Arista Networks, Inc. (ANET) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 1, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Call Participants:

Liz Stine - Director, IR

Jayshree Ullal - President and CEO

Ita Brennan - CFO

Anshul Sadana - COO

Aaron Rakers - Wells Fargo - Analyst

Antoine Chkaiban - New Street Research - Analyst

Samik Chatterjee - JPMorgan - Analyst

David Vogt - UBS - Analyst

Meta Marshall - Morgan Stanley - Analyst

Sebastien Naji - William Blair - Analyst

Tal Liani - Bank of America - Analyst

Michael Ng - Goldman Sachs - Analyst

Alex Henderson - Needham - Analyst

Amit Daryanani - Evercore - Analyst

Matt Niknam - Deutsche Bank - Analyst

Michael Genovese - Rosenblatt - Analyst

James Fish - Piper Sandler - Analyst

Ittai Kidron - Oppenheimer - Analyst

Ben Bollin - Cleveland Research - Analyst

Tim Long - Barclays - Analyst

Erik Suppiger - JMP Securities - Analyst

Simon Leopold - Raymond James - Analyst

Sami Badri - Credit Suisse - Analyst

George Notter - Jefferies - Analyst

Operator

Welcome to the First Quarter 2023 Arista Networks Financial Results Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded and will be available for replay from the Investor Relations section at the Arista website following this call. Ms. Liz Stine, Arista’s Director of Investor Relations, you may begin.

Liz Stine - Director, IR

Thank you, operator. Good afternoon, everyone and thank you for joining us. With me on today’s call are Jayshree Ullal, Arista Networks’ President and Chief Executive Officer; and Ita Brennan, Arista’s Chief Financial Officer. This afternoon, Arista Networks issued a press release announcing the results for its fiscal first quarter ending March 31, 2023. If you would like a copy of this release, you can access it online at our website.

During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the second quarter of the 2023 fiscal year, longer-term financial outlook for 2023 and beyond, our total addressable market and strategy for addressing these market opportunities, including AI, customer demand trends, supply chain constraints, component costs, manufacturing output, inventory management and inflationary pressures on our business, lead times, product innovation, working capital optimization, and the benefits of acquisitions, which are subject to the risks and uncertainties that we discussed in detail in our documents filed with the SEC, specifically in our most recent Form 10-Q and Form 10-K and which could cause actual results to differ materially from those anticipated by these statements.