A10 Networks Files Q1 2024 Report

Ticker: ATEN · Form: 10-Q · Filed: May 3, 2024 · CIK: 1580808

A10 Networks, Inc. 10-Q Filing Summary
FieldDetail
CompanyA10 Networks, Inc. (ATEN)
Form Type10-Q
Filed DateMay 3, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.00001, $1,181, $405
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: ATEN

TL;DR

A10 Networks (ATEN) filed its 10-Q for Q1 2024. All systems go.

AI Summary

A10 Networks, Inc. filed its quarterly report for the period ended March 31, 2024. The company is incorporated in Delaware and its principal executive offices are located at 2300 Orchard Parkway, San Jose, California. Its common stock trades on the New York Stock Exchange under the ticker symbol ATEN.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for A10 Networks, Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information and does not indicate any immediate or unusual risks.

Key Players & Entities

  • A10 Networks, Inc. (company) — Registrant
  • March 31, 2024 (date) — Quarterly period ended
  • Delaware (jurisdiction) — State of Incorporation
  • 2300 Orchard Parkway, San Jose, California 95131 (address) — Principal Executive Offices
  • ATEN (ticker) — Trading Symbol for Common Stock
  • New York Stock Exchange (company) — Exchange where Common Stock is registered

FAQ

What is the commission file number for A10 Networks, Inc.?

The commission file number for A10 Networks, Inc. is 001-36343.

In which state was A10 Networks, Inc. incorporated?

A10 Networks, Inc. was incorporated in Delaware.

What is the par value of A10 Networks, Inc.'s common stock?

The par value of A10 Networks, Inc.'s common stock is $0.00001.

Has A10 Networks, Inc. filed all required reports for the preceding 12 months?

Yes, A10 Networks, Inc. has indicated that it has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has A10 Networks, Inc. submitted all Interactive Data Files required for the preceding 12 months?

Yes, A10 Networks, Inc. has indicated that it has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,479 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-05-03 16:14:38

Key Financial Figures

  • $0.00001 — ange on which registered Common Stock, $0.00001 par value ATEN New York Stock Exchange
  • $1,181 — counts receivable, net of allowances of $1,181 and $405, respectively 55,906 74,307 I
  • $405 — ivable, net of allowances of $1,181 and $405, respectively 55,906 74,307 Inventory

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets as of March 31, 202 4 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 202 4 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 202 4 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 202 4 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 202 4 and 202 3 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 35 1 NOTE REGARDING FORWARD-LOOKING STATEMENTS The Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect," and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: our strategy, business plan and our ability to effectively manage our growth and business operations; our expectations with respect to recognizing revenue related to remaining performance obligations; our plans to introduce new products; loss or delay of expected purchases by our largest end-customers; our expectations concerning relationships with third parties; our expectations with respect to the realization of our tax assets and our unrecognized tax benefits; our plans with respect to the repatriation of our earnings from our foreign operations; our ability to maintain profitability while continuing to invest in our sales, marketing, product development, distribution channel partner programs and research and development teams; our expectations regarding our future costs and expenses; variability of our gross margin and the factors affecting it; our expectations with respect to liquidity position and future capital requirements; our stock repurchase program and our quarterly cash dividends; our accounting policies and estimates; fluctuations in currency exchange rates; the cost and potential outcomes of litigation; and future acquisitions of or investments in complementary companies, products, services or technologies. These forward-looking statements are subject to a number of risks, uncertaintie

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) A10 NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par value) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 122,909 $ 97,244 Marketable securities 59,163 62,056 Accounts receivable, net of allowances of $1,181 and $405, respectively 55,906 74,307 Inventory 24,895 23,522 Prepaid expenses and other current assets 13,225 14,695 Total current assets 276,098 271,824 Property and equipment, net 30,254 29,876 Goodwill 1,307 1,307 Deferred tax assets, net 62,323 62,725 Other non-current assets 25,676 24,077 Total assets $ 395,658 $ 389,809 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,049 $ 7,024 Accrued liabilities 24,466 21,388 Deferred revenue 83,345 82,657 Total current liabilities 112,860 111,069 Deferred revenue, non-current 57,561 58,677 Other non-current liabilities 10,928 12,187 Total liabilities 181,349 181,933 Commitments and contingencies (Note 2 and Note 6) Stockholders' equity: Common stock, $0.00001 par value: 500,000 shares authorized; 89,309 and 89,003 shares issued and 74,434 and 74,359 shares outstanding, respectively 1 1 Treasury stock, at cost: 14,875 and 14,644 shares, respectively ( 153,948 ) ( 150,909 ) Additional paid-in-capital 491,164 486,958 Dividends paid ( 42,091 ) ( 37,619 ) Accumulated other comprehensive income (loss) ( 59 ) ( 71 ) Accumulated deficit ( 80,758 ) ( 90,484 ) Total stockholders' equity 214,309 207,876 Total liabilities and stockholders' equity $ 395,658 $ 389,809 See accompanying notes to the condensed consolidated financial statements. 4 A10 NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Net revenue: Products $ 30,069 $ 31,182 Services 30,606 26,509 Total net revenue 60,675 57,691 Cost of net reve

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