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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 29, 2021

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.)

3060 Olsen Drive,

San Jose, California 95128

(Address of principal executive offices, including zip code)

(408) 822-6000

(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 November 30, 2021, there were 222,277,741 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 29, 2021 and April 30, 2021

 

3

 

 

Condensed Consolidated Statements of Income for the Three and Six Months Ended October 29, 2021 and October 30, 2020

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended October 29, 2021 and October 30, 2020

 

5

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended October 29, 2021 and October 30, 2020

 

6

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended October 29, 2021 and October 30, 2020

 

7

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2

 

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

 

28

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

 

55

Item 3

 

Defaults upon Senior Securities

 

55

Item 4

 

Mine Safety Disclosures

 

55

Item 5

 

Other Information

 

55

Item 6

 

Exhibits

 

56

SIGNATURE

 

57

 

TRADEMARKS

© 2021 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 29,
 2021

 

 

April 30,
 2021

 

ASSETS

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,509

 

 

$

4,529

 

Short-term investments

 

 

39

 

 

 

67

 

Accounts receivable

 

 

647

 

 

 

945

 

Inventories

 

 

155

 

 

 

114

 

Other current assets

 

 

319

 

 

 

346

 

Total current assets

 

 

5,669

 

 

 

6,001

 

Property and equipment, net

 

 

549

 

 

 

525

 

Goodwill

 

 

2,050

 

 

 

2,039

 

Other intangible assets, net

 

 

87

 

 

 

101

 

Other non-current assets

 

 

867

 

 

 

694

 

Total assets

 

$

9,222

 

 

$

9,360

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

432

 

 

$

420

 

Accrued expenses

 

 

796

 

 

 

970

 

Short-term deferred revenue and financed unearned services revenue

 

 

1,967

 

 

 

2,062

 

Total current liabilities

 

 

3,195

 

 

 

3,452

 

Long-term debt

 

 

2,634

 

 

 

2,632

 

Other long-term liabilities

 

 

735

 

 

 

650

 

Long-term deferred revenue and financed unearned services revenue

 

 

1,899

 

 

 

1,941

 

Total liabilities

 

 

8,463

 

 

 

8,675

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock and additional paid-in capital, $0.001 par value; 223 and 222 shares issued and outstanding as of October 29, 2021 and April 30, 2021, respectively

 

 

603

 

 

 

504

 

Retained earnings

 

 

194

 

 

 

211

 

Accumulated other comprehensive loss

 

 

(38

)

 

 

(30

)

Total stockholders' equity

 

 

759

 

 

 

685

 

Total liabilities and stockholders' equity

 

$

9,222

 

 

$

9,360

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(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

 

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 expense, 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

 

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 29,
 2021

 

 

October 30,
 2020

 

 

October 29,
 2021

 

 

October 30,
 2020

 

Net income

 

$

224

 

 

$

137

 

 

$

426

 

 

$

214

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(4

)

 

 

 

 

 

(8

)

 

 

9

 

Unrealized gains (losses) on available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

 

 

 

(1

)

 

 

(1

)

 

 

1

 

Unrealized gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

1

 

 

 

1

 

 

 

2

 

 

 

(8

)

Reclassification adjustments for (gains) losses included in net income

 

 

(1

)

 

 

7

 

 

 

(1

)

 

 

8

 

Other comprehensive income (loss)

 

 

(4

)

 

 

7

 

 

 

(8

)

 

 

10

 

Comprehensive income

 

$

220

 

 

$

144

 

 

$

418

 

 

$

224

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

Six Months Ended

 

 

 

October 29,
 2021

 

 

October 30,
 2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

426

 

 

$

214

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

92

 

 

 

105

 

Non-cash operating lease cost

 

 

28

 

 

 

26

 

Stock-based compensation

 

 

115

 

 

 

103

 

Deferred income taxes

 

 

(32

)

 

 

 

Other items, net

 

 

(12

)

 

 

28

 

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

 

 

 

 

 

 

Accounts receivable

 

 

292

 

 

 

197

 

Inventories

 

 

(41

)

 

 

29

 

Other operating assets

 

 

34

 

 

 

8

 

Accounts payable

 

 

11

 

 

 

(59

)

Accrued expenses

 

 

(206

)

 

 

(69

)

Deferred revenue and financed unearned services revenue

 

 

(97

)

 

 

(118

)

Long-term taxes payable

 

 

(65

)

 

 

(46

)

Other operating liabilities

 

 

(5

)

 

 

(17

)

Net cash provided by operating activities

 

 

540

 

 

 

401

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of investments

 

 

(6

)

 

 

(3

)

Maturities, sales and collections of investments

 

 

32

 

 

 

110

 

Purchases of property and equipment

 

 

(97

)

 

 

(92

)

Proceeds from sale of properties

 

 

 

 

 

6

 

Acquisitions of businesses, net of cash acquired

 

 

(14

)

 

 

(350

)

Other investing activities, net

 

 

 

 

 

8

 

Net cash used in investing activities

 

 

(85

)

 

 

(321

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock under employee stock
   award plans

 

 

53

 

 

 

49

 

Payments for taxes related to net share settlement of stock awards

 

 

(63

)

 

 

(34

)

Repurchase of common stock

 

 

(225

)

 

 

 

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

 

 

 

 

 

(420

)

Issuance of debt, net of issuance costs

 

 

 

 

 

2,057

 

Repayments and extinguishment of debt

 

 

 

 

 

(689

)

Dividends paid

 

 

(224

)

 

 

(214

)

Other financing activities, net

 

 

(2

)

 

 

(3

)

Net cash (used in) provided by financing activities

 

 

(461

)

 

 

746

 

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

 

 

(13

)

 

 

44

 

Net change in cash, cash equivalents and restricted cash

 

 

(19

)

 

 

870

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Beginning of period

 

 

4,535

 

 

 

2,666

 

End of period

 

$

4,516

 

 

$

3,536

 

See accompanying notes to condensed consolidated financial statements.

6


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended October 29, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

Other

 

 

 

 

 

 

 Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances, July 30, 2021

 

 

224

 

 

$

550

 

 

$

204

 

 

$

(34

)

 

$

720

 

Net income

 

 

 

 

 

 

 

 

224

 

 

 

 

 

 

224

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Issuance of common stock under employee
    stock award plans, net of taxes

 

 

1

 

 

 

(6

)

 

 

 

 

 

 

 

 

(6

)

Repurchase of common stock

 

 

(2

)

 

 

(3

)

 

 

(122

)

 

 

 

 

 

(125

)

Stock-based compensation

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

62

 

Cash dividends declared ($0.50 per
    common share)

 

 

 

 

 

 

 

 

(112

)

 

 

 

 

 

(112

)

Balances, October 29, 2021

 

 

223

 

 

$

603

 

 

$

194

 

 

$

(38

)

 

$

759

 

 

 

 

 

Three Months Ended October 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

Other

 

 

 

 

 

 

 Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances, July 31, 2020

 

 

222

 

 

$

323

 

 

$

 

 

$

(39

)

 

$

284

 

Net income

 

 

 

 

 

 

 

 

137

 

 

 

 

 

 

137

 

Other comprehensive income