ATENA10 Networks, Inc.

Computer Communications Equipment

Revenue: $291M; 11% YoY
Operating margin: 16.2%; 3.4% YoY
EBITDA: $62M; 12% YoY
Market cap: $1.8B
Employees: 494; $588K revenue each
Net debt / EBITDA: -0.9×; −$55M net debt
AI in 10-K: 6.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
201% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
102% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$588K · 76th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.7 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$250M	$280M	$252M	$262M	$291M	11%
Operating income	$33M	$53M	$39M	$44M	$47M	7.2%
Net income	$95M	$47M	$40M	$50M	$42M	16%
Operating cash flow	$50M	$66M	$45M	$90M	$85M	6.2%
Capex	$5M	$11M	$11M	$12M	$20M	64%
Stock-based comp	$14M	$13M	$14M	$17M	$20M	17%
Buybacks	$18M	$79M	$16M	$30M	$69M	129%
Dividends	$4M	$16M	$18M	$18M	$17M	2.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 3, 2021	VIEX Capital Advisors, LLC	SC 13D/A	1.2%	Passive
Nov 21, 2019	VIEX Capital Advisors, LLC	SC 13D/A	2.2%	Active
Aug 19, 2019	VIEX Capital Advisors, LLC	SC 13D/A	2.2%	Active
Jul 30, 2019	VIEX Capital Advisors, LLC	SC 13D/A	2.2%	Active
Jun 5, 2019	VIEX Capital Advisors, LLC	SC 13D/A	2.2%	Passive
Jun 4, 2019	VIEX Capital Advisors, LLC	SC 13D/A	2.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 6
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.