we can establish a selling price based on TPE. TPE is determined based on competitor prices for interchangeable products or services when sold separately to similarly situated customers. However, as our products contain a significant element of proprietary technology and offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. Additionally, as we are unable to reliably determine what competitors products’ selling prices are on a stand-alone basis, we are not able to obtain reliable evidence of TPE of selling price.
|
•
|
BESP
—When we are unable to establish selling price using VSOE or TPE, we use BESP in our allocation of arrangement consideration. The objective of BESP is to determine the price at which we would transact a sale if the product or service was sold regularly on a stand-alone basis. BESP is based on considering multiple factors including, but not limited to the sales channel (reseller, distributor or end customer), the geographies in which our products and services were sold (domestic or international) and size of the end customer.
|
|
December 31, 2016
|
||||||||||||||
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
305,182
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
305,182
|
|
Money market funds-restricted
|
4,245
|
|
|
—
|
|
|
—
|
|
|
4,245
|
|
||||
Commercial Paper
|
5,962
|
|
|
—
|
|
|
—
|
|
|
5,962
|
|
||||
U.S. government notes
|
110,756
|
|
|
—
|
|
|
—
|
|
|
110,756
|
|
||||
Corporate bonds
|
—
|
|
|
183,192
|
|
|
—
|
|
|
183,192
|
|
||||
Total financial assets
|
$
|
426,145
|
|
|
$
|
183,192
|
|
|
$
|
—
|
|
|
$
|
609,337
|
|
|
December 31, 2015
|
||||||||||||||
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
104,156
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104,156
|
|
U.S. government notes
|
4,041
|
|
|
—
|
|
|
—
|
|
|
4,041
|
|
||||
Total financial assets
|
$
|
108,197
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
108,197
|
|
|
December 31, 2016
|
||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||
Commercial paper
|
$
|
5,962
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,962
|
|
U.S. government notes
|
110,945
|
|
|
5
|
|
|
(194
|
)
|
|
110,756
|
|
||||
Corporate bonds
|
183,455
|
|
|
109
|
|
|
(372
|
)
|
|
183,192
|
|
||||
Total marketable securities
|
$
|
300,362
|
|
|
$
|
114
|
|
|
$
|
(566
|
)
|
|
$
|
299,910
|
|
|
|
December 31, 2016
|
||
Due in 1 year or less
|
|
$
|
140,879
|
|
Due in 1 year through 2 years
|
|
159,031
|
|
|
Total marketable securities
|
|
$
|
299,910
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Accounts receivable
|
$
|
254,640
|
|
|
$
|
145,792
|
|
Allowance for doubtful accounts
|
(204
|
)
|
|
(963
|
)
|
||
Product sales return reserve
|
(1,317
|
)
|
|
(566
|
)
|
||
Accounts receivable, net
|
$
|
253,119
|
|
|
$
|
144,263
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at the beginning of year
|
$
|
963
|
|
|
$
|
1,063
|
|
|
$
|
810
|
|
Charged (credited) to expense
|
(292
|
)
|
|
335
|
|
|
860
|
|
|||
Deductions (write-offs)
|
(467
|
)
|
|
(435
|
)
|
|
(607
|
)
|
|||
Balance at the end of year
|
$
|
204
|
|
|
$
|
963
|
|
|
$
|
1,063
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at the beginning of year
|
$
|
566
|
|
|
$
|
2,031
|
|
|
$
|
1,529
|
|
Charged against revenue
|
3,791
|
|
|
2,798
|
|
|
4,063
|
|
|||
Deductions
|
(4,371
|
)
|
|
(2,283
|
)
|
|
(2,943
|
)
|
|||
Change in estimate
|
1,331
|
|
|
(1,980
|
)
|
|
(618
|
)
|
|||
Balance at the end of year
|
$
|
1,317
|
|
|
$
|
566
|
|
|
$
|
2,031
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Raw materials
|
$
|
99,190
|
|
|
$
|
29,831
|
|
Finished goods
|
137,300
|
|
|
62,298
|
|
||
Total inventories
|
$
|
236,490
|
|
|
$
|
92,129
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Inventory deposit
|
$
|
60,315
|
|
|
$
|
—
|
|
Prepaid income taxes
|
17,383
|
|
|
14,150
|
|
||
Other current assets
|
79,140
|
|
|
29,270
|
|
||
Other prepaid expenses and deposits
|
11,846
|
|
|
7,190
|
|
||
Total prepaid expenses and other current assets
|
$
|
168,684
|
|
|
$
|
50,610
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Equipment and machinery
|
$
|
40,721
|
|
|
$
|
29,101
|
|
Computer hardware and software
|
17,420
|
|
|
12,630
|
|
||
Furniture and fixtures
|
2,879
|
|
|
2,380
|
|
||
Leasehold improvements
|
29,498
|
|
|
24,372
|
|
||
Building
|
35,154
|
|
|
35,154
|
|
||
Construction-in-process
|
421
|
|
|
6,408
|
|
||
Property and equipment, gross
|
126,093
|
|
|
110,045
|
|
||
Less: accumulated depreciation
|
(49,132
|
)
|
|
(30,339
|
)
|
||
Property and equipment, net
|
$
|
76,961
|
|
|
$
|
79,706
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Accrued payroll related costs
|
$
|
52,854
|
|
|
$
|
39,479
|
|
Accrued warranty costs
|
6,744
|
|
|
4,718
|
|
||
Accrued manufacturing costs
|
14,824
|
|
|
6,397
|
|
||
Accrued professional fees
|
6,829
|
|
|
4,875
|
|
||
Accrued taxes
|
1,098
|
|
|
1,347
|
|
||
Other
|
8,602
|
|
|
4,155
|
|
||
Total accrued liabilities
|
$
|
90,951
|
|
|
$
|
60,971
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Warranty accrual, beginning of year
|
$
|
4,718
|
|
|
$
|
3,204
|
|
Liabilities accrued for warranties issued during the year
|
$
|
5,421
|
|
|
3,973
|
|
|
Warranty costs incurred during the year
|
(3,395
|
)
|
|
(2,459
|
)
|
||
Warranty accrual, end of year
|
$
|
6,744
|
|
|
$
|
4,718
|
|
Years Ending December 31,
|
|
||
2017
|
$
|
7,867
|
|
2018
|
7,373
|
|
|
2019
|
6,889
|
|
|
2020
|
6,552
|
|
|
2021
|
5,704
|
|
|
Thereafter
|
15,746
|
|
|
Total minimum future lease payments
|
$
|
50,131
|
|
Years Ending December 31,
|
|
||
2017
|
$
|
5,933
|
|
2018
|
6,113
|
|
|
2019
|
6,293
|
|
|
2020
|
6,477
|
|
|
2021
|
6,674
|
|
|
Thereafter
|
12,136
|
|
|
Total payments
|
43,626
|
|
|
Less: interest and land lease expense
|
(26,045
|
)
|
|
Total payments under facility financing obligations
|
17,581
|
|
|
Property reverting to landlord
|
23,630
|
|
|
Present value of obligation
|
41,211
|
|
|
Less current portion
|
(1,618
|
)
|
|
Long-term portion of obligation
|
$
|
39,593
|
|
|
|
Options Outstanding
|
|
|
|
|
|||||||
|
|
Number of
Shares Underlying
Outstanding Options
|
|
Weighted-
Average Exercise Price per Share |
|
Weighted-
Average Remaining Contractual Term (Years) of Stock Options |
|
Aggregate
Intrinsic Value of Stock Options Outstanding |
|||||
Balance—December 31, 2015
|
|
11,630
|
|
|
$
|
24.49
|
|
|
7.6
|
|
$
|
620,802
|
|
Authorized
|
|
|
|
|
|
|
|
|
|||||
Options granted
|
|
441
|
|
|
56.95
|
|
|
|
|
|
|||
Options exercised
|
|
(2,200
|
)
|
|
11.32
|
|
|
|
|
|
|||
Options canceled
|
|
(362
|
)
|
|
31.22
|
|
|
|
|
|
|||
Balance—December 31, 2016
|
|
9,509
|
|
|
$
|
28.79
|
|
|
6.9
|
|
$
|
646,394
|
|
Vested and exercisable—December 31, 2016
|
|
3,642
|
|
|
$
|
15.29
|
|
|
6.1
|
|
$
|
296,738
|
|
Vested and expected to vest—December 31, 2016
|
|
9,050
|
|
|
$
|
28.23
|
|
|
6.9
|
|
$
|
620,296
|
|
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|
Weighted-Average
Remaining
Contractual Term (in years)
|
|
Aggregate Intrinsic Value
|
|||||
Unvested balance—December 31, 2015
|
893
|
|
|
$
|
70.14
|
|
|
1.9
|
|
$
|
69,509
|
|
RSUs granted
|
816
|
|
|
76.54
|
|
|
|
|
|
|||
RSUs vested
|
(244
|
)
|
|
69.32
|
|
|
|
|
|
|||
RSUs forfeited/canceled
|
(90
|
)
|
|
67.97
|
|
|
|
|
|
|||
Unvested balance—December 31, 2016
|
1,375
|
|
|
$
|
74.23
|
|
|
1.8
|
|
$
|
133,081
|
|
RSUs vested and expected to vest—December 31, 2016
|
1,288
|
|
|
$
|
74.14
|
|
|
1.7
|
|
$
|
124,683
|
|
|
|
Number of Shares
|
|
Balance—December 31, 2015
|
|
10,495
|
|
Authorized
|
|
2,044
|
|
Options granted
|
|
(441
|
)
|
RSUs granted
|
|
(816
|
)
|
Options canceled
|
|
362
|
|
Options repurchased
|
|
5
|
|
RSUs forfeited
|
|
90
|
|
Shares traded for taxes
|
|
15
|
|
Balance—December 31, 2016
|
|
11,754
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of revenue
|
$
|
3,620
|
|
|
$
|
3,048
|
|
|
$
|
1,535
|
|
Research and development
|
31,892
|
|
|
25,515
|
|
|
14,986
|
|
|||
Sales and marketing
|
15,666
|
|
|
11,454
|
|
|
7,643
|
|
|||
General and administrative
|
7,854
|
|
|
5,286
|
|
|
3,455
|
|
|||
Total stock-based compensation
|
$
|
59,032
|
|
|
$
|
45,303
|
|
|
$
|
27,619
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Expected term (in years)
|
6.7
|
|
|
6.2
|
|
|
7.6
|
|
Risk-free interest rate
|
1.5
|
%
|
|
1.6
|
%
|
|
2.2
|
%
|
Expected volatility
|
38.9
|
%
|
|
42.9
|
%
|
|
47.7
|
%
|
Dividend rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Expected term (in years)
|
1.2
|
|
|
1.4
|
|
|
1.4
|
|
Risk-free interest rate
|
0.6
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
Expected volatility
|
31.8
|
%
|
|
34.8
|
%
|
|
36.3
|
%
|
Dividend rate
|
—
|
%
|
|
—
|
|
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Net income
|
$
|
184,189
|
|
|
$
|
121,102
|
|
|
$
|
86,850
|
|
Less: undistributed earnings allocated to participating securities
|
(1,224
|
)
|
|
(1,987
|
)
|
|
(17,961
|
)
|
|||
Net income available to common stockholders, basic
|
$
|
182,965
|
|
|
$
|
119,115
|
|
|
$
|
68,889
|
|
Diluted:
|
|
|
|
|
|
||||||
Net income attributable to common stockholders, basic
|
$
|
182,965
|
|
|
$
|
119,115
|
|
|
$
|
68,889
|
|
Add: undistributed earnings allocated to participating securities
|
74
|
|
|
149
|
|
|
1,635
|
|
|||
Net income attributable to common stockholders, diluted
|
$
|
183,039
|
|
|
$
|
119,264
|
|
|
$
|
70,524
|
|
Denominator:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Weighted-average shares used in computing net income per share available to common stockholders, basic
|
68,771
|
|
|
65,964
|
|
|
48,427
|
|
|||
Diluted:
|
|
|
|
|
|
||||||
Weighted-average shares used in computing net income per share available to common stockholders, basic
|
68,771
|
|
|
65,964
|
|
|
48,427
|
|
|||
Add weighted-average effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options, RSUs and RSAs
|
4,408
|
|
|
5,363
|
|
|
6,059
|
|
|||
Employee stock purchase plan
|
43
|
|
|
84
|
|
|
104
|
|
|||
Stock purchase rights
|
—
|
|
|
—
|
|
|
—
|
|
|||
Weighted-average shares used in computing net income per share available to common stockholders, diluted
|
73,222
|
|
|
71,411
|
|
|
54,590
|
|
|||
Net income per share attributable to common stockholders:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.66
|
|
|
$
|
1.81
|
|
|
$
|
1.42
|
|
Diluted
|
$
|
2.50
|
|
|
$
|
1.67
|
|
|
$
|
1.29
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Stock options and RSUs to purchase common stock
|
2,594
|
|
|
2,427
|
|
|
1,263
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Domestic
|
$
|
196,202
|
|
|
$
|
129,240
|
|
|
$
|
120,838
|
|
Foreign
|
46,023
|
|
|
16,769
|
|
|
670
|
|
|||
Income before provision for income taxes
|
$
|
242,225
|
|
|
$
|
146,009
|
|
|
$
|
121,508
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Current provision for income taxes:
|
|
|
|
|
|
||||||
Federal
|
$
|
67,253
|
|
|
$
|
43,706
|
|
|
$
|
34,314
|
|
State
|
10,529
|
|
|
5,500
|
|
|
4,493
|
|
|||
Foreign
|
2,016
|
|
|
1,588
|
|
|
3,306
|
|
|||
Total current
|
79,798
|
|
|
50,794
|
|
|
42,113
|
|
|||
Deferred tax benefit:
|
|
|
|
|
|
||||||
Federal
|
(18,579
|
)
|
|
(23,896
|
)
|
|
(7,105
|
)
|
|||
State
|
(3,564
|
)
|
|
(2,300
|
)
|
|
230
|
|
|||
Foreign
|
381
|
|
|
309
|
|
|
(580
|
)
|
|||
Total deferred
|
(21,762
|
)
|
|
(25,887
|
)
|
|
(7,455
|
)
|
|||
Total provision for income taxes
|
$
|
58,036
|
|
|
$
|
24,907
|
|
|
$
|
34,658
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
U.S. federal statutory income tax
|
35.00
|
%
|
|
35.00
|
%
|
|
35.00
|
%
|
State tax, net of federal benefit
|
(0.03
|
)
|
|
(1.35
|
)
|
|
1.19
|
|
Foreign tax differential
|
(3.24
|
)
|
|
(2.16
|
)
|
|
0.68
|
|
Tax credits
|
(4.24
|
)
|
|
(6.72
|
)
|
|
(5.26
|
)
|
Change in valuation allowance
|
1.71
|
|
|
2.84
|
|
|
1.92
|
|
Permanent items
|
(1.02
|
)
|
|
(1.32
|
)
|
|
(0.86
|
)
|
Uncertain tax positions and associated interest
|
(1.46
|
)
|
|
(3.95
|
)
|
|
0.37
|
|
Stock-based compensation
|
(2.81
|
)
|
|
(5.29
|
)
|
|
(4.01
|
)
|
Other, net
|
0.05
|
|
|
0.01
|
|
|
(0.51
|
)
|
Total provision for income taxes
|
23.96
|
%
|
|
17.06
|
%
|
|
28.52
|
%
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax assets:
|
|
|
|
||||
Property and equipment
|
$
|
473
|
|
|
$
|
241
|
|
Stock-based compensation
|
23,071
|
|
|
15,859
|
|
||
Reserves and accruals not currently deductible
|
49,436
|
|
|
33,686
|
|
||
Net operating losses
|
1,140
|
|
|
221
|
|
||
Tax credits
|
15,015
|
|
|
12,465
|
|
||
State taxes
|
—
|
|
|
9
|
|
||
Other
|
194
|
|
|
380
|
|
||
Gross deferred tax assets
|
89,329
|
|
|
62,861
|
|
||
Valuation allowance
|
(16,894
|
)
|
|
(12,655
|
)
|
||
Total deferred tax assets
|
72,435
|
|
|
50,206
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Property and equipment
|
(198
|
)
|
|
(1,517
|
)
|
||
Accrued liabilities
|
(2,555
|
)
|
|
(728
|
)
|
||
Other
|
(3
|
)
|
|
(1
|
)
|
||
Total deferred tax liabilities
|
(2,756
|
)
|
|
(2,246
|
)
|
||
Net deferred tax assets
|
$
|
69,679
|
|
|
$
|
47,960
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax assets, non-current
|
70,960
|
|
|
48,429
|
|
||
Deferred tax liabilities, non-current
|
(1,281
|
)
|
|
(469
|
)
|
||
Total net deferred tax assets
|
$
|
69,679
|
|
|
|
$47,960
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Gross unrecognized tax benefits—beginning balance
|
$
|
22,239
|
|
|
$
|
21,322
|
|
|
$
|
16,973
|
|
Increases related to tax positions taken in a prior year
|
46
|
|
|
346
|
|
|
425
|
|
|||
Increases related to tax positions taken during current year
|
11,359
|
|
|
7,385
|
|
|
4,355
|
|
|||
Decreases related to tax positions taken in a prior year
|
(426
|
)
|
|
(228
|
)
|
|
(431
|
)
|
|||
Decreases related to settlements with taxing authorities
|
(432
|
)
|
|
—
|
|
|
—
|
|
|||
Decreases related to lapse of statute of limitations
|
(5,871
|
)
|
|
(6,586
|
)
|
|
—
|
|
|||
Gross unrecognized tax benefits—ending balance
|
$
|
26,915
|
|
|
$
|
22,239
|
|
|
$
|
21,322
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
United States
|
$
|
862,352
|
|
|
$
|
634,413
|
|
|
$
|
456,691
|
|
Other Americas
|
12,388
|
|
|
12,506
|
|
|
8,853
|
|
|||
Europe, Middle East and Africa
|
168,789
|
|
|
128,400
|
|
|
74,555
|
|
|||
Asia Pacific
|
85,638
|
|
|
62,272
|
|
|
44,007
|
|
|||
Total revenue
|
$
|
1,129,167
|
|
|
$
|
837,591
|
|
|
$
|
584,106
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
|
Dec. 31, 2016
|
|
Sep. 30, 2016
|
|
Jun. 30, 2016
|
|
Mar. 31, 2016
|
|
Dec. 31, 2015
|
|
Sep. 30, 2015
|
|
Jun. 30, 2015
|
|
Mar. 31, 2015
|
||||||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Product
|
|
$
|
289,008
|
|
|
$
|
254,238
|
|
|
$
|
235,616
|
|
|
$
|
212,475
|
|
|
$
|
217,325
|
|
|
$
|
193,339
|
|
|
$
|
174,072
|
|
|
$
|
160,141
|
|
Service
|
|
38,961
|
|
|
36,023
|
|
|
33,125
|
|
|
29,721
|
|
|
28,121
|
|
|
24,209
|
|
|
21,480
|
|
|
18,904
|
|
||||||||
Total revenue
|
|
327,969
|
|
|
290,261
|
|
|
268,741
|
|
|
242,196
|
|
|
245,446
|
|
|
217,548
|
|
|
195,552
|
|
|
179,045
|
|
||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Product
|
|
108,057
|
|
|
94,777
|
|
|
88,021
|
|
|
78,913
|
|
|
81,142
|
|
|
67,990
|
|
|
60,014
|
|
|
54,439
|
|
||||||||
Service
|
|
9,757
|
|
|
9,064
|
|
|
9,269
|
|
|
8,193
|
|
|
8,136
|
|
|
7,810
|
|
|
7,648
|
|
|
6,852
|
|
||||||||
Total cost of revenue
|
|
117,814
|
|
|
103,841
|
|
|
97,290
|
|
|
87,106
|
|
|
89,278
|
|
|
75,800
|
|
|
67,662
|
|
|
61,291
|
|
||||||||
Gross profit
|
|
210,155
|
|
|
186,420
|
|
|
171,451
|
|
|
155,090
|
|
|
156,168
|
|
|
141,748
|
|
|
127,890
|
|
|
117,754
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
|
71,398
|
|
|
70,648
|
|
|
69,020
|
|
|
62,515
|
|
|
57,413
|
|
|
58,748
|
|
|
49,947
|
|
|
43,340
|
|
||||||||
Sales and marketing
|
|
38,321
|
|
|
33,216
|
|
|
31,744
|
|
|
27,606
|
|
|
31,308
|
|
|
26,508
|
|
|
26,681
|
|
|
24,587
|
|
||||||||
General and administrative
|
|
22,941
|
|
|
19,535
|
|
|
17,529
|
|
|
15,234
|
|
|
18,050
|
|
|
25,195
|
|
|
18,403
|
|
|
14,072
|
|
||||||||
Total operating expenses
|
|
132,660
|
|
|
123,399
|
|
|
118,293
|
|
|
105,355
|
|
|
106,771
|
|
|
110,451
|
|
|
95,031
|
|
|
81,999
|
|
||||||||
Income from operations
|
|
77,495
|
|
|
63,021
|
|
|
53,158
|
|
|
49,735
|
|
|
49,397
|
|
|
31,297
|
|
|
32,859
|
|
|
35,755
|
|
||||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest expense
|
|
(918
|
)
|
|
(735
|
)
|
|
(732
|
)
|
|
(751
|
)
|
|
(746
|
)
|
|
(753
|
)
|
|
(832
|
)
|
|
(821
|
)
|
||||||||
Other income (expense), net
|
|
560
|
|
|
639
|
|
|
416
|
|
|
337
|
|
|
(109
|
)
|
|
13
|
|
|
417
|
|
|
(468
|
)
|
||||||||
Total other income (expense), net
|
|
(358
|
)
|
|
(96
|
)
|
|
(316
|
)
|
|
(414
|
)
|
|
(855
|
)
|
|
(740
|
)
|
|
(415
|
)
|
|
(1,289
|
)
|
||||||||
Income before provision for income taxes
|
|
77,137
|
|
|
62,925
|
|
|
52,842
|
|
|
49,321
|
|
|
48,542
|
|
|
30,557
|
|
|
32,444
|
|
|
34,466
|
|
||||||||
Provision for income taxes
|
|
18,354
|
|
|
11,668
|
|
|
13,938
|
|
|
14,076
|
|
|
4,618
|
|
|
1,867
|
|
|
8,448
|
|
|
9,974
|
|
||||||||
Net income
|
|
$
|
58,783
|
|
|
$
|
51,257
|
|
|
$
|
38,904
|
|
|
$
|
35,245
|
|
|
$
|
43,924
|
|
|
$
|
28,690
|
|
|
$
|
23,996
|
|
|
$
|
24,492
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
$
|
0.84
|
|
|
$
|
0.74
|
|
|
$
|
0.57
|
|
|
$
|
0.52
|
|
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.36
|
|
|
$
|
0.37
|
|
Diluted
|
|
$
|
0.79
|
|
|
$
|
0.69
|
|
|
$
|
0.53
|
|
|
$
|
0.48
|
|
|
$
|
0.60
|
|
|
$
|
0.39
|
|
|
$
|
0.33
|
|
|
$
|
0.34
|
|
1.
|
Consolidated Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
|
|
|
Arista Networks, Inc.
|
|
|
|
(Registrant)
|
Dated:
|
February 17, 2017
|
By:
|
/s/ JAYSHREE ULLAL
|
|
|
|
Jayshree Ullal
|
|
|
|
President, Chief Executive Officer and Director
|
|
|
|
(Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
/s/ JAYSHREE ULLAL
|
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
February 17, 2017
|
Jayshree Ullal
|
|
|
|
|
/s/ ITA BRENNAN
|
|
Chief Financial Officer (Principal Accounting and Financial Officer)
|
|
February 17, 2017
|
Ita Brennan
|
|
|
|
|
/s/ ANDY BECHTOLSHEIM
|
|
Founder, Chief Development Officer and Director
|
|
February 17, 2017
|
Andy Bechtolsheim
|
|
|
|
|
/s/ CHARLES GIANCARLO
|
|
Director
|
|
February 17, 2017
|
Charles Giancarlo
|
|
|
|
|
/s/ ANN MATHER
|
|
Director
|
|
February 17, 2017
|
Ann Mather
|
|
|
|
|
/s/ DAN SCHEINMAN
|
|
Director
|
|
February 17, 2017
|
Dan Scheinman
|
|
|
|
|
/s/ MARC STOLL
|
|
Director
|
|
February 17, 2017
|
Marc Stoll
|
|
|
|
|
/s/ NIKOS THEODOSOPOULOS
|
|
Director
|
|
February 17, 2017
|
Nikos Theodosopoulos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||||
Exhibit Number
|
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
3.1
|
|
Amended and Restated Certificate of Incorporation of the Registrant.
|
|
10-Q
|
|
001-36468
|
|
3.1
|
|
8/8/2014
|
|
|
3.2
|
|
Bylaws of the Registrant.
|
|
10-Q
|
|
001-36468
|
|
3.2
|
|
8/8/2014
|
|
|
4.1
|
|
Form of the Registrant’s common stock certificate.
|
|
S-1/A
|
|
333-194899
|
|
4.1
|
|
4/21/2014
|
|
|
4.2
|
|
Investors’ Rights Agreement, dated October 16, 2004, between Registrant and certain holders of Registrant’s capital stock named therein.
|
|
S-1
|
|
333-194899
|
|
4.2
|
|
3/31/2014
|
|
|
4.3
|
|
Investors’ Rights Agreement, dated January 4, 2011, between Registrant and certain holders of Registrant’s capital stock named therein.
|
|
S-1
|
|
333-194899
|
|
4.3
|
|
3/31/2014
|
|
|
10.1
|
|
Form of Indemnification Agreement between the Registrant and each of its directors and executive officers.
|
|
S-1/A
|
|
333-194899
|
|
10.1
|
|
5/2/2014
|
|
|
10.2 †
|
|
2004 Equity Incentive Plan.
|
|
S-1
|
|
333-194899
|
|
10.2
|
|
3/31/2014
|
|
|
10.3 †
|
|
2011 Equity Incentive Plan.
|
|
S-1
|
|
333-194899
|
|
10.3
|
|
3/31/2014
|
|
|
10.4 †
|
|
2014 Equity Incentive Plan.
|
|
S-1/A
|
|
333-194899
|
|
10.4
|
|
5/2/2014
|
|
|
10.5 †
|
|
2014 Employee Stock Purchase Plan.
|
|
10-K
|
|
001-36468
|
|
10.5
|
|
3/11/2015
|
|
|
10.6 †
|
|
Offer Letter, dated October 17, 2004, by and between the Registrant and Kenneth Duda.
|
|
S-1
|
|
333-194899
|
|
10.6
|
|
3/31/2014
|
|
|
10.7 †
|
|
Offer Letter, dated June 8, 2007, by and between the Registrant and Anshul Sadana.
|
|
S-1
|
|
333-194899
|
|
10.7
|
|
3/31/2014
|
|
|
10.8 †
|
|
Offer Letter, dated August 1, 2008, by and between the Registrant and Jayshree Ullal.
|
|
S-1
|
|
333-194899
|
|
10.8
|
|
3/31/2014
|
|
|
10.9 †
|
|
Offer Letter, dated March 27, 2013, by and between the Registrant and Charles Giancarlo.
|
|
S-1
|
|
333-194899
|
|
10.9
|
|
3/31/2014
|
|
|
10.10 †
|
|
Offer Letter, dated June 3, 2013, by and between the Registrant and Ann Mather.
|
|
S-1
|
|
333-194899
|
|
10.10
|
|
3/31/2014
|
|
|
10.11 †
|
|
Offer Letter, dated October 3, 2013, by and between the Registrant and Marc Stoll.
|
|
S-1
|
|
333-194899
|
|
10.13
|
|
3/31/2014
|
|
|
10.12
|
|
Lease between Arista Networks, Inc. and The Irvine Company LLC, dated August 10, 2012, as amended on February 28, 2013.
|
|
S-1
|
|
333-194899
|
|
10.15
|
|
3/31/2014
|
|
|
10.13
|
|
Second Amendment to Lease, by and between Arista Networks, Inc. and The Irvine Company LLC, dated July 30, 2014.
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
8/8/2014
|
|
|
10.14
|
|
License Agreement, dated November 30, 2004, by and between the Registrant and Optumsoft, Inc.
|
|
S-1
|
|
333-194899
|
|
10.16
|
|
3/31/2014
|
|
|
10.15‡
|
|
Manufacturing Services Letter Agreement, dated February 5, 2007, between the Registrant and Jabil Circuit, Inc.
|
|
S-1
|
|
333-194899
|
|
10.17
|
|
3/31/2014
|
|
|
10.16 †
|
|
Employee Incentive Plan.
|
|
S-1/A
|
|
333-194899
|
|
10.21
|
|
4/21/2014
|
|
|
10.17 †
|
|
Offer Letter, dated May 18, 2015, by and between the Registrant and Ita Brennan.
|
|
8-K
|
|
001-36468
|
|
10.1
|
|
5/14/2015
|
|
|
10.18 †
|
|
Severance Agreement, effective May 18, 2015, by and between the Registrant and Ita Brennan.
|
|
8-K
|
|
001-36468
|
|
10.2
|
|
5/14/2015
|
|
|
10.19 †
|
|
Offer letter, dated November 2, 2012, be and between the Registrant and Mark Smith
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
5/5/2016
|
|
|
10.20 †
|
|
Severance Agreement, dated December 3, 2012, by and between the Registrant and Mark Smith
|
|
10-Q
|
|
001-36468
|
|
10.2
|
|
5/5/2016
|
|
|
10.21 †
|
|
2015 Global Sales Incentive Plan
|
|
10-Q
|
|
001-36468
|
|
10.3
|
|
5/5/2016
|
|
|
10.22‡
|
|
Amended and Restated Manufacturing Services Agreement, dated February 18, 2016, between the Registrant and Sanmina Corporation
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
11/3/2016
|
|
|
21.1
|
|
List of Subsidiaries of the Registrant.
|
|
|
|
|
|
|
|
|
|
ü
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
|
|
|
|
|
|
|
|
ü
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
ü
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
ü
|
32.1*
|
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
ü
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
1 Year Arista Networks Chart |
1 Month Arista Networks Chart |
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