睿科網路 (ATEN) 2025 Q3 法說會逐字稿

Good day everyone, and welcome to the A10 Network's 3rd quarter 2025 financial results conference call.

大家好，歡迎參加 A10 Network 2025 年第三季財務業績電話會議。

(Operator instructions).It is not my pleasure to turn the floor over to your host Tom Bauman. Sir, the floor is yours.

（操作說明）很遺憾，現在把發言權交給主持人湯姆鮑曼。先生，請您發言。

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 Dr Dhrupad Trivedi, A10's President and CEO and CFO Michelle Carron. Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its 3rd quarter, 2025 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.

感謝各位今天蒞臨。本次電話會議正在錄音，並透過網路直播，可透過 A10 Networks 網站 A10networks.com 訪問，至少保留 90 天。今天主持本次電話會議的是 A10 總裁兼執行長 Dhrupad Trivedi 博士和財務長 Michelle Carron。在開始之前，我想提醒大家，今天市場收盤後不久，A10 Networks 發布了一份新聞稿，宣布了 2025 年第三季的財務表現。此外，A10 還發布了一份簡報和補充趨勢財務報表。您可以在公司網站的投資者關係版塊查閱新聞稿、簡報和趨勢財務報表。

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.

在今天的電話會議中，管理層將發表前瞻性聲明，包括有關未來經營業績、需求、行業和客戶趨勢、宏觀經濟因素、戰略、潛在新產品和解決方案、我們的資本配置戰略、盈利能力、支出和投資、定位以及我們的股息計劃的預測聲明。

These statements are based on current expectations and beliefs as of today, November 4, 2025. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, that could cause actual results to different materially, and you should not rely on them as predictions of future events.

這些聲明是基於截至 2025 年 11 月 4 日的當前預期和信念。這些前瞻性陳述涉及許多風險和不確定性，其中一些是我們無法控制的，可能導致實際結果與預期結果有重大差異，因此您不應依賴這些陳述來預測未來事件。

A10 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 10K and quarterly report on Form 10Q.

除非法律要求，否則 A10 不打算更新這些前瞻性聲明中包含的信息，無論是由於新信息、未來事件或其他原因。有關這些風險和不確定性的更詳細描述，請參閱我們最新的 10-K 表格和 10-Q 表格季度報告。

Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis, unless otherwise noted, and have been adjusted to exclude certain charges.

請注意，除收入外，今天討論的財務指標均為非公認會計準則（non-GAAP），除非另有說明，並且已進行調整以排除某些費用。

The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP 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'd like to turn the call over to Drupper Charetti, President and CEO of A10 Networks.

非公認會計準則財務指標不應單獨考慮，也不應取代依照公認會計準則編製的結果；非公認會計準則財務指標可能與其他公司提供的非公認會計準則財務指標有所不同。有關GAAP和非GAAP指標的調節表，請參閱今天發布的新聞稿以及公司網站A10networks.com上發布的季度財務報表。現在，我將把電話交給A10 Networks總裁兼執行長德魯珀·沙雷蒂先生。

Thank you, Tom, and thank you all for joining us today. A10 strategic position aligning our solutions and technology roadmap with the persistent needs of our customers around trusted infrastructure, cybersecurity, and AI capabilities continues to enable growth that outpaces our market peers.

謝謝你，湯姆，也謝謝今天所有到場的各位。A10 的策略定位是將我們的解決方案和技術路線圖與客戶在可信任基礎設施、網路安全和人工智慧能力方面的持續需求保持一致，從而不斷實現超越市場同行的成長。

Our solutions emphasize high throughput, low latency, and integrated security, which our customers and the broader market increasingly view as essential. It is well positioned alongside the durable catalysts that are driving spending across our markets.

我們的解決方案強調高吞吐量、低延遲和整合安全性，我們的客戶和更廣泛的市場越來越認為這些是必不可少的。它與推動我們市場消費的持久催化劑處於有利地位。

In the 3rd quarter, revenue grew nearly 12% year over year. On a trailing 12-month basis, growth from enterprise customers in North America continues to outpace our overall company-wide growth. Revenue from the Americas has increased 25% on trailing 12-month basis, driven primarily by investment in AI infrastructure.

第三季度，營收年增近 12%。以過去 12 個月計算，來自北美企業客戶的成長速度持續超過公司整體的成長速度。過去 12 個月，美洲地區的收入成長了 25%，主要得益於對人工智慧基礎設施的投資。

This performance helped offset macro related headwinds in other regions. Our global diversification continues to enable consistent performance despite macro variability. AI related deployments were a key driver for growth where security and performance at scale are critical.

這一表現有助於抵銷其他地區宏觀經濟相關的不利因素。儘管宏觀經濟情勢波動，但我們的全球多元化佈局仍能確保業績持續穩定成長。在安全性和大規模效能至關重要的領域，人工智慧相關部署是成長的關鍵驅動因素。

These applications are power hungry, and our solutions deliver efficient throughput and low latency with integrated best in class security capabilities. This allows customers to achieve target performance with fewer devices improving total cost of ownership while maintaining the highest levels of network performance.

這些應用對功耗要求很高，而我們的解決方案能夠提供高效的吞吐量和低延遲，並整合一流的安全功能。這樣一來，客戶就能用更少的設備實現目標效能，從而降低整體擁有成本，同時保持最高的網路效能。

We continue to leverage this advantage in large data center opportunities globally. Our operating model continues to focus on discipline and leverage. Converting growth into profitability and cash while reinvesting in strategic priorities. EBITDA margins expanded year over year from 26.7% to 29.3%, while non-GAAP operating margin expanded from 22.6% to 24.7%. This demonstrates the inherent leverage in our model even as we continue to invest more in R&D.

我們將繼續利用這項優勢，在全球大型資料中心領域中把握機會。我們的營運模式依然注重紀律和槓桿作用。將成長轉化為獲利能力和現金流，同時再投資於策略重點領域。EBITDA 利潤率年增，從 26.7% 增至 29.3%，而非 GAAP 營業利潤率年增，從 22.6% 增至 24.7%。這證明了即使我們繼續加大研發投入，我們的模式也具有內在的槓桿作用。

It and is well positioned to serve both enterprise and service customers alike, while we navigate macro uncertainty. In the world of AI, these will be harder to demarket as customers redefine their architectures. Our increasingly strong alignment with AI infrastructure build out and adoption gives us confidence in our strategic positioning. As we align investment with structural tailwinds of AI and cybersecurity.

它已做好充分準備，在應對宏觀經濟不確定性的同時，為企業客戶和服務客戶提供優質服務。在人工智慧領域，隨著客戶重新定義其架構，這些產品將更難被取消市場地位。我們與人工智慧基礎設施建設和應用的日益緊密的契合，使我們對自己的策略定位充滿信心。我們將投資與人工智慧和網路安全等結構性利好因素結合。

As our investments in innovation and product enhancements. Have taken shape. We have established ourselves as a stronger, more differentiated technology solution provider. On a trailing 12-month basis, growth stands at just over 10%. Based on momentum in key strategic initiatives, we expect a full year growth rate of 10%. With that, I'd like to formally welcome Michelle Caron, our new Chief Financial Officer to the call.

我們加大了對創新和產品改進的投資。已經成型。我們已確立了自身作為更強大、更具差異化的技術解決方案提供者的地位。過去 12 個月的成長率略高於 10%。基於關鍵策略舉措的良好勢頭，我們預計全年成長率將達到 10%。在此，我正式歡迎我們的新任財務長米歇爾‧卡倫參加本次電話會議。

I also want to take a moment to thank Brian Becker. Brian had been an important part of the leadership team during Aan's progress and had instituted strong processes that will continue to serve us well into the future. Michelle brings deep operational and financial expertise from complex global organizations and a proven ability to align financial strategy with growth opportunities.

我還要藉此機會感謝布萊恩貝克爾。在 Aan 的發展過程中，Brian 一直是領導團隊的重要成員，他建立的強大流程將繼續為我們帶來長遠的益處。米歇爾擁有來自複雜全球組織的深厚營運和財務專業知識，以及將財務策略與成長機會相結合的成熟能力。

Her background complements A and discipline, culture, and long-term transformation agenda. We expect continued disciplined execution and an increased focus on capital deployment to play a role in our overall growth. Michelle's experience positions are well to help drive that next phase of the company. Michelle.

她的背景與A的紀律、文化和長期轉型議程相輔相成。我們預計，持續嚴謹的執行力和對資本部署的日益重視將對我們的整體成長起到促進作用。米歇爾豐富的經驗和資歷將有助於推動公司進入下一個發展階段。米歇爾。

Thank you, Drupad. I'm excited to join A10 at this important inflection point. What drew me here is the combination of a strong foundation coupled with an even stronger opportunity ahead. With the proven business model, solutions that are ideally aligned with global spending trends, and a tier one customer base, A10 is positioned for consistent success.

謝謝你，Drupad。我很高興在這個重要的轉折點加入A10。吸引我來到這裡的是，這裡既有堅實的基礎，又有更大的發展機會。憑藉成熟的商業模式、與全球消費趨勢完美契合的解決方案以及一流的客戶群，A10 已做好持續成功的準備。

I share Dhrupad's belief that we can continue to grow both organically and inorganically as and I look forward to contributing to both sides of that growth equation. My near-term focus involves building on our solid base and driving greater consistency, predictability, and profitability as we grow. I'll be concentrating on a few key areas.

我同意 Dhrupad 的觀點，即我們可以繼續透過有機成長和非有機成長來實現發展，我期待著為這一成長方程式的兩方面做出貢獻。我近期的重點是鞏固我們堅實的基礎，並在發展過程中提高穩定性、可預測性和盈利能力。我將重點放在幾個關鍵領域。

First, maintaining financial discipline and transparency, better aligning our performance and market expectations. Second, driving profitable growth, balancing topline expansion with healthy margins and cash flow and 3rd, maintaining disciplined capital allocation.

首先，保持財務紀律和透明度，並更好地使我們的業績與市場預期保持一致。第二，推動獲利成長，在營收擴張的同時維持健康的利潤率和現金流；第三，維持嚴謹的資本配置。

Investing where we can create the most value while continuing to return capital to our shareholders. Supporting our pipeline of M&A activities and effectively putting our cash to work will be part of this initiative. Now let me turn to the results. As Dhrupad noted, we delivered a strong Q3. Growing revenue almost 12% to $74.7 million reflecting a mix of 58% product revenue and 42% service revenue. Global service revenue of $31.6 million grew 6%, while product revenue of $43.1 million grew 17% year over year.

在能夠創造最大價值的同時，持續為股東帶來資本回報，並將投資投向這些領域。支持我們的併購活動計劃並有效利用我們的現金將是這項措施的一部分。現在讓我來看看結果。正如德魯帕德所指出的，我們第三季業績表現強勁。營收成長近 12%，達到 7,470 萬美元，其中產品營收佔 58%，服務營收佔 42%。全球服務收入為 3,160 萬美元，年增 6%；產品收入為 4,310 萬美元，年增 17%。

Product revenue, which has been strong for the last 2 quarters, represents a leading indicator of future revenue. Our 3rd quarter performance gives us confidence we're on the right track to deliver on our strategic priorities while continuing to drive rigor, building on our culture of excellence.

過去兩季產品營收表現強勁，是未來營收的領先指標。第三季的業績讓我們有信心，我們正走在實現策略重點的正確道路上，同時繼續保持嚴謹的工作作風，鞏固我們的卓越文化。

Within our product revenue category, the 3rd quarter reflected a greater contribution of security-led revenue, exceeding our long-term target of generating 65% of our total revenue from security-led solutions. This performance reflects demand and our alignment with customer needs, particularly within North America for both service providers and enterprises. Now looking at our major verticals, enterprise customers represented 36% of Q3 revenues. As previously stated, America is our priority region, and we continue to see growth in excess of overall revenue on a trailing twelve-month basis.

在我們的產品收入類別中，第三季安全解決方案的收入貢獻更大，超過了我們長期目標，即安全解決方案的收入佔總收入的 65%。這項業績反映了市場需求以及我們與客戶需求的契合度，尤其是在北美地區，無論是服務提供者還是企業。現在來看我們的主要垂直產業，企業客戶佔第三季營收的 36%。如前所述，美洲是我們的優先地區，過去十二個月以來，我們持續看到該地區的成長超過了整體收入的成長。

Service provider revenue, which was 64% of total revenue was weighted towards cloud providers, further indication of our success in strategically aligning our offerings with AI infrastructure buildout. From a [geop] perspective, our America's region represented 65% of global revenue, reflecting the benefits of A10's investments in our enterprise segment and strength of AI infrastructure buildout.

服務提供者收入佔總收入的 64%，其中雲端服務提供者佔比較高，這進一步表明我們在策略上將我們的產品與人工智慧基礎設施建設相結合方面取得了成功。從地理角度來看，美洲地區佔全球收入的 65%，這反映了 A10 在企業領域的投資效益以及人工智慧基礎設施建設的實力。

As Dhrupad mentioned, macro-related headwinds in rest of world were made up for in the Americas region. Now, 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 is provided in our press release and on our website.

正如德魯帕德所提到的，世界其他地區宏觀經濟的不利因素在美洲地區得到了彌補。除收入外，本次電話會議討論的所有指標均以非GAAP準則為基礎，除非另有說明。我們的新聞稿和網站上提供了 GAAP 與非 GAAP 結果的完整調整表。

Our continued operating discipline contributed to our strong Q3 results. Non-GAAP gross margin was 80.7% in line with our stated goals of 80% to 82%. Operating expenses were $41.8 million, reflecting an operating margin of 24.7%, and improvement of about 215 basis points year over year. GAAP net income for the quarter was $12.2 million or $0.17 per diluted share. Non-GAAP net income for the quarter was $16.7 million or $0.23 per diluted share, reflecting a 7.4% EPS growth from the year ago period.

我們持續的營運紀律為我們第三季的強勁業績做出了貢獻。非GAAP毛利率為80.7%，符合我們設定的80%至82%的目標。營業費用為 4,180 萬美元，營業利潤率為 24.7%，比上年同期提高了約 215 個基點。本季GAAP淨利為1,220萬美元，即每股攤薄收益0.17美元。本季非GAAP淨利為1,670萬美元，即每股攤薄收益0.23美元，較上年同期每股收益成長7.4%。

Diluted weighted shares used for computing non-GAAP EPS for the third quarter were approximately $73 million shares, down $1.7 million shares year over year, driven by our continued share buyback. Adjusted EBITDA was $21.9 million, 29.3% of revenue, which is aligned with our long-term strategic goals. Turning to the year-to-date results, revenue for the first nine months of 2025 was $210.2 million compared to $187.5 million, an increase of 12.1%. non-GAAP gross margin was 80.5% year-to-date. Adjusted EBITDA was $61.1 million year-to-date, reflecting 29% of revenue.

第三季用於計算非GAAP每股盈餘的稀釋加權股份約為7,300萬股，年減170萬股，主要原因是我們持續進行股票回購。調整後 EBITDA 為 2,190 萬美元，佔營收的 29.3%，這與我們的長期策略目標相符。從年初至今的業績來看，2025 年前九個月的營收為 2.102 億美元，而去年同期為 1.875 億美元，成長了 12.1%。年初至今的非 GAAP 毛利率為 80.5%。截至目前，調整後 EBITDA 為 6,110 萬美元，佔營收的 29%。

non-GAAP net income on a year-to-date basis was $47.2 million, or $0.64 per diluted share compared to $41.9 million or $0.56 per diluted share last year. On a GAAP basis, net income for the first nine months was $32.3 million or $0.44 per diluted share compared to net income of $31.8 million or $0.42 per diluted share in the first nine months last year. I'll now turn to the cash flow and balance sheet, both of which are very strong.

今年迄今的非GAAP淨收入為4,720萬美元，即每股攤薄收益0.64美元，去年同期為4,190萬美元，即每股攤薄收益0.56美元。以美國通用會計準則計算，前九個月的淨收入為 3,230 萬美元，即每股攤薄收益 0.44 美元，而去年同期的淨收入為 3,180 萬美元，即每股攤薄收益 0.42 美元。接下來我將分析現金流量表和資產負債表，這兩份報表都非常強勁。

We generated $22.8 million in cash flow from operations in Q3. Capex was $4.7 million with cash and investments totalling $371 million at the end of the quarter. Deferred revenue was $143.5 million. During the quarter, we paid $4.3 million in cash dividends and repurchased $11 million worth of shares. The board has approved a quarterly cash dividend of $0.06 per share to be paid on December 1, 2025, to shareholders of record on November 17, 2025. The company still has over $60 million remaining of its $75 million share repurchase authorization. I look forward to speaking with many of you in the coming weeks, gathering your feedback on our strategy and operations. I'll now turn the call back to Dhrupad for closing comments.

第三季度，我們的經營活動產生了 2,280 萬美元的現金流。本季末，資本支出為 470 萬美元，現金和投資總額為 3.71 億美元。遞延收入為1.435億美元。本季度，我們支付了 430 萬美元的現金股息，並回購了價值 1,100 萬美元的股票。董事會已批准派發每股 0.06 美元的季度現金股息，將於 2025 年 12 月 1 日支付給 2025 年 11 月 17 日登記在冊的股東。該公司7,500萬美元的股票回購授權額度中，仍有超過6,000萬美元的剩餘額度。我期待在接下來的幾週與各位交流，收集你們對我們策略和營運的回饋意見。現在我將把電話轉回給德魯帕德，請他作總結發言。

Thank you, Michelle. We are encouraged by continued business execution and remain confident that [AN] is strategically well positioned in the market, especially as we see acceleration in AI infrastructure build out. [AN] is positioned squarely in front of multiple durable secular catalysts. In fact, our strength in high performance hardware and software is more relevant than ever before.

謝謝你，米歇爾。我們對公司持續的業務發展感到鼓舞，並堅信[AN]在市場中擁有良好的戰略地位，尤其是在人工智慧基礎設施建設加速推進的背景下。 [AN]正處於多個持久性長期成長因素的有利地位。事實上，我們在高效能硬體和軟體方面的優勢比以往任何時候都更加重要。

We are investing to enhance our position in the enterprise space and remain aligned with key leaders in the service provider sector around the world. We believe our business model enables us to dynamically allocate resources to address changing market conditions while preserving profitability and shareholder returns. Operator, you can now open the call up for questions.

我們正在加大投資，以提升我們在企業領域的地位，並與全球服務提供者領域的關鍵領導者保持步調一致。我們相信，我們的商業模式使我們能夠動態地分配資源，以應對不斷變化的市場狀況，同時保持獲利能力和股東回報。操作員，現在可以開始接受提問了。

(Operator instructions).

（操作說明）

Gray Powell from BTIG. Your line is live.

Gray Powell 的 BTIG。您的線路已開通。

Hey, thanks, it's actually, great something again for Gary, Gary's traveling, today. But just want to say congratulations on the good results. I just had a couple of questions.

嘿，謝謝，這真是太好了，加里今天又有事要辦了，他今天在旅行。不過還是要祝賀你們取得了好成績。我還有幾個問題。

Thank you, I appreciate it, thank you.

謝謝，非常感謝。

Yeah, absolutely, I think last year, security led revenue was around 63% of the business growing 9%. You called out 65% in the prepared remarks of the slide deck. Just how's that tracking this year and, where do you think it can go longer-term?

是的，沒錯，我認為去年安全業務帶來的收入約占公司總收入的 63%，成長了 9%。你在投影片準備的發言稿中提到了 65%。今年的進展如何？你認為從長遠來看，它的發展前景如何？

Yeah, no, good question. Thank you. I think so, we had said long-term our goal was 65% because we see the connection between security and infrastructure as something that actually is a strength for us in in the sense we want those things to work together and make it even better so if you look at where we actually ended up in Q3, the number was higher than 65%. And so, we feel pretty good, continuing to maintain that goal of about 65% and if we do better, that's great, but at the same time we are not looking to lose infrastructure revenue in in its place, right? So, I feel pretty good that we have been able to improve that mix to, from somewhere less than 30% to 65%. And obviously our goal is to lead with that because that tends to expose us to higher growth markets and applications.

嗯，問得好。謝謝。我認為是這樣，我們曾說過，我們的長期目標是 65%，因為我們認為安全和基礎設施之間的聯繫實際上是我們的優勢，因為我們希望這兩者能夠協同工作，使其變得更好。所以，如果你看看我們在第三季的實際結果，這個數字高於 65%。所以，我們感覺還不錯，繼續保持 65% 左右的目標，如果我們做得更好，那就太好了，但同時，我們不希望因此而失去基礎設施收入，對吧？所以，我感覺很不錯，我們已經將這個比例從不到 30% 提高到了 65%。顯然，我們的目標是以此為先導，因為這往往能讓我們接觸到成長更快的市場和應用領域。

Understood. Okay, that's really helpful. And then, just a separate topic and this one might be a little bit early, but F5 had a pretty bad data breach a few weeks ago, again, like I, I'm sure it's, a little bit early from your side, but is that something that could potentially help your customer discussions on the enterprise side of the side of the business? Is that something that's come up at all in conversations yet or is there any, I don't know, is there any directional commentary you could make about that?

明白了。好的，這真的很有幫助。另外，還有一個單獨的話題，可能現在說這個有點早，但F5幾週前發生了非常嚴重的資料外洩事件。我知道現在說這件事可能有點早，但這是否可能對你們在企業業務方面的客戶討論有所幫助呢？這在之前的談話中是否被提及？或者，我不知道，您能否就此發表一些有方向性的評論？

Sure, yeah, no, I think good question, and I think, first of all I would say that all of us in the cybersecurity industry right face the same kinds of attacks and challenges that we are all resolving, right? So obviously we cannot specifically comment on anything, but I would say as we navigate that market environment and you look at some of the key players in that space, right, including F 5, of course. I think we have seen certainly an increased level of interest from customers.

當然，是的，不，我認為這是個好問題。首先，我想說，我們網路安全產業的每個人都面臨著同樣的攻擊和挑戰，我們也都在努力解決這些問題，對吧？所以很顯然我們不能對任何事情發表具體評論，但我想說的是，當我們探索這個市場環境，並且你看看這個領域的一些關鍵參與者，對吧，當然也包括 F5。我認為我們已經明顯感受到顧客的興趣提高。

Not necessarily wanting to change, but wanting to understand what else is in the market and what alternatives there might be towards making sure that their own infrastructure is more resilient in the future, right? So of course I think we'll continue to work with our customers just as we'll continue to work with the industry overall to find better ways to manage and handle cybersecurity challenges.

他們可能想要改變，而是想要了解市場上還有哪些其他選擇，以及為了確保自身基礎設施在未來更具韌性，有哪些替代方案，對嗎？所以，我認為我們當然會繼續與客戶合作，就像我們將繼續與整個產業合作一樣，尋找更好的方法來管理和應對網路安全挑戰。

Okay, thank you very much.

好的，非常感謝。

Thanks, I appreciate it.

謝謝，非常感謝。

Simon Leopold from Raymond James. Your line is live.

來自 Raymond James 的 Simon Leopold。您的線路已開通。

Hi guys, this is Victor Chewing for Simon Leopold. You noted, strength in North American AI infrastructure investments, in your prepared remarks, but can you, elaborate on this, some of the specific factors contributing to the upside of this quarter, where there are a handful of specific customers or deals, or was it more, was the strength more broad-based?

大家好，我是Victor Chewing，代表Simon Leopold。您在事先準備好的演講稿中提到了北美人工智慧基礎設施投資的強勁勢頭，但您能否詳細說明一下，促成本季成長的具體因素有哪些？是少數特定客戶或交易，還是更多，這種強勁勢頭是否更普遍？

Sure, Victor, thank you. Yeah, I think so, as, of course, right, well, to, the market today in AI is pretty concentrated with several large players and then in the longer-term we are also engaged with. Multitude of players who in 2 to 3 years' time will be doing a lot more things on their own, right? So right now, it's in the phase of initial big build out and then it becomes more realistic in terms of business goals, local models, and so forth. So, in this phase of the evolution. Certainly right, the benefit to us was from a few large customers who are investing aggressively into building the AI infrastructure, but we are equally engaged with customers around the world on the enterprise side as well, who will be the beneficiaries long-term as they build out their own solutions and decide how to take advantage of AI.

當然，維克多，謝謝你。是的，我也這麼認為，當然，沒錯，如今人工智慧市場相當集中，由幾家大型企業主導，而從長遠來看，我們也參與其中。很多球員在兩三年後都會獨立自主地做很多事情，對吧？所以目前它正處於最初的大規模建設階段，之後在業務目標、在地化模式等方面會變得更加現實。所以，在演化的這個階段。當然，我們從一些大力投資建立人工智慧基礎設施的大客戶那裡獲得了好處，但我們也同樣與世界各地的企業客戶保持著密切聯繫，隨著他們建立自己的解決方案並決定如何利用人工智慧，他們將成為長期的受益者。

Great, that's very helpful. And just a quick follow-up just to elaborate on the previous question, have you observed, any on the flip side of that, have you observed any negative collateral impact from, the high profile security breach from one of your key competitors of customers expressed specific concerns or hesitations moving forward with planned deployments?

太好了，這很有幫助。最後，我想就上一個問題做個補充說明，您是否觀察到，或者反過來，您是否觀察到，您的主要競爭對手之一發生的高調安全漏洞事件，對客戶產生了任何負面的附帶影響？客戶是否因此對推進計畫部署表示了具體的擔憂或猶豫？

Well, no, we are not, we are certainly not seeing any negative impact from that, I think, people are used to kind of having to deal with public as well as private incidents in that space for many years to come. So it is certainly not a negative thing for us at all and it's, I would say it has certainly increased conversations we are having with customers, but at the same time it's hard to say it's positive, but certainly there's no hesitation on customer side in terms of spending on 80s products, right, and holding off on that in any way.

不，我們並沒有，當然也沒有看到任何負面影響。我認為，在未來很多年裡，人們已經習慣了在這個領域處理公共和私人事件。所以這對我們來說絕對不是一件壞事，而且，我認為它確實增加了我們與客戶的對話，但同時很難說它是積極的，但客戶在購買 80 年代產品方面肯定沒有任何猶豫，對吧，也不會以任何方式推遲購買。

Great. Thank you. Thank you very much.

偉大的。謝謝。非常感謝。

No problem. Thank you.

沒問題。謝謝。

Julio Romero from Sidoti.

來自 Sidoti 的 Julio Romero。

Great, thanks. Good afternoon. This is Julio on Ferrana. Thanks for taking questions.

太好了，謝謝。午安.這是胡里奧在費拉納。謝謝回答問題。

Thanks Romero.

謝謝羅梅羅。

I'm good, thanks. So, my first question would be just it seems like the efforts you've done on the enterprise sales push have been working. Are there any more initiatives you can do there? And then secondly, where are you in the innings of expanding within this market?

我很好，謝謝。所以，我的第一個問題是，看起來你們在企業銷售推廣方面所做的努力已經奏效了。你們還能在那裡開展其他什麼活動嗎？其次，您目前處於拓展該市場業務的哪個階段？

Yeah, no, good question, and I think you know we have been talking about that for a few periods now, right? So I think our Initial thesis was around building up our capability on the product solution side as well as on the commercial execution side to get more stability with enterprise customers and growing our share.

是的，問得好，我想你也知道我們已經討論過這個問題好幾次了，對吧？所以我認為我們最初的論點是圍繞著提升我們在產品解決方案方面以及商業執行方面的能力，以獲得與企業客戶的更穩定關係並擴大我們的市場份額。

I think in the last 2 to 3 years we have continued to see that kind of maturation process if you will, and we believe certainly with our sales leadership currently in place. There is a lot of focus around that while we continue to support our service provider customers as well. So, I would say if I had to characterize it in that sense I would say probably we are in the 3rd or 4th innings, as we continue to build kind of our own maturation of the team but also engagement with customers.

我認為在過去的2到3年裡，我們一直在見證這種成熟過程，我們相信，在我們目前的銷售領導團隊的帶領下，這種情況肯定會發生。我們非常關注這一點，同時也將繼續為我們的服務提供者客戶提供支援。所以，如果非要從這個意義上來描述的話，我會說我們可能正處於第三局或第四局，因為我們不僅在不斷提升團隊的成熟度，也在不斷加強與客戶的互動。

Excellent, very helpful. And then, just any preliminary thoughts you could share on how you would view 2026 shaping up for you from a top-line and bottom line perspective just at a at a high level at this point.

太好了，很有幫助。然後，您能否從宏觀角度，就目前而言，分享您對 2026 年發展前景的看法，包括總體和整體收益方面？

Yeah, no, good question, and I think, I would say you can see obviously last year was a little bit unusual year in terms of seasonality, and this year, as we talked about, we expect on a full year basis to get back to 10% growth and obviously the EBITDA results as well.

是的，問得好。我認為，很明顯，去年由於季節性因素，情況有些特殊。而今年，正如我們之前討論的，我們預計全年成長率將恢復到 10%，EBITDA 業績也將如此。

As we look into the future, I would say the challenge like everybody else is we are dealing with uncertainties that we cannot control, such as interest rates and tariffs and everything else. But given the momentum in the business, particularly around secular tailwinds that we are aligning more and more to, we feel that going into next year we should be able to sustain the growth level that we are seeing now and we are obviously will continue to provide more clarity as we see it as well, but our goal is obviously to be in that high single-digit range and if the market.

展望未來，我認為我們面臨的挑戰和其他人一樣，都是我們無法控制的不確定因素，例如利率、關稅等等。但鑑於業務發展勢頭良好，尤其是在我們越來越順應的長期利好因素方面，我們認為明年應該能夠維持目前的增長水平，我們當然也會根據實際情況繼續提供更清晰的信息，但我們的目標顯然是達到高個位數增長，如果市場…

Allianes do better than that, but at the same time focused on. Our business model goals on 26 to 28% EBITA as well as EPS growth faster than top-line.

安聯做得比這好，但同時也專注。我們的商業模式目標是實現 26% 至 28% 的 EBITA 成長，以及每股盈餘成長速度超過營收成長速度。

Excellent, thanks very much and best of luck in the 4th quarter.

太好了，非常感謝，祝你第四季一切順利。

Thank you. Appreciate it.

謝謝。謝謝。

Thank you.

謝謝。

Your next question is coming from Hamid Korsan from EWS Financial. Your line is live.

下一個問題來自 EWS Financial 的 Hamid Korsan。您的線路已開通。

Hi, I was just wanting to see what kind of progress you've been making as far as expanding your service provider customer base.

您好，我只是想了解您在擴大服務提供者客戶群方面取得了哪些進展。

Yeah, no, good question. So, I think Hamed, I would probably differentiate it in two ways. So one is, we during this year with our existing large tier one service provider, I think that has been like most companies I've seen a lot of pressure on CapEx. And so, our efforts there have been more around improving share of wallet and cross selling whether it's in US or Europe or Asia, right. Where we are seeing a little bit more traction is on the tier two service provider side where it's not necessarily related to things like be funding, but we are certainly seeing a little more activity and roll out. So, our progress there is, I would say gaining new customers that are in that category of independent or tier two type service providers with tier one, in addition to waiting for Capex, really trying to expand our footprint. To sell into different business units or selling them multiple products.

嗯，問得好。所以，哈米德，我認為我可能會從兩個方面來區分它。所以，一方面，今年我們和現有的大型一級服務提供者一樣，我認為和大多數公司一樣，我們在資本支出方面面臨很大的壓力。因此，無論是在美國、歐洲還是亞洲，我們的努力都更圍繞著提高錢包份額和交叉銷售展開，對吧。我們看到，在二級服務提供者方面，這種趨勢有所增強，雖然這不一定與資金等因素有關，但我們確實看到更多的活動和推廣。所以，我認為我們在那裡取得的進展是，除了等待資本支出外，我們還獲得了屬於獨立或二級服務提供者類別的新客戶，並努力擴大我們的業務範圍。向不同的業務部門銷售產品，或向他們銷售多種產品。

Okay. And then just looking out to, the clarity you're seeing as far as your service price are concerned, do you have that clarity at all, is it better?

好的。然後，再看看您對服務價格的了解程度，您是否完全清楚？情況是否有改善？

Yeah, so, good question, I mean. So, I would say on the service provider customer side it probably varies. So on the ones that are exposed to more building out things like cloud infrastructure, the clarity is decent, I would say, and you know we have a 6 to 9 month kind of cycle, so we generally have a reasonably good idea, on the tier one telcos in Europe. I think we have reasonably good clarity, a little slower than normal, but moving along.

是的，問得好。所以，我認為從服務提供者和客戶的角度來看，情況可能有所不同。因此，對於那些更多參與雲端基礎設施建設的公司來說，情況還算明朗，我認為。你知道，我們的週期大約是 6 到 9 個月，所以我們通常對歐洲的一線電信公司的情況有相當清晰的了解。我認為我們目前的狀況還不錯，雖然比平常慢一些，但進展順利。

Japan is pretty slow, but their economy is still, in a difficult spot, right? So that we, it's in line with what we expect in the US tier one service provider, I would say where they are exposed to cloud and infrastructure like that is good, but on the pure classic telco side, it's still a little bit choppy in the sense. They may still spend the same amount for the full year but, projecting it by quarter is still harder than it normally used to be.

日本經濟成長較慢，但其經濟狀況仍十分嚴峻，對吧？所以，這符合我們對美國一級服務供應商的預期，我認為，如果他們能夠接觸到雲端和基礎設施之類的東西，那就很好，但在純粹的傳統電信方面，情況仍然有點不穩定。他們全年的支出總額可能仍然相同，但是按季度預測支出仍然比以前困難得多。

Okay, and could you just talk about what drove that big outperformance this quarter in the in the region for you?

好的，您能否談談是什麼因素促成了本季該地區業績的大幅超預期表現？

Hameed, I think you broke up for second can you please repeat it.

哈米德，我覺得你剛才好像斷斷續續的，你能再說一次嗎？

Seemed like on your presentation slides that was a big revenue portion. What drove that?

從你的簡報來看，這似乎是收入的主要組成部分。是什麼原因導致這種情況？

Oh, I think so. The in Q3, the MA portion, the step up that you saw, was one big project that culminated in the period. So it's probably fair to look at that 3 quarter and average it to be more indicative of it, and it's not like a new step level that you should expect to continue seeing them.

哦，我也這麼認為。第三季 MA 部分，也就是你看到的成長，是一個在該時期達到頂峰的大專案。所以，比較合理的做法是觀察這 3 個季度，並取其平均值，這樣更能反映情況，而且它不像是一個新階段，你不應該期望繼續看到它們。

Very good.

非常好。

Thank you.

謝謝。

Thank you, Amen.

謝謝，阿門。

Christian Schwab from Craig Hallum.

克雷格·哈勒姆 (Craig Hallum) 的克里斯蒂安·施瓦布 (Christian Schwab)。

Excuse me, great quarter, can you give us an idea yet of, the percentage of product revenue, that's tied to AI related security products?

不好意思，這個季度業績很棒，請問能否透露一下與人工智慧相關的安全產品在產品收入中所佔的百分比？

Yeah, no, good question Christian, and I think you have mentioned that last time as well so we are working internally on how to create a view that does that and the complication for us is, for many of our customers they were let's say going to build 10 data centers. Now they're still building 10, but 6 are designed for AI and 4 were what they used to do before and I think we are trying to get a better handle on that through our customers so that we are more specific and clear in in how we represent that so that that's the tougher part of it. Now when you look at our service provider growth improvement. I would say majority of it is related to because they are doing AI build out, but it's hard for me to say from the 10 data centers.

是的，克里斯蒂安，問得好。我想你上次也提到過這一點，所以我們正在內部研究如何創建一個可以實現這一點的視圖。對我們來說，困難在於，我們的許多客戶打算建造 10 個資料中心。現在他們仍在建造 10 個，但其中 6 個是為 AI 設計的，4 個是他們以前用過的，我認為我們正在努力透過我們的客戶更好地掌握這一點，以便我們能夠更具體地、清晰地表達這一點，因為這是更難的部分。現在，讓我們來看看我們服務提供者的成長改進。我認為大部分原因都與他們正在進行人工智慧建設有關，但從這 10 個資料中心來看，我很難下結論。

They build, 4 were AI and 6 were not AI, right, because they don't market it that way either. So, but that's something it's on our docket, Christian and that we are working towards in our Q1, comments to start figuring out a way to show some kind of a proxy for that.

他們開發的產品中，4 個是人工智慧產品，6 個不是，對吧？因為他們也沒有這樣宣傳。所以，克里斯蒂安，這件事已經列入我們的議程，我們正在第一季努力推進，希望能找到一種方法來展示某種替代方案。

Great. And then you know when you talked about the momentum in the business sustaining itself in 2026, we kind of did 10% then you went back to high single-digits. So should we just kind of assume, sustaining the momentum in the business, next year's top-line growth objective would be, 8% to 10% is that did I hear that right?

偉大的。然後，你知道，當你談到業務發展勢頭能否在 2026 年持續下去時，我們一度達到了 10%，然後又回到了個位數的高位增長。所以，我們是否可以假設，在維持業務成長動能的前提下，明年的營收成長目標將是 8% 到 10%？我沒聽錯吧？

Yeah, I think that's a fair way to look at it. So, I think that that's sort of the line of sight we have right is in that range for next year as well and as we navigate things up and down, right, it's hard to. Kind of nail it down by 25% at this point, but on a full year basis suddenly we feel good with that zip code yeah.

是的，我覺得這樣看待這個問題很合理。所以，我認為這就是我們目前的預期，明年也應該在這個範圍內，而且隨著情況的起伏變化，這很難做到。目前來看，這個數字大概會高出 25%，但從全年來看，我們對這個郵遞區號的預測突然感覺不錯。

Great, now my last question, seeing the increased customer interest as an alternative, given F 5's recent issues, when would be a logical time for, those indications of interest to potentially turn to orders? Is that 3 months, 9 months, how should we be thinking about that opportunity.

好的，現在我的最後一個問題是，鑑於F5最近出現的問題，客戶對替代方案的興趣日益濃厚，那麼什麼時候才是將這些興趣轉化為實際訂單的合理時機呢？是3個月，還是9個月？我們該如何看待這個機會？

Yeah, no, good question. So, I think, yeah, as I said before, suddenly we are having customer conversations and certainly right we wish all those customers and have 5 to resolve those problems swiftly for themselves because good thing for the industry. Typical sales cycle for us in that kind of an enterprise market is 6 to 9 months and you know we are engaged or talking to customers. But roughly speaking, that's the window in which you would see it translate into incremental bookings if that were going to be the case.

嗯，問得好。所以，我想，是的，正如我之前所說，突然間我們開始與客戶對話，當然，我們希望所有這些客戶都能迅速自行解決這些問題，這對整個行業來說都是一件好事。在那種類型的企業市場中，我們典型的銷售週期是 6 到 9 個月，在此期間，我們一直在與客戶互動或談判。但粗略地說，如果情況屬實，那麼你就會在這個時間內看到預訂量的增長。

Great, no other questions. Thank you.

好的，沒有其他問題了。謝謝。

Thank you, Christian.

謝謝你，克里斯蒂安。

Michael Romanelli from Azuho Securities.

來自 Azuho Securities 的 Michael Romanelli。

Yeah, hey guys, thanks for taking the questions here. Yeah, maybe to start off, I was wondering, hey, I was wondering if you can comment on, linearity in the corner and, how activity has been through the month of October.

嗨，各位，謝謝你們回答這些問題。是的，或許可以先問一下，嘿，我想知道您是否可以評論一下角落裡的線性結構，以及十月份的活動情況。

Yeah, no, good question, and I think, Michael, that it varies a little bit by regions as well. So I would say that linearity for us, outside of America has been not atypical or in line with what we expect to get to.

是的，問得好。而且我認為，邁克爾，這種情況也會因地區而異。所以我認為，對於我們這些在美國以外的人來說，這種線性發展並非不尋常，也並非我們預期會達到的程度。

Within America, I think there is a little bit of jitter around kind of political things and tariffs and interest rate. But overall, we don't see a dramatic change in linearity relative to what we were expecting.

在美國國內，我認為人們對政治、關稅和利率等方面有些許不安。但整體而言，與我們的預期相比，線性度並沒有顯著變化。

Got it. Okay, that's helpful. And then, as my follow-up, it's nice to see the services revenue return to growth, following consecutive quarters of declined, it's part of, revenue algo, how should we be thinking about, your services revenue growth going forward? Thanks.

知道了。好的，這很有幫助。然後，作為我的後續問題，很高興看到服務收入在連續幾季下滑後恢復成長，這是收入演算法的一部分，我們應該如何看待你們未來的服務收入成長？謝謝。

Yeah, no, good question. So, you are right. I think you know there's a little bit of timing element to the service revenue because it's related to, 1 year, 2-year, 3-year kind of support contracts and so forth. The way you should think about it is if our product is growing at a certain rate, typically that is sold with 1 year service or support contract, so one year from that date. We would have a larger eligible pool of renewals and support contract and revenue. So, in that sense, product revenue growing faster means that a year from now it should naturally lead itself to service revenue growing faster as well.

嗯，問得好。所以，你是對的。我想你應該知道，服務收入有一定的時效性因素，因為它與 1 年、2 年、3 年等類型的支援合約有關。你應該這樣想：如果我們的產品以一定的速度成長，通常情況下，我們會提供 1 年的服務或支援合同，也就是從購買之日起一年。我們將擁有更大的續約合格客戶群，並支援合約和收入。因此，從這個意義上講，產品收入成長更快意味著一年後服務收入自然也會成長更快。

Got it very helpful thank you. No problem. Thank you. Thank you, Mike.

收到了，很有幫助，謝謝。沒問題。謝謝。謝謝你，麥克。

Hendy Susanto from Gabelli Funds.

來自 Gabelli Funds 的亨迪蘇珊托 (Hendy Susanto)。

Good evening, Drupad and Michelle, thank you for taking my questions. Drupad, would you talk about opportunity in AI like we are somewhat familiar with, a 10 like core application, but perhaps you can go deeper into use cases for AI for service providers, data centers, tier one service providers like where you foresee A10 in. Influencing, for example, whether it is like what are the growth drivers in AI, whether it is, traffic or security and then whether there are things that are somewhat, presenting new use cases for A10.

晚上好，Drupad 和 Michelle，謝謝你們回答我的問題。Drupad，您能否談談人工智慧領域的機遇，就像我們比較熟悉的 A10 核心應用程式一樣？但或許您可以更深入探討人工智慧在服務提供者、資料中心、一級服務提供者（例如您預見的 A10 的應用程式場景）中的應用案例。例如，影響人工智慧的成長驅動因素是什麼，是交通還是安全，以及是否存在一些因素，為 A10 提出新的用例。

Sure, yeah, Hendi, thank you, good question. So, I think I'll do that briefly here, but for us really the like we have done in the last several years right we connect everything back to our differentiation. So, on the foundation level we have hardware platforms and software that now also support you know higher throughput low latency and GPU based architecture so those feed into people building our data centers whether it's enterprise or service provider or telco or cloud, right? So that's. The first foundation level, second level is in our cybersecurity products we have expanded coverage to where our products are able to detect and remediate threats that occur now because of AI traffic and that would be things like prompt injection and loss of PII data and so forth, right?

當然，亨迪，謝謝你，問得好。所以，我想我會在這裡簡要地談談這件事，但對我們來說，就像我們在過去幾年所做的那樣，我們將一切都與我們的差異化聯繫起來。因此，在基礎層面上，我們擁有硬體平台和軟體，它們現在也支援更高的吞吐量、更低的延遲和基於 GPU 的架構，這些都為構建資料中心的人們提供了支持，無論是企業、服務提供商、電信公司還是雲端服務商，對吧？就是這樣。第一層是基礎層，第二層是在我們的網路安全產品中，我們已經擴展了覆蓋範圍，使我們的產品能夠檢測和修復現在由於人工智慧流量而發生的威脅，例如快速注入和個人識別資訊遺失等等，對吧？

So that's a expansion of our networking know-how to now handle new kinds of threats that happened because of AI, third is obviously we are working with our customers on a longer-term basis to understand how we can look at traffic data from a long period of time in complex networks and use AI tools to drive predictive analytics which ultimately for them helps do better things around network planning, resource management, and which is ultimately their cost of running like building and running a network right? So that's the range of things we do so we don't come into it thinking we are a new AI startup. What we do is we know 20 years of networking, we know cybersecurity, we have a large team of people, a lot of young graduates as well who are AI engineers, and what we are doing is we are taking our know-how in networking and security and using that as a foundation to create AI solutions that are value creating for our customers.

因此，這是我們網路知識的擴展，現在可以應對因人工智慧而出現的新型威脅；第三，顯然我們正在與客戶進行長期合作，了解如何查看複雜網路中長期的流量數據，並使用人工智慧工具來驅動預測分析，這最終可以幫助他們在網路規劃、資源管理方面做得更好，最終降低他們建立和營運網路的成本，對吧？所以這就是我們所做的事情的範圍，所以我們不會以一家新興人工智慧新創公司的身份進入這個領域。我們擁有 20 年的網路經驗，精通網路安全，我們擁有一支龐大的團隊，其中也包括許多人工智慧工程師應屆畢業生。我們正在利用我們在網路和安全方面的專業知識，以此為基礎，為客戶創造能夠帶來價值的人工智慧解決方案。

Got it. And then, but I think when you talk about, US service providers you refer like tier one, what does the opportunity in tier two service provider look like at 810 now?

知道了。但是，我認為，當你談到美國服務提供者，例如你提到的第一級服務提供者時，現在 810 的二級服務提供者的機會看起來怎麼樣？

So I think broadly, so this is not AI, right, but broadly speaking, I think in the tier 2 service provider side a few years ago, right, there was a lot of discussion of government spending, rural broadband, things like that. Obviously, that has changed quite a bit, particularly with the government actually in shutdown now. So, it's not that, but it's more that for those kinds of carriers, our solution does not require them.

所以我覺得總的來說，雖然這不是人工智慧，對吧，但總的來說，我認為幾年前在二級服務提供者方面，對吧，有很多關於政府支出、農村寬頻之類的討論。顯然，這種情況已經發生了很大變化，特別是現在政府實際上已經停擺。所以，問題不在於此，而在於對於這類業者，我們的解決方案並不需要它們。

To fully rip and replace everything they do and then figure out how to monetize it or pay for it, right? Our solutions are more relied on getting more out of those networks, doing more virtualization, things like CGAT which allows them to reuse addresses cheaper, and so our progress there is more on an economic value proposition based on our technology. It is not a substitute for a tier one who might spend, 5 times as much, right? But it is something where we continue to see, good resonance with our technology and solutions.

徹底顛覆並替換他們所做的一切，然後再想辦法將其變現或支付費用，對吧？我們的解決方案更依賴從這些網路中獲得更多資源，進行更多虛擬化，例如 CGAT，它可以讓他們以更低的成本重複使用地址，因此我們在該領域的進展更多地是基於我們技術的經濟價值主張。它不能取代消費金額可能是其 5 倍的一流商家，對吧？但我們持續看到，我們的技術和解決方案與這方面產生了良好的共鳴。

Okay, thank you, Dhrupad.

好的，謝謝你，德魯帕德。

Thank you, Hendi.

謝謝你，亨迪。

Thank you. That concludes our Q&A session. I'll now hand the conference back to Dhrupad Trivedi for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給德魯帕德·特里維迪，請他致閉幕詞。請繼續。

Thank you. And thank you to all of our employees, customers, and shareholders for joining us today and for your continued support. I am increasingly confident in our strategy and about our future. Thank you for your time and attention.

謝謝。感謝所有員工、顧客和股東今天蒞臨現場，也感謝你們一直以來的支持。我對我們的策略和未來越來越有信心。感謝您抽出寶貴時間關注。

Thank you, everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家，今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。