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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 January 28, 2022

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 February 23, 2022, there were 222,536,456 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 January 28, 2022 and April 30, 2021

 

3

 

 

Condensed Consolidated Statements of Income for the Three and Nine Months Ended January 28, 2022 and January 29, 2021

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended January 28, 2022 and January 29, 2021

 

5

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended January 28, 2022 and January 29, 2021

 

6

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended January 28, 2022 and January 29, 2021

 

7

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2

 

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

 

29

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

 

57

Item 3

 

Defaults upon Senior Securities

 

57

Item 4

 

Mine Safety Disclosures

 

57

Item 5

 

Other Information

 

57

Item 6

 

Exhibits

 

58

SIGNATURE

 

59

 

TRADEMARKS

© 2022 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)

 

 

 

January 28,
 2022

 

 

April 30,
 2021

 

ASSETS

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,170

 

 

$

4,529

 

Short-term investments

 

 

31

 

 

 

67

 

Accounts receivable

 

 

799

 

 

 

945

 

Inventories

 

 

167

 

 

 

114

 

Other current assets

 

 

346

 

 

 

346

 

Total current assets

 

 

5,513

 

 

 

6,001

 

Property and equipment, net

 

 

575

 

 

 

525

 

Goodwill

 

 

2,330

 

 

 

2,039

 

Other intangible assets, net

 

 

150

 

 

 

101

 

Other non-current assets

 

 

932

 

 

 

694

 

Total assets

 

$

9,500

 

 

$

9,360

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

432

 

 

$

420

 

Accrued expenses

 

 

807

 

 

 

970

 

Current portion of long-term debt

 

 

250

 

 

 

 

Short-term deferred revenue and financed unearned services revenue

 

 

2,063

 

 

 

2,062

 

Total current liabilities

 

 

3,552

 

 

 

3,452

 

Long-term debt

 

 

2,385

 

 

 

2,632

 

Other long-term liabilities

 

 

775

 

 

 

650

 

Long-term deferred revenue and financed unearned services revenue

 

 

1,906

 

 

 

1,941

 

Total liabilities

 

 

8,618

 

 

 

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 January 28, 2022 and April 30, 2021, respectively

 

 

709

 

 

 

504

 

Retained earnings

 

 

214

 

 

 

211

 

Accumulated other comprehensive loss

 

 

(41

)

 

 

(30

)

Total stockholders' equity

 

 

882

 

 

 

685

 

Total liabilities and stockholders' equity

 

$

9,500

 

 

$

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

 

 

Nine Months Ended

 

 

 

January 28,
 2022

 

 

January 29,
 2021

 

 

January 28,
 2022

 

 

January 29,
 2021

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

846

 

 

$

775

 

 

$

2,390

 

 

$

2,151

 

Services

 

 

768

 

 

 

695

 

 

 

2,248

 

 

 

2,038

 

Net revenues

 

 

1,614

 

 

 

1,470

 

 

 

4,638

 

 

 

4,189

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product

 

 

407

 

 

 

369

 

 

 

1,108

 

 

 

1,045

 

Cost of services

 

 

134

 

 

 

126

 

 

 

399

 

 

 

364

 

Total cost of revenues

 

 

541

 

 

 

495

 

 

 

1,507

 

 

 

1,409

 

Gross profit

 

 

1,073

 

 

 

975

 

 

 

3,131

 

 

 

2,780

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

461

 

 

 

436

 

 

 

1,377

 

 

 

1,297

 

Research and development

 

 

220

 

 

 

215

 

 

 

646

 

 

 

660

 

General and administrative

 

 

65

 

 

 

63

 

 

 

207

 

 

 

191

 

Restructuring charges

 

 

 

 

 

 

 

 

29

 

 

 

42

 

Acquisition-related expense

 

 

6

 

 

 

3

 

 

 

8

 

 

 

14

 

Total operating expenses

 

 

752

 

 

 

717

 

 

 

2,267

 

 

 

2,204

 

Income from operations

 

 

321

 

 

 

258

 

 

 

864

 

 

 

576

 

Other expense, net

 

 

(15

)

 

 

(11

)

 

 

(41

)

 

 

(50

)

Income before income taxes

 

 

306

 

 

 

247

 

 

 

823

 

 

 

526

 

Provision for income taxes

 

 

54

 

 

 

65

 

 

 

145

 

 

 

130

 

Net income

 

$

252

 

 

$

182

 

 

$

678

 

 

$

396

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.13

 

 

$

0.82

 

 

$

3.04

 

 

$

1.78

 

Diluted

 

$

1.10

 

 

$

0.80

 

 

$

2.96

 

 

$

1.76

 

Shares used in net income per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

223

 

 

 

223

 

 

 

223

 

 

 

222

 

Diluted

 

 

229

 

 

 

227

 

 

 

229

 

 

 

225

 

See accompanying notes to condensed consolidated financial statements.

 

4


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

January 28,
 2022

 

 

January 29,
 2021

 

 

January 28,
 2022

 

 

January 29,
 2021

 

Net income

 

$

252

 

 

$

182

 

 

$

678

 

 

$

396

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(3

)

 

 

1

 

 

 

(11

)

 

 

10

 

Unrealized losses on available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses arising during the period

 

 

 

 

 

(1

)

 

 

(1

)

 

 

 

Unrealized gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

4

 

 

 

(5

)

 

 

6

 

 

 

(13

)

Reclassification adjustments for (gains) losses included in net income

 

 

(4

)

 

 

3

 

 

 

(5

)

 

 

11

 

Other comprehensive income (loss)

 

 

(3

)

 

 

(2

)

 

 

(11

)

 

 

8

 

Comprehensive income

 

$

249

 

 

$

180

 

 

$

667

 

 

$

404

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


NETAPP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

January 28,
 2022

 

 

January 29,
 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

678

 

 

$

396

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

143

 

 

 

159

 

Non-cash operating lease cost

 

 

40

 

 

 

38

 

Stock-based compensation

 

 

179

 

 

 

149

 

Deferred income taxes

 

 

(66

)

 

 

(1

)

Other items, net

 

 

(35

)

 

 

35

 

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

 

 

 

 

 

 

Accounts receivable

 

 

137

 

 

 

208

 

Inventories

 

 

(53

)

 

 

39

 

Other operating assets

 

 

 

 

 

(35

)

Accounts payable

 

 

10

 

 

 

(92

)

Accrued expenses

 

 

(207

)

 

 

(61

)

Deferred revenue and financed unearned services revenue

 

 

46

 

 

 

10

 

Long-term taxes payable

 

 

(66

)

 

 

(51

)

Other operating liabilities

 

 

(6

)

 

 

(20

)

Net cash provided by operating activities

 

 

800

 

 

 

774

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of investments

 

 

(7

)

 

 

(4

)

Maturities, sales and collections of investments

 

 

43

 

 

 

144

 

Purchases of property and equipment

 

 

(158

)

 

 

(124

)

Proceeds from sale of properties

 

 

 

 

 

6

 

Acquisitions of businesses, net of cash acquired

 

 

(359

)

 

 

(350

)

Other investing activities, net

 

 

 

 

 

8

 

Net cash used in investing activities

 

 

(481

)

 

 

(320

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock under employee stock
   award plans

 

 

105

 

 

 

92

 

Payments for taxes related to net share settlement of stock awards

 

 

(69

)

 

 

(38

)

Repurchase of common stock

 

 

(350

)

 

 

(50

)

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

 

 

(335

)

 

 

(321

)

Other financing activities, net

 

 

(2

)

 

 

(7

)

Net cash (used in) provided by financing activities

 

 

(651

)

 

 

624

 

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

 

 

(26

)

 

 

70

 

Net change in cash, cash equivalents and restricted cash

 

 

(358

)

 

 

1,148

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

Beginning of period

 

 

4,535

 

 

 

2,666

 

End of period

 

$

4,177

 

 

$

3,814

 

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 January 28, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

Other

 

 

 

 

 

 

Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances, October 29, 2021

 

 

223

 

 

$

603

 

 

$

194

 

 

$

(38

)

 

$

759

 

Net income

 

 

 

 

 

 

 

 

252

 

 

 

 

 

 

252

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

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

 

 

1

 

 

 

46

 

 

 

 

 

 

 

 

 

46

 

Repurchase of common stock

 

 

(1

)

 

 

(4

)

 

 

(121

)

 

 

 

 

 

(125

)

Stock-based compensation

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

64

 

Cash dividends declared ($0.50 per
    common share)

 

 

 

 

 

 

 

 

(111

)

 

 

 

 

 

(111

)

Balances, January 28, 2022

 

 

223

 

 

$

709

 

 

$

214

 

 

$

(41

)

 

$

882

 

 

 

 

 

Three Months Ended January 29, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Stock and

 

 

 

 

 

Other

 

 

 

 

 

 

Additional Paid-in Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances, October 30, 2020

 

 

222

 

 

$

372

 

 

$

30

 

 

$

(32

)

 

$

370

 

Net income