Fourth Quarter Revenue Up Year-over-Year: 15% GAAP, 4% Non-GAAP
WESTFORD, Mass.--(BUSINESS WIRE)--Apr. 30, 2009--
NetScout Systems, Inc. (NASDAQ: NTCT):
|
|
Q4 FY 2009
|
|
|
FY 2009
|
|
|
GAAP
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
|
Non-GAAP
|
Revenue
|
|
$66.1 million
|
|
|
$66.8 million
|
|
|
$267.6 million
|
|
|
$279.4 million
|
Net income
|
|
$5.7 million
|
|
|
$8.3 million
|
|
|
$20.0 million
|
|
|
$35.4 million
|
Earnings per share
|
|
$0.14
|
|
|
$0.20
|
|
|
$0.49
|
|
|
$0.86
|
NetScout
Systems, Inc. (NASDAQ: NTCT), an industry leader for advanced
network and service assurance solutions, today announced financial
results for its fourth quarter and fiscal year ended March 31, 2009.
Total GAAP revenue for the fourth quarter of fiscal year 2009 was $66.1
million. Non-GAAP revenue for the fourth quarter was $66.8 million.
Non-GAAP revenue excludes the purchase accounting adjustment to record
at fair value the acquired Network General deferred revenue. Product
revenue on a GAAP basis was $36.8 million, and service revenue was $29.3
million. Non-GAAP product revenue was also $36.8 million, and non-GAAP
service revenue was $30.0 million.
GAAP net income for the fourth quarter was $5.7 million, or net income
per diluted share of $0.14. GAAP income from operations was $10.0
million. On a non-GAAP basis, net income for the quarter was $8.3
million, or $0.20 per diluted share, and non-GAAP income from operations
was $14.3 million. Non-GAAP income from operations excludes the purchase
accounting adjustment to record at fair value the acquired Network
General deferred revenue, as well as share-based compensation expenses,
amortization of acquired intangible assets, and non-recurring
integration expenses. Non-GAAP net income excludes these effects as well
as their related impact on the provision for income taxes. A
reconciliation of GAAP and non-GAAP results is included in the attached
financial tables.
For the fiscal year ended March 31, 2009, NetScout reported total GAAP
revenue of $267.6 million; non-GAAP revenue was $279.4 million. Non-GAAP
revenue excludes the purchase accounting adjustment to record at fair
value the acquired Network General deferred revenue. GAAP net income for
the fiscal year was $20.0 million, or net income per diluted share of
$0.49. GAAP income from operations was $36.4 million. Non-GAAP net
income for the fiscal year was $35.4 million or $0.86 per diluted share,
and non-GAAP income from operations was $61.1 million. Non-GAAP income
from operations excludes the purchase accounting adjustment to record
the acquired Network General deferred revenue at fair value, as well as
share-based compensation expenses, amortization of acquired intangible
assets, and non-recurring integration expenses. Non-GAAP net income
excludes these effects as well as their related impact on the provision
for income taxes. A reconciliation of GAAP and non-GAAP results is
included in the attached financial tables.
“We are very pleased with our fiscal year 2009 results, completing the
first full year of combined operations following our acquisition of
Network General. These results underscore our customers’ acceptance of
our new integrated product offerings and our overall strength of
leadership in the marketplace,” said Anil Singhal, President and CEO of
NetScout Systems. “Our results fell within our guidance range and
reflect the worldwide recession and resulting budgetary uncertainties
affecting our customers. Despite our strength in the market, our outlook
for 2010 remains cautious, as we are anticipating stable revenue with
growing margins and EPS assuming that the economy remains at current
levels. We are driving operating margin expansion through cost
reductions and improved operating efficiencies. Our caution about the
economy does not alter our confidence in the underlying value
proposition of our products and market leadership or our ability to
build on our technological and financial strength. We expect to see good
order flow continue from our major verticals: wireless service
providers, financial services, including high-speed trading, and
government. Of the nine customers who ordered over one million dollars
in the fourth quarter, eight were from wireless and financial services.
In fiscal 2010, we are targeting new products and solutions at these
growth verticals as well as the broader market.”
Financial and Company Highlights for
the Fourth Quarter and Fiscal Year 2009:
-
In the fourth quarter of fiscal 2009 GAAP revenue increased 15%
year-over-year and declined 8% sequentially. Non-GAAP revenue
increased 4% year-over-year and declined 10% sequentially. GAAP
product revenue increased 9% year-over-year and declined 14%
sequentially. GAAP service revenue increased 22% year-over-year and
increased 1% sequentially.
-
For fiscal year 2009, GAAP revenue increased 58% year-over-year and
non-GAAP revenue increased 54% year-over-year. GAAP product revenue
increased 45% year-over-year and GAAP service revenue increased 81%
year-over-year.
-
Fiscal 2009 GAAP operating margin was 14%. Non-GAAP operating margin
was 22%.
-
As of March 31, 2009 cash and cash equivalents and short and long-term
marketable securities were $135.9 million, up $16.7 million from
$119.2 million as of the end of the prior quarter.
-
In the fourth quarter, Network Computing magazine recognized
NetScout’s nGenius Performance Manager® as “Network Testing
& Monitoring Product of the Year”.
-
NetScout released Sniffer®
Global, the industry’s first enterprise-class software-based
portable network analyzer solution for both wired and wireless
networks.
Guidance:
For fiscal year 2010, NetScout expects revenue, both GAAP and non-GAAP,
to be in the range of $260 million to $280 million. GAAP net income per
diluted share is expected to be in the range of $0.60 to $0.75 and
non-GAAP net income per diluted share between $0.80 to $0.95. The fiscal
year 2010 non-GAAP revenue expectation excludes the purchase accounting
adjustment to fair value of approximately $1.3 million of Network
General’s deferred revenue and the non-GAAP net income per diluted share
expectation excludes the deferred revenue purchase accounting
adjustment, as well as share-based compensation expenses of
approximately $5.1 million, amortization of acquired intangible assets
of approximately $5.9 million, and the related impact of these
adjustments on the provision for income taxes of $4.7 million.
Use of Non-GAAP Financial Information
To supplement the financial measures presented in the Company's press
release in accordance with accounting principles generally accepted in
the United States ("GAAP"), the Company also presents non-GAAP measures
relating to revenue, income from operations, net income and net income
per diluted share which were adjusted from amounts determined based on
GAAP to exclude the purchase accounting adjustment representing the fair
value of Network General’s deferred revenue, share-based compensation
expenses, amortization of acquired intangible assets, integration
expenses as well as the related income tax effects.
These non-GAAP measures are not in accordance with GAAP, should not be
considered an alternative for measures prepared in accordance with GAAP,
and may have limitations in that they do not reflect all of NetScout’s
results of operations as determined in accordance with GAAP. These
non-GAAP measures should only be used to evaluate NetScout’s results of
operations in conjunction with the corresponding GAAP measures. The
presentation of non-GAAP information is not meant to be considered
superior to, in isolation from or as a substitute for results prepared
in accordance with GAAP.
The Company believes these non-GAAP financial measures will enhance the
reader’s overall understanding of NetScout’s current financial
performance and the Company's prospects for the future by providing a
higher degree of transparency for certain financial measures and
providing a level of disclosure that helps investors understand how the
Company plans and measures its own business. The Company believes that
providing these non-GAAP measures affords investors a view of the
Company’s operating results that may be more easily compared to peer
companies and also enables investors to consider the Company’s operating
results on both a GAAP and non-GAAP basis during the integration period
of the Company’s acquisition of Network General. Presenting the GAAP
measures on their own would not be indicative of the Company’s core
operating results. Furthermore, NetScout believes that the presentation
of non-GAAP measures when shown in conjunction with the corresponding
GAAP measures provide useful information to management and investors
regarding present and future business trends relating to its financial
condition and results of operations.
As discussed above, Company management regularly uses supplemental
non-GAAP financial measures internally to understand, manage and
evaluate its business and to make operating decisions. These non-GAAP
measures are among the primary factors that management uses in planning
and forecasting future periods.
CONFERENCE CALL INSTRUCTIONS:
The Company invites shareholders to listen to its conference call today
at 4:30 p.m. ET, which will be webcast live through the Company’s
website at http://www.netscout.com/investors.
Alternatively, people can listen to the call by dialing 866-701-8242 for
U.S./Canada and 706-634-5113 for international callers and using
conference ID: 95490188. A replay of the call will be available after
7:30 p.m. ET on April 30 for approximately one week. The number for the
replay is 800-642-1687 for U.S./Canada and 706-645-9291 for
international callers. The conference ID is: 95490188.
About NetScout Systems
NetScout Systems, Inc. (NASDAQ: NTCT) is the industry leader in advanced
network, application and service delivery management solutions. For over
twenty years, NetScout has delivered breakthrough technology solutions
that provide trusted, comprehensive real-time and historical performance
intelligence, including advanced early warnings and rapid, definitive
problem analysis. These capabilities have become vital, and increasingly
strategic, to IT organizations. The world’s largest enterprises,
government agencies, and service providers depend upon NetScout nGenius
solutions to assure service delivery to their users by preventing
disruptions and degradations. More information about NetScout Systems is
available at http://www.netscout.com.
Safe Harbor
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of Section 21E of the Securities Exchange Act of 1934
and other federal securities laws. Investors are cautioned that
statements in this press release, which are not strictly historical
statements, including the plans, objectives and future financial
performance of NetScout, constitute forward-looking statements which
involve risks and uncertainties. Actual results could differ materially
from the forward-looking statements. Risks and uncertainties which could
cause actual results to differ include, without limitation, risks and
uncertainties associated with slowdowns or downturns in economic
conditions generally and in the market for advanced network and service
assurance solutions specifically, the Company’s relationships with
strategic partners, dependence upon broad-based acceptance of the
Company’s network performance management solutions, the Company’s
ability to achieve and maintain a high rate of growth, introduction and
market acceptance of new products and product enhancements, the ability
of the Company to take advantage of service provider opportunities,
competitive pricing pressures, reliance on sole source suppliers,
successful expansion and management of direct and indirect distribution
channels and dependence on proprietary technology. For a more detailed
description of the risk factors associated with the Company, please
refer to the Company’s Annual Report on Form 10-K for the fiscal year
ended March 31, 2008 and subsequent Quarterly Reports on Form 10-Q on
file with the Securities and Exchange Commission. NetScout assumes no
obligation to update any forward-looking information contained in this
press release or with respect to the announcements described herein.
©2009 NetScout Systems, Inc. All rights reserved. NetScout and the
NetScout logo and nGenius are registered trademarks of NetScout
Systems, Inc.
NetScout Systems, Inc.
|
Condensed Consolidated Statements of Operations
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
|
March 31
|
|
March 31
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
36,791
|
|
|
$
|
33,673
|
|
|
$
|
154,161
|
|
|
$
|
106,182
|
|
|
Service
|
|
|
29,295
|
|
|
|
24,017
|
|
|
|
113,443
|
|
|
|
62,774
|
|
|
|
Total revenue
|
|
|
66,086
|
|
|
|
57,690
|
|
|
|
267,604
|
|
|
|
168,956
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
10,157
|
|
|
|
12,482
|
|
|
|
43,315
|
|
|
|
33,965
|
|
|
Service
|
|
|
5,273
|
|
|
|
6,056
|
|
|
|
20,824
|
|
|
|
13,721
|
|
|
Total cost of revenue
|
|
|
15,430
|
|
|
|
18,538
|
|
|
|
64,139
|
|
|
|
47,686
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
50,656
|
|
|
|
39,152
|
|
|
|
203,465
|
|
|
|
121,270
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
9,981
|
|
|
|
11,482
|
|
|
|
40,189
|
|
|
|
30,000
|
|
|
Sales and marketing
|
|
|
23,801
|
|
|
|
25,835
|
|
|
|
98,818
|
|
|
|
69,652
|
|
|
General and administrative
|
|
|
6,358
|
|
|
|
10,670
|
|
|
|
26,118
|
|
|
|
26,149
|
|
|
Amortization of acquired intangible assets
|
|
|
491
|
|
|
|
491
|
|
|
|
1,962
|
|
|
|
811
|
|
|
Total operating expenses
|
|
|
40,631
|
|
|
|
48,478
|
|
|
|
167,087
|
|
|
|
126,612
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
10,025
|
|
|
|
(9,326
|
)
|
|
|
36,378
|
|
|
|
(5,342
|
)
|
Interest and other income (expense), net
|
|
|
(889
|
)
|
|
|
(1,934
|
)
|
|
|
(5,337
|
)
|
|
|
(1,207
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax expense
|
|
|
9,136
|
|
|
|
(11,260
|
)
|
|
|
31,041
|
|
|
|
(6,549
|
)
|
Income tax expense (benefit)
|
|
|
3,462
|
|
|
|
(6,347
|
)
|
|
|
10,993
|
|
|
|
(4,461
|
)
|
Net income (loss)
|
|
$
|
5,674
|
|
|
$
|
(4,913
|
)
|
|
$
|
20,048
|
|
|
$
|
(2,088
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share
|
|
$
|
0.14
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.51
|
|
|
$
|
(0.06
|
)
|
Diluted net income (loss) per share
|
|
$
|
0.14
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.49
|
|
|
$
|
(0.06
|
)
|
Weighted average common shares outstanding used in computing:
|
|
|
|
|
|
|
|
Net income (loss) per share - basic
|
|
|
39,925
|
|
|
|
38,726
|
|
|
|
39,351
|
|
|
|
34,913
|
|
|
Net income (loss) per share - diluted
|
|
|
41,505
|
|
|
|
38,726
|
|
|
|
40,925
|
|
|
|
34,913
|
|
NetScout Systems, Inc.
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
March 31
|
|
March 31
|
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
$
|
66,086
|
|
|
$
|
57,690
|
|
|
$
|
267,604
|
|
|
$
|
168,956
|
|
Product deferred revenue fair value adjustment
|
|
|
10
|
|
|
|
85
|
|
|
|
1,860
|
|
|
|
410
|
|
Service deferred revenue fair value adjustment
|
|
|
753
|
|
|
|
6,270
|
|
|
|
9,922
|
|
|
|
12,230
|
|
Non-GAAP revenue
|
|
$
|
66,849
|
|
|
$
|
64,045
|
|
|
$
|
279,386
|
|
|
$
|
181,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross profit
|
|
$
|
50,656
|
|
|
$
|
39,152
|
|
|
$
|
203,465
|
|
|
$
|
121,270
|
|
Deferred revenue fair value adjustment
|
|
|
763
|
|
|
|
6,355
|
|
|
|
11,782
|
|
|
|
12,640
|
|
Shared-based compensation expense (1)
|
|
|
105
|
|
|
|
70
|
|
|
|
336
|
|
|
|
135
|
|
Amortization of acquired intangible assets (2)
|
|
|
995
|
|
|
|
1,100
|
|
|
|
3,997
|
|
|
|
2,077
|
|
Inventory fair value adjustment (4)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,287
|
|
Integration expense (3)
|
|
|
50
|
|
|
|
642
|
|
|
|
373
|
|
|
|
1,080
|
|
Non-GAAP Gross profit
|
|
$
|
52,569
|
|
|
$
|
47,319
|
|
|
$
|
219,953
|
|
|
$
|
138,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income (loss) from operations
|
|
$
|
10,025
|
|
|
$
|
(9,326
|
)
|
|
$
|
36,378
|
|
|
$
|
(5,342
|
)
|
Deferred revenue fair value adjustment
|
|
|
763
|
|
|
|
6,355
|
|
|
|
11,782
|
|
|
|
12,640
|
|
Shared-based compensation expense (1)
|
|
|
1,521
|
|
|
|
1,013
|
|
|
|
5,122
|
|
|
|
2,069
|
|
Amortization of acquired intangible assets (2)
|
|
|
1,486
|
|
|
|
1,591
|
|
|
|
5,959
|
|
|
|
2,888
|
|
Inventory fair value adjustment (4)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,287
|
|
Integration expense (3)
|
|
|
488
|
|
|
|
6,684
|
|
|
|
1,858
|
|
|
|
12,708
|
|
Non-GAAP Income from operations
|
|
$
|
14,283
|
|
|
$
|
6,317
|
|
|
$
|
61,099
|
|
|
$
|
26,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss)
|
|
$
|
5,674
|
|
|
$
|
(4,913
|
)
|
|
$
|
20,048
|
|
|
$
|
(2,088
|
)
|
Deferred revenue fair value adjustment
|
|
|
763
|
|
|
|
6,355
|
|
|
|
11,782
|
|
|
|
12,640
|
|
Shared-based compensation expense (1)
|
|
|
1,521
|
|
|
|
1,013
|
|
|
|
5,122
|
|
|
|
2,069
|
|
Amortization of acquired intangible assets (2)
|
|
|
1,486
|
|
|
|
1,591
|
|
|
|
5,959
|
|
|
|
2,888
|
|
Inventory fair value adjustment (4)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,287
|
|
Integration expense (3)
|
|
|
488
|
|
|
|
6,684
|
|
|
|
1,858
|
|
|
|
12,708
|
|
Income tax adjustments (5)
|
|
|
(1,618
|
)
|
|
|
(5,944
|
)
|
|
|
(9,394
|
)
|
|
|
(12,005
|
)
|
Non-GAAP Net income
|
|
$
|
8,314
|
|
|
$
|
4,786
|
|
|
$
|
35,375
|
|
|
$
|
17,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted Net income (loss) per share
|
|
$
|
0.14
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.49
|
|
|
$
|
(0.06
|
)
|
Share impact of non-GAAP adjustments identified above
|
|
|
0.06
|
|
|
|
0.25
|
|
|
|
0.37
|
|
|
|
0.54
|
|
Non-GAAP Diluted net income per share
|
|
$
|
0.20
|
|
|
$
|
0.12
|
|
|
$
|
0.86
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP diluted net income (loss) per share
|
|
|
41,505
|
|
|
|
40,035
|
|
|
|
40,925
|
|
|
|
36,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Share-based compensation expense included in these amounts is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue
|
|
$
|
39
|
|
|
$
|
34
|
|
|
$
|
119
|
|
|
$
|
57
|
|
|
|
|
Cost of service revenue
|
|
|
66
|
|
|
|
36
|
|
|
|
217
|
|
|
|
78
|
|
|
|
|
Research and development
|
|
|
389
|
|
|
|
238
|
|
|
|
1,278
|
|
|
|
502
|
|
|
|
|
Sales and marketing
|
|
|
659
|
|
|
|
524
|
|
|
|
2,232
|
|
|
|
997
|
|
|
|
|
General and administrative
|
|
|
368
|
|
|
|
181
|
|
|
|
1,276
|
|
|
|
435
|
|
|
|
|
Total share-based compensation expense
|
|
$
|
1,521
|
|
|
$
|
1,013
|
|
|
$
|
5,122
|
|
|
$
|
2,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Amortization expense related to acquired software and product
technology included in these amounts is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Product Revenue
|
|
$
|
995
|
|
|
$
|
1,100
|
|
|
$
|
3,997
|
|
|
$
|
2,077
|
|
|
|
|
Operating expenses
|
|
|
491
|
|
|
|
491
|
|
|
|
1,962
|
|
|
|
811
|
|
|
|
|
Total amortization expense
|
|
$
|
1,486
|
|
|
$
|
1,591
|
|
|
$
|
5,959
|
|
|
$
|
2,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Integration expense included in these amounts is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue
|
|
$
|
-
|
|
|
$
|
353
|
|
|
$
|
141
|
|
|
$
|
655
|
|
|
|
|
Cost of service revenue
|
|
|
50
|
|
|
|
289
|
|
|
|
232
|
|
|
|
425
|
|
|
|
|
Research and development
|
|
|
82
|
|
|
|
495
|
|
|
|
328
|
|
|
|
1,140
|
|
|
|
|
Sales and marketing
|
|
|
100
|
|
|
|
681
|
|
|
|
376
|
|
|
|
1,475
|
|
|
|
|
General and administrative
|
|
|
256
|
|
|
|
4,866
|
|
|
|
781
|
|
|
|
9,013
|
|
|
|
|
Total integration expense
|
|
$
|
488
|
|
|
$
|
6,684
|
|
|
$
|
1,858
|
|
|
$
|
12,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Inventory Fair Value Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Product Revenue
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,287
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Reflects the tax effect of non-GAAP adjustments above at the
statutory rate of 38%
|
|
|
|
|
|
|
|
|
NetScout Systems, Inc.
|
Condensed Consolidated Balance Sheets
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31
|
|
March 31
|
|
|
2009
|
|
2008
|
|
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
82,222
|
|
|
$
|
56,702
|
|
Marketable securities
|
|
|
24,162
|
|
|
|
10,465
|
|
Accounts receivable, net
|
|
|
39,827
|
|
|
|
32,048
|
|
Inventories
|
|
|
6,850
|
|
|
|
12,083
|
|
Refundable income taxes
|
|
|
8,389
|
|
|
|
5,036
|
|
Deferred income taxes
|
|
|
2,796
|
|
|
|
6,052
|
|
Prepaid expenses and other current assets
|
|
|
4,939
|
|
|
|
13,546
|
|
|
|
|
|
|
Total current assets
|
|
|
169,185
|
|
|
|
135,932
|
|
|
|
|
|
|
Fixed assets, net
|
|
|
13,848
|
|
|
|
16,729
|
|
Goodwill
|
|
|
128,177
|
|
|
|
131,802
|
|
Acquired intangible assets, net
|
|
|
59,610
|
|
|
|
65,569
|
|
Deferred income taxes
|
|
|
34,941
|
|
|
|
34,891
|
|
Long-term marketable securities
|
|
|
29,528
|
|
|
|
33,764
|
|
Other assets
|
|
|
1,445
|
|
|
|
2,250
|
|
Total assets
|
|
$
|
436,734
|
|
|
$
|
420,937
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
6,385
|
|
|
$
|
9,207
|
|
Accrued compensation
|
|
|
23,156
|
|
|
|
23,594
|
|
Accrued other
|
|
|
5,407
|
|
|
|
7,805
|
|
Income taxes payable
|
|
|
1,702
|
|
|
|
1,065
|
|
Long-term debt, current portion
|
|
|
10,000
|
|
|
|
6,250
|
|
Deferred revenue
|
|
|
70,815
|
|
|
|
74,257
|
|
|
|
|
|
|
Total current liabilities
|
|
|
117,465
|
|
|
|
122,178
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
771
|
|
|
|
917
|
|
Accrued long-term retirement benefits
|
|
|
1,330
|
|
|
|
1,245
|
|
Long-term deferred revenue
|
|
|
8,937
|
|
|
|
6,764
|
|
Long-term debt, net of current portion
|
|
|
82,500
|
|
|
|
92,500
|
|
Total liabilities
|
|
|
211,003
|
|
|
|
223,604
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
45
|
|
|
|
43
|
|
Additional paid-in capital
|
|
|
192,844
|
|
|
|
182,789
|
|
Accumulated other comprehensive income (loss)
|
|
|
(1,461
|
)
|
|
|
246
|
|
Treasury stock
|
|
|
(28,939
|
)
|
|
|
(28,939
|
)
|
Retained earnings
|
|
|
63,242
|
|
|
|
43,194
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
225,731
|
|
|
|
197,333
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
436,734
|
|
|
$
|
420,937
|
|
Source: NetScout Systems, Inc.
NetScout Systems, Inc.
Catherine Taylor, 978-614-4286
Director
of Investor Relations
IR@netscout.com