$NTAP
NetApp, Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017002845 Filed on February 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q2 2016 Q1
Revenue $1.404B $1.380B $1.386B
YoY Change 1.3% -10.37% -10.66%
Cost Of Revenue $553.0M $562.0M $531.0M
YoY Change 4.14% -7.03% -7.48%
Gross Profit $851.0M $818.0M $855.0M
YoY Change -0.47% -12.53% -12.52%
Gross Profit Margin 60.61% 59.28% 61.69%
Selling, General & Admin $445.0M $518.0M $488.0M
YoY Change -8.81% -4.29% -10.46%
% of Gross Profit 52.29% 63.33% 57.08%
Research & Development $181.0M $201.0M $200.0M
YoY Change -9.5% -13.51% -13.01%
% of Gross Profit 21.27% 24.57% 23.39%
Depreciation & Amortization $56.00M $77.00M $66.00M
YoY Change -15.15% 6.06% -16.98%
% of Gross Profit 6.58% 9.41% 7.72%
Operating Expenses $626.0M $719.0M $688.0M
YoY Change -9.01% -7.06% -11.21%
Operating Profit $225.0M $99.00M $165.0M
YoY Change 36.36% -38.74% -18.52%
Interest Expense $12.00M -$4.000M $11.00M
YoY Change 9.09% -766.67% 0.0%
% of Operating Profit 5.33% -4.04% 6.67%
Other Income/Expense, Net $0.00 -$2.000M
YoY Change -100.0% -16.67%
Pretax Income $183.0M $60.00M $163.0M
YoY Change 12.27% -63.44% -18.54%
Income Tax $37.00M $68.00M $10.00M
% Of Pretax Income 20.22% 113.33% 6.13%
Net Earnings $146.0M -$8.000M $153.0M
YoY Change -4.58% -105.93% -13.46%
Net Earnings / Revenue 10.4% -0.58% 11.04%
Basic Earnings Per Share $0.53 $0.52
Diluted Earnings Per Share $0.52 -$27.78K $0.52
COMMON SHARES
Basic Shares Outstanding 274.0M 293.0M
Diluted Shares Outstanding 281.0M 296.0M

Balance Sheet

Concept 2017 Q1 2016 Q2 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.639B $5.303B $5.023B
YoY Change -7.64% -0.43% -4.38%
Cash & Equivalents $2.213B $2.868B $148.0M
Short-Term Investments $2.426B $2.435B $2.528B
Other Short-Term Assets $277.0M $234.0M $354.0M
YoY Change -21.75% -55.16% -31.66%
Inventory $125.0M $98.00M $102.0M
Prepaid Expenses
Receivables $605.0M $813.0M $585.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.646B $6.448B $6.064B
YoY Change -6.89% -4.8% -7.48%
LONG-TERM ASSETS
Property, Plant & Equipment $892.0M $937.0M $873.0M
YoY Change 2.18% -9.02% -16.91%
Goodwill $1.676B
YoY Change 63.19%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $696.0M $796.0M $784.0M
YoY Change -11.22% 65.49% 58.99%
Total Long-Term Assets $3.409B $3.589B $2.721B
YoY Change 25.28% 36.58% 1.53%
TOTAL ASSETS
Total Short-Term Assets $5.646B $6.448B $6.064B
Total Long-Term Assets $3.409B $3.589B $2.721B
Total Assets $9.055B $10.04B $8.785B
YoY Change 3.07% 6.76% -4.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.0M $254.0M $175.0M
YoY Change 47.43% -10.37% -9.89%
Accrued Expenses $471.0M $765.0M $323.0M
YoY Change 45.82% 9.13% 14.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $849.0M $0.00
YoY Change
Long-Term Debt Due $748.0M $0.00
YoY Change
Total Short-Term Liabilities $3.844B $3.662B $2.476B
YoY Change 55.25% 35.18% -0.61%
LONG-TERM LIABILITIES
Long-Term Debt $744.0M $1.490B $1.490B
YoY Change -50.07% 0.2% -0.31%
Other Long-Term Liabilities $1.773B $413.0M $1.710B
YoY Change 3.68% 29.87% 450.9%
Total Long-Term Liabilities $2.517B $1.903B $3.200B
YoY Change -21.34% 5.43% 77.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.844B $3.662B $2.476B
Total Long-Term Liabilities $2.517B $1.903B $3.200B
Total Liabilities $6.361B $7.156B $5.676B
YoY Change 12.07% 19.53% -0.89%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 $0.00
YoY Change -100.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.694B $2.881B $3.109B
YoY Change
Total Liabilities & Shareholders Equity $9.055B $10.04B $8.785B
YoY Change 3.07% 6.77% -4.87%

Cashflow Statement

Concept 2017 Q1 2016 Q2 2016 Q1
OPERATING ACTIVITIES
Net Income $146.0M -$8.000M $153.0M
YoY Change -4.58% -105.93% -13.46%
Depreciation, Depletion And Amortization $56.00M $77.00M $66.00M
YoY Change -15.15% 6.06% -16.98%
Cash From Operating Activities $235.0M $345.0M $355.0M
YoY Change -33.8% -13.01% 29.28%
INVESTING ACTIVITIES
Capital Expenditures -$45.00M -$35.00M -$41.00M
YoY Change 9.76% -5.91% 43.36%
Acquisitions
YoY Change
Other Investing Activities -$185.0M -$633.0M $90.00M
YoY Change -305.56% -7.91% -122.46%
Cash From Investing Activities -$230.0M -$668.0M $49.00M
YoY Change -569.39% -7.81% -111.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 97.00M 681.0M -96.00M
YoY Change -201.04% -338.2% -45.67%
NET CHANGE
Cash From Operating Activities 235.0M 345.0M 355.0M
Cash From Investing Activities -230.0M -668.0M 49.00M
Cash From Financing Activities 97.00M 681.0M -96.00M
Net Change In Cash 102.0M 358.0M 308.0M
YoY Change -66.88% -158.32% -192.94%
FREE CASH FLOW
Cash From Operating Activities $235.0M $345.0M $355.0M
Capital Expenditures -$45.00M -$35.00M -$41.00M
Free Cash Flow $280.0M $380.0M $396.0M
YoY Change -29.29% -12.4% 30.61%

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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 early adoption is permitted. We expect to adopt this accounting standard update in the first quarter of fiscal 2019, and are currently evaluating the impact of this new standard update on our consolidated financial statements, as well as which transition method we intend to use.</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.</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 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.</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 October 2016, the FASB issued an accounting standards update that requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to an outside party. This new standard will be effective for us in our first fiscal quarter of fiscal 2019, although early adoption is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of this new standard on our consolidated financial statements.</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 January 2017, the FASB issued an accounting standards update that simplifies the subsequent measurement of goodwill. This standard will be effective for us in fiscal 2021, although early adoption is permitted after January 1, 2017.&#160;Companies must apply this standard on a prospective basis. We intend to adopt this accounting standard update in the fourth quarter of fiscal 2017, and we do not expect it to have a material impact on our consolidated financial statements. </p></div>
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us-gaap Defined Benefit Plan Description Of Plan Amendment
DefinedBenefitPlanDescriptionOfPlanAmendment
In November 2016, we made certain amendments to the ERM Plan, which prior to amendment, provided group health insurance benefits to eligible retirees. Effective January 1, 2017, the amended ERM Plan provides each eligible retiree with a capped reimbursement of premiums for the period from January 1, 2017 through December 31, 2019. During the period from December 31, 2019 through December 31, 2021, participants in the ERM Plan will be eligible to receive a lump sum cash payment equal to two years of projected health care costs, or a prorated portion thereof, pursuant to the methodology set forth in the ERM Plan.
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0001564590-17-002845.txt Edgar Link pending
0001564590-17-002845-xbrl.zip Edgar Link pending
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ntap-10q_20170127.htm Edgar Link pending
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ntap-20170127.xsd Edgar Link pending
ntap-20170127_cal.xml Edgar Link unprocessable
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