NetScout Q3 revenue down 19% YoY; $167M goodwill impairment; FY24 guidance cut

NETSCOUT SYSTEMS INC

2024-Q3 EPS reported -$1.61 revenue$626,012,000

Q3 revenue $218.1M (down 19% YoY); GAAP net loss $132.6M (-$1.87) vs net income $52.6M last year.
Non-cash goodwill impairment of $167.1M drives GAAP loss; non-GAAP net income $52.0M ($0.73) vs $73.0M.
Cybersecurity business grew YoY; service assurance constrained with elongated sales cycles.
FY24 revenue guidance ~$840M (low end); non-GAAP EPS $2.15-2.20 (high end of prior $2.00-2.20).
Cash $330.1M, debt $100M; repurchased 705,892 shares at $26.66 avg in Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NETSCOUT SYSTEMS INC reported full fiscal year 2024 results: revenue we expect to deliver full fiscal year 2024 revenue at the low-end of our previously disclosed target range, EPS non-GAAP EPS performance is expected to be at the higher end of our previously disclosed range. Guidance lowered.

Period: full fiscal year 2024
Revenue: we expect to deliver full fiscal year 2024 revenue at the low-end of our previously disclosed target range
EPS: non-GAAP EPS performance is expected to be at the higher end of our previously disclosed range
Guidance: lowered
Result: guidance update

Exact text from the filing

we expect to deliver full fiscal year 2024 revenue at the low-end of our previously disclosed target range as we continue to navigate the current market environment. From a bottom-line standpoint, our GAAP results for the fiscal year will include a third quarter non-cash goodwill impairment charge. Our non-GAAP EPS performance is expected to be at the higher end of our previously disclosed range due to benefits from our ongoing cost containment actions.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NETSCOUT SYSTEMS INC reported third quarter of fiscal year 2024 ended December 31, 2023 results: net income On a non-GAAP basis, net income for the third quarter of fiscal year 2024 was $52.0 million, EPS $0.73 per share (diluted).

Period: third quarter of fiscal year 2024 ended December 31, 2023
Net income: On a non-GAAP basis, net income for the third quarter of fiscal year 2024 was $52.0 million
EPS: $0.73 per share (diluted)
Result: reported results

Exact text from the filing

Total revenue (GAAP and non-GAAP) for the third quarter of fiscal year 2024 was $218.1 million, compared with $269.5 million (GAAP and non-GAAP) in the third quarter of fiscal year 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Period: third quarter of fiscal year 2024 ended December 31, 2023
Net income: On a non-GAAP basis, net income for the third quarter of fiscal year 2024 was $52.0 million
EPS: $0.73 per share (diluted)
Result: reported results

Exact text from the filing

On a non-GAAP basis, net income for the third quarter of fiscal year 2024 was $52.0 million, or $0.73 per share (diluted), compared with $73.0 million, or $1.00 per share (diluted), for the third quarter of fiscal year 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NETSCOUT SYSTEMS INC reported third quarter of fiscal year 2023 ended December 31, 2022 results: revenue Total revenue (GAAP and non-GAAP) for the third quarter of fiscal year 2024 was $218.1 million, compared with $269.5 mil.

Period: third quarter of fiscal year 2023 ended December 31, 2022
Revenue: Total revenue (GAAP and non-GAAP) for the third quarter of fiscal year 2024 was $218.1 million, compared with $269.5 mil
Result: reported results

Exact text from the filing

Total revenue (GAAP and non-GAAP) for the third quarter of fiscal year 2024 was $218.1 million, compared with $269.5 million (GAAP and non-GAAP) in the third quarter of fiscal year 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0001157523-24-000109

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