Financial Performance - Revenue for Q3 2024 was $66.7 million, a 15.5% increase from $57.8 million in Q3 2023[2] - GAAP net income for Q3 2024 was $12.6 million, representing 18.9% of revenue, compared to $6.5 million (11.2% of revenue) in Q3 2023[3] - Non-GAAP net income for Q3 2024 was $15.9 million (23.9% of revenue), up from $12.0 million (20.8% of revenue) in Q3 2023[3] - GAAP net income for Q3 2024 was $12,637,000, a 95% increase from $6,469,000 in Q3 2023[17] - Non-GAAP net income for Q3 2024 was $15,926,000, compared to $11,996,000 in Q3 2023, reflecting a 32% year-over-year growth[17] - GAAP gross profit for Q3 2024 was $53,682,000, with a gross margin of 80.5%, slightly down from 80.9% in Q3 2023[21] - Non-GAAP gross profit for Q3 2024 was $54,216,000, with a non-GAAP gross margin of 81.3%[21] - GAAP total operating expenses for Q3 2024 were $43,239 thousand, a decrease from $44,557 thousand in Q3 2023[22] - GAAP income from operations for Q3 2024 was $10,443 thousand, significantly up from $2,209 thousand in Q3 2023, resulting in a GAAP operating margin of 15.7% compared to 3.8%[23] - Non-GAAP operating income for Q3 2024 reached $15,059 thousand, an increase from $11,876 thousand in Q3 2023, with a non-GAAP operating margin of 22.6% versus 20.6%[23] - Adjusted EBITDA for Q3 2024 was $17,800 thousand, an increase from $14,413 thousand in Q3 2023, with an adjusted EBITDA margin of 26.7% compared to 24.9%[24] Cash and Investments - Cash and investments at the end of Q3 2024 totaled $182.1 million, an increase from $159.3 million at the end of 2023[4] - A10 Networks generated $21.0 million in cash from operations during Q3 2024[4] - Cash and cash equivalents decreased to $78,063,000 from $97,244,000 at the end of 2023[20] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $64,782,000, up from $41,783,000 in the same period of 2023[20] Shareholder Returns - The company returned $13.9 million to investors through share repurchases and cash dividends during the quarter[4] - A quarterly cash dividend of $0.06 per share was approved, payable on December 2, 2024[5] - The company has authorized a new common stock repurchase program for up to $50 million[5] Assets and Liabilities - Total current assets increased to $283,837,000 as of September 30, 2024, up from $271,824,000 at the end of 2023[18] - Total liabilities rose to $190,477,000 as of September 30, 2024, compared to $181,933,000 at the end of 2023[19] - The company reported a total stockholders' equity of $217,270,000 as of September 30, 2024, compared to $207,876,000 at the end of 2023[19] Expenses and Compensation - The company incurred $4,516,000 in stock-based compensation for Q3 2024, slightly up from $4,255,000 in Q3 2023[17] - Stock-based compensation and related payroll tax for Q3 2024 amounted to $4,516 thousand, slightly up from $4,255 thousand in Q3 2023[23] - The company reported a decrease in impairment expenses from $2,975 thousand in Q3 2023 to zero in Q3 2024[23] - The company incurred a one-time tax planning expense of $100 thousand in Q3 2024, compared to zero in Q3 2023[23] Strategic Focus - Security-led revenue accounted for 63% of total revenue in Q3 2024, highlighting the company's focus on cybersecurity solutions[6] - The company plans to integrate AI into its product offerings to enhance security solutions and address new threats[6] - The company is focusing on market expansion and new product development as part of its future strategy[22]

Financial Data and Key Metrics Changes - Second quarter revenue was $60.1 million, a decrease of 8.7% year-over-year [16] - Year-to-date revenue was $120.8 million, down 2.2% year-over-year [18] - Non-GAAP net income for the quarter was $13.2 million or $0.18 per diluted share, compared to $14.5 million or $0.19 per diluted share in the year-ago quarter [17] - Gross margin in the second quarter was 80.9%, in line with stated goals of 80% to 82% [17] - Adjusted EBITDA was $15.5 million for the quarter, reflecting 25.8% of total revenue [17] Business Line Data and Key Metrics Changes - Service Provider revenue, excluding North America, was up 20% year-to-date, while Enterprise-related revenue increased 25% [9] - Service Provider segment experienced a 25% decline, offset by improvements in the Enterprise segment [9] - Product revenue for the quarter was $29.5 million, representing 49% of total revenue, while services revenue was $30.6 million or 51% of total revenue [16] Market Data and Key Metrics Changes - North American Service Provider market remains choppy, with spending trending positively overall [8] - APJ and EMEA regions are stable on both Enterprise and Service Provider sides [36] Company Strategy and Development Direction - Company is focusing on diversifying its business model to navigate market challenges and drive growth [11] - Investments are being made in R&D and sales to target Enterprise opportunities, with expectations for continued growth in this segment [9][12] - The company is also investing in AI solutions to enhance security offerings and address emerging threats [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the North American Service Provider market is facing challenges, but the company is making steady progress in the Enterprise market [21] - The company expects low single-digit growth in revenue for the full year, with a focus on maintaining profitability [39] - Management remains confident in achieving full-year business model objectives, including targets for gross margin and adjusted EBITDA margin [15][20] Other Important Information - The company reported a quarterly cash dividend of $0.06 per share, with $34.8 million remaining in its share repurchase authorization [20] - Cash generated from operations was $43.8 million year-to-date, in line with full-year targets [19] Q&A Session Summary Question: Are service providers expected to return in the second half? - Management indicated that conversations with North American service providers show continued spending, but new projects are being pushed out [25] Question: How is the competitive environment? - Management stated that they are gaining share, particularly in the Enterprise market, with a year-to-date growth of about 7% [29] Question: What is the pricing power in the current environment? - Management mentioned that pricing is balanced, with selective price increases to offset input cost inflation [31] Question: Where is the company in the sales team restructuring? - Management indicated they are in the third to fourth inning of restructuring, with good progress in cross-selling [33] Question: What is the overall spending environment and macro headwinds? - Management noted stability in APJ and EMEA, while North America is facing some project re-scoping [36] Question: What drove the strong free cash flow in the first half? - Management attributed strong free cash flow to improved cash spending and linearity [41]

分组1 - A10 Networks reported quarterly earnings of $0.18 per share, matching the Zacks Consensus Estimate, but down from $0.19 per share a year ago [1] - The company posted revenues of $60.1 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.17% and down from $65.82 million year-over-year [1] - A10 Networks has surpassed consensus EPS estimates two times over the last four quarters and has topped consensus revenue estimates two times as well [1] 分组2 - The stock has added about 7% since the beginning of the year, underperforming the S&P 500's gain of 14.5% [2] - The current consensus EPS estimate for the coming quarter is $0.22 on revenues of $68.97 million, and for the current fiscal year, it is $0.82 on revenues of $265.32 million [4] - The Communication - Network Software industry is currently in the bottom 27% of the Zacks industries, indicating potential challenges for stocks in this sector [5]

Financial Performance - Total net revenue for Q2 2024 was $60,096 thousand, a decrease of 8.3% compared to $65,817 thousand in Q2 2023[18]. - Net income for Q2 2024 was $9,476 thousand, down 18.5% from $11,626 thousand in Q2 2023[20]. - Gross profit for the first half of 2024 was $97,289 thousand, compared to $99,829 thousand in the same period of 2023, reflecting a decrease of 2.5%[18]. - Operating expenses for Q2 2024 totaled $40,142 thousand, slightly up from $40,088 thousand in Q2 2023[18]. - The company reported a diluted net income per share of $0.13 for Q2 2024, down from $0.15 in Q2 2023[18]. - Comprehensive income for the first half of 2024 was $19,738 thousand, compared to $16,852 thousand in the same period of 2023, indicating an increase of 17.3%[20]. - Net income for the six months ended June 30, 2024, was $19,202, compared to $15,584 for the same period in 2023, representing a year-over-year increase of 23%[30]. - Total net revenue for the first half of 2024 was $120.8 million compared to $123.5 million in the same period of 2023[97]. Assets and Liabilities - Total assets as of June 30, 2024, increased to $397.17 million from $389.81 million as of December 31, 2023, representing a growth of approximately 1.4%[16]. - Total current liabilities increased to $115.03 million from $111.07 million, reflecting a rise of approximately 3.5%[16]. - Total liabilities rose to $182,813,000 as of June 30, 2024, compared to $181,933,000 at the end of 2023[16]. - Stockholders' equity grew to $214.36 million from $207.88 million, an increase of about 3.6%[16]. - The total stockholders' equity as of June 30, 2024, was $214,309 thousand, up from $192,938 thousand as of June 30, 2023[24]. - The accumulated deficit reduction from $90.48 million to $71.28 million, a decrease of approximately 21.2%[16]. Cash Flow and Investments - Cash and cash equivalents decreased to $77.46 million from $97.24 million, a decline of about 20.3%[16]. - Cash provided by operating activities for the six months ended June 30, 2024, was $44,650, significantly up from $18,722 in the prior year[30]. - The company reported a net cash used in investing activities of $(42,472) for the six months ended June 30, 2024, compared to a net cash provided of $37,039 in the prior year[30]. - Total cash and cash equivalents at the end of the period decreased to $77,457 thousand as of June 30, 2024, from $111,181 thousand as of June 30, 2023, indicating a decline in liquidity[30]. Market and Product Strategy - The company plans to introduce new products and enhance its market position, focusing on effective management of growth and operations[8]. - Future expectations include maintaining profitability while investing in sales, marketing, and product development[8]. - A10 Networks is committed to monitoring market trends and adapting strategies to ensure competitive positioning in the networking and network security sectors[9]. - The company’s revenue is derived from two sources: products revenue and services revenue, with a significant portion coming from sales through distribution channel partners[35]. - The company has a diverse product portfolio that includes six secure application solutions and two intelligent management tools, addressing various cyber protection challenges[34]. Customer and Revenue Concentration - One customer accounted for 43% of total gross accounts receivable as of June 30, 2024, up from 19% as of December 31, 2023[47]. - For the three months ended June 30, 2024, revenue from significant end-customer A represented 14% of total revenue, down from 25% in the same period of 2023[45]. Stock Repurchase and Compensation - The company repurchased common stock worth $11,837 thousand during the first half of 2024[24]. - The company repurchased 1.1 million shares for a total cost of $14.9 million under the 2023 stock repurchase program during the six months ended June 30, 2024[89]. - Stock-based compensation for the six months ended June 30, 2024, was $8,105, compared to $7,214 in the same period of 2023[30]. Inventory and Expenses - Total inventory increased to $25,212 thousand as of June 30, 2024, compared to $23,522 thousand as of December 31, 2023, representing an increase of 7.2%[69]. - Research and development expenses increased to $14,737 thousand in Q2 2024, compared to $13,965 thousand in Q2 2023, marking a rise of 5.5%[18]. - Total accrued liabilities increased to $27,398 thousand as of June 30, 2024, from $21,388 thousand as of December 31, 2023, representing an increase of 28.1%[75]. Lease and Asset Management - Total right-of-use assets decreased from $16,376,000 to $13,928,000, representing a decline of approximately 14.98%[51]. - Total operating lease liabilities decreased from $16,820,000 to $14,319,000, a reduction of about 11.86%[51]. - The average remaining lease term decreased from 3.84 years to 2.92 years, indicating a shortening of lease commitments[55]. Tax and Regulatory Matters - The company recorded a provision for income tax of $1.5 million for the three months ended June 30, 2024, compared to $3.2 million for the same period in 2023, a decrease of 53.1%[94]. - The company had $8.1 million of unrecognized tax benefits as of June 30, 2024, with no anticipated material change over the next twelve months[94].

EXHIBIT 99.1 A10 Networks Reports Financial Results for the Second Quarter of 2024 Company Maintains Solid Profitability SAN JOSE, Calif., July 30, 2024 -- A10 Networks, Inc. (NYSE: ATEN), a leading provider of cybersecurity and infrastructure solutions, today announced financial results for its second quarter ended June 30, 2024. Second Quarter 2024 Financial Summary • Revenue of $60.1 million, compared to $65.8 million in the second quarter of 2023. Revenue for the first six months of 2024 was $120.8 mill ...

Q2 2024 Financial Results & Commentary July 30, 2024 Cautionary Statements & Disclosures This presentation and the accompanying oral presentation contain "forward-looking" statements that are based on our management's beliefs and assumptions, including statements regarding our future financial performance, strategy, demand, positioning, capital allocation strategy and value creation, and market and technology trends. Forward-looking statements are subject to known and unknown risks and uncertainties and are ...

To use a sports analogy, innovative small-cap stocks are akin to drafting college football players or picking out compelling prospects in baseball. While these players may have performed exceptionally well in the amateur leagues, there’s no guarantee that said performance will translate into the top tier of competition. However, when you do find the next Tom Brady or Aaron Judge, the rewards can be intense.That’s the allure of small-capitalization enterprises. They offer a lot of promise – boy do they ever! ...

Funtap Thesis A10 Networks (NYSE:ATEN) will be on the rise, as by improving cybersecurity features and switching to flexible and scalable models in consumption, it will secure its growth. A10 Networks aspires to gain customer loyalty through innovative and efficient cyber defense techniques, involving not only AI and machine learning for risk analysis but also subscription and cloud solutions. It is A10 Networks' long-term strategy, and on top of that, it aims to attract and keep customers, particularly ...

While advanced technologies will always be celebrated, the reality is that with innovation comes nefarious activity. It’s just the way of the world. With that, cybersecurity stocks present an excellent opportunity. In many ways, they benefit from a permanently relevant narrative.According to Grand View Research, the global cybersecurity market size reached a valuation of $222.66 billion. By 2030, the sector could be worth $500.7 billion, implying a compound annual growth rate (CAGR) of 12.3% from 2023. More ...

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements, management's discussion, market risk disclosures, and internal controls [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](index=6&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents A10 Networks' unaudited condensed consolidated financial statements, covering balance sheets, income, comprehensive income, equity, cash flows, and related notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section details the company's financial position, presenting assets, liabilities, and stockholders' equity at quarter-end and year-end | ASSETS (in thousands) | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Cash and cash equivalents | $122,909 | $97,244 | | Marketable securities | $59,163 | $62,056 | | Accounts receivable, net | $55,906 | $74,307 | | Inventory | $24,895 | $23,522 | | Total current assets | $276,098 | $271,824 | | Total assets | $395,658 | $389,809 | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | | | | 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 | | Total liabilities | $181,349 | $181,933 | | Total stockholders' equity | $214,309 | $207,876 | | Total liabilities and stockholders' equity | $395,658 | $389,809 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's financial performance, detailing net revenue, gross profit, operating income, and net income for the three-month periods | (in thousands, except per share amounts) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | | Net revenue: | | | | Products | $30,069 | $31,182 | | Services | $30,606 | $26,509 | | **Total net revenue** | **$60,675** | **$57,691** | | Gross profit | $49,231 | $47,475 | | Income from operations | $7,213 | $6,167 | | Non-operating income (expense), net | $4,007 | $(1,245) | | Income before provision for income taxes | $11,220 | $4,922 | | Provision for income taxes | $1,494 | $964 | | **Net income** | **$9,726** | **$3,958** | | Net income per share: | | | | Basic | $0.13 | $0.05 | | Diluted | $0.13 | $0.05 | - Net income increased by **145.7%** to **$9.7 million** for the three months ended March 31, 2024, compared to **$3.9 million** in the same period of 2023[18](index=18&type=chunk)[121](index=121&type=chunk) - Total net revenue increased by **5.2%** to **$60.7 million**, driven by a **15.5% increase in services revenue**, partially offset by a **3.6% decrease in products revenue**[18](index=18&type=chunk)[121](index=121&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section details the company's comprehensive income, including net income and other comprehensive income (loss) components for the three-month periods | (unaudited, in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Net income | $9,726 | $3,958 | | Other comprehensive income (loss), net of tax: | | | | Unrealized gain (loss) on marketable securities, net of tax | $(39) | $527 | | Unrealized gain on cash flow hedge, net of tax | $51 | $36 | | **Comprehensive income** | **$9,738** | **$4,521** | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in stockholders' equity, including net income, stock repurchases, and dividends, for the three-month period | (in thousands) | Balance at Dec 31, 2023 | Common stock issued | Repurchase of common stock | Stock-based compensation expense | Payments for dividends | Unrealized loss on marketable securities | Unrealized gain on cash flow hedge | Net Income | Balance at Mar 31, 2024 | | :------------- | :---------------------- | :------------------ | :------------------------- | :------------------------------- | :--------------------- | :--------------------------------------- | :--------------------------------- | :--------- | :---------------------- | | Total Stockholders' Equity | $207,876 | $89 | $(3,039) | $4,117 | $(4,472) | $(39) | $51 | $9,726 | $214,309 | - Total stockholders' equity increased from **$207.9 million** at December 31, 2023, to **$214.3 million** at March 31, 2024, primarily due to net income and stock-based compensation, partially offset by stock repurchases and dividend payments[16](index=16&type=chunk)[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's cash flow activities from operations, investing, and financing for the three-month periods | (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------- | :-------------------------------- | :-------------------------------- | | Cash flows from operating activities | $32,444 | $(846) | | Cash flows from investing activities | $643 | $5,367 | | Cash flows from financing activities | $(7,422) | $(3,973) | | Net increase in cash and cash equivalents | $25,665 | $548 | | Cash and cash equivalents—end of period | $122,909 | $68,519 | - Net cash provided by operating activities significantly increased to **$32.4 million** in Q1 2024 from cash used of **$0.8 million** in Q1 2023, driven by higher net income and favorable changes in working capital[26](index=26&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanatory notes supporting the condensed consolidated financial statements, covering accounting policies, leases, marketable securities, and other components [1. Description of Business and Summary of Significant Accounting Policies](index=11&type=section&id=1.%20Description%20of%20Business%20and%20Summary%20of%20Significant%20Accounting%20Policies) A10 Networks provides secure application solutions and services globally, generating revenue from products and services, with financial statements prepared under U.S. GAAP and no material accounting policy changes in Q1 2024 - A10 Networks is a leading provider of secure application solutions and services, addressing cyber protection and digital responsiveness across IT and network infrastructures[30](index=30&type=chunk) - Revenue is generated from two main sources: products (hardware, perpetual/term software licenses) and services (post-contract support, professional services, training, SaaS)[31](index=31&type=chunk) - Sales are primarily conducted globally through distribution channel partners to service providers and enterprises, with revenue reported across Americas, APJ, and EMEA regions[32](index=32&type=chunk)[33](index=33&type=chunk) Significant Customers (Revenue Contribution) | Significant Customers (Revenue Contribution) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Customer A | 14% | <10% | | Customer B | 11% | 15% | - As of March 31, 2024, one customer accounted for **19% of total gross accounts receivable**, consistent with December 31, 2023[43](index=43&type=chunk) - The company is evaluating the impact of new FASB ASUs 2023-07 (Segment Reporting) and 2023-09 (Income Tax Disclosures), effective for fiscal years beginning after December 15, 2024[44](index=44&type=chunk)[45](index=45&type=chunk) [2. Leases](index=13&type=section&id=2.%20Leases) The company leases operating spaces globally, with total operating lease liabilities of **$15.6 million** as of March 31, 2024, and Q1 2024 lease costs of **$1.2 million** Operating Leases (in thousands) | Operating Leases (in thousands) | March 31, 2024 | December 31, 2023 | | :------------------------------ | :------------- | :---------------- | | Right-of-use assets | $15,155 | $16,376 | | Total operating lease liabilities | $15,558 | $16,820 | Lease Costs (in thousands) | Lease Costs (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------- | :-------------------------------- | :-------------------------------- | | Operating lease costs | $1,085 | $1,110 | | Short-term lease costs | $116 | $127 | | Total lease costs | $1,201 | $1,237 | - The weighted-average remaining lease term decreased to **3.15 years** as of March 31, 2024, from **4.07 years** as of March 31, 2023, with a consistent weighted-average discount rate of **3.2%**[51](index=51&type=chunk) [3. Marketable Securities and Fair Value Measurements](index=14&type=section&id=3.%20Marketable%20Securities%20and%20Fair%20Value%20Measurements) Marketable securities, primarily available-for-sale, totaled **$59.2 million** at fair value as of March 31, 2024, mainly corporate and U.S. Treasury securities, with no impairment charges Marketable Securities (in thousands) | Marketable Securities (in thousands) | Fair Value as of March 31, 2024 | Fair Value as of December 31, 2023 | | :----------------------------------- | :------------------------------ | :--------------------------------- | | Corporate securities | $12,734 | $15,393 | | U.S. Treasury and agency securities | $43,829 | $39,937 | | Commercial paper | $0 | $998 | | Publicly held equity securities | $2,600 | $5,728 | | **Total marketable securities** | **$59,163** | **$62,056** | - As of March 31, 2024, marketable securities in an unrealized loss position totaled **$76 thousand**, primarily from U.S. Treasury and agency securities[57](index=57&type=chunk) Fair Value Measurements (in thousands) | Fair Value Measurements (in thousands) | Level 1 (March 31, 2024) | Level 2 (March 31, 2024) | Total (March 31, 2024) | | :------------------------------------- | :----------------------- | :----------------------- | :--------------------- | | Cash | $77,050 | $0 | $77,050 | | Cash equivalents | $45,859 | $0 | $45,859 | | Corporate securities | $0 | $12,734 | $12,734 | | U.S. Treasury and agency securities | $13,233 | $30,596 | $43,829 | | Publicly held equity securities | $2,600 | $0 | $2,600 | | **Total** | **$138,742** | **$43,330** | **$182,072** | [4. Derivatives](index=16&type=section&id=4.%20Derivatives) The company uses foreign exchange forward contracts to manage currency exposures, with non-hedging notional amounts increasing to **$43.3 million** and resulting in **$0.2 million** net losses in Q1 2024 - Foreign exchange forward contracts not designated as hedging instruments had a total notional amount of **$43.3 million** as of March 31, 2024, up from **$34.5 million** at December 31, 2023[61](index=61&type=chunk) - The company recorded net losses of **$0.2 million** from non-hedging foreign exchange forward contracts for the three months ended March 31, 2024, compared to **$0.6 million** in losses for the same period in 2023[61](index=61&type=chunk) - No foreign exchange forward contracts designated as hedging instruments were outstanding as of March 31, 2024[62](index=62&type=chunk) [5. Condensed Consolidated Financial Statement Components](index=16&type=section&id=5.%20Condensed%20Consolidated%20Financial%20Statement%20Components) This section details changes in key financial statement components, including increased allowance for credit losses and inventory, decreased prepaid expenses, and stable deferred revenue Accounts Receivable Allowance for Credit Losses (in thousands) | Accounts Receivable Allowance for Credit Losses (in thousands) | March 31, 2024 | December 31, 2023 | | :----------------------------------------------------------- | :------------- | :---------------- | | Beginning balance | $405 | $32 | | Increase (decrease) in allowance | $1,562 | $1,181 | | Write-offs | $(786) | $(808) | | Ending balance | $1,181 | $405 | Inventory (in thousands) | Inventory (in thousands) | March 31, 2024 | December 31, 2023 | | :----------------------- | :------------- | :---------------- | | Raw materials | $17,585 | $15,473 | | Finished goods | $7,310 | $8,049 | | Total inventory | $24,895 | $23,522 | Accrued Liabilities (in thousands) | Accrued Liabilities (in thousands) | March 31, 2024 | December 31, 2023 | | :--------------------------------- | :------------- | :---------------- | | Accrued compensation and benefits | $8,899 | $7,633 | | Accrued tax liabilities | $3,332 | $1,429 | | Lease liability | $5,000 | $4,998 | | Other | $7,235 | $7,328 | | Total accrued liabilities | $24,466 | $21,388 | Deferred Revenue (in thousands) | Deferred Revenue (in thousands) | March 31, 2024 | December 31, 2023 | | :------------------------------ | :------------- | :---------------- | | Products | $15,131 | $14,917 | | Services | $125,775 | $126,417 | | Total deferred revenue | $140,906 | $141,334 | | Less: current portion | $(83,345) | $(82,657) | | Non-current portion | $57,561 | $58,677 | [6. Commitments and Contingencies](index=18&type=section&id=6.%20Commitments%20and%20Contingencies) The company has **$15.6 million** in non-cancellable operating lease commitments and **$11.1 million** in open purchase commitments, with no significant impact from indemnification provisions to date - Total future lease payments for non-cancelable operating leases were **$16.3 million** as of March 31, 2024, with a present value of **$15.6 million**[49](index=49&type=chunk) - Rent expense was **$1.2 million** for both the three months ended March 31, 2024 and 2023[74](index=74&type=chunk) - Open purchase commitments with third-party contract manufacturers in Taiwan totaled **$11.1 million** as of March 31, 2024[75](index=75&type=chunk) [7. Equity Incentive Plans, Stock-Based Compensation and Stock Repurchase Program](index=18&type=section&id=7.%20Equity%20Incentive%20Plans%2C%20Stock-Based%20Compensation%20and%20Stock%20Repurchase%20Program) The company operates equity incentive and stock purchase plans, with **4.4 million** shares available for grant, **$3.8 million** in Q1 2024 stock-based compensation, and **$3.0 million** in stock repurchases - As of March 31, 2024, **4,379,799 shares** were available for future grant under the 2023 Stock Incentive Plan[77](index=77&type=chunk) - Stock-based compensation expense for the three months ended March 31, 2024, was **$3.8 million**, an increase from **$3.7 million** in the prior year period[80](index=80&type=chunk) - During Q1 2024, the company repurchased **0.2 million shares** for a total cost of **$3.0 million** under the 2023 stock repurchase program[86](index=86&type=chunk) Stock Option Activity (thousands) | Stock Option Activity (thousands) | Number of Shares | Weighted-Average Exercise Price Per Share | | :-------------------------------- | :--------------- | :---------------------------------------- | | Outstanding as of Dec 31, 2023 | 80 | $4.63 | | Exercised | (20) | $4.40 | | Canceled | (3) | $12.19 | | Outstanding as of Mar 31, 2024 | 57 | $4.38 | | Vested and exercisable as of Mar 31, 2024 | 57 | $4.38 | [8. Net Income Per Share](index=20&type=section&id=8.%20Net%20Income%20Per%20Share) Basic and diluted net income per share for Q1 2024 significantly increased to **$0.13** from **$0.05** in Q1 2023, based on weighted-average shares outstanding Net Income Per Share (in thousands, except per share amounts) | Net Income Per Share (in thousands, except per share amounts) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net income | $9,726 | $3,958 | | Weighted-average shares outstanding - basic | 74,451 | 74,001 | | Effect of dilutive potential common shares | 867 | 1,540 | | Weighted-average shares outstanding - diluted | 75,318 | 75,541 | | Net income per share: | | | | Basic | $0.13 | $0.05 | | Diluted | $0.13 | $0.05 | - Potentially dilutive shares excluded from diluted EPS calculation due to anti-dilutive effect decreased to **65 thousand** in Q1 2024 from **186 thousand** in Q1 2023[91](index=91&type=chunk) [9. Income Taxes](index=21&type=section&id=9.%20Income%20Taxes) The income tax provision increased to **$1.5 million** for Q1 2024, with unrecognized tax benefits totaling **$8.1 million** as of March 31, 2024, and no material change expected - Provision for income taxes increased to **$1.5 million** for Q1 2024, compared to **$1.0 million** for Q1 2023[92](index=92&type=chunk) - Unrecognized tax benefits were **$8.1 million** as of March 31, 2024, with no material change expected in the next 12 months[92](index=92&type=chunk) [10. Geographic Information](index=21&type=section&id=10.%20Geographic%20Information) A10 Networks reports revenue across Americas, APJ, and EMEA, with APJ revenue significantly increasing by **59%** to **$25.0 million** in Q1 2024, while Americas and EMEA declined Net Revenue by Geographic Region (in thousands) | Net Revenue by Geographic Region (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------------------------- | :-------------------------------- | :-------------------------------- | | Americas | $27,442 | $29,956 | | United States | $23,144 | $24,121 | | Americas-other | $4,298 | $5,835 | | APJ | $25,043 | $15,760 | | EMEA | $8,190 | $11,975 | | **Total net revenue** | **$60,675** | **$57,691** | - APJ region revenue increased by **59%** year-over-year, primarily driven by Japan, while Americas and EMEA regions experienced decreases of **8%** and **32%** respectively[97](index=97&type=chunk)[127](index=127&type=chunk) [11. Revenue](index=22&type=section&id=11.%20Revenue) Total net revenue for Q1 2024 increased by **5%** to **$60.7 million**, driven by service provider and services revenue growth, with remaining performance obligations totaling **$140.9 million** Revenue by Customer Vertical (in thousands) | Revenue by Customer Vertical (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | | Service providers | $37,661 | $32,566 | | Enterprises | $23,014 | $25,125 | | **Total** | **$60,675** | **$57,691** | - Service provider revenue increased by **$5.1 million**, while enterprise revenue decreased by **$2.1 million** in Q1 2024 compared to Q1 2023[127](index=127&type=chunk) - Services revenue increased by **15%** due to growing installed customer base and PCS sales, particularly in APJ and Americas regions[128](index=128&type=chunk) Remaining Performance Obligations (in thousands) | Remaining Performance Obligations (in thousands) | March 31, 2024 | | :----------------------------------------------- | :------------- | | Within 1 year | $83,345 | | Next 2 to 3 years | $54,135 | | Thereafter | $3,426 | | **Total** | **$140,906** | [11. Subsequent Events](index=23&type=section&id=11.%20Subsequent%20Events) The Board of Directors declared a quarterly cash dividend of **$0.06 per share** on April 30, 2024, payable on June 3, 2024, with future dividends subject to approval - A quarterly cash dividend of **$0.06 per share** was declared on April 30, 2024, to be paid on June 3, 2024[108](index=108&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's analysis of financial condition and results of operations for Q1 2024, covering revenue, expenses, liquidity, cash flows, and critical accounting policies [Overview](index=24&type=section&id=Overview) A10 Networks provides secure application solutions globally, with Q1 2024 revenue primarily from Americas and APJ, strong service provider contribution, and healthy cash and marketable securities balances - A10 Networks provides secure application solutions and services, including Thunder ADC, CGN, TPS, SSLi, CFW, and management tools like Harmony Controller and aGalaxy TPS[111](index=111&type=chunk) - Revenue sources include products (hardware, perpetual/term software licenses) and services (PCS, professional services, training, SaaS), with a substantial portion from distribution channel partners[112](index=112&type=chunk) Revenue Contribution (Q1 2024) | Revenue Contribution (Q1 2024) | Percentage of Total Revenue | | :----------------------------- | :-------------------------- | | Americas region | 45% | | APJ region | 41% | | EMEA region | 14% | | Service provider customers | 62% | | Enterprise customers | 38% | | Top ten end-customers | 44% | - Cash and cash equivalents were **$122.9 million** and marketable securities were **$59.2 million** as of March 31, 2024. Cash provided by operating activities was **$32.4 million** for Q1 2024, a significant improvement from cash used in Q1 2023[118](index=118&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2024 saw total net revenue increase by **5.2%** to **$60.7 million**, driven by services growth, leading to a **145.7%** increase in net income to **$9.7 million** despite product revenue declines | Financial Metric (in thousands) | Q1 2024 Amount | Q1 2024 % of Revenue | Q1 2023 Amount | Q1 2023 % of Revenue | Change Amount | Change % | | :------------------------------ | :------------- | :------------------- | :------------- | :------------------- | :------------ | :------- | | Total net revenue | $60,675 | 100.0% | $57,691 | 100.0% | $2,984 | 5.2% | | Products revenue | $30,069 | 49.6% | $31,182 | 54.1% | $(1,113) | (3.6)% | | Services revenue | $30,606 | 50.4% | $26,509 | 45.9% | $4,097 | 15.5% | | Gross profit | $49,231 | 81.1% | $47,475 | 82.3% | $1,756 | 3.7% | | Income from operations | $7,213 | 11.9% | $6,167 | 10.7% | $1,046 | 17.0% | | Non-operating income (expense), net | $4,007 | 6.6% | $(1,245) | (2.2)% | $5,252 | (421.8)% | | Net income | $9,726 | 16.0% | $3,958 | 6.9% | $5,768 | 145.7% | [Net Revenue](index=26&type=section&id=Net%20Revenue) Total net revenue increased by **5%** year-over-year, driven by a **59%** increase in the APJ region, while products revenue decreased and services revenue increased by **15%** - Total net revenue increased by **$3.0 million (5%)** year-over-year, driven by a **$9.3 million increase in the APJ region (59% growth)**, partially offset by decreases in EMEA (**$3.8 million, 32% decline**) and Americas (**$2.5 million, 8% decline**)[127](index=127&type=chunk) - Products revenue decreased by **$1.1 million (4%)** due to lower demand from enterprise customers in EMEA and Americas. Services revenue increased by **$4.1 million (15%)** due to higher PCS sales from a growing customer base, especially in APJ and Americas[127](index=127&type=chunk)[128](index=128&type=chunk) [Cost of Net Revenue, Gross Profit and Gross Margin](index=28&type=section&id=Cost%20of%20Net%20Revenue%2C%20Gross%20Profit%20and%20Gross%20Margin) Total cost of net revenue increased by **12%**, leading to a **1.2%** decrease in overall gross margin, despite a slight increase in services gross margin Cost of Net Revenue (in thousands) | Cost of Net Revenue (in thousands) | Q1 2024 Amount | Q1 2023 Amount | Change Amount | Change % | | :--------------------------------- | :------------- | :------------- | :------------ | :------- | | Products | $6,799 | $6,083 | $716 | 11.8% | | Services | $4,645 | $4,133 | $512 | 12.4% | | **Total cost of net revenue** | **$11,444** | **$10,216** | **$1,228** | **12.0%** | - Products cost of revenue increased by **11.8%** due to higher products revenue, while services cost of revenue increased by **12.4%** driven by the mix of services delivered[133](index=133&type=chunk)[134](index=134&type=chunk) Gross Profit and Margin (in thousands) | Gross Profit and Margin (in thousands) | Q1 2024 Amount | Q1 2024 Gross Margin | Q1 2023 Amount | Q1 2023 Gross Margin | Change Amount | Change in Gross Margin | | :------------------------------------- | :------------- | :------------------- | :------------- | :------------------- | :------------ | :--------------------- | | Products | $23,270 | 77.4% | $25,099 | 80.5% | $(1,829) | (3.1)% | | Services | $25,961 | 84.8% | $22,376 | 84.4% | $3,585 | 0.4% | | **Total gross profit** | **$49,231** | **81.1%** | **$47,475** | **82.3%** | **$1,756** | **(1.2)%** | - Products gross margin decreased by **3.1%** due to product and regional mix, while services gross margin slightly increased by **0.4%**[137](index=137&type=chunk) [Operating Expenses](index=29&type=section&id=Operating%20Expenses) Total operating expenses increased by **1.7%**, driven by a **20.6%** rise in R&D due to strategic investments, while sales and marketing, and G&A expenses decreased Operating Expenses (in thousands) | Operating Expenses (in thousands) | Q1 2024 Amount | Q1 2023 Amount | Change Amount | Change % | | :-------------------------------- | :------------- | :------------- | :------------ | :------- | | Sales and marketing | $21,214 | $22,334 | $(1,120) | (5.0)% | | Research and development | $14,063 | $11,665 | $2,398 | 20.6% | | General and administrative | $6,741 | $7,309 | $(568) | (7.8)% | | **Total operating expenses** | **$42,018** | **$41,308** | **$710** | **1.7%** | - Sales and marketing expenses decreased by **5.0%** primarily due to lower personnel costs. Research and development expenses increased by **20.6%** due to strategic investments in cybersecurity technology and personnel costs[140](index=140&type=chunk)[141](index=141&type=chunk) - General and administrative expenses decreased by **7.8%** mainly due to a decrease in professional services costs[142](index=142&type=chunk) [Non-Operating Income (Expense), Net](index=30&type=section&id=Non-Operating%20Income%20(Expense)%2C%20Net) Non-operating income saw a favorable change of **$5.3 million** in Q1 2024, primarily due to foreign exchange gains and increased interest income - Non-operating income (expense), net, had a favorable change of **$5.3 million** in Q1 2024 compared to Q1 2023, primarily driven by a **$3.8 million** favorable change in foreign exchange gains and losses (mainly Japanese Yen vs. U.S. Dollar)[144](index=144&type=chunk) - Interest income increased by **$0.7 million** and fair value adjustments increased by **$0.7 million** in Q1 2024 compared to Q1 2023[144](index=144&type=chunk) [Provision for Income Taxes](index=30&type=section&id=Provision%20for%20Income%20Taxes) The provision for income taxes increased to **$1.5 million** in Q1 2024, primarily due to U.S. federal and state taxes - The provision for income taxes increased to **$1.5 million** in Q1 2024 from **$1.0 million** in Q1 2023, primarily due to U.S. federal and state taxes[145](index=145&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company held **$122.9 million** in cash and **$59.2 million** in marketable securities, with sufficient capital for the next 12 months, while executing stock repurchases and dividend payments - As of March 31, 2024, the company had **$122.9 million** in cash and cash equivalents and **$59.2 million** in marketable securities, with working capital of **$163.2 million**[146](index=146&type=chunk) - The company believes its existing cash and marketable securities are sufficient to meet anticipated cash needs for at least the next 12 months and beyond[147](index=147&type=chunk) - During Q1 2024, the company repurchased **$3.0 million** of common stock under the 2023 Program and paid **$4.5 million** in cash dividends (**$0.06 per share**)[148](index=148&type=chunk)[149](index=149&type=chunk) [Statements of Cash Flows](index=31&type=section&id=Statements%20of%20Cash%20Flows) Q1 2024 saw operating cash flow significantly increase to **$32.4 million**, with investing activities providing **$0.6 million**, and financing activities using **$7.4 million** for dividends and repurchases Cash Flows (in thousands) | Cash Flows (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Operating activities | $32,444 | $(846) | | Investing activities | $643 | $5,367 | | Financing activities | $(7,422) | $(3,973) | | Net increase in cash | $25,665 | $548 | - Cash provided by operating activities in Q1 2024 was **$32.4 million**, a substantial increase from cash used of **$0.8 million** in Q1 2023, primarily due to higher net income and favorable changes in accounts receivable and accrued liabilities[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - Cash provided by investing activities decreased to **$0.6 million** in Q1 2024 from **$5.4 million** in Q1 2023, mainly due to changes in purchases and maturities of marketable securities[158](index=158&type=chunk) - Cash used in financing activities increased to **$7.4 million** in Q1 2024 from **$4.0 million** in Q1 2023, driven by stock repurchases and dividend payments[159](index=159&type=chunk) [Contractual Obligations](index=32&type=section&id=Contractual%20Obligations) Contractual obligations include **$15.6 million** in non-cancellable operating leases and **$8.1 million** in uncertain tax liabilities, with no reliable settlement timing estimate for the latter - Contractual obligations include **$15.6 million** in non-cancellable operating lease arrangements as of March 31, 2024[160](index=160&type=chunk) - The company has **$8.1 million** of tax liabilities related to uncertain tax positions, with no reliable estimate for timing of settlement[160](index=160&type=chunk) [Critical Accounting Policies and Estimates](index=32&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Financial statements are prepared under U.S. GAAP, requiring estimates for revenue, credit losses, inventory, and stock-based compensation, with no material changes to accounting policies in Q1 2024 - Key estimates and assumptions affect revenue recognition, allowance for credit losses, inventory valuation, marketable securities, contingencies, accrued liabilities, deferred commissions, and stock-based compensation[161](index=161&type=chunk) - No material changes to the company's significant accounting policies occurred during the three months ended March 31, 2024[161](index=161&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=32&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks, including foreign currency fluctuations and interest rate sensitivity, with a hypothetical **10%** change in either not expected to have a significant impact [Foreign Currency Risk](index=32&type=section&id=Foreign%20Currency%20Risk) The company's financial results are subject to foreign currency fluctuations, particularly for sales and costs in various currencies, though a **10%** change is not expected to have a significant impact - The company's financial results are subject to foreign currency fluctuations, particularly for sales in Japanese Yen and costs in local currencies across Americas, EMEA, and APJ[162](index=162&type=chunk) - Net foreign exchange gains of **$1.6 million** were recorded in Q1 2024, a favorable change from **$2.2 million** in net losses in Q1 2023[164](index=164&type=chunk) - A hypothetical **10%** change in exchange rates is not expected to have a significant impact on consolidated results of operations[164](index=164&type=chunk) [Interest Rate Sensitivity](index=33&type=section&id=Interest%20Rate%20Sensitivity) Market risk from interest rate changes primarily relates to **$59.2 million** in marketable securities, with a hypothetical **10%** change not expected to materially impact interest expense - Market risk from interest rate changes primarily relates to marketable securities, which had an aggregate fair value of **$59.2 million** as of March 31, 2024[165](index=165&type=chunk) - A hypothetical **10%** change in interest rates would not have a material impact on the company's interest expense[165](index=165&type=chunk) Marketable Securities (in thousands) | Marketable Securities (in thousands) | -150 BPS | -100 BPS | -50 BPS | Fair Value as of 3/31/2024 | +50 BPS | +100 BPS | +150 BPS | | :----------------------------------- | :------- | :------- | :------ | :------------------------- | :------ | :------- | :------- | | Marketable securities | $56,563 | $57,057 | $56,728 | $59,163 | $56,399 | $56,234 | $56,069 | [ITEM 4. CONTROLS AND PROCEDURES](index=33&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting identified during Q1 2024 - Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2024[170](index=170&type=chunk) - No material changes in internal control over financial reporting were identified during the three months ended March 31, 2024[171](index=171&type=chunk) - The report emphasizes that control systems provide reasonable, not absolute, assurance due to inherent limitations and resource constraints[173](index=173&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information, including legal proceedings, risk factors, equity security sales, other disclosures, and exhibits [ITEM 1. LEGAL PROCEEDINGS](index=35&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in various legal proceedings with uncertain outcomes, requiring management to assess potential losses, which could materially impact financial results - The company is involved in various legal proceedings with uncertain outcomes, requiring management to assess the probability and estimability of potential losses[176](index=176&type=chunk) - Judgments are subjective and actual outcomes may differ materially, potentially having adverse effects on the company's financial condition and results of operations[176](index=176&type=chunk) [ITEM 1A. RISK FACTORS](index=35&type=section&id=ITEM%201A.%20RISK%20FACTORS) Investing in the company's common stock involves a high degree of risk, with no material changes to previously disclosed risk factors in the 2023 Annual Report on Form 10-K - Investing in the company's common stock involves a high degree of risk[177](index=177&type=chunk) - No material changes to the risk factors disclosed in the 2023 Annual Report on Form 10-K have occurred[177](index=177&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=35&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The Board authorized a **$50 million** share repurchase program, under which **230 thousand** shares were repurchased for **$3.0 million** in Q1 2024, leaving **$46.7 million** available - A new **$50 million** share repurchase program (2023 Program) was authorized on November 7, 2023[178](index=178&type=chunk) Periods | Periods | Total Number of Shares Purchased (thousands) | Average Price Paid Per Share | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (thousands) | | :------------------ | :------------------------------------------- | :--------------------------- | :------------------------------------------------------------------------------------------------- | | January 1 - 31, 2024 | — | — | $49,702 | | February 1 - 28, 2024 | 147 | $12.93 | $47,794 | | March 1 - 31, 2024 | 83 | $13.65 | $46,663 | | **Total** | **230** | | **$46,663** | - As of March 31, 2024, **$46.7 million** remained available for repurchases under the 2023 Program[180](index=180&type=chunk) [ITEM 5. OTHER INFORMATION](index=35&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section reports on insider trading arrangements, specifically the sale of **60,606 shares** by the President, CEO, and Chairman under a Rule 10b5-1(c) trading plan - Dhrupad Trivedi, President, CEO, and Chairman, sold **60,606 shares** of common stock on March 5, 2024, under a Rule 10b5-1(c) trading plan adopted on November 27, 2023[181](index=181&type=chunk)[183](index=183&type=chunk) [ITEM 6. EXHIBITS](index=36&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including organizational documents, equity incentive plans, related agreements, CEO/CFO certifications, and Inline XBRL documents - Exhibits include organizational documents (Amended and Restated Certificate of Incorporation, Bylaws), equity incentive plans (2023 Stock Incentive Plan), and related agreements[185](index=185&type=chunk) - Certifications from the CEO and CFO under Sections 302 and 906 of the Sarbanes-Oxley Act are included[185](index=185&type=chunk) - Inline XBRL Document Sets for financial statements and the cover page are also filed[185](index=185&type=chunk) [Signatures](index=37&type=section&id=Signatures) The report was signed by Dhrupad Trivedi (President and CEO) and Brian Becker (CFO) on May 3, 2024, certifying its submission under the Securities Exchange Act of 1934 - The report was signed by Dhrupad Trivedi (President and CEO) and Brian Becker (CFO) on May 3, 2024[188](index=188&type=chunk)