Business
NETSCOUT Reports Fourth Quarter and Full Fiscal Year 2023 Financial Results
Delivers Strong Fourth Quarter and Full Fiscal Year Performance WESTFORD, Mass.--(BUSINESS WIRE)-- NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider
About this update from Netscout Systems, Inc.
[{"type":"text","content":"\nDelivers Strong Fourth Quarter and Full Fiscal Year Performance\n\n\n WESTFORD, Mass.--(BUSINESS WIRE)--\nNETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of performance management, cybersecurity, and DDoS protection solutions, today announced financial results for its fourth quarter and full fiscal year ended March 31, 2023.\n\n\n“We delivered a strong fourth quarter and full fiscal year 2023 performance,” stated Anil Singhal, NETSCOUT’s president and chief executive officer. “On a full fiscal year-over-year basis, we grew revenue by nearly 7% and demonstrated strong operating leverage with diluted earnings per share growth that was more than double our revenue growth rate. On behalf of NETSCOUT, I would like to thank our employees, customers, and other stakeholders who contributed to our success.\n\n\nFor fiscal year 2024, we remain committed to operating the business with a balanced approach to revenue growth and profitability as we manage the dynamic macro-environment. As implied by our fiscal year 2024 outlook, we expect to again grow revenue, further improve our margins, enhance diluted EPS performance, and generate solid free cash flow.\n\n\nMoving forward, we remain focused on driving toward our long-term business objectives by advancing our strategy to play a mission-critical role for organizations around the globe as ‘Guardians of the Connected World,’” concluded Singhal.\n\n\nQ4 FY23 Financial Results\n\n\nTotal revenue (GAAP and non-GAAP) for the fourth quarter of fiscal year 2023 was $208.1 million, compared with $191.2 million (GAAP and non-GAAP) in the fourth quarter of fiscal year 2022. A reconciliation of all GAAP and non-GAAP results are included in the financial tables below.\n\n\nProduct revenue (GAAP and non-GAAP) for the fourth quarter of fiscal year 2023 was $91.3 million, or approximately 44% of total revenue in the period. This compares with product revenue (GAAP and non-GAAP) of $82.1 million in the fourth quarter of fiscal year 2022, which was approximately 43% of total revenue in the period.\n\n\n\n\nService revenue (GAAP and non-GAAP) for the fourth quarter of fiscal year 2023 was $116.8 million, or approximately 56% of total revenue in the period. This compares with service revenue (GAAP and non-GAAP) of $109.1 million in the fourth quarter of fiscal year 2022, which was approximately 57%...