$NTAP
NetApp, Inc.

2013 Q1 Form 10-Q Financial Statement

#000119312513084667 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $1.630B $1.566B
YoY Change 4.13% 21.39%
Cost Of Revenue $665.2M $657.0M
YoY Change 1.25% 48.17%
Gross Profit $964.9M $908.5M
YoY Change 6.21% 7.36%
Gross Profit Margin 59.19% 58.03%
Selling, General & Admin $559.7M $540.2M
YoY Change 3.61% 17.61%
% of Gross Profit 58.01% 59.46%
Research & Development $215.6M $208.3M
YoY Change 3.5% 25.48%
% of Gross Profit 22.34% 22.93%
Depreciation & Amortization $86.40M $73.60M
YoY Change 17.39% 79.51%
% of Gross Profit 8.95% 8.1%
Operating Expenses $777.0M $752.0M
YoY Change 3.32% 20.26%
Operating Profit $187.9M $156.5M
YoY Change 20.06% -29.15%
Interest Expense $24.00M $18.90M
YoY Change 26.98% -317.24%
% of Operating Profit 12.77% 12.08%
Other Income/Expense, Net -$12.10M -$9.600M
YoY Change 26.04% -2500.0%
Pretax Income $175.8M $146.9M
YoY Change 19.67% -30.94%
Income Tax $17.70M $27.30M
% Of Pretax Income 10.07% 18.58%
Net Earnings $158.1M $119.6M
YoY Change 32.19% -35.84%
Net Earnings / Revenue 9.7% 7.64%
Basic Earnings Per Share $0.44 $0.33
Diluted Earnings Per Share $0.43 $0.32
COMMON SHARES
Basic Shares Outstanding 359.5M shares 360.3M shares
Diluted Shares Outstanding 364.7M shares 373.7M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.724B $4.866B
YoY Change 38.18% 2.31%
Cash & Equivalents $3.082B $2.421B
Short-Term Investments $3.642B $2.445B
Other Short-Term Assets $518.0M $462.0M
YoY Change 12.12% 126.47%
Inventory $172.9M $154.0M
Prepaid Expenses
Receivables $633.8M $685.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.049B $6.168B
YoY Change 30.49% 10.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.189B $1.082B
YoY Change 9.91% 25.52%
Goodwill $978.1M
YoY Change
Intangibles
YoY Change
Long-Term Investments $42.00M $51.00M
YoY Change -17.65% -22.73%
Other Assets $456.2M $358.0M
YoY Change 27.43% -22.84%
Total Long-Term Assets $2.817B $2.654B
YoY Change 6.15% 22.64%
TOTAL ASSETS
Total Short-Term Assets $8.049B $6.168B
Total Long-Term Assets $2.817B $2.654B
Total Assets $10.87B $8.822B
YoY Change 23.17% 13.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.2M $220.0M
YoY Change 0.55% 19.57%
Accrued Expenses $280.0M $269.0M
YoY Change 4.09% -14.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.243B $0.00
YoY Change
Total Short-Term Liabilities $3.621B $2.158B
YoY Change 67.79% 11.12%
LONG-TERM LIABILITIES
Long-Term Debt $994.3M $1.189B
YoY Change -16.38% 4.48%
Other Long-Term Liabilities $226.9M $1.434B
YoY Change -84.18% 22.56%
Total Long-Term Liabilities $1.221B $2.623B
YoY Change -53.44% 13.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.621B $2.158B
Total Long-Term Liabilities $1.221B $2.623B
Total Liabilities $6.241B $4.780B
YoY Change 30.56% 12.47%
SHAREHOLDERS EQUITY
Retained Earnings $2.850B
YoY Change
Common Stock $4.694B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.927B
YoY Change
Treasury Stock Shares 104.3M shares
Shareholders Equity $4.625B $4.042B
YoY Change
Total Liabilities & Shareholders Equity $10.87B $8.822B
YoY Change 23.17% 13.64%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $158.1M $119.6M
YoY Change 32.19% -35.84%
Depreciation, Depletion And Amortization $86.40M $73.60M
YoY Change 17.39% 79.51%
Cash From Operating Activities $365.1M $269.2M
YoY Change 35.62% -24.04%
INVESTING ACTIVITIES
Capital Expenditures -$110.7M -$91.30M
YoY Change 21.25% 37.71%
Acquisitions
YoY Change
Other Investing Activities $21.50M -$63.60M
YoY Change -133.81% -73.49%
Cash From Investing Activities -$89.20M -$154.9M
YoY Change -42.41% -49.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 985.0M 46.60M
YoY Change 2013.73% -53.4%
NET CHANGE
Cash From Operating Activities 365.1M 269.2M
Cash From Investing Activities -89.20M -154.9M
Cash From Financing Activities 985.0M 46.60M
Net Change In Cash 1.261B 160.9M
YoY Change 683.65% 8.57%
FREE CASH FLOW
Cash From Operating Activities $365.1M $269.2M
Capital Expenditures -$110.7M -$91.30M
Free Cash Flow $475.8M $360.5M
YoY Change 31.98% -14.31%

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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.&#xA0;&#xA0;The Company</b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 2%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Headquartered in Sunnyvale, California, NetApp, Inc. (we, us, or the Company) is a supplier of enterprise storage and data management software and hardware products and services. Our solutions help global enterprises meet information technology challenges such as managing storage growth, assuring secure and timely information access, protecting data and controlling costs by providing innovative solutions that simplify the complexity associated with managing corporate data.</font></p> </div>
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