A10 Networks, Inc.

results. My name is Brica and I will be your moderator coordinating today's call. After the speaker's remarks we will conduct a question and answer session and if you would like to ask a question during that time you may do so at any point by pressing star followed by the number one on your telephone keypad. Should you change your mind and wish to remove your request to speak please press star then two. Thank you I would now like to pass the conference over to your host, Tom Bauman, at FNK IR to begin. So, Tom, please go ahead.

Thank you all for joining us today. This call is being recorded and broadcast live and may be accessed for at least 90 days via the ATEN Network's website at atennetworks.com. Hosting the call today are Drupal Trivedi, ATEN's President and CEO, and CFO, Brian Becker. Before we begin, I would like to remind you that shortly after the market closed today, ATEN Networks issued a press release announcing its fourth quarter 2023 financial results. Additionally, ATEN 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, including timing, our potential revenue growth, industry and customer trends, our capital allocation strategy, supply chain constraints and expectations, expenses and investments, our positioning, our repurchase and dividend programs, and our market share. These statements are based on current expectations and beliefs as of today, February 6, 2024. 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, and you should not rely on them as predictions for future events. ATIN does not intend to update financial 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. Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis 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 differ from non-GAAP financial 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. Now I'd like to turn the call over to Drupal Trivedi, President and CEO of ATEN Networks.

Thank you, Tom, and thank you all for joining us today. The fourth quarter demonstrates that we have taken the necessary steps to realign and efficiently allocate resources to find areas of growth and ensure solid profitability amidst revenue headwinds. The headwinds persist, but are largely related to a single region and a single customer type. Service providers, especially in North America, continue to delay CapEx investments as broadly announced by others in the industry. Simultaneously, enterprise customers are taking longer to make decisions and their internal approval process has incremental layers due to the same economic headwinds. As discussed during the third quarter call, orders slipped from our third quarter into our fourth and reduced in size as parts of the project were pushed out into 2024. We are navigating these longer sales cycles and customer uncertainty, and I'm encouraged by the sequential improvement in both revenue and profitability from the third quarter into the fourth quarter. We agree that service provider customers in particular could remain choppy for some time related to the macro environment. In the interim, our focus on revenue diversification continues to benefit our business. Enterprise revenue was up 23% in the fourth quarter, partially mitigating the 24% decrease in service provider revenue and validating our strategy to increase our focus on enterprise customers in addition to our service provider customers which will return to strength in the future. Once again, ATEN is poised to navigate this challenging cycle better than others in the industry. We have reallocated resources, increasing our concentration on enterprise customers globally, and this focus has already begun generating positive results. On a full year basis, revenue from enterprise customers grew 9%, ahead of many of our peers and offsetting a 20% decline from service provider customers. This represents an opportunity for us to deliver growth that is increasingly independent of service provider capex cycles. Cybersecurity solutions continue to be prioritized. Economic headwinds may mean these investments are delayed, but they are unlikely to be canceled. The threats from hackers, malware, ransomware, and DDoS attacks are growing. These are existential business risks, interrupting service, damaging customer trust, costing affected business millions, and increasingly causing regulatory issues. In response to this growing opportunity, we continue to expand our capabilities as evidenced by some of our recent product and platform announcements. We maintained our profitability despite the revenue headwinds, matching our long-term stated goals of 80 to 82% gross margin and 26 to 28% EBITDA margins. This achievement is a testament to our business model and operational rigor as we reallocated resources focusing on near-term opportunities and ensuring that we are customer-centric in our sales and support approach. On a constant currency basis, we delivered full year EPS of 74 cents flat year over year in spite of significant deterioration in the macro environment. We achieved this level of profitability due to a proactive decision to defer certain investments in light of deteriorating market conditions. These deferrals will push those expenses into 2024 and align them with business condition improvements. We still expect to achieve our profitability targets on an ongoing basis. We continue to expect to deliver on our business model objectives, including gross margins of 80 to 82%, adjusted EBITDA margins of 26 to 28%, and single digit growth in our full year non-GAAP EPS. We continue to buy back stock. We remain focused on preserving growth-oriented investments, including R&D, related to new and enhanced security solutions while being cognizant of our overall spending. In December 2023, we released our ATEN Detector, a new product which integrates our current capabilities and sets the stage to further expand our portfolio of security solutions for our customers. In January this year, we completed our annual sales kickoff event. This intensive multi-day gathering is designed to align our sales team, discuss our strategy, and further strengthen commercial execution. Based on our experience and learnings from 2023, we have made further adjustments to capitalize on key strategic priorities that enable us to maintain strength with service provider customers while growing faster with security and enterprise solutions. The teams remain very excited about the new solutions that drive an even deeper customer-centric approach and one that aligns with their dynamic economic environment. With that, I'd like to turn the call over to Brian for a detailed review of the quarter and the year. Brian?