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Summary of Arista Networks, Inc. Conference Call Company Overview - **Company**: Arista Networks, Inc. (NYSE: ANET) - **Event**: Citi's 2023 Global Technology Conference - **Date**: September 7, 2023 - **Participants**: Ita Brennan (CFO), Atif Malik (Citi) Key Industry Insights - **AI Opportunity**: The AI market, particularly in Ethernet switching, is estimated between $2 billion to $3 billion, but accurate sizing is still developing. Arista has been selling products into AI networks, focusing on both front-end and back-end processing opportunities [3][4][5] - **Cloud CapEx Visibility**: Arista is improving lead times for cloud customers, aiming for a six-month lead time by year-end. Investments are ongoing in traditional networks and AI-related use cases [7][8] - **400G vs. 800G Transition**: The transition from 400G to 800G is still in early stages. 400G is expected to drive revenue in the near term, with a gradual ramp-up for 800G systems [10][11] Financial Performance and Projections - **Campus Switching and Routing**: The campus segment is becoming increasingly significant, with a target of $750 million in revenue by 2025. The routing business has been integrated into cloud and hyperscale customer networks [12][13] - **Market Share Gains**: Arista is focusing on gaining market share in a relatively stagnant campus market, targeting high-tech customers and expanding into various enterprise verticals [15][16] - **Growth Expectations**: After two years of high cloud growth, Arista expects muted cloud growth in 2024, with a goal of achieving at least 10% growth driven by enterprise demand [18][19] Margin Dynamics - **Customer Mix Impact**: Customer mix is the primary driver of margins, with cloud customers typically yielding lower gross margins compared to enterprise customers. Supply chain normalization is expected to stabilize margins [21][24] - **Inventory Management**: Arista is managing inventory levels carefully, particularly raw materials, to mitigate risks associated with excess inventory and obsolescence [45][46] Competitive Landscape - **Ethernet vs. InfiniBand**: Ethernet is evolving to meet AI demands, focusing on speed and traffic management. Arista believes Ethernet will prevail due to its standards-based architecture, despite competition from InfiniBand [36][37][49][50] - **White Box Competition**: The competitive landscape with white box makers remains stable, with no significant shifts observed. Complexity in networking tends to favor established players like Arista [39] Strategic Focus - **R&D Allocation**: R&D efforts are shared across enterprise, energy, and AI sectors, with a focus on enhancing core software capabilities and addressing customer needs [28][29] - **Adjacent Markets**: Arista is cautious about entering new markets, preferring to strengthen its existing cloud and enterprise offerings while filling gaps in its campus solutions [52][53][54] Transition and Leadership - **CFO Transition**: Ita Brennan is stepping down as CFO, with an internal and external search for a successor underway, expected to conclude sometime next year [25][26] This summary encapsulates the key points discussed during the conference call, highlighting Arista Networks' strategic direction, market positioning, and financial outlook.

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Arista Networks, Inc. (NYSE:ANET) Rosenblatt 3rd Annual Technology Summit August 23, 2023 1:00 PM ET Company Participants Liz Stine - Director of IR John McCool - Chief Platform Officer & Senior VP of Engineering Operations Conference Call Participants Mike Genovese - Rosenblatt Mike Genovese Hi, good afternoon, good morning, depending on where you are. I am Mike Genovese, the cloud and communications infrastructure analyst at Rosenblat Securities. Thank you for joining us for the Third Annual Age of AI Con ...

Arista Networks, Inc. (NYSE:ANET) KeyBanc Technology Leadership Forum August 8, 2023 1:00 PM ET Company Participants John McCool - EVP of Engineering and Operations, Chief Platform Officer Liz Stine - Investor Relations Conference Call Participants Tom Blakey - Keybanc Capital Markets Tom Blakey Well, thank you everybody for joining us. My name is Tom Blakey, Infrastructure, Technology, and Software Analyst here at KeyBanc. And we're grateful to have John McCool here from Arista. He is the EVP of Engineerin ...

Arista Networks, Inc. (NYSE:ANET) Q2 2023 Earnings Call Transcript July 31, 2023 4:30 PM ET Company Participants Liz Stine - Director of IR Jayshree Ullal - President and CEO Ita Brennan - CFO Anshul Sadana - COO Conference Call Participants Mike Ng - Goldman Sachs Tim Long - Barclays Meta Marshall - Morgan Stanley Ben Bollin - Cleveland Research Antoine Chkaiban - New Street Research Amit Daryanani - Evercore Tal Liani - Bank of America Sebastien Naji - William Blair Samik Chatterjee - JPMorgan Aaron Raker ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36468 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------|---------- ...

Arista Networks, Inc. (NYSE:ANET) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference May 23, 2023 1:55 AM ET Company Participants Ita Brennan - Chief Financial Officer Conference Call Participants Samik Chatterjee - J.P. Morgan Samik Chatterjee Good afternoon, everyone. So we'll move to the next session. Thank you, if you can take your seat. I'm Samik Chatterjee, I cover the hardware companies at J.P. Morgan. For the next session, we have Arista. And from Arista, we have Ita Bren ...

Arista Networks, Inc. (NYSE:ANET) Q1 2023 Earnings Conference Call May 1, 2023 4:30 PM ET Company Participants Liz Stine - Director, Investor Relations Jayshree Ullal - President and Chief Executive Officer Ita Brennan - Chief Financial Officer Anshul Sadana - Chief Operating Officer Conference Call Participants Aaron Rakers - Wells Fargo Antoine Chkaiban - New Street Research Samik Chatterjee - JPMorgan David Vogt - UBS Meta Marshall - Morgan Stanley Sebastien Naji - William Blair Tal Liani - Bank of Ameri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value ANET New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fil ...