Financial Data and Key Metrics Changes - Revenue grew nearly 12% year-over-year, reaching $74.7 million in Q3 2025 [5][11] - EBITDA margins expanded from 26.7% to 29.3% year-over-year, while non-GAAP operating margin improved from 22.6% to 24.7% [6][13] - Non-GAAP net income for Q3 was $16.7 million, or $0.23 per diluted share, reflecting 7.4% EPS growth from the previous year [13] Business Line Data and Key Metrics Changes - Product revenue grew 17% year-over-year to $43.1 million, while service revenue increased 6% to $31.6 million [11][12] - Security-led revenue exceeded the long-term target of generating 65% of total revenue, reflecting strong customer demand [12][20] Market Data and Key Metrics Changes - Revenue from the Americas increased 25% on a trailing 12-month basis, driven primarily by investments in AI infrastructure [5][12] - The Americas region represented 65% of global revenue, highlighting the strength of A10's investments in the enterprise segment [12][13] Company Strategy and Development Direction - A10 Networks is aligning its solutions with customer needs in trusted infrastructure, cybersecurity, and AI capabilities, which are seen as essential for growth [5][8] - The company is focused on disciplined execution and capital deployment to drive growth while maintaining profitability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining a full-year growth rate of 10% based on momentum in strategic initiatives [8][36] - The company is navigating macro uncertainties but remains optimistic about its positioning in the market, particularly with the acceleration of AI infrastructure build-out [16][36] Other Important Information - A10 Networks generated $22.8 million in cash flow from operations in Q3, with cash and investments totaling $371 million at the end of the quarter [15] - The board approved a quarterly cash dividend of $0.06 per share to be paid on December 1, 2025 [15] Q&A Session Summary Question: How is security-led revenue tracking this year? - Management indicated that security-led revenue is currently higher than 65%, and they aim to maintain this goal while not sacrificing infrastructure revenue [20] Question: Will F5's data breach impact customer discussions? - Management noted an increased level of interest from customers wanting to understand market alternatives, but no negative impact on spending was observed [23][29] Question: What specific factors contributed to the strength in North American AI infrastructure investments? - The growth was driven by a few large customers investing aggressively in AI infrastructure, with ongoing engagement with a multitude of players for future opportunities [27] Question: What is the outlook for 2026? - Management expects to sustain growth in the high single-digit range, focusing on maintaining EBITDA margins of 26%-28% and EPS growth faster than the top line [36] Question: What progress has been made in expanding the service provider customer base? - Management highlighted efforts to improve share of wallet with tier-one providers while gaining traction with tier-two service providers [41] Question: What drove the outperformance in the EMEA region? - A significant project contributed to the revenue increase in EMEA, but it is not expected to set a new baseline for future performance [46]