Arista Networks (ANET) 10-Q30 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36468
Entity Registrant Name	Arista Networks, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1751121
Entity Address, Address Line One	5453 Great America Parkway
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	(408)
Local Phone Number	547-5500
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ANET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		314,152,875
Entity Central Index Key	0001596532
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 2,429,031	$ 1,938,606
Marketable securities	3,844,923	3,069,362
Accounts receivable, net	1,226,795	1,024,569
Inventories	1,853,776	1,945,180
Prepaid expenses and other current assets	487,793	412,518
Total current assets	9,842,318	8,390,235
Property and equipment, net	96,282	101,580
Acquisition-related intangible assets, net	75,388	88,768
Goodwill	268,531	268,531
Deferred tax assets	1,177,172	945,792
Other assets	163,544	151,900
TOTAL ASSETS	11,623,235	9,946,806
CURRENT LIABILITIES:
Accounts payable	297,832	435,059
Accrued liabilities	320,071	407,302
Deferred revenue	1,329,450	915,204
Other current liabilities	214,526	152,041
Total current liabilities	2,161,879	1,909,606
Income taxes payable	107,833	95,751
Deferred revenue, non-current	789,336	591,000
Other long-term liabilities	133,379	131,390
TOTAL LIABILITIES	3,192,427	2,727,747
Commitments and contingencies (Note 5)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value—100,000 shares authorized and no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value—1,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 314,086 and 312,245 shares issued and outstanding as of June 30, 2024 and December 31, 2023	31	31
Additional paid-in capital	2,263,356	2,108,331
Retained earnings	6,182,479	5,114,025
Accumulated other comprehensive income (loss)	(15,058)	(3,328)
TOTAL STOCKHOLDERS’ EQUITY	8,430,808	7,219,059
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 11,623,235	$ 9,946,806

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	314,086,000	312,245,000
Common stock, shares outstanding (in shares)	314,086,000	312,245,000

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 1,690,400	$ 1,458,924	$ 3,261,774	$ 2,810,275
Cost of revenue:
Total cost of revenue	593,187	574,795	1,163,182	1,121,639
Gross profit	1,097,213	884,129	2,098,592	1,688,636
Operating expenses:
Research and development	267,482	229,676	475,877	431,084
Sales and marketing	104,403	97,971	209,483	191,463
General and administrative	25,755	26,420	53,518	51,449
Total operating expenses	397,640	354,067	738,878	673,996
Income from operations	699,573	530,062	1,359,714	1,014,640
Other income (expense), net	70,863	56,339	133,483	68,485
Income before income taxes	770,436	586,401	1,493,197	1,083,125
Provision for income taxes	105,008	94,516	190,077	154,767
Net income	$ 665,428	$ 491,885	$ 1,303,120	$ 928,358
Net income per share:
Basic (in dollars per share)	$ 2.12	$ 1.59	$ 4.16	$ 3.02
Diluted (in dollars per share)	$ 2.08	$ 1.55	$ 4.07	$ 2.94
Weighted-average shares used in computing net income per share:
Basic (in shares)	313,711	308,636	313,372	307,810
Diluted (in shares)	319,921	316,485	319,893	316,031
Product
Revenue:
Total revenue	$ 1,423,271	$ 1,261,537	$ 2,752,116	$ 2,433,631
Cost of revenue:
Total cost of revenue	540,393	533,613	1,062,072	1,042,475
Service
Revenue:
Total revenue	267,129	197,387	509,658	376,644
Cost of revenue:
Total cost of revenue	$ 52,794	$ 41,182	$ 101,110	$ 79,164

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 665,428	$ 491,885	$ 1,303,120	$ 928,358
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(973)	41	(2,377)	333
Available-for-sale investments:
Change in net unrealized gains (losses) on available-for-sale securities	(2,156)	(3,744)	(9,347)	4,509
Reclassification adjustment included in net income	0	0	(6)	3,858
Other comprehensive income (loss)	(3,129)	(3,703)	(11,730)	8,700
Comprehensive income	$ 662,299	$ 488,182	$ 1,291,390	$ 937,058

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		306,890
Beginning balance at Dec. 31, 2022	$ 4,885,820	$ 31	$ 1,780,714	$ 3,138,983	$ (33,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	928,358			928,358
Other comprehensive income (loss), net of tax	8,700				8,700
Stock-based compensation	130,008		130,008
Issuance of common stock in connection with employee equity incentive plans (in shares)		3,500
Issuance of common stock in connection with employee equity incentive plans	30,410		30,410
Repurchase of common stock (in shares)		(954)
Repurchase of common stock	(112,279)			(112,279)
Tax withholding paid for net share settlement of equity awards (in shares)		(113)
Tax withholding paid for net share settlement of equity awards	(15,766)		(15,766)
Common stock issued for business acquisition (in shares)		32
Common stock issued for business acquisition	2,331		2,331
Ending balance (in shares) at Jun. 30, 2023		309,355
Ending balance at Jun. 30, 2023	5,857,582	$ 31	1,927,697	3,955,062	(25,208)
Beginning balance (in shares) at Mar. 31, 2023		308,098
Beginning balance at Mar. 31, 2023	5,329,174	$ 31	1,857,467	3,493,181	(21,505)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	491,885			491,885
Other comprehensive income (loss), net of tax	(3,703)				(3,703)
Stock-based compensation	67,127		67,127
Issuance of common stock in connection with employee equity incentive plans (in shares)		1,488
Issuance of common stock in connection with employee equity incentive plans	7,314		7,314
Repurchase of common stock (in shares)		(219)
Repurchase of common stock	(30,004)			(30,004)
Tax withholding paid for net share settlement of equity awards (in shares)		(44)
Tax withholding paid for net share settlement of equity awards	(6,542)		(6,542)
Common stock issued for business acquisition (in shares)		32
Common stock issued for business acquisition	2,331		2,331
Ending balance (in shares) at Jun. 30, 2023		309,355
Ending balance at Jun. 30, 2023	$ 5,857,582	$ 31	1,927,697	3,955,062	(25,208)
Beginning balance (in shares) at Dec. 31, 2023	312,245	312,245
Beginning balance at Dec. 31, 2023	$ 7,219,059	$ 31	2,108,331	5,114,025	(3,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,303,120			1,303,120
Other comprehensive income (loss), net of tax	(11,730)				(11,730)
Stock-based compensation	156,507		156,507
Issuance of common stock in connection with employee equity incentive plans (in shares)		2,814
Issuance of common stock in connection with employee equity incentive plans	$ 34,517		34,517
Repurchase of common stock (in shares)	(842)	(842)
Repurchase of common stock	$ (234,666)			(234,666)
Tax withholding paid for net share settlement of equity awards (in shares)		(131)
Tax withholding paid for net share settlement of equity awards	$ (35,999)		(35,999)
Ending balance (in shares) at Jun. 30, 2024	314,086	314,086
Ending balance at Jun. 30, 2024	$ 8,430,808	$ 31	2,263,356	6,182,479	(15,058)
Beginning balance (in shares) at Mar. 31, 2024		313,601
Beginning balance at Mar. 31, 2024	7,862,315	$ 31	2,185,149	5,689,064	(11,929)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	665,428			665,428
Other comprehensive income (loss), net of tax	(3,129)				(3,129)
Stock-based compensation	79,292		79,292
Issuance of common stock in connection with employee equity incentive plans (in shares)		1,132
Issuance of common stock in connection with employee equity incentive plans	$ 9,373		9,373
Repurchase of common stock (in shares)	(614)	(614)
Repurchase of common stock	$ (172,013)			(172,013)
Tax withholding paid for net share settlement of equity awards (in shares)		(33)
Tax withholding paid for net share settlement of equity awards	$ (10,458)		(10,458)
Ending balance (in shares) at Jun. 30, 2024	314,086	314,086
Ending balance at Jun. 30, 2024	$ 8,430,808	$ 31	$ 2,263,356	$ 6,182,479	$ (15,058)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,303,120	$ 928,358
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	31,112	39,227
Stock-based compensation	156,507	130,008
Noncash lease expense	9,292	9,154
Deferred income taxes	(228,460)	(130,287)
Gain on strategic investments	0	(19,172)
Amortization (accretion) of investment premiums (discounts)	(27,843)	(11,998)
Changes in operating assets and liabilities:
Accounts receivable, net	(202,226)	143,370
Inventories	91,404	(574,628)
Other assets	(92,577)	(120,864)
Accounts payable	(136,236)	114,905
Accrued liabilities	(87,063)	70,418
Deferred revenue	612,582	43,658
Income taxes, net	74,067	198,100
Other liabilities	(863)	(11,676)
Net cash provided by operating activities	1,502,816	808,573
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities	952,572	1,265,305
Proceeds from sale of marketable securities	36,750	21,725
Purchases of marketable securities	(1,749,308)	(1,392,020)
Purchases of property and equipment	(12,555)	(17,212)
Cash paid for business combinations, net of cash acquired	0	1,799
Investments in notes and privately-held companies	(1,000)	(4,250)
Net cash used in investing activities	(773,541)	(124,653)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity plans	34,517	30,410
Tax withholding paid on behalf of employees for net share settlement	(35,999)	(15,766)
Repurchases of common stock	(234,666)	(112,279)
Net cash used in financing activities	(236,148)	(97,635)
Effect of exchange rate changes	(2,692)	429
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	490,435	586,714
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period	1,939,464	675,978
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	2,429,899	1,262,692
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Right-of-use assets obtained in exchange for lease obligations	1,665	17,010
Property and equipment included in accounts payable and accrued liabilities	4,391	5,653
Common stock issued for business acquisition	$ 0	$ 2,331

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
Organization and Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization Arista Networks, Inc. (together with our subsidiaries, “we,” “our,” "Arista," "Company" or “us”) is a supplier of cloud networking solutions that use software innovations to address the needs of next generation data center, campus and routing environments. Our cloud networking solutions consist of our Extensible Operating System ("EOS"), a set of network applications and our Ethernet switching and routing platforms. We are incorporated in the state of Delaware. Our corporate headquarters are located in Santa Clara, California, and we have wholly-owned subsidiaries throughout the world, including North America, Europe, Asia and Australia. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Arista Networks, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the three and six months ended June 30, 2024, are not necessarily indicative of the results expected for the full fiscal year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. All significant inter-company accounts and transactions have been eliminated. Our condensed consolidated financial statements and related financial information in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 12, 2024. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, valuation of inventory and contract manufacturer/supplier liabilities, accounting for income taxes, including the recognition of deferred tax assets and liabilities, valuation allowance on deferred tax assets and reserves for uncertain tax positions, revenue recognition and deferred revenue, allowance for doubtful accounts, sales rebates and return reserves, valuation of goodwill and acquisition-related intangible assets, estimate of useful lives of long-lived assets including intangible assets, and the recognition and measurement of contingent liabilities. We evaluate our estimates and assumptions based on historical experience and other factors and adjust these estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates. Risks and Uncertainties Global economic and business activities continue to face widespread macroeconomic uncertainties, including inflation, monetary policy shifts, recession risks, and potential supply chain and other disruptions such as the Russia-Ukraine and Israel-Hamas conflicts, the Houthi attacks on marine vessels in the Red Sea, the U.S. trade war with China and the outcome of the upcoming U.S. presidential election. Our business is emerging from a period of unprecedented global supply chain disruptions. Throughout this period, we made significant supply chain investments, including funding additional working capital and incremental purchase commitments in response to extended visibility to deployment plans from our customers. We have worked closely with our contract manufacturers and supply chain partners to ramp production following a period of delayed component sourcing and workforce disruptions. Increased capacity has allowed us to ship products against previously committed demand/deployment plans and accelerate some deployments where needed, while trying to limit building customer inventory, and to some extent balancing customer lead times with those currently experienced from our key suppliers. As a result, some shipments against these previously committed demand/deployment plans have extended into 2024. As the global supply chain has experienced some improvements and as customer lead times have been reduced from their peak, we have seen and expect to continue to see a commensurate reduction in visibility to customer demand and a gradual return to shorter demand-planning horizons. Given these shipment and order patterns, near term revenue trends may not be solely reflective of current demand levels, but as discussed above will benefit from demand/deployment plans that had been previously committed. We expect that inventory and purchase commitments will begin to stabilize in the near term, but will remain volatile as we ramp new product introductions. The magnitude of these balances, combined with a reduction in customer demand-planning horizons and shifting customer product priorities, has resulted in increased risk that we may not be able to sell all of this inventory, which in turn has resulted in additional excess and obsolete inventory and supplier liability charges. In addition, inflation pressure in our supply chain and scarcity of some materials needed to build our products have increased our cost of revenue and have impacted, and may continue to negatively impact our gross margin. While we have seen improvements in our supply chain and manufacturing operations, any remaining or new supply chain and manufacturing related constraints could negatively impact our business in future periods. In addition, although our business has experienced limited disruption as a result of the Russia-Ukraine conflict, continued escalation of this conflict as well as the Israeli-Hamas conflict and Houthi movement in the Red Sea may negatively impact the global economy and our future operating results and financial condition. Management continues to actively monitor the impact of macroeconomic factors on the Company's financial condition, liquidity, operations, suppliers, industry, and workforce. The extent of the impact of these factors on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, the impact on our customers, partners, employees, contract manufacturers and supply chain, all of which continue to evolve and are unpredictable. In addition, any continued or renewed disruption in manufacturing and supply resulting from these factors could negatively impact our business. We also believe that some of our customers must now consider changing technology roadmaps and priorities, including the need for the deployment of AI and related technologies, resulting in some uncertainty as to future investment plans and a more constrained approach to some forecasts and orders in the near term. In addition, any prolonged economic disruptions or further deterioration in the global economy could have a negative impact on demand from our customers in future periods, particularly in the enterprise market where we are continuing to expand our penetration. Accordingly, current results and financial conditions discussed herein may not be indicative of future operating results and trends. Recent Accounting Pronouncements Not Yet Effective In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. As of June 30, 2024 , we have not early adopted ASU 2023-09 and we are currently evaluating the impact of future adoption on our financial disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As of June 30, 2024, we have not early adopted ASU 2023-07 and we are currently evaluating the impact of future adoption on our financial disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets measured at fair values on a recurring basis We measure and report our cash equivalents, restricted cash, and available-for-sale marketable securities at fair value on a recurring basis. The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands): June 30, 2024 December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Financial Assets: Cash Equivalents: Money market funds $ 1,309,104 $ — $ — $ 1,309,104 $ 1,015,705 $ — $ — $ 1,015,705 Commercial paper — 16,413 — 16,413 — 1,999 — 1,999 Corporate bonds — 2,132 — 2,132 — — — — U.S. government notes 390,148 — — 390,148 — — — — Agency securities — 4,953 — 4,953 — — — — 1,699,252 23,498 — 1,722,750 1,015,705 1,999 — 1,017,704 Marketable Securities: Commercial paper — 25,680 — 25,680 — — — — Certificates of deposits (1) — — — — — 5,000 — 5,000 U.S. government notes 1,367,612 — — 1,367,612 1,044,859 — — 1,044,859 Corporate bonds — 1,796,961 — 1,796,961 — 1,362,124 — 1,362,124 Agency securities — 654,670 — 654,670 — 657,379 — 657,379 1,367,612 2,477,311 — 3,844,923 1,044,859 2,024,503 — 3,069,362 Other Assets: Money market funds - restricted 868 — — 868 858 — — 858 Total Financial Assets $ 3,067,732 $ 2,500,809 $ — $ 5,568,541 $ 2,061,422 $ 2,026,502 $ — $ 4,087,924 ______________________________________ (1) As of December 31, 2023, all of our certificates of deposits were domestic deposits. During the three and six months ended June 30, 2024, the Company did not make any transfers between the levels of the fair value hierarchy. The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands): June 30, 2024 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,093 $ — $ — $ 42,093 $ 1,999 $ — $ — $ 1,999 U.S. government 1,761,003 141 (3,384) 1,757,760 1,043,445 2,874 (1,460) 1,044,859 Corporate bonds 1,804,507 365 (5,779) 1,799,093 1,361,132 2,810 (1,818) 1,362,124 Agency securities 660,572 130 (1,079) 659,623 657,118 1,143 (882) 657,379 Total $ 4,268,175 $ 636 $ (10,242) $ 4,258,569 $ 3,063,694 $ 6,827 $ (4,160) $ 3,066,361 For debt securities in unrealized loss positions, it is not likely that we will be required to sell such securities before recovery of their amortized cost basis nor do we have the intent to sell such securities before maturity. We invest in debt securities that have maximum maturities of two years and are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these marketable securities, the more susceptible they are to changes in market interest rates and bond yields. Given the short-term and conservative nature of our portfolio, our debt securities are generally not subject to credit risk; therefore, we did not recognize any credit losses or non-credit-related impairments related to such securities for the three and six months ended June 30, 2024. All unrealized losses were recognized in other comprehensive income (loss). Realized gains or losses were immaterial for the three and six months ended June 30, 2024. The following table is an analysis of our debt securities in unrealized loss positions (in thousands): June 30, 2024 Unrealized Losses within 12 months Unrealized Losses 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government notes $ 1,445,689 $ (2,660) $ 161,063 $ (724) $ 1,606,752 $ (3,384) Corporate bonds 1,408,050 (5,076) 184,252 (703) 1,592,302 (5,779) Agency securities 339,109 (508) 179,258 (571) 518,367 (1,079) Total $ 3,192,848 $ (8,244) $ 524,573 $ (1,998) $ 3,717,421 $ (10,242) As of June 30, 2024, we had no marketable securities with contractual maturities that exceeded 24 months. The fair values of marketable securities by remaining contractual maturities, are as follows (in thousands): June 30, 2024 Fair Value Due in 1 year or less $ 2,196,729 Due in 1 to 2 years 1,648,194 Total debt securities $ 3,844,923 The weighted-average remaining duration of our marketable securities is approximately 0.9 years as of June 30, 2024. As we view these marketable securities as available to support current operations, we classify marketable securities with maturities beyond 12 months as current assets under the caption "Marketable securities" on the condensed consolidated balance sheets. Assets measured at fair value on a non-recurring basis Non-Marketable Equity Securities We have non-marketable equity securities in privately-held companies that do not have readily-determinable fair values. These equity securities are included in Investments on the condensed consolidated balance sheets. Their initial cost is adjusted to fair value on a non-recurring basis based on observable price changes from orderly transactions of identical or similar securities of the same issuer, or for impairment. These investments are classified within Level III of the fair value hierarchy as we estimate the value based on valuation methods using the observable transaction price at the transaction date and other significant unobservable inputs, such as volatility, rights, and obligations related to these securities. In addition, the valuation requires management judgment due to the absence of market price and lack of liquidity. We did not record any realized gains or losses for our non-marketable equity securities during the three and six months ended June 30, 2024 and June 30, 2023, and w e recorded nil and immaterial amounts of unrealized gains or losses for the three and six months ended June 30, 2024 and June 30, 2023, respectively . We evaluate our non-marketable equity securities for impairment at each reporting period via a qualitative assessment with various potential impairment indicators, including, but not limited to, an assessment of a significant adverse change in the economic environment, significant adverse changes in the general market condition of the geographies and industries in which our investees operate, and other publicly-available information that affected the value of the non-marketable equity securities . The following table summarizes the activity related to our non-marketable equity securities as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cost of investments $ 32,656 $ 31,656 Cumulative impairment and downward adjustment — — Cumulative upward adjustment 30,632 30,632 Carrying amount of investments $ 63,288 $ 62,288

Financial Statements Details

Financial Statements Details	6 Months Ended
Financial Statements Details	Jun. 30, 2024
Balance Sheet Components [Abstract]
Financial Statements Details	Financial Statements Details Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the total of the same such amounts in the unaudited condensed consolidated statements of cash flows is as follows (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 2,429,031 $ 1,938,606 Restricted cash included in other assets 868 858 Total cash, cash equivalents and restricted cash $ 2,429,899 $ 1,939,464 Accounts Receivable, net Accounts receivable, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 1,237,629 $ 1,034,480 Product sales rebate and returns reserve (10,834) (9,911) Accounts receivable, net $ 1,226,795 $ 1,024,569 Inventories Inventories consist of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 771,354 $ 930,777 Finished goods 1,082,422 1,014,403 Total inventories $ 1,853,776 $ 1,945,180 Property and Equipment, net Property and equipment, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Land $ 45,883 $ 44,645 Equipment and machinery 153,755 144,850 Computer hardware and software 59,248 57,761 Leasehold improvements 34,686 34,584 Furniture and fixtures 3,557 3,576 Construction-in-process 3,391 4,242 Property and equipment, gross 300,520 289,658 Less: accumulated depreciation (204,238) (188,078) Property and equipment, net $ 96,282 $ 101,580 Depreciation expense was $8.5 million and $7.8 million for the three months ended June 30, 2024 and 2023, respectively, and $17.1 million and $14.9 million for the six months ended June 30, 2024 and 2023, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, 2023 Accrued compensation-related costs $ 103,312 $ 134,225 Accrued supplier liability 80,350 167,878 Accrued manufacturing costs 56,693 61,491 Accrued product development costs 36,802 1,041 Other 42,914 42,667 Total accrued liabilities $ 320,071 $ 407,302 Contract Liabilities, Deferred Revenue and Other Performance Obligations Contract Liabilities A contract liability is recognized when we have received customer payments in advance of our satisfaction of a performance obligation under a cancellable contract. The following table summarizes the activity related to our contract liabilities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Contract liabilities, beginning balance $ 139,618 $ 105,047 $ 133,239 $ 103,448 Less: Revenue recognized from beginning balance (12,412) (9,941) (29,171) (22,105) Less: Beginning balance reclassified to deferred revenue (6,917) (4,962) (6,012) (4,145) Add: Contract liabilities recognized 23,841 19,953 46,074 32,899 Contract liabilities, ending balance $ 144,130 $ 110,097 $ 144,130 $ 110,097 As of June 30, 2024 and December 31, 2023, contract liabilities included in "Other current liabilities" were $59.2 million for each period, with the remaining balances included in "Other long-term liabilities" on the condensed consolidated balance sheets. Deferred Revenue Deferred revenue is comprised mainly of unearned revenue related to multi-year post-contract support ("PCS") contracts, services and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Deferred revenue, beginning balance $ 1,663,242 $ 1,092,274 $ 1,506,204 $ 1,041,246 Less: Revenue recognized from beginning balance (249,938) (263,353) (467,516) (395,056) Add: Deferral of revenue in current period, excluding amounts recognized during the period 705,482 255,983 1,080,098 438,714 Deferred revenue, ending balance $ 2,118,786 $ 1,084,904 $ 2,118,786 $ 1,084,904 Other Performance Obligations Other performance obligations totaling $688.1 million as of June 30, 2024 include unbilled multi-year PCS and service contract amounts of $513.0 million and $175.1 million of binding contractual agreements with certain customers that are primarily related to future product shipments. Revenue from Total Remaining Performance Obligations T otal revenue from our contract liabilities, deferred revenue and other performance obligations that is expected to be recognized in future periods was $3.0 billion as of June 30, 2024 . A pproximately 81% of this future revenue is expected to be recognized over the next two years and the remaining 19% is expected to be recognized during the third to the fifth year. Other Income (Expense), net Other income (expense), net consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 71,448 $ 32,206 $ 135,271 $ 54,715 Gain (loss) on strategic investments — 24,743 — 19,172 Other income (expense), net (585) (610) (1,788) (5,402) Total $ 70,863 $ 56,339 $ 133,483 $ 68,485

Goodwill and Acquisition-Relate

Goodwill and Acquisition-Related Intangible Assets	6 Months Ended
Goodwill and Acquisition-Related Intangible Assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquisition-Related Intangible Assets	Goodwill and Acquisition-Related Intangible Assets Acquisition-Related Intangible Assets Acquisition-related intangible assets, excluding those that are fully amortized, were as follows (in thousands, except years): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (in years) December 31, 2023 Additions June 30, 2024 December 31, 2023 Amortization June 30, 2024 December 31, 2023 June 30, 2024 Developed technology $ 154,930 $ — $ 154,930 $ (102,493) $ (8,390) $ (110,883) $ 52,437 $ 44,047 3.7 Customer relationships 54,620 — 54,620 (21,797) (3,851) (25,648) 32,823 28,972 4.3 Trade name 12,390 — 12,390 (8,882) (1,139) (10,021) 3,508 2,369 1.1 Total $ 221,940 $ — $ 221,940 $ (133,172) $ (13,380) $ (146,552) $ 88,768 $ 75,388 3.8 Amortization expense related to acquisition-related intangible assets was $6.7 million and $9.3 million for the three months ended June 30, 2024 and 2023, respectively, and $13.4 million and $18.6 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, future estimated amortization expense related to the acquisition-related intangible assets is as follows (in thousands): Future Amortization Expense Remainder of 2024 $ 13,379 2025 19,642 2026 17,260 2027 13,436 2028 10,037 Thereafter 1,634 Total $ 75,388

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases We have operating lease arrangements for office space, data center, equipment and other corporate assets. As of June 30, 2024, we had lease payment obligations, net of immaterial sublease income, of $61.6 million, with $23.5 million payable within one year. Purchase Commitments We outsource most o f our manufacturing and supply chain management operations to third-party contract manufacturers, who procure components and assemble products on our behalf. A significant portion of our purchase orders to our contract manufacturers for finished products consists of non-cancellable purchase commitments. In addition, we purchase strategic component inventory from certain suppliers under non-cancellable purchase commitments, including integrated circuits, which are consigned to our contract manufacturers. As of June 30, 2024, we had non-cancellable purchase commitments not recorded on our balance sheet of $2.1 billion, of which $1.7 billion have expected receipt dates within 12 months, and $0.4 billion have expected receipt dates greater than 12 months. These open purchase orders are considered enforceable and legally binding, and while we may have some limited ability to reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services, this can only occur with the agreement of the related supplier. We also had deposits to our contract manufacturers to secure our purchase commitments in the amount of $128.0 million and $133.3 million as of June 30, 2024 and December 31, 2023, respectively, which were recorded within prepaid expenses and other current assets, as well as other assets in the condensed consolidated balance sheets. Guarantees We have entered into agreements with some of our direct customers and channel partners that contain indemnification provisions relating to potential situations where claims could be alleged that our products infringe the intellectual property rights of a third party. We have, at our option and expense, the ability to repair any infringement, replace product with a non-infringing equivalent-in-function product or refund our customers all or a portion of the value of the product. Other guarantees or indemnification agreements include guarantees of product and service performance and standby letters of credit for leased facilities and corporate credit cards. We have not recorded a liability related to these indemnification and guarantee provisions and our guarantee and indemnification arrangements have not had a significant impact on our consolidated financial statements to date. Legal Proceedings WSOU Investments, LLC On November 25, 2020, WSOU Investments LLC ("WSOU") filed a lawsuit against us in the Western District of Texas asserting that certain of our products infringe three WSOU patents. WSOU's allegations are directed to certain features of our wireless and switching products. WSOU seeks remedies including monetary damages, attorney's fees and costs. On February 4, 2021, we filed an answer denying WSOU's allegations. On November 5, 2021, the case was transferred to the Northern District of California. On March 30, 2022, WSOU dismissed one of the patents with prejudice, removing Arista wireless products from those accused of infringement. On July 1, 2022, the court stayed the case pending the resolution of an inter partes review of one of the patents-in-suit. On May 30, 2023, the US Patent Trial and Appeal Board (“PTAB”) ruled all challenged claims in the inter partes review unpatentable. The district court case remains stayed pending appeal and/or final resolution of the PTAB ruling. We intend to vigorously defend against the claims brought against us by WSOU; however, we cannot be certain that any of WSOU's claims will be resolved in our favor, regardless of the merits of those claims. Any adverse litigation ruling could result in a significant damages award against us and injunctive relief. With respect to the legal proceedings described above, it is our belief that while a loss is not probable, it may be reasonably possible. Further, at this stage in the litigation, any possible loss or range of loss cannot be estimated; however, the outcome of litigation is inherently uncertain. Therefore, if this legal matter were resolved against us in a reporting period for a material amount, our consolidated financial statements for that reporting period could be materially adversely affected. Other matters In the ordinary course of business, we are a party to other claims and legal proceedings including matters relating to commercial, employee relations, business practices and intellectual property. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of June 30, 2024, provisions recorded for contingent losses related to other claims and matters have not been significant. Based on currently-available information, management does not believe that any additional liabilities relating to other unresolved matters are probable or that the amount of any resulting loss is estimable, and believes these other matters are not likely, individually and in the aggregate, to have a material adverse effect on our financial position, results of operations or cash flows; however, litigation is subject to inherent uncertainties and our view of these matters may change in the future. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on our financial position, results of operations or cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods.

Stockholders_ Equity and Stock-

Stockholders’ Equity and Stock-Based Compensation	6 Months Ended
Stockholders’ Equity and Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Stock Repurchase Program In April 2024 we completed repurchases under our previous $1.0 billion stock repurchase program (the “Prior Repurchase Program”). In May 2024, our board of directors authorized a new $1.2 billion stock repurchase program (the “New Repurchase Program” and together with the Prior Repurchase Program, the "Repurchase Programs"), which commenced in May 2024 and expires in May 2027. This authorization allows us to repurchase shares of our common stock that will be funded from working capital. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchases, trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or a combination of the foregoing. The New Repurchase Program does not obligate us to acquire any of our common stock, and may be suspended or discontinued by the company at any time without prior notice. During the three months ended June 30, 2024, we repurchase d a total of $82.0 million of our common stock under our Prior Repurchase Program and $90.0 million of our common stock under our New Repurchase Program. As of June 30, 2024, the remaining authorized amount for stock repurchases under the New Repurchase Program was approximately $1.1 billion. A summary of the stock repurchase activity under the Repurchase Programs for the three and six months ended June 30, 2024 is as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Aggregate purchase price $ 172,013 $ 234,666 Shares repurchased 614 842 Average price paid per share $ 280.23 $ 278.77 The aggregate purchase price of repurchased shares of our common stock is recorded as a reduction to retained earnings in our unaudited condensed consolidated statements of stockholders' equity. All shares repurchased have been retired. Equity Award Plan Activities 2014 Equity Incentive Plan On April 16, 2024, our board of directors adopted an amended and restated Arista Networks, Inc. 2014 Equity Plan (the "Restated Plan"), effective April 17, 2024 (the "Effective Date") subject to the approval of our stockholders, which wa s approved at the 2024 Annual Meeting of Stockholders on June 7, 2024. The Restated Plan provides for the grant of equity-based awards, including stock options, restricted stock units, restricted stock, stock appreciation rights, and performance awards. The share pool available under the prior version of the Company's 2014 Equity Incentive Plan (the "Prior Plan") was extinguished, and the Restated Plan provides for a new share pool not to exceed (i) 13,200,000 shares of our Common Stock (“Shares”), plus (ii) any Shares subject to awards under the Prior Plan that, on or after the Effective Date, expired or otherwise terminated without having been exercised in full, or that were forfeited to or repurchased by us, including net settlement of Shares subject to restricted stock units, with the maximum number of Shares to be added to the Restated Plan as a result of clause (ii) equal to 10,039,657 Shares. The Restated Plan’s terms are substantially similar to the Prior Plan’s terms, including with respect to treatment of equity awards in the event of a “change in control” as defined under the Restated Plan, but with certain modifications, including the elimination of the automatic “evergreen” share reserve increase provided for under the Prior Plan. As of June 30, 2024, there remained approximately 13.1 million shares available for grant under the Restated Plan. 2014 Employee Stock Purchase Plan In April 2014, our board of directors and stockholders approved the 2014 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on the first day that our common stock was publicly traded. The number of shares reserved for issuance under the ESPP increases automatically on January 1 of each year by the number of shares equal to 1% of our shares outstanding on the immediately preceding December 31, but not to exceed 10 million shares, unless our board of directors, in its discretion, determines to make a smaller increase. Effective January 1, 2024, our board of directors authorized an increase of 3.1 million shares to the shares available for issuance under the ESPP. During the six months ended June 30, 2024, we issued 140,162 shares at a weighted-average purchase price of $114.40 per share under the ESPP. As of June 30, 2024, there remained approximately 26.4 million shares available for issuance under the ESPP. Stock Option Activities The following table summarizes the option activity under our stock plans and related information (in thousands, except years and per share amounts): Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 2,457 $ 19.83 1.7 $ 529,931 Options granted — — Options exercised (1,152) 16.04 Options canceled (24) 20.07 Balance—June 30, 2024 1,281 $ 23.24 1.6 $ 419,222 Vested and exercisable—June 30, 2024 1,202 $ 22.04 1.5 $ 394,687 Restricted Stock Unit (RSU) Activities A summary of the RSU activity is presented below (in thousands, except years and per share amounts): Number of Weighted- Unvested balance—December 31, 2023 7,900 $ 112.76 RSUs and PRSUs granted 2,151 271.01 RSUs and PRSUs vested (1,507) 93.33 RSUs and PRSUs forfeited/canceled (295) 124.10 Unvested balance—June 30, 2024 8,249 $ 157.18 Stock-Based Compensation Expense The following table summarizes the stock-based compensation expense related to our equity awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 3,983 $ 2,824 $ 7,433 $ 5,799 Research and development 50,769 41,137 94,557 77,706 Sales and marketing 16,769 15,833 35,670 30,971 General and administrative 7,771 7,333 18,847 15,532 Total stock-based compensation $ 79,292 $ 67,127 $ 156,507 $ 130,008

Net Income Per Share

Net Income Per Share	6 Months Ended
Net Income Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock outstanding during the period, including potential common shares assuming the dilutive effect of outstanding stock options, restricted stock units, and the employee stock purchase plan using the treasury stock method. Potential common shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The following table sets forth the computation of our basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2022 Numerator: Net income $ 665,428 $ 491,885 $ 1,303,120 $ 928,358 Denominator: Basic weighted-average shares outstanding 313,711 308,636 313,372 307,810 Add weighted-average effect of dilutive securities: Employee equity awards 6,210 7,849 6,521 8,221 Diluted weighted-average shares outstanding 319,921 316,485 319,893 316,031 Net income per share: Basic $ 2.12 $ 1.59 $ 4.16 $ 3.02 Diluted $ 2.08 $ 1.55 $ 4.07 $ 2.94 The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2022 Employee equity awards 26 625 96 498

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income before income taxes $ 770,436 $ 586,401 $ 1,493,197 $ 1,083,125 Provision for income taxes 105,008 94,516 $ 190,077 154,767 Effective tax rate 13.6 % 16.1 % 12.7 % 14.3 % The decrease in the effective tax rates in the three and six months ended June 30, 2024, as compared to the same periods in 2023, was primarily due to an increase in tax benefits attributable to stock-based compensation.

Geographical Information

Geographical Information	6 Months Ended
Geographical Information	Jun. 30, 2024
Segment Reporting [Abstract]
Geographical Information	Geographical Information We operate in one reportable segment. The following table represents revenue based on customers’ shipping addresses (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Americas (1) $ 1,374,257 $ 1,154,509 $ 2,629,648 $ 2,269,520 Europe, Middle East and Africa 178,800 167,623 320,354 295,939 Asia-Pacific 137,343 136,792 311,772 244,816 Total revenue $ 1,690,400 $ 1,458,924 $ 3,261,774 $ 2,810,275 (1) Includes $1,362.7 million and $1,121.7 million revenue generated from the U.S. for the three months ended June 30, 2024 and June 30, 2023, respectively, and $2,595.5 million and $2,216.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Long-lived assets, net, excluding intercompany receivables, investments in subsidiaries, privately-held equity investments and deferred tax assets, by location are summarized as follows (in thousands): June 30, 2024 December 31, 2023 United States $ 77,935 $ 79,728 International 18,347 21,852 Total $ 96,282 $ 101,580

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 665,428	$ 491,885	$ 1,303,120	$ 928,358

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kelly Battles [Member]
Trading Arrangements, by Individual
Name	Kelly Battles
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	September 16, 2025
Arrangement Duration	460 days
Aggregate Available	1,706	1,706
Charles Giancarlo [Member]
Trading Arrangements, by Individual
Name	Charles Giancarlo
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 14, 2024
Expiration Date	September 18, 2025
Arrangement Duration	461 days
Aggregate Available	24,000	24,000
Kelly Battles [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 13, 2024, Kelly Battles, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 1,706 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 16, 2025, or earlier if all transactions under the trading arrangement are completed.
Charles Giancarlo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 14, 2024, Charles Giancarlo, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 24,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 18, 2025, or earlier if all transactions under the trading arrangement are completed.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Arista Networks, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the three and six months ended June 30, 2024, are not necessarily indicative of the results expected for the full fiscal year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. All significant inter-company accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, valuation of inventory and contract manufacturer/supplier liabilities, accounting for income taxes, including the recognition of deferred tax assets and liabilities, valuation allowance on deferred tax assets and reserves for uncertain tax positions, revenue recognition and deferred revenue, allowance for doubtful accounts, sales rebates and return reserves, valuation of goodwill and acquisition-related intangible assets, estimate of useful lives of long-lived assets including intangible assets, and the recognition and measurement of contingent liabilities. We evaluate our estimates and assumptions based on historical experience and other factors and adjust these estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates.
Risks and Uncertainties	Risks and Uncertainties Global economic and business activities continue to face widespread macroeconomic uncertainties, including inflation, monetary policy shifts, recession risks, and potential supply chain and other disruptions such as the Russia-Ukraine and Israel-Hamas conflicts, the Houthi attacks on marine vessels in the Red Sea, the U.S. trade war with China and the outcome of the upcoming U.S. presidential election. Our business is emerging from a period of unprecedented global supply chain disruptions. Throughout this period, we made significant supply chain investments, including funding additional working capital and incremental purchase commitments in response to extended visibility to deployment plans from our customers. We have worked closely with our contract manufacturers and supply chain partners to ramp production following a period of delayed component sourcing and workforce disruptions. Increased capacity has allowed us to ship products against previously committed demand/deployment plans and accelerate some deployments where needed, while trying to limit building customer inventory, and to some extent balancing customer lead times with those currently experienced from our key suppliers. As a result, some shipments against these previously committed demand/deployment plans have extended into 2024. As the global supply chain has experienced some improvements and as customer lead times have been reduced from their peak, we have seen and expect to continue to see a commensurate reduction in visibility to customer demand and a gradual return to shorter demand-planning horizons. Given these shipment and order patterns, near term revenue trends may not be solely reflective of current demand levels, but as discussed above will benefit from demand/deployment plans that had been previously committed. We expect that inventory and purchase commitments will begin to stabilize in the near term, but will remain volatile as we ramp new product introductions. The magnitude of these balances, combined with a reduction in customer demand-planning horizons and shifting customer product priorities, has resulted in increased risk that we may not be able to sell all of this inventory, which in turn has resulted in additional excess and obsolete inventory and supplier liability charges. In addition, inflation pressure in our supply chain and scarcity of some materials needed to build our products have increased our cost of revenue and have impacted, and may continue to negatively impact our gross margin. While we have seen improvements in our supply chain and manufacturing operations, any remaining or new supply chain and manufacturing related constraints could negatively impact our business in future periods. In addition, although our business has experienced limited disruption as a result of the Russia-Ukraine conflict, continued escalation of this conflict as well as the Israeli-Hamas conflict and Houthi movement in the Red Sea may negatively impact the global economy and our future operating results and financial condition.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. As of June 30, 2024 , we have not early adopted ASU 2023-09 and we are currently evaluating the impact of future adoption on our financial disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As of June 30, 2024, we have not early adopted ASU 2023-07 and we are currently evaluating the impact of future adoption on our financial disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets by Level	The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands): June 30, 2024 December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Financial Assets: Cash Equivalents: Money market funds $ 1,309,104 $ — $ — $ 1,309,104 $ 1,015,705 $ — $ — $ 1,015,705 Commercial paper — 16,413 — 16,413 — 1,999 — 1,999 Corporate bonds — 2,132 — 2,132 — — — — U.S. government notes 390,148 — — 390,148 — — — — Agency securities — 4,953 — 4,953 — — — — 1,699,252 23,498 — 1,722,750 1,015,705 1,999 — 1,017,704 Marketable Securities: Commercial paper — 25,680 — 25,680 — — — — Certificates of deposits (1) — — — — — 5,000 — 5,000 U.S. government notes 1,367,612 — — 1,367,612 1,044,859 — — 1,044,859 Corporate bonds — 1,796,961 — 1,796,961 — 1,362,124 — 1,362,124 Agency securities — 654,670 — 654,670 — 657,379 — 657,379 1,367,612 2,477,311 — 3,844,923 1,044,859 2,024,503 — 3,069,362 Other Assets: Money market funds - restricted 868 — — 868 858 — — 858 Total Financial Assets $ 3,067,732 $ 2,500,809 $ — $ 5,568,541 $ 2,061,422 $ 2,026,502 $ — $ 4,087,924 ______________________________________ (1) As of December 31, 2023, all of our certificates of deposits were domestic deposits. June 30, 2024 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,093 $ — $ — $ 42,093 $ 1,999 $ — $ — $ 1,999 U.S. government 1,761,003 141 (3,384) 1,757,760 1,043,445 2,874 (1,460) 1,044,859 Corporate bonds 1,804,507 365 (5,779) 1,799,093 1,361,132 2,810 (1,818) 1,362,124 Agency securities 660,572 130 (1,079) 659,623 657,118 1,143 (882) 657,379 Total $ 4,268,175 $ 636 $ (10,242) $ 4,258,569 $ 3,063,694 $ 6,827 $ (4,160) $ 3,066,361
Schedule of Debt Securities in Unrealized Loss Position, Fair Value	The following table is an analysis of our debt securities in unrealized loss positions (in thousands): June 30, 2024 Unrealized Losses within 12 months Unrealized Losses 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government notes $ 1,445,689 $ (2,660) $ 161,063 $ (724) $ 1,606,752 $ (3,384) Corporate bonds 1,408,050 (5,076) 184,252 (703) 1,592,302 (5,779) Agency securities 339,109 (508) 179,258 (571) 518,367 (1,079) Total $ 3,192,848 $ (8,244) $ 524,573 $ (1,998) $ 3,717,421 $ (10,242)
Schedule of Fair Value of A Marketable Securities by Contractual Maturity	The fair values of marketable securities by remaining contractual maturities, are as follows (in thousands): June 30, 2024 Fair Value Due in 1 year or less $ 2,196,729 Due in 1 to 2 years 1,648,194 Total debt securities $ 3,844,923
Schedule of Equity Securities without Readily Determinable Fair Value	The following table summarizes the activity related to our non-marketable equity securities as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cost of investments $ 32,656 $ 31,656 Cumulative impairment and downward adjustment — — Cumulative upward adjustment 30,632 30,632 Carrying amount of investments $ 63,288 $ 62,288

Financial Statements Details (T

Financial Statements Details (Tables)	6 Months Ended
Financial Statements Details (Tables)	Jun. 30, 2024
Balance Sheet Components [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The reconciliation of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the total of the same such amounts in the unaudited condensed consolidated statements of cash flows is as follows (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 2,429,031 $ 1,938,606 Restricted cash included in other assets 868 858 Total cash, cash equivalents and restricted cash $ 2,429,899 $ 1,939,464
Schedule of Accounts Receivable, Net	Accounts receivable, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 1,237,629 $ 1,034,480 Product sales rebate and returns reserve (10,834) (9,911) Accounts receivable, net $ 1,226,795 $ 1,024,569
Schedule of Inventories	Inventories consist of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 771,354 $ 930,777 Finished goods 1,082,422 1,014,403 Total inventories $ 1,853,776 $ 1,945,180
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Land $ 45,883 $ 44,645 Equipment and machinery 153,755 144,850 Computer hardware and software 59,248 57,761 Leasehold improvements 34,686 34,584 Furniture and fixtures 3,557 3,576 Construction-in-process 3,391 4,242 Property and equipment, gross 300,520 289,658 Less: accumulated depreciation (204,238) (188,078) Property and equipment, net $ 96,282 $ 101,580
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, 2024 December 31, 2023 Accrued compensation-related costs $ 103,312 $ 134,225 Accrued supplier liability 80,350 167,878 Accrued manufacturing costs 56,693 61,491 Accrued product development costs 36,802 1,041 Other 42,914 42,667 Total accrued liabilities $ 320,071 $ 407,302
Schedule of Contract Assets, Contract Liabilities and Deferred Revenue	The following table summarizes the activity related to our contract liabilities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Contract liabilities, beginning balance $ 139,618 $ 105,047 $ 133,239 $ 103,448 Less: Revenue recognized from beginning balance (12,412) (9,941) (29,171) (22,105) Less: Beginning balance reclassified to deferred revenue (6,917) (4,962) (6,012) (4,145) Add: Contract liabilities recognized 23,841 19,953 46,074 32,899 Contract liabilities, ending balance $ 144,130 $ 110,097 $ 144,130 $ 110,097 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Deferred revenue, beginning balance $ 1,663,242 $ 1,092,274 $ 1,506,204 $ 1,041,246 Less: Revenue recognized from beginning balance (249,938) (263,353) (467,516) (395,056) Add: Deferral of revenue in current period, excluding amounts recognized during the period 705,482 255,983 1,080,098 438,714 Deferred revenue, ending balance $ 2,118,786 $ 1,084,904 $ 2,118,786 $ 1,084,904
Schedule of Other Income (Expense), Net	Other income (expense), net consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 71,448 $ 32,206 $ 135,271 $ 54,715 Gain (loss) on strategic investments — 24,743 — 19,172 Other income (expense), net (585) (610) (1,788) (5,402) Total $ 70,863 $ 56,339 $ 133,483 $ 68,485

Goodwill and Acquisition-Rela_2

Goodwill and Acquisition-Related Intangible Assets (Tables)	6 Months Ended
Goodwill and Acquisition-Related Intangible Assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets	Acquisition-related intangible assets, excluding those that are fully amortized, were as follows (in thousands, except years): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (in years) December 31, 2023 Additions June 30, 2024 December 31, 2023 Amortization June 30, 2024 December 31, 2023 June 30, 2024 Developed technology $ 154,930 $ — $ 154,930 $ (102,493) $ (8,390) $ (110,883) $ 52,437 $ 44,047 3.7 Customer relationships 54,620 — 54,620 (21,797) (3,851) (25,648) 32,823 28,972 4.3 Trade name 12,390 — 12,390 (8,882) (1,139) (10,021) 3,508 2,369 1.1 Total $ 221,940 $ — $ 221,940 $ (133,172) $ (13,380) $ (146,552) $ 88,768 $ 75,388 3.8
Schedule of Finite-lived Intangible Assets, Future Amortization Expense	As of June 30, 2024, future estimated amortization expense related to the acquisition-related intangible assets is as follows (in thousands): Future Amortization Expense Remainder of 2024 $ 13,379 2025 19,642 2026 17,260 2027 13,436 2028 10,037 Thereafter 1,634 Total $ 75,388

Stockholders_ Equity and Stoc_2

Stockholders’ Equity and Stock-Based Compensation (Tables)	6 Months Ended
Stockholders’ Equity and Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Shares Repurchased	A summary of the stock repurchase activity under the Repurchase Programs for the three and six months ended June 30, 2024 is as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Aggregate purchase price $ 172,013 $ 234,666 Shares repurchased 614 842 Average price paid per share $ 280.23 $ 278.77
Schedule of Option Activity	The following table summarizes the option activity under our stock plans and related information (in thousands, except years and per share amounts): Number of Weighted- Weighted- Aggregate Balance—December 31, 2023 2,457 $ 19.83 1.7 $ 529,931 Options granted — — Options exercised (1,152) 16.04 Options canceled (24) 20.07 Balance—June 30, 2024 1,281 $ 23.24 1.6 $ 419,222 Vested and exercisable—June 30, 2024 1,202 $ 22.04 1.5 $ 394,687
Schedule of Restricted Stock Units Activity	A summary of the RSU activity is presented below (in thousands, except years and per share amounts): Number of Weighted- Unvested balance—December 31, 2023 7,900 $ 112.76 RSUs and PRSUs granted 2,151 271.01 RSUs and PRSUs vested (1,507) 93.33 RSUs and PRSUs forfeited/canceled (295) 124.10 Unvested balance—June 30, 2024 8,249 $ 157.18
Schedule of Stock-based Compensation Expense	The following table summarizes the stock-based compensation expense related to our equity awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 3,983 $ 2,824 $ 7,433 $ 5,799 Research and development 50,769 41,137 94,557 77,706 Sales and marketing 16,769 15,833 35,670 30,971 General and administrative 7,771 7,333 18,847 15,532 Total stock-based compensation $ 79,292 $ 67,127 $ 156,507 $ 130,008

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
Net Income Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Share Available to Common Stock	The following table sets forth the computation of our basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2022 Numerator: Net income $ 665,428 $ 491,885 $ 1,303,120 $ 928,358 Denominator: Basic weighted-average shares outstanding 313,711 308,636 313,372 307,810 Add weighted-average effect of dilutive securities: Employee equity awards 6,210 7,849 6,521 8,221 Diluted weighted-average shares outstanding 319,921 316,485 319,893 316,031 Net income per share: Basic $ 2.12 $ 1.59 $ 4.16 $ 3.02 Diluted $ 2.08 $ 1.55 $ 4.07 $ 2.94
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2022 Employee equity awards 26 625 96 498

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income before income taxes $ 770,436 $ 586,401 $ 1,493,197 $ 1,083,125 Provision for income taxes 105,008 94,516 $ 190,077 154,767 Effective tax rate 13.6 % 16.1 % 12.7 % 14.3 %

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
Geographical Information (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue and Long-lived Assets, by Location	The following table represents revenue based on customers’ shipping addresses (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Americas (1) $ 1,374,257 $ 1,154,509 $ 2,629,648 $ 2,269,520 Europe, Middle East and Africa 178,800 167,623 320,354 295,939 Asia-Pacific 137,343 136,792 311,772 244,816 Total revenue $ 1,690,400 $ 1,458,924 $ 3,261,774 $ 2,810,275 (1) Includes $1,362.7 million and $1,121.7 million revenue generated from the U.S. for the three months ended June 30, 2024 and June 30, 2023, respectively, and $2,595.5 million and $2,216.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Long-lived assets, net, excluding intercompany receivables, investments in subsidiaries, privately-held equity investments and deferred tax assets, by location are summarized as follows (in thousands): June 30, 2024 December 31, 2023 United States $ 77,935 $ 79,728 International 18,347 21,852 Total $ 96,282 $ 101,580

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Assets by Level (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	$ 1,722,750	$ 1,017,704
Marketable Securities:	3,844,923
Total Financial Assets	5,568,541	4,087,924
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	4,268,175	3,063,694
Unrealized Gains	636	6,827
Unrealized Losses	(10,242)	(4,160)
Fair Value	4,258,569	3,066,361
Marketable securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities	3,844,923	3,069,362
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	25,680	0
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	42,093	1,999
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	42,093	1,999
Certificates of deposits
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	5,000
U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	1,367,612	1,044,859
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	1,761,003	1,043,445
Unrealized Gains	141	2,874
Unrealized Losses	(3,384)	(1,460)
Fair Value	1,757,760	1,044,859
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	1,796,961	1,362,124
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	1,804,507	1,361,132
Unrealized Gains	365	2,810
Unrealized Losses	(5,779)	(1,818)
Fair Value	1,799,093	1,362,124
Agency securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	654,670	657,379
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]
Amortized Cost	660,572	657,118
Unrealized Gains	130	1,143
Unrealized Losses	(1,079)	(882)
Fair Value	659,623	657,379
Money market funds - restricted
Assets, Fair Value Disclosure [Abstract]
Money market funds - restricted	868	858
Money market funds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	1,309,104	1,015,705
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	16,413	1,999
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	2,132	0
U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	390,148	0
Agency securities
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	4,953	0
Level I
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	1,699,252	1,015,705
Total Financial Assets	3,067,732	2,061,422
Level I \| Marketable securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities	1,367,612	1,044,859
Level I \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level I \| Certificates of deposits
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level I \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	1,367,612	1,044,859
Level I \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level I \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level I \| Money market funds - restricted
Assets, Fair Value Disclosure [Abstract]
Money market funds - restricted	868	858
Level I \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	1,309,104	1,015,705
Level I \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level I \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level I \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	390,148	0
Level I \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level II
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	23,498	1,999
Total Financial Assets	2,500,809	2,026,502
Level II \| Marketable securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities	2,477,311	2,024,503
Level II \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	25,680	0
Level II \| Certificates of deposits
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	5,000
Level II \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level II \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	1,796,961	1,362,124
Level II \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	654,670	657,379
Level II \| Money market funds - restricted
Assets, Fair Value Disclosure [Abstract]
Money market funds - restricted	0	0
Level II \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level II \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	16,413	1,999
Level II \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	2,132	0
Level II \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level II \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	4,953	0
Level III
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Total Financial Assets	0	0
Level III \| Marketable securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities	0	0
Level III \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level III \| Certificates of deposits
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level III \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level III \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level III \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities:	0	0
Level III \| Money market funds - restricted
Assets, Fair Value Disclosure [Abstract]
Money market funds - restricted	0	0
Level III \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level III \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level III \| Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level III \| U.S. government notes
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	0	0
Level III \| Agency securities
Assets, Fair Value Disclosure [Abstract]
Cash Equivalents:	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Invested marketable securities, maximum maturity period (in years)			2 years
Marketable securities, maximum maturity period (in months)	24 months		24 months
Marketable securities, weighted average remaining duration (in years)			10 months 24 days
Non-marketable equity securities, realized gain	$ 0	$ 0	$ 0	$ 0
Non-marketable equity securities, realized loss	0	0	0	0
Non-marketable equity securities, unrealized gain	0	0	0	0
Non-marketable equity securities, unrealized loss	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Unrea

Fair Value Measurements - Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Losses within 12 months, Fair Value	$ 3,192,848
Unrealized Losses within 12 months, Unrealized Losses	(8,244)
Unrealized Losses 12 months or greater, Fair Value	524,573
Unrealized Losses 12 months or greater, Unrealized Losses	(1,998)
Total, Fair Value	3,717,421
Total, Unrealized Losses	(10,242)
U.S. government notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Losses within 12 months, Fair Value	1,445,689
Unrealized Losses within 12 months, Unrealized Losses	(2,660)
Unrealized Losses 12 months or greater, Fair Value	161,063
Unrealized Losses 12 months or greater, Unrealized Losses	(724)
Total, Fair Value	1,606,752
Total, Unrealized Losses	(3,384)
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Losses within 12 months, Fair Value	1,408,050
Unrealized Losses within 12 months, Unrealized Losses	(5,076)
Unrealized Losses 12 months or greater, Fair Value	184,252
Unrealized Losses 12 months or greater, Unrealized Losses	(703)
Total, Fair Value	1,592,302
Total, Unrealized Losses	(5,779)
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Losses within 12 months, Fair Value	339,109
Unrealized Losses within 12 months, Unrealized Losses	(508)
Unrealized Losses 12 months or greater, Fair Value	179,258
Unrealized Losses 12 months or greater, Unrealized Losses	(571)
Total, Fair Value	518,367
Total, Unrealized Losses	$ (1,079)

Fair Value Measurements - Inves

Fair Value Measurements - Investment by Maturity Dates (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Due in 1 year or less	$ 2,196,729
Due in 1 to 2 years	1,648,194
Total debt securities	$ 3,844,923

Fair Value Measurements - Non-m

Fair Value Measurements - Non-marketable Equity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Cost of investments	$ 32,656	$ 31,656
Cumulative impairment and downward adjustment	0	0
Cumulative upward adjustment	30,632	30,632
Carrying amount of investments	$ 63,288	$ 62,288

Financial Statements Details -

Financial Statements Details - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Components [Abstract]
Cash and cash equivalents	$ 2,429,031	$ 1,938,606
Restricted cash included in other assets	868	858
Total cash, cash equivalents and restricted cash	$ 2,429,899	$ 1,939,464	$ 1,262,692	$ 675,978

Financial Statements Details _2

Financial Statements Details - Accounts Receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Accounts receivable	$ 1,237,629	$ 1,034,480
Product sales rebate and returns reserve	(10,834)	(9,911)
Accounts receivable, net	$ 1,226,795	$ 1,024,569

Financial Statements Details _3

Financial Statements Details - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Raw materials	$ 771,354	$ 930,777
Finished goods	1,082,422	1,014,403
Total inventories	$ 1,853,776	$ 1,945,180

Financial Statements Details _4

Financial Statements Details - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 300,520		$ 300,520		$ 289,658
Less: accumulated depreciation	(204,238)		(204,238)		(188,078)
Property and equipment, net	96,282		96,282		101,580
Depreciation	8,500	$ 7,800	17,100	$ 14,900
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	45,883		45,883		44,645
Equipment and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	153,755		153,755		144,850
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59,248		59,248		57,761
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	34,686		34,686		34,584
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,557		3,557		3,576
Construction-in-process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,391		$ 3,391		$ 4,242

Financial Statements Details _5

Financial Statements Details - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components [Abstract]
Accrued compensation-related costs	$ 103,312	$ 134,225
Accrued supplier liability	80,350	167,878
Accrued manufacturing costs	56,693	61,491
Accrued product development costs	36,802	1,041
Other	42,914	42,667
Total accrued liabilities	$ 320,071	$ 407,302

Financial Statements Details _6

Financial Statements Details - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance	$ 139,618	$ 105,047	$ 133,239	$ 103,448
Less: Revenue recognized from beginning balance	(12,412)	(9,941)	(29,171)	(22,105)
Less: Beginning balance reclassified to deferred revenue	(6,917)	(4,962)	(6,012)	(4,145)
Add: Contract liabilities recognized	23,841	19,953	46,074	32,899
Contract liabilities, ending balance	144,130	$ 110,097	144,130	$ 110,097
Other Current Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance			59,200
Contract liabilities, ending balance	$ 59,200		$ 59,200

Financial Statements Details _7

Financial Statements Details - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 1,663,242	$ 1,092,274	$ 1,506,204	$ 1,041,246
Less: Revenue recognized from beginning balance	(249,938)	(263,353)	(467,516)	(395,056)
Add: Deferral of revenue in current period, excluding amounts recognized during the period	705,482	255,983	1,080,098	438,714
Deferred revenue, ending balance	$ 2,118,786	$ 1,084,904	$ 2,118,786	$ 1,084,904

Financial Statements Details _8

Financial Statements Details - Other Performance Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation including contract liabilities, deferred revenue and other performance obligations, amount	$ 3,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, performance obligation (as a percent)	81%
Revenue, performance obligation, period (in years)	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, performance obligation (as a percent)	19%
Revenue, performance obligation, period (in years)	3 years
Unbilled Revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 513
Product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	175.1
Product \| Unbilled Revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 688.1

Financial Statements Details _9

Financial Statements Details - Other Income (Expense), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Balance Sheet Components [Abstract]
Interest income	$ 71,448	$ 32,206	$ 135,271	$ 54,715
Gain (loss) on strategic investments	0	24,743	0	19,172
Other income (expense), net	(585)	(610)	(1,788)	(5,402)
Total	$ 70,863	$ 56,339	$ 133,483	$ 68,485

Goodwill and Acquisition-Rela_3

Goodwill and Acquisition-Related Intangible Assets - Acquisition-related Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross Carrying Amount, beginning balance			$ 221,940
Accumulated Amortization, beginning balance			(133,172)
Gross Carrying Amount, Additions			0
Accumulated Amortization, Amortization	$ (6,700)	$ (9,300)	(13,380)	$ (18,600)
Gross Carrying Amount, ending balance	221,940		221,940
Accumulated Amortization, ending balance	(146,552)		(146,552)
Net Carrying Amount	$ 75,388		$ 75,388		$ 88,768
Weighted Average Remaining Useful Life (in years)	3 years 9 months 18 days		3 years 9 months 18 days
Developed technology
Finite-lived Intangible Assets [Roll Forward]
Gross Carrying Amount, beginning balance			$ 154,930
Accumulated Amortization, beginning balance			(102,493)
Gross Carrying Amount, Additions			0
Accumulated Amortization, Amortization			(8,390)
Gross Carrying Amount, ending balance	$ 154,930		154,930
Accumulated Amortization, ending balance	(110,883)		(110,883)
Net Carrying Amount	$ 44,047		$ 44,047		52,437
Weighted Average Remaining Useful Life (in years)	3 years 8 months 12 days		3 years 8 months 12 days
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Gross Carrying Amount, beginning balance			$ 54,620
Accumulated Amortization, beginning balance			(21,797)
Gross Carrying Amount, Additions			0
Accumulated Amortization, Amortization			(3,851)
Gross Carrying Amount, ending balance	$ 54,620		54,620
Accumulated Amortization, ending balance	(25,648)		(25,648)
Net Carrying Amount	$ 28,972		$ 28,972		32,823
Weighted Average Remaining Useful Life (in years)	4 years 3 months 18 days		4 years 3 months 18 days
Trade name
Finite-lived Intangible Assets [Roll Forward]
Gross Carrying Amount, beginning balance			$ 12,390
Accumulated Amortization, beginning balance			(8,882)
Gross Carrying Amount, Additions			0
Accumulated Amortization, Amortization			(1,139)
Gross Carrying Amount, ending balance	$ 12,390		12,390
Accumulated Amortization, ending balance	(10,021)		(10,021)
Net Carrying Amount	$ 2,369		$ 2,369		$ 3,508
Weighted Average Remaining Useful Life (in years)	1 year 1 month 6 days		1 year 1 month 6 days

Goodwill and Acquisition-Rela_4

Goodwill and Acquisition-Related Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 6,700	$ 9,300	$ 13,380	$ 18,600

Goodwill and Acquisition-Rela_5

Goodwill and Acquisition-Related Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 13,379
2025	19,642
2026	17,260
2027	13,436
2028	10,037
Thereafter	1,634
Net Carrying Amount	$ 75,388	$ 88,768

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jul. 01, 2022 patent	Mar. 30, 2022 patent	Nov. 25, 2020 patent	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Lease payment obligations				$ 61.6
Lease payment obligations payable within one year				23.5
Non-cancellable purchase commitments				2,100
Non-cancellable purchase commitments, due in next twelve months				1,700
Non-cancelable purchase commitments, due after next twelve months				400
Patents allegedly infringed, number \| patent			3
Patents found not infringed, number \| patent		1
Patents under review, number \| patent	1
Prepaid Expenses and Other Current Assets
Long-term Purchase Commitment [Line Items]
Deposits to purchase inventory				$ 128	$ 133.3

Stockholders_ Equity and Stoc_3

Stockholders’ Equity and Stock-Based Compensation - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 31, 2024	Apr. 30, 2024	Apr. 17, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		$ 172,013,000	$ 30,004,000	$ 234,666,000	$ 112,279,000
Unamortized compensation costs		$ 1,083,300,000		$ 1,083,300,000
Unamortized compensation costs weighted-average period (in years)				4 years 10 months 24 days
Restated Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, maximum, number of outstanding stock (in shares)								13,200,000
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)								10,039,657
Common stock reserved for issuance (in shares)		13,100,000		13,100,000
2014 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares outstanding to increase number of shares available for grant and issuance (as a percent)	1%
Maximum increase of number of shares available for issuance (in shares)				10,000,000
Number of additional shares authorized for issuance (in shares)	3,100,000
2014 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		26,400,000		26,400,000
Shares issued (in shares)				140,162
Weighted-average purchase price (in dollars per share)		$ 114.40		$ 114.40
Prior Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for stock repurchases							$ 1,000,000,000
Repurchase of common stock		$ 82,000,000
New Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for stock repurchases						$ 1,200,000,000
Repurchase of common stock		90,000,000
Remaining authorized repurchase amount		$ 1,100,000,000		$ 1,100,000,000

Stockholders_ Equity and Stoc_4

Stockholders’ Equity and Stock-Based Compensation - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Aggregate purchase price	$ 172,013	$ 30,004	$ 234,666	$ 112,279
Shares repurchased (in shares)	614		842
Average price paid per share (in dollars per share)	$ 280.23		$ 278.77

Stockholders_ Equity and Stoc_5

Stockholders’ Equity and Stock-Based Compensation - Stock Option Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Shares Underlying Outstanding Options
Outstanding, beginning balance (in shares)	2,457
Options granted (in shares)	0
Options exercised (in shares)	(1,152)
Options canceled (in shares)	(24)
Outstanding, ending balance (in shares)	1,281	2,457
Vested and exercisable (in shares)	1,202
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in dollars per share)	$ 19.83
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	16.04
Options canceled (in dollars per share)	20.07
Outstanding, ending balance (in dollars per share)	23.24	$ 19.83
Vested and exercisable (in dollars per share)	$ 22.04
Weighted- Average Remaining Contractual Term (in Years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term of stock options outstanding (in years)	1 year 7 months 6 days	1 year 8 months 12 days
Weighted-average remaining contractual term of stock options vested and exercisable (in years)	1 year 6 months
Aggregate intrinsic value of stock options outstanding	$ 419,222	$ 529,931
Aggregate intrinsic value of stock options outstanding, vested and exercisable	$ 394,687

Stockholders_ Equity and Stoc_6

Stockholders’ Equity and Stock-Based Compensation - Restricted Stock Unit (RSU) Activities (Details) - Restricted Stock Units (RSUs) including PRSUs shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Unvested beginning balance (in shares) \| shares	7,900
RSUs and PRSUs granted (in shares) \| shares	2,151
RSUs and PRSUs vested (in shares) \| shares	(1,507)
RSUs and PRSUs forfeited/canceled (in shares) \| shares	(295)
Unvested ending balance (in shares) \| shares	8,249
Weighted- Average Grant Date Fair Value Per Share
Unvested beginning balance (in dollars per share) \| $ / shares	$ 112.76
RSUs and PRSUs granted (in dollars per share) \| $ / shares	271.01
RSUs and PRSUs vested (in dollars per share) \| $ / shares	93.33
RSUs and PRSUs forfeited/canceled (in dollars per share) \| $ / shares	124.10
Unvested ending balance (in dollars per share) \| $ / shares	$ 157.18

Stockholders_ Equity and Stoc_7

Stockholders’ Equity and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 79,292	$ 67,127	$ 156,507	$ 130,008
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	3,983	2,824	7,433	5,799
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	50,769	41,137	94,557	77,706
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	16,769	15,833	35,670	30,971
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 7,771	$ 7,333	$ 18,847	$ 15,532

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 665,428	$ 491,885	$ 1,303,120	$ 928,358
Net income	$ 665,428	$ 491,885	$ 1,303,120	$ 928,358
Denominator:
Basic weighted-average shares outstanding (in shares)	313,711	308,636	313,372	307,810
Add weighted-average effect of dilutive securities:
Employee equity awards (in shares)	6,210	7,849	6,521	8,221
Diluted weighted-average shares outstanding (in shares)	319,921	316,485	319,893	316,031
Net income per share:
Basic (in dollars per share)	$ 2.12	$ 1.59	$ 4.16	$ 3.02
Diluted (in dollars per share)	$ 2.08	$ 1.55	$ 4.07	$ 2.94

Net Income Per Share - Antidilu

Net Income Per Share - Antidilutive Securities Excluded from Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Employee equity awards (in shares)	26	625	96	498

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 770,436	$ 586,401	$ 1,493,197	$ 1,083,125
Provision for income taxes	$ 105,008	$ 94,516	$ 190,077	$ 154,767
Effective tax rate	13.60%	16.10%	12.70%	14.30%

Geographical Information (Detai

Geographical Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Geographical Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			1
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,690,400	$ 1,458,924	$ 3,261,774	$ 2,810,275
Long-lived assets	96,282		96,282		$ 101,580
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,374,257	1,154,509	2,629,648	2,269,520
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	178,800	167,623	320,354	295,939
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	137,343	136,792	311,772	244,816
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,362,700	$ 1,121,700	2,595,500	$ 2,216,300
Long-lived assets	77,935		77,935		79,728
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 18,347		$ 18,347		$ 21,852