Q1 FY24 Earnings Results August 23, 2023 © 2023 NetApp, Inc. All rights reserved. ■ NetApp Safe harbor This presentation contains forward-looking statements and projections about our strategy, products and services, shareholder returns, and our future results, performance or achievements, financial and otherwise. These statements and projections reflect management's current expectations, estimates and assumptions based on the information currently available to us and are not guarantees of future performance ...

Cloud Solutions and Services - NetApp's portfolio includes Hybrid Cloud and Public Cloud segments, focusing on intelligent data management software and cloud services[24]. - The Hybrid Cloud segment offers storage management solutions that transform traditional data centers into modern data centers, enhancing operational efficiency[26]. - NetApp Cloud Volumes Platform integrates cloud storage infrastructure and data services, enabling customers to manage their cloud storage effectively[37]. - BlueXP serves as a unified control plane for managing hybrid and multicloud environments, optimizing resource usage and reducing complexity[38]. - NetApp's Spot by NetApp suite utilizes machine learning and predictive analytics to optimize cloud infrastructure and operations, enhancing reliability and security[41]. - NetApp Astra provides a managed data management service for Kubernetes workloads, simplifying application protection and recovery[30]. - The company aims to simplify hybrid multicloud operations, enhancing consistency and observability across environments[25]. - The Cloud Volumes Platform integrates cloud storage infrastructure and data services, enabling customers to manage their own cloud storage based on ONTAP data management software[37]. - NetApp's BlueXP unified control plane allows customers to manage their entire data landscape through a single SaaS-delivered point of control, enhancing operational simplicity[38]. Storage Solutions - The AFF A-Series and C-Series storage solutions deliver low-latency performance and scalability for diverse market needs, catering to both small and large enterprises[31][32]. - NetApp's AFF A-Series and C-Series storage solutions are designed for various market segments, providing low-latency performance and scalability for both Tier 1 and Tier 2 applications[31][32]. - NetApp's ONTAP software provides automatic ransomware protection and supports various architectures, ensuring flexibility in storage environments[27]. - NetApp ONTAP software provides automatic ransomware protection, built-in data transport features, and storage efficiency capabilities, supporting various architectures[27]. Financial Performance and Strategy - NetApp's total research and development expenses were $956 million in fiscal 2023, up from $881 million in both fiscal 2022 and fiscal 2021[55]. - Sales through indirect channels represented 78% of NetApp's net revenues in fiscal 2023[47]. - Major customers Arrow Electronics, Inc. and Tech Data Corporation accounted for 24% and 21% of net revenues, respectively, in fiscal 2023[48]. - The company has established partnerships with leading cloud and infrastructure providers to maximize business value for customers[46]. - The company has experienced a sequential decline in revenues in the first quarter historically, influenced by seasonal patterns and customer order timing[49]. Employee Engagement and Culture - The company emphasizes a culture of employee engagement, with managers conducting quarterly two-way conversations to support career development[77]. - The Board of Directors actively oversees human capital management strategies, including workforce diversity and talent acquisition[79]. - The company is committed to maintaining good relations with employees, focusing on talent retention and engagement initiatives[80]. - As of April 28, 2023, NetApp had approximately 12,000 employees worldwide, with no employees represented by a labor union[80]. - The company offers a competitive 401(k) retirement plan with a company match, allowing employees to maximize retirement savings through various contribution options[74]. - In 2022, over 3,160 employees donated more than 42,600 hours to community service through the NetApp Serves Program[78]. - The company emphasizes diversity, inclusion, and belonging as key components of its workforce strategy to drive innovation and improve business outcomes[71]. Sustainability and Environmental Initiatives - The company emphasizes sustainability through tools that audit consumption and prevent overprovisioning, aligning with industry standards[28]. - The company is committed to reducing greenhouse gas emissions and has increased the use of renewable energy at facilities in Bangalore, India, and Wichita, Kansas, which are powered almost exclusively by renewable energy[66]. - The company has implemented an environmental management system since December 2004, aligning local environmental performance goals with its overall corporate strategy[69]. - The company continuously seeks to optimize energy efficiency in its operations, including buildings, labs, and data centers[66]. - The company has a product take-back program and an e-waste scheme to comply with EU directives on waste management[68]. Research and Development - Total research and development expenses were $956 million in fiscal 2023, compared to $881 million in each of fiscal 2022 and fiscal 2021, indicating a significant investment in innovation[55]. - The company has been granted over 2,000 U.S. patents and has hundreds of pending U.S. patent applications, indicating a strong intellectual property portfolio[61].

Financial Data and Key Metrics Changes - For FY 2023, the company reported revenue of $6.36 billion, up 1% year-over-year, while billings were $6.41 billion, down 4% from FY 2022 [19][20] - Q4 revenue was $1.58 billion, down 6% year-over-year, with billings of $1.67 billion, down 17% year-over-year [20][22] - Operating margin for FY 2023 was 24.2%, with EPS at $5.59, reflecting all-time highs despite macroeconomic challenges [19][22] Business Line Data and Key Metrics Changes - Hybrid Cloud segment revenue in Q4 was $1.43 billion, down 8% year-over-year, while product revenue was $744 million, down 17% [20][22] - Public Cloud ARR reached $620 million, up 23% year-over-year, with Q4 revenue of $151 million, growing 26% year-over-year [20][24] - The all-flash array business had an annualized revenue run rate of $3.1 billion, down 4% from the previous year [9] Market Data and Key Metrics Changes - The company experienced a 2% year-over-year increase in deferred revenue, totaling $4.31 billion, marking the 21st consecutive quarter of growth in this metric [21] - Public Cloud revenue composed 10% of total revenue in Q4, indicating a growing contribution from this segment [20] Company Strategy and Development Direction - The company is focusing on digital transformation projects, including AI and data security, to drive future growth despite current macroeconomic headwinds [7][14] - A strategic emphasis on hybrid, multi-cloud infrastructure and data management is being pursued to enhance customer value [7][14] - The introduction of new products, such as the AFF C-series and ASA A-series, aims to capture market share in the all-flash array segment [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term health of the market and the company's strategy, despite acknowledging ongoing macroeconomic challenges [6][16] - The outlook for FY 2024 anticipates total revenue to decline in the low to mid-single digits, with expectations for growth in the second half driven by new product sales [24][25] - Management highlighted the importance of maintaining operational discipline and adapting to market conditions to drive margin expansion and earnings growth [16][24] Other Important Information - The company returned 148% of free cash flow to shareholders in FY 2023, with plans to continue this strong return policy in FY 2024 [19][23] - The company has a healthy balance sheet, closing FY 2023 with $3.07 billion in cash and short-term investments [23] Q&A Session Summary Question: Can you provide insights on customer demand changes? - Management noted that the demand environment in Q4 was similar to Q3, with some larger customers beginning new projects after a period of optimization, but overall caution in spending remains [31][32] Question: What drives confidence in revenue growth in the second half of FY 2024? - Management highlighted recent portfolio introductions and improved focus in the field organization as key factors for expected sequential revenue growth [34][36] Question: How is the company addressing AI opportunities? - The company is seeing strong performance in AI and analytics, with a focus on new customer acquisition and expanding workloads, particularly in cloud environments [39][58] Question: What is the outlook for public cloud revenue? - Management indicated that while cloud optimization efforts are ongoing, they expect to see growth driven by projects that enhance business performance, particularly in core areas like analytics and AI [73][74]

Q4 FY23 Earnings Results May 31, 2023 © 2023 NetApp, Inc. All rights reserved. Safe harbor This presentation contains forward-looking statements and projections about our strategy, products and services, shareholder returns, and our future results, performance or achievements, financial and otherwise. These statements and projections reflect management's current expectations, estimates and assumptions based on the information currently available to us and are not guarantees of future performance. Actual res ...

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 ☐ 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 incorporation or organization) Identification No.) Del ...

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