UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): April 30, 2015
NETSCOUT
SYSTEMS, INC.
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of
incorporation)
0000-26251 |
04-2837575 |
|
(Commission File Number) |
(IRS Employer Identification No.) |
310 Littleton Road |
01886 |
|
(Address of principal executive offices) |
(Zip Code) |
(978) 614-4000
(Registrant’s telephone number, including area
code)
Not Applicable
(Former Name or Former Address, if
changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. |
Results of Operations and Financial Condition. |
The following information and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
On April 30, 2015, NetScout Systems, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and fiscal year ended March 31, 2015, its expectations of future performance and its intention to hold a conference call regarding these topics. The Company's press release is furnished as Exhibit 99.1 to this report.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
The Company hereby furnishes the following exhibit:
99.1 Press release dated April 30, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NETSCOUT SYSTEMS, INC. |
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By: |
/s/ Jean Bua |
Jean Bua |
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Chief Financial Officer |
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Date: |
April 30, 2015 |
Exhibit Index
Exhibit Number |
Description |
99.1 |
Press release dated April 30, 2015. |
Exhibit 99.1
NetScout Systems Reports Financial Results For Fourth Quarter and Fiscal Year End 2015
Exceptionally Strong Q4 FY15 EPS Performance Caps Successful FY15;
FY15 GAAP & Non-GAAP Revenue Increased 14% with GAAP EPS Up 26% and Non-GAAP EPS Up 33%
WESTFORD, Mass.--(BUSINESS WIRE)--April 30, 2015--NetScout Systems, Inc. (NASDAQ: NTCT):
Q4 FY 2015 | |||||||||||
GAAP |
% Growth v. Q4 |
Non-GAAP |
% Growth v. Q4 |
||||||||
Revenue | $119.4 million | 6% | $119.4 million | 6% | |||||||
Net income | $20.9 million | 25% | $27.9 million | 38% | |||||||
Net income per diluted share | $0.50 | 25% | $0.67 | 40% | |||||||
FY 2015 | |||||||||||
GAAP |
% Growth v. |
Non-GAAP |
% Growth v. |
||||||||
Revenue | $453.7 million | 14% | $453.7 million | 14% | |||||||
Net income | $61.2 million | 25% | $84.3 million | 31% | |||||||
Net income per share | $1.47 | 26% | $2.03 | 33% | |||||||
NetScout Systems, Inc. (NASDAQ: NTCT), an industry leader for advanced network, application and service assurance solutions, today announced financial results for its fourth quarter and fiscal year ended March 31, 2015.
“NetScout completed its fiscal year 2015 with strong revenue growth of 14% that helped drive stellar non-GAAP EPS growth of 33%,” stated Anil Singhal, NetScout’s President and CEO. “Overall, we made notable progress this year as we innovated, successfully expanded our customer relationships worldwide, and delivered our third consecutive year of solid non-GAAP revenue growth with even stronger profitability growth. Just as important, we have set the stage for accelerating the Company’s ability to fully execute its strategy and better capitalize on a range of attractive growth opportunities worldwide through our previously announced plans to acquire Danaher’s Communications Business. We are particularly pleased with demand levels in our service provider segment, which enabled us to exceed our target of 20 percent growth for service provider product revenue for yet another year. We continued to make progress expanding our customer relationships although we experienced some delays in fourth-quarter purchasing by certain international customers primarily resulting from macroeconomic headwinds associated with the volatile foreign exchange environment that has developed over the past six months.”
Q4 and FY15 Financial Results
Total revenue for the fourth quarter of fiscal year 2015 was $119.4 million, a 6% increase over $112.3 million in the same period last year. Non-GAAP revenue for the fourth quarter of fiscal year 2015 also increased by 6%. A reconciliation of GAAP and non-GAAP results is included in the attached financial tables.
Total product revenue for the fourth quarter of fiscal year 2015 was $74.1 million, an increase of 5% from the same period last year. Service revenue of $45.3 million for the fourth quarter of fiscal year 2015 grew by 8% on a GAAP basis from the same period last year. Non-GAAP service revenue was $45.3 million for the fourth quarter of fiscal year 2015, an 8% increase over the same quarter in fiscal year 2014.
Income from operations was $30.6 million in the fourth quarter of fiscal year 2015, an increase of 18% from $26.0 million in the same quarter last year. Fourth-quarter fiscal year 2015 non-GAAP income from operations was $42.7 million, a 36% increase over the same quarter one year ago.
Net income for the fourth quarter of fiscal year 2015 was $20.9 million, or $0.50 per diluted share, compared with net income of $16.7 million, or $0.40 per diluted share in the fourth quarter one year ago. On a non-GAAP basis, net income for the fourth quarter was $27.9 million, or $0.67 per diluted share, versus non-GAAP net income of $20.2 million, or $0.48 per diluted share, in the fourth quarter of fiscal year 2014.
Other notable financial highlights for the fourth quarter and fiscal year 2015 included:
During the fourth quarter of fiscal year 2015, NetScout repurchased 500,000 shares of common stock at an average price of $40.03 per share, totaling $20.0 million. During fiscal year 2015, NetScout repurchased a total of 1,000,000 shares at an average price of $40.92 per share, totaling $40.9 million, as part of its existing $100 million open market stock repurchase program.
Guidance:
NetScout currently anticipates that the
Company’s acquisition of Danaher’s Communications Business will be
completed in July. As a result, NetScout is providing guidance only for
the first quarter of fiscal year 2016. For the first quarter of fiscal
year 2016, NetScout expects GAAP and non-GAAP revenue to be in the range
of $95 million to $110 million. GAAP net income per diluted share is
expected to be in the range of $0.14 to $0.27 and non-GAAP net income
per diluted share between $0.25 and $0.38. NetScout plans to offer
updated guidance for fiscal year 2016 when it reports its first-quarter
fiscal year 2016 results in late July.
For the first quarter of fiscal year 2016, the non-GAAP net income per diluted share expectation excludes forecasted share-based compensation expenses of approximately $3.5 million, estimated amortization of acquired intangible assets of approximately $1.8 million, compensation for post combination services of approximately $0.1 million, business development expenses of approximately $2.1 million, and the related impact of these adjustments on the provision for income taxes of $2.8 million.
NetScout’s Special Meeting of Stockholders:
As
previously announced last week, NetScout plans to hold a special meeting
of stockholders on June 25, 2015 to approve the issuance of 62.5 million
shares of NetScout common stock in connection with the transactions
necessary to complete the acquisition of Danaher’s Communications
Business. Stockholders of record as of the close of business on May 1,
2015 will be entitled to notice of, and to vote at, the special
stockholders meeting.
Conference Call Instructions:
NetScout will host a
conference call to discuss its fourth-quarter and fiscal year-end 2015
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: 19479493. A replay of the call will be available after
11:30 a.m. ET on April 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: 19479493.
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 inventory
fair value adjustments, expenses related to the amortization of acquired
intangible assets, stock-based compensation, restructuring, 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 the 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.
Additional Information and Where You Can Find It
NetScout’s
Registration Statement on Form S-4, Preliminary Proxy Statement on
Schedule 14A and other documents concerning the proposed acquisition of
Danaher’s Communications business have been filed with the Securities
and Exchange Commission (the “SEC”). Investors are urged to read the S-4
Registration Statement and Proxy Statement, along with other relevant
documents filed with the SEC, when they become available because they
will contain important information. Security holders may obtain a free
copy of the Registration Statement and Proxy Statement (when it is
available) and other documents filed by NetScout with the SEC at the
SEC’s website at www.sec.gov. The Registration Statement
and Proxy Statement, along with other documents, may also be obtained
for free by contacting Andrew Kramer, Vice President of Investor
Relations, by telephone at 978-614-4000, by email at ir@netscout.com,
or by mail at Investor Relations, NetScout Systems, Inc., 310 Littleton
Road, Westford, MA 01886.
This communication is not a solicitation of a proxy from any security holder of NetScout. However, NetScout, Danaher and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NetScout’s stockholders in connection with the proposed transaction. Information about NetScout’s directors and executive officers and their beneficial ownership of NetScout’s common stock may be found in its preliminary proxy statement filed with the SEC on April 6, 2015. This document can be obtained free of charge from the SEC website at www.sec.gov.
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 events and timing associated with completing
the merger with Danaher’s communication business and the financial
guidance for NetScout, 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; the failure to obtain, delays in obtaining or
adverse conditions related to obtaining shareholder approvals; the
anticipated tax treatment of the transaction and related transactions;
risks relating to any unforeseen changes to or the effects on
liabilities, future capital expenditures, revenue, expenses, synergies,
indebtedness, financial condition, losses and future prospects; failure
to consummate or delay in consummating the transaction for other
reasons; 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 Registration
Statement on Form S-4, Annual Report on Form 10-K for the fiscal year
ended March 31, 2014 and Quarterly Reports on Form 10-Q for the quarters
ended June 30, 2014, September 30, 2014 and December 31, 2014, which are
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 and the NetScout logo and nGenius are registered trademarks of NetScout Systems, Inc.
NetScout Systems, Inc. |
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Three Months Ended March 31, |
Twelve Months Ended |
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2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||
Product | $ | 74,130 | $ | 70,373 | $ | 272,895 | $ | 234,268 | ||||||||||||||
Service | 45,255 | 41,944 | 180,774 | 162,379 | ||||||||||||||||||
Total revenue | 119,385 | 112,317 | 453,669 | 396,647 | ||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||
Product | 14,022 | 15,102 | 59,037 | 51,219 | ||||||||||||||||||
Service | 9,366 | 9,183 | 35,524 | 33,294 | ||||||||||||||||||
Total cost of revenue | 23,388 | 24,285 | 94,561 | 84,513 | ||||||||||||||||||
Gross profit | 95,997 | 88,032 | 359,108 | 312,134 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research and development | 18,370 | 19,503 | 75,242 | 70,454 | ||||||||||||||||||
Sales and marketing | 32,142 | 33,427 | 136,446 | 129,611 | ||||||||||||||||||
General and administrative | 14,085 | 8,256 | 47,296 | 30,623 | ||||||||||||||||||
Amortization of acquired intangible assets | 812 | 861 | 3,351 | 3,432 | ||||||||||||||||||
Total operating expenses | 65,409 | 62,047 | 262,335 | 234,120 | ||||||||||||||||||
Income from operations | 30,588 | 25,985 | 96,773 | 78,014 | ||||||||||||||||||
Interest and other expense, net | (622 | ) | (70 | ) | (1,808 | ) | (158 | ) | ||||||||||||||
Income before income tax expense | 29,966 | 25,915 | 94,965 | 77,856 | ||||||||||||||||||
Income tax expense | 9,112 | 9,239 | 33,773 | 28,750 | ||||||||||||||||||
Net income | $ | 20,854 | $ | 16,676 | $ | 61,192 | $ | 49,106 | ||||||||||||||
Basic net income per share | $ | 0.51 | $ | 0.40 | $ | 1.49 | $ | 1.19 | ||||||||||||||
Diluted net income per share | $ | 0.50 | $ | 0.40 | $ | 1.47 | $ | 1.17 | ||||||||||||||
Weighted average common shares outstanding used in computing: | ||||||||||||||||||||||
Net income per share - basic | 41,073 | 41,240 | 41,105 | 41,366 | ||||||||||||||||||
Net income per share - diluted | 41,531 | 41,899 | 41,637 | 41,955 |
NetScout Systems, Inc. |
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Three Months Ended |
Three Months Ended |
Twelve Months Ended |
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2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
GAAP Revenue | $ | 119,385 | $ | 112,317 | $ | 122,833 | $ | 453,669 | $ | 396,647 | |||||||||||||||||||
Deferred revenue fair value adjustment | - | 139 | - | 18 | 558 | ||||||||||||||||||||||||
Non-GAAP Revenue | $ | 119,385 | $ | 112,456 | $ | 122,833 | $ | 453,687 | $ | 397,205 | |||||||||||||||||||
GAAP Gross profit | $ | 95,997 | $ | 88,032 | $ | 95,851 | $ | 359,108 | $ | 312,134 | |||||||||||||||||||
Deferred revenue fair value adjustment | - | 139 | - | 18 | 558 | ||||||||||||||||||||||||
Share-based compensation expense (1) | 458 | 229 | 379 | 1,532 | 969 | ||||||||||||||||||||||||
Amortization of acquired intangible assets (2) | 877 | 853 | 905 | 3,639 | 3,333 | ||||||||||||||||||||||||
Compensation for post combination services (4) | - | 9 | 2 | 19 | 34 | ||||||||||||||||||||||||
Non-GAAP Gross profit | $ | 97,332 | $ | 89,262 | $ | 97,137 | $ | 364,316 | $ | 317,028 | |||||||||||||||||||
GAAP Income from operations | $ | 30,588 | $ | 25,985 | $ | 27,939 | $ | 96,773 | $ | 78,014 | |||||||||||||||||||
Deferred revenue fair value adjustment | - | 139 | - | 18 | 558 | ||||||||||||||||||||||||
Share-based compensation expense (1) | 4,633 | 2,971 | 4,150 | 16,580 | 12,930 | ||||||||||||||||||||||||
Amortization of acquired intangible assets (2) | 1,689 | 1,714 | 1,726 | 6,990 | 6,765 | ||||||||||||||||||||||||
Business development and integration expense (3) | 5,781 | 41 | 4,698 | 11,956 | 523 | ||||||||||||||||||||||||
Compensation for post combination services (4) | 21 | 530 | 312 | 1,414 | 2,215 | ||||||||||||||||||||||||
Non-GAAP Income from operations | $ | 42,712 | $ | 31,380 | $ | 38,825 | $ | 133,731 | $ | 101,005 | |||||||||||||||||||
GAAP Net income | $ | 20,854 | $ | 16,676 | $ | 17,629 | $ | 61,192 | $ | 49,106 | |||||||||||||||||||
Deferred revenue fair value adjustment | - | 139 | - | 18 | 558 | ||||||||||||||||||||||||
Share-based compensation expense (1) | 4,633 | 2,971 | 4,150 | 16,580 | 12,930 | ||||||||||||||||||||||||
Amortization of acquired intangible assets (2) | 1,689 | 1,714 | 1,726 | 6,990 | 6,765 | ||||||||||||||||||||||||
Business development and integration expense (3) | 5,781 | 41 | 4,698 | 11,956 | 523 | ||||||||||||||||||||||||
Compensation for post combination services (4) | 21 | 530 | 312 | 1,414 | 2,215 | ||||||||||||||||||||||||
Income tax adjustments (5) | (5,083 | ) | (1,845 | ) | (3,909 | ) | (13,810 | ) | (7,879 | ) | |||||||||||||||||||
Non-GAAP Net income | $ | 27,895 | $ | 20,226 | $ | 24,606 | $ | 84,340 | $ | 64,218 | |||||||||||||||||||
GAAP Diluted Net income per share | $ | 0.50 | $ | 0.40 | $ | 0.42 | $ | 1.47 | $ | 1.17 | |||||||||||||||||||
Share impact of non-GAAP adjustments identified above | 0.17 | 0.08 | 0.17 | 0.56 | 0.36 | ||||||||||||||||||||||||
Non-GAAP Diluted net income per share | $ | 0.67 | $ | 0.48 | $ | 0.59 | $ | 2.03 | $ | 1.53 | |||||||||||||||||||
Shares used in computing non-GAAP diluted net income per share | 41,531 | 41,899 | 41,536 | 41,637 | 41,955 | ||||||||||||||||||||||||
(1 | ) | Share-based compensation expense included in these amounts | |||||||||||||||||||||||||||
is as follows: | |||||||||||||||||||||||||||||
Cost of product revenue | $ | 100 | $ | 54 | $ | 85 | $ | 338 | $ | 228 | |||||||||||||||||||
Cost of service revenue | 358 | 175 | 294 | 1,194 | 741 | ||||||||||||||||||||||||
Research and development | 1,534 | 1,045 | 1,455 | 5,505 | 4,361 | ||||||||||||||||||||||||
Sales and marketing | 1,422 | 839 | 1,221 | 4,841 | 3,791 | ||||||||||||||||||||||||
General and administrative | 1,219 | 858 | 1,095 | 4,702 | 3,809 | ||||||||||||||||||||||||
Total share-based compensation expense | $ | 4,633 | $ | 2,971 | $ | 4,150 | $ | 16,580 | $ | 12,930 | |||||||||||||||||||
(2 | ) | Amortization expense related to acquired software and product | |||||||||||||||||||||||||||
technology included in these amounts is as follows: | |||||||||||||||||||||||||||||
Cost of product revenue | $ | 877 | $ | 853 | $ | 905 | $ | 3,639 | $ | 3,333 | |||||||||||||||||||
Operating expenses | 812 | 861 | 821 | 3,351 | 3,432 | ||||||||||||||||||||||||
Total amortization expense | $ | 1,689 | $ | 1,714 | $ | 1,726 | $ | 6,990 | $ | 6,765 | |||||||||||||||||||
(3 | ) | Business development and integration expense included in | |||||||||||||||||||||||||||
these amounts is as follows: | |||||||||||||||||||||||||||||
Sales and marketing | 394 | - | - | 394 | - | ||||||||||||||||||||||||
General and administrative | 5,387 | 41 | 4,698 | 11,562 | 523 | ||||||||||||||||||||||||
Total business development and integration expense | $ | 5,781 | $ | 41 | $ | 4,698 | $ | 11,956 | $ | 523 | |||||||||||||||||||
(4 | ) | Compensation for post combination services included in these | |||||||||||||||||||||||||||
amounts is as follows: | |||||||||||||||||||||||||||||
Cost of product revenue | - | 6 | 1 | 13 | 23 | ||||||||||||||||||||||||
Cost of service revenue | - | 3 | 1 | 6 | 11 | ||||||||||||||||||||||||
Research and development | 21 | 199 | 211 | 652 | 902 | ||||||||||||||||||||||||
Sales and marketing | - | 38 | 14 | 90 | 153 | ||||||||||||||||||||||||
General and administrative | - | 284 | 85 | 653 | 1,126 | ||||||||||||||||||||||||
Total compensation for post combination services | $ | 21 | $ | 530 | $ | 312 | $ | 1,414 | $ | 2,215 | |||||||||||||||||||
(5 | ) | Total income tax adjustment is as follows: | |||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments above at 38% | $ | (4,606 | ) | $ | (2,052 | ) | $ | (4,136 | ) | $ | (14,043 | ) | $ | (8,737 | ) | ||||||||||||||
Tax impact of non-GAAP reconciling items in loss jurisdictions | (477 | ) | 207 | 227 | 233 | 858 | |||||||||||||||||||||||
Total income tax adjustments | $ | (5,083 | ) | $ | (1,845 | ) | $ | (3,909 | ) | $ | (13,810 | ) | $ | (7,879 | ) |
NetScout Systems, Inc. |
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March 31, |
March 31, |
|||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash, cash equivalents and marketable securities | $ | 206,285 | $ | 177,310 | ||||||
Accounts receivable, net | 82,226 | 60,518 | ||||||||
Inventories | 12,130 | 12,580 | ||||||||
Prepaid expenses and other current assets | 36,643 | 28,354 | ||||||||
Total current assets | 337,284 | 278,762 | ||||||||
Fixed assets, net | 23,864 | 23,098 | ||||||||
Goodwill and intangible assets, net | 247,625 | 261,959 | ||||||||
Long-term marketable securities | 58,572 | 41,484 | ||||||||
Other assets | 1,704 | 2,460 | ||||||||
Total assets | $ | 669,049 | $ | 607,763 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 13,077 | $ | 11,541 | ||||||
Accrued compensation | 36,553 | 34,901 | ||||||||
Accrued other | 14,581 | 7,221 | ||||||||
Deferred revenue | 123,422 | 109,301 | ||||||||
Total current liabilities | 187,633 | 162,964 | ||||||||
Other long-term liabilities | 6,479 | 6,661 | ||||||||
Deferred tax liability | 10,639 | 2,757 | ||||||||
Accrued long-term retirement benefits | 1,587 | 1,581 | ||||||||
Long-term deferred revenue | 26,961 | 24,639 | ||||||||
Total liabilities | 233,299 | 198,602 | ||||||||
Stockholders' equity: | ||||||||||
Common stock | 51 | 50 | ||||||||
Additional paid-in capital | 298,101 | 273,574 | ||||||||
Accumulated other comprehensive income | (4,645 | ) | 2,772 | |||||||
Treasury stock, at cost | (169,516 | ) | (117,802 | ) | ||||||
Retained earnings | 311,759 | 250,567 | ||||||||
Total stockholders' equity | 435,750 | 409,161 | ||||||||
Total liabilities and stockholders' equity | $ | 669,049 | $ | 607,763 |
CONTACT:
NetScout Systems, Inc.
Andrew Kramer, 978-614-4279
Vice
President of Investor Relations
IR@netscout.com