Ladies and gentlemen, thank you for standing by, and welcome to the NetScout Second Quarter Fiscal Year 2016 Results Conference Call. As a reminder, this call is being recorded. Andrew Kramer, Vice President of Investor Relations, and his colleagues at NetScout are on the line with us today. I would now like to turn the call over to Andrew Kramer.

Thank you, operator, and good morning, everybody. Welcome to NetScout's fiscal year 2016 second quarter conference call for the period ended September 30, 2015. Joining me on this morning's call are Anil Singhal, NetScout's Co-Founder, President and CEO; Michael Szabados, NetScout's Chief Operating Officer; and Jean Bua, NetScout's Executive Vice President and Chief Financial Officer. We've included a slide presentation of key financial data that accompanies the financial section of our prepared remarks. For those listeners who've dialed into the call this morning and would like to view the slide presentation, you can find it by going to our website at www.netscout.com/investors and then clicking on today's webcast. That should be posted now. You can advance the slides in the webcast viewer to follow along with our commentary, and we'll try to remember to call out the slide number we're referencing in our remarks. As you know, our Q2 results reflect the first quarter of combined operations since completing our acquisition of Danaher's Communications Business in mid-July. In terms of our agenda for today's call, Anil Singhal will first provide an overview of the results and share his perspective on the opportunities and challenges that lie ahead. Our COO, Michael Szabados, will offer some insights on near-term integration activity and key drivers for customer adoption with a focus on the enterprise marketplace. CFO, Jean Bua, will then provide additional detail on our second quarter financial performance, as well as discuss our guidance. Moving on to slide number three. I would like to remind everybody listening that forward-looking statements on this presentation are made pursuant to the Safe Harbor Provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Investors are cautioned that statements in this presentation, which are not historical statements, constitute…

Thank you, Anil, and good morning, everyone. It was a very busy and productive quarter for NetScout from an operational perspective. We made tangible progress in smoothly transitioning over 2,000 Danaher employees to NetScout's payroll and benefits, while also establishing an interim IT and financial control infrastructure. Because of the carve-out nature of the acquired entities, we are continuing to receive transitional services from Danaher in certain areas, pending the establishment of the corresponding functions at NetScout. These transitional services agreements, which span certain facilities, select manufacturing, human resources, and information technology services, as well as the use of Fluke and Tektronix brands, are expected to conclude by the second quarter of fiscal 2017. As we wind down these agreements, we expect to improve our expense base and streamline operations in a number of areas. For example, we plan to standardize our global sales organization on a common order management and sales CRM platform as we move into fiscal year 2017. Our other near-term priorities include cross-training our sales teams on their expanded product and solution portfolios, transitioning reseller partners to NetScout, and developing demand-generation campaigns that can leverage our extended and expanded skills and capabilities brought in through the acquisition. Our goal, whenever possible, will be to complete as much of this activity as possible during the next two quarters, in order to enter fiscal 2007 (sic) [2017] (14:14) with good sales and marketing momentum. An early example of this was our announcement last week that we have aligned our go-to-market activities in the Middle East under the NetScout banner. In terms of progress with our customers, I'd like to call several wins to your attention. These wins help underscore the unique value of NetScout's technology in helping its customers innovate with confidence in order to advance their technology…

Ladies and gentlemen, please stand by. We are experiencing technical difficulties and will be back momentarily. (25:55-28:37)

Ladies and gentlemen, please stand by. We are experiencing technical difficulties and will be back with you momentarily. Thank you. (28:44-30:17)

We are back in the main conference.

Thank you, operator. I appreciate everybody – for those of you who have dialed back in, we apologize for the technical issues that our call service provider has experienced. We're going to try to pick up as where we believe we left off. In the interest of time, we'll try to keep those comments as brief as we possibly can. We recognize your time is important. I'm going to turn the call back to Jean Bua, who is in the midst of her financial review. Jean A. Bua - Chief Financial Officer & Senior Vice President: Hi, everyone. Why don't we just start at slide seven, which is the income statement for the quarter and for the year-to-date? And, rather than reliving the highlights of what we did, I'll just give you some of the pertinent points again. Our revenue on a non-GAAP basis – our total revenue on a non-GAAP basis was $281.8 million. On a pro forma, foreign exchange-neutral basis, the revenue growth would have been approximately 8% for the quarter. Product revenue was $81.5 million or 64% of total revenue, and service revenue comprised the remainder. Gross profit was $212.4 million, and our margin for the quarter was 75.4%. Operating income for the quarter was $67.4 million, with a 23.9% operating income (sic) [operating margin] (31:38). For the second quarter, we reported net income of $43.6 million, or $0.47 per diluted share. The original estimate of the tax rate for the quarter was 45% to 47%. However, when we finished the actual tax provision, the actual results reflected a tax rate of approximately 35%. The difference between the estimated tax rate and the actual tax rate resulted in $0.08 of earnings per share. While we also repurchased shares this quarter, the reduction in the fully diluted share…

Your first question comes from the line of Alex Kurtz from Sterne CRT (43:13). Your line is open.

Yeah. Thanks, guys, for taking the questions here. So, Anil, can you just give us a little bit of visibility into the service provider pipeline post-close? Some of your peers in networking space have had some challenges with the service provider spending outlook for the last couple of quarters. So given you're reaffirming the guidance today, obviously, you're seeing something good about the post-close pipeline in that vertical. So that'd be my first question to you. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah. Thanks, Alex. So when we look at that, as we mentioned that I've been traveling around the world and probably have met every single major provider, and most of whom are either Tektronix, TekComms or NetScout customers. So we see a lot of OpEx and CapEx challenges which could delay some of the spending. But we think there is a strong reaction to – positive reaction to what we can do together as a company, as a solutions. And I think, because of that, we still feel that the guidance we have provided still – looks like in good shape. And we'll be cautiously watching this, as we have the end-of-year spending materializes in December. So overall, we feel comfortable because we have the best solution, notwithstanding some of the internal challenges they are facing on the spending side. Jean A. Bua - Chief Financial Officer & Senior Vice President: Yeah. And just to add some color, Alex, because, clearly, it's a key vertical in our company. The service providers right now are very competitive amongst themselves. They are focusing on quality because they want to reduce churn. They are being very price competitive in their pricing. They're also trying to determine how they're going to monetize their large LTE investments. A lot of the traffic that is going over their network is called over the top. So they don't necessarily get any monetization of those OTT services. They just generally get them through their data plans. So what they're doing right now is focusing on customer retention, because churn is the worst thing that they hate. So they're really focusing on quality. And along that way, they're also looking at cost. So, as we've talked about before, we have a very competitive solution. It's high-quality and it's very cost-competitive. What we're just seeing right now is that dynamic between quality and cost consciousness is making a slightly elongated purchasing cycle.

But, Jean, you stated discount (45:49) Jean A. Bua - Chief Financial Officer & Senior Vice President: I'm sorry, Alex. Go ahead.

But, Jean, you'd said the discount rate – yeah, the discount rate that you're using on that vertical, you feel comfortable with as far as, like... Jean A. Bua - Chief Financial Officer & Senior Vice President: Yes. We generally always have economics that we consistently maintain. We've talked in the past about how there are certain areas around the globe that are slightly more price-sensitive and have slightly more Ts & Cs that we're not comfortable with. But overall, we haven't changed our discounting or anything. We're still comfortable with that.

All right. Thanks, guys. Jean A. Bua - Chief Financial Officer & Senior Vice President: Thank you. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Thank you.

Your next question comes from the line of Mark Kelleher from D.A. Davidson. Your line is open. Mark D. Kelleher - D. A. Davidson & Co.: Great. Thanks for taking the question. Just wondering if you could provide any more insight into that large deal with the Tier 1 service provider, just in terms of maybe what products that involved, was it the NetScout side, was it the Danaher side, and maybe tied that into how Tektronix is doing and how you view that? I know you commented that it's returning to growth, but maybe some more detail on that. Thanks. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: So this was, Mark, was mainly the big deal we were talking about is mainly coming from tech side of the house. And as we talked about earlier, it was sold earlier. And there were some acceptance clauses and all those. And those were all delivered. And that's what the one we talked about in the last quarter also, that we are not sure whether we're going to close this quarter, but it happened, and it went very well. So it's mainly – I mean, in this provider, we do business on both sides, both from NetScout and TekComms. And both are going well. But this particular deal was about TekComms. Mark D. Kelleher - D. A. Davidson & Co.: So how's Tektronix doing otherwise? (47:47). Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: I think it's going as well as we – pardon, sorry. Go ahead, again. Mark D. Kelleher - D. A. Davidson & Co.: No, I just – wondering if it's growing, what your expectations are for that now post-merger? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah. I think it's – well, I mean, all plans are as we expected and as reflected in our guidance. And a lot of people are anxiously waiting for the combined solution also. And we are making a lot of good progress. So overall, I think we have good retention of key people. We have retention of customer and renewed interest in our solution, despite some of the spending challenges they're facing. Mark D. Kelleher - D. A. Davidson & Co.: Okay. Thanks.

Thanks, Mark. Why don't we go to the next question?

Your next question comes from the line of Eric Martinuzzi from Lake Street Market (sic) [Lake Street Capital Markets] (48:35). Your line is open.

Thanks. Curious to know, just a clarification first and then a question. The change in the EPS guidance, the non-GAAP EPS guidance for the year, that's $1.80 low-end moving up to $1.82, so basically a $0.02 delta. Is that entirely share count? Or does that capture some of the tax change as well? Jean A. Bua - Chief Financial Officer & Senior Vice President: No, it's actually two components, Eric. It's about a $0.05 reduction for the – I'm sorry, $0.05 increase for the reduction in the outstanding share count, offset by about $0.03 in the – for incremental interest expense. And that gives you the $0.02 net delta for the year.

Okay. So there wasn't a tax element to it. It was just the... Jean A. Bua - Chief Financial Officer & Senior Vice President: No. No. No. The tax rate, what we had predicted before was that the annual tax rate would be still in the line around 35% to 37%. It was just the timing within quarters. So, when you do a tax provision in this way, with certain transaction costs going through that is deductible and intangibles being pushed down to different jurisdictions, you could get, amongst the quarters, some kind of different timing differences. So that's why we were anticipating a higher Q1 tax rate – I mean, sorry – a higher Q2 tax rate, which would have been offset by a lower Q3 tax rate. But it came out to be 35% for the quarter, so we anticipate that for the year, it would be 35% to 37%.

Got you. And then the question just, of $100 million of non-GAAP service revenue that you guys did in the September quarter, what's the mix there between pro service versus maintenance? Jean A. Bua - Chief Financial Officer & Senior Vice President: I would say that generally, professional services in the NetScout world was a very low percentage. In the TekComms world, it was a higher percentage. So while I don't think I have it off the top of my head, I really would probably tell you it was maybe 10% to 20% maximum professional services.

Thanks for taking my questions. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Sure.

Yeah.

Your next question comes from the line of Scott Zeller from Needham & Company. Your line is open. Scott Zeller - Needham & Co. LLC: Hi. Thank you and congratulations on a good start as a combined company. Jean A. Bua - Chief Financial Officer & Senior Vice President: Thank you. Scott Zeller - Needham & Co. LLC: The initial thoughts you'd shared with us, Jean and Anil, around cost synergies, if I recall, it was around 5% annualized. Could you share with us what your latest thoughts are? Are you seeing opportunities for additional cost cuts? Or are you maintaining the original plan? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: I think it's basically on the hiring front and we think we have enough people. So some of that are head count savings; potentially, we could have hired this year are not needed, so some savings are coming from there. Rest of them are coming with the gross margin improvements, which we talked about. And you'll see more towards the end of the year or next year as we have the combined solution. I think those areas are coming in line, maybe slightly better than what we thought earlier. Scott Zeller - Needham & Co. LLC: Okay. I thought I picked up a tone, maybe slightly cautious tone around Fluke. Could you explain the prepared remarks and just sort of what the tone is around Fluke at this point and the prospects for it? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: So I think the – what we had done was we had focused on the initial integration of the sales force on day one for the TekComms side. Arbor business was sort of standalone. And so there was no confusion there. On the Fluke side, we basically delayed the integration and that created some confusion, and we lost a few people. But overall, that's what we are saying, that there were some disruption in the business, but nothing significant, which will affect the guidance. Scott Zeller - Needham & Co. LLC: Okay. Thank you very much. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah.

Thanks, Scott.

Your next question comes from the line of Mark Sue from RBC Capital Markets. Your line is open.

Thank you. Good morning. Anil, for the combined entity, do you have a sense of what percentage of your business comes from carrier CapEx versus OpEx, recognizing that the change in requirements for the service provider as their complexity increases might conform more on the OpEx side? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: I think, no, we are not able to break that down because they are looking for deals, multi-year deals sometimes, so that they can capitalize it. So preference for the service provider is capitalized. But as we mentioned that roughly (53:26) 60% of the total business will come from service providers. About 35% or so of both enterprise and service providers total business is going to be service and support, rest on product. And beyond that, it's very hard to separate out CapEx versus OpEx division for service providers or any customer.

Okay. Understand. Anil, and likewise, if we look at the percentage of your business that comes in December from a carrier spending flush, is there a way to kind of think about what amount that typically the combined entity might get? And is that kind of factored into the near term? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah. I think we have already counted for that. As you know, these deals – the closing cycles are much longer, three months, four months. So that's all accounted for in the guidance we have provided. Year-end spending estimates and everything are all included in the guidance. And so everything is all included.

Operator, why don't we go to the next question?

Your next question comes from the line of Chad Bennett from Craig-Hallum. Your line is open.

Good morning. Nice job, first quarter out of the gate on the combined company. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah. Thank you. Jean A. Bua - Chief Financial Officer & Senior Vice President: Thank you, Chad.

Yeah. So I think this maybe following up on a previous question. But can you give us a sense of how the acquired business did relative to your targets thus far; I know it's early, but just the targets you gave prior to closing the deal for the segments? Jean A. Bua - Chief Financial Officer & Senior Vice President: So they were basically in line with our expectations. And I would say that their revenue contribution was in line with their component of the scale of the business.

Okay. And then, Anil, could you speak to if you're seeing any penetration or competitive kind of bidding from – within the service provider segment from software players in the NFV or SDN landscape for network performance management, or anything of that nature? Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: Yeah. So I mean, there is competition from lot of small vendors, some regional vendors internationally, we see more and more RFPs as a way to reduce the spending or to get the best deal. And as we mentioned earlier, we need to continue to deal with that. But we still – we are ahead both in terms of software, NFV solution, as well as the traditional solution. So NetScout released a NFV-based solution over a year ago. So we are all ready for it. I think there could be little bit of disruption as people move more from appliance model to a software model. But I think long term, it's going to be a blessing in disguise, because we'll have deeper penetration and better margins. So we think we have to manage this trend. We have tried to address that as part of our guidance and reiterating it. And I think we are very hopeful that all these will turn out to be positive trends for us.

Okay. Then last one from me, Anil, maybe for you also. Can you just talk about nGeniusONE traction kind of borrowing kind of the go-to-market with Fluke that happened this quarter, nGeniusONE traction in the enterprise and kind of how that uptake has progressed. Anil K. Singhal - Co-Founder, Chairman, President & Chief Executive Officer: I think it's basically in line with what you saw in the previous quarter. I think we have not been – we are not targeting Fluke Net customer with nGeniusONE for another six months. So the impact of acquisition is not going to be reflected in nGeniusONE traction until maybe six to 12 months from now. And we have a big user group meeting in May. And that's the time we'll be unveiling our plan for integrating the enterprise product lines. We have done some sales force integration, but most of that will be put in operation in six months.

Okay. Great. Thanks for taking my questions. Jean A. Bua - Chief Financial Officer & Senior Vice President: Thank you.

Thanks, Chad.

We have no further questions in the queue at this time.

Great. Well, I'd like to thank, everybody, for their persistence and understanding and dialing in twice for this call, for your time with us. And again, apologies on behalf of our telecommunication service provider for the technical issues. We will look to see you as we get out to various conferences, and of course, for our next quarter's call. Thank you again for dialing in.