ATEN A10 Networks Inc

Company Maintains Solid Profitability

A10 Networks, Inc. (NYSE: ATEN), a leading provider of cybersecurity and infrastructure solutions, today announced financial results for its second quarter ended June 30, 2024.

Second Quarter 2024 Financial Summary

• Revenue of $60.1 million, compared to $65.8 million in the second quarter of 2023. Revenue for the first six months of 2024 was $120.8 million, compared to $123.5 million for the first half of 2023.
• GAAP gross margin of 80.0%; non-GAAP gross margin of 80.9% as a result of continued focus on operational execution of business model goals in spite of near-term volatility in the market.
• GAAP net income of $9.5 million (15.8% of revenue), or $0.13 per diluted share, compared to net income of $11.6 million (17.7% of revenue) or $0.15 per diluted share in the second quarter of 2023.
• Non-GAAP net income of $13.2 million (22.0% of revenue), or $0.18 per diluted share (non-GAAP EPS) compared to non-GAAP net income of $14.5 million (22.1% of revenue) or $0.19 per diluted share in the second quarter of 2023.
• The Company returned $16.3 million to investors, having repurchased 844 thousand shares at an average price of $14.02 per share for a total of $11.8 million and having paid $4.5 million in cash dividends in the quarter.
• The Board of Directors approved a quarterly cash dividend of $0.06 per share, payable September 3, 2024, to stockholders of record at the close of business on August 15, 2024.

A reconciliation between GAAP and non-GAAP information is contained in the financial statements below.

“Consistent with our prior comments and expectations, the North American service provider market remains volatile, impacting our quarter-to-quarter visibility,” commented Dhrupad Trivedi, A10 Network’s President and Chief Executive Officer. “While elongated sales cycles have slowed service provider revenue, we continue to believe that we have not lost those customer opportunities to competitors or cancellations, and demand for our security-led solutions remains robust. The Enterprise segment continues to grow in line with our stated strategy. During the second quarter, Enterprise revenue increased 25% and year-to-date, Enterprise revenue was up 7%. We continue to increase our research and development investments, focused on enterprise-targeted solutions and capitalizing on AI-driven market potential, to better position A10 to capture growth opportunities in the future.”

“Despite the macro challenges, we continued to deliver bottom-line results in-line with expectations while returning significant capital to shareholders,” added Trivedi. “We believe our business model enables solid and consistent profitability, and our revenue diversification positions A10 to navigate challenging market conditions.”

Conference Call

Management will host a call at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) today, Tuesday, July 30, 2024, to discuss these results. Interested parties may access the conference call by dialing (833) 470-1428 (toll-free) or (404) 975-4839 and referencing access code: 707454.

A live audio webcast of the conference call will be accessible from the “Investor Relations” section of A10 Network’s website at investors.a10networks.com. The webcast will be archived for at least 90 days. A telephonic replay of the conference call will be available two hours after the conclusion of the live call and will run for seven days and may be accessed by dialing (866) 813-9403 (toll-free) or (929) 458-6194 and entering the passcode 793093.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding our quarterly dividend payments and stock repurchase program, strategy, growth, customer opportunities, demand, positioning, profitability, revenue and expectations for 2024, market trends, investments and return of capital. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program or stock repurchase program, which may in turn negatively impact our ability to administer the quarterly dividends or the repurchase of our common stock; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end-customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation; changes demanded by our customers in the deployment and payment model for our products; continued growth in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on February 29, 2024. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), we refer to certain non-GAAP financial measures, including non-GAAP net income, non-GAAP net income per basic and diluted share (or non-GAAP EPS), non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin. 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.

A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance and are used by the company's management for that purpose.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) restructuring expense, (iii) cyber incident remediation expense, (iv) one-time tax planning expense, (v) one-time legal expense and (vi) income tax effect of non-GAAP items (i) to (v) listed above. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax, (ii) restructuring expense and (iii) cyber incident remediation expense. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) restructuring expense, (iii) cyber incident remediation expense, (iv) one-time tax planning expense and (v) one-time legal expense. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) restructuring expense, (iii) cyber incident remediation expense, (iv) one-time tax planning expense and (v) one-time legal expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define Adjusted EBITDA as our GAAP net income excluding (i) interest and other (income) expense, net, (ii) depreciation and amortization expense, (iii) provision for income taxes, (iv) stock-based compensation and related payroll tax, (v) restructuring expense, (vi) cyber incident remediation expense, (vii) one-time tax planning expense and (viii) one-time legal expense. We define Adjusted EBITDA margin as our Adjusted EBITDA divided by our GAAP revenue.

Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results.

About A10 Networks

A10 Networks (NYSE: ATEN) provides security and infrastructure solutions for on-premises, hybrid cloud, and edge-cloud environments. Our 7000+ customers span global large enterprises and communications, cloud and web service providers who must ensure business-critical applications and networks are secure, available, and efficient. Founded in 2004, A10 Networks is based in San Jose, Calif. and serves customers globally. For more information, visit A10networks.com and follow us at A10Networks.

The A10 logo and A10 Networks are trademarks or registered trademarks of A10 Networks, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.

Source: A10 Networks, Inc.

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts, on a GAAP Basis)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

Net revenue:

 

 

 

 

 

 

 

Products

$

29,533

 

$

39,090

 

$

59,602

 

$

70,272

 

Services

 

30,563

 

 

26,727

 

 

61,169

 

 

53,236

 

Total net revenue

 

60,096

 

 

65,817

 

 

120,771

 

 

123,508

 

Cost of net revenue:

 

 

 

 

 

 

 

Products

 

6,813

 

 

9,436

 

 

13,612

 

 

15,519

 

Services

 

5,225

 

 

4,027

 

 

9,870

 

 

8,160

 

Total cost of net revenue

 

12,038

 

 

13,463

 

 

23,482

 

 

23,679

 

Gross profit

 

48,058

 

 

52,354

 

 

97,289

 

 

99,829

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

19,453

 

 

20,868

 

 

40,667

 

 

43,202

 

Research and development

 

14,737

 

 

13,965

 

 

28,800

 

 

25,630

 

General and administrative

 

5,952

 

 

5,255

 

 

12,693

 

 

12,564

 

Total operating expenses

 

40,142

 

 

40,088

 

 

82,160

 

 

81,396

 

Income from operations

 

7,916

 

 

12,266

 

 

15,129

 

 

18,433

 

Non-operating income, net:

 

 

 

 

 

 

 

Interest income

 

1,761

 

 

662

 

 

3,442

 

 

1,635

 

Other income (expense), net

 

1,306

 

 

1,884

 

 

3,632

 

 

(334

)

Non-operating income, net

 

3,067

 

 

2,546

 

 

7,074

 

 

1,301

 

Income before provision for income taxes

 

10,983

 

 

14,812

 

 

22,203

 

 

19,734

 

Provision for income taxes

 

1,507

 

 

3,186

 

 

3,001

 

 

4,150

 

Net income

$

9,476

 

$

11,626

 

$

19,202

 

$

15,584

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.13

 

$

0.16

 

$

0.26

 

$

0.21

 

Diluted

$

0.13

 

$

0.15

 

$

0.25

 

$

0.21

 

Weighted-average shares used in computing net income per share:

 

 

 

 

 

 

 

Basic

 

74,366

 

 

74,017

 

 

74,401

 

 

74,009

 

Diluted

 

75,497

 

 

75,428

 

 

75,432

 

 

75,512

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(unaudited, in thousands, except per share amounts)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

GAAP net income

$

9,476

 

 

$

11,626

 

 

$

19,202

 

 

$

15,584

 

Non-GAAP items:

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

4,309

 

 

 

3,527

 

 

 

8,298

 

 

 

7,497

 

Restructuring expense

 

—

 

 

 

—

 

 

 

—

 

 

 

1,861

 

Cyber incident remediation expense (recovery)

 

—

 

 

 

(621

)

 

 

—

 

 

 

732

 

One-time tax planning expense

 

400

 

 

 

—

 

 

 

400

 

 

 

—

 

One-time legal expense

 

71

 

 

 

—

 

 

 

71

 

 

 

—

 

Income tax-effect of non-GAAP items

 

(1,046

)

 

 

(3

)

 

 

(2,017

)

 

 

(1,218

)

Total non-GAAP items

 

3,734

 

 

 

2,903

 

 

 

6,752

 

 

 

8,872

 

Non-GAAP net income

$

13,210

 

 

$

14,529

 

 

$

25,954

 

 

$

24,456

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

Basic

$

0.13

 

 

$

0.16

 

 

$

0.26

 

 

$

0.21

 

Diluted

$

0.13

 

 

$

0.15

 

 

$

0.25

 

 

$

0.21

 

Non-GAAP items:

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

0.05

 

 

 

0.05

 

 

 

0.11

 

 

 

0.10

 

Restructuring expense

 

—

 

 

 

0.01

 

 

 

—

 

 

 

0.02

 

Cyber incident remediation expense (recovery)

 

—

 

 

 

(0.01

)

 

 

—

 

 

 

0.01

 

One-time tax planning expense

 

0.01

 

 

 

—

 

 

 

0.01

 

 

 

—

 

One-time legal expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income tax-effect of non-GAAP items

 

(0.01

)

 

 

—

 

 

 

(0.03

)

 

 

(0.02

)

Total non-GAAP items

 

0.05

 

 

 

0.04

 

 

 

0.09

 

 

 

0.12

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

$

0.18

 

 

$

0.20

 

 

$

0.35

 

 

$

0.33

 

Diluted

$

0.18

 

 

$

0.19

 

 

$

0.34

 

 

$

0.32

 

Weighted average shares used in computing net income per share:

 

 

 

 

 

 

 

Basic

 

74,366

 

 

 

74,017

 

 

 

74,401

 

 

 

74,009

 

Diluted

 

75,497

 

 

 

75,428

 

 

 

75,432

 

 

 

75,512

 

Net income and earnings per share excluding adjustments are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these adjustments on reported results. These financial measures should not be considered an alternative to net income, operating income, cash flows provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our adjusted net income and earnings per share may not be comparable to similarly titled measures of another company because companies may not all calculate adjusted net income and earnings per share in the same manner.

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except par value, on a GAAP Basis)

 

 

June 30, 2024

 

December 31, 2023

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

77,457

 

 

$

97,244

 

Marketable securities

 

99,682

 

 

 

62,056

 

Accounts receivable, net of allowances of $676 and $405, respectively

 

57,395

 

 

 

74,307

 

Inventory

 

25,212

 

 

 

23,522

 

Prepaid expenses and other current assets

 

15,301

 

 

 

14,695

 

Total current assets

 

275,047

 

 

 

271,824

 

Property and equipment, net

 

34,012

 

 

 

29,876

 

Goodwill

 

1,307

 

 

 

1,307

 

Deferred tax assets, net

 

62,327

 

 

 

62,725

 

Other non-current assets

 

24,477

 

 

 

24,077

 

Total assets

$

397,170

 

 

$

389,809

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

5,642

 

 

$

7,024

 

Accrued liabilities

 

27,398

 

 

 

21,388

 

Deferred revenue

 

81,993

 

 

 

82,657

 

Total current liabilities

 

115,033

 

 

 

111,069

 

Deferred revenue, non-current

 

57,963

 

 

 

58,677

 

Other non-current liabilities

 

9,817

 

 

 

12,187

 

Total liabilities

 

182,813

 

 

 

181,933

 

 

 

 

 

Stockholders' equity:

Common stock, $0.00001 par value: 500,000 shares authorized; 89,580 and 89,003 shares issued and 73,860 and 74,359 shares outstanding, respectively

 

1

 

 

 

1

 

Treasury stock, at cost: 15,720 and 14,644 shares, respectively

 

(165,785

)

 

 

(150,909

)

Additional paid-in-capital

 

497,520

 

 

 

486,958

 

Dividends paid

 

(46,562

)

 

 

(37,619

)

Accumulated other comprehensive income (loss)

 

465

 

 

 

(71

)

Accumulated deficit

 

(71,282

)

 

 

(90,484

)

Total stockholders' equity

 

214,357

 

 

 

207,876

 

Total liabilities and stockholders' equity

$

397,170

 

 

$

389,809

 

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands, on a GAAP Basis)

 

 

Six Months Ended June 30,

 

2024

 

2023

Cash flows from operating activities:

 

 

 

Net income

$

19,202

 

 

$

15,584

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

5,507

 

 

 

4,307

 

Stock-based compensation

 

8,105

 

 

 

7,214

 

Other non-cash items

 

(403

)

 

 

(270

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

16,695

 

 

 

3,698

 

Inventory

 

(3,318

)

 

 

(1,705

)

Prepaid expenses and other assets

 

(541

)

 

 

3,827

 

Accounts payable

 

(2,859

)

 

 

(1,460

)

Accrued liabilities

 

3,640

 

 

 

(17,094

)

Deferred revenue

 

(1,378

)

 

 

4,621

 

Net cash provided by operating activities

 

44,650

 

 

 

18,722

 

Cash flows from investing activities:

 

 

 

Proceeds from sales of marketable securities

 

22,536

 

 

 

42,252

 

Proceeds from maturities of marketable securities

 

47,699

 

 

 

44,532

 

Purchases of marketable securities

 

(106,293

)

 

 

(44,680

)

Capital expenditures

 

(6,414

)

 

 

(5,065

)

Net cash provided by (used in) investing activities

 

(42,472

)

 

 

37,039

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of common stock under employee equity incentive plans

 

1,854

 

 

 

2,559

 

Repurchase of common stock

 

(14,876

)

 

 

(6,230

)

Payments for dividends

 

(8,943

)

 

 

(8,880

)

Net cash used in financing activities

 

(21,965

)

 

 

(12,551

)

Net increase (decrease) in cash and cash equivalents

 

(19,787

)

 

 

43,210

 

Cash and cash equivalents—beginning of period

 

97,244

 

 

 

67,971

 

Cash and cash equivalents—end of period

$

77,457

 

 

$

111,181

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

Transfers between inventory and property and equipment

$

1,628

 

 

$

959

 

Purchases of property and equipment included in accounts payable

$

1,477

 

 

$

1,134

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

(unaudited, in thousands, except percentages)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

GAAP gross profit

$

48,058

 

 

$

52,354

 

 

$

97,289

 

 

$

99,829

 

GAAP gross margin

 

80.0

%

 

 

79.5

%

 

 

80.6

%

 

 

80.8

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

563

 

 

 

417

 

 

 

1,034

 

 

 

861

 

Restructuring expense

 

—

 

 

 

—

 

 

 

—

 

 

 

42

 

Cyber incident remediation expense

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Non-GAAP gross profit

$

48,621

 

 

$

52,771

 

 

$

98,323

 

 

$

100,735

 

Non-GAAP gross margin

 

80.9

%

 

 

80.2

%

 

 

81.4

%

 

 

81.6

%

A10 NETWORKS, INC.

RECONCILIATION OF GAAP TOTAL OPERATING EXPENSES

TO NON-GAAP TOTAL OPERATING EXPENSES

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

GAAP total operating expenses

$

40,142

 

 

$

40,088

 

 

$

82,160

 

 

$

81,396

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

(3,746

)

 

 

(3,110

)

 

 

(7,264

)

 

 

(6,636

)

Restructuring expense

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,819

)

Cyber incident remediation recovery (expense)

 

—

 

 

 

621

 

 

 

—

 

 

 

(729

)

One-time tax planning expense

 

(400

)

 

 

—

 

 

 

(400

)

 

 

—

 

One-time legal expense

 

(71

)

 

 

—

 

 

 

(71

)

 

 

—

 

Non-GAAP total operating expenses

$

35,925

 

 

$

37,599

 

 

$

74,425

 

 

$

72,212

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP INCOME FROM OPERATIONS

TO NON-GAAP OPERATING INCOME

(unaudited, in thousands, except percentages)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

GAAP income from operations

$

7,916

 

 

$

12,266

 

 

$

15,129

 

 

$

18,433

 

GAAP operating margin

 

13.2

%

 

 

18.6

%

 

 

12.5

%

 

 

14.9

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

4,309

 

 

 

3,527

 

 

 

8,298

 

 

 

7,497

 

Restructuring expense

 

—

 

 

 

—

 

 

 

—

 

 

 

1,861

 

Cyber incident remediation expense (recovery)

 

—

 

 

 

(621

)

 

 

—

 

 

 

732

 

One-time tax planning expense

 

400

 

 

 

—

 

 

 

400

 

 

 

—

 

One-time legal expense

 

71

 

 

 

—

 

 

 

71

 

 

 

—

 

Non-GAAP operating income

$

12,696

 

 

$

15,172

 

 

$

23,898

 

 

$

28,523

 

Non-GAAP operating margin

 

21.1

%

 

 

23.1

%

 

 

19.8

%

 

 

23.1

%

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO

EBITDA AND ADJUSTED EBITDA (NON-GAAP)

(unaudited, in thousands, except percentages)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

GAAP net income

$

9,476

 

 

$

11,626

 

 

$

19,202

 

 

$

15,584

 

GAAP net income margin

 

15.8

%

 

 

17.7

%

 

 

15.9

%

 

 

12.6

%

 

 

 

 

 

 

 

 

Exclude: Interest and other (income) expense, net

 

(3,067

)

 

 

(2,546

)

 

 

(7,074

)

 

 

(1,301

)

Exclude: Depreciation and amortization

 

2,815

 

 

 

2,202

 

 

 

5,507

 

 

 

4,308

 

Exclude: Provision for income taxes

 

1,507

 

 

 

3,186

 

 

 

3,001

 

 

 

4,150

 

EBITDA

 

10,731

 

 

 

14,468

 

 

 

20,636

 

 

 

22,741

 

Exclude: Stock-based compensation and related payroll tax

 

4,309

 

 

 

3,527

 

 

 

8,298

 

 

 

7,497

 

Exclude: Restructuring expense

 

—

 

 

 

—

 

 

 

—

 

 

 

1,861

 

Exclude: Cyber incident remediation expense

 

—

 

 

 

(621

)

 

 

—

 

 

 

732

 

Exclude: One-time tax planning expense

 

400

 

 

 

—

 

 

 

400

 

 

 

—

 

Exclude: One-time legal expense

 

71

 

 

 

—

 

 

 

71

 

 

 

—

 

Adjusted EBITDA

$

15,511

 

 

$

17,374

 

 

$

29,405

 

 

$

32,831

 

Adjusted EBITDA margin

 

25.8

%

 

 

26.4

%

 

 

24.3

%

 

 

26.6

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240730915062/en/

Investor Contact: Rob Fink / Tom Baumann FNK IR 646.809.4048 / 646.349.6641 aten@fnkir.com

Brian Becker Chief Financial Officer investors@a10networks.com