NTCT - Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for standing by and welcome to NetScout's Fourth Quarter and Full Fiscal Year 2022 Financial Results Conference Call. at this time, all parties are in a listen-only mode until the question-and-answer portion of the call.

As a reminder, this call is being recorded. Tony Piazza, Vice President of Corporate Finance and his colleagues at NetScout are on the line with us today. [Operator instructions] I would now like to turn the call over to Tony Piazza to begin the company's prepared remarks.

Tony Piazza

good and operator you, morning everyone. Thank NetScout's conference call to fourth March quarter XXXX year fiscal full for XXXX. and XXst, Welcome the ended period

Chief is NetScout's today Officer; Vice Jean prepared President me are remarks. Financial Singhal, presentation Executive President Joining Officer. that Chief There our Anil Bua, NetScout's Michael slide Operating Chief and Szabados, and Officer; a and NetScout's Executive accompanies

page. can follow be the at slides landing in of the in our to commentary. financial the results, advance viewer and section Both under itself can page within You prepared www.netscout.com, areas and information webcast remarks accessed multiple Relations results IR the under slides the the the on financial webcast including Investor the website our quarterly

number conference statements and or performance and strategy, forward-looking to statements objectives today's for forward-looking of of on business will operations not Examples results statements call regarding other future Moving include management plans that facts. of are operations, statements. slide historical our include position, financial three, future

Form the obligation assumes the contained forward-looking communication information this ended with in update and press herein. as Securities only the as and identify to unknown statements release included risks, any in March this statements XXst, Report company's XXXX, in actual any file due not uncertainties, known should, such will, use anticipate, their and comparable on factors, today's materially as forward-looking reliance Exchange results, XX-K by statements to of described to plan, words presentation which or financial year risks from date. These assumptions, differ respect statements in forward-looking well undue on Commission. and or could of speak today's We involve results described for and are on slide and this uncertainties, place other forward-looking which NetScout as caution announcements believe, the to forward-looking other on Annual terms. listeners forward-looking expect, can You the no with

slide Let's turn four, metrics. to non-GAAP which involves number

earnings GAAP results, While our in isolation accordance slide on unless is will this slide prepared on only. solely press non-GAAP financial the release. discussed information financial with with the the be and These for, website. relying non-GAAP prepared today's as measures, measures on The Reconciliations provided of this today's call be to in all non-GAAP or substitute will of slide applicable for rationale and non-GAAP a stated, on otherwise of in limitations a those the now over I considered remarks. basis measures from, on appendix detailed GAAP. release and metrics in with presentation includes both information his Anil? for turn are in presentation should providing the along GAAP measures Anil call conference not today's

Anil Singhal

existing XXXX. Thank everyone. like free behalf These of expansion, borders and who report for you, a and employees, a our objectives Tony we margin successes performance, customer business, customers, agenda. I and advance improved met with to all Welcome continued relationships, that our continue morning thank for pleased without In success NetScout line diluted other year us our led to revenue our high delivered driven our on forge multiple year our we XXXX who product a to and fiscal basis. On revenue customer single-digit total stakeholders joining you fiscal good thank fronts. year-over-year to in by -- growth strong performance EPS strategy, flow to growth, on NetScout, contributed solid increase cash would generation and cybersecurity and today. I'm all new

number brief fourth year quarter non-GAAP our and full results. and slide to for recap XXXX turn fiscal detail a now Let's six more

was $X.XX, our share revenue quarter was objective fourth the quarter. for For the both million earnings exceeding per $XXX.X diluted and

first approximately revenue. in growth year-over-year. This the a represents fiscal XXXX, total of For revenue million year X% $XXX.X delivered we full

was product backlog year year the with recognize Our million we This fiscal to propagation X% revenue more period. million rate of orders, our ended total growth growth same XXXX. substantial revenue XXXX, excludes revenue $XX we year-over-year, Notably, approximately a unshipped in that radio over fiscal than $XX approximately modeling in rate as orders. during expect double in frequency which

Turning XX up year-over-year, operating XX.X%, year-over-year. XXX points while gross basis up margin was margin basis to was our margins, points XX%,

profile approximately that revenue enhanced twice of year-over-year This annual EPS fiscal represented diluted growth, of year. margin total on $X.XX a in our growth, diluted delivered than basis. Our X% more the EPS

than free we strong fiscal Finally, our in XXXX. generated $XXX cash more flow year million of

on Let's seven perspective market our business for more customer and than number year-over-year now full XXXX. slide for vertical, with Starting move fiscal the revenue further insights. XX% grew year some enterprise to

of on key to grew annual increasingly and acceleration pandemic vertical all Additionally, sectors this industry the new their environment. of focused from emerge as transformations customers and today's solutions digital an in they the normal basis. on cybersecurity adjust the These are operating

this As the highlight momentum during his quarter see achieved vertical. we fourth in to some a wins of in will continue we the Michael spending result, enterprise remarks. customer

fiscal Moving by propagation to Carriers orders year-over-year majority be fiscal frequency Michael will vertical, deployment of be XG some the we remarks. the this these of to revenue evidenced modeling early amount on our recognized the of in as radio approximately service for XXXX. full year. service revenue expected declined continue comment the and during The completed of projects are fiscal stages year customer wins provider received his X% during XXXX. as in provider to year project

number outlook. to to review Now, let's our eight move slide

businesses response about assurance within as see core cybersecurity look as well opportunities we new and market. the our we service excited the and are network we of DDoS the detection As forward, security areas

traditional a approach current at more investigation, faster differentiated providing most Our uniquely Omnis mitigation to compared offer detection, scale and solutions today's than larger alternatives. solutions,

XXXX, including size cybersecurity revenue and year footprint As we rates. fiscal growth expand our also to related our information to in more plan we business business, continue disclose market to cybersecurity

comprised business our cybersecurity solutions. Our security Arbor is business current cybersecurity with Omnis along our of new

generated cybersecurity of million growth fiscal business As delivered XXXX, baseline, $XXX year revenue revenue a mid-single-digit year-over-year. in our approximately our and

fiscal Moving current be year, outlook than in year-over-year to for to million range We mid revenue revenue year of a This rate higher growth XXXX. expectations the with growth $XXX to fiscal to last anticipate in our represents the high single-digits. delivering revenue million. for $XXX

in be range. a our expect to revenue rate revenue expansion mid-teens product by We be mid-single-digit to to anticipated growth the driven

represents earnings Regarding EPS diluted share the in to mid anticipate will $X.XX. growth profitability, rate. we single-digit range diluted to $X.XX be This a high per of year-over-year

various competitive headwinds, and related are costs increased return operations cost which as headwinds, to we as inflation. providing and business associated travel to well market with elevated driven are despite as labor the We outlook by macro events this in-person

plan Our both the million includes we of recap $XXX color which in Jean of the debt of provide a numbers execute on outlook estimated XXXX. first a impact $XXX the her will also and year a quarter our repayment, and accelerated in program million repurchase to additional share fiscal remarks.

for our our our authorization are stock an with new authorized Finally, performance and about In NetScout we current a fiscal summary, million recently excited additional with no pleased for for program approaching common beyond. we XXXX repurchase our allow repurchase completion, definitive year shares $XX board of is in very the that given of and fiscal share XXXX frame see million year execution. share time the to repurchase opportunities $XX

the to entering world. as and you address call customers our are achievements We challenges fiscal We with remain which the year a the I'll and new with digital Michael. foundation new solid the to of to opportunities and With year well-positioned from forward growing continue sharing look fiscal unfolds. to that, the help over turn our progress

Michael Szabados

the was customer. in on occur it areas I healthcare large pandemic. its that with dramatic morning will expects greater customer visibility enterprise it be Thank outlines business increase the XX won fourth quarter In to enhancing with a customer a the mid-seven infrastructure you, vertical, Anil wins. covering starting that global gain disruptions Slide deal as and focused and figure we following for our the customer good avoid to everyone. today, in prepares This

and back need stronger that Notably, we divisions two. high project assurance solution As the our integration customer industry part a this a we This acquired process. we have strong customer the this initial the Omnis new combining a customer comprehensive a project. customer on our and for assurance more had with performance transaction, six-figure edge this order beyond recognized of second service the defense these from first Separately, this products service upgrade that during our division. has on to After the this cybersecurity smart deal integration for we won the completed new a large of division, solutions. won provided solution monitoring acquiring is

provider service our to now Turning vertical. customer

The mid-teens these earlier, we was the of associated X frequency size the advanced with these as are network and quarter, additional received domestic mentioned projects the projects their Tier year XG they innings expect eight-figure during two the and an still XXXX as are As modeling number XG in our propagation combined the revenue in in range planning. we orders of to completed. radio carriers fourth orders recognize we from early fiscal

mid-seven XG carrier the in a quarter X network. We to its fourth XG-related a also roll figure the from carrier out domestic order received as continued Tier

focus on with to where prospective existing starting again our Now, to activities, and engage to turning customers. go-to-market we are in-person further events

interact adaptive AI/Ops, ranging deep to Annual Technology and our our with User it to XG, from a to ENGAGE The visibility customer person We Orlando, of again theme adjacent and we as Omnis wonderful this intelligence a with more. was how and demonstrating and Innovation, XXXX many last Florida. and incorporates slowly in partners and being turnout, Wave cybersecurity partner of our experienced underlying year strong we analytics, Summit, the world. Just post-pandemic technology feed, DDoS, held on areas, customers extended the into at move was AIF our which are week, in ENGAGE platform inspection packet focus

Omnis ENGAGE, to event host integration a on recently Security AWS well Security together Investigator this with addition Focused Day. we Hub, In Cyber with attended. also our AWS came Immersion was to

attend That event we my concludes in the prepared will turn Big to XG Thank you. Jean. mid-May. the now forward, Moving in Texas call remarks Austin, I plan and to over

Jean Bua

outlook. comment I and will XXXX review our good morning metrics quarter XXXX our fiscal fourth fiscal year Michael you, full everyone. as for key and year as well on Thank

reminder, full I focuses our of otherwise this nature unless quarter the comparisons. will non-GAAP fiscal in for the with all Slide presentation a XXXX. appendix. review note GAAP details year results and on stated, appear our and fourth any our such XX results As reconciliations number the results Regardless,

our performance, strong $XX in quarter orders of given in experienced year-over-year previously our earnings of third $XX approximately XX.X% first million Focusing that last quarter's to expected to third on conference acceleration as fourth $XXX.X on quarter an call, were fourth we quarterly declined quarter, million. quarter. discussed our revenue million Accordingly,

ended quarter approximately also We in $XXX is And which approximately fourth Total $XX $XX unshipped more fiscal modeling as propagation of the backlog million. was frequency of million including million orders, with revenue backlog XXXX. to radio recognized be than year expected orders. in a

fiscal profit quarter year X.X same XX.X%, points primarily mix. quarter product percentage fourth gross last to Our XXXX the over was margin attributable up year,

software-only to quarter quarter same compared $X.XX revenue, of travel and was of X.X% year. with from reported with fiscal expenses share operating fourth revenue per the in Our Diluted XX% our year. the to profit the XX% increased year, earnings the prior XX.X% product We assurance the compared an period in $X.XX, primarily year. last prior attributable same margin Quarterly was quarter same in in increased operating service compared sales compensation last costs. XX.X%

fiscal full profit declined X.X% percentage of and the was the over year point X.X% X.X% over of year. XX.X%, For million, increase was service an an year. one year. the the was prior prior $XXX.X which Gross prior XXXX, Product revenue revenue over revenue grew increase margin

the to service versus X.X% of Software-only $X.XX, in the diluted fiscal fiscal earnings in investments higher an year percentage from XX% sales with over XX% sales profit the last Annual expenses same year, in revenue full operating primarily in prior reported year, were share fiscal assurance XX.X%, of X.X% of year, period operating We resulting margins due increased overall. prior compared prior increase an year. per marketing. with the X.X up product the margin and points

XX, Turning like now review key slide trends. to to I'd revenue

the a For customer enterprise on Approximately service revenue the the customer revenue was year vertical revenue while from while X% our service provider total vertical. vertical enterprise our both XX.X%, XX% fiscal customer grew was declined XX% basis. of vertical, provider from remaining year-over-year XXXX, customer generated

cash, international to or of basis. geography Turning customers increased revenue be revenue XX year. or the in full domestically flow. the continues flow domestic cash increase fiscal basis. was shows on end the to No represented either and We our the of cash flow balance long-term $XXX.X quarter of revenue total year by weighted. slide with Both free the quarter Free $XXX.X fourth sheet ended cash more our securities, cash XX, and and representing generated million, quarter third Slide full XX% $XXX.X was geographic the and fiscal million mix marketable a million equivalents, short-term $XXX.X highlights an year-to-date the on in million. free in which generated for while since details GAAP quarter. Revenue a

expires To days with the receivable XX debt down fiscal accounts in DSO cash fiscal perspective, other facility, million balance free timing December. $XXX.X million revolving in end the partially $XXX multi-year of the briefly was strong at sorry was the XXXX XX flow the $XXX our as December renewals customer fiscal the year at half of we year as of XXXX of an since and net to maintenance and Our $XX.X end on metric second days recap million a XXXX. million, of in versus prepayments. increase the XXXX. attributable days credit orders highlights, -- which sheet The was ended end From outstanding July by XX year well

slide outlook. commentary I to outlook. our move Let's on on my XX will review our for focus non-GAAP

As plan two quarter year activities capital to of first fiscal in Anil mentioned, initiate we XXXX. structure our

the share will fall completed repurchase will existing $X.X authorization. accelerated our anticipate million shares majority this program. be million We the consume in XX program $XXX the a and remaining in of million is First share repurchase

Given an this, to definitive for our frame authorized our of a repurchase execution. new additional million shares board recently stock repurchase program share with for of allow $XX common time the no

million. $XXX debt which, from will is of funded balance. for should to facility, our our cash million up revolving the down $XXX when Both outstanding on the completed, outstanding these Second balance transactions bring the repayment of credit debt to be

anticipate fiscal to our we high taking capital For million, range consideration, year revenue growth which structure outlook, mid a XXXX single-digit in implies rate. these to million year-over-year $XXX the after $XXX transactions into of

revenue of we the year, XX%. anticipate first Additionally, by tax in to XX% is The range. of outlook, of midpoint the effective be provided between rate our for XX% revenue our half fiscal anticipated expected revenue as range determined delivering full-year the and the of to XX%

Assuming stock outstanding, $XXX with which $XX accelerated million shares for a estimated partial impact million dilution. the the diluted approximately weighted to $XX of includes average employee million planned compensation program, share repurchase offset

diluted color as by of I'd labor we as return offer well in-person persistence We market elevated to as driven inflation. like and some This increased incorporates business EPS events expectations single-digit costs $X.XX expect share growth to per year-over-year with the to be This travel non-GAAP between and diluted headwinds, for the first macro earnings our also a on represents mid-to-high quarter. operations and competitive rate. $X.XX. the associated also

shares, $XX first revenue earnings weighted $XX opportunities the estimated of rate, and repurchase currently program. increase outstanding estimate front concludes similar We of per our planned results. average quarter my us, the million the high-single-digit with assess in for anticipate formal we that will accelerated given a review a shares growth between we the diluted financial be of That As impact million share. in share

on to like now to I'd to XX. over we And operator quickly is you. our IR Before Q&A, turn upcoming slide to transition note participation Q&A. the conference I'll start listed the call that Thank

Operator

Hedberg first from question We'll from Capital [Operator Markets. take RBC our Matt instructions]

Matt Swanson

the actually scenario It's through XXXX confidence of you some in right it now It's the and FY takes a the the the just environment? Swanson as macro what's see guidance. great talk you Jean, acceleration in Matt Can on you. Thank we're that maybe obviously current puts and was Yes. acceleration Matt. of for of that through in complicated kind think that? you giving to

Jean Bua

Sure.

advantage software chain-related So, other of to from solutions have revenue seen we take of the perspective, some issues. a supply

an us QX visibility the gives $XXX That backlog, we in entering over half can you saw good million and XXXX. very we year. And so acceleration the see first from to QX. have of FY And the as

that We we're security and that has that been the of far we Omnis the products, -- fiscal entering received response well Omnis customers in product also area the we market so products XXXX, cybersecurity detection in immaterial. the and believe entering by network are very have sales some our the albeit. year

people those types very a in come to So, for of us that growth back and XXXX concepts we good salespeople will in-person do of and as believe sales be can things. -- proofs area

will about in the also calibration the we in which gross think the margin, margin much gross revenue, We -- I will margin. when more affect gross have the do

As a of at are to frequency antennas past, the their we've projects carriers the put where talked XG about looking modeling lot in still propagation want these radio initially.

anticipate very revenue propagation that back the frequency then and I'd due still margin. down $XX we're due competitive structure, $XX million are it's labor-intensive. So, through of operating costs the events, million gross in. when profit labor cost the go through radio coming will then And there's cost probably that I a very I anticipate XX% carry structure market about costs modeling inflation, $XX that that of into to the million obviously, to to general in-person travel

very done volumetric any loyal and never We kind to you know, we've have long-tenured a are of employees, layoff. which NetScout as really

all still in-house. So, we that talent have

in capital then from margin, doing when operations the share through two operating increase are the earnings should So, those I probably activities. And the operating structure we go -- per down mid-single-digits.

a the how given of long that bring other up we're instrument -- over doing means of share rates a debt the We're million and And of in going as draw accelerated repurchase. revolver, debt capital gives it cash. over down, that that's repurchase. share form cash maybe which takes the us then any our M&A of future in look and it down which cash the worth free money rising second interest is have because can to cash, it an the market, whenever debt half the to off of $XXX bring need execute or excess to that the And needed and excess then it. pay I or shares We taking million $XXX we allocation fact in

leverage transactions XXXX. operating FY in combined financials financial the rate So, growth -- EPS, we'll in the with giving see that two those the those is

Matt Swanson

XXXX? That helpful. a building off that and then Thank Neil business the extremely Jean to trends more But for It's giving right was you're XXXX. us what bit as you. saying now visibility. those maybe Michael more further additional metrics And you some get going confidence we're some talk expectations like kind -- give and from business growth about about just follow-up, was both in could of, what's for security what that and to little that in you fantastic a seeing

Anil Singhal

just we the have the So, the confidence of fact mean, -- we in the and really we months is that four the the introduced to first from we of all, existing already building way, a three we filer. coming targeting our about And customers. floor second foundation first And XX are this have had ago, already building, I just customers. we'll be

a So, than normally traction brand speed would solution. that is be -- the with to be much going of new better

Yes, the building some common blocks salesforce, company, common overlay people. go-to-market a different we using of organization, the lot model. have are in We engineering

is several DDoS or detection of big So, and us outside the sort thing players the a of one for we another. reason second are underserved network need market is with exiting addressing bigger that the believe is market that's confidence. response market in And we giving NDR, the the

what combined have things that these growth traction have the gives us all confidence we'll than good already total the with seen growth a our business year. rate rate in higher So, we cybersecurity next

Michael Szabados

as security of very successful that and strong week sentiment to with and that a use we last had We it's Anil can a had very a partners earlier our also from customer them. event conversations corroborate analysis mentioned, our lot

Matt Swanson

again Congrats the quarter. on you. Thank

Jean Bua

you. Thank

Operator

Piper from Fish James from Sandler. comes question Next

James Fish

building backlog. fiscal guys. back to you actually quarter given the historically, circle on really in few say enterprises this rate can quarters guide you and a to the with been this since you quarter's year about carriers it's earlier that though. grow of Hey this are product. growth large want seeing what anticipated supply confidence here. see than a chain was? able was good-looking and quite of we what about rate the amount of type given just gives to And good product? NetScout haven't of And it's I and worth worth product had Congrats It's ordering nice hitting really But into on a years second,

Anil Singhal

I immaterial is coming our investment last the there Jean introducing both we to year. Yes. James. in some of mean, range, just But service and multimillion orders hardly And dollar of year, multiple confidence, a like had these, of we'll from of covered QX and a XX space. I of the sized end of said, Jean numbers terms from And most reiterate, couple it mentioned, in or customers is of are yes, deployment. something order in lot toward this, Omnis companies such the size any months we last the are introducing because of the we enterprise the made bigger of security the their a to who of lot providers, of few our be that big in software accelerated orders who of data as because in one can move

the interest, than So, just rate they recent use we'll this the solutions the of compelling customer very as from have we already is And software. purchased some can our last customers where us of believe new really, it that run that hardware they existing because and for of ownership lower to yet see week. saw a have especially conference there's we some growth in from just they user competitive technology, cost much lot

Michael Szabados

several new of faster, quarters. customers faster over building, another the the factor in last number growing There's and

contingency being able to lot additional of that us So, gives a grow.

James Fish

do is, just how on just to Michael. supply said, Anil helpful trying up typically, issues? you the do have visibility in and two all now guys you of terms to right Are talking following the Really we visibility today -- before one quarter like of you chain time what have that typically kind what you in That’s or three visibility magnitude? of though. supply without line? understand quarters And have -- much is what I'm these of Maybe instead

Anil Singhal

things we think one the we our revenue, almost have into always XX% and which that. total I Well, visibility always had revenue of is of renewal is

In material of that, to addition this the about. which talked year was backlog the because Jean unusual event situation, backlog situation --

which have things we much the NetScout before But So, the ever four had better were XXXX that, much, in such in with five last XXXX. we visibility we to you and had between if many years.

I exit the of that, the other we and will because at into getting year this -- want the need of some year and that's time, So, security year areas. visibility we mean, to But in same uptick end next just into -- used we're with similar this. to I think the new the and

had So, quite the but I in we I good, visibility better is this say it's is much past. than -- would much, it think

James Fish

wrong multiyear free for in me, the timing correct Free was kind year a is of Jean, I'm there here, if impressive NetScout this and maintenance impacted but conversion flow how this for which I to But it of you one for prepayment renewals don't prepayments, case. way $XXX don't believe and guessing Last fiscal cash and free impact cash flow and this of if what this mind. much flow from and it carriers cash me think you of typical trends multiyear primarily million. quarter, orders really mentioned expect Is you XXXX? comes in

Jean Bua

Sure.

flow The increase So, multiyear $XX cash was between greater flow the XXX%. the $XX estimate as that free I well flow -- cash prepayment. conversion there's in renewals as between in to free cash that million. customer would than an $XXX free conversion was million million

conversion is look So, cash that when I that flow rate I'm -- free still FY than in and at probably would will $XXX little going I to hedge bit. our have going more million anticipate to we XXXX, a be

XXX% say to about income. going I'm of So, XXX% to non-GAAP

James Fish

sense. makes Great Congrats Yes, guys. quarter.

Anil Singhal

you. Thank

Jean Bua

you, James. Thank

Operator

from comes & question K. Kevin Company. next Our Liu from Liu

Kevin Liu

morning good Hi, guys.

as and Let me the quarter add congrats well. outlook my on

touch Just as on the backlog wanted well. to more product of

for As given coming year, challenges at you that for that out half even quickly? you or to the to would that this work do expect backlog first expect fairly into your you maybe ongoing at customers or look maintain supply least year, in throughout product the the chain

Anil Singhal

goal our maintain year of that. the on in orders obviously next it Well, and is but to like that, depends timing also things

growth had is in much end an the so lying situation and of goal to with numbers. which execute, And number toward It's and have continue higher we was take more the a there projects than that the we about are Yes, orders unshipped similar much coming calibration to also longer we year. for situation orders we to year more as and the have situation. created better visibility next in unusual order and possible past, get calibration the

Kevin Liu

whether more how Understood. begin to that, ramp oriented does so for as And impact talk up that move the we from just their XXXX. the expect with in in customers to forward to then service come the a where of that should enterprise terms XG growth you split you alongside or to kind provider rollouts? year? about and verticals between assurance that's service security And of little bit just expect whether then more the expect you Can

Anil Singhal

I'll question maybe answer first. your So, last

has or and a I recent of the look The we enterprise, uptick from replace a feel operation and And growth triage was the come we with past, to remote to problems lot area made think has growth what going in two all which assurance mobilizes become four opposite solution So, looking big service and some XX% what IT the years more for at need we is to because provider, the are -- cloud. moved ago. the some for going area, XX%, at could and areas that deal In three the there of new XG stay they people sort enterprise they've the XX/XX as to investment computing. to a operations workforce. be are we announced is I I -- are the Mac meaning from the of or home have a XG taken we this do, the revenue management service working past, performance of long-term, had in have

multiple is in was which call where our area a able announced we edge a smart DDoS cybersecurity called the brand-new received. to solution, we which I that business. investors Omnis solutions, how first area part plan Adaptive we which see the to announced come So, well NDR, the from as looking And report growth details progressing rest the security. be area, other product will we And have to help on is of is we of more going time monitoring some the this very and think the DDoS at which for

Kevin Liu

XXXX. Well, That’s taking you and to appreciate great. the good questions in I you luck

Jean Bua

you. Thank

Anil Singhal

Thank you.

Operator

appears And we back the Tony have no Piazza. I over will it further to program questions, now turn

Tony Piazza

and prepared much us today rest enjoy of the joining That for remarks. concludes day. the you our very Thank

Operator

Thank you for participation. This does concludes your today's program.

You day. great at disconnect may a this time. Have

NetScout Systems (NTCT) 7 May 222022 Q4 Earnings call transcript