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):  July 30, 2020
 
NETSCOUT SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation)
 

000-26251
 
04-2837575
(Commission File Number)  
(IRS Employer Identification No.)

310 Littleton Road
Westford, Massachusetts
  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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
NTCT
Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company               
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

            The following information and the Exhibit 99.1 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 July 30, 2020, NetScout Systems, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter of fiscal year 2021 ended June 30, 2020, 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:

Exhibit
Number
Description
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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.
 
 
 
 
 
 
 
By:
/s/ Jean Bua
 
 
Jean Bua
 
 
Executive Vice President and
Chief Financial Officer


Date: July 30, 2020
Exhibit 99.1

NETSCOUT Reports First Quarter Fiscal Year 2021 Financial Results

Company delivers strong EPS growth to start fiscal year 2021

WESTFORD, Mass.--(BUSINESS WIRE)--July 30, 2020--NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of service assurance, security, and business analytics, today announced financial results for its first quarter fiscal year 2021 ended June 30, 2020.

“We delivered strong earnings per share growth on a relatively consistent level of revenue in the first quarter of fiscal year 2021, compared with the same period last year,” stated Anil Singhal, NETSCOUT’s president and chief executive officer. “Our enterprise business was strong given our ability to provide service assurance, with real-time, pervasive visibility and insight, and security solutions that mitigate disruption for our customers regardless of their underlying infrastructure. NETSCOUT’s trust factor is attracting enterprises to our solutions to help solve heightened pandemic challenges, such as remote work, telemedicine, digital transformation, and an expanding cyber threat landscape. We are pleased with our execution to date, and with our ability to serve our customers and deliver solid results in this challenging global economic environment.”

Commenting on the Company’s plans and outlook for fiscal year 2021, Singhal said, “We remain cautiously optimistic about fiscal year 2021 as we experience expanded enterprise customer interest, while navigating timing and budget challenges in the service provider vertical. With our strong financial profile and experienced team, NETSCOUT remains well-positioned to weather this global pandemic and challenging economic environment.”


Q1 FY21 Financial Results

Total revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2021 was $183.8 million, compared with $186.0 million (GAAP) and $186.1 million (non-GAAP) in the same quarter one year ago. A reconciliation of GAAP and non-GAAP results is included in the attached financial tables.

Product revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2021 was $71.7 million, which was approximately 39% of total revenue. This compares with first-quarter fiscal year 2020 product revenue (GAAP and non-GAAP) of $75.7 million, which was approximately 41% of total revenue.

Service revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2021 was $112.1 million, or approximately 61% of total revenue versus service revenue (GAAP) of $110.3 million, or approximately 59% of total revenue, for the same period one year ago. On a non-GAAP basis, service revenue for the first fiscal quarter of fiscal year 2020 was $110.4 million, also approximately 59% of total non-GAAP revenue.

NETSCOUT’s loss from operations (GAAP) was $14.5 million in the first quarter of fiscal year 2021, compared with a loss from operations (GAAP) of $24.4 million in the comparable quarter one year ago. First-quarter fiscal year 2021 non-GAAP EBITDA from operations was $26.6 million, or 14.5% of non-GAAP quarterly revenue, which compares with $18.9 million, or 10.2% of non-GAAP quarterly revenue in the first quarter of fiscal year 2020. The Company’s first-quarter fiscal year 2021 (GAAP) operating margin was -7.9% versus -13.1% in the prior fiscal year’s first quarter. First-quarter fiscal year 2021 non-GAAP income from operations was $20.6 million with a non-GAAP operating margin of 11.2%. This compares with first-quarter fiscal year 2020 non-GAAP income from operations of $12.1 million and a non-GAAP operating margin of 6.5%.

Net loss (GAAP) for the first quarter of fiscal year 2021 was $17.4 million, or $0.24 per share (diluted) versus net loss (GAAP) of $29.3 million, or $0.38 per share, for the first quarter of fiscal year 2020. On a non-GAAP basis, net income for the first quarter of fiscal year 2021 was $12.2 million, or $0.17 per share (diluted), which compares with $5.6 million, or $0.07 per share (diluted), for the first quarter of fiscal year 2020.

As of June 30, 2020, cash and cash equivalents, and short and long-term marketable securities were $426.5 million, compared with $389.1 million as of March 31, 2020 and $443.2 million as of June 30, 2019. During the first quarter of fiscal year 2021, NETSCOUT did not repurchase any shares of its common stock through its share repurchase program and as of June 30, 2020 had $450.0 million outstanding on its $1.0 billion revolving credit facility.


Guidance:

Given the continuing COVID-19 situation, it is not possible, with reasonable accuracy, to estimate the impact of the pandemic on future financial performance. Therefore, the Company will defer providing fiscal year 2021 guidance until there is greater visibility on the duration, magnitude, and effects of the COVID-19 global pandemic.

Conference Call Instructions:

NETSCOUT will host a conference call to discuss its first-quarter fiscal year 2021 financial results today at 8:30 a.m. ET. This call will be webcast live through NETSCOUT’s website at https://ir.netscout.com/investors/overview/default.aspx. Alternatively, people can listen to the call by dialing (785) 424-1667. The conference call ID is NTCTQ121. A replay of the call will be available after 12:00 p.m. ET on July 30, 2020 for approximately one week. The number for the replay is (800) 753-6120 for U.S./Canada and (402) 220-0684 for international callers.

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 revenue, non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share (diluted) and non-GAAP earnings before interest and other expense, income taxes, depreciation and amortization (EBITDA) from operations. Non-GAAP revenue eliminates the GAAP effects of acquisitions by adding back revenue related to deferred revenue revaluation. Non-GAAP gross profit includes the aforementioned revenue adjustments and also removes expenses related to the amortization of acquired intangible assets, share-based compensation, and acquisition-related depreciation. Non-GAAP income from operations includes the aforementioned adjustments and also removes business development and integration expense, compensation for post-combination services, legal expenses related to a civil judgment, restructuring charges, and costs related to new accounting standard implementation, and adds back transitional service agreement income. Non-GAAP net income includes the foregoing adjustments related to non-GAAP income from operations, net of related income tax effects while removing transitional service agreement income and changes in contingent consideration. Non-GAAP EBITDA from operations includes the aforementioned items related to non-GAAP income from operations and also removes non-acquisition-related depreciation expense. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures included in the attached tables within this press release.


These non-GAAP measures are not in accordance with GAAP, should not be considered an alternative for measures prepared in accordance with GAAP (revenue, gross profit, operating margin, net income and diluted net income per share), and may have limitations because 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, without the supplemental non-GAAP disclosures, might 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 provides 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) assures digital business services against disruptions in availability, performance, and security. Our market and technology leadership stems from combining our patented smart data technology with smart analytics. We provide real-time, pervasive visibility, and insights customers need to accelerate and secure their digital transformation. Our approach transforms the way organizations plan, deliver, integrate, test, and deploy services and applications. Our nGenius service assurance solutions provide real-time, contextual analysis of service, network, and application performance. Arbor security solutions protect against DDoS attacks that threaten availability and advanced threats that infiltrate networks to steal critical business assets. To learn more about improving service, network, and application performance in physical or virtual data centers, or in the cloud, and how NETSCOUT’s performance and security solutions, powered by service intelligence can help you move forward with confidence, visit www.netscout.com or follow @NETSCOUT and @ArborNetworks on Twitter, Facebook, or LinkedIn.


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, statements regarding customer trends and with our strong financial profile and experienced team, NETSCOUT remains well-positioned to weather this global pandemic and challenging economic environment, constitute forward looking statements that 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 COVID-19 related impacts, slowdowns or downturns in economic conditions generally and in the market for advanced network, service assurance and cybersecurity solutions specifically; the volatile foreign exchange environment; the Company’s relationships with strategic partners and resellers; dependence upon broad-based acceptance of the Company’s network performance management solutions; the presence of competitors with greater financial resources than we have, and their strategic response to our products; our ability to retain key executives and employees; the Company’s ability to realize the anticipated savings from recent restructuring actions and other expense management programs; lower than expected demand for the Company’s products and services; and the timing and magnitude of stock buyback activity based on market conditions, corporate considerations, debt agreements, and regulatory requirements. 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, 2020 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.

©2020 NETSCOUT SYSTEMS, INC. All rights reserved. NETSCOUT and the NETSCOUT logo are registered trademarks or trademarks of NETSCOUT SYSTEMS, INC. and/or its subsidiaries and/or affiliates in the USA and/or other countries.


NETSCOUT SYSTEMS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)




 


Three Months Ended



June 30,



2020

 

2019

Revenue:



Product

$

71,693

 


$

75,719

 

Service

 

112,122

 


 

110,305

 

Total revenue

 

183,815

 


 

186,024

 





 
Cost of revenue:



Product

 

21,152

 


 

26,935

 

Service

 

31,828

 


 

27,808

 

Total cost of revenue

 

52,980

 


 

54,743

 





 
Gross profit

 

130,835

 


 

131,281

 





 
Operating expenses:



Research and development

 

45,381

 


 

43,727

 

Sales and marketing

 

59,434

 


 

73,525

 

General and administrative

 

25,153

 


 

22,211

 

Amortization of acquired intangible assets

 

15,261

 


 

16,143

 

Restructuring charges

 

93

 


 

123

 





 
Total operating expenses

 

145,322

 


 

155,729

 





 
Loss from operations

 

(14,487

)


 

(24,448

)

Interest and other expense, net

 

(4,780

)


 

(4,399

)





 
Loss before income tax expense (benefit)

 

(19,267

)


 

(28,847

)

Income tax expense (benefit)

 

(1,847

)


 

496

 

Net loss

$

(17,420

)


$

(29,343

)





 




 
Basic net loss per share

$

(0.24

)


$

(0.38

)

Diluted net loss per share

$

(0.24

)


$

(0.38

)

Weighted average common shares outstanding used in computing:



Net loss per share - basic

 

72,303

 


 

77,302

 

Net loss per share - diluted

 

72,303

 


 

77,302

 


NETSCOUT SYSTEMS, INC.
Consolidated Balance Sheets
(In thousands)




 


June 30,

 

March 31,



2020

 

2020



(Unaudited)

 

 

Assets



Current assets:



Cash, cash equivalents and marketable securities

$

426,508

 


$

386,458

 

Accounts receivable and unbilled costs, net

 

138,793

 


 

213,514

 

Inventories

 

27,300

 


 

22,227

 

Prepaid expenses and other current assets

 

38,174

 


 

37,544

 





 
Total current assets

 

630,775

 


 

659,743

 





 
Fixed assets, net

 

55,228

 


 

57,715

 

Goodwill and intangible assets, net

 

2,291,126

 


 

2,307,859

 

Long-term marketable securities

 

-

 


 

2,613

 

Operating lease right-of-use assets

 

68,025

 


 

68,583

 

Other assets

 

22,373

 


 

23,990

 





 
Total assets

$

3,067,527

 


$

3,120,503

 





 




 
Liabilities and Stockholders' Equity



Current liabilities:



Accounts payable

$

17,288

 


$

20,004

 

Accrued compensation

 

53,688

 


 

75,632

 

Accrued other

 

26,108

 


 

22,743

 

Current portion of operating lease liabilities

 

11,026

 


 

10,337

 

Deferred revenue and customer deposits

 

249,382

 


 

270,281

 





 
Total current liabilities

 

357,492

 


 

398,997

 





 
Other long-term liabilities

 

14,449

 


 

10,039

 

Deferred tax liability

 

111,194

 


 

114,394

 

Accrued long-term retirement benefits

 

35,120

 


 

34,256

 

Long-term deferred revenue

 

100,100

 


 

104,240

 

Operating lease liabilities, net of current portion

 

69,355

 


 

70,658

 

Long-term debt

 

450,000

 


 

450,000

 





 
Total liabilities

 

1,137,710

 


 

1,182,584

 





 
Stockholders' equity:



Common stock

 

122

 


 

122

 

Additional paid-in capital

 

2,903,055

 


 

2,891,553

 

Accumulated other comprehensive loss

 

(2,241

)


 

(3,160

)

Treasury stock, at cost

 

(1,309,038

)


 

(1,305,935

)

Retained earnings

 

337,919

 


 

355,339

 





 
Total stockholders' equity

 

1,929,817

 


 

1,937,919

 





 
Total liabilities and stockholders' equity

$

3,067,527

 


$

3,120,503

 


NETSCOUT SYSTEMS, INC.
Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)






 


Three Months Ended

 

Three Months Ended



June 30,

 

March 31,



2020

 

2019

 

2020







 
Revenue (GAAP)

$

183,815

 


$

186,024

 


$

229,351

 

Service deferred revenue fair value adjustment

 

2

 


 

48

 


 

48

 

Non-GAAP Revenue

$

183,817

 


$

186,072

 


$

229,399

 







 
Gross Profit (GAAP)

$

130,835

 


$

131,281

 


$

166,619

 

Service deferred revenue fair value adjustment

 

2

 


 

48

 


 

48

 

Share-based compensation expense (1)

 

1,595

 


 

1,734

 


 

1,416

 

Amortization of acquired intangible assets (2)

 

4,735

 


 

6,230

 


 

6,297

 

Acquisition related depreciation expense (6)

 

6

 


 

13

 


 

5

 

Non-GAAP Gross Profit

$

137,173

 


$

139,306

 


$

174,385

 







 
Income (loss) from Operations (GAAP)

$

(14,487

)


$

(24,448

)


$

12,562

 

Service deferred revenue fair value adjustment

 

2

 


 

48

 


 

48

 

Share-based compensation expense (1)

 

12,096

 


 

12,743

 


 

10,900

 

Amortization of acquired intangible assets (2)

 

19,996

 


 

22,373

 


 

22,407

 

Business development and integration expense (3)

 

16

 


 

(21

)


 

335

 

New standard implementation expense (4)

 

-

 


 

9

 


 

(5

)

Compensation for post-combination services (5)

 

64

 


 

193

 


 

125

 

Restructuring charges

 

93

 


 

123

 


 

2,208

 

Acquisition related depreciation expense (6)

 

61

 


 

121

 


 

61

 

Transitional service agreement income (7)

 

-

 


 

909

 


 

53

 

Legal judgments expense (8)

 

2,804

 


 

-

 


 

-

 

Non-GAAP Income from Operations

$

20,645

 


$

12,050

 


$

48,694

 







 
Net Income (loss) (GAAP)

$

(17,420

)


$

(29,343

)


$

7,336

 

Service deferred revenue fair value adjustment

 

2

 


 

48

 


 

48

 

Share-based compensation expense (1)

 

12,096

 


 

12,743

 


 

10,900

 

Amortization of acquired intangible assets (2)

 

19,996

 


 

22,373

 


 

22,407

 

Business development and integration expense (3)

 

16

 


 

(21

)


 

335

 

New standard implementation expense (4)

 

-

 


 

9

 


 

(5

)

Compensation for post-combination services (5)

 

64

 


 

193

 


 

125

 

Restructuring charges

 

93

 


 

123

 


 

2,208

 

Acquisition related depreciation expense (6)

 

61

 


 

121

 


 

61

 

Change in contingent consideration

 

-

 


 

523

 


 

245

 

Legal judgments expense (8)

 

2,804

 


 

-

 


 

-

 

Income tax adjustments (9)

 

(5,496

)


 

(1,175

)


 

(6,239

)

Non-GAAP Net Income

$

12,216

 


$

5,594

 


$

37,421

 







 
Diluted Net Income (loss) Per Share (GAAP)

$

(0.24

)


$

(0.38

)


$

0.10

 

Share impact of non-GAAP adjustments identified above

 

0.41

 


 

0.45

 


 

0.40

 

Non-GAAP Diluted Net Income Per Share

$

0.17

 


$

0.07

 


$

0.50

 







 
Shares used in computing non-GAAP diluted net income per share

 

73,454

 


 

78,487

 


 

74,134

 


NETSCOUT SYSTEMS, INC.
Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures - Continued
(In thousands)
(Unaudited)








 




Three Months Ended

 

Three Months Ended





June 30,

 

March 31,





2020

 

2019

 

2020









 

(1)


Share-based compensation expense included in these amounts







is as follows:







Cost of product revenue

$

245

 


$

267

 


$

226

 



Cost of service revenue

 

1,350

 


 

1,467

 


 

1,190

 



Research and development

 

3,781

 


 

3,819

 


 

3,435

 



Sales and marketing

 

3,992

 


 

4,135

 


 

3,752

 



General and administrative

 

2,728

 


 

3,055

 


 

2,297

 



Total share-based compensation expense

$

12,096

 


$

12,743

 


$

10,900

 









 

(2)


Amortization expense related to acquired software and product







technology, tradenames, customer relationships included in these







amounts is as follows:







Cost of product revenue

$

4,735

 


$

6,230

 


$

6,297

 



Operating expenses

 

15,261

 


 

16,143

 


 

16,110

 



Total amortization expense

$

19,996

 


$

22,373

 


$

22,407

 









 

(3)


Business development and integration expense included in







these amounts is as follows:







Research and development

$

-

 


$

43

 


$

-

 



General and administrative

 

16

 


 

(64

)


 

335

 



Total business development and integration expense

$

16

 


$

(21

)


$

335

 









 

(4)


New standard implementation expense included in these







amounts is as follows:







General and administrative

$

-

 


$

9

 


$

(5

)



Total new standard implementation expense

$

-

 


$

9

 


$

(5

)









 

(5)


Compensation for post-combination services included in these







amounts is as follows:







Research and development

$

63

 


$

193

 


$

125

 



Sales and marketing

 

1

 


 

-

 


 

-

 



Total compensation for post-combination services

$

64

 


$

193

 


$

125

 









 

(6)


Acquisition related depreciation expense included in these







amounts is as follows:







Cost of product revenue

$

4

 


$

10

 


$

3

 



Cost of service revenue

 

2

 


 

3

 


 

2

 



Research and development

 

42

 


 

83

 


 

42

 



Sales and marketing

 

9

 


 

10

 


 

9

 



General and administrative

 

4

 


 

15

 


 

5

 



Total acquisition related depreciation expense

$

61

 


$

121

 


$

61

 









 

(7)


Transitional service agreement income included in these







amounts is as follows:







Research and development

$

-

 


$

102

 


$

6

 



Sales and marketing

 

-

 


 

126

 


 

8

 



General and administrative

 

-

 


 

681

 


 

39

 



Other Income (expense), net

 

-

 


 

(909

)


 

(53

)



Total transitional service agreement income

$

-

 


$

-

 


$

-

 









 

(8)


Legal judgments expense included in these amounts is







as follows:







General and administrative

$

2,804

 


$

-

 


$

-

 



Total legal judgments expense

$

2,804

 


$

-

 


$

-

 









 

(9)


Total income tax adjustment included in these







amounts is as follows:







Tax effect of non-GAAP adjustments above

$

(5,496

)


$

(1,175

)


$

(6,239

)



Total income tax adjustments

$

(5,496

)


$

(1,175

)


$

(6,239

)


NETSCOUT SYSTEMS, INC.
Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures -
Non-GAAP EBIDTA from Operations
(In thousands)
(Unaudited)






 






 


Three Months Ended

 

Three Months Ended



June 30,

 

March 31,



2020

 

2019

 

2020







 
Income (loss) from operations (GAAP)

$

(14,487

)


$

(24,448

)


$

12,562

Previous adjustments to determine non-GAAP income from operations

 

35,132

 


 

36,498

 


 

36,132

Non-GAAP Income from operations

 

20,645

 


 

12,050

 


 

48,694







 
Depreciation excluding acquisition related

 

5,952

 


 

6,841

 


 

6,239







 
Non-GAAP EBITDA from operations

$

26,597

 


$

18,891

 


$

54,933

 

Contacts

Investors
Anthony Piazza
Vice President, Corporate Finance
978-614-4286
IR@netscout.com

Media
Maribel Lopez
Manager, Marketing & Corporate Communications
781-362-4330
Maribel.Lopez@netscout.com

v3.20.2
Document and Entity Information
Jul. 30, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 30, 2020
Entity Registrant Name NETSCOUT SYSTEMS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 000-26251
Entity Tax Identification Number 04-2837575
Entity Address, Address Line One 310 Littleton Road
Entity Address, City or Town Westford
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01886
City Area Code 978
Local Phone Number 614-4000
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001078075
Title of 12(b) Security Common Stock
Trading Symbol NTCT
Security Exchange Name NASDAQ