NetApp Inc. (NTAP) announced earnings for its second quarter that rose from the same period last year.
The company’s bottom line totaled $224 million, or $0.98 per share. This compares with $137 million, or $0.61 per share, in last year’s second quarter.
Excluding items, NetApp Inc. reported adjusted earnings of $292 million or $1.28 per share for the period.
Analysts had expected the company to earn $1.21 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The second quarter of the fiscal year 2022 financial results
Net revenues: $1.57 billion, compared to $1.42 billion in the second quarter of the fiscal year 2021
Hybrid Cloud segment revenue: $1.48 billion, compared to $1.37 billion in the second quarter of the fiscal year 2021
Public Cloud segment revenue: $87 million, compared to $47 million in the second quarter of the fiscal year 2021
Net income: GAAP net income of $224 million, compared to $137 million in the second quarter of the fiscal year 2021; non-GAAP net income4 of $292 million, compared to $236 million in the second quarter of the fiscal year 2021
Earnings per share: GAAP net income per share5 of $0.98, compared to $0.61 in the second quarter of the fiscal year 2021; non-GAAP net income per share of $1.28, compared to $1.05 in the second quarter of the fiscal year 2021
Cash, cash equivalents, and investments: $4.55 billion at the end of the second quarter of the fiscal year 2022
Cash provided by operations: $298 million, compared to $161 million in the second quarter of the fiscal year 2021
Share repurchase and dividends: Returned $237 million to shareholders through share repurchases and cash dividends
Other Highlights
AWS and NetApp announced the general availability of Amazon FSx for NetApp ONTAP, a native AWS managed service that’s powered by NetApp ONTAP software and is available around the world.
Google Cloud announced that NetApp will serve as the primary data and storage vendor for its new Google Distributed Cloud Hosted offering and introduced the integration of Google Cloud VMware Engine with NetApp Cloud Volumes Service support for VM datastores, a fully managed service that helps organizations meet their need for virtual workload storage and disaster recovery.
NetApp and Google Cloud launched NetApp Cloud Volumes Service for Google Cloud in Salt Lake City and Tokyo, with available Cloud Volumes Service regions now totaling 19 as demand continues to increase.
NetApp announced expanded backup/restore and cross-region replication capabilities in Azure NetApp Files.NetApp announced that whitelisting has been removed from Azure NetApp Files, enabling customers to directly consume Azure NetApp Files from the Azure portal, CLI, API, or with the software development kit (SDK).
Financial Statement :
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NETAPP, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In millions, except per share amounts) |
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(Unaudited) |
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Three Months Ended |
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Six Months Ended |
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October 29, |
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October 30, |
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October 29, |
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October 30, |
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Net revenues: |
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Product |
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$ |
814 |
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$ |
749 |
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$ |
1,544 |
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$ |
1,376 |
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Services |
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752 |
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667 |
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1,480 |
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1,343 |
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Net revenues |
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1,566 |
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1,416 |
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3,024 |
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2,719 |
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Cost of revenues: |
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Cost of product |
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372 |
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360 |
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|
701 |
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|
676 |
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Cost of services |
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135 |
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123 |
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265 |
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|
238 |
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The total cost of revenues |
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507 |
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|
483 |
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|
966 |
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|
914 |
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Gross profit |
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1,059 |
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|
933 |
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2,058 |
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1,805 |
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Operating expenses: |
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Sales and marketing |
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465 |
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432 |
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916 |
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861 |
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Research and development |
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216 |
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212 |
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|
426 |
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|
445 |
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General and administrative |
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76 |
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67 |
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142 |
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128 |
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Restructuring charges |
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7 |
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37 |
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29 |
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42 |
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Acquisition-related expense |
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1 |
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3 |
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2 |
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11 |
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Total operating expenses |
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765 |
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751 |
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1,515 |
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1,487 |
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Income from operations |
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294 |
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182 |
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543 |
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318 |
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Other expenses, net |
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(14 |
) |
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(7 |
) |
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(26 |
) |
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(39 |
) |
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Income before income taxes |
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280 |
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|
175 |
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|
517 |
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|
279 |
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Provision for income taxes |
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|
56 |
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|
38 |
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|
91 |
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|
65 |
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Net income |
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$ |
224 |
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$ |
137 |
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$ |
426 |
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$ |
214 |
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Net income per share: |
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Basic |
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$ |
1.00 |
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$ |
0.62 |
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$ |
1.91 |
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$ |
0.96 |
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Diluted |
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$ |
0.98 |
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$ |
0.61 |
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$ |
1.86 |
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$ |
0.96 |
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Shares used in net income per share calculations: |
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Basic |
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223 |
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222 |
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223 |
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222 |
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Diluted |
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|
229 |
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|
224 |
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|
229 |
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|
223 |
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