A10네트웍스(ATEN) 2026년 3분기 실적 발표 콘퍼런스콜: 매출 22.6% 증가, 가이던스 상향

핵심 요약

• A10 네트웍스는 2026년 3분기 매출이 전년 동기 대비 22.6% 증가한 9,150만 달러로 분기 사상 최대치를 기록했다고 발표했다. 연초 누적 매출은 17.4% 증가한 2억 4,670만 달러를 기록했다.
• 제품 매출은 전체 매출의 64%에 해당하는 5,850만 달러에 달했다. 보안 중심 제품군이 제품 매출의 65%를 차지했다.
• Non-GAAP 총이익률은 80%를 기록했으며, Non-GAAP 영업이익률은 27.8%에 달했다. Non-GAAP 희석 주당순이익(EPS)은 전년 동기의 0.23달러에서 0.31달러로 증가했다.
• 경영진은 2026년 연간 매출 성장률 전망치를 기존 12~14%에서 약 16%로 상향 조정했다. 또한 Non-GAAP 조정 EBITDA 마진율은 30%를 상회하고, 희석 EPS는 1.08~1.10달러에 이를 것으로 예상했다.
• 수요는 전반적으로 견조했다. A10의 최대 고객사를 제외한 매출이 두 자릿수 성장률을 기록했으며, EMEA(유럽·중동·아프리카) 및 APJ(아시아태평양·일본) 지역도 각각 전년 동기 대비 두 자릿수 성장을 기록했다.
• A10은 2029 회계연도 목표치로 연간 자체(organic) 매출 5억 달러와 연간 Non-GAAP EPS 2달러를 설정했다.

주요 재무 데이터

해당 분기 동안 A10은 440만 달러의 배당금을 지급하고 2,300만 달러 규모의 자사주를 매입해 총 2,740만 달러를 주주에게 환원했다. 이사회는 11월 16일 기준 주주명부에 등재된 주주를 대상으로 2026년 12월 1일 지급되는 주당 0.06달러의 분기 배당금을 승인했다. 회사의 7,500만 달러 규모 자사주 매입 승인 한도 중 총 3,010만 달러가 남아 있다.

사업 및 운영 성과

엔터프라이즈(기업) 고객이 3분기 매출의 58%와 최근 12개월 매출의 약 절반을 창출했다. 경영진은 이것이 회사의 매출 구성 다변화 진전을 반영한 것이라고 밝혔다. 미주 지역은 AI 인프라 구축과 기업 수요에 힘입어 전 세계 매출의 64%를 차지했다.

A10은 AI 관련 트래픽 증가로 차세대 네트워킹, DDoS 방어 및 AI 접근·라우팅·비용을 관리하는 도구에 대한 수요가 늘고 있다고 밝혔다. 포춘 50대 금융 서비스 기업 중 한 곳은 약 800개의 에이전틱 AI 애플리케이션에 걸쳐 A10의 AI 방화벽을 사용하고 있으며, 매일 약 5만 건의 세션이 해당 솔루션을 통해 라우팅된다. 또한 한 글로벌 정보 및 분석 제공업체는 모델과 애플리케이션의 취약점을 점검하기 위해 A10의 AI 레드팀 기능을 활용하고 있다.

경영진은 이러한 성장이 신규 데이터센터 구축뿐만 아니라 트래픽 증가, 보안 요구사항 확대, 책임감 있는 AI 도입과도 연계되어 있다고 강조했다. 회사의 최대 전략 고객사 수요는 견조하고 안정적인 수준을 유지했으며, 그 외 사업 부문도 두 자릿수 성장률을 기록했다.

경영진 가이던스

A10은 2026년 연간 매출 성장률 전망치를 기존 12~14%에서 전년 대비 약 16%로 상향 조정했다. 경영진은 이번 전망치가 최대 고객사를 제외한 전 사업 부문에서 4분기에도 전년 동기 대비 성장이 지속될 것이라는 가정을 바탕으로 한다고 밝혔다.

회사는 연간 Non-GAAP 조정 EBITDA 마진율이 30%를 상회할 것으로 예상하고 있다. Non-GAAP 희석 EPS는 예상 매출 성장률을 앞서는 20~22% 성장을 나타내는 1.08~1.10달러로 전망된다.

연간 잉여현금흐름은 전년도의 약 6,400만 달러 대비 증가한 7,400만~7,700만 달러에 이를 것으로 예상된다.

경영진은 2029 회계연도 목표로 연간 자체 매출 5억 달러와 연간 Non-GAAP EPS 2달러를 설정했다. 이러한 장기 수치는 보고된 실적이 아닌 회사의 목표치다.

리스크 및 주목할 부문

A10은 업계 전반의 투입 원가 및 납기 문제에 대응하고 있다. 경영진은 또한 공급 제약으로 인해 향후 4~6분기 동안 고객 주문 이행의 균형을 맞추고 우선순위를 정해야 할 수 있다고 언급했다.

미주 지역 통신사업자 지출은 정상화되기 시작했으나 여전히 과거 수준을 밑돌고 있다. 해외 수요 역시 아시아, 유럽 및 미국의 통신사업자 설비투자 주기에 따라 변동될 수 있다.

경영진은 3분기 매출채권 회수기간(DSO)이 49일로 낮아진 원인을 대금 회수 시점 때문이라고 설명하며, 이번 분기의 운전자본 개선 효과가 반복적인 패턴은 아닐 수 있음을 시사했다.

애널리스트 Q&A 주요 내용

제품 매출 성장의 지속 가능성에 대한 질문에 경영진은 이것이 특이한 교체 주기라기보다는 신규 사업, 고객의 신규 솔루션 도입, 경쟁 우위에 따른 수주를 반영한 것이라고 답했다. A10은 향후 2~3년간의 성장을 뒷받침하기 위해 대규모 교체 주기에 의존하고 있지 않다.

경영진은 공급 제약으로 인해 개별 분기별 고객 우선순위 조정에 영향이 있을 수 있지만, 최대 고객사를 제외한 사업 부문이 두 자릿수 성장을 뒷받침할 수 있다고 밝혔다. 또한 수요가 단일 고객에 의존하기보다 전반적으로 광범위하다고 설명했다.

해외 실적과 관련해 경영진은 실적 개선의 원인으로 통신사업자 수요의 일반적인 변동성과, 최대 고객사들에 대한 서비스를 지속하면서도 추가 주문을 이행할 수 있었던 역량을 꼽았다.

실적 발표 컨퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, and welcome to the A10 Networks Third Quarter 2026 Financial Results Conference Call. [Operator Instructions]

It is now my pleasure to turn the floor over to your host, Tom Baumann. The floor is yours.

Tom Baumann

Thank you, and thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least 90 days via the A10 Networks website at a10networks.com.

Hosting the call today are Dhrupad Trivedi, A10's President and CEO; and CFO, Michelle Caron.

Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its third quarter 2026 financial results. Additionally, A10 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, macroeconomic factors, 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, November 5, 2026.

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 of future events. A10 does not intend to update information containing 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, unless otherwise noted, and may 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 be different 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 at a10networks.com.

Now I would like to turn the call over to Dhrupad Trivedi, President and CEO of A10 Networks.

Dhrupad Trivedi

Thank you, Tom, and thank you all for joining us today. The third quarter was another record quarter for A10 with revenue up 22.6% and profitability that enabled us to consistently exceed our stated performance goals. We continue to win business and gain market share in our key growth markets of advanced network security and next-generation networking. Strong year-to-date results and sustained demand for our solutions gives us the confidence to raise our guidance for the second time this year.

A10 is well positioned at the intersection of advanced networking and security. The growth of AI is increasing the volume and complexity of network traffic, making our portfolio increasingly relevant. Customers need to distribute application requests and connect employees to external AI services reliably. Our next-generation networking solutions help them meet those needs. They also need to defend against DDoS and other attacks that could disrupt access to AI and other shared enterprise applications. Our A10 Defend portfolio helps protect the availability of these critical services with industry-leading performance.

We are also seeing demand for solutions that secure the use and development of AI and help enterprises manage AI access, routing and costs. A Fortune 50 financial services company with over 40,000 employees is using A10's AI firewall, both to help protect employees accessing public AI tools and to govern AI traffic in their internal and external-facing applications.

The deployment illustrates how leading enterprises are moving agentic AI into production at scale with approximately 800 enterprise agentic AI applications connected to our guardrail solution. These include internal and external-facing applications, with the largest application being external-facing. Roughly 50,000 sessions are routed through the solutions each day under unified customized policies.

In another example, a global information and analytics provider is using A10's AI red-teaming capability to test AI models and applications for vulnerabilities. By probing systems for potential weaknesses before deployment, the company can better assess AI-related risks and strengthen its security practices as it expands its use of AI.

These examples reflect how both A10's core portfolio and newer AI solutions can help customers meet mission-critical needs in an increasingly complex environment. Our growth is not solely predicated upon build-out of new data centers. It is in fact linked to growth in traffic, expansion of security and responsible use of AI.

Our deep partnership with our largest strategic customers continues to contribute to our growth. Through this relationship, A10's technology helps protect cloud infrastructure supporting enterprises across industries and geographies. That infrastructure enables AI applications alongside other mission-critical workloads, extending A10's role in helping keep the services businesses and consumers [ who ] rely on availability.

Demand across the rest of the business was broad-based and related to our core differentiation and increasing relevance to evolving needs for networking and security. EMEA and APJ revenue grew at double-digit levels on a year-over-year basis. Overall revenue, excluding our largest customer, grew at a double-digit rate in the quarter.

At the same time, we are converting demand into greater profitability and cash generation. Our goal is to sustain growth while investing in the capabilities this demand environment requires. We remain on track for non-GAAP earnings per share growth to outpace revenue growth.

I'd now like to turn the call over to Michelle Caron, our Chief Financial Officer, to discuss our financial results in greater detail.

Michelle Caron

Thank you, Dhrupad. As a reminder, with the exception of revenue, all of the metrics discussed on this call are on a non-GAAP basis, unless otherwise stated. A full reconciliation of GAAP to non-GAAP results are provided in our press release and on our website.

Let me now turn to the results. As Dhrupad noted, Q3 results reflect encouraging demand globally and our continued ability to convert growth into significant cash generation. We delivered revenue growth of 22.6% to a quarterly record of $91.5 million. Year-to-date, our revenue was $246.7 million, an increase of 17.4%.

Turning to mix, product revenue in the third quarter was $58.5 million or 64% of total revenue, while service revenue was $33 million or 36% of total revenue. From a product mix perspective, security-led revenue continues to drive product revenue growth and meet our long-term goals at 65% of total revenue. From a vertical perspective, enterprise customers represented 58% of Q3 revenue and approximately half of total revenue on a trailing 12-month basis. Stronger enterprise growth reflects progress toward our goal of diversifying our revenue mix.

Service provider spend in the Americas has begun to normalize, but remains below historical levels, representing an opportunity for incremental growth. We're confident that our service provider relationships around the world remain a strong foundation for continued growth, and we're not seeing our share of this market erode.

From a geographic perspective, our Americas region represented 64% of global revenue. This reflects our deliberate focus on the Americas as a growth region, driven by AI infrastructure build-outs and strength in the enterprise markets. We're also seeing improving results from international markets this quarter. Customer satisfaction and on-time delivery remain our top priorities as we navigate input cost and delivery challenges, like everyone else in the industry.

We delivered record non-GAAP gross profit of $73.3 million in Q3 and non-GAAP gross margin came in at 80% of revenue. Operating expenses were $47.8 million as we continue to prioritize investments in AI-facing innovation, next-gen networking and security. Operating margin was 27.8%, resulting in net income of $23.6 million or $0.33 per basic and $0.31 per diluted share, compared to $0.23 in the year-ago period. Our Q3 diluted weighted share count was 75.7 million shares.

We generated a quarterly record for free cash flow. And on a year-to-date basis, free cash flow was $57.5 million, an increase of 18% year-on-year. We continue to expect full year free cash flow to grow year-over-year in the range of $74 million to $77 million from approximately $64 million a year ago. Adjusted EBITDA was $29.5 million or 32% of revenue, consistent with our business model goals.

Turning to our balance sheet, cash and marketable securities were $360.4 million as of September 30 and deferred revenue was $157 million. During the quarter, we paid $4.4 million in cash dividends and repurchased $23 million worth of shares, returning a total of $27.4 million to shareholders. The Board has approved a quarterly cash dividend of $0.06 per share, to be paid on December 1, 2026 to shareholders of record on November 16, 2026. The company has $30.1 million remaining on its $75 million share repurchase authorization.

I'll now turn the call back to Dhrupad for an update on our 2026 outlook and closing comments.

Dhrupad Trivedi

Thank you, Michelle. Our results reflect broad-based demand for A10's networking and security solutions as customers respond to rising traffic, expanding AI deployments and increasingly complex security needs. We are focused on supporting that demand while investing in our portfolio, strengthening profitability and generating cash.

Based on our year-to-date performance, demand visibility and the current supply environment, we are updating our full year 2026 outlook. We expect revenue growth of approximately 16% year-over-year, compared with our prior outlook of 12% to 14%. Note that this is roughly 400 to 500 basis points better than our largest competitor and our peer group. Demand from our largest customer remains healthy and stable. Our outlook also implies continued year-over-year growth in the fourth quarter across rest of the business.

We expect full year non-GAAP adjusted EBITDA margin to exceed 30% and non-GAAP diluted EPS of $1.08 to $1.10, representing a year-over-year growth of 20% to 22% and outpacing revenue growth, in line with our operating philosophy.

We also discussed in today's press release our longer-term organic target. Our progress, expanding global opportunity and continued execution give us confidence in setting a long-term target of $500 million in annual revenue through organic growth and $2 in annual non-GAAP EPS for fiscal year '29. We remain confident in our strategy and in our ability to capture customer demand while protecting the long-term earnings power of the business.

With that, I'll turn the call back to the operator to open the line for questions.

Operator

[Operator Instructions] First question from Gray Powell with U.S. Bank.

질의응답

Gray Powell

Congratulations on the great results here. It was really nice to see. So I guess my main question is on product revenue. So growth has been excellent this year. In fact, I think it's the best product revenue growth you've seen in at least 8 years, maybe longer. My model doesn't quite go back that far. Just how should we think about the sustainability of that growth over the next 12 months, particularly as you face tougher comps? And the 14% organic commentary, that was really helpful. I'm just trying to make sure that we have building blocks correct as we think about next year.

Dhrupad Trivedi

Yes. So as we look at our product growth rate, I think that is really a good indicator of us being able to win new business as well as continue to replenish customers with new solutions. There is nothing unusual in the last 2 or 3 years where we draw some artificial refresh cycle or something like that, right? So it is a natural evolution of demand.

As we look on a long-term trend, you are correct, the product growth percentage reflects vitality in the products and customer acceptance of new solutions as well as competitive wins. So we feel pretty good that that is not based on a trend that is going to come and go. It's more broad-based. And if we can drive more of kind of a replacement cycle, that's great, but that is not [ what ] we are counting upon to get the next 2 to 3-year growth.

Gray Powell

Okay. Great. And then my follow-up question would be, so you called out, I think, double-digit growth excluding your largest customer. Just in ballpark terms, give or take, is that how we should think about that segment going forward?

Dhrupad Trivedi

So I would say that you should think of that as that segment can support that double-digit growth going forward. In the next 4 quarters or 6 quarters, we probably will have to balance and optimize, right, if there is supply constraints, on what we choose or prioritize.

But what that is meant to indicate is our growth is not a result of one company doing something, but it's more broad-based, and that we will obviously continue to prioritize customers and high-growth potential as we go through every quarter. But I think it's more meant to be an indicator that the demand is much more broad-based versus single customer based.

Operator

Next question comes from Hamed Khorsand with BWS Financial.

Hamed Khorsand

Could you just talk about the return of your international customers, if this was pent-up demand as far as what was in the pipeline before or if these are new projects that you're now being included in?

Dhrupad Trivedi

So I would say, Hamed, that there's 2 aspects to it. I would say one is, obviously, we are all living in a constrained environment in some ways. And it's not a big revenue impact for us, but obviously, we prioritize customers as we need to. So part of it was not pent-up demand, I would say, but sort of natural variation in demand. Because our historical customer base is service providers and there is a kind of CapEx cyclic variation in demand, whether it's in Asia or Europe and U.S. And so some of it was kind of being able to service that demand.

And second was balancing that fulfillment, right, while keeping our largest customers satisfied as well.

Hamed Khorsand

Okay. And then could you just talk about your accounts receivables declining in the quarter? That was great to see, but is that sustainable? And what's a good area for us to expect that the balance of the year?

Michelle Caron

Yes. So Hamed, our quarter benefited from the timing of cash receipts in that quarter. We're still on track to deliver the cash flow that I talked about a few minutes ago for the full year, between $75 million to $77 million -- or $74 million to $77 million in cash flow. So it was a timing related to this quarter bringing the DSO to 49 days.

Operator

Next question comes from Gian Conti with Deutsche Bank.

Gianmarco Conti

Congrats again on the quarter. Maybe just one on the guide, I'm not sure if you answered this. But what are the main drivers behind the $500 million revenue target? How much comes from your largest customer compared to the rest of the business? What depends on new wins? I'd love to really unpack that.

And then maybe a few thoughts on how did the business grow this quarter if you exclude your largest customer?

Dhrupad Trivedi

Okay. Yes. So we said it in the script, so business grew more than 10% excluding our largest customer. And our competitors and peers are growing 400 to 500 basis points lower than that. So that's the first answer to your question.

Second is, obviously, we expect this growth to be broadly based, which is why we are confident in that. If you look at our actuals and what we have done year-to-date, which is higher than 14%, we feel pretty confident that 14% is a good number for us.

And yes, I think, obviously, and we are highly aligned with a large customer who apparently is also the best positioned in terms of the backlog they have on AI receivables versus the cash they are generating, and they are the only cash flow positive like category in that world. So we feel pretty good about that. And if you look through the data, I think I probably -- we have addressed all your questions quantitatively in the earnings release.

Operator

That concludes our Q&A session. I will turn it back over to Dhrupad Trivedi for closing comments.

Dhrupad Trivedi

Thank you, and thank you to all of our employees around the world, customers and shareholders for joining us today and for your continued support. I remain confident in our strategic orientation with security and next-generation networking spending patterns. Thank you for your time and attention.

Operator

Ladies and gentlemen, this concludes your conference call for today. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.