[February 15, 2018] |
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Arista Networks, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results
Arista Networks, Inc. (NYSE: ANET), an industry leader in
software-driven cloud networking solutions for large datacenter and
computing environments, today announced financial results for its fourth
quarter and year ended December 31, 2017.
Fourth Quarter Financial Highlights
-
Revenue of $467.9 million, an increase of 6.9% compared to the third
quarter of 2017, and an increase of 42.7% from the fourth quarter of
2016.
-
GAAP gross margin of 65.7%, compared to GAAP gross margin of 64.1% in
the third quarter of 2017 and 64.1% in the fourth quarter of 2016.
-
Non-GAAP gross margin of 65.9%, compared to non-GAAP gross margin of
64.4% in the third quarter of 2017 and 64.4% in the fourth quarter of
2016.
-
GAAP net income of $103.8 million, or $1.29 per diluted share,
compared to GAAP net income of $58.8 million, or $0.79 per diluted
share, in the fourth quarter of 2016.
-
Non-GAAP net income of $137.3 million, or $1.71 per diluted share,
compared to non-GAAP net income of $77.5 million, or $1.04 per diluted
share, in the fourth quarter of 2016.
Full Year Financial Highlights
-
Revenue of $1.6 billion, an increase of 45.8% compared to fiscal year
2016.
-
GAAP gross margin of 64.5%, compared to GAAP gross margin of 64.0% in
fiscal year 2016.
-
Non-GAAP gross margin of 64.8%, compared to non-GAAP gross margin of
64.4% in fiscal year 2016.
-
GAAP net income of $423.2 million, or $5.35 per diluted share,
compared to GAAP net income of $184.2 million, or $2.50 per diluted
share, in fiscal year 2016.
-
Non-GAAP net income of $442.8 million, or $5.61 per diluted share,
compared to non-GAAP net income of $241.4 million, or $3.30 per
diluted share, in fiscal year 2016.
"2017 represents a market tipping point with Arista's disruptive
software-driven architecture gaining mainstream acceptance as we
surpassed 15 million cumulative ports of cloud networking,"
stated Jayshree Ullal, Arista President and CEO.
Commenting on the company's financial results, Ita Brennan, Arista's
CFO, said, "We are pleased with the strong execution underlying our 2017
financial performance with 46% revenue growth and 70% growth in non-GAAP
EPS on a year-over-year basis."
Fourth Quarter Company Highlights
-
Continued expansion in cloud-grade routing with the latest Arista
EOS® (Extensible Operating System) and CloudVision®
software. Arista EOS version 4.20 delivers new routing and management
software capabilities, helping customers evolve to modern,
software-driven routing principles.
2017 Company Highlights
-
Third consecutive year Arista has been recognized as a leader and
positioned the furthest for Completeness of Vision in the Leaders
Quadrant of the July 2017 Gartner Magic Quadrant for Data Center
Networking.
-
Introduced the next generation R2 Series platforms based on merchant
silicon that is twice the density and half the power of custom router
silicon, delivering more than 150 Tbps of capacity for switching and
routing applications with cloud-driven Arista EOS software
technologies including Arista FlexRoute™ and AlgoMatch™.
-
Containerized EOS (cEOS) supports alternate models of procuring,
packaging and deploying Arista's EOS across cloud, enterprises and
service providers. Utilizing the industry standard container
development/operations (DevOps) model, Arista extends the
architectural choices beyond its own hardware to support EOS on
virtual machines, containers and third-party merchant silicon-based
switches.
-
Arista Data
AnalyZer DANZ 2017 supports the Arista R-Series Universal Leaf and
Spine platforms, bringing improved visibility to 25G and 100G
networks. DANZ, powered by Arista EOS and combined with Arista
CloudVision for automation and telemetry, delivers the hyperscale
visibility platform required to secure today's cloud centric
applications and workflows.
-
Introduced Arista Any Cloud software platform, reducing operational
costs and complexity for enterprises by simplifying integration and
management of hybrid clouds across private cloud datacenters and
public cloud providers. The new virtualized offering, Arista vEOS™
Router, combined with CloudVision and new Cloud Tracer™ functionality,
provides consistent operations, orchestration, security and telemetry
across multi-cloud environments.
Financial Outlook
For the first quarter of 2018, we expect:
-
Revenue between $450 and $468 million.
-
Non-GAAP gross margin between 63% to 65%, and
-
Non-GAAP operating margin of approximately 32%
Guidance for non-GAAP financial measures excludes estimated legal
expenses of approximately $8 million associated with the Cisco
and OptumSoft litigation, stock-based compensation expense, and other
non-recurring items. A reconciliation of non-GAAP guidance measures to
corresponding GAAP measures is not available on a forward-looking basis
(see further explanation below).
Prepared Materials and Conference Call Information
Arista executives will discuss fourth quarter 2017 financial results on
a conference call at 1:30 p.m. Pacific time today. To listen to the call
via telephone, dial (833) 287-7905 in the United States or (647)
689-4469 from outside the US. The Conference ID is 1592049.
The financial results conference call will also be available via live
webcast on our investor relations website at http://investors.arista.com/.
Shortly after the conclusion of the conference call, a replay of the
audio webcast will be available on Arista's Investor Relations website.
Forward-Looking Statements
This press release contains "forward-looking statements" regarding our
future performance, including statements in the section entitled
"Financial Outlook," such as estimates regarding revenue, non-GAAP gross
margin and non-GAAP operating margin for the first quarter of fiscal
2018, and statements regarding the benefits from the introduction of new
products. Forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that could cause
actual results, performance or achievements to differ materially from
those anticipated in or implied by the forward-looking statements
including risks associated with: Arista Networks' dispute with Cisco
Systems, Inc. including the ITC remedial orders which prohibit the
importation of Arista products (or components thereof) into the U.S., or
the sale of previously imported products, that are covered by those
remedial orders, Arista Networks' ability to redesign its products in a
manner not covered by such remedial orders and obtain appropriate
governmental approvals for those redesigned products, any penalties
assessed by the ITC if Arista's redesigned products are covered by such
remedial orders, Arista's ability to develop new redesigned products in
a timely manner that are acceptable to customers if Arista's current
redesigns are not approved by the ITC, and Arista Networks' ability to
manage our manufacturing and supply chain including the sourcing of
components on commercially reasonable terms; Arista Networks' limited
operating history; Arista Networks' rapid growth; Arista Networks'
customer concentration; our customers' adoption of our redesigned
products and services; requests for more favorable terms and conditions
from our large end customers; declines in the sales prices of our
products and services; changes in customer demand for our products and
services, customer order patterns or customer mix; the timing of orders
and manufacturing and customer lead times; increased competition in our
products and service markets; dependence on the introduction and market
acceptance of new product offerings and standards; rapid technological
and market change; the evolution of the cloud networking market and the
adoption by end customers of Arista Networks' cloud networking
solutions; Arista Networks' dispute with OptumSoft; the impact of global
and domestic tax reform, including the Tax Cuts and Jobs Act of 2017
("the Tax Act"); and general market, political, economic and business
conditions. Additional risks and uncertainties that could affect Arista
Networks can be found in Arista's most recent Quarterly Report on Form
10-Q filed with the SEC on November 3, 2017, and other filings that the
company makes to the SEC from time to time. You can locate these reports
through our website at http://investors.arista.com/and
on the SEC's website at http://www.sec.gov/.
All forward-looking statements in this press release are based on
information available to the company as of the date hereof and Arista
Networks disclaims any obligation to publicly update or revise any
forward-looking statement to reflect events that occur or circumstances
that exist after the date on which they were made.
Gartner does not endorse any vendor, product or service depicted in its
research publications, and does not advise technology users to select
only those vendors with the highest ratings or other designation.
Gartner research publications consist of the opinions of Gartner's
research organization and should not be construed as statements of fact.
Gartner disclaims all warranties, expressed or implied, with respect to
this research, including any warranties of merchantability or fitness
for a particular purpose.
Non-GAAP Financial Measures
The company reports certain non-GAAP financial measures that exclude
stock-based compensation expense and related excess tax benefits,
expenses associated with the Cisco and OptumSoft litigation, discrete
tax items associated with the Tax Act, other non-recurring items, and
the income tax effect of these non-GAAP exclusions. The company uses
these non-GAAP financial measures internally in analyzing its financial
results and believes that the use of these non-GAAP financial measures
is useful to investors as an additional tool to evaluate ongoing
operating results and trends. In addition, these measures are the
primary indicators management uses as a basis for its planning and
forecasting for future periods.
Non-GAAP financial measures are not meant to be considered in isolation
or as a substitute for comparable GAAP net income, net income per
diluted share, gross margin, or operating margin. Non-GAAP financial
measures are subject to limitations, and should be read only in
conjunction with the company's consolidated financial statements
prepared in accordance with GAAP. A description of these non-GAAP
financial measures and a reconciliation of the company's non-GAAP
financial measures to their most directly comparable GAAP measures has
been provided in the financial statement tables included in this press
release, and investors are encouraged to review the reconciliation.
The Company's guidance for non-GAAP financial measures excludes
stock-based compensation expense, expenses associated with the Cisco and
OptumSoft litigation, and other non-recurring items. The Company does
not provide guidance on GAAP gross margin or GAAP operating margin or
the various reconciling items between GAAP gross margin and GAAP
operating margin and non-GAAP gross margin and non-GAAP operating
margin. Stock-based compensation expense is impacted by the Company's
future hiring and retention needs and the future fair market value of
the Company's common stock, all of which are difficult to predict and
subject to constant change. The actual amount of stock-based
compensation expense will have a significant impact on the Company's
GAAP gross margin and GAAP operating margin. Accordingly, a
reconciliation of our guidance on non-GAAP financial measures to the
corresponding GAAP measure is not available without unreasonable effort.
About Arista Networks
Arista Networks was founded to pioneer and deliver software-driven cloud
networking solutions for large datacenter storage and computing
environments. Arista's award-winning platforms, ranging in Ethernet
speeds from 10 to 100 gigabits per second, redefine scalability, agility
and resilience. Arista has shipped more than 15 million cloud networking
ports worldwide with CloudVision and EOS, an advanced network operating
system. Committed to open standards, Arista is a founding member of the
25/50GbE consortium. Arista Networks products are available worldwide
directly and through partners.
ARISTA, EOS, CloudVision, and AlgoMatch are among the registered and
unregistered trademarks of Arista Networks, Inc. in jurisdictions around
the world. Other company names or product names may be trademarks of
their respective owners.
Additional information and resources can be found at: http://www.arista.com/
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ARISTA NETWORKS, INC.
Condensed Consolidated Statements of Income
(Unaudited in thousands, except per share amounts)
|
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|
|
|
|
|
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Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
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2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
407,195
|
|
|
$
|
289,008
|
|
|
$
|
1,432,810
|
|
|
$
|
991,337
|
|
Service
|
|
60,672
|
|
|
38,961
|
|
|
213,376
|
|
|
137,830
|
|
Total revenue
|
|
467,867
|
|
|
327,969
|
|
|
1,646,186
|
|
|
1,129,167
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
Product
|
|
147,919
|
|
|
108,057
|
|
|
538,035
|
|
|
369,768
|
|
Service
|
|
12,783
|
|
|
9,757
|
|
|
46,382
|
|
|
36,283
|
|
Total cost of revenue
|
|
160,702
|
|
|
117,814
|
|
|
584,417
|
|
|
406,051
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|
Total gross profit
|
|
307,165
|
|
|
210,155
|
|
|
1,061,769
|
|
|
723,116
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|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
107,180
|
|
|
71,398
|
|
|
349,594
|
|
|
273,581
|
|
Sales and marketing
|
|
38,808
|
|
|
38,321
|
|
|
155,105
|
|
|
130,887
|
|
General and administrative
|
|
21,789
|
|
|
22,941
|
|
|
86,798
|
|
|
75,239
|
|
Total operating expenses
|
|
167,777
|
|
|
132,660
|
|
|
591,497
|
|
|
479,707
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|
Income from operations
|
|
139,388
|
|
|
77,495
|
|
|
470,272
|
|
|
243,409
|
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Other income (expense), net:
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(741
|
)
|
|
(918
|
)
|
|
(2,780
|
)
|
|
(3,136
|
)
|
Other income (expense), net
|
|
2,988
|
|
|
560
|
|
|
7,268
|
|
|
1,952
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Total other income (expense), net
|
|
2,247
|
|
|
(358
|
)
|
|
4,488
|
|
|
(1,184
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)
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Income before provision for income taxes
|
|
141,635
|
|
|
77,137
|
|
|
474,760
|
|
|
242,225
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Provision for income taxes
|
|
37,802
|
|
|
18,354
|
|
|
51,559
|
|
|
58,036
|
|
Net income
|
|
$
|
103,833
|
|
|
$
|
58,783
|
|
|
$
|
423,201
|
|
|
$
|
184,189
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
103,752
|
|
|
$
|
58,527
|
|
|
$
|
422,400
|
|
|
$
|
182,965
|
|
Diluted
|
|
$
|
103,759
|
|
|
$
|
58,542
|
|
|
$
|
422,468
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|
|
$
|
183,039
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Net income per share attributable to common stockholders:
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|
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Basic
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$
|
1.42
|
|
|
$
|
0.84
|
|
|
$
|
5.85
|
|
|
$
|
2.66
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Diluted
|
|
$
|
1.29
|
|
|
$
|
0.79
|
|
|
$
|
5.35
|
|
|
$
|
2.50
|
|
Weighted-average shares used in computing net income per share
attributable to common stockholders:
|
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|
|
|
|
|
|
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Basic
|
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73,310
|
|
|
69,980
|
|
|
72,258
|
|
|
68,771
|
|
Diluted
|
|
80,243
|
|
|
74,384
|
|
|
78,977
|
|
|
73,222
|
|
|
|
|
|
|
|
|
|
|
|
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|
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ARISTA NETWORKS, INC.
Reconciliation of Selected GAAP to Non-GAAP Financial Measures
(Unaudited, in thousands, except percentages and per share
amounts)
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|
|
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Three Months Ended December 31,
|
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Twelve Months Ended December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
GAAP gross profit
|
|
$
|
307,165
|
|
|
$
|
210,155
|
|
|
$
|
1,061,769
|
|
|
$
|
723,116
|
|
GAAP gross margin
|
|
65.7
|
%
|
|
64.1
|
%
|
|
64.5
|
%
|
|
64.0
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%
|
Stock-based compensation expense
|
|
1,129
|
|
|
1,004
|
|
|
4,353
|
|
|
3,620
|
|
Non-GAAP gross profit
|
|
$
|
308,294
|
|
|
$
|
211,159
|
|
|
$
|
1,066,122
|
|
|
$
|
726,736
|
|
Non-GAAP gross margin
|
|
65.9
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%
|
|
64.4
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%
|
|
64.8
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%
|
|
64.4
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%
|
|
|
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
139,388
|
|
|
$
|
77,495
|
|
|
$
|
470,272
|
|
|
$
|
243,409
|
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Stock-based compensation expense
|
|
20,436
|
|
|
16,324
|
|
|
75,427
|
|
|
59,032
|
|
Litigation expense
|
|
9,072
|
|
|
12,209
|
|
|
40,352
|
|
|
35,833
|
|
Non-GAAP income from operations
|
|
$
|
168,896
|
|
|
$
|
106,028
|
|
|
$
|
586,051
|
|
|
$
|
338,274
|
|
Non-GAAP operating margin
|
|
36.1
|
%
|
|
32.3
|
%
|
|
35.6
|
%
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
103,833
|
|
|
$
|
58,783
|
|
|
$
|
423,201
|
|
|
$
|
184,189
|
|
Stock-based compensation expense
|
|
20,436
|
|
|
16,324
|
|
|
75,427
|
|
|
59,032
|
|
Litigation expense
|
|
9,072
|
|
|
12,209
|
|
|
40,352
|
|
|
35,833
|
|
Impact of the U.S. Tax Cuts and Jobs Act(1)
|
|
51,812
|
|
|
-
|
|
|
51,812
|
|
|
-
|
|
Excess tax benefit on share based awards
|
|
(38,312
|
)
|
|
-
|
|
|
(110,007
|
)
|
|
-
|
|
Release of income tax reserve
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,293
|
)
|
Income tax effect on non-GAAP exclusions
|
|
(9,511
|
)
|
|
(9,836
|
)
|
|
(37,956
|
)
|
|
(31,340
|
)
|
Non-GAAP net income
|
|
$
|
137,330
|
|
|
$
|
77,480
|
|
|
$
|
442,829
|
|
|
$
|
241,421
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share attributable to common stockholders
|
|
$
|
1.29
|
|
|
$
|
0.79
|
|
|
$
|
5.35
|
|
|
$
|
2.50
|
|
Non-GAAP adjustments to net income
|
|
0.42
|
|
|
0.25
|
|
|
0.26
|
|
|
0.80
|
|
Non-GAAP diluted net income per share
|
|
$
|
1.71
|
|
|
$
|
1.04
|
|
|
$
|
5.61
|
|
|
$
|
3.30
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing diluted net income per
share attributable to common stockholders
|
|
80,243
|
|
|
74,384
|
|
|
78,977
|
|
|
73,222
|
|
|
|
|
|
|
|
|
|
|
Summary of Stock-Based Compensation Expense:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
1,129
|
|
|
$
|
1,004
|
|
|
$
|
4,353
|
|
|
$
|
3,620
|
|
Research and development
|
|
11,207
|
|
|
8,830
|
|
|
42,184
|
|
|
31,892
|
|
Sales and marketing
|
|
5,302
|
|
|
4,292
|
|
|
17,953
|
|
|
15,666
|
|
General and administrative
|
|
2,798
|
|
|
2,198
|
|
|
10,937
|
|
|
7,854
|
|
Total
|
|
$
|
20,436
|
|
|
$
|
16,324
|
|
|
$
|
75,427
|
|
|
$
|
59,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
During the quarter ended December 31, 2017, we recorded provisional
tax amounts for the one-time transition tax on the accumulated
earnings of certain foreign subsidiaries and the re-measurement of
certain deferred tax assets and liabilities as a result of the
enactment of the Tax Act. Our accounting for these tax effects will
be completed during the one-year measurement period allowed under
Staff Accounting Bulletin 118.
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|
|
|
|
|
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ARISTA NETWORKS, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
859,192
|
|
|
$
|
567,923
|
|
Marketable securities
|
|
676,363
|
|
|
299,910
|
|
Accounts receivable
|
|
247,346
|
|
|
253,119
|
|
Inventories
|
|
306,198
|
|
|
236,490
|
|
Prepaid expenses and other current assets
|
|
177,330
|
|
|
168,684
|
|
Total current assets
|
|
2,266,429
|
|
|
1,526,126
|
|
Property and equipment, net
|
|
74,279
|
|
|
76,961
|
|
Investments
|
|
36,136
|
|
|
36,136
|
|
Deferred tax assets
|
|
65,125
|
|
|
70,960
|
|
Other assets
|
|
18,891
|
|
|
18,824
|
|
TOTAL ASSETS
|
|
$
|
2,460,860
|
|
|
$
|
1,729,007
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
52,200
|
|
|
$
|
79,457
|
|
Accrued liabilities
|
|
133,827
|
|
|
90,951
|
|
Deferred revenue
|
|
327,706
|
|
|
273,350
|
|
Other current liabilities
|
|
16,172
|
|
|
15,795
|
|
Total current liabilities
|
|
529,905
|
|
|
459,553
|
|
Income taxes payable
|
|
34,067
|
|
|
14,498
|
|
Lease financing obligations, non-current
|
|
37,673
|
|
|
39,593
|
|
Deferred revenue, non-current
|
|
187,556
|
|
|
99,585
|
|
Other long-term liabilities
|
|
9,745
|
|
|
7,958
|
|
TOTAL LIABILITIES
|
|
798,946
|
|
|
621,187
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Common stock
|
|
7
|
|
|
7
|
|
Additional paid-in capital
|
|
804,731
|
|
|
674,183
|
|
Retained earnings
|
|
859,114
|
|
|
435,105
|
|
Accumulated other comprehensive loss
|
|
(1,938
|
)
|
|
(1,475
|
)
|
TOTAL STOCKHOLDERS' EQUITY
|
|
1,661,914
|
|
|
1,107,820
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
2,460,860
|
|
|
$
|
1,729,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARISTA NETWORKS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
2017
|
|
2016
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
|
423,201
|
|
|
$
|
184,189
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
20,640
|
|
|
19,749
|
|
Stock-based compensation
|
|
75,427
|
|
|
59,032
|
|
Deferred income taxes
|
|
8,426
|
|
|
(21,720
|
)
|
Amortization of investment premiums
|
|
1,452
|
|
|
1,493
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net
|
|
5,773
|
|
|
(108,856
|
)
|
Inventories
|
|
(69,708
|
)
|
|
(144,361
|
)
|
Prepaid expenses and other current assets
|
|
(11,645
|
)
|
|
(115,074
|
)
|
Other assets
|
|
907
|
|
|
2,866
|
|
Accounts payable
|
|
(30,104
|
)
|
|
38,678
|
|
Accrued liabilities
|
|
43,535
|
|
|
30,629
|
|
Deferred revenue
|
|
142,327
|
|
|
176,126
|
|
Income taxes payable
|
|
19,921
|
|
|
42,650
|
|
Other liabilities
|
|
1,475
|
|
|
8,894
|
|
Net cash provided by operating activities (1)
|
|
631,627
|
|
|
174,295
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Proceeds from maturities of marketable securities
|
|
206,332
|
|
|
137,855
|
|
Purchases of marketable securities
|
|
(585,373
|
)
|
|
(439,711
|
)
|
Purchases of property and equipment
|
|
(15,279
|
)
|
|
(21,419
|
)
|
Proceeds from repayment of notes receivable
|
|
3,000
|
|
|
-
|
|
Investment in privately-held companies
|
|
-
|
|
|
(2,500
|
)
|
Change in restricted cash
|
|
(1,260
|
)
|
|
(204
|
)
|
Net cash used in investing activities
|
|
(392,580
|
)
|
|
(325,979
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Principal payments of lease financing obligations
|
|
(1,617
|
)
|
|
(1,336
|
)
|
Proceeds from issuance of common stock under equity plans
|
|
57,111
|
|
|
35,181
|
|
Minimum tax withholding paid on behalf of employees for net share
settlement
|
|
(4,025
|
)
|
|
(1,100
|
)
|
Net cash provided by financing activities (1)
|
|
51,469
|
|
|
32,745
|
|
Effect of exchange rate changes
|
|
753
|
|
|
(464
|
)
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
291,269
|
|
|
(119,403
|
)
|
CASH AND CASH EQUIVALENTS-Beginning of period
|
|
567,923
|
|
|
687,326
|
|
CASH AND CASH EQUIVALENTS-End of period
|
|
$
|
859,192
|
|
|
$
|
567,923
|
|
____________________________________
|
|
|
|
|
(1) During our first fiscal quarter of 2017, we adopted Accounting
Standards Update 2016-09, "Compensation-Stock Compensation
(Topic 718): Improvements to Employee Share-Based Payment Accounting."
This adoption resulted in an increase in net cash provided by operating
activities and a corresponding decrease in net cash provided by
financing activities of $42.9 million for the year ended December 31,
2016.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180215006271/en/
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