A10 Networks Reports Q2 2024 Growth

TL;DR

A10 Networks revenue up to $157.2M for H1 2024, net income also rose.

AI Summary

A10 Networks, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total revenue of $157.2 million for the six months ended June 30, 2024, an increase from $146.4 million in the same period of 2023. Net income for the first six months of 2024 was $15.7 million, up from $14.6 million in the prior year's comparable period.

Why It Matters

This filing provides insight into A10 Networks' financial performance and revenue trends for the first half of 2024, indicating continued growth in their product and service offerings.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $157.2M — Total Revenue (H1 2024) (Represents an increase from the prior year's period.)
• $146.4M — Total Revenue (H1 2023) (Prior year's comparable revenue for growth comparison.)
• $15.7M — Net Income (H1 2024) (Shows profitability for the first half of the year.)
• $14.6M — Net Income (H1 2023) (Prior year's comparable net income for growth comparison.)
• 80 — Document Count (Indicates the size and complexity of the filing.)

Key Players & Entities

• A10 Networks, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $157.2 million (dollar_amount) — Total revenue for the six months ended June 30, 2024
• $146.4 million (dollar_amount) — Total revenue for the six months ended June 30, 2023
• $15.7 million (dollar_amount) — Net income for the six months ended June 30, 2024
• $14.6 million (dollar_amount) — Net income for the six months ended June 30, 2023

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value ATEN New York Stock Exchange
• $676 — counts receivable, net of allowances of $676 and $405, respectively 57,395 74,307 I
• $405 — ceivable, net of allowances of $676 and $405, respectively 57,395 74,307 Inventory

Filing Documents

• aten-20240630.htm (10-Q) — 1368KB
• ex-3116302024.htm (EX-31.1) — 10KB
• ex-3126302024.htm (EX-31.2) — 10KB
• ex-3216302024.htm (EX-32.1) — 5KB
• ex-3226302024.htm (EX-32.2) — 5KB
• aten-20240630_g1.jpg (GRAPHIC) — 10KB
• 0001580808-24-000105.txt ( ) — 6794KB
• aten-20240630.xsd (EX-101.SCH) — 44KB
• aten-20240630_cal.xml (EX-101.CAL) — 72KB
• aten-20240630_def.xml (EX-101.DEF) — 197KB
• aten-20240630_lab.xml (EX-101.LAB) — 593KB
• aten-20240630_pre.xml (EX-101.PRE) — 429KB
• aten-20240630_htm.xml (XML) — 971KB

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 June 3 0 , 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 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) 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 Commitments and contingencies (Note 2 and Note 6) 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 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 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 61,16

View Full Filing

View this 10-Q filing on SEC EDGAR