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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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% | 256.80 | 261.37 | 252.26 | 254.20 | 2,260,202 | 00:45:04 |
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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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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Trading Symbol(s)
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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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ANET
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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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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Item 16.
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•
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our ability to maintain an adequate rate of revenue growth and our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin and operating expenses;
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•
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our belief that the cloud networking market is rapidly evolving and has a significant potential opportunity for growth;
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•
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our ability to expand our leadership position in the network switch industry, including the areas of mobility, virtualization, network monitoring, cloud computing and cloud networks, and to develop new products and expand our business into new markets such as the campus and enterprise data center markets;
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•
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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 including any increased adoption of new technology solutions or consumption models such as commoditized hardware technology or open source networking solutions;
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•
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our ability to integrate and realize the benefits of our recent and future acquisitions;
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•
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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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•
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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”;
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•
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our ability to retain and increase sales to existing customers and attract new end customers, including large end customers;
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•
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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 or who may elect to re-assign allocations to multiple vendors based upon specific network roles or projects;
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•
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the growth and buying patterns of our large end customers in which large bulk purchases may or may not occur in certain quarters;
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•
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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 such as the recent U.S. trade wars with China or the impact of public health epidemics like the coronavirus currently affecting China;
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•
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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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•
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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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•
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our ability to displace existing products in established markets;
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•
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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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•
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our ability to timely and effectively scale and adapt our existing technology;
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•
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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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•
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our ability to expand our business domestically and internationally;
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•
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the effects of increased competition in our market and our ability to compete effectively;
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•
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the effects of seasonal and cyclical trends on our results of operations;
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•
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our expectations concerning relationships with third parties;
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•
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the attraction and retention of qualified employees and key personnel;
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•
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our ability to maintain, protect and enhance our brand and intellectual property;
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•
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economic and industry trends;
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•
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estimates and estimate methodologies used in preparing our financial statements;
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•
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future trading prices of our common stock;
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•
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our belief that we have adequately reserved for uncertain tax positions;
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•
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global economic and political conditions that introduce instability into the U.S. economy;
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•
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the impact of global and domestic tax reform, including the Tax Cuts and Jobs Act of 2017;
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•
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the impact of tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs implemented by the U.S. government on various imports from China;
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•
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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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•
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our ability to identify, complete and realize the benefits of future acquisitions of or investments in complementary companies, products, services or technologies;
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•
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Our ability to develop new products, new product features and services that address the customer requirements for these markets;
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•
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Our ability to attract a customer base in markets in which we have less experience;
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•
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Our successful development of new sales and marketing strategies to meet customer requirements;
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•
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Our ability to develop new channel relationships and enhance existing relationships to market and sell new products;
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•
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Our ability to compete with new and existing competitors in these adjacent markets, many of which may have more financial resources, market experience, brand recognition, relevant intellectual property rights, or established customer relationships than we currently do;
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•
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Our ability to skillfully balance our investment in adjacent markets with investment in our existing products and services;
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•
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The success of our partnerships with other companies;
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•
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Market acceptance of our new products; and
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•
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Our ability to grow our sales force to address new markets.
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•
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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, purchasing practices and buying patterns of end customers, including large end customers who may receive lower pricing terms due to volume discounts and who may or may not make large bulk purchases in certain quarters or who may elect to re-assign allocations to multiple vendors based upon specific network roles or projects;
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•
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changes in end-customer, geographic or product mix;
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•
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changes in the growth rate of existing or new customers, including large end customers and service providers;
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•
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changes in growth rates of the networking market;
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•
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the cost and potential outcomes of existing and future litigation;
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•
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increased expenses resulting from the tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs implemented by the U.S. government on various imports from China;
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•
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changes in the sales and implementation cycles for our products including the qualification and testing of our products by our customers and any delays or cancellations of purchases caused by such activities;
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•
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the rate of expansion and productivity of our sales force including any expansion into new markets;
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•
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changes in our pricing policies, whether initiated by us or as a result of competition;
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•
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our inability to fulfill our end customers’ orders due to the availability of inventory, supply chain delays, access to key commodities or technologies or events that impact our manufacturers or their suppliers such as the recent U.S. trade wars with China and the impact of public health epidemics like the coronavirus currently affecting China;
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•
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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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•
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changes in end-customer, distributor or reseller requirements or market needs;
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•
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difficulty forecasting, budgeting and planning due to limited visibility beyond the first two quarters into the spending plans of current or prospective customers;
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•
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deferral, reduction 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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•
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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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•
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the actual or rumored timing and success of new product and service introductions by us or our competitors including the execution of such new product and service introductions or any other change in the competitive landscape of our industry, including consolidation among our competitors or end customers;
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•
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our ability to successfully expand our business domestically and internationally;
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•
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our ability to increase the size of our sales or distribution channel, any disruption in our sales or distribution channels, and/or termination of our relationship with important channel partners;
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•
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decisions by potential end customers to purchase our networking solutions from larger, more established vendors, white box vendors or their primary network equipment vendors;
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•
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price competition;
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•
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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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•
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seasonality or cyclical fluctuations in our markets;
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•
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future accounting pronouncements or changes in our accounting policies;
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•
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stock-based compensation expense;
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•
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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, including the Tax Cuts and Jobs Act of 2017 (the “Tax Act”);
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•
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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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•
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general economic conditions, both domestically and in foreign markets; and
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•
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other risk factors described in this Annual Report on Form 10-K.
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•
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greater name recognition and longer operating histories;
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•
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larger sales and marketing budgets and resources;
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•
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broader distribution and established relationships with channel partners and end customers;
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•
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greater access to larger end-customer bases;
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•
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greater end-customer support resources;
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•
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greater manufacturing resources;
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•
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the ability to leverage their sales efforts across a broader portfolio of products;
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•
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the ability to leverage purchasing power with vendor subcomponents;
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•
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the ability to bundle competitive offerings with other products and services;
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•
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the ability to develop their own silicon chips;
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•
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the ability to set more aggressive pricing policies including bundling of products that are competitive with ours with other products that we do not sell or with support service contracts;
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•
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lower labor and development costs;
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•
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greater resources to make acquisitions;
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•
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larger intellectual property portfolios; and
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•
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substantially greater financial, technical, research and development or other resources.
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•
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greater difficulty in enforcing contracts and accounts receivable collection and longer collection periods;
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•
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increased expenses incurred in establishing and maintaining our international operations;
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•
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fluctuations in exchange rates between the U.S. dollar and foreign currencies where we do business;
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•
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the impact of public health epidemics on our employees, suppliers and contract manufacturers as well as the global economy such as the coronavirus currently impacting China;
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•
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greater difficulty and costs in recruiting local experienced personnel;
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•
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wage inflation in certain growing economies;
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•
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general economic and political conditions in these foreign markets;
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•
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economic uncertainty around the world as a result of sovereign debt issues;
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•
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communication and integration problems resulting from cultural and geographic dispersion;
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•
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limitations on our ability to access cash resources in our international operations;
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•
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ability to establish necessary business relationships and to comply with local business requirements;
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•
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risks associated with foreign legal requirements, including those relating to privacy, data protection and the importation, certification and localization of our products in foreign countries;
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•
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risks associated with U.S. government trade restrictions, including those which may impose restrictions, including prohibitions, on the exportation, reexportation, sale, shipment or other transfer of programming, technology, components, and/or services to foreign persons;
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•
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greater risk of unexpected changes in regulatory practices, tariffs and tax laws and treaties, including the Tax Act;
|
•
|
greater risk of unexpected changes in tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs implemented by the U.S. government on various imports from China, Canada, Mexico and the EU, and by the governments of these jurisdictions on certain U.S. goods, and any other possible tariffs that may be imposed on services such as ours, the scope and duration of which, if implemented, remain uncertain;
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•
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deterioration of political relations between the U.S. and Canada, the U.K., the EU, Mexico and China, which could have a material adverse effect on our sales and operations in these countries;
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•
|
greater risk of changes in diplomatic and trade relationships, including new tariffs, trade protection measures, import or export licensing requirements, trade embargoes and other trade barriers;
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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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•
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changes in end-customer, geographic or product mix, including mix of configurations within each product group;
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•
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increased price competition and changes in the actions of our competitors or their pricing strategies;
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•
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introduction of new products, including products with price-performance advantages and new business models including the sale and delivery of more software and subscription solutions;
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•
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increases in material or component costs including such increases caused by any restriction from sourcing components and manufacturing products internationally;
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•
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our ability to reduce production costs;
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•
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entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;
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•
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entry in markets with different pricing and cost structures;
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•
|
pricing discounts, particularly to our large end customers;
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•
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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;
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•
|
excess inventory and inventory holding charges;
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•
|
obsolescence charges;
|
•
|
changes in shipment volume;
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•
|
the timing of revenue recognition and revenue deferrals;
|
•
|
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;
|
•
|
increased costs arising from the tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs recently implemented and additional tariffs that have been proposed by the U.S. government on various imports from China, Canada, Mexico and the E.U. and by the governments of these jurisdictions on certain U.S. goods;
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•
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lower than expected benefits from value engineering;
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•
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changes in distribution channels;
|
•
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increased warranty costs; and
|
•
|
our ability to execute our strategy and operating plans.
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•
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evolve or enhance our products and services;
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•
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continue to expand our sales and marketing and research and development organizations;
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•
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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
|
•
|
respond to competitive pressures or unanticipated working capital requirements.
|
•
|
sensitive data regarding our business or our customers, including intellectual property and other proprietary data, could be stolen;
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•
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our electronic communications systems, including email and other methods, or other systems, could be disrupted, and our ability to conduct our business operations could be seriously damaged until such systems can be restored, which we may be unable to achieve in a prompt manner or at all;
|
•
|
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;
|
•
|
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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personal data of our customers, employees, contractors, and business partners could be accessed, obtained, or used without authorization, or otherwise compromised.
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•
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actual or anticipated announcements of new products including the execution of the introduction of such products, services or technologies, commercial relationships, acquisitions or other events by us or our competitors;
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•
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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;
|
•
|
changes or decreases in the growth rate of our revenues including from our large end customers and the networking market;
|
•
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litigation involving us, our industry, or both;
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•
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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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•
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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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•
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fluctuations in the trading volume of our shares or the size of our public float;
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•
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sales by our officers, directors or significant stockholders;
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•
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actual or anticipated changes or fluctuations in our results of operations;
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•
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adverse changes to our relationships with any of our channel partners;
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•
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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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•
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actual or anticipated changes in the expectations of investors or securities analysts;
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•
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regulatory developments in the U.S., foreign countries or both;
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•
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general economic conditions and trends;
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•
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actual or perceived security breaches and other incidents;
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•
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major catastrophic events;
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•
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our repurchases of our common stock;
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•
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sales of large blocks of our common stock;
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•
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levels of investor confidence; or
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•
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departures of key personnel.
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•
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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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•
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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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•
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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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•
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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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•
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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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•
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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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•
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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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•
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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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|
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Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
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Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs
|
||||||
October 1, 2019 - October 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
785,383
|
|
November 1, 2019 - November 30, 2019
|
|
202
|
|
|
189.21
|
|
|
202
|
|
|
747,142
|
|
||
December 1, 2019 - December 31, 2019
|
|
70
|
|
|
189.71
|
|
|
70
|
|
|
733,860
|
|
||
|
|
272
|
|
|
|
|
272
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Cost of revenue
|
|
$
|
4,637
|
|
|
$
|
5,087
|
|
|
$
|
4,353
|
|
|
$
|
3,620
|
|
|
$
|
3,048
|
|
Research and development
|
|
53,068
|
|
|
48,205
|
|
|
42,184
|
|
|
31,892
|
|
|
25,515
|
|
|||||
Sales and marketing
|
|
29,168
|
|
|
24,995
|
|
|
17,953
|
|
|
15,666
|
|
|
11,454
|
|
|||||
General and administrative
|
|
14,407
|
|
|
12,915
|
|
|
10,937
|
|
|
7,854
|
|
|
5,286
|
|
|||||
Total stock-based compensation
|
|
$
|
101,280
|
|
|
$
|
91,202
|
|
|
$
|
75,427
|
|
|
$
|
59,032
|
|
|
$
|
45,303
|
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2019
|
|
2018
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue
|
|
$
|
|
% of
Revenue
|
|
$
|
|
%
|
|||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
|
$
|
2,021,150
|
|
|
83.8
|
%
|
|
$
|
1,841,100
|
|
|
85.6
|
%
|
|
$
|
180,050
|
|
|
9.8
|
%
|
Service
|
|
389,556
|
|
|
16.2
|
|
|
310,269
|
|
|
14.4
|
|
|
79,287
|
|
|
25.6
|
|
|||
Total revenue
|
|
2,410,706
|
|
|
100.0
|
|
|
2,151,369
|
|
|
100.0
|
|
|
259,337
|
|
|
12.1
|
|
|||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
|
792,382
|
|
|
32.9
|
|
|
720,584
|
|
|
33.5
|
|
|
71,798
|
|
|
10.0
|
|
|||
Service
|
|
73,986
|
|
|
3.0
|
|
|
57,408
|
|
|
2.7
|
|
|
16,578
|
|
|
28.9
|
|
|||
Total cost of revenue
|
|
866,368
|
|
|
35.9
|
|
|
777,992
|
|
|
36.2
|
|
|
88,376
|
|
|
11.4
|
|
|||
Gross profit
|
|
$
|
1,544,338
|
|
|
64.1
|
%
|
|
$
|
1,373,377
|
|
|
63.8
|
%
|
|
$
|
170,961
|
|
|
12.4
|
%
|
Gross margin
|
|
64.1
|
%
|
|
|
|
63.8
|
%
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
|
2019
|
|
% of Total
|
|
2018
|
|
% of Total
|
||||||
Americas
|
|
$
|
1,833,163
|
|
|
76.1
|
%
|
|
$
|
1,550,453
|
|
|
72.1
|
%
|
Europe, Middle East and Africa
|
|
381,651
|
|
|
15.8
|
|
|
414,069
|
|
|
19.2
|
|
||
Asia-Pacific
|
|
195,892
|
|
|
8.1
|
|
|
186,847
|
|
|
8.7
|
|
||
Total revenue
|
|
$
|
2,410,706
|
|
|
100.0
|
%
|
|
$
|
2,151,369
|
|
|
100.0
|
%
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2019
|
|
2018
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue |
|
$
|
|
% of
Revenue |
|
$
|
|
%
|
|||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
|
$
|
462,759
|
|
|
19.2
|
%
|
|
$
|
442,468
|
|
|
20.6
|
%
|
|
$
|
20,291
|
|
|
4.6
|
%
|
Sales and marketing
|
|
213,907
|
|
|
8.9
|
|
|
187,142
|
|
|
8.7
|
|
|
26,765
|
|
|
14.3
|
|
|||
General and administrative
|
|
61,898
|
|
|
2.6
|
|
|
65,420
|
|
|
3.0
|
|
|
(3,522
|
)
|
|
(5.4
|
)
|
|||
Legal settlement
|
|
—
|
|
|
—
|
|
|
405,000
|
|
|
18.8
|
|
|
(405,000
|
)
|
|
(100.0
|
)
|
|||
Total operating expenses
|
|
$
|
738,564
|
|
|
30.7
|
%
|
|
$
|
1,100,030
|
|
|
51.1
|
%
|
|
$
|
(361,466
|
)
|
|
(32.9
|
)%
|
__________________
|
|||||||||||||||||||||
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2019
|
|
2018
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue |
|
$
|
|
% of
Revenue |
|
$
|
|
%
|
|||||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest income
|
|
$
|
51,144
|
|
|
2.2
|
%
|
|
$
|
31,666
|
|
|
1.4
|
%
|
|
$
|
19,478
|
|
|
61.5
|
%
|
Interest expense
|
|
—
|
|
|
—
|
|
|
(2,701
|
)
|
|
(0.1
|
)
|
|
2,701
|
|
|
(100.0
|
)
|
|||
Gain (loss) on investments in privately-held companies
|
|
5,427
|
|
|
0.2
|
|
|
(13,800
|
)
|
|
(0.6
|
)
|
|
19,227
|
|
|
(139.3
|
)
|
|||
Other income (expense)
|
|
(75
|
)
|
|
—
|
|
|
289
|
|
|
—
|
|
|
(364
|
)
|
|
(126.0
|
)
|
|||
Total other income (expense), net
|
|
$
|
56,496
|
|
|
2.4
|
%
|
|
$
|
15,454
|
|
|
0.7
|
%
|
|
$
|
41,042
|
|
|
265.6
|
%
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2019
|
|
2018
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue |
|
$
|
|
% of
Revenue |
|
$
|
|
%
|
|||||||||
Provision for (benefit from) income taxes
|
|
$
|
2,403
|
|
|
0.1
|
%
|
|
$
|
(39,314
|
)
|
|
(1.9
|
)%
|
|
$
|
41,717
|
|
|
(106.1
|
)
|
Effective tax rate
|
|
0.3
|
%
|
|
|
|
(13.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2018
|
|
2017
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue
|
|
$
|
|
% of
Revenue
|
|
$
|
|
%
|
|||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
|
$
|
1,841,100
|
|
|
85.6
|
%
|
|
$
|
1,432,810
|
|
|
87.0
|
%
|
|
$
|
408,290
|
|
|
28.5
|
%
|
Service
|
|
310,269
|
|
|
14.4
|
|
|
213,376
|
|
|
13.0
|
|
|
96,893
|
|
|
45.4
|
|
|||
Total revenue
|
|
2,151,369
|
|
|
100.0
|
|
|
1,646,186
|
|
|
100.0
|
|
|
505,183
|
|
|
30.7
|
|
|||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Product
|
|
720,584
|
|
|
33.5
|
|
|
538,035
|
|
|
32.7
|
|
|
182,549
|
|
|
33.9
|
|
|||
Service
|
|
57,408
|
|
|
2.7
|
|
|
46,382
|
|
|
2.8
|
|
|
11,026
|
|
|
23.8
|
|
|||
Total cost of revenue
|
|
777,992
|
|
|
36.2
|
|
|
584,417
|
|
|
35.5
|
|
|
193,575
|
|
|
33.1
|
|
|||
Gross profit
|
|
$
|
1,373,377
|
|
|
63.8
|
%
|
|
$
|
1,061,769
|
|
|
64.5
|
%
|
|
$
|
311,608
|
|
|
29.3
|
%
|
Gross margin
|
|
63.8
|
%
|
|
|
|
64.5
|
%
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
|
2018
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||
Americas
|
|
$
|
1,550,453
|
|
|
72.1
|
%
|
|
$
|
1,192,289
|
|
|
72.4
|
%
|
Europe, Middle East and Africa
|
|
414,069
|
|
|
19.2
|
|
|
299,547
|
|
|
18.2
|
|
||
Asia-Pacific
|
|
186,847
|
|
|
8.7
|
|
|
154,350
|
|
|
9.4
|
|
||
Total revenue
|
|
$
|
2,151,369
|
|
|
100.0
|
%
|
|
$
|
1,646,186
|
|
|
100.0
|
%
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2018
|
|
2017
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue
|
|
$
|
|
% of
Revenue
|
|
$
|
|
%
|
|||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
|
$
|
442,468
|
|
|
20.6
|
%
|
|
$
|
349,594
|
|
|
21.2
|
%
|
|
$
|
92,874
|
|
|
26.6
|
%
|
Sales and marketing
|
|
187,142
|
|
|
8.7
|
|
|
155,105
|
|
|
9.4
|
|
|
32,037
|
|
|
20.7
|
|
|||
General and administrative
|
|
65,420
|
|
|
3.0
|
|
|
86,798
|
|
|
5.3
|
|
|
(21,378
|
)
|
|
(24.6
|
)
|
|||
Legal settlement
|
|
405,000
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
405,000
|
|
|
*
|
||||
Total operating expenses
|
|
$
|
1,100,030
|
|
|
51.1
|
%
|
|
$
|
591,497
|
|
|
35.9
|
%
|
|
$
|
508,533
|
|
|
86.0
|
%
|
|
|
Year Ended December 31,
|
|
|
|||||||||||||||||
|
|
2018
|
|
2017
|
|
Change in
|
|||||||||||||||
|
|
$
|
|
% of
Revenue |
|
$
|
|
% of
Revenue |
|
$
|
|
%
|
|||||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest income
|
|
$
|
31,666
|
|
|
1.4
|
%
|
|
$
|
8,093
|
|
|
0.5
|
%
|
|
$
|
23,573
|
|
|
291.3
|
%
|
Interest expense
|
|
(2,701
|
)
|
|
(0.1
|
)
|
|
(2,780
|
)
|
|
(0.2
|
)
|
|
79
|
|
|
(2.8
|
)
|
|||
Gain (loss) on investments in privately-held companies
|
|
(13,800
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
(13,800
|
)
|
|
*
|
||||
Other income (expense)
|
|
289
|
|
|
—
|
|
|
(825
|
)
|
|
(0.1
|
)
|
|
1,114
|
|
|
(135.0
|
)
|
|||
Total other income (expense), net
|
|
$
|
15,454
|
|
|
0.7
|
%
|
|
$
|
4,488
|
|
|
0.2
|
%
|
|
$
|
10,966
|
|
|
244.3
|
%
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
As Adjusted (1) |
||||||
|
|
(in thousands)
|
||||||||||
Cash provided by operating activities
|
|
$
|
963,034
|
|
|
$
|
503,119
|
|
|
$
|
631,627
|
|
Cash used in investing activities (1)
|
|
(284,072
|
)
|
|
(755,113
|
)
|
|
(391,320
|
)
|
|||
Cash (used in) provided by financing activities
|
|
(217,964
|
)
|
|
42,851
|
|
|
51,469
|
|
|||
Effect of exchange rate changes
|
|
353
|
|
|
(1,390
|
)
|
|
753
|
|
|||
Net increase/(decrease) in cash, cash equivalents and restricted cash
|
|
$
|
461,351
|
|
|
$
|
(210,533
|
)
|
|
$
|
292,529
|
|
__________________________
|
|
|
|
|
|
|||||||
(1) Cash used in investing activities for year ended December 31, 2017 were adjusted as a result of our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, in the first quarter of 2018. See Note 1. Organization and Summary of Significant Accounting Policies included in Part II, Item 8, of this Annual Report on Form 10-K for more information.
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than
1 Year
|
|
1 to 3 Years
|
|
3 to 5 Years
|
|
More than
5 Years
|
||||||||||
Operating lease obligations
|
|
117,065
|
|
|
20,563
|
|
|
42,794
|
|
|
27,488
|
|
|
26,220
|
|
|||||
Purchase commitments with contract manufacturers and suppliers
|
|
279,203
|
|
|
279,203
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other non-cancellable purchase obligations
|
|
15,482
|
|
|
15,482
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Transition tax payable
|
|
5,967
|
|
|
—
|
|
|
—
|
|
|
2,025
|
|
|
3,942
|
|
|||||
Total
|
|
$
|
417,717
|
|
|
$
|
315,248
|
|
|
$
|
42,794
|
|
|
$
|
29,513
|
|
|
$
|
30,162
|
|
•
|
Identification of the contract, or contracts, with a customer
|
•
|
Identification of the performance obligations in the contract
|
•
|
Determination of the transaction price
|
•
|
Allocation of the transaction price to the performance obligations in the contract
|
•
|
Recognition of revenue when (or as) we satisfy the performance obligation
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
Inventory Valuation & Contract Manufacturer/Supplier Liabilities
|
Description of the Matter
|
As discussed in Note 1 of the consolidated financial statements, the Company’s inventories are stated at the lower of cost (computed using the first-in, first-out method) and net realizable value. The Company’s inventory balance totaled $244 million on December 31, 2019. The Company records a provision when inventory is determined to be in excess of anticipated demand, or obsolete, to adjust inventory to its estimated realizable value. The Company records a contract manufacturer/supplier liability and a corresponding charge for non-cancellable, non-returnable purchase commitments with contract manufacturers or suppliers for quantities in excess of the Company’s demand forecasts, or that are considered obsolete.
Auditing management’s assessment of net realizable value for inventory and contract manufacturer/supplier liabilities was complex and highly judgmental due to the assessment of management’s estimates of forecasted product demand, which can be impacted by changes in overall customer demand, changes in the timing of the introduction and customer adoption of new products, adjustments to manufacturing and engineering schedules, and overall general economic and market conditions.
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s determination of the net realizable value of inventory and the contract manufacturer/supplier liability. This included controls over the preparation of the demand and production forecasts, and the evaluation of the accuracy and completeness of the inventory provision and contract manufacturer/supplier liability.
To test the inventory provision and contract manufacturer/supplier liability, we performed audit procedures that included, among others, assessing the Company’s methodology over the computation of the provision and liability, testing the significant assumptions and the underlying inputs used by the Company in its analysis including historical sales trends, expectations regarding future sales, changes in the Company’s business, customer base, product roadmap and other relevant factors.
|
|
Income Taxes - Intra-entity transfer of intellectual property
|
Description of the Matter
|
As discussed in Note 10 to the consolidated financial statements, on December 31, 2019, the Company completed an intra-entity transaction to sell its non-Americas economic and beneficial intellectual property ("IP") rights in exchange for a non-interest-bearing note of $3.4 billion. As a result of the transaction, tax basis in the IP transferred equal to the fair market value of the qualifying IP resulted in the recognition of a deferred tax asset of $429.1 million, which was largely offset by a deferred tax liability of $343.3 million associated with future US tax on foreign earnings for the difference in the local tax basis and US GAAP book basis of the IP rights.
Auditing the tax basis resulting from the intra-entity transfer of intellectual property was complex and highly judgmental due to the significant estimation required to determine the fair value of the intellectual property transferred. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the revenue growth rate, gross margin, profit before tax margin, tax rate discount for non-exclusivity, terminal value and weighted average cost of capital, which are affected by expectations about future market or economic conditions, particularly those in emerging markets.
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the accounting for the intra-entity transfer of intellectual property, including controls over management’s review of underlying agreements, estimation of fair value and evaluation of the related tax laws applicable to the transfer of intellectual property.
To test the estimated fair value of intellectual property transferred, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We involved our valuation specialists in assessing the valuation methodology applied and evaluating certain significant assumptions. When evaluating the significant assumptions used to determine the fair value of intellectual property, we compared the assumptions to the past performance, selected guideline companies, third party analyst expectations for the industry, and current and forecasted market trends. We also assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of intellectual property transferred that would result from changes in the assumptions.
We involved our tax professionals, who assisted in evaluating the Company’s interpretation and application of tax laws and regulations, and the Company’s compliance with the intercompany agreements, which were executed as part of the transfer.
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,111,286
|
|
|
$
|
649,950
|
|
Marketable securities
|
|
1,613,082
|
|
|
1,306,197
|
|
||
Accounts receivable, net of rebates and allowances of $6,160 and $9,120, respectively
|
|
391,987
|
|
|
331,777
|
|
||
Inventories
|
|
243,825
|
|
|
264,557
|
|
||
Prepaid expenses and other current assets
|
|
111,456
|
|
|
162,321
|
|
||
Total current assets
|
|
3,471,636
|
|
|
2,714,802
|
|
||
Property and equipment, net
|
|
39,273
|
|
|
75,355
|
|
||
Acquisition-related intangible assets, net
|
|
45,235
|
|
|
58,610
|
|
||
Goodwill
|
|
54,855
|
|
|
53,684
|
|
||
Investments
|
|
4,150
|
|
|
30,336
|
|
||
Operating lease right-of-use assets
|
|
87,770
|
|
|
—
|
|
||
Deferred tax assets
|
|
452,025
|
|
|
126,492
|
|
||
Other assets
|
|
30,346
|
|
|
22,704
|
|
||
TOTAL ASSETS
|
|
$
|
4,185,290
|
|
|
$
|
3,081,983
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
92,105
|
|
|
$
|
93,757
|
|
Accrued liabilities
|
|
140,249
|
|
|
123,254
|
|
||
Deferred revenue
|
|
312,668
|
|
|
358,586
|
|
||
Other current liabilities
|
|
52,052
|
|
|
30,907
|
|
||
Total current liabilities
|
|
597,074
|
|
|
606,504
|
|
||
Income taxes payable
|
|
55,485
|
|
|
36,167
|
|
||
Operating lease liabilities, non-current
|
|
83,022
|
|
|
—
|
|
||
Finance lease liabilities, non-current
|
|
—
|
|
|
35,431
|
|
||
Deferred revenue, non-current
|
|
262,620
|
|
|
228,641
|
|
||
Deferred tax liabilities, non-current
|
|
254,710
|
|
|
3,753
|
|
||
Other long-term liabilities
|
|
37,693
|
|
|
28,098
|
|
||
TOTAL LIABILITIES
|
|
1,290,604
|
|
|
938,594
|
|
||
Commitments and contingencies (Note 7)
|
|
|
|
|
|
|||
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
||||
Preferred stock, $0.0001 par value—100,000 shares authorized and no shares issued and outstanding as of December 31, 2019 and 2018
|
|
—
|
|
|
—
|
|
||
Common stock, $0.0001 par value—1,000,000 shares authorized as of December 31, 2019 and 2018; 76,389 and 75,668 shares issued and outstanding as of December 31, 2019 and 2018
|
|
8
|
|
|
8
|
|
||
Additional paid-in capital
|
|
1,106,305
|
|
|
956,572
|
|
||
Retained earnings
|
|
1,788,230
|
|
|
1,190,803
|
|
||
Accumulated other comprehensive income (loss)
|
|
143
|
|
|
(3,994
|
)
|
||
TOTAL STOCKHOLDERS’ EQUITY
|
|
2,894,686
|
|
|
2,143,389
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
4,185,290
|
|
|
$
|
3,081,983
|
|
|
||||||||||||
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue:
|
|
|
|
|
|
|
||||||
Product
|
|
$
|
2,021,150
|
|
|
$
|
1,841,100
|
|
|
$
|
1,432,810
|
|
Service
|
|
389,556
|
|
|
310,269
|
|
|
213,376
|
|
|||
Total revenue
|
|
2,410,706
|
|
|
2,151,369
|
|
|
1,646,186
|
|
|||
Cost of revenue:
|
|
|
|
|
|
|
||||||
Product
|
|
792,382
|
|
|
720,584
|
|
|
538,035
|
|
|||
Service
|
|
73,986
|
|
|
57,408
|
|
|
46,382
|
|
|||
Total cost of revenue
|
|
866,368
|
|
|
777,992
|
|
|
584,417
|
|
|||
Gross profit
|
|
1,544,338
|
|
|
1,373,377
|
|
|
1,061,769
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
Research and development
|
|
462,759
|
|
|
442,468
|
|
|
349,594
|
|
|||
Sales and marketing
|
|
213,907
|
|
|
187,142
|
|
|
155,105
|
|
|||
General and administrative
|
|
61,898
|
|
|
65,420
|
|
|
86,798
|
|
|||
Legal settlement
|
|
—
|
|
|
405,000
|
|
|
—
|
|
|||
Total operating expenses
|
|
738,564
|
|
|
1,100,030
|
|
|
591,497
|
|
|||
Income from operations
|
|
805,774
|
|
|
273,347
|
|
|
470,272
|
|
|||
Other income (expense), net
|
|
56,496
|
|
|
15,454
|
|
|
4,488
|
|
|||
Income before income taxes
|
|
862,270
|
|
|
288,801
|
|
|
474,760
|
|
|||
Provision for (benefit from) income taxes
|
|
2,403
|
|
|
(39,314
|
)
|
|
51,559
|
|
|||
Net income
|
|
$
|
859,867
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
859,444
|
|
|
$
|
327,926
|
|
|
$
|
422,400
|
|
Diluted
|
|
$
|
859,468
|
|
|
$
|
327,941
|
|
|
$
|
422,468
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
11.26
|
|
|
$
|
4.39
|
|
|
$
|
5.85
|
|
Diluted
|
|
$
|
10.63
|
|
|
$
|
4.06
|
|
|
$
|
5.35
|
|
Weighted-average shares used in computing net income per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
76,312
|
|
|
74,750
|
|
|
72,258
|
|
|||
Diluted
|
|
80,879
|
|
|
80,844
|
|
|
78,977
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
859,867
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
(686
|
)
|
|
(2,069
|
)
|
|
672
|
|
|||
Net change in unrealized gains (losses) on available-for-sale marketable securities
|
|
4,823
|
|
|
13
|
|
|
(1,135
|
)
|
|||
Other comprehensive income (loss)
|
|
4,137
|
|
|
(2,056
|
)
|
|
(463
|
)
|
|||
Comprehensive income
|
|
$
|
864,004
|
|
|
$
|
326,059
|
|
|
$
|
422,738
|
|
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders’ Equity |
|||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance — December 31, 2016
|
|
70,811
|
|
|
7
|
|
|
674,183
|
|
|
435,105
|
|
|
(1,475
|
)
|
|
$
|
1,107,820
|
|
||||
Cumulative-effect adjustment to beginning balance (1)
|
|
|
|
|
|
1,471
|
|
|
808
|
|
|
|
|
2,279
|
|
||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,201
|
|
|
—
|
|
|
423,201
|
|
|||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(463
|
)
|
|
(463
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
75,427
|
|
|
—
|
|
|
—
|
|
|
75,427
|
|
|||||
Issuance of common stock in connection with employee equity incentive plans
|
|
2,918
|
|
|
—
|
|
|
57,111
|
|
|
—
|
|
|
—
|
|
|
57,111
|
|
|||||
Tax withholding paid for net share settlement of equity awards
|
|
(23
|
)
|
|
—
|
|
|
(4,025
|
)
|
|
—
|
|
|
—
|
|
|
(4,025
|
)
|
|||||
Vesting of early-exercised stock options
|
|
—
|
|
|
—
|
|
|
564
|
|
|
—
|
|
|
—
|
|
|
564
|
|
|||||
Balance — December 31, 2017
|
|
73,706
|
|
|
7
|
|
|
804,731
|
|
|
859,114
|
|
|
(1,938
|
)
|
|
1,661,914
|
|
|||||
Cumulative-effect adjustment to beginning balance (2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,574
|
|
|
—
|
|
|
3,574
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
328,115
|
|
|
|
|
328,115
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,056
|
)
|
|
(2,056
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
91,202
|
|
|
—
|
|
|
—
|
|
|
91,202
|
|
|||||
Issuance of common stock in connection with employee equity incentive plans
|
|
1,918
|
|
|
1
|
|
|
53,657
|
|
|
—
|
|
|
—
|
|
|
53,658
|
|
|||||
Tax withholding paid for net share settlement of equity awards
|
|
(36
|
)
|
|
—
|
|
|
(8,878
|
)
|
|
—
|
|
|
—
|
|
|
(8,878
|
)
|
|||||
Vesting of early-exercised stock options
|
|
—
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
—
|
|
|
305
|
|
|||||
Common stock issued for business acquisition
|
|
80
|
|
|
—
|
|
|
15,555
|
|
|
—
|
|
|
—
|
|
|
15,555
|
|
|||||
Balance — December 31, 2018
|
|
75,668
|
|
|
8
|
|
|
956,572
|
|
|
1,190,803
|
|
|
(3,994
|
)
|
|
2,143,389
|
|
|||||
Cumulative-effect adjustment to beginning balance (3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,702
|
|
|
—
|
|
|
3,702
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
859,867
|
|
|
—
|
|
|
859,867
|
|
|||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,137
|
|
|
4,137
|
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
101,280
|
|
|
—
|
|
|
—
|
|
|
101,280
|
|
|||||
Issuance of common stock in connection with employee equity incentive plans
|
|
1,951
|
|
|
—
|
|
|
57,377
|
|
|
—
|
|
|
—
|
|
|
57,377
|
|
|||||
Repurchase of common stock
|
|
(1,189
|
)
|
|
—
|
|
|
—
|
|
|
(266,142
|
)
|
|
—
|
|
|
(266,142
|
)
|
|||||
Tax withholding paid for net share settlement of equity awards
|
|
(41
|
)
|
|
—
|
|
|
(9,200
|
)
|
|
—
|
|
|
—
|
|
|
(9,200
|
)
|
|||||
Vesting of early-exercised stock options
|
|
—
|
|
|
—
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|||||
Balance — December 31, 2019
|
|
76,389
|
|
|
$
|
8
|
|
|
$
|
1,106,305
|
|
|
$
|
1,788,230
|
|
|
$
|
143
|
|
|
$
|
2,894,686
|
|
_________________________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) During our first fiscal quarter of 2017, we adopted ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” See Note 1of the accompanying notes for further details. This adoption resulted in a cumulative-effect adjustment to the beginning balance of Additional Paid-in Capital and Retained Earnings, respectively, for 2017.
(2) On January 1, 2018, we adopted ASC 606 - Revenue from Contracts with Customers (“ASC 606”) and ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which resulted in a cumulative-effect adjustment to the beginning balance of Retained Earnings for 2018. See Note 1 of the accompanying notes for further details. (3) On January 1, 2019, we adopted ASC 842, which resulted in a cumulative-effect adjustment to the beginning balance of Retained Earnings for 2019. See Note 1 of the accompanying notes for further details. |
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
As Adjusted (1)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
859,867
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation, amortization and other
|
|
32,849
|
|
|
27,671
|
|
|
20,640
|
|
|||
Noncash lease expense
|
|
16,179
|
|
|
—
|
|
|
—
|
|
|||
Stock-based compensation
|
|
101,280
|
|
|
91,202
|
|
|
75,427
|
|
|||
Deferred income taxes
|
|
(75,741
|
)
|
|
(57,896
|
)
|
|
8,426
|
|
|||
(Gain) loss on investments in privately-held companies, net
|
|
(5,427
|
)
|
|
13,800
|
|
|
—
|
|
|||
Amortization (accretion) of investment premiums (discounts)
|
|
(6,771
|
)
|
|
(3,360
|
)
|
|
1,452
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
|
(60,210
|
)
|
|
(77,916
|
)
|
|
5,773
|
|
|||
Inventories
|
|
20,927
|
|
|
51,054
|
|
|
(69,708
|
)
|
|||
Prepaid expenses and other current assets
|
|
54,259
|
|
|
21,411
|
|
|
(11,645
|
)
|
|||
Other assets
|
|
(8,112
|
)
|
|
(3,389
|
)
|
|
907
|
|
|||
Accounts payable
|
|
(1,937
|
)
|
|
39,337
|
|
|
(30,104
|
)
|
|||
Accrued liabilities
|
|
16,366
|
|
|
(14,786
|
)
|
|
43,535
|
|
|||
Deferred revenue
|
|
(11,939
|
)
|
|
70,533
|
|
|
142,327
|
|
|||
Income taxes payable
|
|
23,523
|
|
|
(112
|
)
|
|
19,921
|
|
|||
Other liabilities
|
|
7,921
|
|
|
17,455
|
|
|
1,475
|
|
|||
Net cash provided by operating activities
|
|
963,034
|
|
|
503,119
|
|
|
631,627
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Proceeds from maturities of marketable securities
|
|
1,208,717
|
|
|
547,797
|
|
|
206,332
|
|
|||
Purchases of marketable securities
|
|
(1,503,893
|
)
|
|
(1,174,259
|
)
|
|
(585,373
|
)
|
|||
Business acquisitions, net of cash acquired
|
|
(1,365
|
)
|
|
(96,821
|
)
|
|
—
|
|
|||
Purchases of property and equipment
|
|
(15,751
|
)
|
|
(23,830
|
)
|
|
(15,279
|
)
|
|||
Investments in privately-held companies
|
|
28,220
|
|
|
(8,000
|
)
|
|
—
|
|
|||
Other investing activities
|
|
—
|
|
|
—
|
|
|
3,000
|
|
|||
Net cash used in investing activities (1)
|
|
(284,072
|
)
|
|
(755,113
|
)
|
|
(391,320
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Principal payments of lease financing obligations
|
|
—
|
|
|
(1,929
|
)
|
|
(1,617
|
)
|
|||
Proceeds from issuance of common stock under equity plans
|
|
57,378
|
|
|
53,658
|
|
|
57,111
|
|
|||
Tax withholding paid on behalf of employees for net share settlement
|
|
(9,200
|
)
|
|
(8,878
|
)
|
|
(4,025
|
)
|
|||
Repurchase of common stock
|
|
(266,142
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
|
(217,964
|
)
|
|
42,851
|
|
|
51,469
|
|
|||
Effect of exchange rate changes
|
|
353
|
|
|
(1,390
|
)
|
|
753
|
|
|||
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
461,351
|
|
|
(210,533
|
)
|
|
292,529
|
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period
|
|
654,164
|
|
|
864,697
|
|
|
572,168
|
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period (2)
|
|
$
|
1,115,515
|
|
|
$
|
654,164
|
|
|
$
|
864,697
|
|
|
|
|
|
|
|
|
||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
||||||
Cash paid for income taxes, net of refunds
|
|
$
|
32,832
|
|
|
$
|
17,573
|
|
|
$
|
44,216
|
|
Cash paid for interest — lease financing obligation
|
|
—
|
|
|
2,692
|
|
|
2,814
|
|
|||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
|
|
|
|
|
|
|
||||||
Right-of-use assets recognized upon the adoption of ASC 842 (3)
|
|
$
|
93,207
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
|
$
|
10,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common stock issued for business acquisition
|
|
$
|
—
|
|
|
$
|
15,555
|
|
|
$
|
—
|
|
Property and equipment included in accounts payable and accrued liabilities
|
|
2,120
|
|
|
2,340
|
|
|
3,811
|
|
|||
Vesting of early exercised stock options and restricted stock awards
|
|
276
|
|
|
305
|
|
|
564
|
|
|||
___________________________________________________
|
|
|
|
|
|
|
||||||
(1) Net cash used in investing activities for the year ended December 31 of 2017 was adjusted as a result of our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, in the first quarter of 2018. See Note 1 of the accompanying notes for details of the adjustments.
(2) See Note 4 of the accompanying notes for a reconciliation of the ending balance of cash, cash equivalents and restricted cash as shown in this consolidated statements of cash flows. (3) See Note 1 of the accompanying notes. |
•
|
Identification of the contract, or contracts, with a customer
|
•
|
Identification of the performance obligations in the contract
|
•
|
Determination of the transaction price
|
•
|
Allocation of the transaction price to the performance obligations in the contract
|
•
|
Recognition of revenue when (or as) we satisfy the performance obligation
|
•
|
to apply the short-term lease exception, which allows us to keep leases with an initial term of twelve months or less off the balance sheet.
|
•
|
to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all our leases.
|
|
|
Purchase Price Allocation
|
||
Cash and cash equivalents
|
|
$
|
4,953
|
|
Other tangible assets
|
|
23,872
|
|
|
Liabilities
|
|
(28,707
|
)
|
|
Intangible assets
|
|
63,720
|
|
|
Goodwill
|
|
54,855
|
|
|
Net assets acquired
|
|
$
|
118,693
|
|
|
|
Acquisition Date Fair Value
|
|
Estimated Useful Life
|
||
Developed technology
|
|
$
|
52,510
|
|
|
5 years
|
Customer relationships
|
|
7,080
|
|
|
7 years
|
|
Trade name
|
|
2,470
|
|
|
3 years
|
|
Others
|
|
1,660
|
|
|
1 year
|
|
Total intangible assets acquired
|
|
$
|
63,720
|
|
|
|
|
|
December 31, 2019
|
||
Due in 1 year or less
|
|
$
|
915,069
|
|
Due in 1 year through 2 years
|
|
698,013
|
|
|
Total marketable securities
|
|
$
|
1,613,082
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
|
$
|
1,111,286
|
|
|
$
|
649,950
|
|
Restricted cash included in other assets
|
|
4,229
|
|
|
4,214
|
|
||
Total cash, cash equivalents and restricted cash
|
|
$
|
1,115,515
|
|
|
$
|
654,164
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Accounts receivable
|
|
$
|
398,147
|
|
|
$
|
340,897
|
|
Allowance for doubtful accounts
|
|
(638
|
)
|
|
(507
|
)
|
||
Product sales rebate and returns reserve
|
|
(5,522
|
)
|
|
(8,613
|
)
|
||
Accounts receivable, net
|
|
$
|
391,987
|
|
|
$
|
331,777
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at the beginning of year
|
|
$
|
507
|
|
|
$
|
112
|
|
|
$
|
204
|
|
Additions charged to expense
|
|
221
|
|
|
500
|
|
|
17
|
|
|||
Deductions/write-offs
|
|
(90
|
)
|
|
(105
|
)
|
|
(109
|
)
|
|||
Balance at the end of year
|
|
$
|
638
|
|
|
$
|
507
|
|
|
$
|
112
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at the beginning of year
|
|
$
|
8,613
|
|
|
$
|
7,423
|
|
|
$
|
1,317
|
|
Additions charged against revenue
|
|
2,032
|
|
|
4,269
|
|
|
17,371
|
|
|||
Consumption
|
|
(5,123
|
)
|
|
(3,079
|
)
|
|
(11,265
|
)
|
|||
Balance at the end of year
|
|
$
|
5,522
|
|
|
$
|
8,613
|
|
|
$
|
7,423
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Raw materials
|
|
$
|
96,712
|
|
|
$
|
76,795
|
|
Finished goods
|
|
147,113
|
|
|
187,762
|
|
||
Total inventories
|
|
$
|
243,825
|
|
|
$
|
264,557
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Inventory deposit
|
|
$
|
13,716
|
|
|
$
|
14,639
|
|
Prepaid income taxes
|
|
20,153
|
|
|
38,636
|
|
||
Other current assets
|
|
64,464
|
|
|
95,730
|
|
||
Other prepaid expenses and deposits
|
|
13,123
|
|
|
13,316
|
|
||
Total prepaid expenses and other current assets
|
|
$
|
111,456
|
|
|
$
|
162,321
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Equipment and machinery
|
|
$
|
64,748
|
|
|
$
|
55,912
|
|
Computer hardware and software
|
|
36,627
|
|
|
30,566
|
|
||
Furniture and fixtures
|
|
3,774
|
|
|
3,697
|
|
||
Leasehold improvements
|
|
31,235
|
|
|
36,447
|
|
||
Building
|
|
—
|
|
|
35,154
|
|
||
Construction-in-process
|
|
265
|
|
|
3,591
|
|
||
Property and equipment, gross
|
|
136,649
|
|
|
165,367
|
|
||
Less: accumulated depreciation
|
|
(97,376
|
)
|
|
(90,012
|
)
|
||
Property and equipment, net
|
|
$
|
39,273
|
|
|
$
|
75,355
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Accrued payroll related costs
|
|
$
|
80,133
|
|
|
$
|
70,755
|
|
Accrued manufacturing costs
|
|
31,920
|
|
|
31,336
|
|
||
Accrued product development costs
|
|
11,410
|
|
|
6,988
|
|
||
Accrued warranty costs
|
|
6,742
|
|
|
5,362
|
|
||
Accrued professional fees
|
|
6,335
|
|
|
5,678
|
|
||
Accrued taxes
|
|
1,716
|
|
|
839
|
|
||
Other
|
|
1,993
|
|
|
2,296
|
|
||
Total accrued liabilities
|
|
$
|
140,249
|
|
|
$
|
123,254
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Warranty accrual, beginning of year
|
|
$
|
5,362
|
|
|
$
|
7,415
|
|
Liabilities accrued for warranties issued during the year
|
|
7,169
|
|
|
3,565
|
|
||
Warranty costs incurred during the year
|
|
(5,789
|
)
|
|
(5,618
|
)
|
||
Warranty accrual, end of year
|
|
$
|
6,742
|
|
|
$
|
5,362
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Contract assets, beginning balance
|
|
$
|
6,341
|
|
|
$
|
—
|
|
Contract assets, ending balance
|
|
25,565
|
|
|
6,341
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Contract liabilities, beginning balance
|
|
$
|
32,595
|
|
|
$
|
16,521
|
|
Less: Revenue recognized from beginning balance
|
|
(12,887
|
)
|
|
(7,561
|
)
|
||
Less: Beginning balance reclassified to deferred revenue
|
|
(894
|
)
|
|
(371
|
)
|
||
Add: Contract liabilities recognized
|
|
42,236
|
|
|
24,006
|
|
||
Contract liabilities, ending balance
|
|
$
|
61,050
|
|
|
$
|
32,595
|
|
|
|
Year Ended December 31, 2019
|
||
Deferred revenue, beginning balance
|
|
$
|
587,227
|
|
Less: Revenue recognized from beginning balance
|
|
(351,617
|
)
|
|
Add: Deferral of revenue in current period, excluding amounts recognized during the period
|
|
339,678
|
|
|
Deferred revenue, ending balance
|
|
$
|
575,288
|
|
_________________________________
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Other income (expense), net:
|
|
|
|
|
|
|
||||||
Interest income
|
|
$
|
51,144
|
|
|
$
|
31,666
|
|
|
$
|
8,093
|
|
Interest expense
|
|
—
|
|
|
(2,701
|
)
|
|
(2,780
|
)
|
|||
Gain (loss) on investments in privately-held companies
|
|
5,427
|
|
|
(13,800
|
)
|
|
—
|
|
|||
Other income (expense)
|
|
(75
|
)
|
|
289
|
|
|
(825
|
)
|
|||
Total other income (expense), net
|
|
$
|
56,496
|
|
|
$
|
15,454
|
|
|
$
|
4,488
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Cost of investment
|
|
$
|
3,000
|
|
|
$
|
44,136
|
|
Cumulative impairment
|
|
—
|
|
|
(15,000
|
)
|
||
Cumulative upward adjustment
|
|
1,150
|
|
|
1,200
|
|
||
Carrying amount of investment
|
|
$
|
4,150
|
|
|
$
|
30,336
|
|
|
|
December 31, 2019
|
||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Weighted Average Remaining Useful Life
(In Years)
|
||||||
Developed technology
|
|
$
|
52,510
|
|
|
$
|
(14,326
|
)
|
|
$
|
38,184
|
|
|
3.7
|
Customer relationships
|
|
7,080
|
|
|
(1,387
|
)
|
|
5,693
|
|
|
5.8
|
|||
Trade name
|
|
2,470
|
|
|
(1,112
|
)
|
|
1,358
|
|
|
1.7
|
|||
Others
|
|
1,660
|
|
|
(1,660
|
)
|
|
—
|
|
|
0.0
|
|||
Total
|
|
$
|
63,720
|
|
|
$
|
(18,485
|
)
|
|
$
|
45,235
|
|
|
3.9
|
|
|
December 31, 2018
|
||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Weighted Average Remaining Useful Life
(In Years) |
||||||
Developed technology
|
|
$
|
52,510
|
|
|
$
|
(3,824
|
)
|
|
$
|
48,686
|
|
|
4.6
|
Customer relationships
|
|
7,080
|
|
|
(375
|
)
|
|
6,705
|
|
|
6.6
|
|||
Trade name
|
|
2,470
|
|
|
(289
|
)
|
|
2,181
|
|
|
2.7
|
|||
Others
|
|
1,660
|
|
|
(622
|
)
|
|
1,038
|
|
|
0.6
|
|||
Total
|
|
$
|
63,720
|
|
|
$
|
(5,110
|
)
|
|
$
|
58,610
|
|
|
4.7
|
Years Ending December 31,
|
|
Future Amortization Expense
|
||
2020
|
|
$
|
12,337
|
|
2021
|
|
12,048
|
|
|
2022
|
|
11,513
|
|
|
2023
|
|
7,690
|
|
|
2024
|
|
1,011
|
|
|
Thereafter
|
|
636
|
|
|
Total
|
|
$
|
45,235
|
|
|
|
Financial Statement Classification
|
|
December 31, 2019
|
||
Right-of-use assets:
|
|
|
|
|
||
Operating lease right-of-use assets
|
|
Operating lease right-of-use assets
|
|
$
|
87,770
|
|
Lease liabilities:
|
|
|
|
|
||
Operating lease liabilities, current
|
|
Other current liabilities
|
|
16,052
|
|
|
Operating lease liabilities, non-current
|
|
Operating lease liabilities, non-current
|
|
83,022
|
|
|
Total operating lease liabilities
|
|
|
|
$
|
99,074
|
|
|
|
|
|
Year Ended December 31,
|
||
|
|
Financial Statement Classification
|
|
2019
|
||
Operating lease costs:
|
|
|
|
|
||
Fixed lease costs
|
|
Operating expenses
|
|
$
|
22,544
|
|
Variable lease costs
|
|
Operating expenses
|
|
6,255
|
|
|
Total operating lease costs
|
|
|
|
$
|
28,799
|
|
|
|
December 31, 2019
|
||
2020
|
|
$
|
20,563
|
|
2021
|
|
21,303
|
|
|
2022
|
|
21,491
|
|
|
2023
|
|
17,702
|
|
|
2024
|
|
9,786
|
|
|
2025 and thereafter
|
|
26,220
|
|
|
Total future fixed operating lease payments
|
|
117,065
|
|
|
Less:
|
|
|
||
Imputed interest
|
|
(17,991
|
)
|
|
Total operating lease liabilities
|
|
$
|
99,074
|
|
|
|
December 31, 2019
|
Weighted-average remaining lease term — operating leases
|
|
6.0 years
|
Weighted-average discount rate — operating leases
|
|
5.1%
|
|
|
Year Ended December 31,
|
||
|
|
2019
|
||
Aggregate purchase price
|
|
$
|
266,142
|
|
Shares repurchased
|
|
1,189
|
|
|
Average price paid per share
|
|
$
|
223.57
|
|
|
|
Number of
Shares Underlying
Outstanding Options
|
|
Weighted-
Average Exercise Price per Share |
|
Weighted-
Average Remaining Contractual Term (In Years) |
|
Aggregate
Intrinsic Value |
|||||
Balance—December 31, 2018
|
|
5,899
|
|
|
$
|
37.09
|
|
|
5.2
|
|
$
|
1,027,741
|
|
Options granted
|
|
76
|
|
|
226.53
|
|
|
|
|
|
|||
Options exercised
|
|
(1,341
|
)
|
|
29.38
|
|
|
|
|
|
|||
Options canceled
|
|
(70
|
)
|
|
37.86
|
|
|
|
|
|
|||
Balance—December 31, 2019
|
|
4,564
|
|
|
$
|
42.50
|
|
|
4.4
|
|
$
|
740,387
|
|
Vested and exercisable—December 31, 2019
|
|
2,755
|
|
|
$
|
28.22
|
|
|
3.9
|
|
$
|
482,712
|
|
|
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|||
Unvested balance—December 31, 2018
|
|
1,308
|
|
|
$
|
150.60
|
|
RSUs granted
|
|
360
|
|
|
242.13
|
|
|
RSUs vested
|
|
(513
|
)
|
|
126.36
|
|
|
RSUs forfeited/canceled
|
|
(85
|
)
|
|
183.90
|
|
|
Unvested balance—December 31, 2019
|
|
1,070
|
|
|
$
|
190.35
|
|
|
|
Number of Shares
|
|
Balance—December 31, 2018
|
|
15,386
|
|
Authorized
|
|
—
|
|
Options granted
|
|
(76
|
)
|
RSUs granted
|
|
(360
|
)
|
Options canceled
|
|
70
|
|
RSUs forfeited
|
|
85
|
|
Shares traded for taxes
|
|
41
|
|
Balance—December 31, 2019
|
|
15,146
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of revenue
|
|
$
|
4,637
|
|
|
$
|
5,087
|
|
|
$
|
4,353
|
|
Research and development
|
|
53,068
|
|
|
48,205
|
|
|
42,184
|
|
|||
Sales and marketing
|
|
29,168
|
|
|
24,995
|
|
|
17,953
|
|
|||
General and administrative
|
|
14,407
|
|
|
12,915
|
|
|
10,937
|
|
|||
Total stock-based compensation
|
|
$
|
101,280
|
|
|
$
|
91,202
|
|
|
$
|
75,427
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected term (in years)
|
|
6.9
|
|
|
7.0
|
|
|
6.3
|
|
Risk-free interest rate
|
|
2.5
|
%
|
|
2.9
|
%
|
|
2.1
|
%
|
Expected volatility
|
|
42.8
|
%
|
|
44.6
|
%
|
|
38.9
|
%
|
Dividend rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected term (in years)
|
|
1.1
|
|
|
1.1
|
|
|
1.2
|
|
Risk-free interest rate
|
|
1.8
|
%
|
|
2.4
|
%
|
|
1.1
|
%
|
Expected volatility
|
|
42.5
|
%
|
|
41.9
|
%
|
|
31.7
|
%
|
Dividend rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
December 31, 2019
|
||||||||||||||
|
|
Stock Option
|
|
RSU
|
|
ESPP
|
|
Restricted Stock
|
||||||||
Unrecognized stock-based compensation expense
|
|
$
|
43,928
|
|
|
$
|
179,986
|
|
|
$
|
10,401
|
|
|
$
|
3,931
|
|
Weighted-average amortization period
|
|
3.3 years
|
|
|
3.2 years
|
|
|
1.1 years
|
|
|
2.7 years
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
859,867
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Less: undistributed earnings allocated to participating securities
|
|
(423
|
)
|
|
(189
|
)
|
|
(801
|
)
|
|||
Net income available to common stockholders, basic
|
|
$
|
859,444
|
|
|
$
|
327,926
|
|
|
$
|
422,400
|
|
Diluted:
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders, basic
|
|
$
|
859,444
|
|
|
$
|
327,926
|
|
|
$
|
422,400
|
|
Add: undistributed earnings allocated to participating securities
|
|
24
|
|
|
15
|
|
|
68
|
|
|||
Net income attributable to common stockholders, diluted
|
|
$
|
859,468
|
|
|
$
|
327,941
|
|
|
$
|
422,468
|
|
Denominator:
|
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
|
||||||
Weighted-average shares used in computing net income per share available to common stockholders, basic
|
|
76,312
|
|
|
74,750
|
|
|
72,258
|
|
|||
Diluted:
|
|
|
|
|
|
|
||||||
Weighted-average shares used in computing net income per share available to common stockholders, basic
|
|
76,312
|
|
|
74,750
|
|
|
72,258
|
|
|||
Add weighted-average effect of dilutive securities:
|
|
|
|
|
|
|
||||||
Stock options, RSUs and RSAs
|
|
4,565
|
|
|
6,083
|
|
|
6,599
|
|
|||
Employee stock purchase plan
|
|
2
|
|
|
11
|
|
|
120
|
|
|||
Weighted-average shares used in computing net income per share available to common stockholders, diluted
|
|
80,879
|
|
|
80,844
|
|
|
78,977
|
|
|||
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
11.26
|
|
|
$
|
4.39
|
|
|
$
|
5.85
|
|
Diluted
|
|
$
|
10.63
|
|
|
$
|
4.06
|
|
|
$
|
5.35
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Stock options and RSUs to purchase common stock
|
|
318
|
|
|
140
|
|
|
58
|
|
Employee stock purchase plan
|
|
82
|
|
|
71
|
|
|
—
|
|
Total
|
|
400
|
|
|
211
|
|
|
58
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Domestic
|
|
$
|
727,632
|
|
|
$
|
136,818
|
|
|
$
|
373,221
|
|
Foreign
|
|
134,638
|
|
|
151,983
|
|
|
101,539
|
|
|||
Income before income taxes
|
|
$
|
862,270
|
|
|
$
|
288,801
|
|
|
$
|
474,760
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current provision for income taxes:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
58,187
|
|
|
$
|
6,113
|
|
|
$
|
31,935
|
|
State
|
|
19,067
|
|
|
2,018
|
|
|
3,645
|
|
|||
Foreign
|
|
928
|
|
|
10,451
|
|
|
7,322
|
|
|||
Total current
|
|
78,182
|
|
|
18,582
|
|
|
42,902
|
|
|||
Deferred tax expense/(benefit):
|
|
|
|
|
|
|
||||||
Federal
|
|
362,056
|
|
|
(57,726
|
)
|
|
12,795
|
|
|||
State
|
|
(4,511
|
)
|
|
(4,164
|
)
|
|
(3,404
|
)
|
|||
Foreign
|
|
(433,324
|
)
|
|
3,994
|
|
|
(734
|
)
|
|||
Total deferred
|
|
(75,779
|
)
|
|
(57,896
|
)
|
|
8,657
|
|
|||
Total provision for (benefit from) income taxes
|
|
$
|
2,403
|
|
|
$
|
(39,314
|
)
|
|
$
|
51,559
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
U.S. federal statutory income tax rate
|
|
21.00
|
%
|
|
21.00
|
%
|
|
35.00
|
%
|
State tax, net of federal benefit
|
|
1.30
|
|
|
(0.59
|
)
|
|
0.03
|
|
Taxes on foreign earnings differential
|
|
(2.59
|
)
|
|
(3.37
|
)
|
|
(5.18
|
)
|
Tax credits
|
|
(3.10
|
)
|
|
(7.68
|
)
|
|
(3.23
|
)
|
Change in valuation allowance
|
|
(0.10
|
)
|
|
1.00
|
|
|
—
|
|
Intra-Entity Sale
|
|
(9.95
|
)
|
|
—
|
|
|
—
|
|
Stock-based compensation
|
|
(6.56
|
)
|
|
(24.90
|
)
|
|
(25.86
|
)
|
Tax Cuts and Jobs Act
|
|
—
|
|
|
(1.72
|
)
|
|
11.14
|
|
Acquisition and integration costs
|
|
0.04
|
|
|
2.12
|
|
|
—
|
|
Other, net
|
|
0.24
|
|
|
0.53
|
|
|
(1.04
|
)
|
Effective tax rate
|
|
0.28
|
%
|
|
(13.61
|
)%
|
|
10.86
|
%
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Intangible assets
|
|
419,911
|
|
|
—
|
|
||
Reserves and accruals not currently deductible
|
|
71,945
|
|
|
77,373
|
|
||
Tax credits
|
|
54,867
|
|
|
57,793
|
|
||
Lease financing obligation
|
|
22,547
|
|
|
—
|
|
||
Capitalized R&D expenses
|
|
16,169
|
|
|
30,027
|
|
||
Stock-based compensation
|
|
15,856
|
|
|
19,186
|
|
||
Net operating losses
|
|
8,857
|
|
|
11,052
|
|
||
Other
|
|
3,950
|
|
|
3,943
|
|
||
Gross deferred tax assets
|
|
614,102
|
|
|
199,374
|
|
||
Valuation allowance
|
|
(67,331
|
)
|
|
(56,724
|
)
|
||
Total deferred tax assets
|
|
546,771
|
|
|
142,650
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
US tax on foreign earnings
|
|
(326,967
|
)
|
|
—
|
|
||
Right of use asset
|
|
(20,038
|
)
|
|
—
|
|
||
Acquired intangibles
|
|
—
|
|
|
(13,401
|
)
|
||
Accrued liabilities
|
|
—
|
|
|
(5,190
|
)
|
||
Other
|
|
(2,451
|
)
|
|
(1,320
|
)
|
||
Total deferred tax liabilities
|
|
(349,456
|
)
|
|
(19,911
|
)
|
||
Net deferred tax assets
|
|
$
|
197,315
|
|
|
$
|
122,739
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Deferred tax assets, non-current
|
|
$
|
452,025
|
|
|
$
|
126,492
|
|
Deferred tax liabilities, non-current
|
|
(254,710
|
)
|
|
(3,753
|
)
|
||
Total net deferred tax assets
|
|
$
|
197,315
|
|
|
|
$122,739
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Gross unrecognized tax benefits—beginning balance
|
|
$
|
74,436
|
|
|
$
|
48,835
|
|
|
$
|
26,915
|
|
Increases related to tax positions taken in a prior year
|
|
11,171
|
|
|
330
|
|
|
1,243
|
|
|||
Increases related to tax positions taken during current year
|
|
22,714
|
|
|
27,413
|
|
|
22,202
|
|
|||
Decreases related to tax positions taken in a prior year
|
|
(89
|
)
|
|
(675
|
)
|
|
(21
|
)
|
|||
Decreases related to settlements with taxing authorities
|
|
(12,388
|
)
|
|
—
|
|
|
—
|
|
|||
Decreases related to lapse of statute of limitations
|
|
(2,120
|
)
|
|
(2,173
|
)
|
|
(1,504
|
)
|
|||
Adjustment for acquisition
|
|
82
|
|
|
706
|
|
|
—
|
|
|||
Gross unrecognized tax benefits—ending balance
|
|
$
|
93,806
|
|
|
$
|
74,436
|
|
|
$
|
48,835
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Americas
|
|
$
|
1,833,163
|
|
|
$
|
1,550,453
|
|
|
$
|
1,192,289
|
|
Europe, Middle East and Africa
|
|
381,651
|
|
|
414,069
|
|
|
299,547
|
|
|||
Asia Pacific
|
|
195,892
|
|
|
186,847
|
|
|
154,350
|
|
|||
Total revenue
|
|
$
|
2,410,706
|
|
|
$
|
2,151,369
|
|
|
$
|
1,646,186
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
United States
|
|
$
|
32,565
|
|
|
$
|
69,238
|
|
International
|
|
6,708
|
|
|
6,117
|
|
||
Total
|
|
$
|
39,273
|
|
|
$
|
75,355
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
|
Dec. 31, 2019
|
|
Sep. 30, 2019
|
|
Jun. 30, 2019
|
|
Mar. 31, 2019
|
|
Dec. 31, 2018
|
|
Sep. 30, 2018
|
|
Jun. 30, 2018
|
|
Mar. 31, 2018
|
||||||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Product
|
|
$
|
447,498
|
|
|
$
|
555,066
|
|
|
$
|
513,171
|
|
|
$
|
505,415
|
|
|
$
|
503,235
|
|
|
$
|
485,481
|
|
|
$
|
444,767
|
|
|
$
|
407,617
|
|
Service
|
|
105,048
|
|
|
99,349
|
|
|
95,150
|
|
|
90,009
|
|
|
92,491
|
|
|
77,828
|
|
|
75,078
|
|
|
64,872
|
|
||||||||
Total revenue
|
|
552,546
|
|
|
654,415
|
|
|
608,321
|
|
|
595,424
|
|
|
595,726
|
|
|
563,309
|
|
|
519,845
|
|
|
472,489
|
|
||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Product
|
|
175,476
|
|
|
218,220
|
|
|
200,534
|
|
|
198,152
|
|
|
204,507
|
|
|
187,764
|
|
|
171,622
|
|
|
156,691
|
|
||||||||
Service
|
|
20,767
|
|
|
18,921
|
|
|
17,596
|
|
|
16,702
|
|
|
16,227
|
|
|
13,962
|
|
|
14,340
|
|
|
12,879
|
|
||||||||
Total cost of revenue
|
|
196,243
|
|
|
237,141
|
|
|
218,130
|
|
|
214,854
|
|
|
220,734
|
|
|
201,726
|
|
|
185,962
|
|
|
169,570
|
|
||||||||
Gross profit
|
|
356,303
|
|
|
417,274
|
|
|
390,191
|
|
|
380,570
|
|
|
374,992
|
|
|
361,583
|
|
|
333,883
|
|
|
302,919
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
|
110,063
|
|
|
118,732
|
|
|
114,295
|
|
|
119,669
|
|
|
118,439
|
|
|
117,589
|
|
|
104,078
|
|
|
102,362
|
|
||||||||
Sales and marketing
|
|
54,535
|
|
|
55,279
|
|
|
53,040
|
|
|
51,053
|
|
|
50,911
|
|
|
47,903
|
|
|
46,188
|
|
|
42,140
|
|
||||||||
General and administrative
|
|
15,716
|
|
|
14,657
|
|
|
16,019
|
|
|
15,506
|
|
|
12,000
|
|
|
15,321
|
|
|
18,420
|
|
|
19,679
|
|
||||||||
Legal settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
405,000
|
|
|
—
|
|
||||||||
Total operating expenses
|
|
180,314
|
|
|
188,668
|
|
|
183,354
|
|
|
186,228
|
|
|
181,350
|
|
|
180,813
|
|
|
573,686
|
|
|
164,181
|
|
||||||||
Income (loss) from operations
|
|
175,989
|
|
|
228,606
|
|
|
206,837
|
|
|
194,342
|
|
|
193,642
|
|
|
180,770
|
|
|
(239,803
|
)
|
|
138,738
|
|
||||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(661
|
)
|
|
(673
|
)
|
|
(680
|
)
|
|
(687
|
)
|
||||||||
Other income (expense), net
|
|
11,183
|
|
|
19,169
|
|
|
13,811
|
|
|
12,333
|
|
|
5,509
|
|
|
9,292
|
|
|
(1,489
|
)
|
|
4,843
|
|
||||||||
Total other income (expense), net
|
|
11,183
|
|
|
19,169
|
|
|
13,811
|
|
|
12,333
|
|
|
4,848
|
|
|
8,619
|
|
|
(2,169
|
)
|
|
4,156
|
|
||||||||
Income before income taxes
|
|
187,172
|
|
|
247,775
|
|
|
220,648
|
|
|
206,675
|
|
|
198,490
|
|
|
189,389
|
|
|
(241,972
|
)
|
|
142,894
|
|
||||||||
Provision for (benefit from) income taxes
|
|
(73,520
|
)
|
|
38,880
|
|
|
31,397
|
|
|
5,646
|
|
|
28,168
|
|
|
20,865
|
|
|
(86,703
|
)
|
|
(1,644
|
)
|
||||||||
Net income (loss)
|
|
$
|
260,692
|
|
|
$
|
208,895
|
|
|
$
|
189,251
|
|
|
$
|
201,029
|
|
|
$
|
170,322
|
|
|
$
|
168,524
|
|
|
$
|
(155,269
|
)
|
|
$
|
144,538
|
|
Net income (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
$
|
3.41
|
|
|
$
|
2.73
|
|
|
$
|
2.47
|
|
|
$
|
2.65
|
|
|
$
|
2.26
|
|
|
$
|
2.25
|
|
|
$
|
(2.08
|
)
|
|
$
|
1.95
|
|
Diluted
|
|
$
|
3.25
|
|
|
$
|
2.59
|
|
|
$
|
2.33
|
|
|
$
|
2.47
|
|
|
$
|
2.10
|
|
|
$
|
2.08
|
|
|
$
|
(2.08
|
)
|
|
$
|
1.79
|
|
1.
|
Consolidated Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
|
|
|
|
Incorporated by Reference
|
||||||||
Exhibit Number
|
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
3.1
|
|
|
10-Q
|
|
001-36468
|
|
3.1
|
|
8/8/2014
|
|
|
|
3.2
|
|
|
10-Q
|
|
001-36468
|
|
3.2
|
|
8/8/2014
|
|
|
|
4.1
|
|
|
S-1/A
|
|
333-194899
|
|
4.1
|
|
4/21/2014
|
|
|
|
4.2
|
|
|
S-1
|
|
333-194899
|
|
4.2
|
|
3/31/2014
|
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
ü
|
|
10.1
|
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
11/1/2019
|
|
|
|
10.2 †
|
|
|
S-1
|
|
333-194899
|
|
10.2
|
|
3/31/2014
|
|
|
|
10.3 †
|
|
|
S-1
|
|
333-194899
|
|
10.3
|
|
3/31/2014
|
|
|
|
10.4 †
|
|
|
S-1/A
|
|
333-194899
|
|
10.4
|
|
5/27/2014
|
|
|
|
10.5 †
|
|
|
10-K
|
|
001-36468
|
|
10.5
|
|
3/12/2015
|
|
|
|
10.6 †
|
|
|
S-1
|
|
333-194899
|
|
10.6
|
|
3/31/2014
|
|
|
|
10.7 †
|
|
|
S-1
|
|
333-194899
|
|
10.7
|
|
3/31/2014
|
|
|
|
10.8 †
|
|
|
S-1
|
|
333-194899
|
|
10.8
|
|
3/31/2014
|
|
|
|
10.9 †
|
|
|
S-1
|
|
333-194899
|
|
10.9
|
|
3/31/2014
|
|
|
|
10.10 †
|
|
|
S-1
|
|
333-194899
|
|
10.10
|
|
3/31/2014
|
|
|
|
10.11
|
|
|
S-1
|
|
333-194899
|
|
10.15
|
|
3/31/2014
|
|
|
|
10.12
|
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
8/8/2014
|
|
|
|
10.13
|
|
|
S-1
|
|
333-194899
|
|
10.16
|
|
3/31/2014
|
|
|
|
10.14‡
|
|
|
S-1
|
|
333-194899
|
|
10.17
|
|
3/31/2014
|
|
|
|
10.15 †
|
|
|
S-1/A
|
|
333-194899
|
|
10.21
|
|
4/21/2014
|
|
|
|
10.16 †
|
|
|
8-K
|
|
001-36468
|
|
10.1
|
|
5/14/2015
|
|
|
|
10.17 †
|
|
|
8-K
|
|
001-36468
|
|
10.2
|
|
5/14/2015
|
|
|
|
10.18 †
|
|
|
10-Q
|
|
001-36468
|
|
10.3
|
|
5/5/2016
|
|
|
|
10.19 †
|
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
5/8/2017
|
|
|
|
10.20 †
|
|
|
10-Q
|
|
001-36468
|
|
10.2
|
|
5/8/2017
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||||
Exhibit Number
|
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
10.21 †
|
|
|
10-Q
|
|
001-36468
|
|
10.3
|
|
5/8/2017
|
|
|
|
10.22 †
|
|
|
10-Q
|
|
001-36468
|
|
10.4
|
|
5/8/2017
|
|
|
|
10.23 ‡
|
|
|
10-Q
|
|
001-36468
|
|
10.1
|
|
11/5/2018
|
|
|
|
10.24 ‡
|
|
|
10-K
|
|
001-36468
|
|
10.24
|
|
2/15/2019
|
|
|
|
10.25 †
|
|
|
10-K
|
|
001-36468
|
|
10.25
|
|
2/15/2019
|
|
|
|
10.26 †
|
|
|
10-K
|
|
001-36468
|
|
10.26
|
|
2/15/2019
|
|
|
|
21.1
|
|
|
|
|
|
|
|
|
|
|
ü
|
|
23.1
|
|
|
|
|
|
|
|
|
|
|
ü
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
ü
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
ü
|
|
32.1*
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
104.0
|
|
Cover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arista Networks, Inc.
|
|
|
|
(Registrant)
|
Dated:
|
February 13, 2020
|
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 13, 2020
|
Jayshree Ullal
|
|
|
|
|
/s/ ITA BRENNAN
|
|
Chief Financial Officer (Principal Accounting and Financial Officer)
|
|
February 13, 2020
|
Ita Brennan
|
|
|
|
|
/s/ ANDY BECHTOLSHEIM
|
|
Founder, Chief Development Officer and Director
|
|
February 13, 2020
|
Andy Bechtolsheim
|
|
|
|
|
/s/ CHARLES GIANCARLO
|
|
Director
|
|
February 13, 2020
|
Charles Giancarlo
|
|
|
|
|
/s/ ANN MATHER
|
|
Director
|
|
February 13, 2020
|
Ann Mather
|
|
|
|
|
/s/ DAN SCHEINMAN
|
|
Director
|
|
February 13, 2020
|
Dan Scheinman
|
|
|
|
|
/s/ MARK TEMPLETON
|
|
Director
|
|
February 13, 2020
|
Mark Templeton
|
|
|
|
|
/s/ NIKOS THEODOSOPOULOS
|
|
Director
|
|
February 13, 2020
|
Nikos Theodosopoulos
|
|
|
|
1 Year Arista Networks Chart |
1 Month Arista Networks Chart |
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