[February 14, 2019] |
|
Arista Networks, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results
Arista Networks, Inc. (NYSE: ANET), an industry leader in
software-driven cloud networking solutions for large datacenter and
campus environments, today announced financial results for its fourth
quarter and year ended December 31, 2018 with record revenue and
earnings.
Fourth Quarter Financial Highlights
-
Revenue of $595.7 million, an increase of 5.8% compared to the third
quarter of 2018, and an increase of 27.3% from the fourth quarter of
2017.
-
GAAP gross margin of 62.9%, compared to GAAP gross margin of 64.2% in
the third quarter of 2018 and 65.7% in the fourth quarter of 2017.
-
Non-GAAP gross margin of 64.1%, compared to non-GAAP gross margin of
64.6% in the third quarter of 2018 and 65.9% in the fourth quarter of
2017.
-
GAAP net income of $170.3 million, or $2.10 per diluted share,
compared to GAAP net income of $103.8 million, or $1.29 per diluted
share, in the fourth quarter of 2017.
-
Non-GAAP net income of $182.2 million, or $2.25 per diluted share,
compared to non-GAAP net income of $137.3 million, or $1.71 per
diluted share, in the fourth quarter of 2017.
Full Year Financial Highlights
-
Revenue of $2.15 billion, an increase of 30.7% compared to fiscal year
2017.
-
GAAP gross margin of 63.8%, compared to GAAP gross margin of 64.5% in
fiscal year 2017.
-
Non-GAAP gross margin of 64.4%, compared to non-GAAP gross margin of
64.8% in fiscal year 2017.
-
GAAP net income of $328.1 million, or $4.06 per diluted share,
compared to GAAP net income of $423.2 million, or $5.35 per diluted
share, in fiscal year 2017.
-
Non-GAAP net income of $643.3 million or $7.96 per diluted share,
compared to non-GAAP net income of $442.8 million, or $5.61 per
diluted share, in fiscal year 2017.
"We are pleased with our solid 2018 financial performance and continued
momentum across cloud titan and enterprise verticals. Arista is earning
a strategic role with customers deploying transformative cloud
networking," stated Jayshree Ullal, Arista President and CEO.
Commenting on the company's financial results, Ita Brennan, Arista's
CFO, said, "The business continued to execute well across all key
financial metrics in 2018, with strong profitable revenue growth and
healthy cash generation."
Fourth Quarter Company Highlights
-
Arista
Introduces 400 Gigabit Platforms. New 400G fixed systems offer the
choice of two optical module form factors - OSFP and QSFP-DD
and deliver the performance that hyperscale cloud networks and
datacenters need for the growth of applications such as AI (artificial
intelligence), machine learning, and serverless computing.
-
Arista
Expands CloudVision to the Campus. Arista Networks announced the
next phase in its campus architecture, changing the way enterprises
rebuild campus networks in the future. Arista's Cognitive Campus
unifies wired and wireless campus networking, applying modern
software-driven cloud principles. Arista Cognitive WiFi™ eliminates
legacy WiFi controller bottlenecks to reduce operational costs with
higher reliability through a cloud-based, cognitive model.
-
Arista
to Demonstrate Any Cloud Networking for Kubernetes at KubeCon NA 2018.
Arista Networks unveiled a technology preview of Arista's Any Cloud
platform for Red Hat OpenShift Container Platform, and Tigera Secure
Enterprise Edition, providing a consistent and more secure
enterprise-class solution for Kubernetes-managed container workloads
spanning host-based and physical network infrastructure.
2018 Company Highlights
Financial Outlook
For the first quarter of 2019, we expect:
-
Revenue between $588 and $598 million;
-
Non-GAAP gross margin between 63% to 65%, and
-
Non-GAAP operating margin of approximately 35%
Guidance for non-GAAP financial measures excludes stock-based
compensation expense, amortization of acquisition-related intangible
assets, 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 and full year 2018
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 3657578.
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
2019, 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' limited operating
history; Arista Networks' rapid growth; Arista Networks' customer
concentration; the evolution and growth of the cloud networking market
and the adoption by end customers of Arista Networks' cloud networking
solutions; changes in our customer's demand for our 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; 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; the benefits and
impact of acquisitions; rapid technological and market change; Arista
Networks' dispute with OptumSoft; 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 5, 2018,
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.
Non-GAAP Financial Measures
The company reports certain non-GAAP financial measures that exclude
stock-based compensation expense, legal fees and bond costs and
recoveries associated with the OptumSoft and Cisco litigations,
acquisition-related costs, including external professional fees and
severance costs, amortization of acquisition-related intangible assets,
loss/gain on investments in privately held companies, other
non-recurring charges or benefits, and the income tax effect of these
non-GAAP exclusions. In addition, non-GAAP financial measures exclude
net tax benefits associated with stock-based awards, which include
excess tax benefits, other discrete indirect effects of such awards,
acquisition-related tax expense, and discrete tax items associated with
the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The company uses
these non-GAAP financial measures internally in analyzing its financial
results and believes that these non-GAAP financial measures are 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, amortization of acquisition-related
intangible assets, 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 the non-GAAP financial measure guidance to the
corresponding GAAP measure is not available without unreasonable effort.
About Arista Networks
Arista Networks pioneered software-driven, cognitive cloud networking
for large-scale datacenter and campus environments. Arista's
award-winning platforms redefine and deliver availability, agility,
automation, analytics, and security. Arista has shipped more than twenty
million cloud networking ports worldwide with CloudVision and EOS, an
advanced network operating system. Committed to open standards across
private, public and hybrid cloud solutions, Arista products are
supported worldwide directly and through partners.
ARISTA, EOS, CloudVision, Cognitive WiFi 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.
*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, express or implied, with respect to
this research, including any warranties of merchantability or fitness
for a particular purpose.
Additional information and resources can be found at: http://www.arista.com/
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ARISTA NETWORKS, INC.
|
Condensed Consolidated Statements of Operations
|
(Unaudited in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
$
|
503,235
|
|
|
$
|
407,195
|
|
|
|
$
|
1,841,100
|
|
|
$
|
1,432,810
|
|
Service
|
|
|
92,491
|
|
|
60,672
|
|
|
|
310,269
|
|
|
213,376
|
|
Total revenue
|
|
|
595,726
|
|
|
467,867
|
|
|
|
2,151,369
|
|
|
1,646,186
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
204,507
|
|
|
147,919
|
|
|
|
720,584
|
|
|
538,035
|
|
Service
|
|
|
16,227
|
|
|
12,783
|
|
|
|
57,408
|
|
|
46,382
|
|
Total cost of revenue
|
|
|
220,734
|
|
|
160,702
|
|
|
|
777,992
|
|
|
584,417
|
|
Total gross profit
|
|
|
374,992
|
|
|
307,165
|
|
|
|
1,373,377
|
|
|
1,061,769
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
118,439
|
|
|
107,180
|
|
|
|
442,468
|
|
|
349,594
|
|
Sales and marketing
|
|
|
50,911
|
|
|
38,808
|
|
|
|
187,142
|
|
|
155,105
|
|
General and administrative
|
|
|
12,000
|
|
|
21,789
|
|
|
|
65,420
|
|
|
86,798
|
|
Legal settlement
|
|
|
-
|
|
|
-
|
|
|
|
405,000
|
|
|
-
|
|
Total operating expenses
|
|
|
181,350
|
|
|
167,777
|
|
|
|
1,100,030
|
|
|
591,497
|
|
Income from operations
|
|
|
193,642
|
|
|
139,388
|
|
|
|
273,347
|
|
|
470,272
|
|
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(661
|
)
|
|
(741
|
)
|
|
|
(2,701
|
)
|
|
(2,780
|
)
|
Other income (expense), net
|
|
|
5,509
|
|
|
2,988
|
|
|
|
18,155
|
|
|
7,268
|
|
Total other income (expense), net
|
|
|
4,848
|
|
|
2,247
|
|
|
|
15,454
|
|
|
4,488
|
|
Income before income taxes
|
|
|
198,490
|
|
|
141,635
|
|
|
|
288,801
|
|
|
474,760
|
|
Provision for (benefit from) income taxes
|
|
|
28,168
|
|
|
37,802
|
|
|
|
(39,314
|
)
|
|
51,559
|
|
Net income
|
|
|
$
|
170,322
|
|
|
$
|
103,833
|
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
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Basic
|
|
|
$
|
170,211
|
|
|
$
|
103,752
|
|
|
|
$
|
327,926
|
|
|
$
|
422,400
|
|
Diluted
|
|
|
$
|
170,218
|
|
|
$
|
103,759
|
|
|
|
$
|
327,941
|
|
|
$
|
422,468
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
2.26
|
|
|
$
|
1.42
|
|
|
|
$
|
4.39
|
|
|
$
|
5.85
|
|
Diluted
|
|
|
$
|
2.10
|
|
|
$
|
1.29
|
|
|
|
$
|
4.06
|
|
|
$
|
5.35
|
|
Weighted-average shares used in computing net income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
75,473
|
|
|
73,310
|
|
|
|
74,750
|
|
|
72,258
|
|
Diluted
|
|
|
80,928
|
|
|
80,243
|
|
|
|
80,844
|
|
|
78,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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ARISTA NETWORKS, INC.
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Reconciliation of Selected GAAP to Non-GAAP Financial Measures
|
(Unaudited, in thousands, except percentages and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
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Twelve Months Ended December 31,
|
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
GAAP gross profit
|
|
|
$
|
374,992
|
|
|
$
|
307,165
|
|
|
|
$
|
1,373,377
|
|
|
$
|
1,061,769
|
|
GAAP gross margin
|
|
|
62.9
|
%
|
|
65.7
|
%
|
|
|
63.8
|
%
|
|
64.5
|
%
|
Stock-based compensation expense
|
|
|
1,381
|
|
|
1,129
|
|
|
|
5,087
|
|
|
4,353
|
|
Intangible asset amortization
|
|
|
2,626
|
|
|
-
|
|
|
|
3,824
|
|
|
-
|
|
Acquisition-related costs (1)
|
|
|
3,138
|
|
|
-
|
|
|
|
3,138
|
|
|
-
|
|
Non-GAAP gross profit
|
|
|
$
|
382,137
|
|
|
$
|
308,294
|
|
|
|
$
|
1,385,426
|
|
|
$
|
1,066,122
|
|
Non-GAAP gross margin
|
|
|
64.1
|
%
|
|
65.9
|
%
|
|
|
64.4
|
%
|
|
64.8
|
%
|
GAAP income from operations
|
|
|
$
|
193,642
|
|
|
$
|
139,388
|
|
|
|
$
|
273,347
|
|
|
$
|
470,272
|
|
Stock-based compensation expense
|
|
|
24,619
|
|
|
20,436
|
|
|
|
91,202
|
|
|
75,427
|
|
Litigation expense (benefit) (2)
|
|
|
(3,988
|
)
|
|
9,072
|
|
|
|
6,566
|
|
|
40,352
|
|
Legal settlement (3)
|
|
|
-
|
|
|
-
|
|
|
|
405,000
|
|
|
-
|
|
Intangible asset amortization
|
|
|
3,500
|
|
|
-
|
|
|
|
5,110
|
|
|
-
|
|
Acquisition-related costs
|
|
|
4,313
|
|
|
-
|
|
|
|
7,745
|
|
|
-
|
|
Non-GAAP income from operations
|
|
|
$
|
222,086
|
|
|
$
|
168,896
|
|
|
|
$
|
788,970
|
|
|
$
|
586,051
|
|
Non-GAAP operating margin
|
|
|
37.3
|
%
|
|
36.1
|
%
|
|
|
36.7
|
%
|
|
35.6
|
%
|
GAAP net income
|
|
|
$
|
170,322
|
|
|
$
|
103,833
|
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Stock-based compensation expense
|
|
|
24,619
|
|
|
20,436
|
|
|
|
91,202
|
|
|
75,427
|
|
Litigation expense (benefit) (2)
|
|
|
(3,988
|
)
|
|
9,072
|
|
|
|
6,566
|
|
|
40,352
|
|
Legal settlement (3)
|
|
|
-
|
|
|
-
|
|
|
|
405,000
|
|
|
-
|
|
Intangible asset amortization
|
|
|
3,500
|
|
|
-
|
|
|
|
5,110
|
|
|
-
|
|
Acquisition-related costs
|
|
|
4,313
|
|
|
-
|
|
|
|
7,745
|
|
|
-
|
|
Loss on investments in privately-held companies, net
|
|
|
4,700
|
|
|
-
|
|
|
|
13,800
|
|
|
-
|
|
Acquisition-related tax expense
|
|
|
-
|
|
|
-
|
|
|
|
5,853
|
|
|
-
|
|
Impact of the U.S. Tax Cuts and Jobs Act (4)
|
|
|
(12,632
|
)
|
|
51,812
|
|
|
|
(12,632
|
)
|
|
51,812
|
|
Tax benefit on share-based awards
|
|
|
(8,227
|
)
|
|
(38,287
|
)
|
|
|
(92,675
|
)
|
|
(111,542
|
)
|
Income tax effect on non-GAAP exclusions
|
|
|
(429
|
)
|
|
(9,536
|
)
|
|
|
(114,769
|
)
|
|
(36,421
|
)
|
Non-GAAP net income
|
|
|
$
|
182,178
|
|
|
$
|
137,330
|
|
|
|
$
|
643,315
|
|
|
$
|
442,829
|
|
GAAP diluted net income per share attributable to common stockholders
|
|
|
$
|
2.10
|
|
|
$
|
1.29
|
|
|
|
$
|
4.06
|
|
|
$
|
5.35
|
|
Non-GAAP adjustments to net income
|
|
|
0.15
|
|
|
0.42
|
|
|
|
3.90
|
|
|
0.26
|
|
Non-GAAP diluted net income per share
|
|
|
$
|
2.25
|
|
|
$
|
1.71
|
|
|
|
$
|
7.96
|
|
|
$
|
5.61
|
|
Weighted-average shares used in computing diluted net income per
share attributable to common stockholders
|
|
|
80,928
|
|
|
80,243
|
|
|
|
80,844
|
|
|
78,977
|
|
Summary of Stock-Based Compensation Expense:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
$
|
1,381
|
|
|
$
|
1,129
|
|
|
|
$
|
5,087
|
|
|
$
|
4,353
|
|
Research and development
|
|
|
13,505
|
|
|
11,207
|
|
|
|
48,205
|
|
|
42,184
|
|
Sales and marketing
|
|
|
6,224
|
|
|
5,302
|
|
|
|
24,995
|
|
|
17,953
|
|
General and administrative
|
|
|
3,509
|
|
|
2,798
|
|
|
|
12,915
|
|
|
10,937
|
|
Total
|
|
|
$
|
24,619
|
|
|
$
|
20,436
|
|
|
|
$
|
91,202
|
|
|
$
|
75,427
|
|
________________________________
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents a charge related to our business acquisitions in 2018
resulting from the required revaluation of inventory to its
estimated fair value.
|
(2)
|
|
Includes legal fees and bond costs and recoveries associated with
the OptumSoft and Cisco litigations.
|
(3)
|
|
Represents one-time charges associated with the settlement of our
lawsuit with Cisco on August 6, 2018.
|
(4)
|
|
Represents provisional tax estimates recorded in 2017 resulting
from the enactment of the Tax Act, and subsequent changes to these
amounts in 2018 as we completed our accounting for these tax
effects in the fourth quarter of 2018.
|
|
|
|
|
|
|
|
|
|
ARISTA NETWORKS, INC.
|
Condensed Consolidated Balance Sheets
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
649,950
|
|
|
$
|
859,192
|
|
Marketable securities
|
|
|
1,306,197
|
|
|
676,363
|
|
Accounts receivable
|
|
|
331,777
|
|
|
247,346
|
|
Inventories
|
|
|
264,557
|
|
|
306,198
|
|
Prepaid expenses and other current assets
|
|
|
162,321
|
|
|
177,330
|
|
Total current assets
|
|
|
2,714,802
|
|
|
2,266,429
|
|
Property and equipment, net
|
|
|
75,355
|
|
|
74,279
|
|
Acquisition-related intangible assets, net
|
|
|
58,610
|
|
|
-
|
|
Goodwill
|
|
|
53,684
|
|
|
-
|
|
Investments
|
|
|
30,336
|
|
|
36,136
|
|
Deferred tax assets
|
|
|
126,492
|
|
|
65,125
|
|
Other assets
|
|
|
22,704
|
|
|
18,891
|
|
TOTAL ASSETS
|
|
|
$
|
3,081,983
|
|
|
$
|
2,460,860
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
93,757
|
|
|
$
|
52,200
|
|
Accrued liabilities
|
|
|
123,254
|
|
|
133,827
|
|
Deferred revenue
|
|
|
358,586
|
|
|
327,706
|
|
Other current liabilities
|
|
|
30,907
|
|
|
16,172
|
|
Total current liabilities
|
|
|
606,504
|
|
|
529,905
|
|
Income taxes payable
|
|
|
36,167
|
|
|
34,067
|
|
Lease financing obligations, non-current
|
|
|
35,431
|
|
|
37,673
|
|
Deferred revenue, non-current
|
|
|
228,641
|
|
|
187,556
|
|
Other long-term liabilities
|
|
|
31,851
|
|
|
9,745
|
|
TOTAL LIABILITIES
|
|
|
938,594
|
|
|
798,946
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
Common stock
|
|
|
8
|
|
|
7
|
|
Additional paid-in capital
|
|
|
956,572
|
|
|
804,731
|
|
Retained earnings
|
|
|
1,190,803
|
|
|
859,114
|
|
Accumulated other comprehensive loss
|
|
|
(3,994
|
)
|
|
(1,938
|
)
|
TOTAL STOCKHOLDERS' EQUITY
|
|
|
2,143,389
|
|
|
1,661,914
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
$
|
3,081,983
|
|
|
$
|
2,460,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARISTA NETWORKS, INC.
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2018
|
|
2017 As Adjusted (1)
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
|
$
|
328,115
|
|
|
$
|
423,201
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation, amortization and other
|
|
|
27,671
|
|
|
20,640
|
|
Stock-based compensation
|
|
|
91,202
|
|
|
75,427
|
|
Deferred income taxes
|
|
|
(57,896
|
)
|
|
8,426
|
|
Loss on investments in privately-held companies, net
|
|
|
13,800
|
|
|
-
|
|
Amortization (accretion) of investment premiums (discounts)
|
|
|
(3,360
|
)
|
|
1,452
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(77,916
|
)
|
|
5,773
|
|
Inventories
|
|
|
51,054
|
|
|
(69,708
|
)
|
Prepaid expenses and other current assets
|
|
|
21,411
|
|
|
(11,645
|
)
|
Other assets
|
|
|
(3,389
|
)
|
|
907
|
|
Accounts payable
|
|
|
39,337
|
|
|
(30,104
|
)
|
Accrued liabilities
|
|
|
(14,786
|
)
|
|
43,535
|
|
Deferred revenue
|
|
|
70,533
|
|
|
142,327
|
|
Income taxes payable
|
|
|
(112
|
)
|
|
19,921
|
|
Other liabilities
|
|
|
17,455
|
|
|
1,475
|
|
Net cash provided by operating activities
|
|
|
503,119
|
|
|
631,627
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Proceeds from maturities of marketable securities
|
|
|
547,797
|
|
|
206,332
|
|
Purchases of marketable securities
|
|
|
(1,174,259
|
)
|
|
(585,373
|
)
|
Business acquisitions, net of cash acquired
|
|
|
(96,821
|
)
|
|
-
|
|
Purchases of property and equipment
|
|
|
(23,830
|
)
|
|
(15,279
|
)
|
Proceeds from repayment of notes receivable
|
|
|
2,000
|
|
|
3,000
|
|
Investments in privately-held companies
|
|
|
(8,000
|
)
|
|
-
|
|
Other investing activities
|
|
|
(2,000
|
)
|
|
-
|
|
Net cash used in investing activities (1)
|
|
|
(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
|
|
|
53,658
|
|
|
57,111
|
|
Tax withholding paid on behalf of employees for net share settlement
|
|
|
(8,878
|
)
|
|
(4,025
|
)
|
Net cash provided by financing activities
|
|
|
42,851
|
|
|
51,469
|
|
Effect of exchange rate changes
|
|
|
(1,390
|
)
|
|
753
|
|
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH (1)
|
|
|
(210,533
|
)
|
|
292,529
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period
(1)
|
|
|
864,697
|
|
|
572,168
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period (1)
|
|
|
$
|
654,164
|
|
|
$
|
864,697
|
|
____________________________________
|
|
|
|
|
|
(1)
|
|
The adoption of ASU 2016-18, Statement of Cash Flows (Topic 230):
Restricted Cash ("ASU 2016-18"), in the first quarter of 2018
requires the Company to include restricted cash together with cash
and cash equivalents when reconciling the beginning-of-period and
end-of-period amounts presented on the statements of cash flows.
As a result, for 2017, the beginning-of-period and end-of-period
amounts increased by $4.2 million and $5.5 million, respectively,
and net cash used in investing activities decreased by $1.3
million.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190214005839/en/
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