Skip to content
AnalystLens

NetApp 8-K Report, Financial Results (May 30, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed May 30, 2024
Period End
May 30, 2024
Security
NTAP
In the 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. Restructuring8-K · Feb ’16Feb ’16
  2. Material agreement8-K · Sep ’17Sep ’17
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 8-K filed May 30, 2024. Cited figures are marked; the original filing is the authoritative source.

NetApp, Inc. (NASDAQ: NTAP) furnished a press release as Exhibit 99.1 reporting results for the fourth quarter and fiscal year 2024, which ended April 26, 2024.

Fourth-quarter net revenues were $1.67 billiona, up from $1.58 billion a year earlier, and fiscal 2024 net revenues were $6.27 billion, compared with $6.36 billion in fiscal 2023, a year-over-year decrease of 1%. GAAP net income for the fiscal year was $986 million, down from $1.27 billion, while non-GAAP net income rose to $1.38 billion from $1.23 billion. Fiscal 2024 GAAP diluted EPS was $4.63 versus $5.79, and non-GAAP diluted EPS was $6.46 versus $5.59.

Cash provided by operations rose to $1.69 billionb from $1.11 billion, and free cash flow was $1.53 billion compared with $868 million. The company also reported all-flash array annualized revenue run rate of $3.6 billion, up 17% year over year, and set fiscal-year records for annual gross margin, operating margin, EPS, operating cash flow and free cash flow. Management guided fiscal 2025 net revenues to $6.450 billion to $6.650 billion, with GAAP diluted EPS of $4.96 to $5.16 and non-GAAP EPS of $6.80 to $7.00.

In a separate Item 8.01 disclosure, the Board on May 23, 2024 authorized an additional $1 billionc share repurchase with no expiration date, on top of $0.5 billion remaining as of April 26, 2024. The quarterly dividend was increased to $0.52 per share, payable July 24, 2024 to holders of record on July 5, 2024.

02—Key points

Key Highlights

  1. Q4 FY2024 net revenues of $1.67 billion, up from $1.58 billion in Q4 FY2023; GAAP diluted EPS of $1.37 versus $1.13
  2. Fiscal 2024 net revenues of $6.27 billion versus $6.36 billion in fiscal 2023, with GAAP net income of $986 million versus $1.27 billion
  3. Fiscal 2024 cash provided by operations of $1.69 billion, up from $1.11 billion, and free cash flow of $1.53 billion versus $868 million
  4. All-flash array annualized revenue run rate reached a record $3.6 billion, up 17% year over year
  5. Fiscal 2025 guidance: net revenues of $6.450 billion to $6.650 billion; GAAP EPS of $4.96 to $5.16; non-GAAP EPS of $6.80 to $7.00
  6. Board authorized an additional $1 billion share repurchase with no expiration date, following $0.5 billion remaining as of April 26, 2024
  7. Quarterly dividend increased to $0.52 per share, payable July 24, 2024 to holders of record as of July 5, 2024

03—Questions

Frequently Asked Questions

  1. How did NetApp perform in the fourth quarter and fiscal year 2024?

    Fourth-quarter net revenues were $1.67 billion, compared with $1.58 billion a year earlier, and GAAP net income was $291 million versus $245 million. For the full fiscal year, net revenues were $6.27 billion, down from $6.36 billion, while GAAP net income fell to $986 million from $1.27 billion. Non-GAAP net income for the year rose to $1.38 billion from $1.23 billion.

  2. What guidance did NetApp give for fiscal 2025?

    The company guided fiscal 2025 net revenues to $6.450 billion to $6.650 billion. GAAP consolidated gross margins are expected at 70% to 71% and GAAP operating margins at 20% to 21%. GAAP EPS is expected at $4.96 to $5.16, and non-GAAP EPS at $6.80 to $7.00. First-quarter fiscal 2025 net revenues are expected at $1.455 billion to $1.605 billion, with GAAP EPS of $0.98 to $1.08.

  3. What capital return actions did NetApp announce?

    The Board authorized up to an additional $1 billion in common stock repurchases on May 23, 2024, with no expiration date. The remaining authorization as of April 26, 2024 was $0.5 billion. The quarterly dividend was raised to $0.52 per share, payable July 24, 2024 to stockholders of record on July 5, 2024. The company returned $1.32 billion to shareholders through repurchases and dividends in fiscal 2024.

  4. What were the main operational highlights?

    All-flash array annualized revenue run rate reached $3.6 billion, up 17% year over year. Fiscal 2024 Hybrid Cloud segment revenue was $5.66 billion versus $5.79 billion, and Public Cloud segment revenue was $611 million versus $575 million. Fiscal 2024 GAAP gross margin was a record 71% and non-GAAP operating margin was a record 27%.

04—Continue

← View all 8-K filings