Q2 2021 A10 Networks Inc Earnings Call
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Good day, and low contribute 10 networks Q2, 2021earnings conference call.
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We'll be in a new snow this event a senior got it.
I would now like to turn the conference over to Rob Fink of F. N. P. I R. Can you just go ahead.
Thank you operator, and thank you all for joining us today.
This call is being recorded and webcast at lives and may be accessed for at least 90 days.
On the a 10 network website.
Members of <unk> management team joining me today are true Petro that a president and CEO and CFO, Brian Becker.
Before we begin I would like to remind you that shortly after the market closed today.
Non networks issued a press release announcing a second.
Quarter 2021 financial results.
Additionally, <unk> published a presentation and supplemental trended financial statements you.
You may access the press release, the presentation and the trended financial statements on the Investor Relations section of the company's website.
Second during the course of today's call management will make forward looking statements, including statements regarding their projections future operating results, including as to revenue.
Our continued efforts to improve operational efficiency, our focus on driving growth business optimization and overall profitability our belief.
We can continue to build upon customer momentum going forward, our expectations regarding future opportunities and our ability to execute on those opportunities our expectations for future market growth and a general growth of our business, including in Japan, The development and performance of our products and anticipated.
Leaf that which were benefits from use of our products, our expectations and priorities with respect to <unk>.
These statements are based on current expectations and beliefs as of today July 27.2021.
These forward looking statements involve a number of risks and uncertainties somewhat share beyond our control such as the potential impact.
Cause a 19 on a business and operations that could cause actual results to differ materially and you should not rely on them as predictions of future results.
<unk> does not intend to update the information contained in forward looking statements, whether as a result of new information future events or otherwise for a more detailed.
A coalition of these risks and uncertainties. Please refer to the company's most recent 10-K.
Please note with the exception of revenue by a financial measures discussed today are on a non-GAAP basis and have been adjusted to exclude certain charges. The non-GAAP financial measures are non intended to be considered in isolation.
<unk> 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.
With all that said I'd like to turn the call over.
A description trivedi, president and CEO of Aten networks true pad.
Thank you Rob and thank you all for joining us today.
The second quarter was a strong quarter for Eaton.
Validating the changes we have made in a strategy wildly.
Diving operational improvements.
We delivered 12, 7% year over year growth in the quarter, resulting in 7% growth for the first half of 2021 and reinforcing our confidence for the year.
I am encouraged by all of our trends, including.
<unk>, our improving revenue mix.
Our customer diversification.
And market traction for a strategic product initiatives.
As previously mentioned, we have made changes last year.
Through commercial execution in the Americas, which is an important growth.
Growth opportunities.
Those investments are now delivering results as revenues in the Americas, which includes Latin America increased 20% year over year in Q2.
The quality of our sales funnel and customer opportunities.
Give us confidence that this is not a short term fluctuation in buying patterns.
We are systematically capturing market share in both of our verticals.
Driving the largest sales with existing customers.
And building a more diversified customer base.
In the service provider market, which includes telcos msos cloud and satellite providers.
We continued to expand our customer base and grew our revenue even as our historically largest customer was not the largest contributor for the quarter.
They are buying pattern was in line with their spending cycles and our projections.
We were able to grow our customer count and expand our revenue per customer to deliver consistent growth in line with past projections.
In North America our.
Revenue per customer among our top customers has increased more than 30% year over year compared to second quarter last year as a security solutions are helping us expand deals with key customers VAT.
Validating our opportunity.
To grow share of wallet with compelling solutions.
This also contribute to further revenue diversification.
As we align ourselves better to secular tailwind.
Entering 2021, we stated that our strategic goal was to grow.
Average rig revenue faster than consolidated revenue.
Year to date, our recurring revenue has outpaced consolidated revenue growth rate and we see that trend continuing.
This is due in large part to the growing security needs of our customers and.
Low risk offerings in this area that are helping us gain market share.
Our solutions are built upon a foundation of high throughput low latency and ability to scale.
These have been further enhanced by.
<unk> natively integrating multiple secured.
And are these like Ddos that offer a sophisticated zero day protection and multilevel remediation methodologies that can be fully automated.
These attributes are directly relevant to solving our customers' business problems.
And help deliver better returns.
Secured on Capex and Opex for our customers.
Achieved cyber security objectives.
And assist them in their own technology transitions.
While protecting current investments.
We continue to invest in our strategic priorities, while maintaining discipline.
In our resource allocation.
We have taken steps to mitigate COVID-19 related challenges within the supply chain with minimal impact to our gross margin as we focused on ensuring timely delivery to our customers.
The net.
Net result is that our GAAP net income was $6.6 million in the quarter, and we generated $17.2 million in cash flow from operations.
Enabling us to further strengthen our balance sheet.
Even with a while.
We're chasing more than $11 million of stock.
In the quarter.
Today.
<unk> is very well positioned in growing markets with secular tailwind.
Striking events, such as the colonial pipeline ransomware attack.
Continue to drive demand.
Repo a security led solutions.
And we have best in class solution to help address those challenges.
The ongoing multiyear <unk> rollout.
<unk> focus on networks available at EBIT security.
He is also driving ongoing demand.
We remain focused on driving strategic initiatives.
A sustainable profitable growth.
A uniquely addressing the opportunities across cyber security <unk> and digital transformation of businesses.
With that I'd like to turn the call over to Brian.
Brian for a detailed review of the quarter Brian.
Thank you for Durbin as <unk> had mentioned revenue in the second quarter was $59.2 million up 12, 7% year over year.
Product revenue, which is a lead indicator for future recurring revenue growth was $34.
Representing 58, 1 percentage of total revenue up 17, 6% compared to $29.2 million and a second quarter last year.
Services revenue, which includes maintenance and support revenue was $24.8 million or 41, 9% a total revenue up $6.
For <unk> compared to $23.3 million in the second quarter last year.
Moving to a revenue from a geographic standpoint revenue from North America, including Latin America was $28.8 million up nearly $5 million, a 20% year over year.
Revenue from Japan was 15.
$6 million up $2.7 million or 21% year over year.
Asia Pacific revenue, excluding Japan was $7.7 million compared with $8 million in the second quarter last year.
<unk> was $7.1 million compared with $7.7 in the same quarter last year.
As <unk> said.
<unk> revenue from the Americas increased due to stronger commercial execution and improving market conditions. We.
We expect that to continue through 2 throughout 2021.
In Japan, we had said that Q1 results were impacted by a re scoping of the Olympics and a strong book to Bill gave us confidence a normalization.
As expected revenues in Japan did normalize growing 20% year over year, and we believe Japan will deliver results in line with our expectations for the remainder of the year.
As you can see on our balance sheet, our deferred revenue was $116.3 million as a June 32021 up.
Up 10, 8% compared to a $105 million as of June 32020.
Recurring revenue defined as support and subscription revenue grew 6% year over year to $27.1 million in a second quarter.
With the exception a revenue all of the metrics discussed on this call a on a non-GAAP basis unless otherwise.
Otherwise stated a.
A full reconciliation of GAAP to non-GAAP results are provided in our press release and on our website.
Gross margin in the second quarter was 77, 9% despite industry wide global supply chain constraints and temporary increases in logistics costs, resulting from the global pandemic.
Non-GAAP operating expenses in Q2 for $35 million compared to $34.1 million in the prior year. This reflects.
And increasing investment in our priorities and some resumption in sales and marketing activity.
We reported a $11.1 million, a non-GAAP operating income compared to $7.2 million in.
Per quarter.
We also continued to improve our adjusted EBITDA significantly delivering $13.2 million for the quarter, a $3.4 million improvement year over year.
Non-GAAP net income for the quarter was $10.5 million for 13 on a per share basis.
Diluted shares used in calculating.
In a year for share or <unk> $79.3 million excuse me $79.3 million shares.
On a GAAP basis net income for the quarter was $6.6 million or <unk> <unk> per share compared with net income of $3.8 million or <unk> <unk> per share on a second quarter of last year.
For the quarter, we generated 17.
Earnings $2 million, a cash from operating activities due to financial leverage of our business model.
Revenue for the first 6 months, a 2021 was a $114 million, representing 7% growth compared to the first 6 months a 2020.
We reported $21.9 million a non-GAAP operating income compared.
With a $11.4 million in the first 6 months of last year.
Year to date, adjusted EBITDA was $26.2 million, a $9.2 million improvement year over year.
Non-GAAP net income was $20 million or 25 per share.
On a GAAP basis year to date net income was.
Compared with $3 million or <unk> 12 per share compared with net income a $3.5 million, a <unk> <unk> per share last year.
As of June 32021, we had a $166.8 million and total cash and cash equivalents compared with $158.1 million at.
9 for 2020, we continue to carry no debt.
On September 17, 2020, the company announced a share repurchase plan for up to $50 million of our common shares over the next 12 months during.
During the second quarter, we repurchased 1.2 million shares at an average price of $8, a 99 per share for <unk>.
And a $11.1 million, we have approximately.
<unk>, a $19.6 million remaining in the plan.
Based on improved visibility, we now expect quarter revenue for.
For the third quarter of $60.6 million to $63.4 million with the bottom line growing faster than topline.
Total a ill now turn the call back to <unk> for closing comments.
Thank you Brian.
In summary, this was a strong quarter following a 10.
Systemic improvements we have made in our road map organization and commercial execution continue to drive an improved business.
Lynn.
We have diversified our customer base and we are capturing market share.
We are more efficient and growing our profitability faster than our revenue and generating significant free cash flow.
We are strategically well positioned to benefit from significant secular tailwind.
Wins and growth catalysts, including cyber security and <unk> rollout.
We are increasingly viewed as a value added a leader in security solution with best in class offerings.
Operator, you can now open the call up for questions.
We will now begin the question and answer session.
Ask a question you May press Star then 1 on your Touchtone phone, if you're using a speaker phone. Please pick up a handset before pressing the keys.
Any guy a question has the mattress for me I would like to withdraw your question. Please press Star then 2.
At this time.
We will pause momentarily to assemble a roster.
The first question comes from Christian Schwab with Craig Hallum Capital Group. Please go ahead.
Thanks for taking my question.
Great great quarter and guidance as we look to the improved visibility.
I'm just wondering if you can give us some directional.
Whether it's come the some of the big secular tailwind like security and 5 G. That's driving that that you highlighted or.
Just a normalization of the Japan market, if you could give us any clarity on.
I'm kind of a mix of those 3 add attributes to the improved visibility. Please.
Sure Yeah.
Good question. Thank you so.
I think the first element around improved visibility.
For <unk>.
Comes from just a more positive outlook that we see in the market with customers and spending patterns.
And specifically it relates to business.
Resumption, where.
Entries are coming out of lockdown, there is optimism around the vaccine.
Lee that people can go in and build out data centers and do testing and validation.
So I think that is helping create.
More certainty around not just the need for our solutions, but the timeline to actually implement them. So that's the first element of it.
Second element I think you spoke about security and <unk> and I think cyber security market in general.
<unk> is driven by 2 factors 1 is.
Sort of the volume and sophistication of newer tags, but second also.
Seen by public announcements are non breaches that raises awareness and budgets are.
<unk> our business is better so.
So that is certainly, causing a lee product <unk>, where that is an important budget category and high priority.
For customers too.
Caddy out debt complete quickly.
And lost.
As it relates to Japan in our Q1 conference call.
We had spoken about still the.
Impending uncertainty around whether the Olympics would be canceled a resized our mood.
For the year et cetera, which had caused.
Local service providers to therefore moderate debt investments more in line with data growth what does a specific events like Olympics with a lot of tourism and so forth.
So as we had said we.
By expect that on a full year basis, they would spend the same amount.
Just that they did not have to do it in Q1.
So as it stands now obviously I hope everyone is enjoying the Olympics as they have started already.
And as we expected the spending pattern instead of peaking in.
Q1 is spread out over the year and so that's what I would say that's a small part of our confidence and visibility, which is driven more by what we see as customer traction engagement and timelines when they need to deploy our solutions.
Great.
Still a thank you.
Anyway have a.
A question on the security business.
And in your comments regarding share gains can you.
Walk us through.
Who you believe youre winning against most often.
In the security market right now as far as a competitor.
Great.
Yeah Fair question so.
The obviously the complexity with security market is highly fragmented and there are a lot of categories.
That people need to choose and prioritize around what is most important to debt situation right.
So typically our solutions, which are using technologies like Ddos attack prevention.
SSL lie.
And so for we would.
Be competing with a wide variety of.
Companies in this space, including but not limited to.
Janet Barth at Phi Radware, Citrix and everyone outside but.
More importantly.
It's not just about replacing competitor X 1 for 1 it's more about.
Helping customers solve their security problem and.
Prioritizing our solution as a.
Being the most relevant thing for them to do.
Okay.
Uh huh.
On that just on the competitive.
Front when you when you win against any of those.
Why.
Obviously variety.
Vendors that I think everybody is aware of.
But that being said you know what is.
The number 1 a number to scene that you hear back from.
From a customer a y E..1 could you can you help us understand that a little bit better.
Yes.
Of course, yes.
Yes, so the number 1 reason why we win a.
Is when customers Carryout technical head to head testing of multiple solutions.
Our solutions are able to deliver a higher throughput with low latency.
And withstand a higher.
Bloom and complexity of cyber attacks.
That's probably a number 1 reason the number 2 reason is our cyber security solutions.
Because of the legacy other company and a great Technical Foundation the.
The solutions are fully integrated.
Great day and have not been built upon a series of acquisitions, we made over the years.
So from a customer perspective that is actually a result in lower capex and lower opex to operate our solutions.
Yeah, that's great Alright fantastic no other questions.
Questions. Congrats on a great results. Thank you.
Thank you for this.
The next question comes from Thomas <unk> with AWS financial Please go ahead.
Hi, This is mohit for Robyn. Thank you for taking the question.
A couple of questions for you first.
First 1 on operating margin could you provide some details on.
Why there was a decline in Q1, not so much in Q2, and so what led to that difference.
Sorry, I think you got it right and you want to get that thanks for your question and thanks for joining.
Q1.
In the last earnings call, we announced that there was lower than expected travel and entertainment expense just related to Lockdown, obviously, we had some challenges with closures at the customer sites and in doing.
A proof of concept and even delivering.
And installing equipment, but as the pandemic has been been easing and we've seen things opening back up we're beginning to see things resume to normal.
We saw in Q2 travel and entertainment as well as event expenses pickup we also were able to.
A reintroduce.
More installation services and other travel expenses. So that's largely what you're seeing is because of the pandemic. There was basically a deferral a sales and marketing expense into the later part of the year.
And do you expect that to continue for the rest of the year.
Yeah.
No I mean, there'll be a little bit of cash.
Over in terms of the lockdown, we won't be able to make up everything that we had planned for the year, but for the full year are we continue to.
Expect to see.
The same level of expenditure on Opex.
As we begin to grow revenues further than expected, we will see that grow at a slower rate.
Carey LLC a graph.
Okay and then just last question on.
And still on costs.
Are there other areas, where you see cost cutting opportunities.
Well I guess the answer to that is we're not necessarily in a cost cutting mode. At this point.
We are redeploying resources investing in growth for our strategic initiatives. So I wouldn't say that we're looking for cost containment as much as ensuring that we are deploying resources in the most most.
The benefit for the best return of our investment and.
And I think find a way to think about it is there.
Debt is 2 parts to a client that is structural cost reduction, which we got it out beginning of 2020, which is to resize, our cost pool for the business and potential.
And then obviously on an ongoing basis, as Brian said and Char resource allocation to the best.
S growth opportunities and then continue to drive process improvements.
Allow us to grow the top line, but also grow the bottom line faster than that.
So that's more of a evolving quarter to quarter change of where you see opportunities to take advantage of efficiencies.
Okay perfect. Thank you yeah, it's more of a continuous improvement category than in a massive structural cost reduction correct.
Thank you.
Yes.
The next question comes from a swap.
A strong with Sidoti.
Please go ahead.
Hi, and thank you for taking my questions and congratulations on another great quarter.
All for some questions about the expenses.
On the gross margin for their products.
It's a it's been a bit Laura this this quarter and last quarter is that due to the.
The supply chain, it's just a what's driving that and how do you see that.
Develop over the coming quarters.
Yeah. Thanks, I'll answer the question as you said Youre exactly right. We did experienced some pressure on margins related to logistics and freight as well as some other costs around our inventory.
As a result of a pandemic and global supply chain challenges I would.
We've done a pretty good job of mitigating the impact of that in a neutral as most of it but you do see a little bit of impact.
As far as where we think we will be going with I believe we've addressed most of our current risk and expect to continue to improve as we go throughout the year.
Okay. Thank you and then this.
Global distribution center transition expenses that related to improving your supply chain.
Organization.
Is that in regards to.
Yeah no. Good question, so our global.
A distribution.
Delivery center is a related.
Partly to that but it's more about the idea of continuing to simplify our footprint and improve efficiency. So it is actually helping us become more efficient in multiple functional area.
A.
While at the same time of course also helping with.
Supply chain related simplification, so it's more.
<unk>, our footprint and being proactive.
Unlike a year ago to.
To continue to drive and set it up in a way that allows us to continue to driving.
2 men on.
An ongoing basis, while simplifying our operating structure. So we can spend more time on growth and strategy.
Okay. Thank you and then in terms of yes.
Strong revenue performance this quarter and then also you're guiding at a pretty strong third.
Diving border, but yes.
That's what I'm targeting I think around 8% annual revenue growth.
How should we be thinking about that given.
Near term strength from their revenue per month.
Yeah No. Good question on Yeah, and I think.
For us.
The thing we had talked about in Q1, and Q2 is a little bit a timing shift.
In some other regions related to macro conditions.
And Youre correct right as we talk about Q3 guidance.
That puts us in a position of a.
Doing as good as the high enough for a range.
A slightly better so.
So as we see market conditions in Peru, all are a focus of course is.
To take advantage outfit, but.
Our guidance is based on our own initiatives and what we can control a 5 <unk> pick up.
As a factor then as we've talked about before we certainly see that as a tailwind to our business and.
So that kind, a where do we see financing if you want to add anything to that it's exactly right things.
Things are improving as we see as the pandemic is lifting and things are opening up which just presents opportunities for us.
As well.
Conditions I mean, we're seeing a lot of activity in the market, which is really pushing pushing us along from a tailwind perspective.
Okay. Thank you and then in terms of the Olympics in Japan have been running debt without the audience and all day live streaming a stead how is that affecting.
<unk> your business a year.
Yes, no. Good question on yes, so the so as we had not known but anticipated in Q1.
Our customers were faced with a situation of.
If.
We're going.
To be a lot of visitors and they wanted them to have a good experience on <unk> and connectivity and so forth they were going to invest a URL.
Earlier in the year to be ready for that.
<unk>.
The scope change as it relates to visitors from other countries and so forth.
As we had expected their investments are now more in line with growth in data and video subscribers.
Subscribers in the market.
So instead of spending a up front in Q1, and then less in Q2 Q3 Q4, we expected that to.
It'd be more spread out over the year.
And that is consistent with what we see in our funnel.
And opportunities and kind of a customer discussions is the full year outlook may not be different it's just not as front loaded as if they had to spend it all in Q1 to be ready.
<unk> for the Olympics.
Has that maybe some of that sales.
For into next year.
There is a chance that some of it goes over into next year, absolutely correct, yes, because it will be more driven by growth in.
<unk> and subscribers what is a specific event.
And as Brian said earlier in Q2, we did see that rebound where the Q1 investments had been moved over to Q2 at least so that is correct. Yes, it's possible that it continues to carryover.
Okay. Thank you and other 1.
Last question if I may.
You alluded to a portfolio pruning.
In and around it.
Carl.
A progressing and how is that affecting your your near term revenue opportunities.
Yeah. So for us it's a I think we had spoken in in a real call more related.
Data onset for a portfolio management.
We are not discontinuing any product lines.
We have not stopped any customer project.
It was more to do with it.
How do we align our opex, whether it's in sales and marketing or R&D with a.
The best growth opportunities and the best customer opportunities and therefore right.
Do those investments from a portfolio perspective.
To the best opportunities some of which may be longer term right. So I think it was more in the context of.
How do we continue.
To deliver new innovation and products.
With our current R&D and sales and marketing Opex and how do we manage that as a portfolio. So that was more of a concept. So there's no revenue impact if anything we are hopeful that doing that is going to help us grow.
A faster.
Okay. Thank you that's all for me.
Great. Thank you all day.
The next question comes from a homework with ankle capital funds. Please go ahead.
Good evening a group.
And Brian.
Andy.
A.
A group out.
Can you share more insight into business day, and nobody came at a price.
I think earlier, a let's say like months ago, we were talking about the coffee a impact on the sales activities. How do you characterize from a business dynamic and the price at the moment.
Sure Andy. Thank you good question so.
For us the enterprise market.
Focus a heavily is on a large enterprise and especially within that on applications that focus on.
Mhm, managing a lot of data worried about.
Security etcetera with critical business in IP applications.
So in that market right, we are seeing 2 things happen.
1 is there is increasing awareness and concern around cyber security.
Which obviously is favorable to us in terms of engaging.
For those customers.
In that conversation.
And second is we certainly see in regions that are seeing a high vaccination rates and so for that.
That is more.
Optimism and opening around deployments that they can start.
Right and.
With our product is a less testing so I think we see that as something that continues to.
Open up.
What is where businesses were in a let's say a year ago.
More concerned about ensuring that people can work from home right rather than.
That infrastructure.
I see.
And then a groupon and Brian the recurring revenue target of $120 million exiting year end 2020.1.
Can you help us break down between products and services in debt $120 million.
Sure Yeah, Hi, Thanks for your question Hendi just to level set so recurring revenue half of our revenue base a portion of that is support services and a.
A portion of that is security products exiting we expect to have growth to a $120 million I'd say about 10%.
At least will be attributable to our security products.
Helpful.
And then Brian.
Brian if I look at the Opex I remember that.
The baseline for this year is 142 million plus or minus <unk> 5 million of expenses with learning post.
Carpet.
If I look at that that implies a higher opex in the second half is that a right assumption.
Yes, I think you're exactly right our jump off point from last year. It was about a $142 million annually of Opex Lee.
We're expecting about the same level with a return to normal.
<unk> sales and marketing expenditures around travel and entertainment as well as marketing events.
And a range of $4 million to $5 million I think thats exactly what you are seeing but then obviously as we continue to produce.
Grow the business and grow revenue, we will see some sales and marketing expenses climb up.
Certainly.
But as we have said Opex will trend at a rate lower than top line. So as we see overall revenue growth for the year.
Our original guidance, 6% to 8%, we expect to see Opex grow at a slower rate therefore, returning.
Faster bottom line results.
Okay.
And then to put.
It's quite interesting to see a sequential increase in R&D spending and then I'm.
Assuming that you will spend more on R&D.
A second half can you give us some insight into where 8 then it spending in R&D.
Sure Yeah.
Good question and I think that's a fair assumption is that too.
We will grow our cost structure at a lower rate, but certainly we want to make sure. We are investing in a right variety so for us from an R&D spending perspective.
Most important Adi is a spending growth will be in.
In security related products, whether that's ddos or SSRI or features in our platform that make it more secure.
So that's the most important thing.
And the area, where we continue to invest in R&D is on differentiation in our product that is based.
Based on creating higher throughput and low latency for all applications.
And the third area for US is really where we are able to integrate our add more and more.
Features to our common platform, which makes it easier for a customer to consume and use our products. So.
Those are sort of debt thematic Lee the most important areas of investment for us.
And then last question for me, if I say it a year over year, a decline of 8% in EMEA a.
Besides locked down and a coffee.
Are there still other reasons.
No I think.
That is purely a macro driven impact when we look at how our business is evolving in core Europe or emerging parts of Europe.
A.
Positive developments as it relates to customer then funnel so.
That is purely a timing impact about COVID-19 related shutdowns.
And slowdowns.
I might point out that if you look for 2019 to 2020 to 2021.
It was a pretty large growth year over year from 2019 to 2020.
And then back to more normal levels in 2021, so I wouldn't see it as much as a of.
A decline year over year as much as.
Much as an improvement over the last few years in the theaters as a whole.
Thank you Brian. Thank you Blue part and then great Q2 executions.
Thank you Andy.
Thank you.
This concludes our question and answer session I would like to turn the conference back over to Bill.
Jimmy Lee for any closing remarks.
Thank you. Thank you and thank you to all our shareholders for joining us today and while your ongoing support and thanks to all the great. A 10 employees that made these results possible. Thank you.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Yeah.
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Okay.
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