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Arista Networks — Arista 2022 Analyst Day Highlights (company IR deck)
Arista Networks (ANET) · 0 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All ANET deck slides
Slide 1 — Analyst Day 2022
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved.
Slide 2 — Arista 2.0 Innovation and Revenue
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Arista 2.0 Innovation and Revenue $72 $140 $193 $361 $584 $838 $1129 $1646 $2151 $2411 $2318 $2948 $4293 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22E 2010-2014 Product Innovations 2016-2018 Category Innovations 2022-2027 Platform Innovations (1) (1)Includes Q4’22 at the mid point of guidance
Slide 3 — Profitable Revenue Growth
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Profitable Revenue Growth (1) Amounts are Non-GAAP and exclude stock compensation expenses and other non-recurring items, net of any income tax effects. See Appendix for GAAP to non-GAAP reconciliation. (2) Includes Q4’22 at the mid point of guidance (2) $1.4 $2.0 $2.4 $2.3 $2.9 $4.4 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 26% 5YR CAGR Annual Earnings Per Share ($)(1) 3 1,646 2,151 2,411 2,318 2,948 4,293 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Annual Revenue (M$) 21% 5YR CAGR (2) (2)
Slide 4 — Our 2023-2025 Vision for Arista 2.0
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Our 2023-2025 Vision for Arista 2.0 4 Invest in Core • AI Spine • Enriched EOS Stack • Network As A Service Adjacent Markets • Routing & Campus • NEW - Transit WAN Routing • NEW - Edge As A Service (CUE) SOFTWARE As A Service • Deliver Zero Trust Networks • Improve Deployment Designs • Increase Visibility and Observability
Slide 5 — Arista’s Available TAM extends to $51B
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Arista’s Available TAM extends to $51B 5 2023 2025 2027 Core Cognitive Adjacencies Cognitive Network $31B $41B $51B Growth & Diversification
Slide 6 — Arista 2.0 Business Aspirations
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Arista 2.0 Business Aspirations 2023-2027 Goals ~25% YoY Growth in 2023 ~$5.5B Revenue Goal in 2023 TAM of $50B by 2027 2020--2025 CAGR of ~20+% In 3 Years by 2025 Campus Target $750M Revenue and Growth 6 6
Slide 7 — Arista 2.0 for Cloud Titans
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Arista 2.0 for Cloud Titans • System design: 250+ SKUs • Power efficiency • Autotest • Highest quality, Single EOS • APIs • Optics Integration • Platform drivers • Vision/Roadmap/Next-gen • Best-in-Class Support • Supply Chain investments • Strategic partnerships “You are our best vendor in the entire stack” - Principal Architect, Cloud company “Your knowledge and execution is so far ahead, you are our most strategic systems partner” - VP Networking, Cloud company
Slide 8 — New Market Expansion for Increased $10B TAM
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. BRANCH Edge As A Service WAN Transit Security Observability AI Spine Validated Designs Network as a Service New Market Expansion for Increased $10B TAM 8
Slide 9 — Why Arista 7800 as an AI interconnect
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Copyright © Arista 2022. All rights reserved. Why Arista 7800 as an AI interconnect • Merchant Silicon riding Moore’s Law • rapid advance from 100 to 200 to 400G, and beyond • compelling speed and scale - up to 576 x 400G ports • Congestion- and collision-free architecture of 7800 • Proven architecture and features needed for RDMA • Deep buffers reduce pause, help the transport protocol 9 AI Spine
Slide 10 — Modern Routed WAN Strategy
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Modern Routed WAN Strategy 10 Branch Sites Data Center 1 Carrier-A MPLS Carrier-C DOCSIS Overlay SASE Campus Networks Modern Routed WAN • Single EOS Image - same image as campus, data center, and cloud • CloudVision for adaptive WAN topology • Data Driven - NetDL Integration • Modern Architecture • Virtual Topologies • Repeatable Design Patterns to Enable Automation and leverage Arista CI WAN Transit
Slide 11 — Data in Transit For Secure Enterprises
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Data in Transit For Secure Enterprises Campus Branch Sites Data Center Remote Sites MACSec IPSec IPSec VXLANSec APs, PoE switches APs BRANCH Edge As A Service 11 CUE Campus Remote Data Center Common Control Plane High Speed Encryption (10G -> 400G) Single Platform for Edge and Encryption Common Operation Model Monitoring at Scale (state streaming) On Demand Service activation with automation
Slide 12 — Network-Wide Forensics
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Network-Wide Forensics 12 Arista UCN Network UCN Arista CloudVision (CV) Arista DANZ Monitoring Fabric (DMF) Observability Fabric DMF Fabric Forensic Recorder Network Detection and Response Arista NDR API API API Analyst Data Lake / SIEM Endpoint Security Programmable Packet Capture Encrypted Traffic Analysis Adversarial Modeling Language Autonomous Entity Tracking Intelligent Automation DFX Security Observability
Slide 13 — Arista CI Pipeline
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Arista CI Pipeline 13 Continuous Design Arista Validated Designs Continuously evolving best practice network designs delivered as software - Infrastructure-as-Code - enabling consistent design patterns Continuous Testing Cloud Test Test networks without physical hardware using Cloud Test Continuous Integration CI Pipeline Use CloudVision CI or Open CI to automate the workflow from build to test to deployment and documentation New New New Bringing Modern Software Development and DevOps Operating Models to Network Infrastructure Validated Designs Network as a Service
Slide 14 — Network as a Service
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. NetDL is Part of a Larger Vision 14 Data Center Cloud Campus SaaS WAN Multi-Domain Bytes Users Packets Services Links Applications Wi-Fi Security Multi-Layer Arista Other networking vendors Infrastructure vendors Security specialist vendors Multi-Vendor NetDL Network as a Service Validated Designs Network as a Service
Slide 15 — To the Power of ONE Data–Driven Platform
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. To the Power of ONE Data–Driven Platform Break Down Siloed Architectures from Legacy to Network as a Service NetDL ARCHITECTURE for $50+ BILLION DOLLAR TAM BY 2027 DC/Cloud Zero Trust with NDR + DMF AVA AI Spine Routing DCI Cognitive Campus Coming Soon ….WAN & CI, Observability Next Gen Cloud Networking Arista 2.0 15
Slide 16 — Business Model Update
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Business Model Update Long-term Business Model Prior Model 2022 Forecast(2) (3) 2023 Target(2) Long-Term Target(2) 2020 - 2025 Revenue Growth ~45% ~25% ~20% CAGR Gross Margin (Non-GAAP)(1) 64% to 65% ~62% 61% to 63% 61% to 64% R&D as % of Revenue (Non-GAAP) (1) ~17% ~14% ~14% ~15% S&M as % of Revenue (Non-GAAP) (1) ~9% ~6% ~6% ~7% G&A as % of Revenue (Non-GAAP) (1) <2% <2% <2% <2% Operating Margin (Non- GAAP) (1) ~37% ~40% ~40% ~38% (1) Amounts are Non-GAAP and exclude stock compensation expenses and other non-recurring items. See Appendix for GAAP to non-GAAP reconciliation. (2) Subject to risks and uncertainties set forth in the attached safe harbor paragraph as well as the Form 10-K. (3) Includes Q4’22 at the mid point of guidance Business Model 16
Slide 17 — Appendix: GAAP to Non-GAAP Reconciliations
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Appendix: GAAP to Non-GAAP Reconciliations Note: A reconciliation of non-GAAP guidance measures to the corresponding GAAP measures is not available on a forward- looking basis because these measures are difficult to predict and subject to change. 17 2017 2018 2019 2020 2021 Q3 YTD 2022 GAAP net income to common shareholders $ 423,201 $ 328,115 $ 859,867 $ 634,557 $ 840,854 $ 925,357 Stock based compensation 75,427 91,202 101,280 137,042 186,875 165,980 Loss (gain) on investments 13,800 (5,427) (4,164) (24,121) Acquisition-related expenses 13,598 13,933 4,691 Intangible asset amortization 5,110 13,375 24,086 29,235 24,334 Litigation expenses 40,352 6,566 2,295 Legal settlement 405,000 Impact of the U.S. Tax Cuts and Jobs Act 51,812 (12,632) Tax benefits on stock-based awards (111,542) (92,675) (89,415) (60,880) (115,154) (76,325) Tax benefits on intra-entity IP Transfer (85,819) Other non-recurring income tax charges 9,781 Tax effect of non-GAAP exclusions (36,421) (114,769) (19,093) (26,163) (26,813) (16,805) Non-GAAP net income 442,829 $ 643,315 $ 786,844 $ 718,411 $ 914,997 $ 1,003,111 $ GAAP diluted net income per share 1.34 $ 1.01 $ 2.66 $ 2.00 $ 2.63 $ 2.92 $ Non-GAAP adjustments to net income per share 0.06 0.97 (0.23) 0.26 0.23 0.25 Non-GAAP diluted net income per share 1.40 $ 1.99 $ 2.43 $ 2.26 $ 2.87 $ 3.17 $ GAAP and Non-GAAP Diluted shares 315,908 323,376 323,516 317,860 319,238 316,745
Slide 18 — Appendix: GAAP to Non-GAAP Reconciliations
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Appendix: GAAP to Non-GAAP Reconciliations Note: A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis because these measures are difficult to predict and subject to change. 18 2022-$ 2022-% Revenue 3,105,758 $ 100.0% GAAP gross profit / margin 1,907,090 61.4% Stock-based compensation 6,613 0.2 Intangible asset amortization 18,553 0.6 Non-GAAP gross profit / margin 1,932,256 $ 62.2% Research and development - GAAP 537,971 $ 17.3% Stock-based compensation (93,723) (3.0) Acquisition-related expenses (1,662) (0.1) Intangible asset amortization (169) (0.0) Research and development - non-GAAP 442,417 $ 14.2% Sales and marketing - GAAP 241,512 $ 7.8% Stock-based compensation (42,039) (1.4) Acquisition-related expenses (1,768) (0.1) Intangible asset amortization (5,612) (0.2) Sales and marketing - non-GAAP 192,093 $ 6.2% General and administrative - GAAP 69,420 $ 2.2% Stock-based compensation (23,605) (0.8) Acquisition-related expenses (1,261) (0.0) General and administrative - non-GAAP 44,554 $ 1.4% GAAP operating income 1,058,187 $ 34.1% Stock-based compensation 165,980 5.3 Intangible asset amortization 24,334 0.8 Acquisition-related expenses 4,691 0.2 Non-GAAP operating income / margin 1,253,192 $ 40.4% Q3 YTD
Slide 19 — Thank You
Analyst Day 2022 Confidential. Copyright © Arista 2022. All rights reserved. Confidential. Copyright © Arista 2022. All rights reserved. Analyst Day 2022 19 Thank You