WESTFORD, Mass.--(BUSINESS WIRE)--Jul. 30, 2015--
NetScout
Systems, Inc. (NASDAQ:NTCT), a market leader in service assurance
solutions, today announced financial results for its first quarter of
fiscal year 2016 ended June 30, 2015.
“NetScout’s first-quarter fiscal year 2016 results reflect another
quarter with revenue in excess of $100 million along with solid non-GAAP
profitability as we were very pleased by the growing interest in our
nGeniusONE solution by both enterprise and service provider customers,”
stated Anil Singhal, NetScout’s president and CEO. “With the strategic
acquisition of Danaher’s Communication business now complete, we have
the potential to significantly accelerate the strategic plans that we
put in place several years ago to further expand our business and extend
our reach into complementary markets. We move forward with a compelling
range of capabilities that we believe extends our leadership position in
the broader service assurance and cyber security markets, as we drive to
fulfill the responsibility associated with our new tag line and mission,
called Guardians of the Connected World.”
Q1 FY16 Financial Results
NetScout’s financial results for the first quarter of fiscal year 2016
do not include any contribution from Danaher’s Communications Business,
which was acquired on July 14, 2015.
Total revenue for the first quarter of fiscal year 2016 was $100.7
million, a 7% decrease from over $107.9 million in the same period last
year. Non-GAAP revenue for the first quarter of fiscal year 2016 also
decreased by 7%. The first-quarter fiscal year 2016 revenue performance
was in line with the Company’s guidance that was provided at the
beginning of the quarter. As previously reported, total revenue in last
year's first quarter benefited primarily from the activity of one of
NetScout’s tier-one service provider customers who has a purchasing
pattern of placing one large order to support deployment plans that span
multiple quarters. A reconciliation of GAAP and non-GAAP results is
included in the attached financial tables.
Total product revenue for the first quarter of fiscal year 2016 was
$53.6 million, a decrease of 17% from the same period last year. Service
revenue of $47.1 million for the first quarter of fiscal year 2016 grew
by 8% on a GAAP and non-GAAP basis from the same period last year.
Income from operations was $12.4 million in the first quarter of fiscal
year 2016, a decrease of 37% from the same quarter last year.
First-quarter fiscal year 2016 non-GAAP income from operations was $21.9
million, a 13% decrease over the same quarter one year ago.
Net income for the first quarter of fiscal year 2016 was $7.7 million,
or $0.19 per diluted share, compared with net income of $11.5 million,
or $0.27 per diluted share, in the first quarter one year ago. On a
non-GAAP basis, net income for the first quarter was $13.7 million, or
$0.33 per diluted share, versus non-GAAP net income of $15.2 million, or
$0.36 per diluted share, in the first quarter of fiscal year 2015.
Other notable financial and operations highlights for the first quarter
of fiscal year 2016 and in recent weeks included:
-
As of June 30, 2015, cash and cash equivalents, and short and
long-term marketable securities were $267.5, a sequential increase of
$2.6 million since the end of the fourth quarter of fiscal year 2015.
-
During the first quarter of fiscal year 2016, NetScout repurchased
67,752 shares of common stock at an average price of $41.12 per share,
totaling approximately $2.8 million.
-
On July 14, 2015, NetScout completed its $2.3 billion acquisition of
the Communications Business from Danaher Corporation (NYSE: DHR). The
purchase price is based on the issuance of 62.5 million shares of
NetScout common stock and the closing price of NetScout’s common stock
of $36.89 per share on July 13, 2015. Acquiring Tektronix
Communications, Arbor Networks and parts of Fluke Networks from
Danaher Corporation accelerates NetScout’s strategic progress by
enabling the combined company to offer a broader range of innovative
service assurance and cyber security solutions.
-
In conjunction with the completion of the transaction, NetScout
secured a new, five-year $800 million senior secured revolving credit
facility that can be used to support general working capital
requirements as well as to help finance the repurchase of NetScout’s
common stock under its recently approved 20 million share common stock
repurchase plan.
Guidance:
With the completion of NetScout’s acquisition of Danaher’s
Communications Business, NetScout is providing full-year fiscal year
2016 guidance for the combined company. This guidance factors in the
anticipated contribution of the Communications Business for most of the
second quarter and the full third and fourth quarters of fiscal year
2016.
-
NetScout expects GAAP revenue to be in the range of approximately
$1.006 billion to $1.056 billion with non-GAAP revenue, which reflects
the deferred revenue fair value adjustment related to the transaction,
to be in the range of $1.05 billion to $1.1 billion.
-
GAAP net income per diluted share is expected to be in the range of
$0.40 to $0.55 and non-GAAP net income per diluted share is
anticipated to be in the range of $1.80 to $1.95.
-
For the fiscal year 2016, the non-GAAP net income per diluted share
expectation excludes the anticipated deferred revenue fair value
adjustment of approximately $44 million, a projected inventory fair
value adjustment of approximately $23 million, forecasted share-based
compensation expenses of approximately $23 million, estimated
amortization of acquired intangible assets of approximately $72
million, business development expenses of approximately $20 million,
and the related impact of these adjustments on the provision for
income taxes of $63 million.
Conference Call Instructions:
NetScout will host a conference call to discuss its first-quarter fiscal
year 2016 financial results today at 8:30 a.m. ET. This call will be
webcast live through NetScout’s website at http://ir.netscout.com/phoenix.zhtml?c=92658&p=irol-irhome.
Alternatively, people can listen to the call by dialing (866) 701-8242
for U.S./Canada and (763) 416-6912 for international callers and using
conference ID 80437805. A replay of the call will be available after
11:30 a.m. ET on July 30, 2015 for approximately one week. The number
for the replay is (855) 859-2056 for U.S./Canada and (404) 537-3406 for
international callers. The conference ID is 80437805.
Use of Non-GAAP Financial Information:
To supplement the financial measures presented in NetScout's press
release in accordance with accounting principles generally accepted in
the United States ("GAAP"), NetScout also reports the following non-GAAP
measures: non-GAAP total revenue, non-GAAP product revenue, non-GAAP
service revenue, non-GAAP income from operations, non-GAAP net income,
non-GAAP net income per diluted share and non-GAAP operating margin.
Non-GAAP revenue eliminates the GAAP effects of acquisitions by adding
back revenue related to deferred revenue revaluation. Non-GAAP income
from operations includes the foregoing adjustment and also removes
expenses related to the amortization of acquired intangible assets,
stock-based compensation, certain expenses relating to acquisitions
including compensation for post-combination services and business
development charges. Non-GAAP net income includes the aforementioned
items related to non-GAAP income from operations, net of related income
tax effects. Non-GAAP diluted net income per share also excludes these
expenses as well as the related impact of all these adjustments on the
provision for income taxes. Non-GAAP operating margin is calculated
based on the non-GAAP financial metrics discussed above.
These non-GAAP measures are not in accordance with GAAP, should not be
considered an alternative for measures prepared in accordance with GAAP
(revenue, net income and diluted net income per share), 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.
NetScout believes these non-GAAP financial measures will enhance the
reader’s overall understanding of NetScout’s current financial
performance and NetScout'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. NetScout believes that
providing these non-GAAP measures affords investors a view of NetScout’s
operating results that may be more easily compared to peer companies and
also enables investors to consider NetScout’s operating results on both
a GAAP and non-GAAP basis during and following the integration period of
NetScout’s acquisitions. Presenting the GAAP measures on their own would
not be indicative of NetScout’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.
NetScout 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.
About NetScout Systems, Inc.
NetScout Systems, Inc. (NASDAQ:NTCT) is a market leader in service
assurance solutions that enable enterprise and service provider
organizations to assure the quality of the user experience for business
and mobile services. NetScout technology helps these organizations
proactively manage service delivery and identify emerging performance
problems, helping to quickly resolve issues that cause business
disruptions or negatively impact users of information technology.
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 without limitation, the statements related to the
financial guidance for NetScout, the statements related to the Company’s
ability to accelerate strategic plans and extend reach into
complementary markets, the acceptance of the Company’s product offerings
by enterprise and service provider customers, the timing and magnitude
associated with the repurchase of NetScout common stock as part of the
Company’s 20 million share repurchase plan, and the performance of the
combined company, constitute forward-looking statements which involve
risks and uncertainties. Actual results could differ materially from the
forward-looking statements due to known and unknown risk, uncertainties,
assumptions and other factors. Such factors include slowdowns or
downturns in economic conditions generally and in the market for
advanced network and service assurance solutions specifically; the
volatile foreign exchange environment; the Company’s relationships with
strategic partners; dependence upon broad-based acceptance of the
Company’s network performance management solutions; the presence of
competitors with greater financial resources than ours and their
strategic response to our products; our ability to retain key executives
and employees; and the ability of NetScout to successfully integrate the
merged assets and the associated technology and achieve operational
efficiencies. 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, 2015, which is 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.
©2015 NetScout Systems, Inc. All rights reserved. NetScout, the NetScout
logo, and Guardians of the Connected World, and nGeniusONE are
registered trademarks or trademarks of NetScout Systems, Inc. and/or its
subsidiaries and/or affiliates in the USA and/or other countries.
Third-party trademarks mentioned are the property of their respective
owners.
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NetScout Systems, Inc. Condensed Consolidated
Statements of Operations (In thousands, except per share
data)
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Three Months Ended
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June 30,
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2015
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2014
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Revenue:
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Product
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$
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53,593
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$
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64,366
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Service
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47,150
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43,486
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Total revenue
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100,743
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107,852
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Cost of revenue:
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Product
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12,498
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13,766
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Service
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8,798
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8,830
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Total cost of revenue
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21,296
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22,596
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Gross profit
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79,447
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85,256
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Operating expenses:
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Research and development
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18,058
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18,767
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Sales and marketing
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38,092
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37,272
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General and administrative
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10,099
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8,753
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Amortization of acquired intangible assets
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809
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862
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Total operating expenses
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67,058
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65,654
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Income from operations
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12,389
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19,602
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Interest and other expense, net
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(146
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)
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(131
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)
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Income before income tax expense
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12,243
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19,471
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Income tax expense
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4,574
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7,995
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Net income
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$
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7,669
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$
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11,476
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Basic net income per share
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$
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0.19
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$
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0.28
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Diluted net income per share
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$
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0.19
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$
|
0.27
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Weighted average common shares outstanding used in computing:
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Net income per share - basic
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40,776
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41,081
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Net income per share - diluted
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41,371
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41,808
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NetScout Systems, Inc. Reconciliation of Current GAAP
to Current and Historical Non-GAAP Financial Measures (In
thousands, except per share data)
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Three Months Ended
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June 30,
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2015
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2014
|
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GAAP Revenue
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$
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100,743
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$
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107,852
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Deferred revenue fair value adjustment
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-
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18
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Non-GAAP Revenue
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$
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100,743
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$
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107,870
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GAAP Gross profit
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$
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79,447
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$
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85,256
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Deferred revenue fair value adjustment
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-
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18
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Share-based compensation expense (1)
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475
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288
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Amortization of acquired intangible assets (2)
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758
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|
934
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Compensation for post combination services (4)
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-
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8
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Non-GAAP Gross profit
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$
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80,680
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$
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86,504
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GAAP Income from operations
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$
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12,389
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$
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19,602
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Deferred revenue fair value adjustment
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-
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18
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Share-based compensation expense (1)
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4,595
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3,302
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Amortization of acquired intangible assets (2)
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1,567
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1,796
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Business development and integration expense (3)
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3,362
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-
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Compensation for post combination services (4)
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21
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536
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Non-GAAP Income from operations
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$
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21,934
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$
|
25,254
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GAAP Net income
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$
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7,669
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$
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11,476
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Deferred revenue fair value adjustment
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-
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18
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Share-based compensation expense (1)
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4,595
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3,302
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Amortization of acquired intangible assets (2)
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1,567
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1,796
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Business development and integration expense (3)
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3,362
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-
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Compensation for post combination services (4)
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21
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|
536
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Income tax adjustments (5)
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(3,552
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)
|
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|
|
(1,910
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)
|
Non-GAAP Net income
|
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|
$
|
13,662
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$
|
15,218
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GAAP Diluted Net income per share
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$
|
0.19
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$
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0.27
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Share impact of non-GAAP adjustments identified above
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0.14
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0.09
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Non-GAAP Diluted net income per share
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$
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0.33
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$
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0.36
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Shares used in computing non-GAAP diluted net income per share
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41,371
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41,808
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(1)
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Share-based compensation expense included in these amounts
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is as follows:
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Cost of product revenue
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$
|
102
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$
|
60
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Cost of service revenue
|
|
|
|
|
|
373
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|
|
|
|
228
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|
|
Research and development
|
|
|
|
|
|
1,490
|
|
|
|
|
1,026
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Sales and marketing
|
|
|
|
|
|
1,403
|
|
|
|
|
963
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General and administrative
|
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1,227
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|
|
|
1,025
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Total share-based compensation expense
|
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$
|
4,595
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$
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3,302
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(2)
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Amortization expense related to acquired software and product
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technology included in these amounts is as follows:
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Cost of product revenue
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$
|
758
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$
|
934
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Operating expenses
|
|
|
|
|
|
809
|
|
|
|
|
862
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Total amortization expense
|
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|
|
|
$
|
1,567
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|
|
|
$
|
1,796
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(3)
|
Business development and integration expense included in
|
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these amounts is as follows:
|
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|
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|
|
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|
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Sales and marketing
|
|
|
|
|
|
983
|
|
|
|
|
-
|
|
|
General and administrative
|
|
|
|
|
|
2,379
|
|
|
|
|
-
|
|
|
Total business development and integration expense
|
|
|
|
|
$
|
3,362
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Compensation for post combination services included in these
|
|
|
|
|
|
|
amounts is as follows:
|
|
|
|
|
|
|
|
|
|
Cost of product revenue
|
|
|
|
|
|
-
|
|
|
|
|
6
|
|
|
Cost of service revenue
|
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
Research and development
|
|
|
|
|
|
21
|
|
|
|
|
205
|
|
|
Sales and marketing
|
|
|
|
|
|
-
|
|
|
|
|
39
|
|
|
General and administrative
|
|
|
|
|
|
-
|
|
|
|
|
284
|
|
|
Total compensation for post combination services
|
|
|
|
|
$
|
21
|
|
|
|
$
|
536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Total income tax adjustment is as follows:
|
|
|
|
|
|
|
|
|
|
Tax effect of non-GAAP adjustments above at 38%
|
|
|
|
|
$
|
(3,625
|
)
|
|
|
$
|
(2,148
|
)
|
|
Tax impact of non-GAAP reconciling items in loss jurisdictions
|
|
|
|
|
|
73
|
|
|
|
|
238
|
|
|
Total income tax adjustments
|
|
|
|
|
$
|
(3,552
|
)
|
|
|
$
|
(1,910
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NetScout Systems, Inc. Consolidated Balance Sheets (In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
|
|
|
2015
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
|
$
|
207,209
|
|
|
|
$
|
206,285
|
|
Accounts receivable, net
|
|
|
|
|
|
58,496
|
|
|
|
|
82,226
|
|
Inventories
|
|
|
|
|
|
12,710
|
|
|
|
|
12,130
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
29,478
|
|
|
|
|
36,643
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
|
307,893
|
|
|
|
|
337,284
|
|
|
|
|
|
|
|
|
|
|
Fixed assets, net
|
|
|
|
|
|
24,902
|
|
|
|
|
23,864
|
|
Goodwill and intangible assets, net
|
|
|
|
|
|
247,037
|
|
|
|
|
247,625
|
|
Long-term marketable securities
|
|
|
|
|
|
60,303
|
|
|
|
|
58,572
|
|
Other assets
|
|
|
|
|
|
1,617
|
|
|
|
|
1,704
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$
|
641,752
|
|
|
|
$
|
669,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
11,203
|
|
|
|
$
|
13,077
|
|
Accrued compensation
|
|
|
|
|
|
21,780
|
|
|
|
|
36,553
|
|
Accrued other
|
|
|
|
|
|
7,656
|
|
|
|
|
14,581
|
|
Deferred revenue
|
|
|
|
|
|
108,179
|
|
|
|
|
123,422
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
|
148,818
|
|
|
|
|
187,633
|
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
|
6,379
|
|
|
|
|
6,479
|
|
Deferred tax liability
|
|
|
|
|
|
10,653
|
|
|
|
|
10,639
|
|
Accrued long-term retirement benefits
|
|
|
|
|
|
1,589
|
|
|
|
|
1,587
|
|
Long-term deferred revenue
|
|
|
|
|
|
27,919
|
|
|
|
|
26,961
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
195,358
|
|
|
|
|
233,299
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
51
|
|
|
|
|
51
|
|
Additional paid-in capital
|
|
|
|
|
|
302,456
|
|
|
|
|
298,101
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
(2,858
|
)
|
|
|
|
(4,645
|
)
|
Treasury stock, at cost
|
|
|
|
|
|
(172,683
|
)
|
|
|
|
(169,516
|
)
|
Retained earnings
|
|
|
|
|
|
319,428
|
|
|
|
|
311,759
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
|
|
446,394
|
|
|
|
|
435,750
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
641,752
|
|
|
|
$
|
669,049
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20150730005450/en/
Source: NetScout Systems, Inc.
NetScout Systems, Inc.
Andrew Kramer, 978-614-4279
Vice
President of Investor Relations
IR@netscout.com