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2016 Annual Report Netscout Systems, Inc

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2016 Annual Report Netscout Systems, Inc 2016 ANNUAL REPORT NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) In today’s fast-paced and connected world, there can be no “off.” To ensure 24x7x365 “uptime,” companies must respond swiftly and effectively to both dynamic changes and increasing levels of complexity in their network and broader technology infrastructures. NetScout Systems has been helping its customers rise to these challenges for more than three decades. NetScout’s range of service assurance and cybersecurity solutions are used by thousands of customers around the world to monitor, troubleshoot and protect their networks and the applications and services that traverse them. Leading service providers and enterprises rely on NetScout’s analytics to organize, contextualize and inform them on each and every interaction that happens over their networks. The Company’s patented, proprietary software captures terabytes of network traffic and instantaneously transforms it into actionable, operational and business intelligence via intuitive dashboards, timely reports and detailed drill downs. NetScout’s solutions shine a brighter light on the end-user experience by highlighting performance trends, pinpointing problematic issues, and identifying and helping to remediate security risks. As a result, NetScout’s technology is enabling customers to make better, more informed decisions that can result in a better experience for their end users, increased ROI on network and broader IT initiatives, enhanced security and the achievement of technology, financial and business objectives. FINANCIAL HIGHLIGHTS REVENUE INCOME FROM OPERATIONS FREE CASH FLOW1 (Pro Forma Non-GAAP, $ in millions) (Pro Forma Non-GAAP, $ in millions) ($ in millions) $300 25% 21.0% $1,169.4 $1,198.7 18.8% 20% $94.0 $200 15% $251.1 $64.9 $220.3 10% $100 5% $- 0% FY15 FY16 FY15 FY16 FY15 FY16* Op. Income Op. Margin 1 Free cash flow defined as cash flow provided by operating activities less purchases of fixed and intangible assets * Includes ~$24m in one-time payments related to the acquisition of the Danaher Communications Business and ~$17 million associated with the timing of reimbursements owed to NetScout by Danaher Corporation FY15 GAAP Non-GAAP Pro Forma, GAAP Pro Forma, Non-GAAP ($ in millions) Revenue $ 453.7 $ 453.7 $ 1,169.4 $ 1,169.4 Income from Operations $ 96.8 $ 133.7 $ 136.1 $ 220.3 Income from Operations % 21.3% 29.5% 11.6% 18.8% Free Cash Flow $ 94.0 - - - FY16 GAAP Non-GAAP Pro Forma, GAAP Pro Forma, Non-GAAP ($ in millions) Revenue $ 955.4 $ 1,024.6 $ 1,129.5 $ 1,198.7 Income from Operations $ (25.6) $ 246.8 $ (29.9) $ 251.1 Income from Operations % - 24.1% - 21.0% Free Cash Flow $ 64.9 - - - The pro forma results on both a GAAP and non-GAAP basis for fiscal years 2015 and 2016 assume that the acquisition of the Danaher Communications Business was completed on April 1, 2014. A reconciliation of each non-GAAP metric with the applicable GAAP metric is available on page R-1. 1 TO OUR STOCKHOLDERS Fiscal year 2016 was an Accordingly, we believe that NetScout moves forward in important year of progress, much better position to create and deliver value to its core highlighted by the completion stakeholders over the near- and longer-term. of our acquisition of Danaher Corporation’s Communications FISCAL YEAR 2016 PERFORMANCE HIGHLIGHTS Business in July 2015 and the Our top-line performance in fiscal year 2016 reflected ensuing integration of these assets. This acquisition an increasingly cautious capital spending environment was an important milestone in helping us realize our in the service provider market. Despite these challenges, vision of providing customers with pervasive visibility we still delivered a decent earnings performance due in into their networks by pairing next-generation part to our efforts to drive operating margin expansion. instrumentation with superior analytics. As a result, This reflected our success in realizing certain operational we believe that our customers will benefit by synergies from the acquisition along with ongoing prudent harnessing the full power of high-quality network management of our cost structure. We believe our efforts data to optimize network performance, ensure high- on both of these fronts will enable us to improve the quality service delivery, enhance security and make pro forma profitability of the combined Company as we better, more informed decisions that can elevate the move forward. We ended the year with a stronger, more e n d u s e r e x p e r i e n c e a n d p o s i t i v e l y i m p a c t t h e i r t o p efficient balance sheet marked by a healthy cash position and bottom lines. and a relatively modest level of debt via our senior secured credit facility. During the year, we returned over $300 The transaction accelerated our strategic progress, million to shareholders through our share repurchase enabling us to substantially expand our total activities. addressable market, gain access to a broader, more global and more diverse base of customers, and LOOKING AHEAD leverage our technology platform and global footprint Looking ahead, we believe that there is a lot to be excited to further scale our organization. During the past year, about. More specifically, from a product development we made substantive inroads with the broad range of perspective, our efforts to integrate capabilities from across integration initiatives required to realize the promise previously separate business units and product areas is of this acquisition while also staying focused on the expected to result in a new product cycle of innovative, day-to-day tasks necessary to address the near- and differentiated solutions throughout the coming fiscal year. longer-term needs of our customers around the globe. Just as critical, our sales teams serving our service provider 2 3 and enterprise customers have already been integrated a year of tremendous change at our Company. I’d also for several quarters, which is enabling us to deliver a like to extend my gratitude for the support we’ve received more consistent and increasingly compelling message during the past year from our shareholders, both those to the marketplace. As we bring a new generation of that have owned us when we were much smaller and service assurance and cybersecurity solutions to the those who are newer to our story. marketplace, we believe that fiscal year 2017 will be an important year of transition. By amplifying the value of The team at NetScout is enthusiastic about our plans for NetScout’s proprietary Application Service IntelligenceTM fiscal year 2017 and beyond. We believe that we’ve only (ASI) technology through both product integration with started to scratch the surface of our Company’s potential. certain of the acquired assets, and ongoing investment We are excited about the opportunities we see, and we in R&D, we intend to position NetScout to deliver an remain confident in our ability to capitalize on them increasingly compelling value proposition in support of and deliver value over the long term for shareholders, our customers’ digital transformation initiatives. customers, employees and other key stakeholders. Accordingly, we look forward to sharing our progress and As we move forward, we are focused on improving our achievements with you in the future. revenue trajectory by executing on our development roadmaps and a range of go-to-market campaigns over the course of the coming fiscal year. At the same time, Sincerely, we plan to drive meaningful profit margin improvement as we benefit from the run-rate savings from recent integration activity, advance additional acquisition- related synergies and remain disciplined in managing our Anil K. Singhal overall cost structure without compromising our ability President, Chief Executive Officer and to innovate and support customers. We also expect that Chairman of the Board the combination of improved operating profitability and July 19, 2016 greater working capital efficiency will support strong gains in free cash flow. I’d like to thank our employees around the globe for staying focused and helping advance our mission during 3 NETSCOUT: AT THE EPICENTER OF MAJOR COMPUTING AND TECHNOLOGY TRENDS The world’s largest and most innovative service providers and enterprises recognize that their network and technology infrastructures are fundamental to their continued success — downtime, poor service quality and compromised security can have tangible, long-lasting and even irreparable consequences. NetScout’s patented, proprietary software technology and analytics instantaneously transform all of a customers’ network traffic into high-value, timely and actionable information, enabling customers to advance their technology initiatives with confidence. NetScout’s service assurance and cybersecurity solutions are playing a critical role in helping customers with an expanding range of high-priority projects including: a Virtualizing key network functions Migrating applications to public cloud environments Quickly launching customized software applications into production Delivering high-quality Voice-over-LTE and video services Enhancing the performance of WiFi networks Protecting the network from increasingly sophisticated attacks Fiscal 2017 promises to be an exciting year of transition as NetScout delivers new and enhanced products to the marketplace to support its customers’ digital transformation plans and help them further extend visibility and security across their network and IT infrastructure. 4 Reconciliation of GAAP to Non-GAAP Financial Measures
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