Q1 2021 Netscout Systems Inc Earnings Call
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[music].
Ladies and gentlemen, thank you for standing by and walk up to Netscouts first quarter fiscal year 2021 financial results Conference call.
This time, all parties or any listen only mode until the question and answer portion of the call.
As a reminder, this call is being recorded.
Tony Peay outside Vice President corporate finance and his colleagues at Netscout on the line with us today.
If you require operator assistance at any time, Please press star zero.
I'd now like to try to call over to Tony Peay outside to begin the company's prepared remarks.
Thank you operator, and good morning, everyone welcome to Netscouts first quarter fiscal year 2021 conference call for the period ended June Thirtyth 2020.
Joining me today, our Nielsen golf, Netscouts, President and CEO, Michael Szabados, Netscouts, Chief operating officer, and gene, So Netscouts executive Vice President and Chief Financial Officer.
There's a slide presentation that accompanies our remarks, our prepared remarks, you can add advanced the slides in the web cast viewer to follow our commentary both the slide and the prepared remarks can be accessed in multiple areas within the Investor Relations section of our website at www Dot Netscout Dot com.
Including the IR landing page under financial results, the webcast itself and under financial information on the quarterly results [noise].
Moving onto slide number three today's conference call will include forward looking statements. These statements may be preface by words, such as anticipate believe unexpected and will cover a range of topics that are not strictly historical facts, such as our financially fiscal year 2021 assumptions.
Our market opportunities and market share key business initiatives and future product plans, along with their potential impact on our financial performance.
These forward looking statements involve risks and uncertainties and actual results could differ materially from the forward looking statements due to known and unknown risks uncertainties assumptions and other factors, which are described in the slide and into these financial results press release as well as in our annual report on form 10-K.
For the year ended March 31st 2010 20.
Netscout assumes no obligation to update any forward looking information contained in this communication or with respect to announcements described herein.
Let's turn to slide number four which involves non-GAAP metrics. While this slide presentation includes both GAAP and non-GAAP results unless otherwise stated.
Unless otherwise stated financial information discussed on todays conference call will be on a non-GAAP basis only.
The rationale for providing non-GAAP measures along with the limitations of relying solely on those measures is detailed on the slide and in today's press release.
These measures should not be considered in isolation from or so as a substitute for financial information prepared in accordance with yeah.
Reconciliations of all non-GAAP metrics with the uplift applicable GAAP measures are provided in the appendix up this slide presentation in todays earnings press release and they are also available on our website I'll now turn the call over to Anil for his prepared remarks Anil.
Thank you Tony Good morning, everyone and thank you about joining us let's begin on slide number six read a brief recap our first quarter non gap is that.
We delivered strong earnings, but she had brought on their relatively consistent revenue level compared with the same quarter last year.
Revenue was $183.8 million tend to go out to approximately one books are lower than the same period last year.
Our next bloodshed was 17 cents into quarter, and an increase up more than hundred 40% compared to the same period last year.
And then by Enterprises Avenue in the quarter by strong, but was offset by a decline in service provider that when you do it did you do this word because.
Based nature.
The quarter benefited from the lower operating cost from continued cost control measures and it'd be gleeson expenses, largely attributable to a lot sales and marketing cars from reduced programs events and travel expenditures.
But I really do to go read 19 pandemic related distinctions.
Let's move to slide seven foot so from that perspective, as we review business insight.
Following that I put it back to engage technology and use that Florida, we continue to expand its only been placed into whats the suite of solutions.
Netscout sector is attracting enterprise this door solutions to help saw the heightened been dynamic challenges such as the mode, what telemedicine digital transformation and expanding side, but take landscape.
I would I believe due to provide services Jordan visit <unk> pervasive visibility, an insight and security solutions that meet to get disruption that he got less up whether customers underlying infested kit is bad amount in this environment.
Depend dynamic and economic environment, not driving better you beat wedding behavior. They know what that's Madrid with some customers accelerating that didn't Brad Smith, why that does not exercising caution with their budgeting to see it does add they evaluate the impact within their own organization.
Well what else it appears that Andrew bright this focus on rightsizing their networks and proactively address it correctly, that's potentially have under no duty why is that this why there's quite a bit more cautious with their spending given the environment or their organizations shifting focus.
In the enterprise would be good revenue grew approximately 21% or what the same quarter last year as customers continue to advise that they still conservation.
And cloud migrations and security initiatives as they booked to address speed agility in cost in some cases, they have been accelerating plans to it but its potential when they'd be in their networks with our solution in light of the current environment.
We experienced strong order volume, but both of US said with the Jordan security solution, but I really driven by good the government financial and had to get sectors.
We're pleased to see so what the benefits of the integration of what Salesforce that we undertook last last fiscal year as enterprise customers explored solutions across our portfolio said, it's a shortened and security offerings and the integration allows us to quickly address that broader requirements.
Michael will highlight some of what enterprise is doing as much as it impacts.
Turning to that that is right everybody. Good revenue declined approximately 20% compared with the same quarter last years has gadhia slip guy shifts with this spending.
As a reminder, this vertical has started the leaks be then inconsistent radiation is avenue bad.
Newest Brad do do is project based nature and the timing of water.
And that's why because we couldn't we continue to do what we there were satisfied that assessment on therefore, dee Ann and that the evolutions internationally and Fiveg salute evolutions domestically and in fact in it shouldn't be just Michael will comment on a large order. We received this quarter then before the international it's bit as part of his remarks.
From if I did perspective, netscout, besides either I'd and is it in their position, but this gadhia sought enterprises with fiveg initiatives and evolutions, regardless of the stayed there.
Thanks, Dan non stand alone the Standalone do edge computing.
Although we were pleased to have seen science, so five Dx and they said last fiscal year that got I'd been dynamic and economic environment may have gained momentum in the short them as Doug message is focused on other priorities.
Oh, what would they need shows they do then broadband radio set of ACB Addus spectrum option for mid band spectrum earlier. This month. They believed that this maybe accelerate the momentum of these initiatives.
Well, what we believe that fight d. the longer time opportunity in but I, but also wrote that will benefit our business in numerous with especially as edge computing because mode mainstream.
Finally duty that water I look that's must continue to adapt adopt though software only form factor with its offered on the revenue at 36 months end up that that was the short end product revenue for the quarter, which is 28 Bucks an increase over the same quarter last year and was driven by increased adoption in the enterprise vertical.
Now, let's move to slide nobody to review at outlook and somebody.
As we evaluate the outlook for the remainder of the fiscal year, we're encouraged by the opportunity as we see but remain cautiously optimistic given that continuing uncertainty around the brain damage and the global economic environment.
Genius to make the timing and funding or be is challenging to predict.
Accordingly, they can be new deaf, what providing fiscally are going to be during Q1 guidance until that is a clear the outlook on that duration and magnitude of that back so that bobek 19 global been damage.
We remain committed to improving of operations and maintaining a disciplined cost controls. So that we should be able to once again provide leveraging.
Our next buy shares over the fiscal year going deeper into it.
<unk> operating perspective, we continue to do then come within the company effectively with the mix of Blaze working remotely audionova facilities as the cautiously I'd want through the the opening stage it with all of the Nexus They put guys shouldn't be cautious with Ebola being safe.
We appreciate that I'd be guessing, it's a board I put in place and other stakeholders rod the initial stages of this band.
One of my financial perspective, we couldn't do really continue to prudently manage.
Cost of chip and intend to maintain a solid financial position.
We have more than $425 million in cash and cash equivalents, which represent more than six months, so normal working capital of the gladden mix.
Additionally, we couldn't do new done very solid because if we need cash flow and have capacity Oh, no letterman and have capacity on over $1 billion revolving credit facility with $450 million outstanding at the end of the first quarter and nope into but the basic wide and beliefs majority in January of Twentytwenty.
We also believe it continues to be brought into brighter days got good visibility in the near them and do not have plans do you, though a share the budgets program during the second quarter.
These actions along with a strong financial profile and experienced team should provide us the flexibility and liquidity required to continue to do whether this deal, but been army and challenging economic environment, while also allowing us to invest into what technology and solutions.
Maintained our leadership position within the industry.
I look forward to shedding over to progress with you at the physically it continues to enforce rollout on the call over to Mike That's why does it impacts.
Good morning, everyone Slide 10, one of my view is a color.
Starting with cost to move ins for the quarter. One notable when needed to satisfy the vertical was a low eight figure deal. It is a large international growth by the be close to 400 million subscribers.
There is a continuation of our longstanding partnership with this provider featuring highly advanced use cases, especially in leveraging our subscribing diligence in blending and marketing their services as well the softening that partnership relationships with all the adult reliability for Pcs and he said channels just to name a few examples.
This thing demonstrates the unique role for ESI dataset importing dual business critical functions for this property as well as the value of what it will de relationship and incumbency, though facilities.
In the enterprise vertical we continued to make good progress as customers evolve and excited that digital transformation initiatives in general and as they deal with the changes in the way they already that businesses due to the coded Nike pandemic in particular.
During the quarter of equal with the seasons deals amounting to a low seven dual seven figures in total in order to four largest extending deficiencies. We to help get provides a customer was diesel desk formation telemedicine initiatives have domestically XL, either because of the pandemic assessment solutions.
Deployed at glass glass edges in this application in so-called Kevin carrier neutral service.
Goals do money doing and troubleshoot cloud resident done I do see navigations.
Who is you significantly increased the shift to virtual above to it that way that NBS and get the funding for the deals came from the organizations and logistic will be 19 budget and demonstrates our value as technology to support good accelerate as well as the strength incumbency and longstanding relationships.
During the quarter. We also received I mean, so that's a good order from another longstanding customer decided in the U.S. government that is taking the lead through in a moved to you initiate due to consolidate the back office services, what people would be for agents.
Just a little the major you thought that this major these attacks on this issue.
I agree that once told me that and secure servicing vitamin by reducing properties operating costs.
He provides a strategy busy busy platform for the development of new new deployment this being demonstrates once again.
You flush solutions in the changing environment as well is it as busy as you have what do these initiatives and incumbency customer base.
In the security space. All go digital solutions continued to lead our large enterprise cost and the base because we can provide robust and simple to go through good and bad debt.
Section as well as necessary by visibility using an attack.
In the quarter, we saw several low seven figure deals will move people financial institution clusters as they upgraded their solutions and that capacity to deal with the evolving distributed workforce and extend the exact landscape again, our customers come to us for robustness silver solutions.
And speed.
We should get yet and the second quarter usage.
In terms of will do market.
We continue to build a partnership network.
Usually employment recently, we announced the collaboration before at all to help customers gain end to end visibility for service issuance and second easier mission critical applications and services across the hybrid cloud infrastructures are we seeing and virtual ingenious won a now available from the Oracle cloud.
At least opening Oracle cloud customers best in class application visibility and the ability to leverage authentic information contained in application and that's exactly what do you have talked element.
This Monday adult enables dienst again once this stuff visibility as the form monitoring at Doble shooting that fed if you go through it leases regardless of the application or underlying infrastructure.
The ability to realize the deep forensics needed need us what faster and more recently sponsors.
During the quarter, we also signed a multiyear OEM private label deal with a major itself that east infrastructure company.
We'll be using our smadi, though as their virtual group software solution.
Finally on the sales swung to be the integration of losses seems to behind us from less fiscal years integration initiative, we are gaining traction the some of what cross selling initiatives as we have seen some existing enterprise services customers starting to purchase security products, such as E D or all but actually fell.
Well it enterprise customers elevated interest in on premise advance the thus with action is flawed five the going.
Dependency on virtual private network.
As a means equal to conduct employees working from home.
The integration of our sales teams in the prior year has allowed us to respond to these whitney rapidly the cleared ownership and training in place then defend that Medicaid.
That concludes my prepared remarks, and I've enough during the call with the gene.
Thank you Michael and good morning, everyone I will review key metrics for our first quarter. As a reminder, this review focuses on on non-GAAP results unless otherwise stated it all reconciliation with our GAAP results appear in the presentation appendix.
Slide number 12 details our results for first quarter.
2021.
Revenue declined 1.2% over the same quarter in the prior year to $183.8 million.
Revenue declined 5.3% service revenue grew 1.5% over the prior year quarter.
First quarter fiscal year 2021, gross profit margin, 74.6% slightly lower than the same quarter last year.
Our software only sales were 36% of service assurance product revenue as compared to 25% in the same quarter of the try here quarterly operating expenses decreased 8.3% from the same quarter. Prior year, primarily due to continued cost control and reduce cost per se.
Listen marketing program event and travel primarily due to Kogan 19, Pim Dennis pandemic related restriction.
Reported an operating profit margin of 11.2% compared with 6.5% entity earnings per share of 17 cents compared with seven cents in the same quarter in the prior year.
Turning to slide 13, I'd like to a few key revenue trends for the first quarter in the enterprise customer verticals revenue grew 21%, while the service provider customers vertical declined 24%.
Approximately 57% total revenue was generated from the enterprise verticals with the remainder from the service vertical.
Turning to slide 14. This shows our geographic revenue mix on a GAAP basis geographic split between domestic and international was consistent with the same period in the prior year. Additionally, there were no customer represented 10% or more of revenue in the quarter.
15 detailed our balance sheet highlight to free cash flow, we ended the quarter with cash cash equivalents and short term and long term marketable security a $426.5 million, which is an increase of $37.4 million since the end of the fourth quarter of our last fiscal year our cash.
In marketable securities balance represents more than six month of normal working capital requirements.
Cash flow generated in the quarter was $38.1 billion in accordance with on near term capital preservation priority and as Neal mentioned, given the current economic environment and uncertainties. As a result, Covis 19 pandemic, we did not repurchase any shares of common stock during the quarter and you're not plan to use Ashley.
Repurchase program in the second quarter fiscal year.
From a debt perspective as of the ended the first quarter, we had $450 million outstanding on our $1 billion evolving credit facility. We had approximately 1.5 times pushing against gross leverage covenant, providing potential borrowing capacity if needed our revolving credit facility.
Fires in January of 23, and has no required principal repayments until maturity.
To briefly recap other balance sheet highlights accounts receivable that toward $138.8 million down by $74.7 million. Since the end of March Dsos were 57 days versus 73 days at the end of fiscal year Twentytwenty. After the same quarter last year as well.
The decrease in the Dsos in the first quarter this year compared with first quarter over the prior year is primarily attributable to the timing of orders within the quarter.
Let's move to slide 16 for some commentary in the full fiscal year Twentytwenty one.
As announced stated in his remarks, given the continuing evolution of the coven 19th situation. The company will differ providing full fiscal year Twentytwenty one guidance until there is a clear outlook on the duration and magnitude of the effect of the global pandemic that said I want to comment on a few capital structure related items for our second quarter.
Fiscal year 2021 quarter, we expect the tax rate to continue to be approximately 23%.
Additionally, we expect the diluted shares outstanding for the quarter to be approximately 74 million shares.
This concludes my formal review of our financial results before we transitioned you in a I'd like to quickly note that our IR pompous participation is listed on slide 17.
I'll now turn the call over to the operator to stop.
At this time, if you would like to ask a question. Please press star one on your Touchtone phone. If you would wish if you wish to remove yourself from the Q press the pound Gee, we do asking the interest of time, you limit yourself to one question and one follow up.
Well take our first question from Matt Hedberg of RBC capital markets.
Hey, it's Stamberg systems for Matt Hedberg, Thanks for taking my questions. Santa Enterprise started strong revenue up 20%, 21% just trying to gauge the strengths here how much do you think was related to.
Ongoing digital transformation cloud migration security initiatives versus say, some acceleration or pull forward to address potential network vulnerabilities during the current environment here.
I think there bulk up it is still.
Our cloud transformation and traditional project, but yeah. There was some acceleration of need because I'll be working from home, which makes a.
The VPN link a very important bought from it security and and performance point of view and it's not able to guide wrote the exact numbers because I would put Arctic has multi use but definitely a what's happening right now had some impact or both on the security but Brian.
Then the performance around into enterprise.
Great. Thanks, Neal and then could you talk about trends and maybe pipeline built through the quarter any changes in demand are easing in project funding as the quarter progressed, and then perhaps thoughts around activity in July any way to contrast, it gets june or perhaps previous july's.
I think.
But at this but even in July I think into service right out of easy.
Ah continued challenges are I think last year was much better for that so but again as as we mentioned.
The timing of the project makes the quarterly numbers that is good but overall.
I would say that is there.
Slightly bracketed by blended into enterprise area, and it's slightly worse on on that that'd be great insight, what's his last year.
Great. Thanks.
Okay.
Well move next to James Fish Hypersound, let your line is open.
Hey, Hey, Jim Neo and Michael glad to hear you are doing well.
They're actually so my question there.
But how are conversations with your major carrier customers bad regarding that timing of Fiveg core deployments and and can you remind us with different than petcoke deal sizes between the radio access side versus the core for you guys.
Well I think the or what on.
The maybe all of it has been seeing add that fiveg opportunities more longer dumb and that's not significantly jade.
Be but we always also said that the major investments I didn't quite right now. So it's interesting that we have to be able to make major investment, which compared to a come back because he had even they position to do.
But a lot of the product is being used to get the and and that moved up and running because they're not many subscribers and we said it based on the band grid, there's not a lot of money on Fiveg, but one other thing I wonder dimension or even though you've been dots that particular questioned up five d. is significant in that area.
Yes.
Including private Fiveg, so I'll, let investment.
Vince will pay off in the federal government and and enterprise also as and for example must see these events have been on spectrum by GE slicing, we'd be was by enterprises. So I take this if I'd investment Menard no I'm, putting any short term revenue.
And now but in the long term it would make got this stronger company Oxforty kamada, the pandemic and a weekend measure that didn't themselves up pipeline on revenue right now, but then in terms of leadership begins I think that's going to have a big impact.
Got it that's that's great color Neil.
And gene maybe for you on.
Like side, how should we think about <unk>.
Things that you guys had or at least the kind of cost controls you guys had in the quarter here related to knock traveling and sort of the pandemic that we're going in and in other words, what's what's not sustainable for you guys. Moving forward that are we should expect should come back into the model at some point.
Sure I think our.
Our internal plans going forward.
Surrounding returning to travel for this sounds a lot.
Accurately investment in marketing and then I talked about to make sure that our brand is fully recognized through all organization, probably would mean that in the second half of the year exiting Q2, we plan to ramp a lot of those sales and marketing related event in the quarter obviously.
Hey, there was some travel that didnt happen, so I'm going to estimate probably a couple of cents earnings per share maybe two to three cents an earnings per share were reduced travel in some way just marketing.
But I.
I was just wanting to make one comment I think the permanent shift.
Sure this hybrid or virtual events and marketing message of expenses I Love. It was up generally speaking of XC and I think dozens of the issue that there's going to persist.
Yeah, I agree Michael Thanks, everyone.
Okay. Thank you.
Well move next to Eric Martinuzzi of Lake Street. Your line is open.
Yeah, I wanted to talk about the service provider segment.
Sam the Fiveg.
Color commentary more of the long term less of a short term, but you talked at least in the press release about timing issues and that budget challenges just from looking at the 18, T. and rising commentary So North America commentary it seemed like the capex budgets for them or unsure.
And just coming out of their most recent quarterly commentary so curious to know.
That that you're you're just getting you're not giving.
A piece of their unchanged and or is it something else timing or budget challenges that I'm not understanding.
Well I think the Radek as you know the budget challenges.
Had been death, whatever a thought last I would say lots to be 40 years under afforded you site and a five de at least age is not able to mitigate our compensated for them.
And then we have been validation so I mean to be at the top little wider in the U.S., we just big customers, though netscout and a substantial portion of that Avenue never having all of them having different kinds of challenges.
And so I think some of that is.
It's a those gentlemen, just started in new and and daily Fiveg at Avenue or five de revenues coming for them digital only happened when there was a vision number that's bad but right now you got single digit in that subscriber base, even and that's also part of one or two provider.
I look at service by that I'm glad I mean, even after five deals to be somewhat challenging but right now in the short them. Even fiveg is not having a back they did a lot of work we have begun to do you need to make the investments that will become more of a stronger as I said earlier.
There's no significant revenue the projects have to be in the analytics area.
Digging fourg data for them and machine learning and eight days type stuff and one other thing I wonder to bind or which added a little bit impact on enterprise those though but also on does I was going to is that we announced several things that are wedding and even.
Somewhat enhancement to existing solutions software it up good but are there wasn't brand new product.
It's very tough doing BAF, what customer to evaluate it but I knew product right now because you have somebody has to go there do some installation. So I think so I would.
Thanks to me, but to me when we might have been counting on for this year's.
In January.
I think is going to be delayed and Ah but.
But I bet that but leadership will still continue as it is the Doe WMS on what we're doing.
Okay, and then for gene I know, you're not giving guidance either for the fiscal year or for Q2, but historically, we would see seasonally netscout Q2 total revenue was up versus Q1.
Services revenue was up sequentially do those to both of those historical trends hold even though you can't give us numbers.
I mean, the pattern that you described it.
It's how does that you described it appreciate that may pattern.
Hi, just NASCAR.
And then they had and you're correct in Q1, which is the beginning about fiscal year, we always had the lowest amount of revenue and then it grows.
Product revenue based on Q2 being the traditional.
End of this fiscal year to federal government and then Q3 in Q4 budget transition where people are using their current calendar year budget and all and he's asking for using their current.
I knew a calendar year budget.
I would say that with the pandemic and our revenue being relatively consistent that what we see in the pipeline. We would hope that that has that continued how to what extent, but it would probably be somewhat muted between Q2 Q1, just given some of the.
Some of the assurance and EDA sales that we saw in the beginning of April that wanted to customer has to be able to strengthen their network and make sure. They were having good performance in the security.
Okay, and then the services line.
On to that.
The services line.
I would say it probably continues to grow slightly over.
Over the course of the year.
As you know it all depends R&D economic recovery, where the product revenue.
Projects continue to occur all right and then that mitigate some of the growth.
Positively or negatively incentive spending.
Gotcha, Okay. Thanks for taking my question.
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Our next question is from Kevin Lou of came to one company. Your line is open.
Hi, good morning, as it relates to the seasonality can you talk a little bit more about what you're seeing in the government vertical right now and whether you do actually expect that budget flush or to occur in the September quarter.
Well I think the activity level is a good it is very high like last year, we have lot of projects.
But if you're just talking about before that bottom that as best we hear from sales deemed a lot of one third they'd be because of the election year.
And other things going on.
But yeah, we have lot of projects I'm, but be do get big BARDA.
Good did get does some big ones last year.
But we had bush's Lee optimistic this time, a because there's some additional uncertainty effective.
That's helpful and then it sounds like you're starting to get more traction with sales of over into the enterprise based maybe talk little bit about you know the penetration rates. You currently have any sort of goals you might have been so we exit the year here.
Well one of the big things to be but counting on this yet, but as we might does odd but sales for the next God. We have the old live function not so it'd be was planning to introduce some adopted by the products into the enterprise and that's going to be slow down because if it is going to its customers.
Wed never seen that but Arctic before.
Then we gonna be bad went into effect Debussy's because you have to ship a unit dad, and so that effect, which we wouldn't have happened, but still early this year it won't happen, but on the other side.
People are working from home.
We happen to have it solution, which is all big word for monitoring WBB n. and securing the VPN.
But that was not interesting put our loan until now audited begin more interesting for us. So we see some upside because of that which is reflected in what happened last what doesn't this board to at the same time someone that blends.
Did you we had four but upselling probably will be delayed.
Got it thank you for taking the questions.
Yeah.
Our next question is from Nick while the Archie of Craig Hallum.
Hi, This is Nick Laudico out she on for Chad Bennett just on the software penetration of overall revenues I guess, how should we think about the growth rate there throughout this year and what kind of impacts that have on a gross margins. Thank you.
So the software penetration going forward is always a back there.
And what the customer prefers to buy in and I think as well in fact, and they prefer to buy it and I think that.
When you think about our penetration of software only into especially in the enterprise where you have.
Well you have interest in our potash or future Fiveg related network is now as announced talked about.
Where they want to do more monitoring Kathy edge, which is very important I can think over the year that the penetration will probably continue to increase, especially given how fast you can deploy the software and the efficiency from a cost perspective also in being able to purchase.
Software and you know install it very rapidly so I would imagine if I look over the year last year, that's why 28.
Our total penetration was about the entire year with about 30%. So I would see it being north of 30% why 21, I think a nail in the past it said that over time, it will probably get too about.
60% of our of our product revenue of service assurance and just to remind everyone that.
Software nature in the product revenue is much higher than a number that we give out this is the number.
Essentially just customers who have transitioning from an appliance based form factor to a software only form factor.
Great. Thank you.
Any other questions operator.
There are no further questions at this time.
I'd be happy to return the call to 20 payout so for any concluding remarks.
Great well that concludes our call. We appreciate everyone. Joining us. This morning, we look forward to speaking with some of you.
Some of the virtual investor events, and I hope everybody enjoys the rest of the summer and stay safe. Thank you.
This does conclude Netscouts first quarter fiscal year 2021 financial results Conference call. You May now disconnect your lines and everyone have a good day.
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