A10 Networks reported Q4 2020 revenue of $62.7 million, up 4% year-over-year. GAAP gross margin was 78.5%. There was record non-GAAP net income of $13.9 million, or $0.18 per share compared with non-GAAP net income of $7.8 million, or $0.10 per share in the fourth quarter of 2019.
“This was a dynamic year for A10, as we increased full-year earnings by $36 million compared to last year’s $18 million loss while successfully navigating a challenging economy,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “Our solutions-based sales focus and market strategy also enabled us to deliver 6% year-over-year growth, versus negative organic growth last year, and our focus on execution and cost discipline drove $55.3 million in cash from operations, funding a sizable stock buyback while preserving the strong balance sheet position to navigate uncertain markets. Our strategic focus is to drive our portfolio and continue to invest in faster growth opportunities like cybersecurity, 5G and cloud – leveraging our historic leadership position in those markets.”
“The operational and commercial foundation provide us with the ability to further build our recurring revenue in line with our customers’ preference and their business priorities,” continued Trivedi. “We expect this portion to grow faster than our overall revenue growth. We enjoy broad and sustainable industry tailwinds, particularly in the areas of 5G, multi-cloud and cybersecurity, bolstered by our industry leading solutions for these growing areas of focus. A10 enters 2021 in a strong position, with leading products, a proven team, and a solid balance sheet. We plan to leverage this strong position to increase our focus on portfolio management, with the goal of increasing our recurring revenue.”
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