A10 Networks (ATEN) FY2021 results: revenue $250 million, up 10.9% on the year

A10 Networks, Inc. (ATEN) reported revenue of $250 million for fiscal 2021, the year ended 31 December 2021, up 10.9% on the year before. Net income was $95 million, up 432.6%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 8 March 2022.

Revenue

$250 million

+10.9% on the year

FY2014FY2021

Operating margin

13.4%

7.9% a year earlier

FY2014FY2021

Net income

$95 million

+432.6% on the year

FY2014FY2021

Diluted EPS

$1.19

+440.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	250	226	213	+10.9%
Cost of revenue	53.5	50.1	48.9	+6.7%
Gross profit	197	175	164	+12.1%
Gross margin	78.6%	77.8%	77.0%
Research and development	54.1	58.1	61.8	-6.9%
Operating income	33.4	17.7	-17.1	+88.3%
Operating margin	13.4%	7.9%	-8.0%
Interest expense	0.0	0.0	0.2
Pre-tax income	31.6	19.1	-16.4	+65.3%
Income tax	-63.2	1.3	1.4
Effective tax rate	-199.9%	6.9%	n/a
Net income	94.9	17.8	-17.8	+432.6%
Net margin	37.9%	7.9%	-8.4%
Diluted EPS	$1.19	$0.22	-$0.23	+440.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	50.1	55.3	-0.4	-9.4%
Capital expenditure	5.2	3.6	4.3	+45.1%
Free cash flow	44.9	51.7	-4.8	-13.1%
Free cash flow margin	18.0%	22.9%	-2.2%
Cash from investing	-38.1	5.2	-0.3
Cash from financing	-16.4	-22.9	5.8
Depreciation and amortisation	8.9	11.3	10.0	-21.2%
Share-based compensation	14.4	12.3	16.5	+17.2%
Buybacks	18.3	32.5	0.0	-43.9%
Dividends paid	3.9	0.0	0.0
Dividend per share	$0.20	n/a	n/a
Diluted shares, weighted	80m	80m	76m	+0.0%
Shares outstanding at period end	77m	76m	78m	+1.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	209	116	109	+80.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	19.3	23.5	28.0	-17.8%
Other liabilities	165	151	137	+8.9%
Total liabilities and equity	393	291	274	+35.2%
Fixed assets	10.7	7.9	7.7	+35.5%
Goodwill	1.3	1.3	1.3	0.0%
Intangible assets	0.0	0.9	2.3
Investments	106	74.9	84.2	+41.8%
Cash and equivalents	78.9	83.3	45.7	-5.2%
Receivables	61.8	51.1	53.6	+21.0%
Inventory	22.5	20.7	22.4	+8.4%
Other assets	112	50.8	56.9	+119.9%
Total assets	393	291	274	+35.2%

10-K for the year ended 31 December 2021, filed 8 March 2022: the filing.