A10 Networks, Inc.

Good day, everyone, and welcome to the A10 Network's first quarter 2025 financial results. At this time, all participants have been placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star 1 on your phone to enter the question queue at any time, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host,

Thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least one year via the A10 Networks website at atennetworks.com. Hosting the call today are Dhruva Trivedi, A10's President and CEO, and CFO Brian Becker. Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its first quarter 2025 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, demand, industry and customer trends, strategy, potential 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, May 1, 2025. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control and could cause actual results to differ materially, and you should not rely on them as a prediction of future events. A-10 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 and have been adjusted to exclude certain charges. 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 financial measures presented by other companies. A reconciliation between GAAP and non-GAAP measures can be found on 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 A10 Networks.

Thank you, Tom, and thank you all for joining us today. ATEN's first quarter financial results demonstrate continued execution as we deliver broad-based growth and solid profitability. Our investments, designed to expand our presence and capabilities with enterprise customers, are delivering the desired results, and the service provider market, especially in North America, has improved modestly. Overall, ATEN remains well-positioned, addressing non-discretionary security and capacity requirements with a diversified approach that provides continued durability against ongoing market volatility. Overall, ATEN delivered 9% revenue growth year-over-year. Enterprise revenue grew 18% partly as a result of depressed 2024 and service provider revenue increased 3% year-over-year. More importantly, enterprise revenue grew 12% on a trailing 12-month basis, providing an increasingly durable foundation for future growth. Market trends and global demand is largely unchanged over the last few months, and customers continue to navigate evolving conditions related to higher interest rate and the growing trade policy dynamics in the United States. These various factors are creating friction, impacting order timing. But as I mentioned, our solutions are increasingly non-discretionary and high priority in terms of spending. Our solutions impact capacity and security. So while there may be delays, these delays can usually only be temporary. And over the past few quarters, the overall market conditions have improved and stabilized. Our service provider customer growth continues to be driven by the demand for greater data center capacity. The rise of AI is only adding to this demand. In addition, AI is power hungry and our solutions provide industry leading efficiency in terms of throughput and low latency. and also include integrated security capabilities, enabling high capacity build outs with fewer 8N products compared to competitors. As such, we are often designed into large data center projects. This is serving not only as a catalyst for our business, but also a meaningful competitive advantage. We continue to allocate resources to address enterprise customers, and this includes the recent acquisition of the assets and key personnel of ThreadX Protect. This accretive acquisition will expand our cybersecurity portfolio with web application and API protection. Attacks against web applications and application programming interfaces or APIs are on the rise. In particular, these threats are significantly applicable to enterprise. ThreatX Protect provides a unique WAP solution which harnesses behavioral and risk profiling to help protect enterprises from evolving threats, including threats to AI applications. We believe this capability, which is delivered as a software as a service solution, represents an ideal complement to our existing AI firewall solution. This acquisition is another piece of our strategy to make ATEN even more relevant in the enterprise vertical. We now offer advanced security solutions in a hybrid approach to protect apps and APIs running anywhere from public cloud to the private cloud to co-location facilities or on-prem networks. Our comprehensive ATEN DEFEND portfolio of solutions provides hybrid DDoS protection, DDoS threat intelligence, and web application and bot protection, and now adds a full-featured web solution, all integrated into a single platform with end-to-end delivery and stronger security for mission-critical applications. I'd note that the growth of AI is driving demand in the enterprise segment as well. This trend reinforces the benefit of the ThreadX Protect acquisition and underscores our overall strategic position in the market. I am encouraged by our strategic position. Our presence with enterprise customers is strong and growing with solutions that are increasingly well aligned with current and near-term customer needs. Our solutions are also meeting the needs of tier one service providers, and this segment is stabilizing and returning to growth, although with continued short-term volatility. We are navigating the ebbs and flows of short-term market volatility with a strong balance sheet, delivering consistent profitability and returning capital to shareholders. As markets stabilize, we are well positioned to outpace the market in terms of revenue growth and increase our profitability. With that, I'd like to turn the call over to Brian for a detailed review of the quarter. Brian?