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NetApp Reports Second Quarter of Fiscal Year 2022 Results
Net revenues for the second quarter grew 11% year-over-year to $1.57 billion

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.

NetApp

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 :

 

NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

Three Months Ended

 

Six Months Ended

 

October 29,
2021

 

October 30,
2020

 

October 29,
2021

 

October 30,
2020

 

Net revenues:

Product

$

814

$

749

$

1,544

$

1,376

Services

752

667

1,480

1,343

Net revenues

1,566

1,416

3,024

2,719

Cost of revenues:

Cost of product

372

360

701

676

Cost of services

135

123

265

238

The total cost of revenues

507

483

966

914

Gross profit

1,059

933

2,058

1,805

Operating expenses:

Sales and marketing

465

432

916

861

Research and development

216

212

426

445

General and administrative

76

67

142

128

Restructuring charges

7

37

29

42

Acquisition-related expense

1

3

2

11

Total operating expenses

765

751

1,515

1,487

Income from operations

294

182

543

318

Other expenses, net

(14

)

(7

)

(26

)

(39

)

Income before income taxes

280

175

517

279

Provision for income taxes

56

38

91

65

Net income

$

224

$

137

$

426

$

214

Net income per share:

Basic

$

1.00

$

0.62

$

1.91

$

0.96

Diluted

$

0.98

$

0.61

$

1.86

$

0.96

Shares used in net income per share calculations:

Basic

223

222

223

222

Diluted

229

224

229

223

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