Monday, March 31, 2014

Arista Networks' S-1 SEC Filing - Big Sales to Microsoft

Arista Networks filed an S-1 registration statement with the Securities and Exchange Commission for an initial public offering of its shares.  The company intends to list under the symbol "ANET".

Earlier this month Arista Networks announced two new 100GbE modules for its 7500 Series switches:

  • 7500E Series 6 port 100GbE card with support for CFP2 optics up to 40km over single mode fiber is orderable in Q2 2014 with pricing starting at $6600 per 100GbE port
  • 7500E Series 12 port 100GbE card is planned for availability in 2H 2014 along with a full range of QSFP-100 optics and cables.
In November, Arista introduced its "Single Tier Spline" architecture for simplifying data centers by simplifying cabling, consolidating servers, migrating between virtual to physical networks and controling IP storage. The idea is to collapse the leaf and spine together into a single-tier network for performance and latency sensitive cloud applications. Arista said its design can bring true deterministic performance for up to 2000 hosts in one cluster while lowering operating and capital asset costs by 40%.

Arista Networks' S-1 statement can be found on the SEC website here:

http://www.sec.gov/Archives/edgar/data/1596532/000095012314000891/filename1.htm

A few items revealed in the S-1 filing:

Arista reported an 81% annual growth rate for the first nine months of 2013
2010 revenue was $71.7 million
2011 revenue was $139.8 million
2012 revenue was $193.4 million
2013 revenue (first 9 months) was $246.5 million

The annual growth rate from 2010 to 2012 was 64%.

2010 net income (first nine months) was $2.4 million
2011 net income (first nine months) was $34.0 million
2012 net income (first nine months) was $20.3 million
2013 net income (first nine months) was $27.5 million

During 2011 and 2012 and for the nine months ended September 30, 2013, sales to Arista's 10 largest end customers accounted for approximately 41%, 43% and 48% of our revenue, respectively.

Sales to Microsoft accounted for 10% of 2011 revenue, 15% of 2012 revenue, and 24% of revenue for the nine months ended September 30, 2013.

Arista also disclosed an intellectual property dispute with a company (Optumsoft) controlled by an Arista co-founder, David Cheriton.

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