A10 Networks ATEN Q1 2026 Earnings Transcript
A10 Networks ATEN Q1 2026 Earnings Transcript
Motley Fool Transcribing, The Motley FoolTue, April 28, 2026 at 9:53 PM UTC
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Tuesday, April 28, 2026 at 4:30 p.m. ET
CALL PARTICIPANTS -
President and Chief Executive Officer — Dhrupad Trivedi
Chief Financial Officer — Michelle Caron
Vice President, Investor Relations — Tom Baumann
TAKEAWAYS -
Revenue -- $75 million, up 13.4%, representing the third quarter in the last four with double-digit revenue growth.
Product Revenue -- $44 million, representing 9% of total revenue and increasing 22.3% on a year-over-year basis, with the remainder attributed to service revenue.
Security-Led Revenue -- Security solutions drove product revenue growth and consistently meet or exceed management’s long-term goal for security-led revenue as a percent of total revenue.
Enterprise Revenue -- Accounted for 56% of quarterly revenue, with the Americas region leading segment growth due to timing of large orders and strong underlying demand for next-generation solutions.
Service Provider Revenue -- Comprised 44% of total revenue, supported by alignment with AI infrastructure buildouts.
Geographical Revenue Mix -- Americas contributed 67% of global revenue, while EMEA saw headwinds from regional conflicts and APJ experienced conservative spending due to uncertain capital conditions.
Non-GAAP Gross Margin -- 80.6%, consistent with stated management targets.
Operating Expenses -- $41.5 million, reflecting ongoing investment in AI-facing innovation, next-gen networking, and security initiatives.
Operating Margin -- 25.2%, supporting net income of $17.7 million, or $0.25 basic and $0.24 diluted earnings per share, based on a diluted share count of 72.9 million shares.
Free Cash Flow -- Temporarily affected by timing of receivables and inventory investments, with management expecting these to normalize during the year and no change to full-year free cash flow outlook.
Adjusted EBITDA -- $22.5 million, representing 30% of revenue in line with stated financial model objectives and reflecting the rule of 40 target.
Cash and Marketable Securities -- $369.7 million as of March 31, 2026; deferred revenue totaled $147.2 million.
Capital Return -- $6.8 million returned to shareholders in the quarter through $4.3 million in dividends and $2.5 million in share repurchases; $53.4 million remains authorized for repurchases.
Dividend Declaration -- Board approved a $0.06 per share dividend to be paid on June 1, 2026, to shareholders of record as of May 15, 2026.
Customer Concentration -- A single customer tied to a significant AI infrastructure buildout represented a high percentage of total revenue, requiring prioritized inventory and engineering allocation.
Guidance Reiteration -- 2026 guidance reaffirmed: 10%-12% revenue growth, 28%-30% adjusted EBITDA margin, and 12%-14% EPS growth.
Supply Chain Update -- Cost and supply constraints noted for specific components, especially DDR memory, with management actively managing supply, costs, and customer pricing.
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RISKS -
EMEA region experienced headwinds explicitly tied to ongoing regional conflicts, impacting revenue growth in that geography.
APJ customers exhibited conservative spending as a result of an uncertain capital environment, delaying expected revenue contributions.
Management cited delivery and cost challenges related to key components, particularly DDR memory, with higher prices, extended lead times, and potential for continued supply tightness for at least four quarters.
Management disclosed that the quarter’s revenue performance was materially influenced by a single large AI infrastructure customer, resulting in concentrated revenue and accelerated demand for both product and engineering resources. Cash flow was temporarily reduced due to the timing of receivables and inventory build tied to this deployment, though normalization is expected over the course of the year. Management directly addressed supply chain challenges, singling out DDR memory cost and lead time volatility as an ongoing factor and describing active measures to secure inventory. Both the enterprise and service provider segments exhibited demand convergence driven by AI, and management reasserted its commitment to the existing financial guidance despite Q1 outperformance.
Trivedi explained, AI is transforming the distinction between how large enterprises and service providers build their networks. The workloads are the same, the performance demands are the same, and security requirements are the same. What this means practically is that a Fortune-founded customer standing up an internal AI cluster is now evaluating the same architectural choices as a cloud provider. A service provider hosting AI workloads for their enterprise tenants is being held to the same standard as its customer’s own data centers. We have built our platform for exactly this world: one architecture, one operating model, one security framework, across both segments. That is a meaningful competitive advantage as this convergence accelerates driven by AI.
Americas revenue gains outpaced other regions and were closely linked to AI infrastructure expansion, with management observing no evidence of market share loss in EMEA or APJ despite spending delays.
Caron said, growth and continues to meet or exceed our long-term goal signaling persistent demand for portfolio security solutions.
Management noted, product growth should be a lead indicator for service revenue growing faster in roughly four quarters. indicating an expected future uplift to services from current product wins.
Management gave no indication of competitive displacement, asserting, We have not seen any significant changes since the last quarter or two.
INDUSTRY GLOSSARY -
DDR Memory: Double Data Rate memory, a dominant type of high-speed computer memory component crucial in networking and server appliances; currently subject to volatile pricing and supply constraints.
Rule of 40: A performance benchmark for software and technology companies, requiring the sum of revenue growth rate and EBITDA margin to meet or exceed 40%.
Full Conference Call Transcript
Operator: Greetings. Welcome to the A10 Networks, Inc. First Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. I will now turn the conference over to your host, Tom Baumann. Sir, you may begin.
Tom Baumann: Thank you, and thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least 90 days via the A10 Networks, Inc. website at a10networks.com. Hosting the call today are Dhrupad Trivedi, A10 Networks, Inc. President and CEO, and CFO, Michelle Caron. Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks, Inc. issued a press release announcing its first quarter 2026 financial results. Additionally, A10 Networks, Inc. published a presentation and supplemental trended financial statements. You may access the press release, presentation, and trended financial statements on the Investor Relations section of the company’s website.
During the course of today’s call, management will make forward-looking statements, including statements regarding projections for future operating results, demand, industry and customer trends, macroeconomic factors, strategy, attention to new products and solutions, our capital allocation strategy, profitability, expenses and investments, positioning, and our dividend program. These statements are based on current expectations and beliefs as of today, 04/28/2026. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, that could cause actual results to differ materially; you should not rely on them as predictions of future events.
A10 Networks, Inc. does not intend to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise, unless required by law. For a more detailed description of these risks and uncertainties, please refer to our most recent 10-K and quarterly report on Form 10-Q. Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis, unless otherwise noted, and have been adjusted to exclude certain charges. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP and may be different from non-GAAP measures presented by other companies.
A reconciliation between GAAP and non-GAAP measures can be found in the press release issued today and on the trended quarterly financial statements posted on the company’s website at a10networks.com. Now I would like to turn the call over to Dhrupad Trivedi, President and CEO of A10 Networks, Inc.
Dhrupad Trivedi: Thank you, Tom, and thank you all for joining us today. A10 Networks, Inc. continued to deliver on our strategic plan centered around the current AI-driven demand cycle while simultaneously focusing on disciplined execution. Our customers are seeking solutions to address two major challenges: accelerating traffic volume and complexity, and emerging security threats, in the rapidly evolving AI landscape. A10 Networks, Inc. is well positioned to address both these challenges. We delivered 13.4% revenue growth in the first quarter. This was our third quarter in the last four with double-digit growth.
On a trailing twelve-month basis, we have grown revenue by 12.1% and delivered TTM adjusted EBITDA margins of 29.7%, in line with the rule of 40 we outlined several years ago. During the same period, we have grown service provider revenue by 11% and enterprise revenue by 13%, demonstrating the importance of the strategic shift we have made. A key contributor to our growth is the relevance of our core platform to the demands of AI infrastructure buildout, which create new challenges with greater traffic within the networks. As a result, traffic management is returning to the forefront of buildout plans, and this trend is aligned with A10 Networks, Inc.’s history and core expertise.
Second, AI is evolving rapidly, creating new threats and expanding the footprint of security concerns. For most of the last decade, A10 Networks, Inc. has prioritized security advancement in each of our solutions. During this period, we have built a security portfolio that is now directly in the path of AI-driven threat expansion. This quarter, we were selected as a technology for a new application at one of the most significant AI infrastructure buildouts in our industry. As a result, the customer behind this buildout represents a high percent of total revenue this quarter. The expansion of the customer’s commitment to their enterprise applications reflects our focus on and relevance of next-generation networking.
Deployments of this scale are time sensitive and technically demanding, and it required prioritized allocation of product inventory and engineering resources. This was a deliberate choice to support a strategic customer and partner through a time-sensitive deployment window. We believe capturing this opportunity at the right cadence creates long-term value for the business. I also want to highlight a dynamic I believe is increasingly important to our story. AI is transforming the distinction between how large enterprises and service providers build their networks. The workloads are the same, the performance demands are the same, and security requirements are the same.
What this means practically is that a Fortune-founded customer standing up an internal AI cluster is now evaluating the same architectural choices as a cloud provider. A service provider hosting AI workloads for their enterprise tenants is being held to the same standard as its customer’s own data centers. We have built our platform for exactly this world: one architecture, one operating model, one security framework, across both segments. That is a meaningful competitive advantage as this convergence accelerates driven by AI. Our disciplined operating model balances targeted investment with margin expansion, converting growth into profitability and cash, while dynamically reinvesting in strategic priorities.
We continue to meet our objectives for EBITDA margin, reflecting our ability to reallocate resources based on the best business opportunities. This results in consistent revenue and EPS performance. With that, I would like to turn the call over to Michelle Caron, our Chief Financial Officer, to review the numbers in more detail. Michelle?
Michelle Caron: Thank you, Dhrupad. As a reminder, with the exception of revenue, all of the metrics discussed on this call are on a non-GAAP basis unless otherwise stated. A full reconciliation of GAAP to non-GAAP results is provided in our press release and on our website. Let me turn to the results. As Dhrupad noted, Q1 results were aligned with our business model goals and delivered revenue growth of 13.4% to 75 million dollars. Turning to mix, product revenue was 44 million dollars, or 9% of total revenue, growing 22.3% year over year, with service revenue comprising the remainder.
Security-led revenue was a strong driver of our product revenue growth and continues to meet or exceed our long-term goal of security-led revenue as a percentage of total revenue. Security remains the dominant revenue driver across our next-gen networking, legacy networking, and network security solution areas. Turning to our major verticals, enterprise customers represented 56% of Q1 revenues, with Americas continuing to outpace overall enterprise revenue growth. While the first quarter benefited from timing of large orders, this segment continues to grow above company average in terms of results as well as outlook.
Enterprise momentum reflects the combination of our focus on this segment as well as continued strong demand for our next-gen networking solutions, as customers prioritize modernizing their infrastructure. Our customers across both segments are aligning on the same underlying requirements for performance, security, and scale. From a financial lens, this convergence is showing up in larger opportunities with our enterprise customers. Service provider revenue was 44% of total revenue in the first quarter. Both verticals align with our strategy and reflect the alignment of our offerings with AI infrastructure buildouts.
A10 Networks, Inc. has evolved its solutions to be well positioned to capture this next-gen networking demand while also addressing legacy refresh opportunities as this market transition progresses and customers resume investments while continuing to align their evolving priorities around performance, scale, and security. From a geographical perspective, our Americas region represented 67% of global revenue, driven by continued investment in AI infrastructure buildouts. In EMEA, we saw headwinds related to regional conflicts. In APJ, spending remains conservative as customers navigate an uncertain capital environment. We are not losing market share or experiencing competitive displacement; rather, customers are extending asset lives and deferring discretionary spend.
Q1 operating results reflected our continued investment in our strategic initiatives as well as our financial discipline amidst temporary input cost pressures. Non-GAAP gross margin was 80.6%, in line with our stated goals. Operating expenses were 41.5 million dollars as we prioritized investments in AI-facing innovation, next-gen networking, and security. Operating margin was 25.2%, resulting in net income of 17.7 million dollars, or 25 cents per basic and 24 cents per diluted share. Q1 diluted weighted share count was 72.9 million shares. Operating cash flow, and therefore free cash flow in the quarter, was temporarily impacted by the timing of receivables as well as inventory investments.
Neither item reflects a change in underlying business fundamentals, and we expect both to normalize over the course of the year. Full-year free cash flow expectations remain unchanged, expanding on a year-over-year basis. Adjusted EBITDA was 22.5 million dollars, 30% of revenue, consistent with our business model goals, as we balance investment in growth initiatives with our commitments to sustained and expanding profitability. Turning to the balance sheet, cash and marketable securities were 369.7 million dollars as of 03/31/2026, and deferred revenue was 147.2 million dollars. During the quarter, we paid 4.3 million dollars in cash dividends and repurchased 2.5 million dollars worth of shares, returning a total of 6.8 million dollars to our shareholders.
The Board has approved a quarterly cash dividend of 6 cents per share to be paid on 06/01/2026 to shareholders of record on 05/15/2026. The company has 53.4 million dollars remaining on its 75 million dollar share repurchase authorization. As is true for everyone in the industry, we are seeing delivery and cost challenges related to pricing of certain components. We entered this environment with strong supplier relationships, and we will keep evaluating the evolving market and adapt as needed. I will now turn the call back over to Dhrupad for an update on our 2026 outlook and closing comments.
Dhrupad Trivedi: Thank you, Michelle. A10 Networks, Inc. continues to strengthen its position as a partner of choice to address the evolving traffic and security needs of next-generation networks. The strong financial results, including double-digit growth and solid EBITDA margins, validate the strategic investments we have made. As a result, A10 Networks, Inc. is well positioned in front of multiple durable secular catalysts. We continue to invest to enhance our position across our portfolio while preserving profitability and shareholder returns. We are reiterating our 2026 outlook with 2026 revenue growth within our guided range of 10% to 12%, adjusted EBITDA margins between 28% to 30%, and EPS growth of 12% to 14%.
In addition, we remain confident and committed to our long-term operating model. Operator, you can now open the call for questions.
Operator: We will now open the call for questions. Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please. Once again, please press 1 if you have a question or a comment. First question comes from Gray Powell with BT. Please proceed.
Gray Powell: Okay, great. Thanks for taking the question, and congratulations on the very strong set of results. It was really good to see the product revenue growth accelerate to 22% this quarter. So I guess my first question would be, where do you think we are at in the investment cycle around AI, and if you start to see a further acceleration in traffic growth, would you think about prioritizing faster revenue growth over the historical 28% to 30% EBITDA margin framework that you have always talked about?
Dhrupad Trivedi: First of all, thank you, Gray. Good question. In terms of the investment cycle, as we have said in the past, we see a large buildout phase, and we are focused with customers in that phase, but also with customers who will over time deploy their own solutions, whether it is around sovereign AI and things like that. The second part of that cycle is at a very early stage, and we expect to see that benefit over the next few years. The first part of the cycle is a pretty active buildout.
I do not know how much higher or lower it will go, but it is solid and stable in terms of the significance committed to the buildout, even though the buildout itself takes several quarters. So we are in the midst of that buildout phase, and we are at a very early stage of where enterprise and other entities will use AI for their own business more directly, whether it is on-prem, cloud, or combined. On your second question, we continuously look at that trade-off. Our focus is that if there are opportunities to grow faster, typically that also helps in growing EPS faster.
We look at it from the point of view of revenue and EPS being the top and bottom line. The EBITDA margin is a reflection of our ability to drive OpEx productivity as well as maintain sufficient margin so the fall-through is good. As we navigate the market, if we see opportunities for significantly faster growth while still delivering EPS expansion, we will continue to look at those.
Gray Powell: That is perfect. And then just my follow-up question, if that is okay. You called out the large customer win. I am assuming that hit in the enterprise segment because the revenue growth there really spiked. Is there any additional detail you can give? Was that one of the larger frontier models? If not, how should we think about the split between growth in enterprise and service provider going forward?
Dhrupad Trivedi: Great question. What we are seeing is that many of our large customers that were traditionally on the service provider or enterprise side are converging. A lot of our service provider customers, when they are doing AI, are also doing a lot of enterprise applications, which becomes hard to segregate completely. Enterprise customers planning to build their own on-prem inference models and buildouts can look like a service provider. In this case, it is an existing large customer expanding their deployment, and it is really around an enterprise application. It is not the DDoS-type product, and it is an enterprise application that enables their delivery of AI.
Operator: The next question comes from Hamed Khorsand with BWS Financial. Please proceed.
Hamed Khorsand: Thank you for taking the question. Just for clarification purposes, was the accounts receivable build all related to this one large project, and did you already receive payment for it?
Michelle Caron: This is a calendar event and not a credit event. Our business fundamentals remain strong. There was no meaningful uptick in our aged receivables, no deterioration in payment behavior, and no concessions on standard payment terms with any customers. We see the business fundamentals as favorable. We expect it to normalize over the course of the next couple of quarters and expect the full year to be on track.
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Dhrupad Trivedi: And we expect it to be in Q2 in addition to the original Q2.
Hamed Khorsand: And then, given the growth that you saw in Q1, why the hesitation to keep guidance unchanged if you are growing in excess of 10% to 12%?
Dhrupad Trivedi: We are still in Q1, and we want to see the progression through the year. If we see momentum continuing in Q2 and beyond, we will revisit that. We are navigating timing considerations, including supply lead times and cost challenges for some components, and our EMEA business has some impact from conflicts there. We feel really good about 10% to 12%, and if we see pipeline growth and execution progress into Q2, we will revisit that. Fair question.
Operator: The next question comes from Michael Romanelli with Mizuho. Please proceed.
Michael Romanelli: Hey, thanks. In the press release, you noted that you are seeing expanded commitments from some of your top customers. I want to dive a bit deeper into that comment. So outside of this large project, how is business activity across the installed base to get a feel for the magnitude or size, and just how business was excluding that large project? And then I have a follow-up.
Dhrupad Trivedi: The intent was to highlight that many of our existing customers—service providers or large enterprises—are allocating more spending and priority to AI, whether building it or using it. In general, even if they were buying other product categories from us, this is an area of expansion for us, and that is the basis for the comment of expanded commitment. It could be a service provider in Europe who is also now doing enterprise, or an enterprise customer who is deploying or expanding their AI infrastructure and buildout.
Michael Romanelli: Got it, that is helpful. As my follow-up, you touched on this in the prepared remarks, but can you characterize demand and business activity across your primary geographies? It sounds like some parts of the business are still challenged. Anything worth highlighting or calling out this quarter?
Dhrupad Trivedi: Starting with Japan, macro factors and spending patterns are cautious for a lot of reasons. What would have been a spending profile of large customers there is getting pushed out because of both cost and ROI concerns in a low GDP environment. We are focused on maintaining those customers, staying close, and helping them solve problems, and we expect that to come back, but not imminently. In EMEA, there are sections that are quite challenged due to active conflicts, but we continue to see progress and improvement in our business in core Europe; the Middle East part is harder right now.
In the Americas, there are two categories: customers leaning into AI are more optimistic and spending more; traditional telco customers are stable—not declining, not growing, but stable—and that could improve as those customers figure out their AI spending and deployment patterns. We certainly see AI spending as the biggest driver in the U.S., then EMEA, and then Japan, with Japan’s spending correlated to the economy and outlook as we ensure customer satisfaction.
Operator: The next question comes from Anja Soderstrom with Sidoti. Please proceed.
Anja Soderstrom: Hi, thanks for taking my questions, and congrats on the nice quarter. In the past, you said that product revenue is indicative of services growth. We have seen product growing quite nicely over the past couple of quarters, but services have been lagging. What is the lag we should expect there, and when do you expect services to pick up?
Dhrupad Trivedi: Good question. Typically, when product grows, the associated support contract runs for four quarters, and then at the end of the fourth quarter it comes up for renewal and goes back into the support pool. So product growing faster will show up in service improving roughly four quarters later. Our renewal rate is stable. There can be timing fluctuations because of large contracts and renewal timing, but you are correct: product growth should be a lead indicator for service revenue growing faster in roughly four quarters.
Anja Soderstrom: In the past, you also said you were taking share from competitors. Have you seen any changes to the competitive dynamics recently?
Dhrupad Trivedi: We have not seen any significant changes since the last quarter or two. If you look at our peers and their recent reports and outlooks, 10% to 12% is still a little north of most of them. If we continue that and can continue to improve on it, we are in a good competitive position. No real change in the specific landscape dynamics.
Operator: Next question comes from the Craig-Hallum line.
Analyst: I am on for Christian Schwab here. Just a quick question on the 10% to 12% reiterated outlook. Is that going to be kind of a step function every quarter, or is it a stronger second half? And is that tied to continued growth and market share gains, or is that concentrated with a few customers?
Dhrupad Trivedi: It is broad market share. The reason we reiterated here is because we had our Investor Day subsequent to the earnings call in Q1. This is not indicative of a new trend where we will be doing that every quarter; this was just reiterating and recapturing in one place because we announced it at the Analyst Day. It is not indicative that we will be guiding every quarter.
Analyst: And then you previously stated mid-teens CAGRs in some areas with legacy decreasing. Is there a path to exceed that 12%? What needs to happen to get there?
Dhrupad Trivedi: There are a few factors. First, if we see stability in demand and supply as we go through the year, we will evaluate. AI spending could help us improve our participation in that spending profile. Second, the mix shift: as we grow next-generation network and security solutions faster than legacy, we are exposed to higher-growth markets. Through that evolution, we had said more than 12% next year and beyond. Third, longer term, when service provider spending resumes to more normal rates, that helps. We do not need all three, but one or two would make us more confident in raising immediately.
Operator: The next question comes from Raymond James.
Analyst: Hi, this is Victor in for Simon Leopold. Can you provide some color around the supply chain and memory shortages? You mentioned you observed some impacts this quarter. Have you adjusted pricing around this, and if so, how is that impacting the demand dynamics you are observing?
Dhrupad Trivedi: Memory is the biggest issue—specifically the DDR category. We have seen the same price increases, as well as longer lead times and allocations from suppliers. We are ensuring that, on one hand, we drive demand, and on the other, we line up enough supply over the next few quarters, where it is not expected to get better for at least four quarters, maybe more. We are navigating it by securing supply, managing cost, and fulfilling customer needs. When we say 10% to 12%, that is not an area we are worried about; we can achieve that. It is certainly a cost issue.
As we have said in the past, we try to split that with customers as much as we can. Sometimes it works, sometimes it does not, and we will continue to navigate that.
Analyst: Great. And you mentioned the benefit of timing of some large orders. Was that related to the large enterprise order specifically, or were there some pull-ins from customers ahead of these shortages?
Dhrupad Trivedi: It was not pull-ins to overbook capacity. Our customers are looking at building out things fast, and we are keeping up to get them what they need. It is more that phenomenon versus any concern around double bookings.
Operator: We have reached the end of the question-and-answer session. I will now turn the call over to Dhrupad Trivedi for closing remarks.
Dhrupad Trivedi: Thank you to all of our employees, customers, and shareholders for joining us today and for your continued support. I am increasingly confident in our strategic orientation with security and AI infrastructure spending patterns. Thank you for your time and attention. This concludes today’s conference, and you may disconnect your lines at this time.
Operator: Thank you for your participation.
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