Exceeded Revenue and Operating Margin Guidance
Net revenue for the quarter was $299.1 million, above the guidance range of $290 million to $298 million. Operating margin was 15.7%, above the guidance range of 14.6% to 15.4%.
Strong Year-over-Year Growth
Revenue increased 25.6% year-over-year, and operating margin increased 570 basis points year-over-year.
NSE Segment Performance
NSE revenue was $216 million, up 35.5% year-over-year. Gross margin for NSE was 63%, 210 basis points higher year-over-year.
Cash Flow and Refinancing Success
Cash flow from operating activities was $31 million, more than doubling from $13.5 million the previous year. Successfully refinanced $250 million convertible notes.
Acquisition of Spirent's Business Lines
Closed acquisition expected to add about $200 million to annual revenue, higher than prior estimate of $188 million.