$NTAP
NetApp, Inc.

2016 Q3 Form 10-Q Financial Statement

#000156459016024907 Filed on September 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $1.294B $1.335B
YoY Change -3.07% -10.34%
Cost Of Revenue $497.0M $519.0M
YoY Change -4.24% -5.81%
Gross Profit $797.0M $816.0M
YoY Change -2.33% -13.01%
Gross Profit Margin 61.59% 61.12%
Selling, General & Admin $497.0M $571.0M
YoY Change -12.96% 3.82%
% of Gross Profit 62.36% 69.98%
Research & Development $207.0M $244.0M
YoY Change -15.16% 7.02%
% of Gross Profit 25.97% 29.9%
Depreciation & Amortization $60.00M $69.00M
YoY Change -13.04% -11.54%
% of Gross Profit 7.53% 8.46%
Operating Expenses $704.0M $815.0M
YoY Change -13.62% 4.76%
Operating Profit $93.00M $1.000M
YoY Change 9200.0% -99.38%
Interest Expense $15.00M $2.000M
YoY Change 650.0% -77.78%
% of Operating Profit 16.13% 200.0%
Other Income/Expense, Net -$1.000M $2.000M
YoY Change -150.0%
Pretax Income $92.00M -$22.00M
YoY Change -518.18% -113.75%
Income Tax $28.00M $8.000M
% Of Pretax Income 30.43%
Net Earnings $64.00M -$30.00M
YoY Change -313.33% -134.09%
Net Earnings / Revenue 4.95% -2.25%
Basic Earnings Per Share $0.23
Diluted Earnings Per Share $0.23 -$98.68K
COMMON SHARES
Basic Shares Outstanding 279.0M
Diluted Shares Outstanding 282.0M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.421B $4.950B
YoY Change -10.69% -11.04%
Cash & Equivalents $2.294B $2.324B
Short-Term Investments $2.127B $2.626B
Other Short-Term Assets $220.0M $561.0M
YoY Change -60.78% 13.49%
Inventory $81.00M $193.0M
Prepaid Expenses
Receivables $501.0M $415.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.223B $6.119B
YoY Change -14.64% -9.32%
LONG-TERM ASSETS
Property, Plant & Equipment $942.0M $1.011B
YoY Change -6.82% -7.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $777.0M $476.0M
YoY Change 63.24% -10.39%
Total Long-Term Assets $3.564B $2.578B
YoY Change 38.25% -5.37%
TOTAL ASSETS
Total Short-Term Assets $5.223B $6.119B
Total Long-Term Assets $3.564B $2.578B
Total Assets $8.787B $8.697B
YoY Change 1.03% -8.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.0M $249.0M
YoY Change -4.02% 35.99%
Accrued Expenses $279.0M $312.0M
YoY Change -10.58% 28.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.524B $2.480B
YoY Change 1.77% 3.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.491B $1.488B
YoY Change 0.2% -0.41%
Other Long-Term Liabilities $1.980B $1.729B
YoY Change 14.52% 438.97%
Total Long-Term Liabilities $3.471B $3.217B
YoY Change 7.9% 77.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.524B $2.480B
Total Long-Term Liabilities $3.471B $3.217B
Total Liabilities $5.995B $5.697B
YoY Change 5.23% 1.09%
SHAREHOLDERS EQUITY
Retained Earnings $0.00
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.792B $3.000B
YoY Change
Total Liabilities & Shareholders Equity $8.787B $8.697B
YoY Change 1.03% -8.19%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $64.00M -$30.00M
YoY Change -313.33% -134.09%
Depreciation, Depletion And Amortization $60.00M $69.00M
YoY Change -13.04% -11.54%
Cash From Operating Activities $228.0M $129.0M
YoY Change 76.74% -40.28%
INVESTING ACTIVITIES
Capital Expenditures $36.00M -$38.00M
YoY Change -194.74% -165.52%
Acquisitions $0.00
YoY Change
Other Investing Activities $1.000M $780.0M
YoY Change -99.87%
Cash From Investing Activities $276.0M $742.0M
YoY Change -62.8% 457.89%
FINANCING ACTIVITIES
Cash Dividend Paid $53.00M
YoY Change
Common Stock Issuance & Retirement, Net $175.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.071B -464.0M
YoY Change 130.82% -218.37%
NET CHANGE
Cash From Operating Activities 228.0M 129.0M
Cash From Investing Activities 276.0M 742.0M
Cash From Financing Activities -1.071B -464.0M
Net Change In Cash -567.0M 407.0M
YoY Change -239.31% -45.07%
FREE CASH FLOW
Cash From Operating Activities $228.0M $129.0M
Capital Expenditures $36.00M -$38.00M
Free Cash Flow $192.0M $167.0M
YoY Change 14.97% 5.7%

Facts In Submission

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.&#160;Recent Accounting Standards Not Yet Effective </p> <p style="margin-bottom:0pt;margin-top:9pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">In May 2014, the FASB issued an accounting standards update related to the recognition and reporting of revenue that establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The guidance allows for the use of either the full or modified retrospective transition method. This new standard, as amended, will be effective for us in our first quarter of fiscal 2019, although adoption in our first quarter of fiscal 2018 is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements, as well as which transition method we intend to use and our planned adoption date.</p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued an accounting standards update on financial reporting for leasing arrangements, including requiring lessees to recognize an operating lease with a term greater than one year on their balance sheets as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. This new standard will be effective for us in our first quarter of fiscal 2020, although early adoption is permitted. Upon adoption, lessees must apply a modified retrospective transition approach for leases existing at, or<font style="font-size:12pt;"> </font>entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the impact of this new standard on our consolidated financial statements, as well as our planned adoption date.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued an accounting standards update on the measurement of credit losses on financial instruments. The standard introduces a new model for measuring and recognizing credit losses on financial instruments, requiring financial assets measured at amortized cost basis to be presented at the net amount expected to be collected.<font style="font-size:9pt;font-family:Arial;"> </font>It also requires that credit losses be recorded through an allowance for credit losses. This new standard will be effective for us in our first quarter of fiscal 2021, although early adoption in our first quarter of fiscal 2020 is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings, though a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. We are currently evaluating the impact of this new standard on our consolidated financial statements, as well as our planned adoption date.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:2.27%;font-size:9pt;">&nbsp;</p></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
33.75
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
39.29
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M1D
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y2M19D
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
29000000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6000000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2000000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
77000000
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
368000000
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2016Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
2332000000
CY2016Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
2613000000
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000000
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000000
CY2016Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
2619000000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
955000000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
1336000000
CY2016Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
2291000000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
956000000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
1344000000
CY2016Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
2300000000
CY2016Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
4421000000
CY2016Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
870000000
CY2016Q3 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-11-02
CY2016Q3 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
149000000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9000000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2000000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7000000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5000000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
34.01
CY2016Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
7000000
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.20
CY2016Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
175000000
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1324000000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
255000000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.60
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8300000000
CY2016Q3 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
21000000
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
0
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
45000000
CY2015Q2 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2016Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
36000000
us-gaap Payments For Restructuring
PaymentsForRestructuring
11000000
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
9000000
CY2015Q3 us-gaap Restructuring Reserve
RestructuringReserve
16000000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
19000000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.304
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.364
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
216000000
CY2016Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2000000
CY2016Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2016Q3 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0
CY2016Q3 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
218000000
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
272000000
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4000000
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
5000000
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
47000000
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
243000000
CY2016Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
149000000
CY2016Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
154000000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000000
CY2016Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
4421000000
CY2016Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
5303000000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
258000000
CY2016Q3 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
AccruedLiabilityForQuantitiesInExcessOfFutureDemandForecastsWithContractManufacturers
5000000
CY2016Q2 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
AccruedLiabilityForQuantitiesInExcessOfFutureDemandForecastsWithContractManufacturers
7000000
CY2016Q3 us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
76000000
us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
42000000
CY2016Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

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