Michael Romanelli

Michael Romanelli (Mizuho Securities USA LLC) asked about the significant improvement in enterprise revenue growth in Q4 2025, potential notable deals, and the expected trajectory for enterprise business growth in 2026.

Answer

Dhrupad Trivedi, President and CEO of A10 Networks, explained that while enterprise growth can be choppy due to early expansion, the trailing 12-month growth is expected to align with the overall company average of 10-12%. He emphasized A10's focus on acquiring large enterprise customers for complex, mission-critical environments, rather than a high volume of SMB logos, and expanding within existing accounts.

Michael Romanelli from Mizuho Securities asked for more detail on the enterprise segment's performance by customer vertical and geography. He also requested an update on the ThreatX solution, including customer conversations, integration progress, and its potential to drive new business.

Answer

President, CEO & Board Chair Dhrupad Trivedi highlighted that North American enterprise growth was significantly higher than the overall 8% TTM growth, driven by a focus on large customers in financials, gaming, and technology. Regarding ThreatX, he described it as a key part of A10's contemporary security portfolio, helping access new buyers and expand customer conversations. While it's early, he noted the integration is promising, though sales cycles typically take 6-9 months.

Michael Romanelli asked if any specific regions or verticals performed better or worse than Commvault's internal expectations during the quarter. He then followed up by asking how the mix shift for Q4 should be considered, given the expectation that SaaS will comprise approximately 60% of total net new ARR for the full fiscal year.

Answer

Sanjay Mirchandani, President and CEO, stated that the quarter was well-distributed across geographies (international and U.S.) and business types (SaaS and software), with no particular call-outs for better or worse performance. Danielle Abrahamson, Chief Accounting Officer, confirmed that the 60% baseline for SaaS as a percentage of net new ARR is the right way to think about Q4.

Michael Romanelli of Mizuho Securities asked about any regions or verticals that performed better or worse than internal expectations during the quarter. He also inquired about the expected mix shift for Q4, specifically regarding SaaS comprising 60% of total net new ARR for the fiscal year.

Answer

President and CEO Sanjay Mirchandani reported that performance was evenly distributed across all geographies, including international and U.S. business, as well as across SaaS and software segments, with no specific call-outs for over or underperformance. Chief Accounting Officer Danielle Abrahamsen confirmed that the 60% SaaS baseline for net new ARR is the appropriate expectation for Q4.

Asked if the AI assistant, Harbor Pilot, is included in existing suites or if it requires an additional charge, and also requested confirmation on the NRR impact from migrations.

Answer

Migrations contributed low single digits to the Net Retention Rate (NRR). Harbor Pilot is currently included with the platform at no extra cost to encourage adoption. The company may consider pricing it separately in the future as more capabilities are added.

Michael Romanelli from Mizuho Securities asked if the AI assistant, Harbor Pilot, is included in existing suites or requires an additional charge, and also requested the NRR impact from migrations.

Answer

CFO Brian Carolan confirmed that migrations contributed low single digits to the Net Retention Rate. CEO & Founder Mark McClain stated that Harbor Pilot is currently included with the platform to drive adoption, but they will evaluate separate pricing in the future as more value-based capabilities are added.