睿科網路 (ATEN) 2025 Q4 法說會逐字稿

Greetings. Welcome to A10 Network's fourh-quarter in full year 2025 financial results conference call. (Operator Instructions)

問候。歡迎參加 A10 Network 2025 年第四季及全年財務業績電話會議。（操作說明）

I will now turn the conference over to your host, Tom Bauman. Sir, you may begin.

現在我將把會議交給主持人湯姆鮑曼。先生，您可以開始了。

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.

謝謝大家，也謝謝各位今天蒞臨現場。本次電話會議將進行錄音和網路直播，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 和財務長 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 fourth 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.

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 年第四季的財務表現。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, February 4, 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.

這些聲明是基於截至 2026 年 2 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 most recent 10-K and quarterly report on Form 10-Q.

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. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for prepared remarks 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.

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。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財務報表，並且可能與其他公司所編製的非公認會計準則財務指標有所不同。有關 GAAP 和非 GAAP 指標的調整表，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。

Now I would like to turn a call over to Drupid Trivetti, President and CEO of A10 Networks.

現在我想把電話交給 A10 Networks 的總裁兼執行長 Drupid Trivetti。

Thank you, Tom. And thank you all for joining us. Today, A10 reported record quarterly and full year revenue results these results reinforce A10's strategic position.

謝謝你，湯姆。感謝各位的參與。今天，A10公佈了創紀錄的季度和全年營收業績，這些業績鞏固了A10的戰略地位。

A key contributor continues to be the sustained investment in an environment supporting AI-driven workloads as customers scale high performance computing, inference platforms, and data intensive applications. They are increasingly focused on traffic management, availability, and security at massive scale. These requirements play directly to A10's strength.

持續投資於支援人工智慧驅動工作負載的環境，是推動客戶擴展高效能運算、推理平台和資料密集型應用程式的關鍵因素。他們越來越關注大規模的流量管理、可用性和安全性。這些要求正好發揮了A10的優勢。

For the full year, revenue grew 11% year-over-year, outpacing growth rates across much of our competitive landscape and underscoring the increasing relevance of our portfolio with customers. We enter 2026 with momentum supported by macro trends as a result of our agile strategy, strong execution, and excellent industry reputation.

全年營收年增 11%，超過了我們大部分競爭對手的成長率，凸顯了我們的產品組合對客戶日益增長的相關性。憑藉我們靈活的策略、強大的執行力和卓越的行業聲譽，以及宏觀趨勢的支持，我們帶著強勁的發展勢頭進入 2026 年。

Increasingly we are considered a foundational piece in the development of AI and other infrastructure in addition to being a critical component for customers operating their current environments. As our customers grow, we grow.

我們不僅被視為客戶營運當前環境的關鍵組成部分，而且越來越被認為是人工智慧和其他基礎設施發展的基礎組成部分。客戶發展壯大，我們也隨之發展壯大。

In the fourth quarter we delivered USD80.4 million in revenue. Our largest single quarter ever. Revenue expanded 8.3% year-over-year in spite of an unusually strong seasonal fourth quarter last year. Our investments in targeting North America customers has resulted in this portion of our business growing faster than.

第四季度，我們實現了 8,040 萬美元的營收。我們有史以來單季業績最好的一個季度。儘管去年第四季受季節性因素影響異常強勁，但營收仍較去年同期成長 8.3%。我們在北美市場加大投入，使得這部分業務的成長速度超過了其他地區。

We seem to have lost Dhrupad's line. Just one moment while we get him reconnected. Okay, Dhrupad, your line is live.

我們似乎弄丟了德魯帕德的詩句。稍等片刻，我們正在幫他重新連接網路。好的，Dhrupad，你的線路已接通。

Okay, great. In the fourth quarter we delivered USD80.4 million in revenue, our largest single quarter ever. Revenue expanded 8.3% year-over-year in spite of an unusually strong seasonal fourth quarter last year. Our investments in targeting North America customers has resulted in this portion of our business growing faster than our overall revenue. And we continue to be well positioned with these customers while maintaining our geographic and customer diversity. Our global diversification continues to enable consistent performance despite macro variability.

好的，太好了。第四季度，我們的營收達到 8,040 萬美元，創下單季營收新高。儘管去年第四季受季節性因素影響異常強勁，但營收仍較去年同期成長 8.3%。我們在北美市場加大投入，使得這部分業務的成長速度超過了整體營收的成長速度。我們與這些客戶保持良好的合作關係，同時保持著地理和客戶群的多樣性。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。

For full year 2025, we delivered revenue of USD290.6 million, up 11% year-over-year. And adjusted EBITDA of USD86 million which represents 29.6% of revenue. These are all company records and continue to demonstrate the inherent strength of our strategy, operating model, and disciplined execution.

2025 年全年，我們的營收為 2.906 億美元，年增 11%。調整後 EBITDA 為 8,600 萬美元，佔營收的 29.6%。這些都是公司記錄，並持續證明了我們策略、營運模式和嚴謹執行的內在優勢。

Security-led solutions are now sustainably at our long-term goal of 65% of total revenue. This shift reflects not only the breadth of our portfolio, but the increasingly central role security and encrypted traffic play in legacy networks as well as next generation networks.

安全解決方案目前已持續達到我們長期目標，即總收入的 65%。這項轉變不僅反映了我們產品組合的廣度，也反映了安全性和加密流量在傳統網路以及下一代網路中日益重要的角色。

During the quarter we closed a win with a large global data and analytics software provider serving customers across highly regulated industries. The customer was experiencing rapidly rising encrypted traffic volumes driven by platform expansion and recent acquisitions, creating both performance and cost challenges.

本季我們成功與一家服務於高度監管行業的全球大型數據和分析軟體供應商達成合作。由於平台擴張和近期收購，客戶正面臨加密流量快速成長的問題，這對效能和成本都帶來了挑戰。

A10 was selected for its ability to deliver high performance solutions supporting the next generation network with hardware acceleration and improved security, enabling the customer to consolidate infrastructure, support future growth, and materially improve cost efficiency.

A10 因其能夠提供高效能解決方案而獲選，這些解決方案支援下一代網絡，具有硬體加速和增強的安全性，使客戶能夠整合基礎設施，支援未來的成長，並顯著提高成本效益。

We also closed a significant new win with a large global airline operating highly distributed mission critical digital platforms. The customer was focused on improving automation, performance, and centralized management across a complex hybrid environment while reducing operational costs at scale.

我們也與一家經營高度分散式關鍵任務數位平台的全球大型航空公司達成了一項重要的新合作。客戶的目標是在複雜的混合環境中提高自動化程度、效能和集中管理水平，同時大規模降低營運成本。

A10 was selected for its ability to deliver state of the art cybersecurity, resilient next generation networking solutions with deep automation while supporting consistent performance and availability across an always on customer facing operating model.

A10 之所以被選中，是因為它能夠提供最先進的網路安全、具有高度自動化功能的彈性下一代網路解決方案，同時支援始終在線的面向客戶的營運模式的持續性能和可用性。

Importantly, these wins are representative of the type of demand that aligns well with our operating model and our strategic growth drivers. They reflect customers prioritizing performance, security, and efficiency at scale. Use cases where A10 can deliver strong value without incremental complexity or disproportionate cost. We continue to drive a disciplined operating model that balances targeted investment with margin expansion, converting growth into profitability and cash, while dynamically reinvesting in strategic priorities.

重要的是，這些成功案例代表了與我們的營運模式和策略成長驅動因素高度契合的需求類型。這反映出客戶優先考慮規模化的效能、安全性和效率。A10 能夠在不增加複雜性或不成比例的成本的情況下提供強大價值的應用情境。我們繼續推行嚴謹的營運模式，在有針對性的投資和利潤率擴張之間取得平衡，將成長轉化為獲利能力和現金，同時動態地對策略重點進行再投資。

As previously noted, investing in organic growth is one of our strategic priorities. In addition to returning capital to shareholders. We have reallocated our research and development budgets, focusing on accelerating some of our future AI-related solutions and integrating AI across all of our offerings, supporting current and future growth.

如前所述，投資內生成長是我們的策略重點之一。除了向股東返還資本之外。我們重新分配了研發預算，重點是加速開發一些未來的人工智慧相關解決方案，並將人工智慧融入我們所有的產品和服務中，以支援當前和未來的成長。

We remain committed to our long-term operating model, driving revenue growth more than 10%, adjusted EBITDA margins of 26% to 28%, and EPS growth faster than revenue growth. A10 is well positioned to serve our customers, and our solutions are well aligned with the dynamic needs of today's customers.

我們將繼續堅持長期營運模式，推動營收成長超過 10%，調整後 EBITDA 利潤率達到 26% 至 28%，每股收益成長速度超過營收成長速度。A10 已做好充分準備為客戶提供服務，我們的解決方案與當今客戶的動態需求高度契合。

Today, A10 works with 9 of the TOP10 telecom operators, 8 of the TOP10 cloud providers, and more than 7,000 customers globally. The investment cycle to support AI specifically and network capacity generally continues to drive sustained demand. It and its position to grow with our customers and our proven capabilities and industry leading total cost of ownership are helping us win new business as well.

如今，A10 與全球排名前 10 的電信營運商中的 9 家、排名前 10 的雲端服務供應商中的 8 家以及 7,000 多家客戶開展合作。支援人工智慧和網路容量建置的投資週期持續推動著持續的需求。它及其與客戶共同成長的地位，以及我們久經考驗的能力和行業領先的整體擁有成本，也幫助我們贏得了新業務。

With that, I'd like to turn the call over to Michelle Caron, our Chief Financial Officer, to review the numbers in more detail. After that, I will discuss our 2026 outlook.

接下來，我想把電話交給我們的財務長米歇爾‧卡倫，讓她更詳細地回顧這些數據。之後，我將討論我們對 2026 年的展望。

(inaudible).year-over-year

（聽不清楚）年比

Thanks, 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. So now let me turn to the results.

謝謝你，德魯帕德。再次提醒，除收入外，本次電話會議討論的所有指標均為非GAAP指標，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。現在讓我來看看結果。

As Dhrupad noted, we delivered a strong Q4 and entered 2026 with encouraging momentum. Fourth quarter revenue grew 8.3% to USD80.4 million. This was a record revenue level for A10. From a mixed perspective, product revenue accounted for 61% of total revenue and service revenue represented 39%.

正如德魯帕德所指出的，我們第四季度業績強勁，並以令人鼓舞的勢頭進入了 2026 年。第四季營收成長8.3%，達8,040萬美元。這是A10創下的營收紀錄。從綜合角度來看，產品收入佔總收入的 61%，服務收入佔總收入的 39%。

Product revenue of 48.8 million grew 13% year-over-year and typically is representative of future revenue trends. Within our product revenue category, the fourth quarter achieved our long-term target of generating more than 65% of our total revenue from security-led solutions. This demonstrates our ability to deliver differentiated solutions leveraging our strengths in performance, scale, and reliability.

產品收入為 4,880 萬美元，年成長 13%，通常代表了未來的收入趨勢。在我們的產品收入類別中，第四季度實現了我們的長期目標，即安全解決方案產生的總收入的 65% 以上。這證明了我們有能力利用我們在性能、規模和可靠性方面的優勢，提供差異化的解決方案。

Looking at our major verticals, enterprise customers represented 42% of Q4 revenues. The Americas continued to outpace overall enterprise revenue growth for the company in line with our stated strategy.

從我們的主要垂直領域來看，企業客戶佔第四季營收的 42%。與我們既定的策略一致，美洲地區的收入成長持續超過公司整體企業收入成長。

Service provider revenue, which was 58% of total revenue, was weighted towards cloud providers, further indication of our success in strategically aligning our offerings with AI infrastructure buildout. In fact, non-cloud service provider revenue was flat year-over-year, reflecting an ongoing mix shift as customers prioritize security and next generation networking initiatives over legacy infrastructure.

服務提供者收入佔總收入的 58%，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。事實上，非雲端服務供應商的收入與去年同期持平，反映出客戶正在優先考慮安全性和下一代網路計劃，而不是傳統基礎設施，這反映出業務結構正在轉變。

A10 has evolved its solutions to be well positioned to capture legacy refresh demand as this market transition progresses and customers resume investment while continuing to align with their evolving priorities around performance, scale, and security.

隨著市場轉型推進，客戶恢復投資，A10 不斷改進其解決方案，以更好地滿足傳統系統更新的需求，同時繼續滿足客戶在性能、規模和安全性方面不斷變化的優先事項。

From a geographical perspective, our Americas region represented 64% of global revenue, reflecting the benefits of A10's investments in our enterprise segment and strength of AI infrastructure buildout. Macro-related headwinds such as persistent inflation and threat of tariffs in the rest of the world were more than offset by strength in America's.

從地理角度來看，美洲地區佔全球收入的 64%，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。世界其他地區持續的通貨膨脹和關稅威脅等宏觀經濟逆風，都被美國的強勁表現所抵銷。

Q4 operating results reflected our continued investment in our strategic initiatives as well as our financial discipline. Non-GAAP gross margin was 80.8% in line with our stated goals of 80% to 82%.

第四季經營業績反映了我們對策略性舉措的持續投入以及我們的財務紀律。非GAAP毛利率為80.8%，符合我們設定的80%至82%的目標。

Operating expenses were USD43.6 million with an operating margin of 26.6%, reflecting increased investments mainly in R&D focusing on next generation networking and security.

營運支出為 4,360 萬美元，營運利潤率為 26.6%，反映出研發投入的增加，重點是下一代網路和安全。

Our non-GAAP effective tax rate was 15.7%, resulting in net income of USD19.1 million or USD0.26 per share. Q4 diluted weighted share count was USD72.7 million shares.

我們的非GAAP有效稅率為15.7%，淨收入為1,910萬美元，即每股0.26美元。第四季稀釋加權股份數為7270萬股。

Adjusted EBITDA was USD24.9 million 31% of revenue. We generated USD22.7 million in cash flow from operations in Q4 with CapEx coming in at USD6.7 million bringing free cash flow for quarter four in at USD16 million. We've continued to invest in the business while also returning capital to our shareholders.

調整後 EBITDA 為 2,490 萬美元，佔營收的 31%。第四季度，我們從經營活動中產生了 2,270 萬美元的現金流，資本支出為 670 萬美元，因此第四季的自由現金流為 1,600 萬美元。我們持續投資於公司業務，同時也向股東返還資本。

Now I'll turn to the full year results.

現在我將介紹全年業績。

Revenue grew 11% to USD290.6 million with non-GAAP gross margin coming in at 80.6%. At the same time, we delivered record adjusted EBITDA of USD86 million or 29.6%, reflecting disciplined execution and a highly productive operating model.

營收成長 11% 至 2.906 億美元，非 GAAP 毛利率為 80.6%。同時，我們實現了創紀錄的調整後 EBITDA 8,600 萬美元，增幅達 29.6%，這反映了我們嚴謹的執行力和高效的營運模式。

Net income was USD66.3 million or USD0.90 a share and was up from USD64.8 million or USD0.86 a share in the prior year while we invested significantly throughout the year in strategic investments such as AI and security. As a result of this, we were still able to increase EPS on a year-over-year basis.

淨收入為 6,630 萬美元，即每股 0.90 美元，高於上年的 6,480 萬美元，即每股 0.86 美元。我們全年對人工智慧和安全等戰略投資進行了大量投資。因此，我們仍然能夠實現每股收益同比增長。

Our growth was driven by increased demand for security-led revenue, which represented 72% of total revenue for the year. Revenue from the Americas increased 30% for the year while revenue from EMEA increased 12%, offsetting a decline in revenue from APJ where the region has been experiencing macroeconomic headwinds such as low GDP growth, persistent inflation, and concerns with tariffs. We continue to have deep customer relationships in these regions to preserve our geographic diversity.

我們的成長主要得益於對安全相關收入需求的增加，該收入佔全年總收入的 72%。美洲地區的營收年增 30%，歐洲、中東和非洲地區的營收年增 12%，抵銷了亞太地區收入的下降。亞太地區一直面臨 GDP 成長緩慢、持續通貨膨脹以及關稅問題等宏觀經濟逆風。我們與這些地區的客戶保持著深厚的合作關係，以維護我們的地理多樣性。

Turning to the balance sheet, cash and marketable securities were USD378 million as of December 31, and our deferred revenue was USD142.8 million. During the year, we paid USD17.4 million in cash dividends and repurchased USD68.9 million worth of shares, returning a total of USD86.3 million to shareholders.

從資產負債表來看，截至 12 月 31 日，現金及有價證券為 3.78 億美元，遞延收入為 1.428 億美元。年內，我們支付了 1,740 萬美元的現金股息，並回購了價值 6,890 萬美元的股票，共計向股東返還了 8,630 萬美元。

The board has approved a quarterly cash dividend of USD0.06 per share to be paid on March 2, 2026 to shareholders of record on February 16, 2026. The company has USD53.4 million remaining on its USD75 million share repurchase authorization.

董事會已批准派發每股 0.06 美元的季度現金股息，將於 2026 年 3 月 2 日支付給 2026 年 2 月 16 日登記在冊的股東。該公司7,500萬美元的股票回購授權中還剩5,340萬美元。

Now, we're closely monitoring the broader supply environment, including the memory segment, which has been widely discussed across the industry by customers, partners, and competitors alike.

現在，我們正在密切關注更廣泛的供應環境，包括記憶體領域，該領域已引起業內客戶、合作夥伴和競爭對手的廣泛討論。

Based on our supply management processes, we don't expect this to impact the delivery to our customers, and we continue to navigate cost pressures alongside our suppliers and our customers. As a result, we've taken proactive steps around supply planning, supplier engagement, and component flexibility to mitigate potential impacts.

根據我們的供應鏈管理流程，我們預計這不會影響對客戶的交付，我們將繼續與供應商和客戶一起應對成本壓力。因此，我們已在供應計劃、供應商參與和零件靈活性方面採取了積極措施，以減輕潛在的影響。

We deployed similar measures in previously supply constrained environments such as 2020, so we feel well positioned to navigate this dynamic.

我們在 2020 年等以往供應受限的環境下也採取了類似的措施，因此我們感覺自己有能力應對這種變化。

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 a discussion of our 2026 outlook and closing comments.

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，讓他討論我們對 2026 年的展望並作總結發言。

Thank you, Michelle.

謝謝你，米歇爾。

The results for the fourth quarter and full year validate the strategic investments we have made over the past half decade to reposition A10 as a valuable partner for addressing the new and emerging challenges related to the evolving technology environment.

第四季和全年的業績證明了我們在過去五年中為將 A10 重新定位為應對不斷發展的技術環境所帶來的新挑戰而進行的戰略投資是正確的，使我們成為了一個有價值的合作夥伴。

The demands AI brings to a data center or a CSP are challenges that A10 has a proven track record of addressing. We facilitate east-west traffic, efficiently managing workloads and dynamically prioritize traffic, emphasizing high throughput and low latency, all with integrated security. As a result, A10 is positioned squarely in front of multiple durable secular catalysts.

人工智慧為資料中心或雲端服務供應商帶來的挑戰，正是 A10 在應對這些挑戰方面擁有良好口碑的成果。我們促進東西向流量，高效管理工作負載並動態確定流量優先級，強調高吞吐量和低延遲，所有這些都整合了安全性。因此，A10 正好處於多個持久性長期催化劑的前面。

We are investing to enhance our position across our portfolio. Our business model dynamically allocates resources to address changing market conditions while preserving profitability and shareholder returns.

我們正在進行投資，以提升我們在整個投資組合中的地位。我們的商業模式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。

In the press release we issued today, we laid out our initial 2026 outlook. On a full year basis for 2026, we expect to deliver both top and bottom line growth, including revenue growth of 10% to 12% over 2025 levels.

在今天發布的新聞稿中，我們闡述了我們對 2026 年的初步展望。預計 2026 年全年營收和利潤都將實現成長，其中營收將比 2025 年成長 10% 至 12%。

We also expect non-GAAP gross margin in line with historical trends and within our stated business model goals of 80% to 82% while navigating input cost pressures. We expect to expand our net and EBITDA margins from current levels, and we expect EPS growth to exceed our revenue growth rate.

我們也預期，在應對投入成本壓力的同時，非GAAP毛利率將與歷史趨勢保持一致，並達到我們既定的商業模式目標，即80%至82%。我們預計淨利潤率和 EBITDA 利潤率將在現有水準上有所提高，並且預計每股收益成長率將超過收入成長率。

We will provide additional strategic and solution context around our growth drivers and market positioning at an upcoming investor day, including a deeper discussion of the factors that drive these expectations.

我們將在即將舉行的投資者日上提供有關我們成長動力和市場定位的更多策略和解決方案背景，包括對推動這些預期的因素進行更深入的討論。

Operator, you can now open the call up for questions.

操作員，現在可以開始接受提問了。

(Operator Instructions) Gray Powell, BTIG.

（操作說明）Gray Powell，BTIG。

Hey, great. Thanks for taking the questions and congratulations on the good results.

嘿，太好了。感謝您回答問題，並祝賀您取得好成績。

That's great.

那太棒了。

Yeah, absolutely, so maybe a couple of questions on my side, just to start off, it was really good to see the improvement, in service provider growth, in 2025. Just, as we think about 2026, how sustainable is the trend there, and then I know you hit on this in the prepared remarks, just like how should we think about, The different growth drivers within service provider, like a recovery in traditional communication companies versus, a continued growth, from the cloud providers, deploying AI infrastructure, thank you.

是的，當然。那麼我這邊可能有幾個問題，首先，很高興看到服務提供者在 2025 年的成長有所改善。當我們展望 2026 年時，這種趨勢的可持續性如何？我知道您在準備好的發言稿中也提到了這一點，例如我們應該如何看待服務提供者內部不同的成長驅動因素，例如傳統通訊公司的復甦與雲端供應商部署人工智慧基礎設施的持續成長，謝謝。

Yeah, great. No, thank you. Good question. So, Yes, I think as we went through the period this year, right, I think, you can see the results we saw certainly relative to 2024, an improvement in the service provider segment overall. I would say the 22 things to note, first is majority of that growth did come from cloud oriented companies. Whether it's in the US or elsewhere, building out infrastructure towards AI or towards more cloud services.

好的，太棒了。不，謝謝。問得好。所以，是的，我認為，隨著我們今年這段時間的推進，對吧，我認為，你可以看到我們看到的結果，尤其是相對於 2024 年而言，服務提供者領域整體上有所改善。我認為需要注意的 22 件事中，首先是大部分成長確實來自面向雲端的公司。無論是在美國還是其他地方，都在建立面向人工智慧或更多雲端服務的基礎設施。

However, I would say as we went through the year into Q3, Q4 period, we saw not return to original levels but certainly improvement in spending patterns with also the traditional telcos and the nature of that investment, I would say is twofold.

然而，我認為，隨著我們進入第三季度和第四季度，雖然沒有恢復到原來的水平，但傳統電信公司的支出模式確實有所改善，而這種投資的性質，我認為是雙重的。

One was Relative to improving their security position and posture for the networks or the enterprise services that they provide, and second, I would say that because of the nature of our portfolio, the other part of that growth was them simply needing to add capacity to manage more data and more users and more traffic on the network, right?

一方面是為了改善他們所提供網路或企業服務的安全狀況和態勢；另一方面，我認為，由於我們產品組合的性質，成長的另一部分原因在於他們需要增加容量來管理更多的數據、更多的用戶和更多的網路流量，對吧？

So, without them needing to build like a kind of a greenfield new network, both those drivers were relevant to us. One was making their networks more secure, and second is continuing to modernize the network as well as adding capacity while they do that.

因此，由於他們無需像建立全新的網路那樣從零開始建設，這兩個因素對我們來說都具有相關性。一是提高網路安全性，二是繼續對網路進行現代化改造，並在改造過程中增加網路容量。

Got it. Okay. And then just, a quick follow-up if it's okay. I know it's probably really hard to quantify and maybe it's like too early, but are you seeing, is part of this like, are you seeing AI drive higher traffic volumes, like higher levels of (inaudible) attacks or something else, and that's driving part of the refresh cycle, or am I getting ahead of myself there?

知道了。好的。如果可以的話，再簡單跟進一下。我知道這可能很難量化，而且現在說這些可能還為時過早，但是你是否看到，人工智慧是否推動了更高的流量，例如更高的（聽不清的）攻擊水平或其他因素，而這正在推動刷新周期的一部分？還是我的想法太超前了？

Yeah, no, that's a good question, Grey. I think, we certainly monitor that, and I think, you are, your question, it may be a little early. I don't think we are past that point where we could quantify or talk about it, but absolutely there is two sides of the coin. Tight there is where AI also facilitates, kind of ease of deploying more complex, more sophisticated attacks, and therefore also drives volume.

沒錯，格雷，你問得好。我認為，我們肯定會關注這一點，而且我認為，你的問題，現在問可能有點早。我認為我們還沒有到可以量化或討論這個問題的地步，但絕對凡事都有兩面性。人工智慧也在這方面發揮了作用，它使得部署更複雜、更精密的攻擊變得更加容易，因此也推動了攻擊數量的成長。

And some of it is related to also the nature of traffic that did not exist on the network before AI, right? So that certainly is a factor, a little early to quantify. I don't think that, service providers are investing yet on that, but they are certainly, viewing that as something to worry about, but they do expect and anticipate increasing volume just from the nature of the volume increase when people constantly feed prompts and get feedback as opposed to not having that traffic before. Right? So that certainly also feeds the growth, and the security is something that is on, I would say everybody's radar, but hard to quantify that yet.

其中一些也與人工智慧出現之前網路上不存在的流量性質有關，對吧？所以這當然是一個因素，但現在量化還為時過早。我認為服務提供者還沒有在這方面進行投資，但他們肯定認為這是一個值得擔憂的問題，而且他們預計，隨著人們不斷地提出問題並獲得反饋，流量會增加，這與以前沒有流量的情況截然不同。正確的？所以這當然也促進了成長，而安全問題是每個人都在關注的，但目前還很難量化。

Understood. All right, thank you very much.

明白了。好的，非常感謝。

Thanks

謝謝

(inaudible)

（聽不清楚）

And thank you for taking my question and congrats on the quarter and the outlook for 2026. So you had quite an outperformance in the fourth quarter. What was the main surprise here? What changed during the quarter and sort of how did the quarter trend for you?

感謝您回答我的問題，並祝賀您本季業績出色，也對 2026 年的前景充滿信心。所以你們在第四季表現出色。這件事最大的意外是什麼？本季發生了哪些變化？您的季度整體趨勢如何？

Yes, I think for us, as we had talked about, right (inaudible) is that, our focus is obviously we have a strong position with the service provider segment globally and, as that, improves, maybe not fully recovered, we'll continue to see, some benefit from those deep relationships that we continue to build upon so that obviously you can see in the numbers helped a little bit.

是的，我認為對我們來說，正如我們之前討論過的，對吧（聽不清），我們的重點顯然是，我們在全球服務提供者領域擁有強大的地位，隨著這一領域的改善，即使可能還沒有完全恢復，我們也會繼續從我們不斷鞏固的這些深厚關係中受益，所以很明顯，你可以從數字中看到，這起到了一定的作用。

Second is that we continue to focus on, growing our footprint around larger customers, including in the enterprise segment, and we highlighted a couple of new customers. So, our ability to land new, large customers obviously is also helpful to that growth while we benefit overall, right?

其次，我們繼續專注於擴大我們在大型客戶（包括企業客戶）中的影響力，並重點介紹了幾位新客戶。所以，我們獲得新的大客戶的能力顯然也有助於公司的發展，而我們整體上也會從中受益，對吧？

And third, as we said in our comments that. To the degree, where some may be a lot, some may be not so much, people are investing in AI infrastructure. Our portfolio is well positioned, so we see that. So I would say, SP becoming slightly better was, I would say better than we expected, not all the way back, but certainly, something that helped us in the quarter. Our growth on enterprise side as well as on AI led infrastructure was what we were expecting.

第三，正如我們在評論中所說。人們都在一定程度上投資人工智慧基礎設施，有些人投資很多，有些人投資不多。我們的投資組合配置良好，我們看到了這一點。所以我覺得，SP 略有好轉比我們預期的要好，雖然沒有完全恢復，但肯定對我們本季的業績有所幫助。我們在企業級應用和人工智慧基礎設施方面的成長都符合我們的預期。

Okay, thank you, and you mentioned some new customers. Were they, did you displace someone with them or?

好的，謝謝。您也提到了一些新客戶。他們是誰？你用他們取代了誰嗎？

Yeah, I think so typically in most of those cases we would be displacing them. I think the only exception to that is when we work with customers on some of our security solutions they may not be using anything today, right? And they are implementing new security protocols or standards so that in that case it's not replacing somebody, but outside of that it would be certainly in a competitive situation.

是的，我認為在大多數情況下，我們會取代他們。我認為唯一的例外情況是，當我們與客戶合作開發一些安全解決方案時，他們可能目前還沒有使用任何此類解決方案，對嗎？他們正在實施新的安全協議或標準，因此在這種情況下不會取代任何人，但在其他情況下，這肯定會構成競爭。

Okay, and is it like one specific competitor you're replacing or is it more broadly and has it changed at all, recently, the competitive landscape?

好的，你是要取代某個特定的競爭對手，還是要取代更廣大的競爭對手？最近競爭格局是否有改變？

No, so I would say no real change in the landscape right as we have talked about in the past, right, on, enterprise side and security side, it's the same competitive landscape. I think we just continue to work at improving our solutions and be, more in tune with customer needs. So I think as that is better aligned, we are seeing better opportunities as well.

不，所以我認為目前情況並沒有發生真正的變化，正如我們過去討論的那樣，在企業方面和安全方面，競爭格局仍然相同。我認為我們應該繼續努力改進我們的解決方案，更加貼近客戶的需求。所以我認為，隨著這種協調性增強，我們也看到了更好的機會。

Okay, and just one more from me, if I heard you right, that there was an uptick in the cap expand, what's driving that and how should we think about that for 2026?

好的，我還有一個問題。如果我沒聽錯的話，資本擴張增加，那麼是什麼因素導致了這種情況？我們該如何看待 2026 年的情況？

Sure, yeah, so I think, if you kind of look at our trend, there was a little bit uptick in CapEx in Q4. There are two real drivers to it. I think one of it is related to our need to invest in some of the back-end infrastructure. So, when we, acquire a company like ThreatX and we are offering some more services, what that translates to is not necessarily.

當然，是的，所以我覺得，如果你看我們的趨勢，你會發現第四季度資本支出略有上升。真正促成此事的原因有二。我認為其中一個原因與我們需要投資一些後端基礎設施有關。所以，當我們收購像 ThreatX 這樣的公司並提供更多服務時，這意味著什麼並不一定。

Costs from a traditional sense, but on the hosting services, data centers, SOC, and doing our security right to strengthen our own security operations and so forth. So some of that investment is really around enabling the solutions that are helping our solutions be more relevant to customers in terms of either hosted solutions or back-end infrastructure. So, a lot of that is in IT and then some part of it is as we are, in the early stage with customers doing demos and POCs on AI infrastructure, obviously we are investing a little bit of that CapEx in, new kinds of processors and chips and GPUs and things like that.

從傳統意義上講，成本包括託管服務、資料中心、安全營運中心 (SOC) 以及加強我們自身安全營運等方面的投入。因此，部分投資實際上是為了實現那些能夠幫助我們的解決方案更貼近客戶需求的解決方案，無論是託管解決方案還是後端基礎設施。所以，其中很多都與 IT 有關，還有一部分是因為我們目前還處於早期階段，客戶正在對 AI 基礎設施進行演示和概念驗證，顯然，我們正在將一部分資本支出投入到新型處理器、晶片、GPU 等產品中。

Okay, thank you. That was all for me.

好的，謝謝。這就是我全部的內容了。

Thank you, Anya.

謝謝你，安雅。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi, could you just walk through your guidance a bit here? This is the first time you've been willing to provide any kind of guidance this specific in like two to three years.

您好，能否簡單介紹一下您的指導原則？這是你兩三年來第一次願意提供如此具體的指導。

How are you seeing that visibility? Is it enterprise, the service provider, and how certain are you that this is going to actually be there compared to two to three years ago when you stopped giving guidance?

你如何看待這種能見度？是企業還是服務提供者？與兩三年前您停止提供指導時相比，您有多大把握這項服務能夠繼續提供？

Yeah, no, I think that's a good question. I think, if you look at how kind of the environment has evolved and our products and business has evolved over the last two to three years, certainly, right. We were much more exposed to just the SP or the traditional SP spending cycle, which is CapEx cyclic and CapEx intensive and so harder to predict over long periods of time.

嗯，我覺得這確實是個好問題。我認為，如果你看看過去兩三年環境的變化以及我們的產品和業務的變化，當然，沒錯。我們更接觸到的是SP或傳統的SP支出週期，這是資本支出週期性的，也是資本支出密集的，因此很難在較長時間內進行預測。

What we did guide you in the last three years, as you know how it was, delivering on the gross margin and EBITDA percent. But not as much on top-line because that, because of the level of variability with everything going on. Right, with macro as well as micro.

如您所知，過去三年我們一直指導您，實現了毛利率和 EBITDA 百分比的目標。但由於各種因素的變動性，總收入並沒有顯著增加。沒錯，既包括宏觀層面，也包括微觀層面。

So, as we see the last few quarters, I think we have continued to make the base of our revenue more durable. And as we are getting more of that from enterprise or large enterprise as well as SP as well as AI spending. I think in an aggregate, we think we can sustain kind of the momentum where we are. Where, we just finished the year at 11% year-over-year growth.

所以，從過去幾季的情況來看，我認為我們已經不斷增強了收入基礎的穩定性。而且，我們也從企業或大型企業、服務供應商以及人工智慧支出中獲得了越來越多的收益。我認為總體而言，我們認為我們可以保持目前的勢頭。我們今年的年成長率為 11%。

So we feel that, based on the visibility we have with a six-to-nine-month cycle, and more diversified exposure across these markets, that's all it is, right? But our fundamental outlook of saying. EBITDA 26% to 28%, gross margin 80% to 82%, and EPS growing year-over-year, has not changed I've given that guidance every year.

因此，我們認為，基於我們六到九個月的周期所獲得的可見性，以及在這些市場中更加多元化的投資，這就是全部了，對吧？但我們的基本觀點是…EBITDA 成長 26% 至 28%，毛利率 80% 至 82%，每股盈餘年增，這些預期沒有改變，我每年都給出這樣的指引。

Right. Okay, great. And my other question was related to the your APJ performance. Was that country specific or was that multiple countries?

正確的。好的，太好了。我的另一個問題與你們在亞太及日本地區的表現有關。那是指某個特定國家，還是多個國家？

Yeah, no, I would say that the majority of it was related to Japan, and I think it's heavily related to the environment there with the low GDP concern over what, tariff environment could mean, and therefore large SPs as well as enterprise are holding off on investment. So, I think we certainly are not seeing. Us losing share, but we are certainly seeing depressed spending in line with, all the macro news you would see out of Japan. Outside of Japan, I think we were fine. It was not that negative, probably close to company average.

是的，不，我認為大部分都與日本有關，我認為這與日本低迷的GDP以及關稅環境可能帶來的影響密切相關，因此大型SP和企業都在推遲投資。所以，我認為我們目前肯定還沒看到。我們的市佔率正在下降，但我們確實看到支出低迷，這與日本宏觀經濟新聞的趨勢一致。在日本以外的地方，我覺得我們一切都很好。情況並沒有那麼糟糕，可能接近公司平均值。

Okay. Thank you.

好的。謝謝。

No problem. Thank you, Hamed

沒問題。謝謝你，哈米德

(Operator Instructions) Michael Romanelli, Mizuho.

（操作說明）Michael Romanelli，瑞穗銀行。

Hi, thanks for taking the question. So, enterprise revenue growth was 8% this quarter, obviously much improved from the 10% decline reported last quarter. I guess, did you, close any notable deals that perhaps push from the Q3 and, I guess going forward and, in relation to the 10% to 12% growth outlook for 2026, how should we be thinking about, enterprise business growth for the full year?

您好，感謝您回答這個問題。因此，本季企業營收成長了 8%，顯然比上季報告的 10% 的降幅有了很大的改善。我想問的是，您是否達成了任何可能推動第三季及未來發展的重大交易？考慮到 2026 年 10% 至 12% 的成長預期，我們應該如何看待全年的企業業務成長？

Yeah, so I think, a good question, Michael, and I think if you remember last call, right, I talked about the fact that because we are early in expanding our footprint into that marketplace, it's going to be a little bit choppy and therefore, even the last quarter we were highlighting, focusing on the TTM growth versus every quarter, right? So, every quarter could be up or down, but on a trailing 12-month basis, we are confident that that segment will grow at least at the fleet average of 10% to 12%.

是的，邁克爾，我覺得你問得好。如果你還記得上次電話會議，我當時說過，因為我們還處於拓展市場版圖的早期階段，所以市場發展會有些波動。因此，即使是上個季度，我們也專注於過去12個月的成長，而不是每季的成長，對吧？因此，每個季度都可能上升或下降，但從過去 12 個月的業績來看，我們有信心該細分市場至少會以 10% 到 12% 的平均速度成長。

Okay, got it. That's helpful. And then, as, part of your prepared remarks, Dhrupad, you highlighted a few encouraging wins in Q4, which was, great to hear. I guess like overall how would you characterize, net new enterprise logo activity this quarter, and as part of the 2026 guide. Like, obviously have a very large install base. But, how should we be thinking about, your ability to sign up, many more, new enterprise customers. Thanks.

好的，明白了。那很有幫助。然後，德魯帕德，作為你事先準備好的發言的一部分，你重點介紹了第四季度的一些令人鼓舞的勝利，這真是太好了。我想問的是，總體而言，您會如何描述本季淨新增企業標誌活動，以及作為 2026 年指南的一部分。顯然，它們擁有非常龐大的用戶群。但是，我們應該如何看待您註冊更多新企業客戶的能力呢？謝謝。

Yeah, no, it's a good question, and I think, what I would highlight again, is as a company based on our technology and value proposition, we are not really focused on an SMB market orientation. So, really we are not looking at how many 100 customers we acquire every quarter and how many churn and everything else, right? So our goal is really, to continue to get new customers. Typically, in large enterprise who operate a complex network with thousands of users, mission critical environments. Right? So, in that context, obviously acquiring new customers is very important. But it's very different than a typical SMB model, and we don't need to acquire hundreds of customers to get that growth. Right? So, we absolutely have a good pipeline of adding new customers, but even once we have those customers, typically, we continue to expand and sell them more product categories as well over time. So that's an important metric for us, but I would say. It's different than maybe an SMB oriented business.

是的，這是一個很好的問題。我想再次強調的是，作為一家基於我們的技術和價值主張的公司，我們並沒有真正專注於中小企業市場。所以，我們其實並不關注每季獲取了多少 100 位客戶，也不關注客戶流失率等等，對吧？所以我們的目標是，繼續獲得新客戶。通常情況下，大型企業經營著擁有數千用戶的複雜網絡，處於關鍵任務環境中。正確的？因此，在這種背景下，獲取新客戶顯然非常重要。但這與典型的中小企業模式截然不同，我們不需要獲得數百名客戶就能成長。正確的？所以，我們絕對有很好的管道來增加新客戶，但即使我們已經有了這些客戶，通常情況下，隨著時間的推移，我們也會繼續擴展業務，並向他們銷售更多產品類別。所以這對我們來說是一個重要的指標，但我想說的是。這可能與面向中小企業的企業有所不同。

Got it. Okay, thank you.

知道了。好的，謝謝。

Thank you, Michael.

謝謝你，麥可。

Hendi Susanto, Gabelli Funds.

Hendi Susanto，Gabelli 基金。

Good evening. (inaudible) Hi Dhrupad. You highlighted how AI can drive growth in three categories like modernization, network capacity, and security. How do you rank among those three?

晚安.（聽不清楚）你好，德魯帕德。您重點介紹了人工智慧如何推動現代化、網路容量和安全這三個方面的成長。你在這三者中排名如何？

Yeah, so I think, obviously core of our growth comes from capacity whether it's existing or new or new buildouts or growing, as the network security is not decoupled from capacity, right? So obviously our goal was to get security led revenue, to be 65% of total, and we are there and you know we'll stay there. And we are confident we can continue doing that.

是的，所以我認為，很明顯，我們成長的核心來自於容量，無論是現有的、新的、新的建設還是成長，因為網路安全與容量是密不可分的，對吧？很顯然，我們的目標是讓安全相關的收入佔總收入的 65%，我們已經實現了這個目標，而且你知道我們會維持下去。我們有信心繼續做到這一點。

Modernization, I think, there's two aspects to it. One is when people are modernizing applications and use cases, then obviously we are relevant. The second part of it is where modernization means somebody has to build a brand new 5G network. Obviously, that's not a growth we bet upon and we will benefit when that happens more when somebody builds, kind of a greenfield network.

我認為，現代化包含兩個面向。當人們進行應用程式和用例的現代化改造時，顯然我們就具有相關性。第二部分指的是現代化意味著需要有人建造一個全新的 5G 網路。顯然，我們並不指望這種成長，只有當有人從零開始建立新的網路時，我們才能從中受益。

But in the current economic environment we don't count upon that as a major driver and our goal is to find growth independent of that. And if that happens then that's good, right? So it's really Around working with our customers on their current networks and capacity and security while enabling them with more and more capabilities and then obviously benefiting more than that if they build new networks.

但在當前的經濟環境下，我們並不指望它成為主要驅動力，我們的目標是尋找獨立於經濟環境的成長途徑。如果真能如此，那不是好事嗎？所以，我們實際上是在與客戶合作，幫助他們改進現有的網絡、容量和安全性，同時賦予他們越來越多的能力，如果他們建立新的網絡，顯然會獲得更多益處。

Yeah. And thank you, Dhrupad. And then one more question. There's a growing conversation about agentic AI as a growth opportunity in 2026, like an early stage of growth of agentic AI. I would like to check in in case you have seen some, use cases emerging for agentic AI application and how we should be thinking about A10 networks in that context.

是的。謝謝你，德魯帕德。還有一個問題。人們越來越熱衷於將智能體人工智慧視為 2026 年的成長機遇，就像智慧型人工智慧的早期發展階段一樣。我想了解您是否已經看到一些關於智慧AI應用的用例，以及我們應該如何在這個背景下考慮A10網路。

Sure, yeah, so I think, like all of, we hear from a lot of the people in industry and others as well, right that. It's early in the cycle where we are engaged with customers really is. While we do have AI products per se, where we are much more engaged with customers is how do they plan to use AI for their business goals and what they do with it. So, some of the examples we have talked about is for our kind of service provider type customers. In the next two to three years, having an ability to do predictive analytics and getting predictive insights into the network and performance and capacity planning is, important to them. It's still early because companies are themselves figuring out how to take advantage of AI.

當然，是的，所以我想，就像我們聽到的許多業內人士和其他人士的說法一樣，對吧。現在還處於我們與客戶真正互動的早期階段。雖然我們確實擁有人工智慧產品本身，但我們與客戶的互動更多的是了解他們計劃如何利用人工智慧來實現他們的業務目標以及他們如何使用人工智慧。所以，我們討論的一些例子是針對我們這類服務提供者類型的客戶。在接下來的兩到三年裡，對他們來說，具備進行預測分析的能力，並獲得有關網路、效能和容量規劃的預測性見解，是非常重要的。現在還處於早期階段，因為各公司本身也在摸索如何利用人工智慧。

Second is, of course, right, as we talked about as companies use more AI, whether it's a. On-site model or a global model, they will have new kinds of traffic, new kinds of threat, and new capabilities needed to manage those, and particularly with low latency and more distributed networks.

第二點當然是正確的，正如我們討論過的，隨著公司越來越多地使用人工智慧，無論是…無論是本地模式還是全球模式，它們都將面臨新型流量、新型威脅以及管理這些流量、威脅和威脅所需的新能力，尤其是在低延遲和更分散式網路的情況下。

So, in that environment, obviously we are working with customers also on how to continue to improve their security posture with new types of traffic. And also enabling the architecture where they can manage that kind of traffic better on their networks.

因此，在這種環境下，我們顯然也在與客戶合作，探討如何透過應對新型流量來不斷提升他們的安全態勢。同時，也支援建立相應的架構，以便更好地管理網路上的此類流量。

Okay. Thank you so much, Dhrupad.

好的。非常感謝你，德魯帕德。

Thank you, Hendi.

謝謝你，亨迪。

We have reached the end of the question-and-answer session, and I will now turn the call over to Dhrupad Trivedi for his closing remarks.

問答環節到此結束，現在我將把電話交給德魯帕德·特里維迪，請他作總結發言。

Thank you. And thank you to all of our employees, customers, and shareholders for joining us today and for your continued support.

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。

I'm increasingly confident in our strategic orientation with security and AI infrastructure spending patterns. Thank you for your time and attention.

我對我們在安全和人工智慧基礎設施支出模式方面的策略方向越來越有信心。感謝您抽出寶貴時間關注。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您可以斷開線路了。感謝您的參與。