2017 Highlights Q1

Copyright © Arista 2017. All rights reserved.Copyright © Arista 2017. All rights reserved.
Arista in Q1 2017

Copyright © Arista 2017. All rights reserved.
Safe Harbor
2
This presentation and the accompanying oral presentation contain forward-looking statements that are based on our management’s beliefs and
assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical
fact contained in this presentation, including information concerning our business plans and objectives, total addressable market, potential growth
opportunities, market potential by speed, trends relating to increase in storage, the router market, competitive position, benefits of Arista’s platforms,
industry environment and potential market opportunities.
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; risks associated with Arista Networks’ rapid growth; Arista Networks’ customer concentration; Arista Networks’
dispute with Cisco Systems, Inc. including the issuance of any ITC remedial orders prohibiting the importation of Arista products (or components thereof)
into the U.S., Arista Networks’ ability to obtain a determination that alternative product implementations are not covered by such ITC remedial orders, any
penalties assess by the ITC if Arista does not obtain such a determination and Arista Networks’ ability to manage our manufacturing and supply chain
including the sourcing of components on commercially reasonable terms, if at all; risks associated with our customer’s 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 order patterns or customer mix; increased competition in our products and service markets, including the data center
market; 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; and general market, political, economic and business conditions. Additional risks and uncertainties that could affect Arista Networks can
be found in Arista’s Annual Report on Form 10-K filed with the SEC on February 17, 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 www.sec.gov.
You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in
our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances
described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assume responsibility for the
accuracy and completeness of the forward-looking statements.
This presentation is being provided as of May 4, 2017 and the forward looking statements and any other statements contained herein speak only as of the
date of this presentation, and we undertake no obligation to publicly update any forward-looking statements or any other statements in this presentation
for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by
law.
In addition to GAAP financial information, this presentation includes certain non-GAAP financial measures. The non-GAAP measures have limitations, and
you should not consider them in isolation or as a substitute for our GAAP financial information. There are limitations to the use of non-GAAP measures.
Non-GAAP gross margins and non-GAAP operating income exclude the impact of stock-based compensation expenses, expenses associated with the
OptumSoft and Cisco litigation, and other non-recurring charges or benefits. See the Appendix for a reconciliation of all non-GAAP financial measures to
their nearest GAAP equivalent.

Inevitable Shift to Seamless Cloud Networking
3
1970 2008 2010 2012 2015 2017-2020+
10s
1,000s
10,000s
50,000s
Client Server
High
Performance
Computing
Leaf-Spine
Cloud Networks
Software Defined
Cloud Networking
Cloud Native
Containers
Seamless PICS*
100,000s
Number of Servers
Low Latency
Dedicated Networks
Wire-speed
Non-Blocking
Virtualization
IP Storage
Zettabytes of Storage
100,000s+ of Servers
1,000,000s of VMs
Convergence of PICS
Containerization
Multi-tenant
*PICS – Places In the Cloud

Cloud vs Enterprise – They are Different Networks
4
Traditional Networking (Legacy) Cloud Networking (Arista)
Serves <100,000 employees Serves hundreds of millions of users
Expensive to build and scale 10x-40x more cost effective
Minimal API usage API for programmatic access
Manual management Automated management
1 Admin: 100 servers 1 Admin: 10K servers
Proprietary lock-in Open

$0
$5
$10
$15
Arista’s Cloud Networking Opportunity
5
Source: Dell’Oro Market Research, Ethernet Switch Update, January 2017
Server Shipments Data Center Ethernet Switch Revenue
0%
50%
100%
Enterprises/Premises
Cloud and SP
PercentofServerShipments
Revenuein$Billions
Rest of Market
(Enterprise and SMB)
Rest of Cloud
Top 7 Cloud Providers
• Enterprise workloads are migrating to public & hybrid clouds
• Traditional enterprise served 100,000 employees vs. Clouds @ hundreds of millions of users
• The emergence of cloud native apps & containers necessitates a new architecture
Telco SPs

Arista Market Share vs. Cisco
6
High Speed Data Center Switching Market Share in Ports (10GbE and Higher)
Source: Crehan Research Datacenter Switch Market Share Report Q4’2016.
Note: Excludes blade switches.
3.4%
4.9%
6.7%
9.3%
12.0%
14.5%
73.3%
71.4%
70.8%
66.1%
60.7%
52.0%
52.0%
54.0%
56.0%
58.0%
60.0%
62.0%
64.0%
66.0%
68.0%
70.0%
72.0%
74.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
2011 2012 2013 2014 2015 2016
Arista
Cisco

Market Potential by Speed
7
$0
$5
$10
$15
1 GE
10 GE
Software
40 GE
> 100 GE
50 GE*
25 GE*
Data Center Ethernet Switch Revenue ($Bn)
Source: Dell’Oro Market Research, Ethernet Switch Update, January, 2017
*Shows discrete 25G or 50G ports only. Majority of 25/50GE server ports are expected to connect via QSFP-100G break out to 100 GE switch
ports at the large Cloud Service Providers.
Revenuein$Billions

Cloud-Class Market Leadership Platform Portfolio
8
Diverse Merchant Silicon Architectures
Single-Image Arista EOS Across All Platforms
7500E/R Series
7150, 7160 & 7280R Series7050X/7060X Series
Leaf
EOS
7300X
Series
Spine/SplineTMLeaf
Volume Value

Proven Arista EOS Architecture Flexibility
9
12 Silicon Families
4 Architectures
One Single EOS
Consistent and Open
Bali
Alta
Petra
Arad
Jericho
Trident+
Trident-II
Trident-II+
Tomahawk
Tomahawk+
Helix XP80
Fulcrum-FM BRCM-DNX BRCM-XGS CAVIUM-XPA
Arista EOS
Automation &
Programmability Telemetry
Cloud
Networking
Abstraction Layer

Arista’s Cloud Scale Software Architecture
10
Processes are Self-Healing
Legacy – Spaghetti Code Arista Programmable EOS
Susceptible to Process Failure
OTV MSDP PIM IGMP
IGMP
Snoop
CoPP
ISISEIGRPOSPFRIPBGP
STP
ACL
U4RIB U6RIB
IPQOS
LC
FIB
Custom Linux Open Linux
Custom ASICs Merchant Silicon
Publish
Notify
Scalable
Resilient
Programmable
• Arista has ONE Operating System, purpose built for the cloud

Universal Cloud Network Architecture
11
Core is subsumed in Spine
Access
Distribution
Core
Switching
Legacy Core
Routing
Optical
DCIInternet DCIInternet
Spine
Leaf
EW
Universal
Spine
DCI
Transit Peering
Spine
Universal
Leaf
Internet Inter-DC WAN
Universal Leaf-SpineLeaf/SpineLegacy

Arista’s ‘5 A’ Architecture
12
Any Cloud API
Analytics
Automation
Available Architecture
Agile Work-X
Datacenter
DCI MPLS WAN
Internet
Public Peering
DANZ
Savings with faster migration
and integration between
private and public clouds
3x
Opex savings using single
pane of glass for network
automation and analytics
into public & private cloud
10x
Cost savings using same
operational model for public
and private cloud
5x
Seamless Workload Mobility
Best-of-Breed 3rd party Technology Integration
Network State Streaming & Telemetry
Universal Cloud Architecture ANY Workload, Workflow, or Workstream
Cloud Visibility & Telemetry
Open Cloud API Integration & AutomationCloud Orchestration
Private Cloud Public Cloud
Branch
Office

Foundational High Availability and Resiliency
LEAF
SPINE
NETWORK
SPINE Smart System Upgrade – (SSU)
• Maintenance mode
• Dual SUP SSO with NSF
• MLAG Active/Active L2 SSO
LEAF Smart System Upgrade - SSU
• Hitless Software Upgrade
• MLAG Active/Active L2 SSO
CLOUDVISION ADVANTAGE
• Automated network wide change
controls, including upgrades and
rollback
EOS
EOS SOFTWARE ARCHITECTURE
• Multi-process state sharing architecture
• In-service software patching
• Software Fault Containment (SFC)
• Stateful Fault Repair (SFR)
13

Arista EOS Evolution
EOS
Architecture
State
Programmability
History of Rich Innovation in Extensible – Open – Scalable
2004-2009 2010-2012 2013 2015 2016 2017+2014
EOS
Automation
Workflow Visibility
CloudVision®
Workload Automation
EOS SDK
EAAS
EOS
High Availability
SSU
ASU
SFC/SFR
VXLAN Integration
NSX Integration
OpenStack Integration
EOS+
EOS
Scale
EOS
Architecture
NetDB
FlexRoute™
CV Telemetry
MSS Security
AlgoMatch™
Leaf-Spine Cloud
MLAG/ECMP/BGP
LANZ/DANZ Telemetry
ZTP/R
VM Tracer for vCenter
EOS
Cloud Designs
EOS
2017
DANZ 2017
Hybrid Cloud
Containerization
14

Arista EOS Supports Many Roles
• We target a large and growing market, $10B+ in 20171
• Our open software approach is applicable to new opportunities
• EOS software is our foundational building block which drives TAM growth
• Arista has a proven ability to insert and drive sharp share gains
• New applications drive higher revenues with major accounts
15
SPINE DCI
FLEXIBLE WAN
LEAF
CLOUD PEERING
EDGE
MONITORING
SECURITY MSS
IP STORAGE
BIG DATA
SPINE ROUTING
1 Dell’Oro Ethernet Switch Data Center Forecast, January 2017.

Disruptive Cloud Economics for Routers
16
Interface Types
100G Density
Software
Features
Power
(per 100G port)
List Pricing
(per 100G port)
Legacy & Ethernet Ethernet
~80 Ports 432 Ports
~200+ watts 25 watts
$100,000+ $3,000
Legacy
feature sets
Cloud-optimized Routing,
FlexRoute Scale,
Programmable Traffic Engineering
Traditional Router
Arista 7500R
Spine
7500R disrupting router market w/100GbE routing transition
Arista’s
Disruptive
Economics

Next Gen Telco Cloud
Routing Use-Cases - Arista Universal Spine & Leaf
17
DC Universal Spine Content Provider
Internet
Inter-DC WAN
Spine 
Core
DCI
Transit
Public
Peering
Cloud DC
Content Provider
Peer D
Peer E
Peer C
Peer F Peer G
Peer H
Private
WAN
Software Driven Traffic Engineering Service Provider NFV
Cloud DCI Peering and Interconnect
Path computation
IGP, BGP - Segment
Routing
MPLS TE signaling
Programmatic
API’s
DC2
DC1
Segment Routing reduces complexity and
improves scale by offering intelligent source
routing with globally optimized traffic
engineering
WAN
x
Inter-DC
Traffic
Arista 7500R Universal Spine
Arista 7280R
Universal Leaf
Deep Buffer
Leaf-Spine Architecture
SDN Controller
WAN CoreConsumer and
Mobile Access
x86
VNF
VNF
VNF
Services Edge
Universal
Spine
Spine
Leaf

Migration to Cloud Storage Architectures in the Enterprise
18
Traditional Enterprise
Storage
Cloud
Storage
Transforming Storage Networking
$5/GB ~ 36¢/GB
(2-3¢/GB/month)
-6% CAGR + 22% CAGR
Scale-up Scale-out
Siloed Fibre Channel
SANs
Common IP/Ethernet
Infrastructure
Sources:
Cost: Global Financial Customer
CAGR: Crehan Research Inc, April 2016
Sources:
Cost: AWS, MSFT Azure List prices
CAGR: Wikibon Server SAN Research Project 2014
Cost per GB
Market Growth
Scaling
Architecture

Arista’s IP Storage Solution
19
Dedicated Storage Spine
(Large)
Storage Spine
App ServersApp Servers IP Storage
Compute Spine
Hyper-converged
Storage Racks
(Small)
Hyperconverged Storage/Compute
Dedicated Storage Rack
(Medium)
App ServersApp Servers IP Storage
Scalable to
Petabytes
Lossless
Transport
High
Availability
Visibility
Simplified
Management
Return on
Investment
Smart System
Upgrades, Self-
healing OS
Deep Buffering,
VOQ,
DCB/PFC
UCN Architecture,
Dense switching
Tracers, State-
streaming,
Telemetry
CloudVision
provisioning and
Change
Management
Low power
consumption,
compact form
factors
Storage Partner
Ecosystem

Arista’s Containerization
20
Run containerized apps on EOS
Common development
environment
Network Visibility into
containerized workloads
EOS running in a Container,
as a packaging option
Common development environment
Flexible platform support
Designed for DevOps and Microservices
Container
Tracer
Containerized EOS
(cEOS)
Containers
on EOS New

Cloud Networking is Everywhere: Three Key Segments
21
Enterprises
Turnkey
Driven
§ Compute, Storage,
Security Tech
Partners
§ CloudVision Turnkey
§ Solution Driven
§ Virtual Branch Leaf
Arista Cloud
Converged
Titans
Scale and Control
Driven
§ 25/50/100GbE Scale
§ Internal Projects
§ API controls
§ Spine & HA
§ EOS Leaf for Control
Arista
Cloud Scale
Key Verticals
Best of Breed
Driven
§ Leaf-Spine Switching
§ Spine Routing
§ UCN Designs
§ Best of Breed
Platforms
§ Highest EOS
Preference
Arista Cloud
Class

Major Verticals
22
Note: By Billings. Only selected verticals shown. Diagram not to scale.
79%
21%
U.S. International
Moderate
Large
Follower Early AdopterPace of Adoption
Financial Services
Tier 1, 2, 3
Service Provider
Cloud Specialty &
Hosting
Providers
Rest of
Enterprise
Cloud Titans
Retail
Government
Oil & Gas
Business
Services
Manufacturing
Research
Labs
Healthcare
Education
Media &
Entertainment

Foundational Technology Underpins TAM Expansion
• We partner with customers and follow their journey
• EOS software drives repeat purchases, Arista cultivates customer advocacy
• EOS software organically enables additional use cases
23
Chart illustrates the top 15 customers based on the last 12 quarters of total product and service billings.
Additional Purchases
Did Not Purchase
Top 15
Customers
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Customer1
Customer2
Customer3
Customer4
Customer5
Customer6
Customer7
Customer8
Customer9
Customer10
Customer11
Customer12
Customer13
Customer14
Customer15

1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix.
24
Financial Highlights1
Note: non-GAAP, excludes stock-based comp.
196 218 245 242 269 290 328 335
$0
$50
$100
$150
$200
$250
$300
$350
$400
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Millions
Total Revenue
65.8% 65.5% 64.0% 64.4% 64.1% 64.6% 64.4% 64.2%
0%
10%
20%
30%
40%
50%
60%
70%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Gross Margin
27.6% 27.3%
29.1% 28.9%
27.9%
30.0%
32.3%
30.2%
0%
5%
10%
15%
20%
25%
30%
35%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Operating Margin
0.54 0.59 0.80 0.68 0.74 0.83 1.04 0.93
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Diluted EPS

Copyright © Arista 2017. All rights reserved.25
Balance Sheet & Cash Conversion Cycle
135 147 210 253 209
51 50
67
71
56
0
10
20
30
40
50
60
70
80
$0
$50
$100
$150
$200
$250
$300
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Millions
AR and DSO
AR
DSO
84 118 162 236 287
3.6 3.5
2.7
2.2
1.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
$0
$50
$100
$150
$200
$250
$300
$350
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Millions
Inventory and Turns
Inventory
Turns
127
98
133
177
228
0
50
100
150
200
250
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Cash Conversion Cycle
(R)
762 824 800 868 1,043
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Millions
Cash, Cash Equivalents &
Marketable Securities (R)

Arista in Q1 2017
26
Mission:
Deliver the best cloud networking solutions for private, public and hybrid cloud deployments
Containerized EOS (cEOS) supports alternate
models of procuring, packaging and deploying
Arista’s EOS® across cloud, enterprises and
service providers.
Arista Data ANalyZer DANZ 2017 R-Series
Universal Leaf and Spine platforms support
improved visibility to 25G and 100G networks.
DANZ combined with Arista CloudVision® delivers
hyperscale visibility securing today’s cloud centric
applications and workflows.
Continued adoption of Cloud Networking
across key verticals.
Q1’17 Revenue: $335.5M
Q1’17 EPS: $0.93*
Q1’16-Q1’17 YOY Revenue Growth: 38.5%
Q1’17 Gross Margin: 64.2%
Q1’17 Operating Margin: 30.2%
Key Highlights Financial Results (non-GAAP)1
1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix.
* Diluted shares increased to 77.5M vs. consensus at 75M due to adoption of ASU 2016-09. This reduced non-GAAP EPS by $0.02

Legal Status – 2017 Timeline
28
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
944
945
944 CBP Hearing
Feb. 13
944 CBP Decision
April 7
945 ID
Dec. 7
945 FD
May 4
944 ID
June 20
944 FD
Sept 20
IPRs
IPR Hearing
March 7
IPR FWD
June 11
End of 945 PRP
July 3

2017 Highlights Q1

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