Net revenues of $1.67 billion for the fourth
quarter; Net revenues of $6.27 billion for fiscal year
2024
- Record all-flash array annualized revenue run rate1 of $3.6
billion, an increase of 17% year-over-year
- Record fiscal year GAAP consolidated gross margins of 71%;
record non-GAAP consolidated gross margins2 of 72%
- Fiscal year GAAP operating margins of 19%; record non-GAAP
operating margins2 of 27%
- Fiscal year GAAP net income per share3 of $4.63; record
non-GAAP net income per share2 of $6.46
- NetApp announced an increase in its quarterly dividend to $0.52
cents per share and a new share repurchase authorization of an
additional $1 billion
NetApp (NASDAQ: NTAP), the intelligent data infrastructure
company, today reported financial results for the fourth quarter
and fiscal year 2024, which ended on April 26, 2024.
“We concluded fiscal year 2024 on a high note, delivering
company records for annual gross margin, operating margin, EPS,
operating cash flow, and free cash flow and building positive
momentum. Our modern approach to unified data storage, spanning
data types, price points, and hybrid multicloud environments, is
clearly resonating in the market,” said George Kurian, chief
executive officer. “In fiscal year 2025, we will remain laser
focused on our top priorities of driving growth in all-flash and
cloud storage services while maintaining our operational
discipline.”
Fourth quarter of fiscal year 2024 financial results
- Net revenues: $1.67 billion, compared to $1.58 billion
in the fourth quarter of fiscal year 2023; a year-over-year
increase of 6%.
- Hybrid Cloud segment revenue: $1.52 billion, compared to
$1.43 billion in the fourth quarter of fiscal year 2023.
- Public Cloud segment revenue: $152 million, compared to
$151 million in the fourth quarter of fiscal year 2023.
- Billings2: $1.81 billion, compared to $1.67
billion in the fourth quarter of fiscal year 2023; a year-over-year
increase of 8%.
- NetApp Public Cloud annualized revenue run rate (ARR)4:
$630 million, compared to $620 million in the fourth quarter of
fiscal year 2023; a year-over-year increase of 2%.
- All-flash array ARR: $3.6 billion, compared to $3.1
billion in the fourth quarter of fiscal year 2023; a year-over-year
increase of 17%.
- Net income: GAAP net income of $291 million, compared to
$245 million in the fourth quarter of fiscal year 2023; non-GAAP
net income2 of $382 million, compared to $334 million in the fourth
quarter of fiscal year 2023.
- Earnings per share: GAAP net income per share of $1.37,
compared to $1.13 in the fourth quarter of fiscal year 2023;
non-GAAP net income per share of $1.80, compared to $1.54 in the
fourth quarter of fiscal year 2023.
- Cash, cash equivalents and investments: $3.25 billion at
the end of the fourth quarter of fiscal year 2024.
- Cash provided by operations: $613 million, compared to
$235 million in the fourth quarter of fiscal year 2023.
- Share repurchases and dividends: Returned $204 million
to stockholders through share repurchases and cash dividends.
Fiscal year 2024 financial highlights
- Net revenues: $6.27 billion, compared to $6.36 billion
in fiscal year 2023; a year-over-year decrease of 1%.
- Hybrid Cloud segment revenue: $5.66 billion, compared to
$5.79 billion in fiscal year 2023.
- Public Cloud segment revenue: $611 million, compared to
$575 million in fiscal year 2023.
- Billings: $6.25 billion, compared to $6.41 billion in
fiscal year 2023; a year-over-year decrease of 2%.
- Net income: GAAP net income of $986 million, compared to
$1.27 billion in fiscal year 2023; non-GAAP net income of $1.38
billion, compared to $1.23 billion in fiscal year 2023.
- Earnings per share: GAAP net income per share of $4.63,
compared to $5.79 in fiscal year 2023; non-GAAP net income per
share of $6.46, compared to $5.59 in fiscal year 2023.
- Cash provided by operations: $1.69 billion, compared to
$1.11 billion in fiscal year 2023.
- Share repurchases and dividends: Returned $1.32 billion
to shareholders through share repurchases and cash dividends.
First quarter of fiscal year 2025 financial outlook
The Company provided the following financial guidance for the
first quarter of fiscal year 2025:
Net revenues are expected to be in the
range of:
$1.455 billion - $1.605
billion
GAAP
Non-GAAP
Earnings per share is expected to be in
the range of:
$0.98 - $1.08
$1.40 - $1.50
Full fiscal year 2025 financial outlook
The Company provided the following financial guidance for the
full fiscal year 2025:
Net revenues are expected to be in the
range of:
$6.450 billion - $6.650
billion
GAAP
Non-GAAP
Consolidated gross margins are expected to
be in the range of:
70% - 71%
71% - 72%
Operating margins are expected to be in
the range of:
20% - 21%
27% - 28%
Earnings per share is expected to be in
the range of:
$4.96 - $5.16
$6.80 - $7.00
Dividend
The next cash dividend of $0.52 per share is to be paid on July
24, 2024, to stockholders of record as of the close of business on
July 5, 2024.
Fourth quarter of fiscal year 2024 business
highlights
Leading Product Innovation
- NetApp™ AIPod™, powered by NVIDIA DGX, is now a
certified NVIDIA DGX BasePOD solution. It uses NVIDIA DGX H100
systems integrated with NetApp AFF C-Series affordable capacity
flash systems to drive a new level of cost/performance, while
optimizing rack space and sustainability.
- New FlexPod™ for AI reference architectures support the
NVIDIA AI Enterprise software platform, extending the leading
converged infrastructure solution from NetApp and Cisco.
- NetApp announced validation for NVIDIA OVX computing
systems to help streamline enterprise AI deployments, including
model fine-tuning and inference workloads.
- NetApp announced the technology preview of ONTAP™ Autonomous
Ransomware Protection with Artificial Intelligence (ARP/AI),
the next generation of real-time enterprise storage ransomware
protection, providing the increased accuracy and performance
required to detect and mitigate new, more sophisticated cyber
threats.
- NetApp BlueXP™ Ransomware Protection provides a single
control plane to intelligently coordinate and execute an
end-to-end, workload-centric ransomware defense.
- NetApp BlueXP Disaster Recovery offers seamless
integration with VMware infrastructure and provides storage options
for both on-premises and major public cloud environments.
- NetApp Keystone™ Ransomware Recovery Guarantee extends
NetApp’s current Ransomware Recovery Guarantee to our leading
storage-as-a-service offering, NetApp Keystone.
- NetApp released NetApp SnapCenter™ 5.0, which includes
support for key ONTAP features like tamper proof Snapshot™ copy
locking, SnapLock™ protected volumes, and SnapMirror™ Business
Continuity to enable more robust data protection for applications
and virtual machines.
- NetApp introduced Application-Aware Ransomware Protection
through NetApp SnapCenter™ 5.0, providing immutable ransomware
protection for applications.
- NetApp StorageGRID™ 11.8 software is built to elevate
the user experience, enhance security, and streamline simplicity in
the NetApp object storage solution.
- Upcoming enhancements were announced for NetApp Astra™
Control data protection and disaster recovery service for
Kubernetes, which improves system extensibility, streamlines
management across clusters, and delivers advanced data
services.
- Spot by NetApp announced a new Accelerated Scale Down
feature to help generate greater efficiencies and cost
savings.
Customer and Partner Momentum
- NetApp and Aston Martin renewed their partnership,
empowering Aston Martin Aramco Formula One Team to use NetApp’s
storage technology to instantly store, manage, and access the
immense amounts of data needed to optimize the team’s
performance.
- NetApp partner Spectra Logic announced that it has
validated its On-Prem Glacier solutions for deployment in NetApp
StorageGRID™ object-based storage environments.
- NetApp and IBM worked together to certify FSx for ONTAP
as part of a solution on which to run IBM MQ.
- AWS announced that Amazon FSx for NetApp ONTAP
increased the maximum throughput capacity per file system by 2x,
allowing customers to leverage ONTAP data management features for
an even broader set of performance-intensive workloads.
- NetApp collaborated with NVIDIA to advance
retrieval-augmented generation for GenAI applications,
connecting NVIDIA NeMo Retriever microservices to NetApp
ONTAP.
- DreamWorks used data management capabilities
and solutions from NetApp for the Kung Fu Panda 4
movie.
- NetApp partner HCLTech launched an electronic design
automation (EDA) solution in partnership with NetApp, to accelerate
large EDA implementations in the hybrid cloud.
- NetApp and Google Cloud announced a new service level
for Google Cloud NetApp Volumes called Flex that gives
customers more granular control to adapt their storage and
performance to match the exact needs of their cloud workloads.
- NetApp released a preview of its GenAI toolkit reference
architecture for Vertex AI with support for Google Cloud
NetApp Volumes, giving customers greater ability to generate
unique, high-quality, and ultra-relevant insights and
automations.
- AWS named NetApp a Manufacturing and Industrial ISV
Competency Partner in its Engineering and Design Category.
Corporate News and Events
- NetApp and YouGov research surveyed over 1,000 IT
decision makers on how planning and foundations for AI are at a
critical moment for UK businesses.
- NetApp released its second annual Cloud Complexity
Report, which explores how technology decision makers around
the globe are navigating and deploying AI at scale.
Awards and Recognition
- NetApp received the 2024 Google Cloud Technology Partner of
the Year Award in the Infrastructure – Storage category
for Google Cloud NetApp Volumes for the second year in a
row.
- As a part of CRN’s 2024 Storage 100 Awards, NetApp was
listed as one of the top 50 vendors bringing software
capabilities, services, and cloud connectivity to storage
technology.
- NetApp was named a leading big data systems and cloud
platform vendor in CRN’s 2024 Big Data 100 Awards.
- CRN named NetApp a top 25 company leading the AI
revolution in data centers, edge computing, and laptops as part
of its AI 100 Awards.
- NetApp was named one of the top data center companies of
2024 in CRN’s Data Center 50 Awards.
- NetApp received five stars in CRN’s 2024 Partner
Program Guide due to the comprehensive incentives, resources,
services, and benefits of NetApp Partner Sphere.
- Frost & Sullivan named NetApp the 2024
Company of the Year for hybrid cloud storage
management.
- NetApp was named a Leader and Outperformer in
GigaOm’s 2024 Radar report for Primary Storage for large and
midsized enterprises.
- NetApp was named a Leader and Outperformer in
GigaOm’s 2024 Radar report for Unstructured Data Management
for the third year in a row.
- NetApp was named a Leader and Outperformer in
GigaOm’s 2024 Radar report for Cloud FinOps.
- Spot Ocean by NetApp was recognized as the sole Leader and
Outperformer in GigaOm’s 2024 Radar report for Kubernetes
Resource Management in the Maturity and Platform Play
section.
- Jenni Flinders, SVP, Worldwide Partner Group at NetApp,
was named one of the 50 Most Influential Channel Leaders as a part
of CRN’s 2024 Channel Chief Awards.
- Mignona Cote, SVP & CSO at NetApp, was named the
Global Winner for the 2024 DallasCISO ORBIE Awards for
organizations with over $3.5 billion annual revenue and
multinational operations.
Executive Leadership Announcements
- NetApp appointed Pravjit Tiwana as GM and SVP of
Cloud Storage.
- NetApp appointed Alessandra Yockelson as EVP, Chief
Human Resources Officer.
Webcast and Conference Call Information
NetApp will host a conference call to discuss these results
today at 2:30 p.m. Pacific Time. To access the live webcast of this
event, go to the NetApp Investor Relations website at
investors.netapp.com. In addition, this press release, historical
supplemental data tables, and other information related to the call
will be posted on the Investor Relations website. An audio replay
will be available on the website after 4:30 p.m. Pacific Time
today.
“Safe Harbor” Statement Under U.S. Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, all of the
statements made in the First Quarter of Fiscal Year 2025 Financial
Outlook section and the Full Fiscal Year 2025 Financial Outlook
section, and statements about our business, economic and market
outlook, financial guidance, our overall future prospects, our
modern approach to unified data storage, such approach’s resonance
with customers, and our ability to address new market
opportunities, extend our leadership position in existing markets,
and deliver increasing value for our stakeholders. Actual results
may differ materially from these statements for a variety of
reasons, including, without limitation, our ability to keep pace
with the rapid industry, technological and market trends and
changes in the markets in which we operate; our ability to execute
our evolved cloud strategy and introduce and gain market acceptance
for our products and services; our ability to maintain our
customer, partner, supplier and contract manufacturer relationships
on favorable terms and conditions; global political, macroeconomic
and market conditions, including inflation, rising interest rates,
monetary policy shifts, recession risks, and foreign exchange
volatility and the resulting impact on demand for our products; the
impact of new or ongoing geopolitical conflicts and sanctions;
adoption or changes to laws, regulations standards or policies
affecting our operations, products, services, the storage industry,
or AI usage; material cybersecurity and other security breaches;
the impact of supply chain disruptions on our business operations,
financial performance and results of operations; changes in U.S.
government spending; changes in overall technology spending by our
customers; revenue seasonality; changes in laws or regulations,
including those relating to privacy, data protection and
information security; the timing of orders and their fulfillment;
and our ability to manage our gross profit margins, including
managing component costs. These and other equally important factors
are described in reports and documents we file from time to time
with the Securities and Exchange Commission, including the factors
described under the sections titled “Risk Factors” in our most
recently submitted annual report on Form 10-K and quarterly report
on Form 10-Q. We disclaim any obligation to update information
contained in this press release whether as a result of new
information, future events, or otherwise.
NetApp, the NetApp logo, and the marks listed at
http://www.netapp.com/TM are trademarks of NetApp, Inc. All other
marks are the property of their respective owners.
Footnotes
1All-flash array annualized net revenue run rate is determined
by products and services revenue for the current quarter,
multiplied by 4.
2Refer to “NetApp Usage of Non-GAAP Financial Information”
section below for explanations of consolidated non-GAAP gross
margins, non-GAAP operating margins, non-GAAP net income, non-GAAP
net income per share, free cash flow, and billings.
3GAAP net income per share and non-GAAP net income per share are
calculated using the diluted number of shares.
4Public Cloud annualized revenue run rate (ARR) is calculated as
the annualized value of all Public Cloud customer commitments with
the assumption that any commitment expiring during the next 12
months will be renewed with its existing terms.
NetApp Usage of Non-GAAP Financial Information
To supplement NetApp’s condensed consolidated financial
statement information presented in accordance with generally
accepted accounting principles in the United States (GAAP), NetApp
provides investors with certain non-GAAP measures, including, but
not limited to, historical non-GAAP gross margins, non-GAAP
operating margins, non-GAAP operating results, non-GAAP net income,
non-GAAP effective tax rate, free cash flow, billings, and
historical and projected non-GAAP earnings per diluted share.
NetApp also presents the hardware and software components of our
GAAP product revenues. Because our revenue recognition policy under
GAAP defines a configured storage system, inclusive of the
operating system software essential to its functionality, as a
single performance obligation, hardware and software components of
our product revenues are considered non-GAAP measures. The hardware
and software components of our product revenues are derived from an
estimated fair value allocation of the transaction price of our
contracts with customers, down to the level of the product hardware
and software components. This allocation is primarily based on the
contractual prices at which NetApp has historically billed
customers for such respective components.
NetApp believes that the presentation of its non-GAAP measures,
when shown in conjunction with the corresponding GAAP measures,
provides useful information to investors and management regarding
financial and business trends relating to its financial condition
and results of operations. NetApp’s management uses non-GAAP
measures in making operating decisions because it believes that the
measurements provide meaningful supplemental information regarding
NetApp’s ongoing operational performance.
NetApp believes that the presentation of non-GAAP gross margins,
non-GAAP operating margin, non-GAAP effective tax rate, non-GAAP
net income, and non-GAAP earnings per share data, provides
investors with supplemental metrics that assist in understanding
current results and future prospects, earnings and profitability
that are complementary to GAAP metrics. Each of these Non-GAAP
metrics is defined as the applicable GAAP metric adjusted to
exclude the items defined in A through I below, as applicable,
while our Non-GAAP effective tax rate and Non-GAAP net income also
reflect a non-GAAP tax provision, as described in item J below,
instead of our GAAP tax provision. Non-GAAP net income per share is
computed as Non-GAAP net income divided by the diluted number of
shares for the applicable period.
NetApp believes that the presentation of free cash flow, which
it defines as the net cash provided by operating activities less
cash used to acquire property and equipment, to be a liquidity
measure that provides useful information to management and
investors because it reflects cash that can be used to, among other
things, invest in its business, make strategic acquisitions,
repurchase common stock, and pay dividends on its common stock. As
free cash flow is not a measure of liquidity calculated in
accordance with GAAP, free cash flow should be considered in
addition to, but not as a substitute for, the analysis provided in
the statement of cash flows.
NetApp believes that the presentation of the software and
hardware components of our product revenues is meaningful to
investors and management as it illustrates the significance of the
Company’s software and provides improved visibility into the value
created by our software innovation and R&D investment.
NetApp approximates billings by adding net revenues as reported
on our Condensed Consolidated Statements of Operations for the
period to the change in total deferred revenue and financed
unearned services revenue as reported on our Condensed Consolidated
Statements of Cash Flows for the same period. Billings is a
performance measure that NetApp believes provides useful
information to management and investors because it approximates the
amounts under purchase orders received by us during a given period
that have been billed.
Non-GAAP financial measures are used to: (1) measure company
performance against historical results, (2) facilitate comparisons
to our competitors’ operating results and (3) allow greater
transparency with respect to information used by management in
financial and operational decision making.
NetApp excludes the following items from its non-GAAP measures
when applicable:
A. Amortization of intangible assets. NetApp records
amortization of intangible assets that were acquired in connection
with its business combinations. The amortization of intangible
assets varies depending on the level of acquisition activity.
Management finds it useful to exclude these charges to assess the
appropriate level of various operating expenses to assist in
budgeting, planning and forecasting future periods and in measuring
operational performance.
B. Stock-based compensation expenses. NetApp excludes
stock-based compensation expenses from its non-GAAP measures
primarily because the amount can fluctuate based on variables
unrelated to the performance of the underlying business. While
management views stock-based compensation as a key element of our
employee retention and long-term incentives, we do not view it as
an expense to be used in evaluating operational performance in any
given period.
C. Litigation settlements. NetApp may periodically incur charges
or benefits related to litigation settlements. NetApp excludes
these charges and benefits, when significant, because it does not
believe they are reflective of ongoing business and operating
results.
D. Acquisition-related expenses. NetApp excludes
acquisition-related expenses, including (a) due diligence, legal
and other one-time integration charges and (b) write down of assets
acquired that NetApp does not intend to use in its ongoing
business, from its non-GAAP measures, primarily because they are
not related to our ongoing business or cost base and, therefore,
are less useful for future planning and forecasting.
E. Restructuring charges. These charges consist of restructuring
charges that are incurred based on the particular facts and
circumstances of restructuring decisions, including employment and
contractual settlement terms, and other related charges, and can
vary in size and frequency. We therefore exclude them in our
assessment of operational performance.
F. Asset impairments. These are non-cash charges to write down
assets when there is an indication that the asset has become
impaired. Management finds it useful to exclude these non-cash
charges due to the unpredictability of these events in its
assessment of operational performance.
G. Gains/losses on the sale or derecognition of assets. These
are gains/losses from the sale of our properties and other
transactions in which we transfer control of assets to a third
party. Management believes that these transactions do not reflect
the results of our underlying, ongoing business and, therefore, are
less useful for future planning and forecasting.
H. Gains/losses on the sale of investments in equity securities.
These are gains/losses from the sale of our investment in certain
equity securities. Typically, such investments are sold as a result
of a change in control of the underlying businesses. Management
believes that these transactions do not reflect the results of our
underlying, ongoing business and, therefore, are less useful for
future planning and forecasting.
I. Debt extinguishment costs. NetApp excludes certain
non-recurring expenses incurred as a result of the early
extinguishment of debt. Management believes such non-recurring
costs do not reflect the results of its underlying, ongoing
business and, therefore, are less useful for future planning and
forecasting.
J. Income tax adjustments. NetApp’s non-GAAP tax provision is
based upon a projected annual non-GAAP effective tax rate for the
first three quarters of the fiscal year and an actual non-GAAP tax
provision for the fourth quarter of the fiscal year. The non-GAAP
tax provision also excludes, when applicable, (a) tax charges or
benefits in the current period that relate to one or more prior
fiscal periods that are a result of events such as changes in tax
legislation, authoritative guidance, income tax audit settlements,
statute lapses and/or court decisions, (b) tax charges or benefits
that are attributable to unusual or non-recurring book and/or tax
accounting method changes, (c) tax charges that are a result of a
non-routine foreign cash repatriation, (d) tax charges or benefits
that are a result of infrequent restructuring of the Company’s tax
structure, (e) tax charges or benefits that are a result of a
change in valuation allowance, and (f) tax charges or benefits
resulting from the integration of intellectual property from
acquisitions. Management believes that the use of non-GAAP tax
provisions provides a more meaningful measure of the Company’s
operational performance.
Non-GAAP measures are not in accordance with, or an alternative
for, measures prepared in accordance with GAAP, and may be
different from non-GAAP measures used by other companies. In
addition, non-GAAP measures are not based on any comprehensive set
of accounting rules or principles. NetApp believes that non-GAAP
measures have limitations in that they do not reflect all of the
amounts associated with the Company’s results of operations as
determined in accordance with GAAP and that these measures should
only be used to evaluate the Company’s results of operations in
conjunction with the corresponding GAAP measures. NetApp management
compensates for these limitations by analyzing current and
projected results on a GAAP basis as well as a non-GAAP basis. The
presentation of non-GAAP financial information is not meant to be
considered in isolation or as a substitute for the directly
comparable financial measures prepared in accordance with generally
accepted accounting principles in the United States. The non-GAAP
financial measures are meant to supplement, and be viewed in
conjunction with, GAAP financial measures. A detailed
reconciliation of our non-GAAP to GAAP results can be found
herein.
Constant Currency
In periods in which the impacts of foreign currency exchange
rate changes are significant, NetApp presents certain constant
currency growth rates or quantifies the impact of foreign currency
exchange rate changes on year-over-year fluctuations, including for
net revenues, billings, and earnings. This constant currency
information assumes the same foreign currency exchange rates that
were in effect for the comparable prior-year period were used in
translation of the current period results.
About NetApp
NetApp is the intelligent data infrastructure company combining
unified data storage, integrated data services, and CloudOps
solutions to turn a world of disruption into opportunity for every
customer. NetApp creates silo-free infrastructure, then harnesses
observability and AI, to enable the best data management. As the
only enterprise-grade storage service natively embedded in the
world’s biggest clouds, our data storage delivers seamless
flexibility and our data services create a data advantage through
superior cyber-resilience, governance, and applications agility.
Our CloudOps solutions provide continuous optimization of
performance and efficiency through observability and AI. No matter
the data type, workload, or environment, transform your data
infrastructure to realize your business possibilities with
NetApp.
Learn more at www.netapp.com or follow us on X, LinkedIn,
Facebook, and Instagram.
NETAPP, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
April 26, 2024
April 28, 2023
ASSETS
Current assets:
Cash, cash equivalents and investments
$
3,252
$
3,070
Accounts receivable
1,007
987
Inventories
186
167
Other current assets
452
456
Total current assets
4,897
4,680
Property and equipment, net
604
650
Goodwill and purchased intangible assets,
net
2,883
2,940
Other non-current assets
1,503
1,548
Total assets
$
9,887
$
9,818
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
517
$
392
Accrued expenses
1,013
857
Current portion of long-term debt
400
—
Short-term deferred revenue and financed
unearned services revenue
2,176
2,218
Total current liabilities
4,106
3,467
Long-term debt
1,992
2,389
Other long-term liabilities
585
708
Long-term deferred revenue and financed
unearned services revenue
2,058
2,095
Total liabilities
8,741
8,659
Stockholders' equity
1,146
1,159
Total liabilities and stockholders'
equity
$
9,887
$
9,818
NETAPP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except per share
amounts)
(Unaudited)
Three Months Ended
Year Ended
April 26, 2024
April 28, 2023
April 26, 2024
April 28, 2023
Revenues:
Product
$
806
$
744
$
2,849
$
3,049
Services
862
837
3,419
3,313
Net revenues
1,668
1,581
6,268
6,362
Cost of revenues:
Cost of product
314
335
1,137
1,517
Cost of services
178
171
698
636
Total cost of revenues
492
506
1,835
2,153
Gross profit
1,176
1,075
4,433
4,209
Operating expenses:
Sales and marketing
460
442
1,828
1,829
Research and development
271
243
1,029
956
General and administrative
78
67
308
265
Restructuring charges
—
11
44
120
Acquisition-related expense
1
3
10
21
Total operating expenses
810
766
3,219
3,191
Income from operations
366
309
1,214
1,018
Other income (expense), net
14
5
49
48
Income before income taxes
380
314
1,263
1,066
Provision (benefit) for income taxes
89
69
277
(208
)
Net income
$
291
$
245
$
986
$
1,274
Net income per share:
Basic
$
1.41
$
1.15
$
4.74
$
5.87
Diluted
$
1.37
$
1.13
$
4.63
$
5.79
Shares used in net income per share
calculations:
Basic
206
213
208
217
Diluted
212
217
213
220
NETAPP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Year Ended
April 26, 2024
April 28, 2023
April 26, 2024
April 28, 2023
Cash flows from operating
activities:
Net income
$
291
$
245
$
986
$
1,274
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
64
66
255
248
Non-cash operating lease cost
11
12
45
52
Stock-based compensation
88
74
357
312
Deferred income taxes
55
(29
)
53
(606
)
Other items, net
(17
)
2
(13
)
(67
)
Changes in assets and liabilities, net of
acquisitions of businesses:
Accounts receivable
(228
)
(165
)
(33
)
260
Inventories
(55
)
8
(18
)
37
Accounts payable
120
(34
)
123
(207
)
Accrued expenses
129
14
113
(103
)
Deferred revenue and financed unearned
services revenue
146
93
(14
)
46
Long-term taxes payable
1
6
(106
)
(76
)
Changes in other operating assets and
liabilities, net
8
(57
)
(63
)
(63
)
Net cash provided by operating
activities
613
235
1,685
1,107
Cash flows from investing
activities:
Purchases of investments, net
(251
)
(245
)
(580
)
(719
)
Purchases of property and equipment
(46
)
(39
)
(155
)
(239
)
Acquisitions of businesses, net of cash
acquired
—
—
—
(491
)
Other investing activities, net
—
(1
)
—
59
Net cash used in investing activities
(297
)
(285
)
(735
)
(1,390
)
Cash flows from financing
activities:
Proceeds from issuance of common stock
under employee stock award plans
—
—
100
108
Payments for taxes related to net share
settlement of stock awards
(19
)
(10
)
(127
)
(84
)
Repurchase of common stock
(100
)
(150
)
(900
)
(850
)
Repayments and extinguishment of debt
—
—
—
(250
)
Dividends paid
(104
)
(106
)
(416
)
(432
)
Other financing activities, net
(1
)
(3
)
(1
)
(5
)
Net cash used in financing activities
(224
)
(269
)
(1,344
)
(1,513
)
Effect of exchange rate changes on
cash, cash equivalents and restricted cash
(9
)
(5
)
(19
)
(1
)
Net change in cash, cash equivalents
and restricted cash
83
(324
)
(413
)
(1,797
)
Cash, cash equivalents and restricted
cash:
Beginning of period
1,826
2,646
2,322
4,119
End of period
$
1,909
$
2,322
$
1,909
$
2,322
NETAPP, INC.
SUPPLEMENTAL DATA
(In millions except net income
per share, percentages, DSO, DPO and Inventory Turns)
(Unaudited)
Revenues by Segment
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Product
$
806
$
747
$
744
$
2,849
$
3,049
Support
623
631
598
2,488
2,419
Professional and Other Services
87
77
88
320
319
Hybrid Cloud Segment Net
Revenues
1,516
1,455
1,430
5,657
5,787
Public Cloud Segment Net
Revenues
152
151
151
611
575
Net Revenues
$
1,668
$
1,606
$
1,581
$
6,268
$
6,362
Gross Profit by Segment
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Product
$
494
$
467
$
410
$
1,718
$
1,538
Support
574
582
549
2,293
2,238
Professional and Other Services
20
19
33
77
108
Hybrid Cloud Segment Gross
Profit
1,088
1,068
992
4,088
3,884
Public Cloud Segment Gross
Profit
104
99
99
408
391
Total Segments Gross Profit
1,192
1,167
1,091
4,496
4,275
Amortization of Intangible Assets
(8
)
(9
)
(10
)
(34
)
(42
)
Stock-based Compensation
(8
)
(7
)
(6
)
(29
)
(24
)
Unallocated Cost of Revenues
(16
)
(16
)
(16
)
(63
)
(66
)
Gross Profit
$
1,176
$
1,151
$
1,075
$
4,433
$
4,209
Gross Margin by Segment
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Product
61.3
%
62.5
%
55.1
%
60.3
%
50.4
%
Support
92.1
%
92.2
%
91.8
%
92.2
%
92.5
%
Professional and Other Services
23.0
%
24.7
%
37.5
%
24.1
%
33.9
%
Hybrid Cloud Segment Gross
Margin
71.8
%
73.4
%
69.4
%
72.3
%
67.1
%
Public Cloud Segment Gross
Margin
68.4
%
65.6
%
65.6
%
66.8
%
68.0
%
Product Revenues
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Total
$
806
$
747
$
744
$
2,849
$
3,049
Software*
$
446
$
412
$
437
$
1,598
$
1,798
Hardware*
$
360
$
335
$
307
$
1,251
$
1,251
Software and recurring support and
public cloud revenue
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Product - Software
$
446
$
412
$
437
$
1,598
$
1,798
Support
623
631
598
2,488
2,419
Public Cloud
152
151
151
611
575
Software and recurring support and
public cloud revenue*
$
1,221
$
1,194
$
1,186
$
4,697
$
4,792
Software and recurring support and public
cloud revenue as a percentage of net revenues
73
%
74
%
75
%
75
%
75
%
* Our revenue recognition policy under
GAAP defines a configured storage system, inclusive of the
operating system software essential to its functionality, as a
single performance obligation. We have provided a breakdown of our
GAAP product revenues into the software and hardware components,
which are considered non-GAAP measures, to display the significance
of software included in total product revenues. Software and
recurring support and public cloud revenue is a non-GAAP measure
because it includes the software component of our product revenues,
but not the hardware component.
Geographic Mix**
% of Q4
FY'24
% of Q3
FY'24
% of Q4
FY'23
% of FY
2024
% of FY
2023
Revenue
Revenue
Revenue
Revenue
Revenue
Americas
51
%
50
%
49
%
51
%
51
%
Americas Commercial
41
%
41
%
39
%
40
%
40
%
U.S. Public Sector
10
%
9
%
10
%
11
%
11
%
EMEA
34
%
35
%
36
%
34
%
34
%
Asia Pacific
15
%
15
%
15
%
15
%
15
%
** Effective in Q1 FY'24, management began
evaluating revenues by geographic region based on the location to
which products and services are delivered, rather than based on the
location from which the customer relationship is managed. Prior
year percentages have been conformed to the current year
presentation.
Pathways Mix
% of Q4
FY'24
% of Q3
FY'24
% of Q4
FY'23
% of FY
2024
% of FY
2023
Revenue
Revenue
Revenue
Revenue
Revenue
Direct
24
%
26
%
22
%
24
%
22
%
Indirect
76
%
74
%
78
%
76
%
78
%
Non-GAAP Income from Operations, Income
before Income Taxes & Effective Tax Rate
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Non-GAAP Income from Operations
$
469
$
485
$
414
$
1,682
$
1,539
% of Net Revenues
28.1
%
30.2
%
26.2
%
26.8
%
24.2
%
Non-GAAP Income before Income Taxes
$
483
$
501
$
419
$
1,726
$
1,555
Non-GAAP Effective Tax Rate
20.9
%
18.2
%
20.3
%
20.3
%
20.9
%
Non-GAAP Net Income
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Non-GAAP Net Income
$
382
$
410
$
334
$
1,375
$
1,230
Non-GAAP Weighted Average Common Shares
Outstanding, Diluted
212
211
217
213
220
Non-GAAP Net Income per Share, Diluted
$
1.80
$
1.94
$
1.54
$
6.46
$
5.59
Select Balance Sheet Items
Q4'FY24
Q3'FY24
Q4'FY23
Deferred Revenue and Financed Unearned
Services Revenue
$
4,234
$
4,127
$
4,313
DSO (days)
55
45
57
DPO (days)
96
79
70
Inventory Turns
11
14
12
Days sales outstanding (DSO) is defined as
accounts receivable divided by net revenues, multiplied by the
number of days in the quarter.
Days payables outstanding (DPO) is defined
as accounts payable divided by cost of revenues, multiplied by the
number of days in the quarter.
Inventory turns is defined as annualized
cost of revenues divided by net inventories.
Select Cash Flow Statement
Items
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Net Cash Provided by Operating
Activities
$
613
$
484
$
235
$
1,685
$
1,107
Purchases of Property and Equipment
$
46
$
36
$
39
$
155
$
239
Free Cash Flow
$
567
$
448
$
196
$
1,530
$
868
Free Cash Flow as % of Net Revenues
34.0
%
27.9
%
12.4
%
24.4
%
13.6
%
Free cash flow is a non-GAAP measure and
is defined as net cash provided by operating activities less
purchases of property and equipment.
Some items may not add or recalculate due
to rounding.
NETAPP, INC.
RECONCILIATION OF NON-GAAP TO
GAAP
INCOME STATEMENT
INFORMATION
(In millions, except net
income per share amounts)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
NET INCOME
$
291
$
313
$
245
$
986
$
1,274
Adjustments:
Amortization of intangible assets
14
14
17
57
68
Stock-based compensation
88
89
74
357
312
Restructuring charges
—
13
11
44
120
Acquisition-related expense
1
3
3
10
21
Gain on sale of equity investment
—
—
—
—
(32
)
Litigation settlements
—
—
—
(5
)
—
Income tax effects
(12
)
(22
)
11
(74
)
(51
)
Income tax (benefits) expenses from
integration of acquired companies
—
—
(27
)
—
(27
)
Resolution of income tax matters
—
—
—
—
69
Income tax benefit from intra-entity
intellectual property transfer
—
—
—
—
(524
)
NON-GAAP NET INCOME
$
382
$
410
$
334
$
1,375
$
1,230
COST OF REVENUES
$
492
$
455
$
506
$
1,835
$
2,153
Adjustments:
Amortization of intangible assets
(8
)
(9
)
(10
)
(34
)
(42
)
Stock-based compensation
(8
)
(7
)
(6
)
(29
)
(24
)
NON-GAAP COST OF REVENUES
$
476
$
439
$
490
$
1,772
$
2,087
COST OF PRODUCT REVENUES
$
314
$
282
$
335
$
1,137
$
1,517
Adjustments:
Amortization of intangible assets
—
—
—
—
(1
)
Stock-based compensation
(2
)
(2
)
(1
)
(6
)
(5
)
NON-GAAP COST OF PRODUCT
REVENUES
$
312
$
280
$
334
$
1,131
$
1,511
COST OF SERVICES REVENUES
$
178
$
173
$
171
$
698
$
636
Adjustments:
Amortization of intangible assets
(8
)
(9
)
(10
)
(34
)
(41
)
Stock-based compensation
(6
)
(5
)
(5
)
(23
)
(19
)
NON-GAAP COST OF SERVICES
REVENUES
$
164
$
159
$
156
$
641
$
576
GROSS PROFIT
$
1,176
$
1,151
$
1,075
$
4,433
$
4,209
Adjustments:
Amortization of intangible assets
8
9
10
34
42
Stock-based compensation
8
7
6
29
24
NON-GAAP GROSS PROFIT
$
1,192
$
1,167
$
1,091
$
4,496
$
4,275
NETAPP, INC.
RECONCILIATION OF NON-GAAP TO
GAAP
INCOME STATEMENT
INFORMATION
(In millions, except net
income per share amounts)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
SALES AND MARKETING EXPENSES
$
460
$
439
$
442
$
1,828
$
1,829
Adjustments:
Amortization of intangible assets
(6
)
(5
)
(7
)
(23
)
(26
)
Stock-based compensation
(34
)
(36
)
(32
)
(143
)
(135
)
NON-GAAP SALES AND MARKETING
EXPENSES
$
420
$
398
$
403
$
1,662
$
1,668
RESEARCH AND DEVELOPMENT
EXPENSES
$
271
$
249
$
243
$
1,029
$
956
Adjustments:
Stock-based compensation
(33
)
(32
)
(29
)
(132
)
(111
)
NON-GAAP RESEARCH AND DEVELOPMENT
EXPENSES
$
238
$
217
$
214
$
897
$
845
GENERAL AND ADMINISTRATIVE
EXPENSES
$
78
$
81
$
67
$
308
$
265
Adjustments:
Stock-based compensation
(13
)
(14
)
(7
)
(53
)
(42
)
NON-GAAP GENERAL AND ADMINISTRATIVE
EXPENSES
$
65
$
67
$
60
$
255
$
223
RESTRUCTURING CHARGES
$
—
$
13
$
11
$
44
$
120
Adjustments:
Restructuring charges
—
(13
)
(11
)
(44
)
(120
)
NON-GAAP RESTRUCTURING CHARGES
$
—
$
—
$
—
$
—
$
—
ACQUISITION-RELATED EXPENSE
$
1
$
3
$
3
$
10
$
21
Adjustments:
Acquisition-related expense
(1
)
(3
)
(3
)
(10
)
(21
)
NON-GAAP ACQUISITION-RELATED
EXPENSE
$
—
$
—
$
—
$
—
$
—
OPERATING EXPENSES
$
810
$
785
$
766
$
3,219
$
3,191
Adjustments:
Amortization of intangible assets
(6
)
(5
)
(7
)
(23
)
(26
)
Stock-based compensation
(80
)
(82
)
(68
)
(328
)
(288
)
Restructuring charges
—
(13
)
(11
)
(44
)
(120
)
Acquisition-related expense
(1
)
(3
)
(3
)
(10
)
(21
)
NON-GAAP OPERATING EXPENSES
$
723
$
682
$
677
$
2,814
$
2,736
NETAPP, INC.
RECONCILIATION OF NON-GAAP TO
GAAP
INCOME STATEMENT
INFORMATION
(In millions, except net
income per share amounts)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
INCOME FROM OPERATIONS
$
366
$
366
$
309
$
1,214
$
1,018
Adjustments:
Amortization of intangible assets
14
14
17
57
68
Stock-based compensation
88
89
74
357
312
Restructuring charges
—
13
11
44
120
Acquisition-related expense
1
3
3
10
21
NON-GAAP INCOME FROM OPERATIONS
$
469
$
485
$
414
$
1,682
$
1,539
OTHER INCOME, NET
$
14
$
16
$
5
$
49
$
48
Adjustments:
Gain on sale of equity investment
—
—
—
—
(32
)
Litigation settlements
—
—
—
(5
)
—
NON-GAAP OTHER INCOME, NET
$
14
$
16
$
5
$
44
$
16
INCOME BEFORE INCOME TAXES
$
380
$
382
$
314
$
1,263
$
1,066
Adjustments:
Amortization of intangible assets
14
14
17
57
68
Stock-based compensation
88
89
74
357
312
Restructuring charges
—
13
11
44
120
Acquisition-related expense
1
3
3
10
21
Litigation settlements
—
—
—
(5
)
—
Gain on sale of equity investment
—
—
—
—
(32
)
NON-GAAP INCOME BEFORE INCOME
TAXES
$
483
$
501
$
419
$
1,726
$
1,555
PROVISION FOR INCOME TAXES
$
89
$
69
$
69
$
277
$
(208
)
Adjustments:
Income tax effects
12
22
(11
)
74
51
Income tax benefits (expenses) from
integration of acquired companies
—
—
27
—
27
Resolution of income tax matters
—
—
—
—
(69
)
Income tax benefit from intra-entity
intellectual property transfer
—
—
—
—
524
NON-GAAP PROVISION FOR INCOME
TAXES
$
101
$
91
$
85
$
351
$
325
NET INCOME PER SHARE
$
1.37
$
1.48
$
1.13
$
4.63
$
5.79
Adjustments:
Amortization of intangible assets
0.07
0.07
0.08
0.27
0.31
Stock-based compensation
0.42
0.42
0.34
1.68
1.42
Restructuring charges
—
0.06
0.05
0.21
0.55
Acquisition-related expense
—
0.01
0.01
0.05
0.10
Gain on sale of equity investment
—
—
—
—
(0.15
)
Litigation settlements
—
—
—
(0.02
)
—
Income tax effects
(0.06
)
(0.10
)
0.05
(0.35
)
(0.23
)
Income tax (benefits) expenses from
integration of acquired companies
—
—
(0.12
)
—
(0.12
)
Resolution of income tax matters
—
—
—
—
0.31
Income tax benefit from intra-entity
intellectual property transfer
—
—
—
—
(2.38
)
NON-GAAP NET INCOME PER SHARE
$
1.80
$
1.94
$
1.54
$
6.46
$
5.59
RECONCILIATION OF NON-GAAP TO
GAAP
GROSS MARGIN
($ in millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Gross margin-GAAP
70.5
%
71.7
%
68.0
%
70.7
%
66.2
%
Cost of revenues adjustments
1.0
%
1.0
%
1.0
%
1.0
%
1.0
%
Gross margin-Non-GAAP
71.5
%
72.7
%
69.0
%
71.7
%
67.2
%
GAAP cost of revenues
$
492
$
455
$
506
$
1,835
$
2,153
Cost of revenues adjustments:
Amortization of intangible assets
(8
)
(9
)
(10
)
(34
)
(42
)
Stock-based compensation
(8
)
(7
)
(6
)
(29
)
(24
)
Non-GAAP cost of revenues
$
476
$
439
$
490
$
1,772
$
2,087
Net revenues
$
1,668
$
1,606
$
1,581
$
6,268
$
6,362
RECONCILIATION OF NON-GAAP TO
GAAP
PRODUCT GROSS MARGIN
($ in millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Product gross margin-GAAP
61.0
%
62.2
%
55.0
%
60.1
%
50.2
%
Cost of product revenues adjustments
0.3
%
0.3
%
0.1
%
0.3
%
0.2
%
Product gross margin-Non-GAAP
61.3
%
62.5
%
55.1
%
60.3
%
50.4
%
GAAP cost of product revenues
$
314
$
282
$
335
$
1,137
$
1,517
Cost of product revenues adjustments:
Amortization of intangible assets
—
—
—
—
(1
)
Stock-based compensation
(2
)
(2
)
(1
)
(6
)
(5
)
Non-GAAP cost of product revenues
$
312
$
280
$
334
$
1,131
$
1,511
Product revenues
$
806
$
747
$
744
$
2,849
$
3,049
RECONCILIATION OF NON-GAAP TO
GAAP
SERVICES GROSS MARGIN
($ in millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Services gross margin-GAAP
79.4
%
79.9
%
79.6
%
79.6
%
80.8
%
Cost of services revenues adjustments
1.6
%
1.6
%
1.8
%
1.7
%
1.8
%
Services gross margin-Non-GAAP
81.0
%
81.5
%
81.4
%
81.3
%
82.6
%
GAAP cost of services revenues
$
178
$
173
$
171
$
698
$
636
Cost of services revenues adjustments:
Amortization of intangible assets
(8
)
(9
)
(10
)
(34
)
(41
)
Stock-based compensation
(6
)
(5
)
(5
)
(23
)
(19
)
Non-GAAP cost of services revenues
$
164
$
159
$
156
$
641
$
576
Services revenues
$
862
$
859
$
837
$
3,419
$
3,313
RECONCILIATION OF NON-GAAP TO
GAAP
OPERATING MARGIN
($ in millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Operating margin-GAAP
21.9
%
22.8
%
19.5
%
19.4
%
16.0
%
Adjustments
6.2
%
7.4
%
6.6
%
7.5
%
8.2
%
Operating margin-Non-GAAP
28.1
%
30.2
%
26.2
%
26.8
%
24.2
%
GAAP income from operations
$
366
$
366
$
309
$
1,214
$
1,018
Income from operations adjustments:
Amortization of intangible assets
14
14
17
57
68
Stock-based compensation
88
89
74
357
312
Restructuring charges
—
13
11
44
120
Acquisition-related expense
1
3
3
10
21
Non-GAAP income from operations
$
469
$
485
$
414
$
1,682
$
1,539
Net revenues
$
1,668
$
1,606
$
1,581
$
6,268
$
6,362
RECONCILIATION OF NON-GAAP TO
GAAP
EFFECTIVE TAX RATE
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
GAAP effective tax rate
23.4
%
18.1
%
22.0
%
21.9
%
(19.5
)%
Adjustments:
Income tax effects
(2.5
)%
0.1
%
(10.3
)%
(1.6
)%
(4.8
)%
Income tax benefits from integration of
acquired companies
—
%
—
%
8.6
%
—
%
2.5
%
Resolution of income tax matters
—
%
—
%
—
%
—
%
(6.5
)%
Income tax benefit from intra-entity
intellectual property transfer
—
%
—
%
—
%
—
%
49.2
%
Non-GAAP effective tax rate
20.9
%
18.2
%
20.3
%
20.3
%
20.9
%
RECONCILIATION OF NET CASH
PROVIDED BY OPERATING ACTIVITIES
TO FREE CASH FLOW
(NON-GAAP)
(In millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Net cash provided by operating
activities
$
613
$
484
$
235
$
1,685
$
1,107
Purchases of property and equipment
(46
)
(36
)
(39
)
(155
)
(239
)
Free cash flow
$
567
$
448
$
196
$
1,530
$
868
RECONCILIATION OF NET
REVENUES
TO BILLINGS (NON-GAAP)
(In millions)
Q4'FY24
Q3'FY24
Q4'FY23
FY2024
FY2023
Net revenues
$
1,668
$
1,606
$
1,581
$
6,268
$
6,362
Change in deferred revenue and financed
unearned services revenue*
146
81
93
(14
)
46
Billings
$
1,814
$
1,687
$
1,674
$
6,254
$
6,408
* As reported on our Condensed
Consolidated Statements of Cash Flows
NETAPP, INC.
RECONCILIATION OF NON-GAAP
GUIDANCE TO GAAP
EXPRESSED AS EARNINGS PER
SHARE
FIRST QUARTER FISCAL
2025
First Quarter
Fiscal 2025
Non-GAAP Guidance - Net Income Per
Share
$1.40-$1.50
Adjustments of Specific Items to Net
Income
Per Share for the First Quarter Fiscal
2025:
Amortization of intangible assets
($0.07)
Stock-based compensation expense
($0.42)
Income tax effects
$0.07
Total Adjustments
($0.42)
GAAP Guidance - Net Income Per Share
$0.98-$1.08
Some items may not add or recalculate due to rounding.
NETAPP, INC.
RECONCILIATION OF NON-GAAP
GUIDANCE TO GAAP
Fiscal 2025
Fiscal 2025
Gross Margin - Non-GAAP Guidance
71% - 72%
Adjustment:
Cost of revenues adjustments
(1)%
Gross Margin - GAAP Guidance
70% - 71%
Operating Margin - Non-GAAP Guidance
27% - 28%
Adjustments:
Amortization of intangible assets
(1)%
Stock-based compensation expense
(6)%
Operating Margin - GAAP Guidance
20% - 21%
Some items may not add or recalculate due to rounding.
NETAPP, INC.
RECONCILIATION OF NON-GAAP
GUIDANCE TO GAAP
EXPRESSED AS EARNINGS PER
SHARE
Fiscal 2025
Fiscal 2025
Non-GAAP Guidance - Net Income Per
Share
$6.80-$7.00
Adjustments of Specific Items to Net
Income
Per Share for Fiscal 2025:
Amortization of intangible assets
($0.26)
Stock-based compensation expense
($1.87)
Income tax effects
$0.29
Total Adjustments
($1.84)
GAAP Guidance - Net Income Per Share
$4.96-$5.16
Some items may not add or recalculate due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240530843664/en/
(Press) Kenya Hayes 1 703 589 7595 kenya.hayes@netapp.com
(Investors) Kris Newton 1 408 822 3312
kris.newton@netapp.com
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