Company Quick10K Filing
NetApp
Price53.81 EPS4
Shares240 P/E13
MCap12,914 P/FCF20
Net Debt-1,842 EBIT1,284
TEV11,072 TEV/EBIT9
TTM 2019-10-25, in MM, except price, ratios
10-Q 2020-10-30 Filed 2020-12-03
10-Q 2020-07-31 Filed 2020-08-28
10-K 2020-04-24 Filed 2020-06-15
10-Q 2020-01-24 Filed 2020-02-18
10-Q 2019-10-25 Filed 2019-11-18
10-Q 2019-07-26 Filed 2019-08-19
10-K 2019-04-26 Filed 2019-06-18
10-Q 2019-01-25 Filed 2019-02-19
10-Q 2018-10-26 Filed 2018-11-19
10-Q 2018-07-27 Filed 2018-08-21
10-K 2018-04-27 Filed 2018-06-19
10-Q 2018-01-26 Filed 2018-02-22
10-Q 2017-10-27 Filed 2017-11-29
10-Q 2017-07-28 Filed 2017-08-29
10-K 2017-04-28 Filed 2017-06-20
10-Q 2017-01-27 Filed 2017-02-28
10-Q 2016-10-28 Filed 2016-12-02
10-Q 2016-07-29 Filed 2016-09-02
10-K 2016-04-29 Filed 2016-06-22
10-Q 2016-01-29 Filed 2016-03-07
10-Q 2015-10-30 Filed 2015-12-02
10-Q 2015-07-31 Filed 2015-09-08
10-K 2015-04-24 Filed 2015-06-12
10-Q 2015-01-23 Filed 2015-02-25
10-Q 2014-10-24 Filed 2014-11-25
10-Q 2014-07-25 Filed 2014-08-28
10-K 2014-04-25 Filed 2014-06-17
10-Q 2014-01-24 Filed 2014-02-26
10-Q 2013-10-25 Filed 2013-11-26
10-K 2013-04-26 Filed 2013-06-17
10-Q 2013-01-25 Filed 2013-02-28
10-Q 2012-10-26 Filed 2012-11-30
10-Q 2012-07-27 Filed 2012-08-30
10-K 2012-04-27 Filed 2012-06-19
10-Q 2012-01-27 Filed 2012-03-05
10-Q 2011-10-28 Filed 2011-12-05
10-Q 2011-07-29 Filed 2011-09-01
10-K 2011-04-29 Filed 2011-06-23
10-Q 2011-01-28 Filed 2011-03-04
10-Q 2010-10-29 Filed 2010-12-06
10-Q 2010-07-30 Filed 2010-08-27
10-K 2010-04-30 Filed 2010-06-18
10-Q 2010-01-29 Filed 2010-03-01
8-K 2020-09-18
8-K 2020-09-10
8-K 2020-08-21
8-K 2020-06-26
8-K 2020-06-17
8-K 2020-06-01
8-K 2020-05-27
8-K 2020-05-12
8-K 2020-03-30
8-K 2020-03-02
8-K 2020-02-08
8-K 2020-01-31
8-K 2019-11-13
8-K 2019-09-12
8-K 2019-08-08
8-K 2019-08-01
8-K 2019-05-16
8-K 2019-02-13
8-K 2018-11-14
8-K 2018-09-13
8-K 2018-08-15
8-K 2018-05-17
8-K 2018-04-27
8-K 2018-04-03
8-K 2018-02-14
8-K 2018-02-07

NTAP 10Q Quarterly Report

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ntap-ex311_10.htm
EX-31.2 ntap-ex312_9.htm
EX-32.1 ntap-ex321_8.htm
EX-32.2 ntap-ex322_6.htm

NetApp Earnings 2020-10-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.81.30.80.4-0.1-0.62012201420172020
Rev, G Profit, Net Income
1.00.4-0.2-0.9-1.5-2.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 30, 2020

or

TRANSITION QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 000-27130

NetApp, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

77-0307520

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

1395 Crossman Avenue,

Sunnyvale, California 94089

(Address of principal executive offices, including zip code)

(408822-6000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

 

Name of exchange on which registered

Common Stock, $0.001 Par Value

NTAP

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of December 1, 2020, there were 223,384,837 shares of the registrant’s common stock, $0.001 par value, outstanding.

 

 

 

 

 


TABLE OF CONTENTS

 

PART I — FINANCIAL INFORMATION

 

 

 

 

 

Item 1

  

Condensed Consolidated Financial Statements (Unaudited)

  

3

 

  

Condensed Consolidated Balance Sheets as of October 30, 2020 and April 24, 2020

  

3

 

  

Condensed Consolidated Statements of Operations for the Three and Six Months Ended October 30, 2020 and October 25, 2019

  

4

 

  

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended October 30, 2020 and October 25, 2019

  

5

 

  

Condensed Consolidated Statements of Cash Flows for the Six Months Ended October 30, 2020 and October 25, 2019

  

6

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended October 30, 2020 and October 25, 2019

 

7

 

  

Notes to Condensed Consolidated Financial Statements

  

9

Item 2

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

27

Item 3

  

Quantitative and Qualitative Disclosures About Market Risk

  

42

Item 4

  

Controls and Procedures

  

43

 

 

 

PART II — OTHER INFORMATION

  

 

 

 

 

 

 

Item 1

  

Legal Proceedings

  

44

Item 1A

  

Risk Factors

  

44

Item 2

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

56

Item 3

  

Defaults upon Senior Securities

  

56

Item 4

  

Mine Safety Disclosures

  

56

Item 5

  

Other Information

  

56

Item 6

  

Exhibits

  

57

SIGNATURE

  

58

 

 

TRADEMARKS

© 2020 NetApp, Inc. All Rights Reserved. No portions of this document may be reproduced without prior written consent of NetApp, Inc. NetApp, the NetApp logo, and the marks listed at http://www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

 

 

 

2


PART I — FINANCIAL INFORMATION

 

 

Item 1. Condensed Consolidated Financial Statements (Unaudited)

NETAPP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value)

(Unaudited)

 

 

 

October 30,

2020

 

 

April 24,

2020

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,529

 

 

$

2,658

 

Short-term investments

 

 

117

 

 

 

224

 

Accounts receivable

 

 

796

 

 

 

973

 

Inventories

 

 

116

 

 

 

145

 

Other current assets

 

 

263

 

 

 

274

 

Total current assets

 

 

4,821

 

 

 

4,274

 

Property and equipment, net

 

 

737

 

 

 

727

 

Goodwill

 

 

2,039

 

 

 

1,778

 

Other intangible assets, net

 

 

125

 

 

 

44

 

Other non-current assets

 

 

698

 

 

 

699

 

Total assets

 

$

8,420

 

 

$

7,522

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

367

 

 

$

426

 

Accrued expenses

 

 

738

 

 

 

774

 

Commercial paper notes

 

 

 

 

 

522

 

Short-term deferred revenue and financed unearned services revenue

 

 

1,815

 

 

 

1,894

 

Total current liabilities

 

 

2,920

 

 

 

3,616

 

Long-term debt

 

 

2,631

 

 

 

1,146

 

Other long-term liabilities

 

 

663

 

 

 

714

 

Long-term deferred revenue and financed unearned services revenue

 

 

1,836

 

 

 

1,804

 

Total liabilities

 

 

8,050

 

 

 

7,280

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock and additional paid-in capital, $0.001 par value; 222 and 219 shares issued and outstanding as of October 30, 2020 and April 24, 2020, respectively

 

 

372

 

 

 

284

 

Retained earnings

 

 

30

 

 

 

 

Accumulated other comprehensive loss

 

 

(32

)

 

 

(42

)

Total stockholders' equity

 

 

370

 

 

 

242

 

Total liabilities and stockholders' equity

 

$

8,420

 

 

$

7,522

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

October 30,

2020

 

 

October 25,

2019

 

 

October 30,

2020

 

 

October 25,

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

749

 

 

$

771

 

 

$

1,376

 

 

$

1,415

 

Software maintenance

 

 

303

 

 

 

254

 

 

 

604

 

 

 

504

 

Hardware maintenance and other services

 

 

364

 

 

 

346

 

 

 

739

 

 

 

688

 

Net revenues

 

 

1,416

 

 

 

1,371

 

 

 

2,719

 

 

 

2,607

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product

 

 

360

 

 

 

341

 

 

 

676

 

 

 

653

 

Cost of software maintenance

 

 

24

 

 

 

11

 

 

 

39

 

 

 

21

 

Cost of hardware maintenance and other services

 

 

99

 

 

 

94

 

 

 

199

 

 

 

192

 

Total cost of revenues

 

 

483

 

 

 

446

 

 

 

914

 

 

 

866

 

Gross profit

 

 

933

 

 

 

925

 

 

 

1,805

 

 

 

1,741

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

432

 

 

 

389

 

 

 

861

 

 

 

794

 

Research and development

 

 

212

 

 

 

209

 

 

 

445

 

 

 

424

 

General and administrative

 

 

67

 

 

 

69

 

 

 

128

 

 

 

140

 

Restructuring charges

 

 

37

 

 

 

 

 

 

42

 

 

 

21

 

Acquisition-related expense

 

 

3

 

 

 

 

 

 

11

 

 

 

 

Gain on sale or derecognition of assets

 

 

 

 

 

(38

)

 

 

 

 

 

(38

)

Total operating expenses

 

 

751

 

 

 

629

 

 

 

1,487

 

 

 

1,341

 

Income from operations

 

 

182

 

 

 

296

 

 

 

318

 

 

 

400

 

Other income (expense), net

 

 

(7

)

 

 

3

 

 

 

(39

)

 

 

18

 

Income before income taxes

 

 

175

 

 

 

299

 

 

 

279

 

 

 

418

 

Provision for income taxes

 

 

38

 

 

 

56

 

 

 

65

 

 

 

72

 

Net income

 

$

137

 

 

$

243

 

 

$

214

 

 

$

346

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.62

 

 

$

1.03

 

 

$

0.96

 

 

$

1.46

 

Diluted

 

$

0.61

 

 

$

1.03

 

 

$

0.96

 

 

$

1.44

 

Shares used in net income per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

222

 

 

 

235

 

 

 

222

 

 

 

237

 

Diluted

 

 

224

 

 

 

236

 

 

 

223

 

 

 

240

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

4


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

October 30,

2020

 

 

October 25,

2019

 

 

October 30,

2020

 

 

October 25,

2019

 

Net income

 

$

137

 

 

$

243

 

 

$

214

 

 

$

346

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

(1

)

 

 

9

 

 

 

(2

)

Defined benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustments related to defined

    benefit obligations

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Income tax effect

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Unrealized gains on available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

(1

)

 

 

2

 

 

 

1

 

 

 

22

 

Reclassification adjustments for gains included in net income

 

 

 

 

 

 

 

 

 

 

 

(14

)

Unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

1

 

 

 

2

 

 

 

(8

)

 

 

1

 

Reclassification adjustments for losses included in net income

 

 

7

 

 

 

 

 

 

8

 

 

 

 

Other comprehensive income

 

 

7

 

 

 

3

 

 

 

10

 

 

 

7

 

Comprehensive income

 

$

144

 

 

$

246

 

 

$

224

 

 

$

353

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

5


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

Six Months Ended

 

 

 

October 30,

2020

 

 

October 25,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

214

 

 

$

346

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

105

 

 

 

99

 

Non-cash operating lease cost

 

 

26

 

 

 

26

 

Stock-based compensation

 

 

103

 

 

 

82

 

Deferred income taxes

 

 

 

 

 

(23

)

Gain on sale or derecognition of assets

 

 

 

 

 

(38

)

Other items, net

 

 

28

 

 

 

(13

)

Changes in assets and liabilities, net of acquisitions of businesses:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

197

 

 

 

435

 

Inventories

 

 

29

 

 

 

20

 

Other operating assets

 

 

8

 

 

 

41

 

Accounts payable

 

 

(59

)

 

 

(157

)

Accrued expenses

 

 

(69

)

 

 

(315

)

Deferred revenue and financed unearned services revenue

 

 

(118

)

 

 

(197

)

Long-term taxes payable

 

 

(46

)

 

 

(49

)

Other operating liabilities

 

 

(17

)

 

 

 

Net cash provided by operating activities

 

 

401

 

 

 

257

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(3

)

 

 

(9

)

Maturities, sales and collections of investments

 

 

110

 

 

 

1,155

 

Purchases of property and equipment

 

 

(92

)

 

 

(68

)

Proceeds from sale of properties

 

 

6

 

 

 

96

 

Acquisitions of businesses, net of cash acquired

 

 

(350

)

 

 

(56

)

Other investing activities, net

 

 

8

 

 

 

(2

)

Net cash provided by (used in) investing activities

 

 

(321

)

 

 

1,116

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock under employee stock

   award plans

 

 

49

 

 

 

55

 

Payments for taxes related to net share settlement of stock awards

 

 

(34

)

 

 

(74

)

Repurchase of common stock

 

 

 

 

 

(750

)

Proceeds from (repayments of) commercial paper notes, original maturities of three months or less, net

 

 

(420

)

 

 

249

 

Issuance of debt, net of issuance costs

 

 

2,057

 

 

 

 

Repayments and extinguishment of debt

 

 

(689

)

 

 

(400

)

Dividends paid

 

 

(214

)

 

 

(226

)

Other financing activities, net

 

 

(3

)

 

 

(2

)

Net cash provided by (used in) financing activities