Exhibit 99.1 Arista Networks, Inc. Reports Third Quarter 2024 Financial Results SANTA CLARA, Calif.- November 7, 2024 -- Arista Networks, Inc. (NYSE: ANET), an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus and routing environments, today announced financial results for its third quarter ended September 30, 2024. Third Quarter Financial Highlights "Arista remains at the forefront of next generation centers of data across client-to-cloud and AI focused locations, ...

Financial Data and Key Metrics Changes - Total revenues for Q2 2024 were $1.69 billion, representing a year-over-year increase of 15.9%, significantly exceeding the guidance of $1.62 billion to $1.65 billion [21][22] - Non-GAAP earnings per share for the quarter were $2.10, up 32.9% from the prior year [23] - Non-GAAP gross margin was 65.4%, up from 64.2% in the previous quarter and 61.3% in the same quarter last year [22][23] - Operating income for the quarter was $785.6 million, or 46.5% of revenue [23] Business Line Data and Key Metrics Changes - Services and Subscription Software contributed approximately 17.6% of revenue, up from 16.9% in Q1 2024 [21] - International revenues were $316 million, accounting for 18.7% of total revenue, down from 20.1% in the prior quarter [21] Market Data and Key Metrics Changes - The Americas contributed 81% of total revenue, while international contribution was 19% [7] - The APJ region showed relatively weaker performance, impacting international revenue [21] Company Strategy and Development Direction - The company is focused on a total addressable market (TAM) of over $70 billion, with significant growth opportunities in AI and cloud networking [6][27] - The launch of the Etherlink AI platforms aims to support the migration from InfiniBand to Ethernet, indicating a strategic shift towards AI networking solutions [7][8] - The company plans to continue investing in R&D and go-to-market strategies to support growth in Cloud, AI, and Enterprise sectors [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum seen in the market, with expectations for continued growth in the second half of 2024 [27] - The company anticipates a revenue growth guidance of at least 14% for the fiscal year 2024, with a gross margin outlook of 62% to 64% [27][28] - Management highlighted the importance of Ethernet in AI networking and the evolving role of data centers as AI centers [18][75] Other Important Information - The company repurchased $172 million of common stock during the quarter, with a new program of $1.2 billion approved in May 2024 [24] - Cash, cash equivalents, and investments totaled $6.3 billion at the end of the quarter [24] Q&A Session Summary Question: Insights on next-generation GPUs and networking modularity - Management noted that as GPUs become faster, the dependency on high-throughput networks increases, emphasizing the timely introduction of 800-gig products [32] Question: Deferred revenue balance and AI opportunities - Management explained that the product deferred revenue can fluctuate and is particularly high when new products and use cases are introduced [35][36] Question: Status of AI trials - Management confirmed that the four major AI trials are progressing well and moving into pilot phases, with additional smaller customers starting AI pilots [40] Question: Understanding the $70 billion TAM - Management detailed that the TAM includes various segments such as data centers, AI, campus, and wide area networks, with significant growth potential in each [42] Question: Trends in traditional infrastructure investments - Management acknowledged a pivot from classic cloud spending to AI, while also noting ongoing refresh cycles in traditional infrastructure [46] Question: Growth expectations for the second half of 2024 - Management expressed confidence in continued growth acceleration, with a conservative guidance of at least 14% for the year [49][51] Question: Competitive environment and NVIDIA's Spectrum - Management indicated that while they compete with NVIDIA's Spectrum, they maintain a strong win rate due to their product performance and reliability [82] Question: Enterprise customer behavior and network refresh - Management observed activity across various enterprise customer segments, with a notable interest in upgrading to higher-speed networks [87]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the period ended June 30, 2024, show significant growth in revenue and net income, with total assets increasing to $11.6 billion and operating cash flow nearly doubling to $1.5 billion [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to $11.62 billion, driven by cash and marketable securities, while liabilities rose to $3.19 billion due to deferred revenue, and equity reached $8.43 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $9,842,318 | $8,390,235 | | Cash and cash equivalents | $2,429,031 | $1,938,606 | | Marketable securities | $3,844,923 | $3,069,362 | | Inventories | $1,853,776 | $1,945,180 | | **Total Assets** | **$11,623,235** | **$9,946,806** | | **Total Current Liabilities** | $2,161,879 | $1,909,606 | | Deferred revenue (current) | $1,329,450 | $915,204 | | **Total Liabilities** | **$3,192,427** | **$2,727,747** | | **Total Stockholders' Equity** | **$8,430,808** | **$7,219,059** | [Condensed Consolidated Income Statements](index=4&type=section&id=Condensed%20Consolidated%20Income%20Statements) For the second quarter of 2024, Arista reported total revenue of $1.69 billion, a 15.9% increase year-over-year, and net income of $665.4 million, up 35.3% YoY For the six months ended June 30, 2024, revenue grew 16.1% to $3.26 billion, and net income increased 40.4% to $1.30 billion Q2 2024 vs Q2 2023 Performance (in thousands, except per share) | Metric | Q2 2024 | Q2 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,690,400 | $1,458,924 | +15.9% | | Gross Profit | $1,097,213 | $884,129 | +24.1% | | Income from Operations | $699,573 | $530,062 | +32.0% | | Net Income | $665,428 | $491,885 | +35.3% | | Diluted EPS | $2.08 | $1.55 | +34.2% | H1 2024 vs H1 2023 Performance (in thousands, except per share) | Metric | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $3,261,774 | $2,810,275 | +16.1% | | Gross Profit | $2,098,592 | $1,688,636 | +24.3% | | Income from Operations | $1,359,714 | $1,014,640 | +34.0% | | Net Income | $1,303,120 | $928,358 | +40.4% | | Diluted EPS | $4.07 | $2.94 | +38.4% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, operating cash flow significantly increased to $1.50 billion, while investing activities used $773.5 million and financing activities used $236.1 million, primarily for stock repurchases Six Months Ended June 30, Cash Flow Summary (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,502,816 | $808,573 | | Net cash used in investing activities | ($773,541) | ($124,653) | | Net cash used in financing activities | ($236,148) | ($97,635) | | **Net increase in cash** | **$490,435** | **$586,714** | - The substantial increase in operating cash flow was primarily driven by a **$612.6 million increase in deferred revenue** and a **$91.4 million decrease in inventories**, compared to a much smaller deferred revenue increase and a large inventory build-up in the prior year period[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide further breakdown of financial statement items, including fair value measurements of $3.8 billion in marketable securities, a significant increase in deferred revenue to $2.1 billion, non-cancellable purchase commitments of $2.1 billion, and an ongoing stock repurchase program with $1.1 billion remaining authorization - The company faces risks from macroeconomic uncertainties, including inflation and supply chain disruptions, which could impact future demand and gross margins The shift in customer priorities towards AI may also affect investment plans for other technologies[25](index=25&type=chunk)[27](index=27&type=chunk) - As of June 30, 2024, the company had non-cancellable purchase commitments of **$2.1 billion**, with **$1.7 billion** expected within 12 months, primarily to secure components and manufacturing capacity[62](index=62&type=chunk) - The company is involved in a patent infringement lawsuit with WSOU Investments, LLC While a loss is not considered probable, it is deemed reasonably possible, but an estimate of potential loss cannot be made at this stage[64](index=64&type=chunk) - In May 2024, a new **$1.2 billion stock repurchase program** was authorized, expiring in May 2027 As of June 30, 2024, approximately **$1.1 billion** remained available for repurchases under this new program[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong H1 2024 performance to healthy demand, with 16.1% revenue growth and significant gross margin expansion to 64.3% due to lower inventory charges, while operating expenses grew slower, improving leverage and maintaining strong liquidity [Overview](index=21&type=section&id=Overview) Arista Networks is a leader in data-driven networking for large data centers, campuses, and routing environments, centered around its EOS software, with revenue from switching platforms and post-contract support concentrated with large cloud customers like Microsoft and Meta, leading to revenue variability based on their deployment cycles and increasing focus on AI infrastructure - The company's business is characterized by large purchases from a limited number of customers, leading to revenue unpredictability Sales to end customers Microsoft and Meta Platforms represented **18%** and **21% of total revenue in 2023**, respectively[89](index=89&type=chunk) - An increased focus on AI deployment by large customers is accelerating demand for advanced technology but has also led to cost reduction measures in non-AI capital expenditures, reducing demand visibility for some existing products[89](index=89&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) For Q2 2024, revenue increased 15.9% YoY to $1.69 billion, driven by a 12.8% rise in product revenue and a 35.3% increase in service revenue Gross margin expanded significantly to 64.9% from 60.6% in Q2 2023, mainly due to lower excess and obsolete inventory charges Operating expenses grew 12.3%, slower than revenue, resulting in a 32% increase in operating income The effective tax rate decreased to 13.6% from 16.1% due to higher stock-based compensation tax benefits Revenue and Gross Margin Analysis (Q2 2024 vs Q2 2023, in thousands) | Category | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$1,690,400** | **$1,458,924** | **$231,476** | **15.9%** | | Product Revenue | $1,423,271 | $1,261,537 | $161,734 | 12.8% | | Service Revenue | $267,129 | $197,387 | $69,742 | 35.3% | | **Gross Profit** | **$1,097,213** | **$884,129** | **$213,084** | **24.1%** | | **Gross Margin** | **64.9%** | **60.6%** | - | - | - The increase in gross margin for Q2 and H1 2024 was primarily driven by an improvement in product margins due to lower net excess/obsolete inventory and supplier liability charges compared to the same periods in 2023[100](index=100&type=chunk) Operating Expense Analysis (Q2 2024 vs Q2 2023, in thousands) | Category | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $267,482 | $229,676 | $37,806 | 16.5% | | Sales and marketing | $104,403 | $97,971 | $6,432 | 6.6% | | General and administrative | $25,755 | $26,420 | ($665) | (2.5)% | | **Total operating expenses** | **$397,640** | **$354,067** | **$43,573** | **12.3%** | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains robust, with cash, cash equivalents, and marketable securities totaling $6.3 billion as of June 30, 2024, and cash flow from operations for the first six months of 2024 was $1.5 billion, a substantial increase from the prior year, with material cash requirements including $2.1 billion in purchase obligations and an estimated $210 million incremental cash tax impact for 2024 - Principal sources of liquidity are cash, cash equivalents, and marketable securities, totaling approximately **$6.3 billion** as of June 30, 2024[108](index=108&type=chunk) - Material cash requirements include **$2.1 billion in non-cancellable purchase obligations**, **$61.6 million in lease obligations**, and approximately **$50 million** for a new property project in 2024[118](index=118&type=chunk)[119](index=119&type=chunk) - The requirement to capitalize and amortize R&D expenses under IRC Section 174 is expected to have an incremental cash tax impact of approximately **$210.0 million** for 2024[120](index=120&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposure to financial market risks, including changes in foreign currency exchange rates, interest rates, and equity investment risk, has not changed materially since December 31, 2023 - There have been no material changes in the company's exposure to market risk since the end of the previous fiscal year[126](index=126&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2024, with no material changes to internal control over financial reporting identified during the quarter - The CEO and CFO concluded that as of June 30, 2024, the company's disclosure controls and procedures are effective at a reasonable assurance level[127](index=127&type=chunk) - No changes occurred during the quarter ended June 30, 2024, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[128](index=128&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company incorporates by reference the information on legal proceedings from Note 5 of the financial statements, which primarily discusses the ongoing patent infringement lawsuit with WSOU Investments, LLC - Information regarding legal proceedings is detailed in Note 5 of the financial statements, highlighting the WSOU Investments LLC patent case[132](index=132&type=chunk)[64](index=64&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company outlines numerous business risks, including dependence on a limited number of large customers, susceptibility to supply chain disruptions, intense competition, and the volatility of revenue and growth rates, alongside risks from rapid market evolution, intellectual property litigation, and cybersecurity threats - A substantial portion of revenue comes from large purchases by a limited number of customers, making results volatile and dependent on their spending cycles and priorities, particularly around AI[134](index=134&type=chunk)[146](index=146&type=chunk) - The company is susceptible to supply shortages and price fluctuations as key components come from sole or limited sources, which could disrupt product deliveries and harm gross margins[134](index=134&type=chunk)[148](index=148&type=chunk) - The networking market is intensely competitive, with pressure from larger, well-established companies, industry consolidation, and the potential for customers to adopt "white box" solutions[134](index=134&type=chunk)[160](index=160&type=chunk) - Managing the complex supply chain is a significant risk Insufficient supply can lead to lost sales, while excess inventory from inaccurate forecasting can harm gross margins, a risk heightened by long-lead-time purchase commitments[138](index=138&type=chunk)[183](index=183&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2024, Arista completed its previous $1.0 billion stock repurchase program and initiated a new $1.2 billion program, repurchasing 614,000 shares for approximately $172.0 million in total during the quarter - The prior **$1.0 billion stock repurchase program** was completed in April 2024 A new **$1.2 billion program** was authorized in May 2024[226](index=226&type=chunk) Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased (thousands) | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2024 | 308 | $266.12 | | May 2024 | 203 | $295.69 | | June 2024 | 103 | $292.04 | | **Total** | **614** | **-** | [Other Information](index=61&type=section&id=Item%205.%20Other%20Information) During the last fiscal quarter, two members of the Board of Directors, Kelly Battles and Charles Giancarlo, adopted Rule 10b5-1 trading arrangements for the potential sale of company stock - On June 13, 2024, Director Kelly Battles adopted a Rule 10b5-1 plan for the sale of up to **1,706 shares**[231](index=231&type=chunk) - On June 14, 2024, Director Charles Giancarlo adopted a Rule 10b5-1 plan for the sale of up to **24,000 shares**[231](index=231&type=chunk)

Exhibit 99.1 Arista Networks, Inc. Reports Second Quarter 2024 Financial Results SANTA CLARA, Calif.- July 30, 2024 -- Arista Networks, Inc. (NYSE: ANET), an industry leader in data-driven, client-tocloud networking for large AI, data center, campus and routing environments, today announced financial results for its second quarter ended June 30, 2024. Second Quarter Financial Highlights "On the heels of our June celebration of 10 years as a public company, I would again like to thank our customers, employee ...

Arista Networks, Inc. (NYSE:ANET) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET Company Participants Liz Stine - Director of IR Jayshree Ullal - Chairperson and CEO Chantelle Breithaupt - CFO Ken Duda - CTO Anshul Sadana - COO Conference Call Participants Samik Chatterjee - JPMorgan George Notter - Jefferies Ben Reitzes - Melius Research Amit Daryanani - Evercore ISI Antoine Chkaiban - New Street Research James Fish - Piper Sandler Victor Chui - Raymond James Meta Marshall - Morgan Stanley Ben Bol ...

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, 2024 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 ...

Exhibit 99.1 Arista Networks, Inc. Reports First Quarter 2024 Financial Results Board of Directors Authorizes Additional $1.2B Stock Repurchase Program SANTA CLARA, Calif.- May 7, 2024 -- Arista Networks, Inc. (NYSE: ANET), an industry leader in data-driven, client to cloud networking for large data center/AI, campus and routing environments, today announced financial results for its first quarter ended March 31, 2024. First Quarter Financial Highlights "Arista is off to a strong start to 2024 with solid fi ...

Arista Networks, Inc. (NYSE:ANET) Q4 2023 Earnings Call Transcript February 12, 2024 4:30 PM ET Company Participants Liz Stine - Director of IR Jayshree Ullal - Chairperson and CEO Ita Brennan - Outgoing CFO Chantelle Breithaupt - CFO Conference Call Participants Aaron Rakers - Wells Fargo Tal Liani - Bank of America Sebastian Naji - William Blair Matt Niknam - Deutsche Bank Meta Marshall - Morgan Stanley James Fish - Piper Sandler Ittai Kidron - Oppenheimer Alex Henderson - Needham & Company Atif Malik - C ...

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [3]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [2]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [3]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [2]. - Employee training programs were expanded, leading to a 10% increase in productivity [4]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Launched a recycling program that has successfully recycled 50% of manufacturing waste [3]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [4]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [2]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [1]. - Increased transparency by publishing detailed quarterly reports and holding regular investor calls [3].

Arista Networks, Inc. (NYSE:ANET) Q3 2023 Earnings Conference Call October 30, 2023 4:30 PM ET Company Participants Liz Stine - Director of Investor Relations Jayshree Ullal - President and Chief Executive Officer Ita Brennan - Chief Financial Officer Anshul Sadana - Chief Operating Officer Conference Call Participants Samik Chatterjee - JPMorgan Antoine Chkaiban - New Street Research Matt Niknam - Deutsche Bank Karl Ackerman - BNP Paribas Amit Daryanani - Evercore Ben Bollin - Cleveland Research Aaron Rake ...