Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ATEN had already warned of the shortfall in Q1 revenue and the official release of the results was an update on the improvement the business has seen in recent months</li>
<li>ATEN’s management used the first quarter earnings call asserting orders have increased in recent months and ATEN would post sequentially higher revenue in the second quarter</li>
<li>Network security is not an area we would expect much penny pinching over the course of the year</li>
</ul>


ATEN had already warned of the shortfall in Q1 revenue and the official release of the results was an update on the improvement the business has seen in recent months
ATEN’s management used the first quarter earnings call asserting orders have increased in recent months and ATEN would post sequentially higher revenue in the second quarter
Network security is not an area we would expect much penny pinching over the course of the year


<ul>
<li>ATEN continued to experience a slowdown in orders management had cited when the Company reported fourth quarter 2022 results</li>
<li>ATEN is forecasting first quarter revenue of $56 million to $58 million compared to our estimate of nearly $67 million</li>
<li>We are making changes to our earnings model including lowering our full year revenue estimate.</li>
</ul>


ATEN continued to experience a slowdown in orders management had cited when the Company reported fourth quarter 2022 results
ATEN is forecasting first quarter revenue of $56 million to $58 million compared to our estimate of nearly $67 million
We are making changes to our earnings model including lowering our full year revenue estimate.


<ul>
<li>ATEN reported better than expected fourth quarter results, but it was the lack of quantitative revenue guidance that garnering all the attention</li>
<li>We had highlighted increased macro risks in our January update leading to 2023 becoming dependent on the second half of the year.</li>
<li>The first quarter is seasonally the slowest period of the year for ATEN, which could be the reason for management taking a conservative approach with 2023 guidance.</li>
</ul>


ATEN reported better than expected fourth quarter results, but it was the lack of quantitative revenue guidance that garnering all the attention
We had highlighted increased macro risks in our January update leading to 2023 becoming dependent on the second half of the year.
The first quarter is seasonally the slowest period of the year for ATEN, which could be the reason for management taking a conservative approach with 2023 guidance.


<ul>
<li>The recent wave of layoff related headlines along with companies putting greater scrutiny on cash outflows could result in ATEN experiencing slower than expected revenue growth in 2023</li>
<li>When there are layoffs and changes to employees working more from the office it is likely to reduce the number of security devices purchased</li>
<li>Our lowered revenue outlook comes with the expectation ATEN would be able to ramp revenue in the second half of the year </li>
</ul>


The recent wave of layoff related headlines along with companies putting greater scrutiny on cash outflows could result in ATEN experiencing slower than expected revenue growth in 2023
When there are layoffs and changes to employees working more from the office it is likely to reduce the number of security devices purchased
Our lowered revenue outlook comes with the expectation ATEN would be able to ramp revenue in the second half of the year 


<ul>
<li>ATEN continues to demonstrate its growth ability by focusing on its security first approach. ATEN reported third quarter revenue slightly more than we were projecting</li>
<li>The steady growth ATEN has experienced this year has come through the diversification of its customer base</li>
<li>ATEN’s management asserted demand has been consistent and dependent on performance. ATEN has added more customers throughout the year, which should serve as a baseline for incremental revenue in 2023</li>
</ul>


ATEN continues to demonstrate its growth ability by focusing on its security first approach. ATEN reported third quarter revenue slightly more than we were projecting
The steady growth ATEN has experienced this year has come through the diversification of its customer base
ATEN’s management asserted demand has been consistent and dependent on performance. ATEN has added more customers throughout the year, which should serve as a baseline for incremental revenue in 2023


United States

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

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A10 Networks (ATEN US)

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BWS Financial Inc

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