$NTAP
NetApp, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022017904 Filed on August 30, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q3
Revenue $1.592B $1.680B $1.458B
YoY Change 9.19% 8.04% 11.9%
Cost Of Revenue $546.0M $591.0M $459.0M
YoY Change 18.95% 13.65% 6.5%
Gross Profit $1.046B $1.089B $999.0M
YoY Change 4.7% 5.22% 14.56%
Gross Profit Margin 65.7% 64.82% 68.52%
Selling, General & Admin $530.0M $552.0M $517.0M
YoY Change 2.51% 7.6% 5.51%
% of Gross Profit 50.67% 50.69% 51.75%
Research & Development $240.0M $235.0M $210.0M
YoY Change 14.29% 6.33% -9.87%
% of Gross Profit 22.94% 21.58% 21.02%
Depreciation & Amortization $58.00M $51.00M $46.00M
YoY Change 26.09% 6.25% -6.12%
% of Gross Profit 5.54% 4.68% 4.6%
Operating Expenses $791.0M $787.0M $750.0M
YoY Change 5.47% 7.22% 3.73%
Operating Profit $255.0M $302.0M $249.0M
YoY Change 2.41% 0.33% 67.11%
Interest Expense $18.00M -$16.00M $18.00M
YoY Change 0.0% -5.88% -220.0%
% of Operating Profit 7.06% -5.3% 7.23%
Other Income/Expense, Net $15.00M -$5.000M -$12.00M
YoY Change -225.0% 150.0% -29.41%
Pretax Income $270.0M $272.0M $237.0M
YoY Change 13.92% -37.61% 127.88%
Income Tax $56.00M $13.00M $35.00M
% Of Pretax Income 20.74% 4.78% 14.77%
Net Earnings $214.0M $259.0M $202.0M
YoY Change 5.94% -22.46% 162.34%
Net Earnings / Revenue 13.44% 15.42% 13.85%
Basic Earnings Per Share $0.97 $0.91
Diluted Earnings Per Share $0.96 $1.131M $0.88
COMMON SHARES
Basic Shares Outstanding 220.0M 221.2M 223.0M
Diluted Shares Outstanding 224.0M 229.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.439B $4.134B $4.547B
YoY Change -24.37% -10.05% 20.51%
Cash & Equivalents $3.288B $4.112B $4.492B
Short-Term Investments $151.0M $22.00M $55.00M
Other Short-Term Assets $386.0M $377.0M $321.0M
YoY Change 20.25% 8.96% 5.59%
Inventory $232.0M $204.0M $108.0M
Prepaid Expenses
Receivables $865.0M $1.230B $655.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.922B $5.945B $5.631B
YoY Change -12.59% -0.93% 16.9%
LONG-TERM ASSETS
Property, Plant & Equipment $622.0M $602.0M $533.0M
YoY Change 16.7% 14.67% -27.68%
Goodwill $2.767B $2.346B $2.050B
YoY Change 34.98% 15.06% 0.59%
Intangibles
YoY Change
Long-Term Investments $75.00M $73.00M $72.00M
YoY Change 4.17% 2.82% 5.88%
Other Assets $1.001B $991.0M $845.0M
YoY Change 18.46% 42.8% 23.54%
Total Long-Term Assets $4.622B $4.081B $3.525B
YoY Change 31.12% 21.49% -2.06%
TOTAL ASSETS
Total Short-Term Assets $4.922B $5.945B $5.631B
Total Long-Term Assets $4.622B $4.081B $3.525B
Total Assets $9.544B $10.03B $9.156B
YoY Change 4.24% 7.12% 8.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $515.0M $607.0M $368.0M
YoY Change 39.95% 44.52% -7.07%
Accrued Expenses $722.0M $925.0M $747.0M
YoY Change -3.35% -4.64% 21.27%
Deferred Revenue $2.088B $2.171B $1.988B
YoY Change 5.03% 5.29% 9.59%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $250.0M $250.0M
YoY Change
Total Short-Term Liabilities $3.575B $3.953B $3.103B
YoY Change 15.21% 14.51% 4.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.387B $2.386B $2.633B
YoY Change -9.34% -9.35% 0.11%
Other Long-Term Liabilities $843.0M $788.0M $784.0M
YoY Change 7.53% 21.23% 8.89%
Total Long-Term Liabilities $3.230B $3.174B $3.417B
YoY Change -5.47% -3.29% 374.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.575B $3.953B $3.103B
Total Long-Term Liabilities $3.230B $3.174B $3.417B
Total Liabilities $8.887B $9.188B $8.436B
YoY Change 5.35% 5.91% 3.74%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 $122.0M $204.0M
YoY Change -100.0% -42.18%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $657.0M $838.0M $720.0M
YoY Change
Total Liabilities & Shareholders Equity $9.544B $10.03B $9.156B
YoY Change 4.24% 7.12% 8.79%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q3
OPERATING ACTIVITIES
Net Income $214.0M $259.0M $202.0M
YoY Change 5.94% -22.46% 162.34%
Depreciation, Depletion And Amortization $58.00M $51.00M $46.00M
YoY Change 26.09% 6.25% -6.12%
Cash From Operating Activities $281.0M $411.0M $242.0M
YoY Change 16.12% -26.48% 0.83%
INVESTING ACTIVITIES
Capital Expenditures $65.00M -$68.00M $51.00M
YoY Change 27.45% 78.95% -1.92%
Acquisitions $491.0M $14.00M
YoY Change 3407.14% -96.0%
Other Investing Activities -$59.00M -$12.00M $0.00
YoY Change -103.17% -100.0%
Cash From Investing Activities -$628.0M -$80.00M -$54.00M
YoY Change 1062.96% -123.46% -82.64%
FINANCING ACTIVITIES
Cash Dividend Paid $110.0M $112.0M
YoY Change -1.79%
Common Stock Issuance & Retirement, Net $350.0M $100.0M
YoY Change 250.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -459.0M -366.0M -218.0M
YoY Change 110.55% 103.33% -121.73%
NET CHANGE
Cash From Operating Activities 281.0M 411.0M 242.0M
Cash From Investing Activities -628.0M -80.00M -54.00M
Cash From Financing Activities -459.0M -366.0M -218.0M
Net Change In Cash -824.0M -35.00M -35.00M
YoY Change 2254.29% -104.86% -50.7%
FREE CASH FLOW
Cash From Operating Activities $281.0M $411.0M $242.0M
Capital Expenditures $65.00M -$68.00M $51.00M
Free Cash Flow $216.0M $479.0M $191.0M
YoY Change 13.09% -19.77% 1.6%

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0.01
CY2022Q3 us-gaap Gross Profit
GrossProfit
1046000000
CY2022Q3 ntap Gross Margin
GrossMargin
0.657
CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
1000000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
1000000
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
11000000
CY2021Q3 us-gaap Restructuring Charges
RestructuringCharges
22000000
CY2022Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
3000000
CY2021Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
17000000
CY2022Q3 us-gaap Restructuring Reserve
RestructuringReserve
9000000
CY2021Q3 us-gaap Restructuring Reserve
RestructuringReserve
6000000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1592000000
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
224000000
CY2022Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
137000000
CY2022Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
137000000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
214000000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
202000000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
220000000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
223000000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6000000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224000000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229000000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q3 ntap Unallocated Cost Of Revenue Stock Based Compensation Expense
UnallocatedCostOfRevenueStockBasedCompensationExpense
5000000
CY2022Q3 ntap Unallocated Cost Of Revenue Amortization Of Intangible Assets
UnallocatedCostOfRevenueAmortizationOfIntangibleAssets
11000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1458000000
CY2021Q3 ntap Cost Of Goods And Services Sold Excluding Unallocated Cost Of Revenue
CostOfGoodsAndServicesSoldExcludingUnallocatedCostOfRevenue
448000000
CY2021Q3 ntap Gross Profit Excluding Unallocated Cost Of Revenues
GrossProfitExcludingUnallocatedCostOfRevenues
1010000000
CY2021Q3 ntap Gross Margin Excluding Unallocated Cost Of Revenues
GrossMarginExcludingUnallocatedCostOfRevenues
0.693
CY2021Q3 ntap Unallocated Cost Of Revenues
UnallocatedCostOfRevenues
11000000
CY2021Q3 us-gaap Gross Profit
GrossProfit
999000000
CY2021Q3 ntap Gross Margin
GrossMargin
0.685
CY2021Q3 ntap Unallocated Cost Of Revenue Stock Based Compensation Expense
UnallocatedCostOfRevenueStockBasedCompensationExpense
4000000
CY2021Q3 ntap Unallocated Cost Of Revenue Amortization Of Intangible Assets
UnallocatedCostOfRevenueAmortizationOfIntangibleAssets
7000000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1592000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1458000000
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
3439000000
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
4134000000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
622000000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
602000000
CY2022Q3 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
AccruedLiabilityForQuantitiesInExcessOfFutureDemandForecastsWithContractManufacturers
23000000
CY2022Q2 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
AccruedLiabilityForQuantitiesInExcessOfFutureDemandForecastsWithContractManufacturers
18000000
CY2022Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
300000000
CY2022Q3 us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
3000000
CY2021Q3 us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
17000000
CY2022Q3 us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include significant monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, cash flows and overall trends
us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

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