#1ARISTA 71111 ARISTA Arista in Q2 2021 Copyright © Arista 2021. All rights reserved. ARISTA#22 Safe Harbor ARISTA Forward-Looking Statements - This presentation and accompanying oral presentation contain "forward-looking statements" regarding our business plans and objectives, our growth drivers, potential growth opportunities, market potential by speed, the data center switching market, the campus ethernet switching market, the NDR market, the expansion of the Cognitive Campus workspaces security and segmentation, the shift by service providers to the cloud, our business initiatives, our cloud networking strategy and technology, the transition from 100GbE products to 400GbE products, competitive position, Third Quarter 2021 - Guidance, the benefits of our platforms, industry environment and potential market opportunities and the introduction of new or acquired products, the benefits of acquisitions such as Awake Security, our leadership in cloud networking, the continued momentum and diversification of our top verticals and product-lines and the evolution of the campus market. Forward- looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from those anticipated in or implied by the forward-looking statements including risks associated with: the impact of the COVID-19 pandemic on our business; insufficient component supply and inventory; increased costs of components; manufacturing capacity impacted by COVID-19 and increased lead times; interruptions or delays in shipments; the rapid evolution of the networking market; any failure to successfully pursue new products and service offerings and expand into adjacent markets; a decline in our revenue growth rate; unpredictability of our results of operations; adverse economic conditions or reduced information technology and network infrastructure spending; intense competition; expansion of our international sales and operations; investment or acquisition in other businesses; seasonality; our ability to attract new large end customers or sell products and services to existing end customers; our ability to increase market awareness of our company and new products and services; product quality problems; our ability to anticipate technological shifts and develop products to meet those technological shifts; our ability to protect, defend and maintain our intellectual property rights; vulnerabilities in our products and failure of our products to detect security breaches our intellectual property rights; and tax, tariff, import/export restrictions; and other future events. Additional risks and uncertainties that could affect us can be found in our most recent filings with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. You can locate these reports through our website at https://investors.arista.com/ and on the SEC's website at https://www.sec.gov/. All forward-looking statements are based on information available to the company as of the date hereof and we disclaim any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date of this presentation. Non-GAAP Financial Measures - This presentation and accompanying oral presentation contain certain non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margins, non-GAAP net income and non-GAAP diluted net income per share. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquisition-related intangible assets, certain non-recurring charges or benefits, and the income tax effect of these non-GAAP exclusions. In addition, non-GAAP financial measures exclude net tax benefits associated with stock-based awards, which include excess tax benefits, and other discrete indirect effects of such awards. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non- GAAP financial measures are subject to limitations, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-GAAP financial measures and a reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement table included in Appendix I, and investors are encouraged to review the reconciliation. Copyright Arista 2021. All rights reserved.#3Arista Networks Overview Q1 2021 $667.6M Q1'21 Revenue $2.50 Q1'21 diluted EPS (1) 37.6% Q2 2021 $707.3M Q2'21 Revenue $2.72 Q2'21 diluted EPS (1) 38.4% Q1'21 Operating Margin (1) Q2'21 Operating Margin (1) IPO 2014 June 6th Best Workplaces™ for Millennials USA 2019 500 Technology Fast 500 2016 NORTH AMERICA Deloitte. Network Innovation Award ARISTA ARISTA EY Entrepreneur Of The Year 2015 Overall National Winner ⭑2019⭑ BEST COMPANIES TO WORK FOR TALENTDESK BP W BUSINESSTIMIS ACES TO W SECON VALLEY BUSINESS JOURN Forbes 2017 FAST TECH 25 AMERICA'S FASTEST-GROWING TECH COMPANIES INTEROP BEST 2015 Special Prize TOP WORK PLACES 2019 News Group 100 Company FASTEST GROWING COMPANIES Institutional Investor AIL America Executive 50 Team 2018 Headquarters: Santa Clara, California Website: www.arista.com, Email: [email protected] Management Team: S&P 500 Added in 2018 Gartner Leader 2020 Magic Quadrant for Data Center and Cloud Networking Forrester Wave Leader Open Programmable Switches for Business Wide SDN NYSE 3 Ticker: ANET (1) Non-GAAP Copyright Arista 2021. All rights reserved. Jayshree Ullal President & CEO Anshul Sadana Chief Operating Officer Andy Bechtolsheim Ken Duda Chief Development Officer Chief Technology Officer Ita Brennan Chief Financial Officer John McCool Chief Platform Officer Gartner "Magic Quadrant for Data Center and Cloud Networking," Andrew Lerner, et al, 30 June 2020. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.#4Key Secular Trends Driving Network Transformation ARISTA DIGITAL TRANSFORMATION STREAMING MEDIA SURGE SECURE ACCESS SERVICE EDGE REMOTE WORK IOT IOT/OT PROLIFERATION 5G & AI APPS CLOUDIFICATION MANDATES A Relevant Network 4 Copyright Arista 2021. All rights reserved.#5Data-Driven Network Demands ARISTA LO 5 DIGITAL TRANSFORMATION STREAMING MEDIA SURGE SECURE ACCESS SERVICE EDGE REMOTE WORK SW BASED ZERO TRUST AI/ML QUALITY SUPPORT OPEN & PARTNER ENABLED AGILE AVAILABLE AUTOMATED ANALYTICS API 1OT IOT/OT PROLIFERATION Copyright © Arista 2021. All rights reserved. 5G & AI APPS CLOUDIFICATION#6CO 6 ARISTA The New Mandate is Arista's Cognitive Cloud Networking. DIGITAL TRANSFORMATION STREAMING MEDIA SURGE SECURE ACCESS SERVICE EDGE REMOTE WORK คคคคคค CloudVision IOT IOT/OT PROLIFERATION * Copyright Arista 2021. All rights reserved. ARISTA SSU BGP Open Config- State SDK NLG NetDB Cloudvision Linux Kernel VXLAN CAPI AWAKE Security - Network Detection & Response 5G & AI APPS CLOUDIFICATION#7From Anti Patterns Legacy ARISTA Arista's Cognitive Cloud Principles: Five As Proactive Architectures Predictive Operations Prescriptive Experience S Agile & Available API/Data Driven Analytics Automation State + AI/ML Nucleus 1) Repeatable UCN Leaf-Spine design patterns 2) Multi-Vendor/ Open Protocols 1) Workflow automation 2) Read-Only Automation 1) Telemetry Analytics 2) Testing environments 1) Database Source of Truth 2) Integrated Testing 3) Real Time Streaming 1) Al-driven Cognitive Ops 2) State and Al Based 3) AVA Network Detection Years Quarters Months Weeks Copyright Arista 2021. All rights reserved. Days Hours#8Arista's Business Opportunity www 8 Copyright © Arista 2021. All rights reserved. ARISTA#9Arista's Growth Drivers and Path to $33B TAM Cloud Networking Market Expansion ARISTA Adjacencies drive TAM expansion Network SW & Services drive TAM expansion Continued market share gains in switching $23B $28B 2021 Core $33B 2023 2025 Cognitive Adjacencies Cognitive Network Source: Arista's internal estimates and various industry analysts 9 Copyright Arista 2021. All rights reserved. Core = Data Center & Cloud Networks Cognitive Adjacencies = Campus & Routing Cognitive Network = SW & Services#10Revenue in Billions ($) Switching Market Opportunity Data Center Ethernet Switch Revenue $24 $24 $18 $12 $6 Top 3 Chinese Cloud SPS Telco SPs Top 5 U.S. Cloud SPs Rest of Cloud Revenue in Billions ($) ARISTA Campus Ethernet Switch Revenue $18 $12 $6 Large Business Large Enterprises Medium Business Rest of Enterprise $0 $0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 Small Business 2022 2023 2024 2025 Source: 650 Group Ethernet Switch Data Center Forecast June 2021 US Top 5 Cloud Providers: Amazon, Apple, Facebook, Google, Microsoft Chinese Tier 1 Cloud Providers: Alibaba, Baidu, Tencent Source: 650 Group Campus Ethernet Market Forecast June 2021 Large Business - Fortune 2000 Medium Business - Rest of Enterprise Market Small Business - Less than 50 Employees 10 10 Copyright Arista 2021. All rights reserved.#11Market Leadership in 100G, Focus is 100G/400G Data Center Ethernet Switch Analysis and Forecast ARISTA 100G Ethernet Switch Ports $21 Market Share Q1'2021 + 100G Switch Ports (Millions) 3 17.0% 20.0% 20.2% 16.4% 21.5% 20.7% 20.8% 21.7% 31.5% 31.9% 29.5% 28.6% 33.3% 30.0% 27.4% 29.5% 2Q20 3Q20 4Q20 ■ Arista ■ROM Cisco Whitebox Revenue In Billions ($) $14 7 Market Potential by Speed Data Center Ethernet Switch Revenue ($B) 100 Gbps 40 Gbps 10 Gbps 25 Gbps Software >800 Gbps 400 Gbps 200 Gbps 1Q21 50 Gbps $0 1 Gbps 2019 2020 2021 2022 2023 2024 2025 Source: Dell'Oro Ethernet Switch Data Center Total Vendor Tables - Q1'2021 Source: Dell'Oro July 2021 - Long Term Ethernet Switch Forecast Note - Initial 800 Gbps shipments will not be using 800 G Ethernet MAC and will be configured mostly as 2x400 Gbps or as 8x100 Gbps 11 Copyright © Arista 2021. All rights reserved.#12Arista Market Share vs Cisco High Speed Data Center Switching Market ARISTA 40% 78.1% 74.4% 35% Share in Dollars 71.4% 70.8% 80% 40% 75% 35% Share in Ports 65.9% 72% 67% 69.4% 60.6% 30% 70% 30% 64.7% 62% Arista 25% Arista 65% 25% 57% 51.6% 20% 18.0% 60% 20% 57.8% 16.9% 49.9% 17.3% 17.7% - 52% 17.0% 16.3% 14.6% 14.4% 14.7% 15% 55% 15% 47% 11.6% 12.0% 10.0% 42.4% 53.1% 49.8% 10% 7.8% 50% 10% 5.4% 3.5% Cisco 45.4% 5% 42.7% 45% 42% 36.5% 34.5% - 37% 0% 40% 0% 32% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 9.3% 6.7% 4.9% Cisco 5% 12 Source: Crehan Research Datacenter Switch Market Share Report Q4'2020 Note: 10GbE and Higher - Excludes blade switches Copyright Arista 2021. All rights reserved.#13Product and Market Sector Contributions Product Trends* Cognitive ARISTA Market Sector Trends* Providers Network (Telco SP & Specialty Cloud) Core ~20-25% Cloud Titans ~25%-30% ~35%-39% ~10-15% ~60-65% ~35%-39% Cognitive Adjacencies 13 - Core Data Center & Cloud Networks Cognitive Adjacencies - Campus & Routing Cognitive Network - SW & Services Enterprise (incl. Financials) *Management estimates of expected quarterly business mix trends over-time Copyright Arista 2021. All rights reserved. Geographic Mix Q2'21 APAC EMEA 11% 16% 73% Americas#1414 Arista CY2021 Initiatives Double Digit Revenue Growth Data Center, Campus, Routing, SW & Services 2 Deliver on New Target Markets 3 · • Grow Market Share in Enterprise & Campus Increase Software Value Continue Operational Excellence • Industry leading operational efficiency Copyright Arista 2021. All rights reserved. ARISTA#1515 Why 7200+ Customers Choose Arista ARISTA Modern Architecture Open, Programmable, Standards Based One Operating System - EOS State Based & Scalable One Automation Tool - CloudVision Telemetry and Analytics Superior Software Quality Low Total Cost Of Ownership Simplicity of Code and Topology World Class Support • • • • Major Verticals Cloud Titans Enterprise Financial Services · (CSP) Cloud Specialty Providers/Tier 2 Cloud • (SP) Service Providers Control Plane WarCAS CloudVision Management Plane Warc Data Plane Leaf-Spine for DC, Cloud, Wired/Wireless . Emerging Verticals Media & Entertainment • Government • Health Care . • ⚫ Education Oil and Gas Research Labs “The reason we chose Arista is that it just works.” - Frequent Customer Feedback "CloudVision is a lifesaver. The visibility we get is not available through any other tool" - VP Infrastructure, Fortune 500 company "EOS APIs are the best to work with for the cloud. I wish other companies learnt from this" - Network Architect, Cloud Copyright © Arista 2021. All rights reserved.#1616 Five Star Customer Reviews Link Link ARISTA Gartner peerinsights.M Link "Arista Is The New BEST Choice For Your Datacenter And Network!" Sr. Network Administrator Finance Industry "I wish all network vendors were this forward looking!" Data Center Engineer Services Industry "Overall, we feel that we gained the functionality of a newer forward-looking vendor without sacrificing what we already knew.' Systems Administrator Education Industry Link Link Link "Arista works and has been reliable for our company" Sr. Network Administrator Manufacturing Industry "A Leader In The Field, Added Features And Simplicity At The Reasonable Price." Regional Manager Manufacturing Industry "Cloud Vision Portal and EOS eAPI are a winning combination" Systems Administrator Finance Industry This is the sixth consecutive year Arista Networks has been recognized in the Leaders Quadrant of the 2020 Gartner Magic Quadrant for Data Center Networking published on 30 June 2020 Copyright © Arista 2021. All rights reserved. Gartner "Magic Quadrant for Data Center and Cloud Networking," Andrew Lerner, et al, 30 June 2020. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.#17ARISTA Forrester, and TechValidate Net Promoter Score Recognition Forrester Wave™M: Open, Programmable Switches For A Businesswide SDN, Q3 2020 Challengers Contenders Strong Performers Leaders Stronger current offering Weaker current offering Cisco-NX-OS o Arista Networks Not at all likely Neutral Huawei 0 1 2 3 4 5 6 7 8 Extremely likely 9 10 Detractor Passive Promoter Juniper Networks Pluribus Networks ⚫NVIDIA-Cumulus Networks Cisco-IOS-XE .H3C NVIDIA-Mellanox⚫ Dell EMCO Extreme Weaker strategy • Pica8 Networks-SLX-OS *A gray bubble indicates a nonparticipating vendor. 17 Market presence* Copyright Arista 2021. All rights reserved. % PROMOTERS % DETRACTORS = NPS (NET PROMOTER SCORE) ARISTA TAC SUPPORT CUSTOMER SATISFACTION World-class Support with +76 NPS Arista achieved an NPS score of +76 with an average rating of 9.2 out of 10 in a 2019 TechValidate survey of their customers. Source: TechValidate survey of 218 users ✓ Validated Published: May. 19, 2021 TVID: A7E-0A5-6D6 *Based on respondents who rated their likelihood to recommend Arista on a scale of 0 to 10. Link to Techvalidate Report Stronger strategy Link to the Forrester Report ARISTA TechValidate </> The Forrester WaveTM is copyrighted by Forrester Research, Inc. Forrester and Forrester WaveTM are trademarks of Forrester Research, Inc. The Forrester WaveTM is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave TM. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.#1818 Arista's 2021 Portfolio ARISTA Cognitive Network - Software & Services Core - DC & Cloud Networks Al and State Driven Nucleus Cognitive Adjacencies Campus & Routing Product Diversity Core Data Center & Cloud Networks - Arista 7XXX series One EOS, Licenses MSS, MSS-G • Cognitive Adjacency - Campus & Routing Wired POE 7XX and WiFi ■Flex Routing Cognitive Network - SW & Services A-Care Services CloudVision Contextual DMF Threat NDR Forensics ■MACsec, TunnelSec, Any Sec Copyright Arista 2021. All rights reserved.#19Arista's Portfolio Focus Core - Data Center & Cloud Networks Cognitive Adjacencies - Campus & Routing Cognitive Network - Software & Services 19 Copyright © Arista 2021. All rights reserved. ARISTA#20ARISTA Core Leadership in Data Center and Cloud Networking 1. Arista Extensible Operation System (EOS) - Arista delivers perhaps the only and most modern, most reliable, differentiated programmable network operating system in the industry with a state driven architecture 2. Merchant Silicon - Arista is unrivaled in its leverage of merchant switching silicon, which has proven to deliver superior integration, performance, delivery, and power efficiency across multiple families Arista Programmable EOS NetDB State Notify Publish mux Kerne Processes are Self-Healing Open Linux Merchant Silicon Merchant Silicon 7 Architectures Trident Tomahawk Tofino Jericho/Qumran Fulcrum Xpliant Helix 3. Best of Breed Systems- Arista continues to lead the industry with the best of breed, fully featured, most reliable next generation switching systems, built on a proven track record with one EOS and many platform variants 20 20 Copyright Arista 2021. All rights reserved.#21Comprehensive 400G/200G/100G Platforms Universal Leaf & Spine Leaf & Spine High Network Radix 21 24 HELE ARIST OSFP 7368X4 Up to 128 x 100G 32 x 400G OSFP, QSFP-DD QSFP-DD 7060 X4 32 x 400G ARISTA Optics Form Factor Choices • OSFP QSFP-DD 400ZR & OSFP-LS 8 Channel Colorless Mux/Demux Allow 7280 R3 Up to 24 x 400G Wirespeed, 2.5M Routes 7500 R3 Up to 230Tbps 288 x 400G ports 24 x 400G, 36 x 100G LC Wirespeed, 2.5M Routes 7800 R3 Up to 460Tbps 576 x 400G ports 36 x 400G, 48 x 100G LC Wirespeed, 2.5M Routes Copyright Arista 2021. All rights reserved.#2222 . Early 400G Deployments ARISTA 400G platforms offer high density cost effective 100G/200G with breakouts. 400G-Optic Module with four 100G breakout 400G Systems 400G Systems 400G-Optic Module with two 200G breakout 400G for DCI leveraging ZR/ZR+ Optics, and OSFP-LS Before Datacenter 1 XX ARISTA ARISTA Datacenter 1 After ARISTA ARISTA ARISTA Transponder "grey" client Mux / Demux Line System Transponder and hand-off optics DWDM optics Copyright © Arista 2021. All rights reserved. EOS Transponder 100G Systems 200G or 100G Systems Datacenter 2 ATRA ATERIA ARTA Datacenter 2 XX#23Arista's Portfolio Focus Core - Data Center & Cloud Networks Cognitive Adjacencies - Campus & Routing Cognitive Network - Software & Services 223 Copyright © Arista 2021. All rights reserved. ARISTA#2424 ARISTA Expanding Cognitive Campus Workspaces Cognitive Splines ™ Cognitive Edge Cognitive Management and OS 7300X3 4 & 8 Slot Modular System Up to 256 100G ports 7050X3 Fixed System Up to 32 100G ports Simplify with Collapsed Spline Architecture 750 Modular PoE switches 5 Slot 240 Port mGig/10G-T 8 Slot 384 Port mGig/10G-T CloudVision CloudVision foundation, Wired and Wireless, across Provisioning, Telemetry, and Orchestration WiFi Contact Tracing - P-Tracer Cognitive Analytics, including Quality of Experience (QoE) Remote Monitoring of APS loTvision™M Compliance Dashboard 720XP Fixed PoE switches 24 & 48 Port mGig/1G 96 Port mGig . Copyright Arista 2021. All rights reserved. C-260 C-230 C-230E O-235 O-235E ARISTA ARISTA ARISTA ARISTA ARISTA EOS Arista's WiFi-6 APS up to 8x8 MIMO 3rd Radio functionality for dedicated WIPS, client emulation testing Automation and Telemetry for Operational Efficiency Hitless Patching High Availability with Stateful Switchover Flow Telemetry, NetDB Streaming Dynamic Path Selection Single Software Image Federated across DC & Campus#25<) FORESCOUT Campus in Modern Healthcare Identity, Segmentation, and Threat Hunting MEDIGATE (p) Temporary Point of Care Hospital-wide Heterogeneous Device Identity EOS Remote Locations Deep Medical Device Identity Healthcare's Shifting Landscape ➤ Distributed Points of Care " (95) 00 EOS Internet EOS EOS Router EOS EOS EOS EOS EOS EOS Wireless Network Edge Network TA RTLS Tags BYOD Devices EMR Terminal Nurses Patient Station Monitoring Lab Equipment Rapid loT/loMT adoption Al driven decisions Growing cybersecurity threat surface Integration of acquired assets RA Data Center Network Patient Monitoring Rx Dispensers EMR Terminal Nurse Call Hospital Admin Security Automation Building Copyright Arista 2021. All rights reserved. CloudVision AWAKE ARISTA Network Based Swimlanes/Segmentation Real-time Continuous Threat Hunting Arista's End to End Quality Portfolio Addresses Healthcare's Greatest Needs ✓ Maximize data locality without compromising security ✓ End-to-end compliance, audit, and real-time threat assessment ✓ Consistent clinician experience independent of location or device ✓ Flexibility to adapt to changing clinical needs and initiatives ✓ Standards based modular design to ease M&A integration and divestiture#2626 Routing - R-Series: Universal Spine and Leaf for Flexible Routing Options from 10G to 400G ARISTA Modular Fixed Arista 7800R Series High Performance Routers 100G and 400G, Dynamic Deep Buffer Universal Spine and Carrier Core Optimized for Routing and Storage Arista 7500R Series High Performance Routers 10G to 400G, Dynamic Deep Buffer Universal Spine and IP Storage Optimized for Routing and Storage 111 Arista 7280R Series High Performance Routers 10G to 400G, Dynamic Deep Buffer Universal Leaf and Spine Optimized for Routing and Storage Arista 7020R Series High Performance Routers 1G/10G with 100G uplinks, Dynamic Deep Buffer Universal Leaf Optimized for Edge Routing and Compute Copyright Arista 2021. All rights reserved.#27ARISTA Arista's Cloud-Grade Routing For Enterprise 1 Data Center Interconnect 2 WAN Edge 4 Backbone 5 3 Data Center Edge DANZ Monitoring Fabric Site PE MPLS EVPN IPVPN SF-1 27 27 Arista EVPN DC EVPN GW EVPN-MPLS IP-VPN Regional Backbone MPLS/IP Internet 2 Regional DCI EVPN GW VXLAN/MPLS Internet Peering Regional peering NY-1 1 NY-2 Arista EVPN DC Arista EVPN DC PE Core SLO-1 FRR/TI-LFA MPLS Core 4 Regional DCI EVPN GW LON-1 Arista EVPN DC Arista EVPN DC Site PE IPVPN/PW/EVPN EVPN GW EVPN/IP-VPN Regional Backbone MPLS/IP VXLAN/MPLS 3 Campus 5 DANZ Monitoring Fabric DMF Controllers Service Node TOOL FARM Regional Office M Analytics Node Recorder: Node LON-2 NETWORK PERF MONITORING APP PERF MONITORING Arista EVPN DC SECURITY TOOLS AWAKE One EOS, One Cloud Vision, Integrated Switching & Routing Modern Universal Spine Cloud Architecture Copyright Arista 2021. All rights reserved.#28ARISTA Arista's Cloud-Grade Routing For Service Provider Telco Cloud SP Network Peering Business Consumer ཤ CORE NPV SP Cloud DC Cognitive Enterprise FAR EDGE NFV 40/50 Leaf Spine Routing MIC DC SAREA MEF2.0 NGPON Coherent 1000 100km Pluggable NO PON PE Fan Our Peering DOS integration PR Nx2000 Coherent Supernode Leat/Spine Peering Nx1000 PE EDGE NFV RUR 1000 CMTS Phy Coherent 100G PON Access/Metro NG Core Consumer Cloud SP Carrier 000000000 4G/5G Cloud LIVE Content Creators Social O XaaS E- tailers Apps Cloud Providers Expanding our Routing Leadership In Cloud Networking to SP Copyright Arista 2021. All rights reserved.#29Arista's Portfolio Focus Core - Data Center & Cloud Networks Cognitive Adjacencies - Campus & Routing Cognitive Network - Software & Services 29 29 Copyright © Arista 2021. All rights reserved. ARISTA#30Network Software and Services Cloud Vision ARISTA Cloud EOS CloudVision - Automation Tool for Configuration and Management of Wired and Wireless networks, Collects Streaming Telemetry from EOS State Database for End to End Network Visibility Mirroring (TAP, SPAN) DANZ Monitoring Fabric DMF Controllers DMF Fabric DMF Smart Nodes Arista A-Care Arista A-Care - Software updates, features and break/fix troubleshooting. Powered by Arista Al ops toolset designed to speed problem identification and resolution. Cloud EOS - Virtualized/Containerized version of EOS for hybrid multi-cloud networking. Running on Amazon AWS, Microsoft Azure, and Google public clouds via their marketplace and service catalogs. Al Intent Driven Threats Intent Detection Behavioral Detection AWAKE Behavioral Threats Anomaly Detection Service Analytics Recorder High-Performance Switch and Server Platforms DMF - DANZ Monitoring Fabric - Network Monitoring, Analytics, and Recording, for Capturing Data inside the network 30 Copyright Arista 2021. All rights reserved. Malware Threats Intrusion Detection Reactive SECURITY MATURITY Proactive Predictive Awake Security - Network Detection and Response - NDR - Proactive Network based machine learning technology to identify an attacker based on their intent versus merely looking at indicators of an attack#3131 CloudVision 2021 - Wired, Wireless, and Public Hosted Cloud ARISTA 564 564 Campus On-Premise CloudVision Or... CloudVision 551 SSL SSL SSL SSL XXX Arista Hosted and Managed CloudVision As A Service Cloud EOS amazon webservices" CloudEOS in AWS Cloud EOS Google Cloud Platform CloudEOS in GCP SSL SSL SSL Cloud EOS Azure CloudEOS in Azure On Premise Data Center Public Hosted Cloud Automation Tool & Real Time Telemetry from EOS State For Client to Cloud Network Visibility Copyright Arista 2021. All rights reserved.#32Introducing CloudVision Studios CloudVision ARISTA J hostname: HQ-MD-Spline1/ Interface / Current Interface Ethernet3 Manage interface specific details and configuration. Select a profile to use a consistent interface template and ensure this access port is configured similarly to all other interfaces connected to this device type a Enabled Yes No Port specific description Kduda's phone 5451, Floor 5 Profile Name Phone Printer Key Features → Benefits Point-n-Click Network Automation → Instantly spin-up Arista Validated Network Designs with guided workflows Flexible Config 'Wizards' → Craft customizable, user-specific workflows 32 32 Phone Access Point User Computers Security Cameras Network-wide Data models – -> Abstractions for simpler automation of network-wide changes Bringing Agility to Network Config Management Copyright © Arista 2021. All rights reserved.#3333 383 ARISTA Awake Security Al Driven Network Detection & Response (NDR) AWAKE SENSORS (Full Packet Analysis) AWAKE NUCLEUS (Cloud or on Premise) AWAKE EXPERT SYSTEM "Ava❞ On-Premise (Campus, Data Center, IOT) Cloud Taps SaaS Apps Copyright Arista 2021. All rights reserved. a Autonomous Hunting & Response Autonomous Security (Ava™) Al-based expert system to automate triage, investigation & response skills . • Threat Detection (Adversarial Modeling™) Uncover entire attacks with low false positives & negatives Situational Awareness (EntityIQ™) Discover, profile and track devices, users and applications using Al-based fingerprinting#34DANZ Monitoring Fabric Multi-Domain Networking, Observability and Security = 34 Universal Cloud Network Observability Fabric CloudVision APIs DMF Controllers Management CloudVision APIS ARISTA Tools AWAKE Network Detection & Response SecOps DMF Fabric DMF Smart Nodes Packet Data 3rd Party Tools Network Perf Monitoring Mirroring (TAP, SPAN) 111 Service Analytics Packet Data App Perf Monitoring Security Tools NetOps VOIP Monitoring Recorder Packet Data Traffic Recorders DevOps Data Center | Campus | Edge Delivering Modern, Cloud-inspired Solutions for Enterprises Copyright © Arista 2021. All rights reserved.#3535 55 10 Business Goals & Q2'21 Financial Metrics www www Copyright © Arista 2021. All rights reserved. ARISTA#36ARISTA Key Highlights and Financials for Q2 2021 Key Highlights Q2-2021: . In Q2 2021, Arista surpassed 50 million cloud network ports shipped cumulatively. Arista Launches Sub 100ns Ultra-low Latency Switch for Financial Services - Arista announced SwitchApp for Arista 7130, a new ultra-low latency switch that cuts latency to less than a third of existing Arista solutions. SwitchApp is based on the latest programmable FPGA technology and is fully integrated with Arista EOS® (Extensible Operating System). Arista Boosts Agility for Modern Enterprises - Arista announced CloudVision® 2021, a further expansion of Arista's software-driven approach for modern enterprises. Cloud Vision 2021 delivers new automation capabilities designed to improve network agility and streamline enterprise business outcomes. Arista Networks Cognitive Campus Solutions: Campus networks are undergoing another massive transition in the post-COVID era. As administrators adapt to the shifting boundaries between the office. and home around the world, the campus is evolving to distributed workspaces. Financial Results (non-GAAP)1 Q2-2021: Q2'21 Revenue: $707.3M Q2'21 EPS: $2.72 Q2'20-Q2'21 Y/Y Revenue Growth: 30.8% Q2'21 Gross Margin: 65.2% Q2'21 Operating Margin: 38.4% 36 Copyright © Arista 2021. All rights reserved. 1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix.#3737 Millions Financial Highlights¹ ARISTA $700 $600 Total Revenue 66% 65.6% 66% 65.2% Gross Margin 65.2% $500 $400 65% 64.4% 65% 65.0% 64.7% 64.7% 64.6% $300 64% $200 $100 64% 654 553 523 541 605 649 668 707 $0 63% Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 40% Operating Margin 39.4% 39% Diluted EPS $2.80 $2.40 38.4% 38.1% 38.2% $2.00 38% 37.3% 37.1% 37% 37.6% 37.6% $1.60 $1.20 36% $0.80 35% $0.40 2.69 2.29 2.02 2.11 2.42 2.49 2.50 2.72 34% $0.00 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix. Copyright © Arista 2021. All rights reserved.#3838 88 ARISTA Balance Sheet & Cash Conversion Cycle $3,500 Cash, Cash Equivalents & Marketable Securities 95 AR and DSO $490 65 $3,000 $2,500 $420 55 5554 51 47 75 AR DSO 60 60 $350 46 46 45 $2,000 $280 $1,500 $210 30 40 Millions $1,000 Millions $140 15 $500 $70 383 300 390 380 364 2,782 2,846 2,873 3,028 3,282 $0 $0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Inventory and Turns Cash Conversion Cycle $600 4.0 Inventory 300 Turns 3.5 $500 250 206 206 206 3.0 $400 2.3 200 2.5 163 156 2.0 1.8 1.8 $300 1.7 2.0 150 1.5 100 Millions Copyright Arista 2021. All rights reserved. $200 1.0 10 Days 50 $100 0.5 327 438 480 483 543 0 $0 0.0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21#3939 Approach to Capital Allocation FY 2020 ARISTA Share Repurchase 54% 1 Need to maintain a healthy Balance Sheet (Fund the business / large aggressive competitors) 2 Invest to strengthen operations / position of existing business if we earn a reasonable return 3 M&A (if the deal actually makes sense from multiple angles) 4. Share repurchases (if the price is below a reasonable range estimate of intrinsic value) 5 Dividends as business matures Awake / Big Switch Acquisition 31% FY2020 Cash from Operations Copyright Arista 2021. All rights reserved. Retained in the Business 15%#40Third Quarter 2021 - Guidance 40 40 Revenue Gross Margin (Non-GAAP)(1) Operating Margin (Non-GAAP) (1) Q3'21 Guidance $725M to $745M 63% to 65% 2 ~ 37% ARISTA Diluted Shares - 80.14 Million Non-GAAP Tax Rate (1) -21.5% 1 Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, and other non-recurring items. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis because these measures are difficult to predict and subject to change. Copyright Arista 2021. All rights reserved.#41ARISTA Q3-2021 Investor Conference Participation Arista will participate in the following virtual conferences in August and September with the financial community: Keybanc's Technology Leadership Forum Anshul Sadana, COO Wednesday, August 11, 2021 Time: 11:20am ET/ 8:20am PT Wolfe Research Inaugural TMT Conference John McCool, Chief Platform Officer Wednesday, September 8, 2021 Time: TBD on Arista Networks website at https://investors.arista.com Citi 2021 Global Technology Conference Ita Brennan, CFO Tuesday, Sept 14, 2021 Time: TBD on Arista Networks website at https://investors.arista.com 41 14 A live audio webcast of these events will be accessible from the Investor Relations section of the Arista website at https://investors.arista.com. Copyright Arista 2021. All rights reserved.#42Appendix I GAAP to Non-GAAP Reconciliation www www 42 Copyright © Arista 2021. All rights reserved. ARISTA#43Appendix: GAAP to Non-GAAP Reconciliation ARISTA In thousands except per share data GAAP gross profit Q2'19 $ Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 GAAP gross margin Stock-based compensation expense 390,191 $ 64.1% 1,028 417,274 $ 356,303 $ 338,251 $ 344,089 $ 384,962 $ 414,584 $ 425,272 $ 454,178 63.8% 64.5% 64.7% 63.7% 63.6% 63.9% 63.7% 64.2% 1,258 1,253 1,327 1,585 1,806 1,554 1,400 1,796 Intangible asset amortization 2,626 2,626 2,626 3,660 4,178 4,178 5,464 5,464 5,465 Non-GAAP gross profit $ 393,845 $ 421,158 $ 360,182 $ Non-GAAP gross margin 64.7% 64.4% 65.2% 343,238 $ 65.6% 349,852 $ 390,946 $ 421,602 $ 432,136 $ 461,439 64.7% 64.6% 65.0% 64.7% 65.2% GAAP income from operations $ 206,837 $ 228,606 $ GAAP operating margin 34.0% 34.9% Stock-based compensation expense 24,297 26,257 175,989 $ 31.9% 26,435 149,662 $ 28.6% 27,556 166,989 $ 30.9% 32,922 188,395 $ 31.1% 194,638 $ 30.0% 36,469 40,095 206,292 $ 30.9% 37,553 219,365 31.0% 44,944 Litigation expenses Intangible asset amortization 514 3,499 3,293 333 3,084 Acquisition-related costs Non-GAAP income from operations $ Non-GAAP operating margin 235,147 $ 258,156 38.7% 39.4% $ 205,841 37.3% 4,902 11,860 193,980 $ 37.1% 5,811 205,722 $ 38.1% 5,811 858 231,533 38.2% 7,562 7,430 7,365 $ 1,215 243,510 37.6% $ 251,275 37.6% $ 271,674 38.4% GAAP net income $ Stock-based compensation expense 189,251 $ 24,297 208,895 $ 26,257 Litigation expenses 514 260,692 $ 26,435 333 138,431 $ 27,556 144,793 $ 32,922 168,375 $ 36,469 182,958 $ 40,095 180,366 $ 37,553 196,888 44,944 (Gain) on investments in privately-held companies Intangible asset amortization 3,499 (4,277) 3,293 (4,164) 3,084 Acquisition-related costs 4,902 11,860 5,811 5,811 858 7,562 7,430 7,365 1,215 Altera stock-based compensation tax charge 9,781 Tax benefits on intra-entity IP transfer (85,819) Tax benefits on stock-based awards (23,455) Tax effect of non-GAAP exclusions Non-GAAP net income $ (5,324) 198,563 $ (12,674) (4,391) 217,103 $ (16,232) (14,502) (11,682) (14,894) (5,045) (6,555) (4,796) 183,448 $ 161,692 $ 167,048 $ (4,624) 191,995 $ (19,802) (10,188) (20,906) (5,606) (24,113) (8,256) 197,676 $ 198,837 $ 216,828 GAAP diluted income per share $ 2.33 $ Non-GAAP adjustments to net income (loss) per share 0.11 Non-GAAP diluted income per share $ 2.44 $ 2.59 $ 0.10 2.69 $ 3.25 $ 1.73 $ 1.83 $ (0.96) 0.29 0.28 2.12 $ 0.30 2.31 $ 2.27 $ 2.47 0.18 0.23 0.25 2.29 $ 2.02 $ 2.11 $ 2.42 $ 2.49 $ 2.50 $ 2.72 GAAP and non-GAAP weighted diluted shares 81,335 80,753 80,261 79,939 79,298 79,313 79,261 79,623 79,710 Summary of non-GAAP adjustments: Cost of revenue-product Cost of revenue-service Sales and marketing Research and development General and administrative Other expense (income) Income tax benefit 43 $ 3,144 $ 510 12,568 3,207 $ 677 13,472 3,219 $ 660 13,897 4,273 $ 714 22,187 7,970 8,499 8,163 11,043 4,118 3,695 3,913 6,101 4,911 852 19,885 9,343 3,742 $ 5,008 $ 976 21,930 6,062 $ 956 5,798 $ 6,196 1,066 1,065 23,691 22,489 23,645 10,312 12,779 11,544 12,762 4,912 5,384 4,086 8,641 (4,277) (4,164) (18,998) (17,065) (107,096) (21,057) (16,478) (19,518) (29,990) (26,512) (32,369) Copyright © Arista 2021. All rights reserved.#44Appendix II Introduction to Arista's О Technology Products Competitive Differentiation www www 44 Copyright © Arista 2021. All rights reserved. ARISTA#4545 45 Leaf Spine/Spline TM Cloud-Class Market Leadership Platform Portfolio 7300X/7368X / 7320X 7050X / 7060X / 720X / 750X Volume ARISTA 7500R/7800R EOS 7150S/7170 / 7280R Series Value Single Image Arista EOS Across All Platforms Copyright Arista 2021. All rights reserved.#46ARISTA Evolution of the Universal Cloud Network Architecture Optical Legacy Core Routing 46 46 Legacy Leaf/Spine Internet DCI Internet DCI Core Switching 厨 劇 Distribution Access Spine Universal Leaf-Spine Internet Inter-DC WAN DCI Transit Peering + ཤ ཤ ཤ ཤ ཤ ཤ ཤ ཤ Universal Spine Leaf DC DC DC DC DC DC DC p Universal Leaf XXXXXXXX W E Routing is Integrated into the Universal Spine and Leaf Copyright © Arista 2021. All rights reserved.#47Proven Architectural Flexibility Open, Programmable, Modular, Scalable Automation, Telemetry, Diagnostics Arista EOS Abstraction Layer 12 47 CloudVision ARISTA CloudVision - One Tool for Automation, Control, Telemetry and Diagnostics EOS Cloud EOS One Image, Flexible Packaging Option Leading Performance in Cooling, Energy Efficiency, Hardware System Design Merchant Silicon 7 Architectures Trident Tomahawk Tofino Jericho/Qumran Fulcrum Xpliant Helix Serviceability, Scale and Breadth of Optics Leading Performance Merchant Silicon 10G, 25G, 40G, 50G, 100G, 200G, 400G Best of Breed Copyright Arista 2021. All rights reserved.#4848 ARISTA Arista's EOS offers an Open Programmable Environment with Flexible Packaging Options EOS APIs JSON-RPC OpenConfig/YANG NETCONF NetDB Streaming EOS SDK Use Architecture cases EOS Cloud EOS Cloud EOS CloudEOS in a Standard EOS virtual machine CloudEOS in a container Container CEOS VM EOS (Linux) VEOS (Linux) Multi-Hypervisor Arista Hardware x86 Server Docker/Kubernetes Linux Kernel X86 Server Arista hardware 3rd Party hardware HW+SW bundled solution VEOS Router vEOS Lab Kernel Independence (Cloud) Hardware Disaggregation CEOS Lab EOS was built from the ground up using open Linux, a modern stateful architecture, and quality as the top priority. Copyright © Arista 2021. All rights reserved.#49Arista's Cloud Scale Software Architecture Differentiated Advantages - Stateful Orientation - Modern, Open, and Scalable Architecture Software Quality Legacy - Spaghetti Code Arista Programmable EOS ARISTA OTV MSDP PIM IGMP XMPP HW Drivers NetDB LC ACL IPQOS FIB IGMP Snoop CAPI State STP U4RIB U6RIB COPP Publish BGP RIP OSPF EIGRP ISIS Susceptible to Process Failure Custom Linux Custom ASICS 49 49 Copyright Arista 2021. All rights reserved. Notify SOK Resilient STP VXLAN Routing CloudVision Linux Kernel CLI/SNMP Processes are Self-Healing Open Linux Merchant Silicon Programmable Scalable#50ARISTA One Architecture - One EOS - Scales Up and Down 50 50 Cloud Titans SP & Tier 2 Cloud Enterprise Custom Automation/ Telemetry ARED 7800R XXXXXXXX ၁ ၁ ၁ Scale and Control Driven CloudVision Copyright Arista 2021. All rights reserved. or Custom Automation/ Telemetry 7800R 7500R 7600R Best of Breed Driven CloudVision DE DE DE DE D Turnkey Driven#51CloudVision: Multi-Function NetOps Platform Also available as "CloudVision As-A-Service" Automated Deployments Zero Touch Provisioning, Hierarchical Config, Extensibility ARISTA Real-time Telemetry Granular state streaming for time-series metrics, flows, and events Change Controls Orchestrate network-wide upgrades, rollback and 51 54 snapshots Compliance / Risk Continuously assess, report, and remediate deviations, vulnerabilities, bugs CloudVision Cognitive Analytics Correlations, trend analysis, predictive algorithms across wired and wireless state, network-wide Security Services Security policy enforcement, Policy server integration, Wireless IPS Data Center, Campus Wired/WiFi, Public Cloud, TapAgg Copyright © Arista 2021. All rights reserved.#5252 59 Thank You www.arista.com Copyright © Arista 2021. All rights reserved. ARISTA