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 2020-07-31 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 2020-08-21 Earnings, Exit Costs, Exhibits
8-K 2020-06-26 Other Events
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-10.1 ntap-ex101_46.htm
EX-31.1 ntap-ex311_6.htm
EX-31.2 ntap-ex312_7.htm
EX-32.1 ntap-ex321_8.htm
EX-32.2 ntap-ex322_9.htm

NetApp Earnings 2020-07-31

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 July 31, 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 August 26, 2020, there were 222,005,088 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 July 31, 2020 and April 24, 2020

  

3

 

  

Condensed Consolidated Statements of Operations for the Three Months Ended July 31, 2020 and July 26, 2019

  

4

 

  

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended July 31, 2020 and July 26, 2019

  

5

 

  

Condensed Consolidated Statements of Cash Flows for the Three Months Ended July 31, 2020 and July 26, 2019

  

6

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended July 31, 2020 and July 26, 2019

 

7

 

  

Notes to Condensed Consolidated Financial Statements

  

8

Item 2

  

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

  

26

Item 3

  

Quantitative and Qualitative Disclosures About Market Risk

  

40

Item 4

  

Controls and Procedures

  

41

 

 

 

PART II — OTHER INFORMATION

  

 

 

 

 

 

 

Item 1

  

Legal Proceedings

  

42

Item 1A

  

Risk Factors

  

42

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)

 

 

 

July 31,

2020

 

 

April 24,

2020

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,633

 

 

$

2,658

 

Short-term investments

 

 

140

 

 

 

224

 

Accounts receivable

 

 

604

 

 

 

973

 

Inventories

 

 

136

 

 

 

145

 

Other current assets

 

 

304

 

 

 

274

 

Total current assets

 

 

4,817

 

 

 

4,274

 

Property and equipment, net

 

 

737

 

 

 

727

 

Goodwill

 

 

2,038

 

 

 

1,778

 

Other intangible assets, net

 

 

140

 

 

 

44

 

Other non-current assets

 

 

684

 

 

 

699

 

Total assets

 

$

8,416

 

 

$

7,522

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

396

 

 

$

426

 

Accrued expenses

 

 

616

 

 

 

774

 

Commercial paper notes

 

 

150

 

 

 

522

 

Short-term deferred revenue and financed unearned services revenue

 

 

1,814

 

 

 

1,894

 

Total current liabilities

 

 

2,976

 

 

 

3,616

 

Long-term debt

 

 

2,630

 

 

 

1,146

 

Other long-term liabilities

 

 

720

 

 

 

714

 

Long-term deferred revenue and financed unearned services revenue

 

 

1,806

 

 

 

1,804

 

Total liabilities

 

 

8,132

 

 

 

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 July 31, 2020 and April 24, 2020, respectively

 

 

323

 

 

 

284

 

Retained earnings

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(39

)

 

 

(42

)

Total stockholders' equity

 

 

284

 

 

 

242

 

Total liabilities and stockholders' equity

 

$

8,416

 

 

$

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

 

 

 

July 31,

2020

 

 

July 26,

2019

 

Revenues:

 

 

 

 

 

 

 

 

Product

 

$

627

 

 

$

644

 

Software maintenance

 

 

301

 

 

 

250

 

Hardware maintenance and other services

 

 

375

 

 

 

342

 

Net revenues

 

 

1,303

 

 

 

1,236

 

Cost of revenues:

 

 

 

 

 

 

 

 

Cost of product

 

 

316

 

 

 

312

 

Cost of software maintenance

 

 

15

 

 

 

10

 

Cost of hardware maintenance and other services

 

 

100

 

 

 

98

 

Total cost of revenues

 

 

431

 

 

 

420

 

Gross profit

 

 

872

 

 

 

816

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

429

 

 

 

405

 

Research and development

 

 

233

 

 

 

215

 

General and administrative

 

 

61

 

 

 

71

 

Restructuring charges

 

 

5

 

 

 

21

 

Acquisition-related expense

 

 

8

 

 

 

 

Total operating expenses

 

 

736

 

 

 

712

 

Income from operations

 

 

136

 

 

 

104

 

Other income (expense), net

 

 

(32

)

 

 

15

 

Income before income taxes

 

 

104

 

 

 

119

 

Provision for income taxes

 

 

27

 

 

 

16

 

Net income

 

$

77

 

 

$

103

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.43

 

Diluted

 

$

0.35

 

 

$

0.42

 

Shares used in net income per share calculations:

 

 

 

 

 

 

 

 

Basic

 

 

221

 

 

 

239

 

Diluted

 

 

222

 

 

 

243

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

4


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

 

.

 

Three Months Ended

 

 

 

 

July 31,

2020

 

 

July 26,

2019

 

 

Net income

 

$

77

 

 

$

103

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

9

 

 

 

(1

)

 

Unrealized gains on available-for-sale securities:

 

 

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

2

 

 

 

20

 

 

Reclassification adjustments for gains included in net income

 

 

 

 

 

(14

)

 

Unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

Unrealized holding losses arising during the period

 

 

(9

)

 

 

(1

)

 

Reclassification adjustments for losses included in net income

 

 

1

 

 

 

 

 

Other comprehensive income

 

 

3

 

 

 

4

 

 

Comprehensive income

 

$

80

 

 

$

107

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

5


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

July 31,

2020

 

 

July 26,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

77

 

 

$

103

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

49

 

 

 

49

 

Non-cash operating lease cost

 

 

13

 

 

 

13

 

Stock-based compensation

 

 

54

 

 

 

42

 

Deferred income taxes

 

 

 

 

 

(7

)

Other items, net

 

 

25

 

 

 

(7

)

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

391

 

 

 

672

 

Inventories

 

 

9

 

 

 

15

 

Other operating assets

 

 

7

 

 

 

59

 

Accounts payable

 

 

(29

)

 

 

(195

)

Accrued expenses

 

 

(186

)

 

 

(277

)

Deferred revenue and financed unearned services revenue

 

 

(158

)

 

 

(154

)

Long-term taxes payable

 

 

6

 

 

 

(3

)

Other operating liabilities

 

 

(18

)

 

 

 

Net cash provided by operating activities

 

 

240

 

 

 

310

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(2

)

 

 

(4

)

Maturities, sales and collections of investments

 

 

87

 

 

 

1,031

 

Purchases of property and equipment

 

 

(52

)

 

 

(32

)

Proceeds from sale of properties

 

 

6

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(350

)

 

 

(56

)

Other investing activities, net

 

 

 

 

 

(1

)

Net cash provided by (used in) investing activities

 

 

(311

)

 

 

938

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock under employee stock

   award plans

 

 

48

 

 

 

54

 

Payments for taxes related to net share settlement of stock awards

 

 

(33

)

 

 

(71

)

Repurchase of common stock

 

 

 

 

 

(250

)

Repayments of commercial paper notes, original maturities of three months or less, net

 

 

(370

)

 

 

(219

)

Issuance of debt, net of issuance costs

 

 

2,057

 

 

 

 

Repayments and extinguishment of debt

 

 

(589

)

 

 

 

Dividends paid

 

 

(107

)

 

 

(115

)

Other financing activities, net

 

 

(3

)

 

 

(2

)

Net cash provided by (used in) financing activities

 

 

1,003

 

 

 

(603

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

43

 

 

 

(3

)

Net increase in cash, cash equivalents and restricted cash

 

 

975

 

 

 

642

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Beginning of period

 

 

2,666

 

 

 

2,331

 

End of period

 

$

3,641

 

 

$

2,973

 

See accompanying notes to condensed consolidated financial statements.


6


 

NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions)

(Unaudited)

 

 

 

Three Months Ended July 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

 

 

(In millions, except per share amounts)

 

Balances, April 24, 2020

 

 

219

 

 

$

284

 

 

$

 

 

$

(42

)

 

$

242

 

Net income

 

 

 

 

 

 

 

 

77

 

 

 

 

 

 

77

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Issuance of common stock under employee

    stock award plans, net of taxes

 

 

3

 

 

 

15

 

 

 

 

 

 

 

 

 

15

 

Stock-based compensation

 

 

 

 

 

54

 

 

 

 

 

 

 

 

 

54

 

Cash dividends declared ($0.48 per

    common share)

 

 

 

 

 

(30

)

 

 

(77

)

 

 

 

 

 

(107

)

Balances, July 31, 2020

 

 

222

 

 

$

323

 

 

$

 

 

$

(39

)

 

$

284

 

 

 

 

 

Three Months Ended July 26, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

 

 

(In millions, except per share amounts)

 

Balances, April 26, 2019

 

 

240

 

 

$

1,133

 

 

$

 

 

$

(43

)

 

$

1,090

 

Cumulative-effect of adoption of ASC 842

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Net income

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

103

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Issuance of common stock under employee

    stock award plans, net of taxes

 

 

3

 

 

 

(17

)

 

 

 

 

 

 

 

 

(17

)

Repurchase of common stock

 

 

(4

)

 

 

(141

)

 

 

(109

)

 

 

 

 

 

(250

)

Stock-based compensation

 

 

 

 

 

42

 

 

 

 

 

 

 

 

 

42

 

Cash dividends declared ($0.48 per

    common share)

 

 

 

 

 

(115

)

 

 

 

 

 

 

 

 

(115

)

Balances, July 26, 2019

 

 

239

 

 

$

902

 

 

$

 

 

$

(39

)

 

$