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NTAP · NetApp

50 filings

10-Q

NTAP 10-Q Quarterly Reports

NetApp - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K97

NTAP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 97 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2019 annual report10-K · Jun ’19Jun ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Sep ’25Sep ’25
  1. 2027-Q1

    NetApp Quarterly Report for Q1 Ended Jul 31, 2026

    NetApp, Inc. reported net revenues of $2.03 billion for the first quarter of fiscal 2027 (three months ended July 31, 2026), up from $1.56 billion a year earlier, with the filing noting that the extra week in the quarter (a 14-week first quarter in a 53-week fiscal year) contributed approximately $65 million of services revenue. Net income rose to $375 million from $233 million, and diluted EPS was $1.88 versus $1.15. Income from operations was $484 million, against $309 million in the prior-year quarter, though results included $56 million of restructuring charges tied to a plan to redirect resources and reduce costs. Management stated that inflationary pressures and supply constraints, particularly for memory and other components, have affected gross margins and are expected to remain elevated, and cited price increases made in the fourth quarter of fiscal 2026 and at the start of the second quarter of fiscal 2027. Cash flow and balance sheet activity were mixed. Operating cash flow was $503 million, down from $673 million, with inventories up $176 million on strategic component purchases and accounts receivable down $317 million. Cash, cash equivalents and short-term investments totaled $3.58 billion, roughly flat versus April 24, 2026. The company repurchased 1.5 million shares for $200 million, paid $102 million in dividends, and completed the DataPelago acquisition for $193 million total ($87 million paid in cash at closing, with $106 million of contingent consideration still payable). Working capital fell by $651 million, mainly because $550 million of 2.375% senior notes due June 2027 moved to current liabilities. The filing also reports $5.6 billion in remaining performance obligations, of which 44% is expected to be recognized in the next 12 months, and $2.3 billion in purchase commitments, of which $2.1 billion is due within twelve months. The company disclosed patent litigation brought by non-practicing entities but recorded no material accrual for these matters. Management concluded that disclosure controls were effective as of July 31, 2026.

    Sep 2, 2026
  2. 2026-Q3

    NetApp Quarterly Report for Q3 Ended Jan 23, 2026

    NetApp, Inc. reported net revenues of $1,713 million for the third quarter of fiscal 2026 (three months ended January 23, 2026), up from $1,641 million a year earlier, and $4,977 million for the first nine months, up from $4,840 million. Net income was $334 million for the quarter versus $299 million a year earlier, and $872 million for the nine months versus $846 million. Diluted earnings per share were $1.67 for the quarter and $4.32 for the nine months. Income from operations was $434 million for the quarter, compared with $362 million a year earlier. Public Cloud revenues were flat in the quarter at $174 million and rose marginally to $506 million for the nine months, while product revenues were $786 million for the quarter. Cash, cash equivalents and short-term investments declined to $3.0 billion from $3.8 billion at April 25, 2025. The decrease reflected the repayment of $750 million of 1.875% Senior Notes due June 2025, $750 million of share repurchases, $310 million of dividends and $148 million of capital expenditures, partly offset by $1.1 billion of operating cash flow. Total debt principal was $2.5 billion at quarter end. Total stockholders' equity rose to $1.16 billion, and the remaining stock repurchase authorization was $702 million. The filing also discloses that NetApp implemented the final phase of a new global enterprise resource planning system in the third quarter, which resulted in changes to internal control over financial reporting, and that the filing itself notes disruptions from this transition may affect order processing, invoicing and vendor payments. Management concluded that disclosure controls were effective as of January 23, 2026.

    Feb 26, 2026
  3. 2026-Q2

    NetApp Quarterly Report for Q2 Ended Oct 24, 2025

    NetApp, Inc. reported net revenues of $1,705 million for the second quarter of fiscal 2026 (three months ended October 24, 2025), up from $1,658 million a year earlier, and $3,264 million for the six months, up from $3,199 million. Net income was $305 million for the quarter versus $299 million, and diluted earnings per share were $1.51 versus $1.42. Income from operations rose to $399 million from $345 million, while other expense, net was $6 million compared with other income of $15 million a year earlier, driven by higher interest expense and foreign exchange losses. Cash, cash equivalents and short-term investments fell to $3,014 million from $3,846 million at April 25, 2025, mainly reflecting the $750 million repayment of the 1.875% Senior Notes due June 2025, $550 million of share repurchases, and $207 million of dividends. Total debt principal was $2,500 million, and the company reported a $790 million unrecognized compensation expense balance related to equity awards. Operating cash flow for the six months was $800 million, compared with $446 million a year earlier. The Board authorized an additional $1.1 billion for stock repurchases in the first quarter of fiscal 2026, leaving $902 million remaining at period end, and on November 20, 2025 a quarterly dividend of $0.52 per share was declared. Restructuring charges were $23 million for the quarter, and the company paid a final transition tax payment of $179 million in the second quarter.

    Nov 25, 2025
  4. 2026-Q1

    NetApp Quarterly Report for Q1 Ended Jul 25, 2025

    NetApp, Inc. reported net revenues of $1,559 million for the first quarter of fiscal 2026 (ended July 25, 2025), up from $1,541 million a year earlier. Services revenues rose to $905 million from $872 million, while product revenues declined to $654 million from $669 million. Net income was $233 million, or $1.15 per diluted share, compared with $248 million, or $1.17 per diluted share, in the prior-year quarter. Income from operations increased to $309 million from $282 million, and restructuring charges fell to $2 million from $17 million. Cash, cash equivalents and short-term investments totaled $3.3 billion at July 25, 2025, down from $3.8 billion at April 25, 2025. The decrease reflected the repayment of $750 million of 1.875% Senior Notes at maturity in June 2025, $300 million of share repurchases, $104 million of dividends and $53 million of capital expenditures, partially offset by $673 million of operating cash flow. Total debt principal fell to $2.5 billion, and the company had no commercial paper outstanding and no amounts drawn on its $1.0 billion revolving credit facility. The Board authorized an additional $1.1 billion of share repurchases in the quarter, leaving $1.2 billion remaining at quarter end. The company also declared a quarterly dividend of $0.52 per share on August 21, 2025. Remaining performance obligations totaled $4.9 billion, with approximately 49% expected to be recognized within the next 12 months.

    Aug 27, 2025
  5. 2025-Q3

    NetApp Quarterly Report for Q3 Ended Jan 24, 2025

    NetApp, Inc. reported results for the third quarter and first nine months of fiscal 2025, ended January 24, 2025. Net revenues were $1,641 million for the quarter, up from $1,606 million a year earlier, and $4,840 million for the nine months, up from $4,600 million. Net income was $299 million for the quarter, versus $313 million a year earlier, and $846 million for the nine months, versus $695 million. Diluted net income per share was $1.44 for the quarter and $4.03 for the nine months. Income from operations was $362 million for the quarter and $989 million for the nine months. Cash, cash equivalents and short-term investments totaled $2,261 million at January 24, 2025, down from $3,252 million at April 26, 2024. The decline reflected $900 million of share repurchases, repayment of a $400 million 3.30% Senior Notes maturity, $319 million of dividends and $133 million of capital expenditures, partly offset by $831 million of operating cash flow. Total debt principal was $2,000 million, and the company reported a net working capital deficit of $287 million. Management stated that its cash requirements are expected to be met for at least the next 12 months. The company also disclosed a restructuring plan that reduced its global workforce by approximately 4%, and an agreement to sell its Spot by NetApp cloud optimization business to Flexera for $70 million in up-front cash plus up to $49 million contingent on performance, with closing expected in the fourth quarter of fiscal 2025. Public Cloud revenues rose to $174 million in the quarter from $151 million, while Hybrid Cloud product revenues rose to $758 million from $747 million.

    Feb 27, 2025
  6. 2025-Q2

    NetApp Quarterly Report for Q2 Ended Oct 25, 2024

    NetApp, Inc. reported results for the second quarter and first six months of fiscal 2025, ended October 25, 2024. Net revenues rose to $1,658 million in the quarter from $1,562 million a year earlier, and to $3,199 million for the six months from $2,994 million. Net income was $299 million for the quarter, up from $233 million, and diluted net income per share was $1.42 versus $1.10. Income from operations was $345 million in the quarter compared with $304 million in the prior-year quarter. The filing attributes revenue growth mainly to higher product revenues, driven by C-Series all-flash array systems, with services revenues also increasing, led by public cloud and support. Cash, cash equivalents and short-term investments fell to $2.22 billion from $3.25 billion at April 26, 2024. The decline reflected $700 million of share repurchases, a $400 million repayment of 3.30% Senior Notes at maturity, $213 million of dividends and $132 million of taxes on net share settlement of stock awards, partly offset by $446 million of operating cash flow. Total debt principal was $2.0 billion, and the company reported a net working capital deficit of $378 million, largely because $750 million of notes moved to current liabilities. Total stockholders' equity was $892 million. The company also disclosed restructuring plans that reduced its global workforce by approximately 2%, with charges of $29 million in the first six months. Remaining performance obligations totaled $4.4 billion. Management stated that the company was in compliance with its debt covenants and that disclosure controls were effective as of October 25, 2024.

    Nov 25, 2024
  7. 2025-Q1

    NetApp Quarterly Report for Q1 Ended Jul 26, 2024

    NetApp, Inc. reported net revenues of $1,541 million for the first quarter of fiscal 2025 (three months ended July 26, 2024), up from $1,432 million a year earlier. Income from operations was $282 million versus $178 million, and net income was $248 million, or $1.17 per diluted share, compared with $149 million, or $0.69 per diluted share, in the prior-year quarter. Product revenues rose to $669 million from $590 million, and services revenues rose to $872 million from $842 million. The filing attributes the product increase mainly to higher sales of C-Series all-flash array systems, and the services increase to higher support contract value, growth in professional services, and higher public cloud demand. Cash flow and capital return were the main drains on liquidity. Net cash from operating activities was $341 million, down from $453 million, largely due to a $221 million decline in accrued expenses tied to fiscal 2024 incentive and commission payouts. The company repurchased about 3 million shares for $400 million and paid $107 million in dividends. Cash, cash equivalents and short-term investments fell to $3,017 million from $3,252 million. Senior notes of $750 million due June 2025 and $400 million due September 2024 were reclassified to current liabilities, which pushed the company to a net working capital deficit of $191 million. The company also recorded a restructuring plan this quarter that reduces the global workforce by approximately 2%, with $17 million of charges. Remaining performance obligations totaled $4.5 billion, with about 50% expected to be recognized within 12 months. Management states that the company has no material changes to its risk factors or critical accounting policies since its fiscal 2024 Form 10-K.

    Aug 28, 2024
  8. 2024-Q3

    NetApp Quarterly Report for Q3 Ended Jan 26, 2024

    NetApp, Inc. reported its third quarter of fiscal 2024 (ended January 26, 2024) with net revenues of $1.61 billion, up from $1.53 billion a year earlier, while nine-month net revenues of $4.60 billion declined from $4.78 billion. Net income was $313 million for the quarter versus $65 million in the prior-year quarter, and diluted EPS was $1.48 versus $0.30. For the nine months, net income was $695 million compared with $1.03 billion a year earlier, which included a prior-year $524 million discrete tax benefit from an intra-entity IP transfer. Product revenue rose 10% in the quarter to $747 million, driven by higher QLC-flash array sales, while nine-month product revenue fell 11% on softer demand for hybrid systems. Services revenue grew 3% for the nine months to $2.56 billion, with public cloud revenue up 8% to $459 million. Gross margin improved to 71.7% in the quarter from 65.6%, reflecting lower component and freight costs after supply chain improvements. Operating income for the quarter was $366 million, up from $172 million, and restructuring charges fell to $13 million from $87 million. Cash, cash equivalents and short-term investments totaled $2.9 billion at quarter end, down from $3.07 billion at fiscal year-end, as the company spent $800 million on share repurchases and $312 million on dividends. Total debt principal remained $2.4 billion, with $400 million of 3.30% notes reclassified to current liabilities because they mature in September 2024. The company declared a $0.50 per share quarterly dividend on February 22, 2024. Management cited a weakened demand environment characterized by cloud optimizations and increased budget scrutiny, and warned that further macroeconomic deterioration could reduce customer demand. The filing states there have been no material changes to risk factors since the fiscal 2023 Form 10-K.

    Feb 29, 2024
  9. 2024-Q2

    NetApp Quarterly Report for Q2 Ended Oct 27, 2023

    NetApp, Inc. reported net revenues of $1.56 billion for the second quarter of fiscal 2024 (three months ended October 27, 2023), down from $1.66 billion a year earlier, and $2.99 billion for the first six months versus $3.26 billion in the prior-year period. The decline was primarily driven by lower product revenues, partially offset by higher services revenues. Net income fell to $233 million for the quarter from $750 million, and to $382 million for the six months from $964 million; the prior-year period included a $524 million discrete tax benefit from an intra-entity IP transfer. Management cites a weakened demand environment characterized by cloud optimizations and increased budget scrutiny, while supply chain conditions substantially improved, lowering product component and freight costs. Cash, cash equivalents and short-term investments totaled $2.62 billion at October 27, 2023, down from $3.07 billion at April 28, 2023. During the first six months, the company repurchased approximately 9 million shares for $700 million and paid $209 million in dividends, while operating cash flow was $588 million. The company had $2.4 billion in principal amount of Senior Notes outstanding, with $400 million classified as current following the reclassification of the notes due September 2024. Stockholders' equity declined to $770 million from $1.16 billion. On November 21, 2023, the company declared a cash dividend of $0.50 per share. The filing also discloses that the company is involved in patent litigation brought by non-practicing entities and other third parties, with no material accrual recorded as of October 27, 2023. Management did not identify any material changes to risk factors since the Form 10-K for the year ended April 28, 2023.

    Nov 30, 2023
  10. 2024-Q1

    NetApp Quarterly Report for Q1 Ended Jul 28, 2023

    NetApp, Inc. reported net revenues of $1,432 million for the first quarter of fiscal 2024 (three months ended July 28, 2023), down from $1,592 million in the prior-year quarter, a decrease of 10%. The decline was primarily driven by lower product revenues, which fell to $590 million from $786 million, partially offset by higher services revenues of $842 million versus $806 million. Management attributes the weaker product results to softening customer demand and cites a weakened demand environment characterized by cloud optimizations and increased budget scrutiny. Net income was $149 million, or $0.69 per diluted share, compared with $214 million, or $0.96 per diluted share, a year earlier. Income from operations was $178 million versus $255 million. Cash flow from operations was $453 million, up from $281 million in the prior-year period, aided by a $332 million decrease in accounts receivable. Cash, cash equivalents and short-term investments totaled $2.975 billion at quarter end, a decrease of $95 million during the quarter, as the company repurchased $400 million of common stock and paid $106 million in dividends. Long-term debt principal was $2.4 billion, and a $1.0 billion revolving credit facility remained undrawn. The company initiated a restructuring plan in the quarter that reduced its global workforce by approximately 1% and terminated certain real estate leases, generating restructuring charges of $26 million. Total stockholders' equity declined to $873 million from $1,159 million at fiscal year-end, reflecting share repurchases, dividends and the retained earnings balance falling to zero.

    Aug 29, 2023
  11. 2023-Q3

    NetApp Quarterly Report for Q3 Ended Jan 27, 2023

    NetApp, Inc. reported results for the third quarter of fiscal 2023 (ended January 27, 2023). Net revenues were $1,526 million, down from $1,614 million a year earlier, while net revenues for the nine months rose to $4,781 million from $4,638 million. Net income was $65 million for the quarter, versus $252 million a year earlier, and $1,029 million for the nine months, versus $678 million. The nine-month net income was boosted by a discrete tax benefit of $524 million from an intra-entity transfer of intellectual property, partly offset by $69 million of discrete tax expense tied to a Danish Supreme Court ruling. Product revenues fell in both periods, while services revenues rose, with public cloud revenues up to $150 million in the quarter from $110 million. The filing also notes a restructuring plan expected to reduce the global workforce by approximately 8%, with restructuring charges of $87 million in the quarter and $109 million for the nine months. Cash, cash equivalents and short-term investments were $3,141 million at January 27, 2023, down from $4,134 million at April 29, 2022. The decline was driven by $700 million of share repurchases, $326 million of dividends, a $250 million repayment of senior notes, and $491 million, net of cash acquired, for the Instaclustr acquisition, partly offset by $872 million of operating cash flow. Total senior notes principal was $2,400 million, and a $1.0 billion revolving credit facility was undrawn. Management stated that liquidity is sufficient for at least the next 12 months. The filing also cites macroeconomic pressures, including inflation, supply chain constraints, and a slowdown in customer demand in the second and third quarters, along with foreign exchange volatility and the discontinuation of operations in Russia, Belarus, and certain regions of Ukraine. Total stockholders' equity was $1,102 million, and total assets were $9,710 million.

    Mar 1, 2023
  12. 2023-Q2

    NetApp Quarterly Report for Q2 Ended Oct 28, 2022

    NetApp, Inc. reported results for the second quarter and first six months of fiscal 2023, ended October 28, 2022. Net revenues rose 6% to $1.66 billion in the quarter and 8% to $3.26 billion for the six months, with growth in both product and services revenues. Public Cloud revenues grew 63% in the quarter to $142 million, helped by the Instaclustr acquisition. Income from operations was $282 million in the quarter versus $294 million a year earlier. Net income was $750 million for the quarter, far above the prior-year $224 million, mainly because of a discrete $524 million tax benefit from an intra-entity transfer of intellectual property to the company's new international headquarters in Ireland. Cash, cash equivalents and short-term investments fell to $3.03 billion from $4.13 billion at April 29, 2022. The decline reflected a $491 million acquisition (net of cash acquired), $500 million of share repurchases, $218 million of dividends and the $250 million repayment of 3.25% Senior Notes due December 2022. Operating cash flow was $495 million for the six months, compared with $540 million a year earlier. Total principal debt stood at $2.4 billion, and the company had a $1.0 billion undrawn revolving credit facility. The filing notes macroeconomic uncertainty, inflation, supply chain constraints and a slowdown in customer demand during the quarter. It also says Russia-related sanctions had no significant impact on results in the quarter or the six months. Management reports that a 2019 securities class action was dismissed with prejudice after final approval on September 1, 2022.

    Dec 1, 2022
  13. 2023-Q1

    NetApp Quarterly Report for Q1 Ended Jul 29, 2022

    NetApp, Inc. reported net revenues of $1.59 billion for the first quarter of fiscal 2023 (three months ended July 29, 2022), up from $1.46 billion in the prior-year quarter. Product revenues were $786 million and services revenues were $806 million, with public cloud revenues of $132 million, compared with $79 million a year earlier. Income from operations was $255 million versus $249 million, and net income was $214 million, or $0.96 per diluted share, compared with $202 million and $0.88 per diluted share. The filing notes that foreign currency fluctuations adversely affected net revenue growth by approximately four percentage points, and that a $32 million gain from the sale of a minority equity interest contributed to other income. Cash, cash equivalents and short-term investments declined to $3.44 billion from $4.13 billion at April 29, 2022. The decrease reflected the $491 million net cash outflow for the Instaclustr acquisition, $350 million of share repurchases, and $110 million of dividends, partially offset by $281 million of operating cash flow. Total stockholders' equity fell to $657 million from $838 million, and the company's principal debt balance remained $2.65 billion. In August 2022, NetApp called for redemption of its $250 million 3.25% Senior Notes due December 2022 at a price of $252 million. The filing describes ongoing supply chain constraints and inflationary pressure that increased component and freight costs, as well as Hybrid Cloud product gross margins that decreased by approximately six percentage points. The company also disclosed a $1.0 billion revolving credit facility with no amounts drawn, a remaining repurchase authorization of $0.9 billion, and a declared quarterly dividend of $0.50 per share payable October 26, 2022.

    Aug 30, 2022
  14. 2022-Q3

    NetApp Quarterly Report for Q3 Ended Jan 28, 2022

    NetApp, Inc. reported third-quarter fiscal 2022 results for the three and nine months ended January 28, 2022. Net revenues were $1.61 billion for the quarter, up 10% from $1.47 billion a year earlier, and $4.64 billion for the nine months, up 11% from $4.19 billion. Net income was $252 million for the quarter (diluted EPS $1.10) and $678 million for the nine months (diluted EPS $2.96), compared with $182 million and $396 million in the prior-year periods. Growth was driven by product revenue, including a higher mix of all-flash array systems, and services revenue, including Public Cloud revenue that rose to $110 million in the quarter from $55 million. The company realigned into two reportable segments, Public Cloud and Hybrid Cloud, effective the start of fiscal 2022. Balance sheet and cash flow were steady. Cash, cash equivalents and short-term investments totaled $4.2 billion, against $2.7 billion of senior notes principal. Operating cash flow was $800 million for the nine months, while the company paid $335 million in dividends and repurchased $350 million of stock. A $250 million senior note is due in December 2022 and is now classified as current. The company acquired CloudCheckr for $347 million in November 2021 and, as a subsequent event, acquired NeurOps (Fylamynt) in February 2022. Management said it does not anticipate a significant impact from the Russia sanctions on future results, though the magnitude and duration remain uncertain. The filing also highlights ongoing risks, including COVID-19 demand and supply chain disruption, rising component and freight costs that management expects to weigh on gross margins into fiscal 2023, and continued patent litigation brought by non-practicing entities. Management concluded disclosure controls were effective as of January 28, 2022.

    Mar 2, 2022
  15. 2022-Q2

    NetApp Quarterly Report for Q2 Ended Oct 29, 2021

    NetApp, Inc. reported its second quarter of fiscal 2022 (quarter ended October 29, 2021) with net revenues of $1,566 million, up from $1,416 million a year earlier, and net income of $224 million compared with $137 million. For the first six months, net revenues were $3,024 million versus $2,719 million, and net income was $426 million versus $214 million. Diluted earnings per share were $0.98 for the quarter and $1.86 for the six months. Public Cloud revenues were $87 million in the quarter, compared with $47 million a year earlier, and the company now reports two segments, Public Cloud and Hybrid Cloud. Cash, cash equivalents and short-term investments totaled $4,548 million at October 29, 2021, against $4,596 million at April 30, 2021, and the company generated $540 million of operating cash flow in the first six months. Capital returns were significant: the company repurchased $225 million of common stock and paid $224 million in dividends during the six months, and declared a $0.50 per share dividend on November 22, 2021. Total principal debt was $2,650 million, and there were no commercial paper notes or credit facility borrowings outstanding. The filing notes continued COVID-19 effects, including some customers delaying purchases while others accelerated orders, and minor supply chain constraints that the company is mitigating by investing in inventory. The company also disclosed a restructuring plan in the first half of fiscal 2022 with charges of $29 million, and a subsequent acquisition of CloudCheckr Inc. on November 5, 2021 with approximately $348 million of purchase price.

    Dec 2, 2021
  16. 2022-Q1

    NetApp Quarterly Report for Q1 Ended Jul 30, 2021

    NetApp, Inc. reported net revenues of $1,458 million for the first quarter of fiscal 2022 (three months ended July 30, 2021), up from $1,303 million in the prior-year quarter. Net income rose to $202 million from $77 million, and diluted net income per share was $0.88 compared with $0.35. Income from operations was $249 million versus $136 million a year earlier, and net cash provided by operating activities was $242 million. Product revenues were $730 million, services revenues $728 million, and the company highlighted growth in software and public cloud revenues. Note that the company realigned its reporting into two segments, Public Cloud and Hybrid Cloud, effective with this quarter. The balance sheet remained solid, with cash, cash equivalents and short-term investments of $4,547 million against a principal debt balance of $2,650 million. During the quarter the company repurchased 1.2 million shares for $100 million and paid $112 million in dividends, and it declared a $0.50 per share cash dividend on August 23, 2021. Total deferred revenue and financed unearned services revenue was $3,904 million. The company also recorded $22 million in restructuring charges tied to a plan to reduce office space, which reduced its global workforce by approximately 1%. Management cited customers delaying some purchases amid macroeconomic uncertainty from COVID-19, alongside supply chain constraints and logistical challenges. Remaining purchase commitments included $954 million in off-balance sheet purchase commitments. The company has approximately $1.0 billion of commercial paper capacity and a $1.0 billion revolving credit facility, with no amounts drawn as of July 30, 2021.

    Sep 2, 2021
  17. 2021-Q3

    NetApp Quarterly Report for Q3 Ended Jan 29, 2021

    NetApp, Inc. reported third-quarter fiscal 2021 results for the period ended January 29, 2021, with net revenues of $1,470 million, up from $1,404 million a year earlier, and nine-month net revenues of $4,189 million versus $4,011 million. Net income was $182 million for the quarter (diluted EPS $0.80) and $396 million for the nine months (diluted EPS $1.76), compared with $277 million and $623 million in the prior-year periods. The filing attributes the revenue growth to higher software and hardware maintenance revenues, partly offset by lower product revenues, and notes that the first nine months benefited from an extra week in the first quarter. Gross profit margin was 66% for both the quarter and nine months, versus 67% a year earlier, with product margins pressured by lower average selling prices and higher materials costs. The balance sheet strengthened over the period. Cash, cash equivalents and short-term investments were $3.9 billion, up $1.0 billion from April 24, 2020, driven by $2.0 billion of net proceeds from new Senior Notes issued in June 2020. Long-term debt rose to $2,632 million, and the company used $513 million to redeem its 3.375% Senior Notes due June 2021. Operating cash flow for the nine months was $774 million, and the company reinitiated its stock repurchase program in the third quarter with $50 million of repurchases in the nine-month period, leaving $427 million of remaining authorization. The filing highlights ongoing COVID-19 effects, including customer purchase delays on a net basis unfavorable to product revenues, and a restructuring under the August 2020 Plan that reduced the global workforce by approximately 5%. A securities class action was dismissed by the district court on February 1, 2021, and plaintiff has indicated it will not file a second amended complaint, though it reserved the right to appeal.

    Mar 1, 2021
  18. 2021-Q2

    NetApp Quarterly Report for Q2 Ended Oct 30, 2020

    NetApp, Inc. reported net revenues of $1,416 million for the second quarter of fiscal 2021 (ended October 30, 2020), up from $1,371 million a year earlier, and $2,719 million for the first six months, up from $2,607 million. Income from operations fell to $182 million from $296 million in the quarter, and net income declined to $137 million from $243 million. Diluted net income per share was $0.61 versus $1.03 a year earlier. Product revenues declined 3% in both the quarter and six-month period, while software maintenance revenues grew 19% in the quarter and hardware maintenance and other services revenues grew 5%. The company noted that the first six months benefited from an extra week in the period. Balance sheet and capital structure changed meaningfully. Cash, cash equivalents and short-term investments rose to $3.6 billion from $2.9 billion at April 24, 2020, driven by $2.0 billion of net proceeds from new Senior Notes issued in June 2020. Total debt principal increased to $2,650 million from $1,673 million, and commercial paper was fully repaid. Management also cited a $350 million cash outlay for acquisitions, including Spot, Inc., and an August 2020 restructuring plan that reduced the global workforce by approximately 5%. Stock repurchases remained suspended during the first half of fiscal 2021, and the company stated it planned to reinitiate its share repurchase program in the third quarter of fiscal 2021. The filing highlights ongoing COVID-19 uncertainty, with customers delaying some purchases while others accelerated orders for remote working. Management said it cannot predict the full magnitude or duration of the pandemic's impact. The company also disclosed a securities class action filed in August 2019 and continuing patent litigation with non-practicing entities, and it stated that no material accrual had been recorded for these matters.

    Dec 3, 2020
  19. 2021-Q1

    NetApp Quarterly Report for Q1 Ended Jul 31, 2020

    NetApp, Inc. reported first-quarter fiscal 2021 results for the three months ended July 31, 2020, with net revenues of $1,303 million, up from $1,236 million in the prior-year quarter, which the company attributes primarily to an additional week in the period and higher software and hardware maintenance revenues, offset by a decrease in product revenues. Gross profit was $872 million versus $816 million, and net income was $77 million, or $0.35 per diluted share, compared with $103 million, or $0.42 per diluted share, a year earlier. Operating cash flow was $240 million, down from $310 million, and cash, cash equivalents and short-term investments rose to $3.8 billion from $2.9 billion at April 24, 2020, largely because of $2.0 billion in net proceeds from new Senior Notes issued in June 2020. The balance sheet shifted meaningfully during the quarter. Long-term debt increased to $2,630 million from $1,146 million, and the company used cash to extinguish its 3.375% Senior Notes due 2021 for $513 million and to acquire Cloud Jumper and Spot, Inc. for a combined $374 million in purchase price. Spot, a provider of public cloud compute management cost optimization services, was acquired for $340 million in cash on July 9, 2020, and goodwill rose to $2,038 million. The company paid $107 million in dividends and did not repurchase shares, having suspended its buyback program in March 2020 because of COVID-19 uncertainty; $477 million remained available under the program. Management stated that COVID-19 has caused some customers to delay purchases while others accelerated orders, and that the net impact on product revenues was unfavorable. On August 25, 2020, after the quarter ended, NetApp committed to a restructuring plan expected to reduce its global workforce by about 5%, with aggregate expenses of $35 million to $40 million, mostly recognized in the second quarter of fiscal 2021.

    Aug 28, 2020
  20. 2020-Q3

    NetApp Quarterly Report for Q3 Ended Jan 24, 2020

    NetApp, Inc. reported third-quarter fiscal 2020 results (quarter ended January 24, 2020) with net revenues of $1,404 million, down from $1,563 million a year earlier, and nine-month net revenues of $4,011 million versus $4,554 million. The filing attributes the decline primarily to lower product revenues, which fell $180 million in the quarter and $553 million for the nine months, partly offset by a slight increase in software maintenance revenues. Gross profit margin improved to 67% in both the quarter and nine months (from 63% and 64%), and net income was $277 million for the quarter, up from $249 million, and $623 million for the nine months, down from $773 million, with nine-month diluted EPS of $2.64 versus $2.94. Balance sheet and capital allocation were central this period. Cash, cash equivalents and short-term investments fell to $3,008 million from $3,899 million, driven by $1,250 million of share repurchases (22 million shares at an average $57.36), $334 million of dividends, and the repayment of $400 million of Senior Notes. Commercial paper outstanding rose to $693 million on the balance sheet, and the company held $1,150 million of Senior Notes principal. Remaining stock repurchase authorization was $639 million, and the company declared a $0.48 per share dividend on February 12, 2020. The filing also discloses a purported securities class action filed August 14, 2019, relating to fiscal 2020 financial guidance revised on August 1, 2019, which the company says it believes is without merit. Operating cash flow for the nine months was $677 million compared with $942 million a year earlier, and the company noted that accounts receivable and accrued expenses drove much of the change.

    Feb 18, 2020
  21. 2020-Q2

    NetApp Quarterly Report for Q2 Ended Oct 25, 2019

    NetApp, Inc. reported net revenues of $1,371 million for the second quarter of fiscal 2020 (quarter ended October 25, 2019), down from $1,517 million a year earlier, and $2,607 million for the first six months, down from $2,991 million. The decline was driven mainly by lower product revenues, which fell to $771 million in the quarter from $913 million, reflecting less favorable macroeconomic conditions, lower enterprise IT spending and go-to-market execution issues with some large accounts. Gross profit margin improved to 67% in the quarter from 64%, helped by a higher mix of All Flash FAS products and cost reductions. Net income was $243 million, or $1.03 diluted per share, compared with $241 million, or $0.91 diluted per share, a year earlier. Cash, cash equivalents and short-term investments fell to $2.99 billion from $3.90 billion at April 26, 2019. The decrease reflected $750 million of share repurchases, the $400 million repayment of 2.00% Senior Notes at maturity, $226 million of dividends and $68 million of capital expenditures, partly offset by $249 million of net commercial paper proceeds and $96 million from the sale of Sunnyvale land. Total stockholders' equity dropped to $536 million from $1,090 million, and the company has $13.6 billion of repurchase authorization since 2003, with $1.1 billion remaining. A purported securities class action filed August 14, 2019 alleges misleading fiscal 2020 guidance; the company believes it is without merit.

    Nov 18, 2019
  22. 2020-Q1

    NetApp Quarterly Report for Q1 Ended Jul 26, 2019

    NetApp, Inc. reported net revenues of $1,236 million for the first quarter of fiscal 2020 (ended July 26, 2019), down from $1,474 million a year earlier, a decrease of $238 million, or 16%. The decline was driven primarily by lower product revenues, which fell $231 million to $644 million, with management citing less favorable macroeconomic conditions and go-to-market execution issues with some of its largest global customer accounts. Software maintenance revenues rose to $250 million from $229 million, while hardware maintenance and other services declined to $342 million from $370 million. Income from operations fell to $104 million from $254 million, and net income was $103 million, or $0.42 per diluted share, versus $283 million, or $1.05 per diluted share, in the prior-year quarter. Gross profit margin rose slightly to 66% from 65%. Cash, cash equivalents and short-term investments declined to $3.5 billion from $3.9 billion at fiscal year-end, reflecting $250 million of share repurchases, $115 million of dividends, and $219 million of net commercial paper repayments, partly offset by $310 million of operating cash flow. Deferred revenue and financed unearned services revenue totaled $3.51 billion. The company also recorded a $21 million restructuring charge under its May 2019 plan, which reduced the global workforce by approximately 2%, and completed a $58 million acquisition of Cognigo Research Ltd. The filing also discloses a purported securities class action filed August 14, 2019, alleging misleading statements about fiscal 2020 financial guidance provided on May 22, 2019, with the class period running through the August 1, 2019 revised guidance. Management says it believes the complaint is without merit. The company declared a $0.48 per share quarterly dividend on August 14, 2019.

    Aug 19, 2019
  23. 2019-Q3

    NetApp Quarterly Report for Q3 Ended Jan 25, 2019

    NetApp, Inc. reported net revenues of $1,563 million for the third quarter of fiscal 2019 (ended January 25, 2019), up $24 million, or 2%, from $1,539 million a year earlier, and $4,554 million for the first nine months, up $279 million, or 7%, from $4,275 million. Growth was driven mainly by higher product revenues, which rose $257 million in the nine-month period. Operating income for the nine months was $2,919 million gross profit less operating expenses, and net income for the nine months was $773 million, compared with a net loss of $174 million in the prior-year period, which included discrete tax charges tied to U.S. tax reform and the Sunnyvale property sale. Third-quarter net income was $1.00 basic per share... see figures below. The company adopted ASC 606 using the full retrospective method, which accelerates recognition of the software license component of enterprise license agreements (ELAs). The filing states that ELAs contributed approximately $110 million of incremental product revenue in the first nine months of fiscal 2019, none of it in the third quarter. Gross profit for the nine months was $2,919 million, compared with $2,680 million a year earlier. Capital return remained significant. The company repurchased 22 million shares for $1,611 million in the nine months, paid $306 million in dividends, and had $2.4 billion remaining under its $13.6 billion repurchase authorization. Cash, cash equivalents and short-term investments totaled $4.0 billion at January 25, 2019, down from $5.4 billion at April 27, 2018. Total debt principal was $1,714 million, including $1,550 million of senior notes and $164 million of commercial paper, and the company declared a $0.40 per share dividend on February 13, 2019.

    Feb 19, 2019
  24. 2019-Q2

    NetApp Quarterly Report for Q2 Ended Oct 26, 2018

    NetApp, Inc. reported results for the second quarter and first six months of fiscal 2019, ended October 26, 2018. Net revenues were $1,517 million for the quarter, an increase of $102 million, or 7%, and $2,991 million for the six months, an increase of $255 million, or 9%, driven mainly by higher product revenues. Diluted net income per share was $0.91 for the quarter versus $0.63 a year earlier, and $1.96 for the six months versus $1.10. Gross profit margins on product revenues rose, in part due to up-front recognition of software license components of several enterprise software license agreements (ELAs) under the newly adopted ASC 606 standard, which the company applied with full retrospective restatement of prior periods. Capital return remained a major use of cash. The company repurchased 14 million shares for $1,061 million in the first six months and paid $207 million in dividends. Cash, cash equivalents and short-term investments totaled $4.3 billion at October 26, 2018, down from $5.39 billion at April 27, 2018, while Senior Notes principal was $1.55 billion and commercial paper outstanding was $250 million. Net cash provided by operating activities was $491 million for the six months, compared with $564 million a year earlier. The company declared a $0.40 per share dividend on November 14, 2018. The filing also flags continuing risks, including a long-running decline in the networked storage hardware market, customer concentration among distributors Arrow Electronics and Tech Data, reliance on single-source suppliers, and pending patent litigation with non-practicing entities. Unrecognized tax benefits totaled $356 million, and the company has not finished accounting for the Tax Cuts and Jobs Act impacts, including a $732 million transition tax expense payable over eight years.

    Nov 19, 2018
  25. 2019-Q1

    NetApp Quarterly Report for Q1 Ended Jul 27, 2018

    NetApp, Inc. reported net revenues of $1,474 million for the first quarter of fiscal 2019 (ended July 27, 2018), up from $1,321 million a year earlier, with net income of $283 million, or $1.05 per diluted share, compared with $131 million, or $0.47 per diluted share, in the prior-year quarter. The filing attributes the revenue increase primarily to higher product revenues, which rose to $875 million from $727 million. Management states that the adoption of ASC 606 on a full retrospective basis drove about $90 million of incremental product revenue from enterprise software license agreements (ELAs) recognized up front, and that the net income figure also benefited from a $34 million discrete tax benefit tied to the new standard. Cash, cash equivalents and short-term investments declined to $4.8 billion from $5.4 billion at fiscal year-end April 27, 2018. The decrease reflects $500 million of share repurchases, $105 million of dividends, and a $185 million net repayment of commercial paper, partially offset by $326 million of operating cash flow. Deferred revenue and financed unearned services revenue fell to $3.26 billion from $3.36 billion. The company also recorded a $19 million restructuring charge tied to a May 2018 plan that reduced headcount by less than 2%. The filing highlights ongoing risks, including a networked storage hardware market that the company says declined in each of the last three calendar years, reliance on distributors (Arrow Electronics and Tech Data accounted for 22% and 17% of net revenues), and an unresolved Tax Cuts and Jobs Act transition tax of $732 million, which the company has elected to pay over eight years. The company also disclosed $351 million of gross unrecognized tax benefits and a $0.40 per share dividend declared on August 15, 2018.

    Aug 21, 2018
  26. 2018-Q3

    NetApp Quarterly Report for Q3 Ended Jan 26, 2018

    NetApp, Inc. reported third-quarter fiscal 2018 results (quarter ended January 26, 2018) with net revenues of $1,523 million, up $119 million, or 8%, from $1,404 million a year earlier, and nine-month net revenues of $4,270 million, up 6%. Product revenues grew 17% in the quarter, driven by strategic solutions (Clustered ONTAP unit volume and higher average selling prices from All-Flash FAS), while hardware maintenance and other services revenues declined 4%. Gross margin rose to 62% in the quarter, and income from operations was $471 million, but the company posted a GAAP net loss of $506 million, or $(1.89) per diluted share, because of a one-time tax reform-related provisional charge of $856 million under the Tax Cuts and Jobs Act, which included a $739 million transition tax. Balance sheet and cash flow remained solid. Cash, cash equivalents and short-term investments totaled $5.6 billion, up from $4.9 billion at April 28, 2017, and nine-month operating cash flow was $984 million. Management highlighted the November 2017 redemption of $750 million of 2.00% Senior Notes, the September 2017 issuance of $800 million of new Senior Notes, and $210 million of proceeds from the first closing of the Sunnyvale property sale, with a second closing of $96 million expected within 12 months. Total principal debt rose to $2.18 billion, and debt as a percentage of stockholders' equity increased to 100% from 72%. The company repurchased $450 million of stock in the nine months and declared a $0.20 per share quarterly dividend on February 14, 2018. The company stated that it will pay the transition tax over eight years, that its provisional tax accounting could change materially during the measurement period, and that it expects the revenue recognition standard (ASC 606) to be adopted in fiscal 2019 using the full retrospective method, with the effect not yet determined to be material.

    Feb 22, 2018
  27. 2018-Q2

    NetApp Quarterly Report for Q2 Ended Oct 27, 2017

    NetApp, Inc. reported net revenues of $1,422 million for the second quarter of fiscal 2018 (ended October 27, 2017), up from $1,340 million a year earlier, and $2,747 million for the first six months, up from $2,634 million. Net income rose to $175 million for the quarter from $109 million, and diluted earnings per share were $0.64 versus $0.38. Growth was driven by product revenues of $807 million for the quarter, up from $710 million, partly offset by lower hardware maintenance and other services revenues. Income from operations increased to $219 million from $142 million, and operating cash flow for the six months was $564 million compared with $386 million a year earlier. The balance sheet strengthened over the period. Cash, cash equivalents and short-term investments totaled $5,965 million, up from $4,921 million at April 28, 2017, following the September 2017 issuance of $400 million of 2.00% Senior Notes due 2019 and $400 million of 3.30% Senior Notes due 2024. Total debt principal rose to $3,019 million, including $719 million of commercial paper notes, and debt as a percentage of stockholders' equity increased to 109% from 72%. The company redeemed its $750 million 2.00% Senior Notes due December 2017 on November 3, 2017, for $751 million plus accrued interest. During the first six months, NetApp repurchased 7 million shares for $300 million and paid $108 million in dividends. It also acquired Greenqloud ehf. for $51 million and Plexistor Ltd. for $24 million, and agreed in September 2017 to sell Sunnyvale, California properties for $306 million. The filing states that the company's Risk Factors section notes continuing industry decline in networked storage hardware, with revenue having declined in fiscal years 2015, 2016 and 2017.

    Nov 29, 2017
  28. 2018-Q1

    NetApp Quarterly Report for Q1 Ended Jul 28, 2017

    NetApp, Inc. reported net revenues of $1,325 million for the first quarter of fiscal 2018 (ended July 28, 2017), up $31 million, or 2%, from $1,294 million a year earlier. The increase was driven by higher product revenues, which rose $63 million, partially offset by a $25 million decline in hardware maintenance and other services revenues. Gross profit margin improved to 63% from 62%, and income from operations rose to $148 million from $93 million. Net income was $136 million, or $0.49 per diluted share, compared with $64 million, or $0.23 per diluted share, in the prior-year quarter. The company's effective tax rate was 11.1%, versus 30.4% a year earlier. Cash, cash equivalents and short-term investments totaled $5.3 billion at quarter-end, up from $4.9 billion at April 28, 2017, reflecting $394 million of net commercial paper proceeds and $250 million of operating cash flow. Of the total, $4.9 billion was held by foreign subsidiaries. Total debt principal rose to $2.4 billion, including $895 million of commercial paper, and the company amended its commercial paper program and $1.0 billion revolving credit facility on July 17, 2017. Management noted that revenue declined in fiscal 2015, 2016 and 2017 on a year-over-year basis and that the networked storage hardware market declined in each of the last two calendar years. During the quarter, NetApp repurchased 4 million shares for $150 million, paid $54 million in dividends, and declared a $0.20 per share dividend on August 16, 2017. Remaining buyback authorization was $644 million as of quarter-end. The company also completed the acquisition of Plexistor Ltd. for $24 million in cash.

    Aug 29, 2017
  29. 2017-Q3

    NetApp Quarterly Report for Q3 Ended Jan 27, 2017

    NetApp, Inc. reported net revenues of $1,404 million for the third quarter of fiscal 2017 (ended January 27, 2017), up from $1,386 million a year earlier, and $4,038 million for the first nine months, down from $4,166 million. Net income was $146 million for the quarter, compared with $153 million a year ago, and $319 million for the nine months, compared with $237 million. Diluted net income per share was $0.52 for the quarter and $1.13 for the nine months. Product revenue from strategic solutions (Clustered ONTAP, E-Series, SolidFire, AltaVault and add-on software) rose to $512 million in the quarter, a 22% increase, while mature solutions fell 18% to $272 million as 7-Mode unit volume declined 64%. The company announced a restructuring plan in November 2016 that reduced its worldwide headcount by approximately 6%, with charges of $52 million in the quarter. Cash, cash equivalents and short-term investments totaled $4.6 billion at January 27, 2017, down from $5.3 billion at April 29, 2016, mainly after repaying an $850 million short-term loan used to fund the SolidFire acquisition, $576 million of share repurchases and $157 million of dividends. The company entered a $600 million commercial paper program in December 2016, with $392 million outstanding at quarter end, and a new $600 million revolving credit facility maturing in December 2021. Total debt principal was $1,892 million, and the company's gross margin was 61% for both the quarter and the nine months. Deferred revenue and financed unearned services revenue declined to $3,234 million from $3,385 million. The company also declared a quarterly dividend of $0.19 per share payable April 26, 2017.

    Feb 28, 2017
  30. 2017-Q2

    NetApp Quarterly Report for Q2 Ended Oct 28, 2016

    NetApp, Inc. filed this Form 10-Q for the second quarter of fiscal 2017, covering the three and six months ended October 28, 2016. Net revenues were $1,340 million for the quarter, down from $1,445 million a year earlier, and $2,634 million for the six months, down from $2,780 million. Net income was $109 million for the quarter, compared with $114 million a year earlier, and $173 million for the six months, compared with $84 million. Diluted net income per share was $0.38 for the quarter and $0.61 for the six months. The filing attributes the revenue decline mainly to lower product revenue from higher discounting and a shift from mature to strategic products, including a 29% decrease in mature solution product revenue in the quarter. Cash, cash equivalents and short-term investments totaled $4,357 million at October 28, 2016, down from $5,303 million at April 29, 2016. The decline reflected the repayment of an $850 million short-term loan taken out for the SolidFire acquisition, $292 million of share repurchases and $105 million of dividends paid, partly offset by $386 million of operating cash flow. Long-term debt remained at $1,492 million, and the company held $3.9 billion of its cash and investments in foreign subsidiaries. On November 3, 2016, NetApp announced a restructuring and workforce reduction of approximately 6%, with aggregate charges expected to be $50 to $60 million, mostly recognized in the third quarter of fiscal 2017. The company also declared a quarterly dividend of $0.19 per share on November 16, 2016.

    Dec 2, 2016
  31. 2017-Q1

    NetApp Quarterly Report for Q1 Ended Jul 29, 2016

    NetApp, Inc. reported net revenues of $1,294 million for the first quarter of fiscal 2017 (ended July 29, 2016), down from $1,335 million a year earlier, a decrease the filing attributes primarily to the extra week of maintenance revenue in the prior-year quarter. Net income was $64 million, or $0.23 per diluted share, compared with a net loss of $30 million, or $(0.10) per share, in the year-earlier period. Income from operations was $93 million versus a loss of $26 million, and operating cash flow rose to $228 million from $129 million. Operating expenses fell to $704 million from $842 million, reflecting lower headcount from cost reduction programs and the one-week timing effect. The balance sheet shows cash, cash equivalents and short-term investments of $4.4 billion, down from $5.3 billion at April 29, 2016, mainly because the company repaid the $850 million short-term loan taken out for the SolidFire acquisition. Total debt principal is $1.5 billion in Senior Notes, and the company repurchased $175 million of stock during the quarter, with $1.3 billion remaining under its $9.6 billion authorization. The company also declared a quarterly dividend of $0.19 per share on August 17, 2016. The filing highlights a continuing shift in product mix, with strategic solutions (including clustered Data ONTAP) rising to $400 million from $323 million and mature solutions falling to $260 million from $341 million. Risk factors emphasize a storage market that has not grown in the last three calendar years, customer delays tied to technology transitions, and the transition from 7-Mode to clustered Data ONTAP.

    Sep 2, 2016
  32. 2016-Q3

    NetApp Quarterly Report for Q3 Ended Jan 29, 2016

    NetApp, Inc. reported third-quarter fiscal 2016 results for the period ended January 29, 2016, with net revenues of $1,386 million, down $165 million, or 11%, from $1,551 million a year earlier. Nine-month net revenues were $4,166 million, down $417 million, or 9%. The filing attributes the decline to foreign exchange rate changes, higher discounting, lengthening deal cycles due to macroeconomic uncertainty and unfavorable product mix. Product revenues fell 19% in both periods, while software and hardware maintenance and other services revenues grew. Income from operations was $165 million for the quarter, compared with $202 million a year earlier, and net income was $153 million, or $0.52 per diluted share, versus $177 million, or $0.56 per diluted share. The balance sheet remained strong, with cash, cash equivalents and short-term investments of $5.0 billion and $1.5 billion of Senior Notes outstanding. Nine-month operating cash flow was $629 million, down from $872 million, and the company repurchased $698 million of stock and paid $159 million in dividends during the period. Remaining buyback authorization stood at $1.8 billion. Subsequent to quarter end, NetApp acquired SolidFire, Inc. for $855 million in cash, funded in part by an $870 million short-term loan. The company also committed to a restructuring that it expects to reduce worldwide headcount by approximately 12%, with aggregate charges of approximately $60 million to $70 million, mostly recognized in the fourth quarter of fiscal 2016. The filing states that the SolidFire acquisition is expected to unfavorably affect income from operations by approximately $50 million in the fourth quarter of fiscal 2016.

    Mar 7, 2016
  33. 2016-Q2

    NetApp Quarterly Report for Q2 Ended Oct 30, 2015

    NetApp, Inc. reported results for the second quarter and first six months of fiscal 2016, ended October 30, 2015. Net revenues were $1,445 million for the quarter, a decrease of $98 million, or 6%, from $1,543 million a year earlier, and $2,780 million for the six months, a decrease of $252 million, or 8%. The filing attributes the declines to foreign exchange rate changes, higher discounting, and unfavorable product mix, with product revenues falling 12% in the quarter and 18% for the six months. Net income was $114 million ($0.39 diluted per share) for the quarter, down from $160 million, and $84 million ($0.28 diluted per share) for the six months, down from $248 million. Income from operations fell to $145 million in the quarter and $119 million for the six months, and gross profit margin declined to 61% from 64% in the quarter. Cash, cash equivalents and short-term investments totaled $4.8 billion at October 30, 2015, down from $5.3 billion at April 24, 2015. The decline reflected $613 million of share repurchases and $107 million of dividends paid, partly offset by $274 million of operating cash flow for the six months. Remaining repurchase authorization was $1.8 billion, and the company stated it expects to complete it by May 2018, with the first $1 billion expected by the end of May 2016. Long-term debt was $1.5 billion in principal amount of Senior Notes, and the $250 million revolving credit facility was undrawn. The filing also records a $28 million restructuring charge tied to a May 2015 realignment that reduced the global workforce by about 3%, and an $11 million impairment of developed technology related to CacheIQ. Management stated it expects fiscal 2016 remaining capital expenditures of $100 million to $150 million, and the company declared a $0.18 per share quarterly dividend on November 18, 2015.

    Dec 2, 2015
  34. 2016-Q1

    NetApp Quarterly Report for Q1 Ended Jul 31, 2015

    NetApp, Inc. reported net revenues of $1,335 million for the first quarter of fiscal 2016 (three months ended July 31, 2015), down from $1,489 million in the year-earlier quarter, and a net loss of $30 million, or $(0.10) per share, compared with net income of $88 million, or $0.27 per share, a year earlier. The decline was driven mainly by lower product revenues of $664 million versus $883 million, partially offset by growth in software maintenance ($248 million vs. $221 million) and hardware maintenance and other services ($423 million vs. $385 million). The quarter included a 14th week, a $27 million restructuring charge tied to a May 2015 realignment that reduced the global workforce by approximately 3%, and an $11 million impairment of developed technology related to CacheIQ. Cash, cash equivalents and short-term investments totaled $4,950 million at July 31, 2015, down from $5,326 million at April 24, 2015, primarily because of $430 million in share repurchases. Operating cash flow was $129 million, compared with $216 million a year earlier. Stockholders' equity fell to $3,000 million from $3,414 million, and long-term debt stood at $1,488 million, with $1,500 million in aggregate Senior Notes principal outstanding. The company declared a quarterly dividend of $0.18 per share on August 19, 2015, and had $2.0 billion remaining under its $9.6 billion repurchase authorization. The filing also highlights ongoing transition risk: the company is migrating customers from Data ONTAP 7-Mode to clustered Data ONTAP, and product unit volume for configured systems declined 9%. Management notes that $4.6 billion of cash and short-term investments is held by foreign subsidiaries, and that repatriation could trigger significant U.S. tax costs. Tax items included a $13 million discrete expense from a transfer pricing closing agreement with the IRS.

    Sep 8, 2015
  35. 2015-Q3

    NetApp Quarterly Report for Q3 Ended Jan 23, 2015

    NetApp, Inc. reported results for the three and nine months ended January 23, 2015 in this Form 10-Q. Net revenues were $1,551.3 million for the quarter, down $58.7 million, or 4%, from $1,610.0 million a year earlier, and $4,583.0 million for the nine months, down $93.1 million, or 2%. Product revenues fell 8% in the quarter and 6% for the nine months, while service revenues rose 7% and 8%, respectively. Net income was $176.8 million for the quarter versus $192.1 million a year ago, and $425.0 million for the nine months versus $440.5 million. Diluted EPS was $0.56 for the quarter and $1.31 for the nine months. Gross profit margin improved to 63.0% in the quarter from 62.3%, and 63.2% for the nine months from 61.5%. The balance sheet strengthened in liquidity but added leverage. Cash, cash equivalents and short-term investments totaled $5,252.5 million, up from $5,003.3 million at April 25, 2014. Total Senior Notes principal rose to $1,500.0 million after the June 2014 issuance of $500.0 million of 3.375% notes due 2021. Debt as a percentage of stockholders' equity increased to 43% from 26%. Stockholders' equity declined to $3,508.0 million from $3,786.5 million, reflecting $918.9 million of share repurchases during the nine months. Capital return remained a focus. On February 9, 2015 the Board increased the repurchase authorization by $2.5 billion, and on February 11, 2015 it declared a quarterly dividend of $0.165 per share. The filing notes a $47.4 million tax provision tied to the IRS settlement of fiscal 2005 to 2007 returns, and the nine-month effective tax rate rose to 22.5% from 14.3%.

    Feb 25, 2015
  36. 2015-Q2

    NetApp Quarterly Report for Q2 Ended Oct 24, 2014

    NetApp, Inc. reported results for the second quarter of fiscal 2015 (three and six months ended October 24, 2014). Net revenues were $1,542.5 million for the quarter, down $7.4 million, or less than 1%, from $1,549.9 million a year earlier, and $3,031.7 million for the six months, down $34.4 million, or 1%. Product revenues fell $26.2 million in the quarter, SEM revenues declined $7.6 million, and service revenues rose $26.4 million. Income from operations was $192.5 million for the quarter versus $186.9 million a year earlier, and net income was $159.8 million, or $0.49 per diluted share, compared with $166.8 million, or $0.48 per diluted share. For the six months, net income was $248.2 million, or $0.76 per diluted share, versus $248.4 million, or $0.70 per diluted share, with the six-month results affected by a $47.4 million income tax provision tied to the IRS settlement of fiscal 2005 to 2007 returns. The balance sheet strengthened in liquidity but took on more debt. Cash, cash equivalents and short-term investments totaled $5.27 billion at October 24, 2014, up from $5.00 billion at April 25, 2014. The company issued $500.0 million of 3.375% Senior Notes due 2021 in June 2014, raising total Senior Notes principal to $1.5 billion, and repurchased $718.9 million of common stock during the six months, leaving $405.9 million remaining under its $7.1 billion authorization. Deferred revenue was $3,047.0 million. Days sales outstanding improved to 37 days from 47 days. Management highlighted a shift in product mix toward newer FAS mid-range and E-Series systems, lower average selling prices on configured systems, and a pricing change effective in the fourth quarter of fiscal 2014 that moved charges for operating system software to storage capacity. The company also completed the acquisition of Riverbed's SteelStore product line for approximately $80.0 million in cash on October 27, 2014, and declared a quarterly dividend of $0.165 per share.

    Nov 25, 2014
  37. 2015-Q1

    NetApp Quarterly Report for Q1 Ended Jul 25, 2014

    NetApp, Inc. reported net revenues of $1,489.2 million for the first quarter of fiscal 2015 (three months ended July 25, 2014), down $27.0 million, or 2%, from $1,516.2 million a year earlier. The decline reflected lower product and software entitlements and maintenance (SEM) revenues, partially offset by higher hardware maintenance contract revenues. Gross profit margin improved to 63.0% from 60.0%, and income from operations rose to $159.9 million from $96.9 million, helped by the absence of the prior-year $48.4 million restructuring charge. Net income increased to $88.4 million, or $0.27 per diluted share, from $81.6 million, or $0.23 per diluted share, though the effective tax rate rose to 44.6% because of a $47.4 million provision tied to the IRS settlement of fiscal 2005 to 2007 tax returns. The balance sheet strengthened over the quarter. Cash, cash equivalents and short-term investments totaled $5.56 billion at July 25, 2014, up from $5.00 billion, after NetApp issued $500.0 million of 3.375% Senior Notes due 2021, bringing total Senior Notes principal to $1.5 billion. Operating cash flow was $215.5 million, and the company repurchased $118.9 million of common stock and paid $53.4 million in dividends. Deferred revenue was $3.08 billion. The company declared a quarterly dividend of $0.165 per share on August 13, 2014, and the remaining repurchase authorization was $1.0 billion of a $7.1 billion program. Management highlighted several risks, including a 2% decline in configured systems unit volume, lower OEM revenue, continued uncertainty around U.S. government demand, and the transition from Data ONTAP 7-Mode to clustered Data ONTAP (cDOT). Distributors Arrow Electronics and Avnet accounted for 22% and 16% of net revenues, respectively.

    Aug 28, 2014
  38. 2014-Q3

    NetApp Quarterly Report for Q3 Ended Jan 24, 2014

    NetApp, Inc. reported its third-quarter fiscal 2014 results for the three and nine months ended January 24, 2014. Net revenues were $1,610.0 million for the quarter, down $20.1 million, or 1%, from the prior year, and $4,676.1 million for the nine months, up $60.2 million, or 1%. Income from operations rose to $226.7 million for the quarter from $187.9 million, and net income was $192.1 million, or $0.55 per diluted share, compared with $158.1 million, or $0.43 per diluted share, a year earlier. Gross profit margin improved to 62.3% in the quarter from 59.2%, which the filing attributes mainly to lower unit materials costs from supply chain efficiencies, partly offset by lower average selling prices. The company's balance sheet shrank substantially as it repaid its $1,264.9 million 1.75% Convertible Notes at maturity in June 2013 and repurchased $1,507.0 million of common stock during the nine months. Cash, cash equivalents and short-term investments totaled $5,069.3 million, down from $6,952.6 million at April 26, 2013. Total debt consists of $1,000.0 million of Senior Notes, and no borrowings were outstanding under the $250.0 million revolving credit facility. The Board had $1,499.2 million remaining under the repurchase authorization, and NetApp declared a quarterly dividend of $0.15 per share on February 12, 2014. The filing also highlights a restructuring plan begun in May 2013 that reduced the global workforce by approximately 7% and cost $49.5 million in severance. Management noted that cloud-related trends and the planned transition to clustered Data ONTAP (cDOT) are key risks, and that OEM product revenues declined $142.8 million in the nine months while branded product revenues rose $89.4 million.

    Feb 26, 2014
  39. 2014-Q2

    NetApp Quarterly Report for Q2 Ended Oct 25, 2013

    NetApp, Inc. reported results for the second quarter of fiscal 2014, the three and six months ended October 25, 2013. Net revenues were $1,549.9 million for the quarter, up $8.7 million, or 1%, and $3,066.1 million for the six months, up $80.3 million, or 3%. Gross profit margin rose to 62.3% for the quarter from 59.3% a year earlier, and income from operations increased to $186.9 million from $135.3 million. Net income was $166.8 million, or $0.48 per diluted share, versus $109.6 million, or $0.30 per diluted share, in the prior-year quarter. The filing attributes the margin improvement mainly to lower unit materials costs from supply chain efficiencies and a favorable configuration mix. Operating cash flow for the six months was $648.3 million. Capital allocation was the dominant theme in the period. The company repaid $1,264.9 million of 1.75% Convertible Notes at maturity in June 2013, and repurchased $1.0 billion of common stock, including 25.3 million shares at an average price of $39.57. Cash, cash equivalents and short-term investments fell to $5,272.7 million from $6,952.6 million at April 26, 2013. Of that balance, $3.9 billion was held outside the United States. The Board has authorized up to $7.1 billion in repurchases, with $2.0 billion remaining. A quarterly dividend of $0.15 per share was declared, and a further $0.15 dividend was declared on November 13, 2013. The company also recorded $49.5 million of restructuring charges in the six months, tied to a plan that reduced its global workforce by about 7%. The filing notes continued risks from uncertain economic conditions, reliance on indirect channel partners (81% of six-month net revenues), and the transition to clustered Data ONTAP (cDOT).

    Nov 26, 2013
  40. 2014-Q1

    NetApp Quarterly Report for Q1 Ended Jul 26, 2013

    NetApp, Inc. reported first-quarter fiscal 2014 results for the three months ended July 26, 2013, with net revenues of $1,516.2 million, up $71.6 million, or 5%, from $1,444.6 million a year earlier. Income from operations rose to $96.9 million from $80.2 million, and net income was $81.6 million, or $0.23 per diluted share, compared with $63.8 million, or $0.17 per diluted share. The company recorded $48.4 million of restructuring charges tied to a May 2013 plan that reduced its global workforce by approximately 7%. Gross profit margin improved to 60.0% from 58.8%. The balance sheet shrank significantly during the quarter as NetApp retired its $1.265 billion 1.75% Convertible Notes at maturity and repurchased 21.7 million shares for $849.5 million. Cash, cash equivalents and short-term investments fell to $5,084.0 million from $6,952.6 million, and total stockholders' equity declined to $4,018.0 million from $4,717.5 million. Debt as a percentage of stockholders' equity was 25%, down from 48%. Operating cash flow was $285.8 million, and the company declared a $0.15 per share quarterly dividend. Days sales outstanding improved to 32 days from 42 days, and deferred revenue totaled $2,941.3 million. Management stated that cash, cash equivalents and short-term investments will meet its requirements for at least the next 12 months. The company also disclosed a remaining repurchase authorization of $2.2 billion and warrants covering 39.9 million shares with an exercise price of $41.12 per share, exercisable from September 3, 2013 to October 28, 2013.

    Aug 29, 2013
  41. 2013-Q3

    NetApp Quarterly Report for Q3 Ended Jan 25, 2013

    NetApp, Inc. reported third-quarter fiscal 2013 results for the three and nine months ended January 25, 2013, with net revenues of $1,630.1 million for the quarter, up $64.6 million, or 4%, from $1,565.5 million a year earlier, and nine-month net revenues of $4,615.9 million, up $85.2 million, or 2%. Gross margin for the quarter was 59.2% versus 58.0% a year earlier, while operating income was $187.9 million, compared with $156.5 million. Net income for the quarter was $158.1 million, or $0.43 per diluted share, versus $119.6 million, or $0.32, a year earlier. For the nine months, net income was $331.5 million, or $0.90 per diluted share, down from $424.7 million, or $1.10, as gross margin declined and operating expenses rose. The balance sheet strengthened over the period. In December 2012 the company issued $1.0 billion of senior notes ($750.0 million due 2017 and $250.0 million due 2022), and cash, cash equivalents and short-term investments totaled $6.7 billion at quarter end, compared with $5.4 billion at April 27, 2012. Operating cash flow was $930.7 million for the nine months. The company repurchased 12.8 million shares for $410.0 million during the nine months and had $1.6 billion remaining under its repurchase authorization. Total debt is significant, with $1.265 billion of 1.75% convertible notes maturing June 2013, which become unconditionally convertible on March 1, 2013 and will be settled in cash up to principal with any excess in shares. At the operating level, product revenue declined 3% for the nine months, while software entitlements and maintenance and service revenues grew 11% and 12%, respectively. Distributors Arrow Electronics and Avnet accounted for 18% and 14% of nine-month net revenues. The company also acquired CacheIQ for $91.0 million in November 2012 and terminated its remaining synthetic leases by purchasing the facilities for $69.6 million.

    Feb 28, 2013
  42. 2013-Q2

    NetApp Quarterly Report for Q2 Ended Oct 26, 2012

    NetApp, Inc.'s 10-Q for the quarter ended October 26, 2012 reports net revenues of $1,541.2 million for the three months, up $34.2 million, or 2%, from $1,507.0 million a year earlier, and $2,985.8 million for the six months, up $20.6 million, or 1%. Net income was $109.6 million for the quarter versus $165.6 million a year earlier, and diluted EPS was $0.30 versus $0.44. Product revenues declined 2% in the quarter and 4% for the six months, while software entitlements and maintenance and service revenues each grew 11%. Gross margin declined, primarily due to changes in mix, hardware-related warranty expense and unfavorable exchange rates. Operating expenses rose 8% for the quarter as average headcount increased. The balance sheet remained strong, with cash, cash equivalents and short-term investments of $5.57 billion as of October 26, 2012. Management noted that $1.265 billion of 1.75% Convertible Senior Notes become unconditionally convertible on March 1, 2013 and mature June 1, 2013, and that it is actively evaluating options to retire them. Stock repurchases totaled $348.3 million in the six months, and the Board approved a $1.5 billion increase to the repurchase program on November 14, 2012. The company also completed the CacheIQ acquisition for approximately $90.0 million in cash after the quarter end. Risks highlighted in the filing include the Notes' potential dilution, $3.1 billion of cash held overseas, a Department of Justice and GSA review of contract compliance matters involving a channel partner, and a media-reported export-control inquiry relating to Syria.

    Nov 30, 2012
  43. 2013-Q1

    NetApp Quarterly Report for Q1 Ended Jul 27, 2012

    NetApp, Inc. reported net revenues of $1,444.6 million for the first quarter of fiscal 2013 (three months ended July 27, 2012), down $13.6 million, or 1%, from $1,458.2 million a year earlier. Product revenues fell $67.7 million, or 7%, to $898.0 million, while software entitlements and maintenance revenues rose 10% to $218.5 million and service revenues rose 11% to $328.1 million. Net income fell to $63.8 million, or $0.17 per diluted share, from $139.5 million, or $0.34 per diluted share, as income from operations dropped to $80.2 million from $176.2 million. Gross margin declined to 58.8% from 61.5%, and total operating expenses rose to $769.9 million, up 7%, driven by higher headcount and stock-based compensation, including a $12.8 million charge tied to the employee stock purchase plan reset. The balance sheet remained strong, with cash, cash equivalents and short-term investments of $5.44 billion at quarter end, of which $2.9 billion was held in foreign countries. Operating cash flow was $229.2 million, and the company repurchased 4.9 million shares for $150.0 million. Accounts receivable days sales outstanding improved to 37 days from 44 days. The company's $1.265 billion 1.75% Convertible Senior Notes due June 2013 were not convertible at quarter end, but become unconditionally convertible on March 1, 2013, and the carrying value of the notes is $1,215.8 million, with the principal to be settled in cash. The filing also flags ongoing IRS audits, a Danish withholding tax appeal, and a government contract compliance review involving the DOJ and GSA. Revenue from indirect channels represented 78% of net revenues, and distributors Arrow Electronics and Avnet accounted for 16% and 14%, respectively.

    Aug 30, 2012
  44. 2012-Q3

    NetApp Quarterly Report for Q3 Ended Jan 27, 2012

    NetApp, Inc. filed this Form 10-Q for the third quarter of fiscal 2012, ended January 27, 2012. Net revenues were $1,565.5 million for the three months, up $275.9 million, or 21%, and $4,530.7 million for the nine months, up $836.4 million, or 23%. The filing attributes the growth primarily to the Engenio acquisition, continued demand for storage efficiency and data management solutions, and higher hardware maintenance contract revenue. Gross profit as a percentage of net revenues declined to 58.0% for the quarter from 65.6% a year earlier, due to lower-margin E-Series OEM products from Engenio and higher discounting, partly offset by manufacturing cost reductions. Net income was $119.6 million for the quarter, down from $186.4 million, and diluted EPS was $0.32 versus $0.46. The balance sheet shows cash, cash equivalents and short-term investments of $4.9 billion ($4,866.1 million), and the company repurchased $600.0 million of common stock during the nine months, leaving $0.5 billion of authorization. Operating cash flow for the nine months was $880.0 million. The $1.265 billion 1.75% convertible senior notes due 2013 were not convertible at quarter end, so their carrying value was reclassified to long-term debt, which pushed working capital up by $1.0 billion to $4.0 billion. The company also disclosed a $11.7 million discrete tax expense tied to an IRS settlement, and a pending derivative lawsuit (Amalgamated Bank) with a hearing set for March 23, 2012, plus an inquiry into Syrian shipments of its products.

    Mar 5, 2012
  45. 2012-Q2

    NetApp Quarterly Report for Q2 Ended Oct 28, 2011

    NetApp, Inc. reported net revenues of $1,507.0 million for the three months ended October 28, 2011, up $256.0 million, or 20%, from $1,251.0 million a year earlier, and $2,965.2 million for the six months, up $560.5 million, or 23%. The growth was primarily attributed to the Engenio acquisition, which closed on May 6, 2011 for $480.0 million in cash, along with continued demand for storage efficiency and data management solutions. Net income was $165.6 million for the quarter, down from $175.4 million, and diluted EPS was $0.44 versus $0.45. Gross profit as a percentage of net revenues declined, which the company attributed mainly to lower-margin E-Series OEM products from Engenio. Operating expenses rose 19% in the quarter as average headcount grew 27%, about half of that growth tied to Engenio. Balance sheet liquidity declined over the period. Cash, cash equivalents and short-term investments totaled $4,641.6 million at October 28, 2011, down from $5,174.7 million at April 29, 2011, reflecting $600.0 million in share repurchases, the Engenio payment, and $191.6 million in capital expenditures, partly offset by $610.8 million of operating cash flow. The 1.75% Convertible Senior Notes due 2013 ($1,265.0 million principal) were reclassified to long-term debt because the conversion trigger was not met, and the Board had $0.5 billion remaining under its repurchase authorization. The filing also flags risks, including a pending derivative lawsuit by Amalgamated Bank, an open Danish withholding tax assessment with an oral hearing scheduled for December 14, 2011, and an ongoing contract compliance review with the DOJ and GSA. In November 2011, media reports alleged that NetApp products were delivered to Syria through a third party, and the company said it is conducting an internal review and cooperating with BIS.

    Dec 5, 2011
  46. 2012-Q1

    NetApp Quarterly Report for Q1 Ended Jul 29, 2011

    NetApp, Inc. reported net revenues of $1,458.2 million for the first quarter of fiscal 2012 (three months ended July 29, 2011), up $304.5 million, or 26%, from $1,153.7 million a year earlier. Growth was driven mainly by the May 2011 acquisition of the Engenio external storage systems business from LSI Corporation, which contributed $157.1 million of revenue, along with improved service revenue and strong demand for storage efficiency and data management solutions. Gross profit as a percentage of net revenues declined to 61.5% from 64.0%, mainly because lower-margin Engenio OEM products entered the revenue mix. Net income fell to $139.5 million from $150.7 million, and diluted EPS was $0.34 versus $0.40, with operating expenses rising 28% for sales and marketing and 33% for research and development. Cash, cash equivalents and short-term investments totaled $4.71 billion at July 29, 2011, down from $5.17 billion at April 29, 2011. The decline reflected the $480.0 million Engenio acquisition, $200.0 million in share repurchases under an accelerated share repurchase agreement, and $98.3 million in capital expenditures, partly offset by $240.6 million of operating cash flow. The company disclosed a subsequent $400.0 million prepayment under a new accelerated share repurchase agreement with Wells Fargo on August 19, 2011. Remaining authorization under the $4.0 billion repurchase program was $0.9 billion. The $1,265.0 million 1.75% Convertible Senior Notes due 2013 are now classified as a current liability because the contingent conversion threshold was met, and holders may convert through September 30, 2011. The filing also notes a pending derivative lawsuit related to GSA contracting activities, a Danish dividend withholding tax assessment under appeal, and ongoing IRS audits of fiscal 2005 through 2007.

    Sep 1, 2011
  47. 2011-Q3

    NetApp Quarterly Report for Q3 Ended Jan 28, 2011

    NetApp, Inc. reported strong results for the three and nine months ended January 28, 2011. Net revenues were $1,268.1 million for the quarter, up $256.4 million, or 25%, from the prior year, and $3,613.3 million for the nine months, up $853.7 million, or 31%. Product revenues grew 43% for the nine months, driven by configured systems unit volume up 54%, and management attributed the growth to strong demand for storage efficiency and data management solutions and a November 2010 product launch. Income from operations was $198.6 million for the quarter versus $129.3 million a year earlier, and net income was $172.5 million, or $0.42 diluted per share, compared with $107.9 million, or $0.30 diluted, in the prior-year quarter. Gross profit rose to 64.9% of revenues for the quarter from 63.4%. Liquidity remained strong, with cash, cash equivalents and short-term investments totaling $4,755.6 million, up from $3,724.0 million at April 30, 2010. Operating cash flow for the nine months was $905.5 million. Stockholders' equity increased to $3,513.4 million, and the company did not repurchase any shares during the period, leaving $1.1 billion authorized under its buyback program. The $1,265.0 million 1.75% Convertible Senior Notes due 2013 remain convertible at holders' option through March 31, 2011, and the if-converted value exceeded principal by approximately $911.6 million at the January 28, 2011 closing price of $54.03. Key risks flagged in the filing include the potential dilution from the Notes on the roughly 20% unhedged portion, a pending derivative lawsuit concerning GSA contracting activities with no accrual recorded, ongoing IRS and Danish tax matters, and about $142.5 million of unrecognized tax benefits. The company also completed the Akorri Networks acquisition for approximately $60 million in cash on January 31, 2011, after the quarter ended.

    Mar 4, 2011
  48. 2011-Q2

    NetApp Quarterly Report for Q2 Ended Oct 29, 2010

    NetApp, Inc. reported strong growth in its 10-Q for the quarter ended October 29, 2010. Net revenues were $1,207.4 million for the three months, up $297.4 million, or 33%, from $910.0 million a year earlier, and $2,345.2 million for the six months, up $597.2 million, or 34%. Product revenues rose 49% in the quarter, driven by a 77% increase in configured systems unit volume, although average selling prices declined. Net income was $164.6 million for the quarter versus $95.7 million a year earlier, and diluted EPS was $0.42 compared with $0.27. Income from operations rose to $197.4 million from $115.4 million. The balance sheet remained strong, with cash, cash equivalents and investments totaling $4,451.3 million at October 29, 2010, up from $3,796.8 million at April 30, 2010. Net cash provided by operating activities was $542.0 million for the six months. Total stockholders' equity increased to $3,207.4 million, and the company repurchased no shares during the period, with $1.1 billion remaining under its authorization. Operating expenses rose 23% in sales, marketing, R&D and G&A combined for the quarter, attributed mainly to a higher average headcount and incentive compensation. Investors should note the $1,265.0 million of 1.75% Convertible Senior Notes due 2013, which became convertible at holders' option through December 31, 2010 because the stock price exceeded the $41.41 threshold. The filing also discloses a derivative lawsuit filed October 13, 2010 against 15 current and former directors, auction rate securities with a $72.3 million par value, and ongoing IRS and Danish tax matters.

    Dec 6, 2010
  49. 2011-Q1-A

    NetApp Quarterly Report (Amendment) for Q1 Ended Jul 30, 2010

    NetApp, Inc. filed this Form 10-Q/A (Amendment No. 1) on September 13, 2010 for the quarterly period ended July 30, 2010. The sole purpose of the amendment is to furnish the Interactive Data File (XBRL) as Exhibit 101 under Rule 405(a)(2) of Regulation S-T. The filing states that no other changes were made to the original Form 10-Q, which was filed on August 27, 2010, and that the amendment does not reflect or update any events or disclosures after that original filing date. Because this amendment only adds XBRL exhibits, the document itself contains no financial statements, MD&A narrative, or operating results. Its substantive content is limited to the cover page details, which show 357,081,286 shares of common stock outstanding as of August 13, 2010, and the company's status as a large accelerated filer and non-shell company. Financial results for the quarter must be taken from the original Form 10-Q, which this filing incorporates by reference. For investors, the key takeaway is administrative: the amendment makes the company's quarterly financial data available in machine-readable XBRL format, and the signing officer is Steven J. Gomo, Executive Vice President of Finance and Chief Financial Officer. The exhibit index also lists certifications and previously filed items, including the Bycast Inc. 2010 Equity Incentive Plan and Incentive Stock Option Plan, which were filed on an S-8 registration statement dated June 18, 2010.

    Sep 13, 2010
  50. 2011-Q1

    NetApp Quarterly Report for Q1 Ended Jul 30, 2010

    NetApp, Inc. reported net revenues of $1,137.8 million for the three months ended July 30, 2010, up $299.9 million or 36% from $837.9 million in the prior-year period. Product revenues rose 51% to $720.8 million, with configured systems unit volume up 78%, though average selling prices declined. Gross margin was 63.7% of revenues versus 62.4% a year earlier, and income from operations was $164.2 million compared with $70.8 million. Net income was $141.8 million, or $0.38 diluted per share, versus $51.7 million, or $0.15 diluted per share, in the prior year. The prior-year quarter included a $41.1 million net acquisition-related income item from the terminated Data Domain merger. The balance sheet remained strong, with total cash, cash equivalents and investments of $3,992.1 million at July 30, 2010, up from $3,796.8 million at April 30, 2010. Operating cash flow was $177.3 million for the quarter. The company acquired Bycast Inc. on May 13, 2010 for $80.5 million in cash, plus $3.3 million in assumed options. Goodwill rose to $737.0 million. The $1,265.0 million of 1.75% Convertible Senior Notes due 2013 remain outstanding, and the company did not repurchase shares during the quarter, with $1.1 billion remaining under its authorizations. The filing also highlights ongoing risks, including the patent litigation with Sun Microsystems (now owned by Oracle), in which no accrual has been recorded, ongoing IRS audits, and $2.4 billion of available-for-sale investments, of which $67.4 million in auction rate securities remain illiquid. Distributors Arrow Electronics and Avnet accounted for 16% and 11% of net revenues, respectively.

    Aug 27, 2010