NetApp, Inc. (NASDAQ:NTAP) Q3 2024 Earnings Conference Call February 29, 2024 5:00 PM ET Company Participants Kris Newton - VP, IR George Kurian - CEO Mike Berry - CFO Conference Call Participants Meta Marshall - Morgan Stanley Eddie Pellon - TD Cowen Joe Cardoso - JPMorgan Mehdi Hosseini - SIG Mike Cadiz - Citigroup Nehal Chokshi - Northland Capital Markets Ananda Baruah - Loop Capital Irvin Liu - Evercore ISI Operator Good day, and welcome to the NetApp Third Quarter of Fiscal Year 2024 Earnings Call. All ...

NetApp (NTAP) came out with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.79%. A quarter ago, it was expected that this data storage company would post earnings of $1.40 per share when it actually produced earnings of $1.58, delivering a surprise of 12.86%.Over the last four quarters, the comp ...

SAN JOSE, Calif.--(BUSINESS WIRE)--NetApp™ (NASDAQ: NTAP), the intelligent data infrastructure company, today announced the Company will participate in a fireside chat at the following conference: Morgan Stanley TMT Conference Mike Berry, EVP, Finance and CFO March 5, 2024 Presentation: 2:50 – 3:30 p.m. Pacific Time How to Participate A live audio Webcast of the presentation will be available at investors.netapp.com. Audio Webcast archives of each event will be available after the conferences. About Net ...

Financial Performance - Net revenues for Q3 FY2024 were $1.61 billion, representing a 5% increase year-over-year from $1.53 billion in Q3 FY2023[3] - GAAP net income for Q3 FY2024 was $313 million, significantly up from $65 million in Q3 FY2023, with non-GAAP net income at $410 million compared to $301 million[5] - Earnings per share for Q3 FY2024 were $1.48 (GAAP) and $1.94 (non-GAAP), compared to $0.30 and $1.37 respectively in Q3 FY2023[5] - Net income for Q3 FY24 was $313 million, a significant increase from $65 million in Q3 FY23, representing a growth of 381%[49] - Total net revenues for Q3 FY24 reached $1,606 million, up 5% from $1,526 million in Q3 FY23[50] - Non-GAAP net income for Q3 FY24 was $410 million, compared to $301 million in Q3 FY23, reflecting a year-over-year increase of 36%[55] - Free cash flow for Q3 FY24 was $448 million, which is 27.9% of net revenues, a substantial increase from 20.9% in Q3 FY23[58] - Operating income for Q3'FY24 was $366 million, up 20% from $304 million in Q2'FY24 and 113% from $172 million in Q3'FY23[64] Revenue Segments - Hybrid Cloud segment revenue reached $1.46 billion, up from $1.38 billion in Q3 FY2023, while Public Cloud segment revenue was $151 million, slightly up from $150 million[3] - Product revenues for Q3 FY24 were $747 million, an increase of 9.5% from $682 million in Q3 FY23[50] - Billings for Q3 FY24 were $1.687 billion, up 16.0% from Q2 FY24 ($1.454 billion) and up 7.3% from Q3 FY23 ($1.572 billion)[77] Guidance and Projections - The company expects Q4 FY2024 net revenues to be in the range of $1.585 billion to $1.735 billion, with earnings per share projected between $1.25 and $1.35 (GAAP) and $1.73 to $1.83 (non-GAAP)[6] - Full fiscal year 2024 net revenues are expected to range from $6.185 billion to $6.335 billion, with consolidated gross margins projected at 70% to 71% (GAAP) and 71% to 72% (non-GAAP)[7] - Non-GAAP guidance for net income per share for Q4 FY24 is projected to be between $1.73 and $1.83, while GAAP guidance is between $1.25 and $1.35[79] - Non-GAAP gross margin guidance for FY24 is estimated at 71% to 72%, with GAAP gross margin guidance at 70% to 71%[81] - Non-GAAP net income per share guidance for FY24 is projected to be between $6.40 and $6.50, while GAAP guidance is between $4.52 and $4.62[83] Cash Flow and Operations - Cash provided by operations was $484 million in Q3 FY2024, up from $377 million in Q3 FY2023[10] - The company returned $203 million to stockholders through share repurchases and dividends in Q3 FY2024[10] - Free cash flow for Q3'FY24 was $448 million, significantly higher than $97 million in Q2'FY24 and $319 million in Q3'FY23[75] Expenses and Margins - Research and development expenses increased to $249 million for the three months ended January 26, 2024, compared to $230 million in the prior year[47] - The gross margin for the product segment improved to 62.5% in Q3 FY24, up from 46.5% in Q3 FY23[50] - The company reported a GAAP gross margin of 71.7% in Q3'FY24, compared to 71.1% in Q2'FY24 and 65.6% in Q3'FY23[66] - The effective tax rate for non-GAAP income before income taxes was 18.2% in Q3 FY24, down from 20.2% in Q3 FY23[54] Strategic Initiatives - New product innovations include features for NetApp™Astra™ Control and a collaboration with AWS for enhanced storage performance[11] - The company is focusing on market expansion and new product development as part of its strategic initiatives[78] - The company has incurred acquisition-related expenses of $0.04 per share as part of its ongoing growth strategy[83]

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 26, 2024 or ☐ TRANSITION 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) (State or other jurisdiction of (I.R.S. Employer inc ...

NetApp (NTAP) is slated to release third-quarter fiscal 2024 earnings on Feb 29.The company projects fiscal third-quarter non-GAAP earnings per share (EPS) to be between $1.64 and $1.74. The Zacks Consensus Estimate is pegged at $1.69, suggesting an increase of 23.4% from the year-ago levels.Net revenues are anticipated in the range of $1.51-$1.67 billion. The Zacks Consensus Estimate is pegged at $1.59 billion, implying a 4.4% increase from the prior-year levels.NTAP beat estimates in each of the last four ...

In its upcoming report, NetApp (NTAP) is predicted by Wall Street analysts to post quarterly earnings of $1.69 per share, reflecting an increase of 23.4% compared to the same period last year. Revenues are forecasted to be $1.59 billion, representing a year-over-year increase of 4.4%.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

Exterior view of NetApp headquarters with company logo, located on Santana Row, San Jose, ... [+] California, August 10, 2023. (Photo by Smith Collection/Gado/Getty Images)Gado via Getty ImagesNetApp NTAP a company that provides on-premises data storage systems and public cloud services, is poised to report its Q3 FY’24 results toward the end of February. We expect the company’s revenues for the quarter to come in at about $1.6 billion, slightly ahead of estimates, and about 4% ahead of the last year. We es ...

The Zacks Computer-Storage Devices industry players are well-poised to gain from solid momentum in cloud computing, Internet of Things (IoT), auto, connected devices, virtual reality and Artificial Intelligence (AI) in the long run. These factors propel the demand for robust data storage solutions, bolstering computer storage product requirements. These factors are favorable for prominent industry players like Super Micro Computer (SMCI) , NetApp (NTAP) , Western Digital (WDC) and Pure Storage (PSTG) . The ...

SAN JOSE, Calif.--(BUSINESS WIRE)--After market close on Thursday, February 29, 2024, NetApp (NASDAQ: NTAP) will announce financial results for the third quarter of fiscal year 2024 which ended January 26, 2024. 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. How to Participate The live Webcast call can be accessed at investors.netapp.com. Please allow at least 15 minutes prior to the start of the ...