Operator

Greetings. Welcome to A10 Networks Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions]

I will now turn the conference over to your host, Tom Baumann. Sir, you may begin.

Tom Baumann

Thank you. And thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least 90 days via the A10 Networks’ website at a10networks.com.

Hosting the call today are Dhrupad Trivedi, A10’s President and CEO; and CFO, Michelle Caron.

Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its fourth quarter 2025 financial results. Additionally, A10 published a presentation and supplemental trended financial statements. You may access the press release, presentation and trended financial statements on the Investor Relations section of the company’s website.

During the course of today’s call, management will make forward-looking statements, including statements regarding projections for future operating results, demand, industry and customer trends, macroeconomic factors, strategy, potential new products and solutions, our capital allocation strategy, profitability, expenses and investments, positioning and our dividend program. These statements are based on current expectations and beliefs as of today, February 4, 2026. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially, and you should not rely on them as predictions of future events. A10 does not intend to update information contained in

Southwest Airlines will debut a new ad during the Super Bowl poking fun at its new assigned seating policy.

The ad, “Boarding Royale,” will air on Peacock and broadcast and local cable channels in six markets, including San Diego, Chicago, Denver, Austin, Dallas and Honolulu, during the big game Sunday, according to a Southwest news release.

The ad, which appears set in a forest, features numerous guests running to get to their seats after a voice says, “Southwest boarding begins now.”  

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In what seems to be a hyperbolic expression of how travelers would react during the company’s open seating boarding process, people in the video chaotically run to grab a seat.

Southwest will debut a new Super Bowl ad, poking fun at its former open seating policies. (Southwest / Unknown Source)

“I thought you checked us in last night?” a woman in the advertisement asks.

“I was one minute late,” the man who appeared to be traveling with her replied.

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The video also features a woman swinging on a tree vine while screaming in what appears to be an effort to make it to her seat on time.

On-screen text then appears that says, “That was wild,” followed by a couple calmly sitting in their seats with another on-screen text card that says, “Assigned seating is here.”

The ad “celebrates” the airline’s new assigned seating model while “clapping back to the days of open seating,” the company said in the release.

During the ad, a passenger appears to save the seat next to him while another person asks if the seat is taken. The ad comes amid new assigned seating policies. (Southwest)

The company shared that viewers should recognize Southwest’s “self-aware humor” the airline says it’s known for.

Southwest says the new assigned seating policy should “position the airline for the future.”

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“While open seating played a huge role in Southwest’s history and helped it grow from a regional carrier into one of the largest airlines in America, the new assigned seating policy positions the airline for the future and addresses customers’ needs,” Southwest said in the release.

The airline’s new seating policy went into effect Jan. 27. Customers now have the choice between an “extra legroom seat,” “preferred seat” and a standard seat.

Southwest Airlines’ new ad will air in six markets, including Dallas, Austin and San Diego. (Southwest)

The company said the policy “gives [customers] more choices when [they] travel,” according to the airline’s website.

“For your comfort, we’re introducing seat options that allow you to choose the experience you prefer,” the airline said on its seating information page.

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The Seattle Seahawks will face off against the New England Patriots Sunday in the Super Bowl at Levi’s Stadium in Santa Clara, California.

Despite the changes, Southwest reassured customers they should still expect the same “legendary” hospitality.

“Southwest’s bold personality and humor have always been unique in the industry,” it said in the release. “No matter the seat configuration, the legendary hospitality that customers expect at Southwest remains.”

Lots of smart people think President Trump and the Republicans have a very steep uphill climb if they expect to win the midterms, especially the House. Newt Gingrich thinks if the election were today the GOP would lose. I’ve been exhorting GOP leaders to tout the red-hot economy with numbers and repetition, as often as possible, at every campaign stop.

More positive numbers came out today for the Institute for Supply Managers, where the combined purchasing managers’ indexes for manufacturing and services are the best they’ve been in nearly two years. And there’s a business boom. And there’s a productivity boom. And wages are outstripping inflation. Yet it’s a story that has got to be told, including the Trump Accounts, which can turn working-class minority children into millionaires. Where the next generation of youngsters can be a nation of owners, democratizing stock ownership, and understanding the miracles of free-market capitalism. That, too, is a story that has to be told over and over again.

Yet not all is lost. The latest Harvard CAPS Harris poll shows some improvement in personal financial situations, and though it’s still underwater, it’s getting better. That same poll shows a strong support for Mr. Trump closing the border. And 73 percent say criminal illegal aliens should be deported, 67 percent say local jails should hand over criminal illegals to federal authorities for deportation, which is exactly what the border czar, Tom Homan, is trying to do. And roughly 60 percent see the Democrats as encouraging resistance to deporting criminal illegals.

Another part of that poll shows that 60 percent favor a platform described as reduced government spending, lower taxes, tougher trade deals, lower prescription drug costs, and a closed border, which is of course, the Trump package. And only 40 percent prefer more government spending, liberal immigration, more taxes, and higher healthcare subsidies. Polls are not votes, but good polls are informative.

And finally, money matters. Politico is reporting that Mr. Trump raised $26 million through his joint fundraising committee in the back half of last year. And another $8 million directly into his leadership political action committee. A super PAC linked to him has more than $300 million in the bank. That’s a lot of money. All in, they estimate the president’s orbit has $375 million of firepower. And the president is outstripping everybody in fundraising by a long shot.

So, all is not lost. It’s still early in the game.

Senate Banking Committee Chair Tim Scott said Wednesday that he doesn’t think Federal Reserve Chair Jerome Powell committed a crime during his testimony last summer about the central bank’s costly renovation project.

Scott, R-S.C., said in an appearance on FOX Business’ “Mornings with Maria” that while he has other issues with how Powell has led the central bank and its monetary policy moves, he doesn’t believe that the Fed chair committed a crime in his testimony.

“As it relates to the DOJ investigation, I’ll tell you what I would tell a prosecutor if they came into my office. I was the one asking the questions, Jay Powell was responding to me. Obviously, he and I have very, very strong disagreements on many issues, No. 1,” Scott said. “No. 2, I believe that it’s time for a new Federal [Reserve] chair. Thank God almighty, we’re getting ready to get one.” 

“No. 3, I found him to be inept at doing his job, but ineptness or being incompetent is not a criminal act. I believe what he did was make a gross error in judgment, he was not prepared for that hearing. I do not believe that he committed a crime during the hearing,” Scott said.

TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL

Senate Banking Chair Tim Scott, R-S.C., (left) said he doesn’t think Fed Chair Jerome Powell (right) committed any crime in his testimony last summer. (Andrew Caballero-Reynolds/AFP)

The Department of Justice opened a criminal inquiry into whether Powell misled Congress during his testimony before the Senate Banking Committee last summer about the Federal Reserve’s headquarters renovation, which has run over budget.

The criminal probe came against the backdrop of an effort by President Donald Trump and his allies to pressure Powell and the Fed into cutting interest rates to spur the economy. 

Powell denied wrongdoing and called the probe a pretext for exerting political influence over monetary policy decisions.

TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE

Fed Chair Jerome Powell said the DOJ’s investigation is a pretext for pressuring the central bank’s monetary policy moves. (Kent Nishimura/Getty Images)

A key member of the Senate Banking Committee, Sen. Thom Tillis, R-N.C., responded to the probe by vowing to block any Federal Reserve nomination until the DOJ’s investigation of Powell concludes.

“If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” Tillis said last month.

POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES FUTURE AT CENTRAL BANK

Trump nominated Powell as Fed chair in 2017, but has repeatedly criticized his handling of monetary policy since he was confirmed to the role in 2018. (Olivier Douliery/Bloomberg/Getty Images)

Scott told Bartiromo on Wednesday that he thinks the investigation of Powell will be resolved and that will clear the path for considering the nomination of former Fed Governor Kevin Warsh to serve as the next chair of the central bank. 

Trump nominated Warsh to the role last week, and Tillis reiterated his stance that he won’t consider Fed nominees until the DOJ probe is over.

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“I believe that we’re going to resolve that issue, we’re going to move forward and Thom Tillis will be voting for Kevin Warsh as the next chairman of the Federal Reserve. That’s my prediction,” Scott said.

Kristin Dziczek

Well, thank you so much for coming back and staying with us. This you won’t want to miss. So it’s my pleasure to introduce our next session, managing transformation in a dynamic environment. [Operator Instructions] I’d first like to introduce our moderator, Mike Colias. Mike is the U.S. Auto Editor for Reuters. He’s long covered the auto industry and for the Wall Street Journal and Automotive News, and he’s the author of a 2025 book, Inevitable: Inside the Messy, Unstoppable Transition to Electric Vehicles. So he’s pretty ideally positioned to lead today’s fireside chat with GM’s CFO, Paul Jacobson.

And speaking of which we are tremendously honored that Paul has decided to join us. He’s a well-known around Detroit and in the auto industry since he joined General Motors in 2020 as the Executive Vice President and CFO. He’s established himself as an exceptional leader on GM’s executive team, demonstrating a remarkable financial stewardship during some very unprecedented business and industry challenges.

From navigating the post-pandemic supply chain disruptions to orchestrating GM’s strategic pathway to EV profitability and tariffs and what we can all agree has been a very uncertain policy environment. Under Paul’s guidance, GM has delivered impressive results in 2025 with robust earnings and a strong outlook. We are again thankful that Paul has agreed to join us today to share his insights.

I’ll bring Paul up for a few remarks, and then Mike will join him on stage for the Q&A.

Paul Jacobson
Executive VP & CFO

Well, thank you all. I was having to look around to figure out who