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    Kevin Liu • K. Liu & Company

    Kevin Liu's questions to Netscout Systems Inc (NTCT) leadership

    Kevin Liu's questions to Netscout Systems Inc (NTCT) leadership • Q1 2026

    Question

    Kevin Liu asked about federal government spending trends in Q1 and the outlook for the September budget flush. He also inquired about the contribution of AI data center investments to enterprise strength and the potential impact of a recent tax bill on service provider spending.

    Answer

    Anthony Piazza, EVP & CFO, confirmed that the federal sector was strong in Q1, growing mid-teens, partly due to an order arriving earlier than expected. Anil Singhal, Co-Founder, Chairman, President & CEO, added that while the pipeline is good, the timing of future federal deals remains uncertain. Regarding AI, Mr. Singhal explained that it is expanding their service assurance market into the broader observability space, increasing the value of their smart data, and noted the new Omnice AI Insights product. Mr. Piazza clarified that while interest is strong, the product's revenue contribution is still small. On the tax bill, Mr. Singhal stated they have not heard of any specific impact on service provider spending plans.

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    Kevin Liu's questions to Netscout Systems Inc (NTCT) leadership • Q4 2025

    Question

    Kevin Liu inquired if there was any evidence of customers pulling forward orders to get ahead of potential tariffs. He also asked about customer interest in software-only solutions versus traditional appliances and whether recent headlines impacted sales cycles in the government and defense business.

    Answer

    Jean Bua, EVP and CFO, stated that the company did not see any pull-forward of orders due to tariffs and suggested tariffs could potentially benefit software-focused companies. Anil Singhal, President and CEO, added that most customers already prefer their software solutions, which helps maintain high margins. Regarding the government business, he noted a refresh cycle contributed to prior-year results and that while they expect more, it remains a 'big question mark' with no impact seen so far.

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    Kevin Liu's questions to Netscout Systems Inc (NTCT) leadership • Q3 2025

    Question

    Kevin Liu of K. Lu & Company asked if the stabilization in service provider spending indicates a new upswing and whether a recent large order was for legacy or new projects. He also requested a breakdown of the strong Q3 cybersecurity growth between enterprise and service provider customers and questioned the sustainability of that growth rate.

    Answer

    Anil Singhal, President and CEO, responded that the service provider business has stabilized but will experience swings from large deals, with future opportunities lying in cybersecurity and new 5G use cases rather than traditional areas. Jean Bua, EVP and CFO, provided the Q3 cybersecurity growth breakdown, noting mid-20s percentage growth for service providers and mid-30s for enterprise. Mr. Singhal added that year-to-date growth was ~7% and that the new Omnis cybersecurity product is expected to be a key future growth driver.

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    Kevin Liu's questions to Netscout Systems Inc (NTCT) leadership • Q2 2025

    Question

    Kevin Liu of K. Liu & Company inquired about the opportunities and risks from carriers moving to stand-alone 5G, the potential from fixed wireless broadband convergence, and the expected contribution from the AIOps partner strategy.

    Answer

    Anil Singhal, President and CEO, stated that network slicing for 5G presents a near-term software revenue opportunity. He also anticipates an uptick in business next year from increased fixed wireless traffic. Regarding AIOps, he noted that while interest is high, no material revenue impact is expected in the current fiscal year.

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