Earnings Summary. Simplify hybrid multicloud and securely deliver the right data, services and applications to the right people at the right time. While management views stock-based compensation as a key element of our employee retention and long-term incentives, we do not view it as an expense to be used in evaluating operational performance in any given period. To supplement NetApp’s condensed consolidated financial statement information presented in accordance with generally accepted accounting principles in the United States (GAAP), NetApp provides investors with certain non-GAAP measures, including, but not limited to, historical non-GAAP operating results, non-GAAP net income, non-GAAP effective tax rate, free cash flow, billings, and historical and projected non-GAAP earnings per diluted share. Management believes that the use of non-GAAP tax provisions provides a more meaningful measure of the Company’s operational performance. G. Gains/losses on the sale or derecognition of assets. Income tax adjustments. The hardware and software components of our product revenues are derived from an estimated fair value allocation of the transaction price of our contracts with customers, down to the level of the product hardware and software components. “In the second … “ In the second quarter, NetApp again delivered strong results, successfully executing against our plan to scale our cloud business while growing in the storage market. Footnotes By closing this banner or by browsing this site, you agree and accept the use of cookies. NetApp executive management will host a conference call at 2:00 p.m. Pacific Time to discuss these results and provide their perspective on … Amortization of intangible assets. SUNNYVALE, Calif.—August 26, 2020— NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020. This Minimum 15 minutes delayed. Private Securities Litigation Reform Act of 1995 NETAPP SECOND QUARTER OF FISCAL YEAR 2021 PREPARED REMARKS DECEMBER 1, 2020 Prepared remarks by: Kris Newton, VP, Investor Relations George Kurian, Chief Executive Officer Mike Berry, EVP and Chief Financial Officer Kris: Thank you for joining us. D. Acquisition-related expenses. Historical Supplemental Commentary. NetApp (NASDAQ: NTAP) today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. Our industry-leading solutions are built so you can protect and secure your sensitive company data. NetApp fiscal quarters are: Quarter Three: November 2, 2020 through January 29, 2021 Quarter Four: February 1, 2021 through April 30, 2021 Quarter One: May 3, 2021 through July 30, 2021 Quarter Two: August 2, 2021 through October 29, 2021 Sil Geurtsen Appointed Head of Programme Development at EndemolShine Nederland In addition, this press release, historical supplemental data tables, and other information related to the call will be posted on the Investor Relations website. Enterprises are increasingly prioritizing transformational and hybrid cloud projects, which drove our momentum as customers turn to NetApp to help them achieve these goals,” said George Kurian, chief executive officer. NetApp believes that the presentation of non-GAAP net income, non-GAAP effective tax rates, and non-GAAP earnings per share data, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. Build your business on the best of cloud and on-premise together with Hybrid Cloud Infrastructure solutions. Billings is a performance measure that NetApp believes provides useful information to management and investors because it represents the amounts under purchase orders received by us during a given period that have been billed. E. Restructuring charges. Live Teleconference Information. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, all of the statements made in the Second Quarter of Fiscal Year 2021 Financial Outlook section, and statements about the momentum of our business, customer demand for our products and services, and our unique position in the market. NetApp may periodically incur charges or benefits related to litigation settlements. Revenue, operating margin and EPS all exceeded our guidance, despite a challenging environment. Management believes such nonrecurring costs do not reflect the results of its underlying, on-going business and, therefore, cannot be relied upon for future planning or forecasting. SUNNYVALE, Calif. -November 5, 2020-After market close on Tuesday, December 1, 2020, NetApp will announce financial results for the second quarter of fiscal year 2021, which ended October 30, 2020.NetApp executive management will host a conference call at 2:00 p.m. Pacific Time to discuss these results and provide their perspective on market dynamics. “We are building on a strong foundation of industry-leading data-centric software innovation, trusted customer relationships and an open-ecosystem approach that is strengthened by partnerships with the leading public cloud companies who endorse our Data Fabric Strategy. NetApp believes that the presentation of free cash flow, which it defines as the net cash provided by operating activities less cash used to acquire property and equipment, to be a liquidity measure that provides useful information to management and investors because it reflects cash that can be used to, among other things, invest in its business, make strategic acquisitions, repurchase common stock, and pay dividends on its common stock. The non-GAAP tax provision also excludes, when applicable, (a) tax charges or benefits in the current period that relate to one or more prior fiscal periods that are a result of events such as changes in tax legislation, authoritative guidance, income tax audit settlements, statute lapses and/or court decisions, (b) tax charges or benefits that are attributable to unusual or non-recurring book and/or tax accounting method changes, (c) tax charges that are a result of a non-routine foreign cash repatriation, (d) tax charges or benefits that are a result of infrequent restructuring of the Company’s tax structure, (e) tax charges or benefits that are a result of a change in valuation allowance, and (f) tax charges resulting from the integration of intellectual property from acquisitions. Get complete control over your data with simplicity, efficiency, and flexibility. Net Revenues of $1.42 Billion; Up 3% Year-over-Year. NetApp excludes these charges and benefits, when significant, because it does not believe they are reflective of ongoing business and operating results. NetApp AI solutions remove bottlenecks at the edge, core, and the cloud to enable more efficient data collection. NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020. Two of the largest film studios are moving their premium content to streaming platforms. December 1, 2020. NetApp’s non-GAAP tax provision is based upon a projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Secondary # - … Have feedback for our website? The company provided the following financial guidance for the second quarter of fiscal year 2021: Dividend NetApp Reports Second Quarter of Fiscal Year 2021 Results. Second Quarter of Fiscal Year 2021 Financial Outlook NetApp will host a conference call to discuss these results today at 2:00 p.m. Pacific Time. Prepared Remarks. NetApp today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. NetApp is uniquely positioned to help our customers unlock the best of cloud.”, First Quarter of Fiscal Year 2021 Financial Results. I. PR Hotline: NetApp Hosts Second Quarter of Fiscal Year 2021 Financial Results Webcast November 05, 2020 05:04 PM Eastern Standard Time SUNNYVALE, Calif.-- (BUSINESS WIRE)- … SUNNYVALE, Calif.—December 2, 2020— NetApp (NASDAQ: NTAP) today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. Live Teleconference Information. “We executed well in the first quarter. Financial Tables. Data Provided by Refinitiv. NetApp Usage of Non-GAAP Financial Information Webcast. After market close on Tuesday, December 1, 2020, NetApp will announce financial results for the second quarter of fiscal year 2021, which ended October 30, 2020. $107 million returned to shareholders in cash dividend NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year … Primary # - (855) 219-9569. Net revenues are expected to be in the range of: Earnings per share is expected to be in the range of: NetApp acquired a leading virtual desktop infrastructure (VDI) player, NetApp is expanding its partner-first approach with updates to the. NetApp’s management uses these non-GAAP measures in making operating decisions because it believes the measurements provide meaningful supplemental information regarding NetApp’s ongoing operational performance. Revenue, operating margin and EPS all exceeded our … SUNNYVALE, Calif.—August 26, 2020—NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020. SUNNYVALE, Calif.--(BUSINESS WIRE)--NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020. Transcript 350.3 KB. NetApp Reports First Quarter of Fiscal Year 2021 Results Net Revenues of $1.30 Billion; Up 5% Year-over-Year NetApp™public cloud services annualized recurring revenue of $178 million, an increase of 192% year-over-year All-flash array annualized net revenue run rate of $2.3 … This allocation is primarily based on the contractual prices at which NetApp has historically billed customers for such respective components. Net Revenues: $1.30 billion, compared to $1.24 billion in the first quarter of fiscal year 2020 Earnings Slides. With me today are our CEO, George Kurian, and CFO, Mike Berry. Media Contacts [2]Non-GAAP net income excludes, when applicable, (a) amortization of intangible assets, (b) stock-based compensation expenses, (c) litigation settlements, (d) acquisition-related expenses, (e) restructuring charges, (f) asset impairments, (g) gains/losses on the sale or derecognition of assets, (h) COVID-19 charges and (i) our GAAP tax provision, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Secondary # - … NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020. NetApp’s management uses these non-GAAP measures in making operating decisions because it believes the measurements provide meaningful supplemental information regarding NetApp’s ongoing operational performance. Say goodbye to Hollywood: In 2021 and beyond, movie production and consumption face a total rewrite. Learn more at www.netapp.com. NetApp is the proven leader when it comes to modernizing and simplifying your storage environment. To access the live webcast of this event, go to the NetApp Investor Relations website at investors.netapp.com. xdl-uspr@netapp.com, Net Revenues of $1.30 Billion; Up 5% Year-over-Year. Actual results may differ materially from these statements for a variety of reasons, including, without limitation, general global political, macroeconomic and market conditions (including the impact of the COVID-19 pandemic thereon), changes in U.S. government spending, revenue seasonality and matters specific to our business, such as the impact of the COVID-19 pandemic on the company’s business operations, financial performance and results of operations, our ability to expand our total available market and grow our portfolio of products, customer demand for and acceptance of our products and services, our ability to successfully execute new business models, our ability to successfully execute on our data fabric strategy to generate profitable growth and stockholder return and our ability to manage our gross profit margins. These are non-cash charges to write down assets when there is an indication that the asset has become impaired. Management believes that these transactions do not reflect the results of our underlying, on-going business and, therefore, cannot be relied upon for future planning or forecasting. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Take the wheel with NetApp’s Cloud Services to simplify your cloud management landscape. All of these forward-looking statements involve risk and uncertainty. Net Revenues: $1.42 billion, compared to $1.37 billion in … The amortization of intangible assets varies depending on the level of acquisition activity. 17/09/2020. “In the second quarter, NetApp again delivered strong results, successfully executing against our plan to scale our cloud business while growing in the storage market. Because our revenue recognition policy under GAAP defines a configured storage system, inclusive of the operating system software essential to its functionality, as a single performance obligation, hardware and software components of our product revenues are considered non-GAAP measures. NetApp records amortization of intangible assets that were acquired in connection with its business combinations. NetApp today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. The next cash dividend of $0.48 per share is to be paid on January 27, 2021, to shareholders of record as of the close of business on January 8, 2021. NetApp Fourth Quarter and Fiscal Year 2020 Results. [3]GAAP net income per share and non-GAAP net income per share are calculated using the diluted number of shares. NetApp Second Quarter of Fiscal Year 2021 Results. C. Litigation settlements. “ We executed well in the first quarter. NetApp (NASDAQ: NTAP) today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. These are gains/losses from the sale of our properties and other transactions in which we transfer control of assets to a third party. Earnings Summary. SUNNYVALE, Calif. —November 5, 2020— After market close on Tuesday, December 1, 2020, NetApp will announce financial results for the second quarter of fiscal year 2021, which ended October 30, 2020. Dec 1, 2020 2:00 PM PST Press Release. Provide a powerful, consistent end-user computer (EUC) experience—regardless of team size, location, complexity. F. Asset impairments. Earnings Summary. SUNNYVALE, Calif.–(BUSINESS WIRE)–NetApp (NASDAQ: NTAP) today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. 16/09/2020. Prepared Remarks. 2020. NetApp First Quarter of Fiscal Year 2021 Results. Historical Supplemental Commentary . Dec 1, 2020 2:00 PM PST Press Release. “In the second quarter, NetApp again delivered strong results, successfully executing against our plan to scale our cloud business while growing in the storage market. NetApp is uniquely positioned to help our customers unlock the best of cloud.” First Quarter of Fiscal Year 2021 Financial Results. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. NetApp First Quarter of Fiscal Year 2021 Results. Historical Supplemental Commentary . Primary # - (855) 219-9569. Earnings Slides. NetApp approximates billings by adding net revenues as reported on our Condensed Consolidated Statements of Operations for the period to the change in total deferred revenue and financed unearned services revenue as reported on our Condensed Consolidated Statements of Cash Flows for the same period. 408.822.3287 Our solutions remove friction to help maximize developer productivity, reduce time to market, and improve customer satisfaction. After market close on Wednesday, August 26, 2020, NetApp (NASDAQ: NTAP) will announce financial results for the first quarter of fiscal year 2021, which ended July 31, 2020. NetApp excludes stock-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses. Press Release. NetApp uses cookies and similar technologies to improve and customize your online experience. Good day, ladies and gentlemen, and welcome to the NetApp first-quarter fiscal-year 2021 conference call. Let us know, NetApp Second Quarter of Fiscal Year 2021 Results, NetApp 2020 Virtual Financial Analyst Day, NetApp Reports Second Quarter of Fiscal Year 2021 Results, NetApp to Participate in Upcoming Virtual Investor/Technology Conferences, NetApp Hosts Second Quarter of Fiscal Year 2021 Financial Results Webcast, Q3 FY 2021 results target date: February 24, 2021, Q4 FY 2021 results target date: June 2, 2021, Q1 FY 2022 results target date: August 25, 2021, Q2 FY 2022 results target date: November 30, 2021. NetApp executive management will host a conference call at 2:00 p.m. Pacific Time to discuss these results and provide their perspective on market dynamics. Webcast and Conference Call Information All-flash array annualized net revenue run rate of $2.5 billion, an increase of 15% year-over-year. NetApp (NASDAQ: NTAP) today reported financial results for the second quarter of fiscal year 2021, which ended on October 30, 2020. Second Quarter of These charges consist of restructuring charges that are incurred based on the particular facts and circumstances of restructuring decisions, including employment and contractual settlement terms, and other related charges, and can vary in size and frequency. As free cash flow is not a measure of liquidity calculated in accordance with GAAP, free cash flow should be considered in addition to, but not as a substitute for, the analysis provided in the statement of cash flows. H. COVID-19 charges. Speed application development, improve software quality, reduce business risk, and shrink costs. NetApp also presents the hardware and software components of our GAAP product revenues. [1] Refer to the NetApp Usage of Non-GAAP Financial Information section below for an explanation of billings. Dividend . Fourth Quarter. Transcript 350.3 KB. Webcast. Prepared Remarks. Historical Supplemental Commentary. These non-GAAP financial measures are used to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors’ operating results and (3) allow greater transparency with respect to information used by management in financial and operational decision making. NetApp Reports First Quarter of Fiscal Year 2021 Results. NetApp ™ public cloud services annualized revenue run rate of $216 million, an increase of 200% year-over-year. After market close on Wednesday, August 26, 2020, NetApp (NASDAQ: NTAP) will announce financial results for the first quarter of fiscal year 2021, which ended July 31, 2020.
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