$NTAP
NetApp, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020005025 Filed on February 18, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.404B $1.563B
YoY Change -10.17% 1.56%
Cost Of Revenue $463.0M $581.0M
YoY Change -20.31% -0.34%
Gross Profit $941.0M $982.0M
YoY Change -4.18% 2.72%
Gross Profit Margin 67.02% 62.83%
Selling, General & Admin $462.0M $468.0M
YoY Change -1.28% -4.68%
% of Gross Profit 49.1% 47.66%
Research & Development $211.0M $203.0M
YoY Change 3.94% 5.18%
% of Gross Profit 22.42% 20.67%
Depreciation & Amortization $47.00M $51.00M
YoY Change -7.84% 6.25%
% of Gross Profit 4.99% 5.19%
Operating Expenses $673.0M $671.0M
YoY Change 0.3% -1.9%
Operating Profit $268.0M $311.0M
YoY Change -13.83% 14.34%
Interest Expense $14.00M $16.00M
YoY Change -12.5% -5.88%
% of Operating Profit 5.22% 5.14%
Other Income/Expense, Net $8.000M $8.000M
YoY Change 0.0% -27.27%
Pretax Income $276.0M $319.0M
YoY Change -13.48% -36.71%
Income Tax -$1.000M $70.00M
% Of Pretax Income -0.36% 21.94%
Net Earnings $277.0M $249.0M
YoY Change 11.24% -151.98%
Net Earnings / Revenue 19.73% 15.93%
Basic Earnings Per Share $1.23 $1.00
Diluted Earnings Per Share $1.21 $0.98
COMMON SHARES
Basic Shares Outstanding 226.0M 250.0M
Diluted Shares Outstanding 229.0M 255.0M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.008B $4.049B
YoY Change -25.71% -27.94%
Cash & Equivalents $2.705B $2.276B
Short-Term Investments $303.0M $1.778B
Other Short-Term Assets $276.0M $340.0M
YoY Change -18.82% 15.25%
Inventory $113.0M $100.0M
Prepaid Expenses
Receivables $821.0M $872.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.218B $5.361B
YoY Change -21.32% -20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $740.0M $763.0M
YoY Change -3.01% 2.97%
Goodwill $1.770B
YoY Change
Intangibles
YoY Change
Long-Term Investments $78.00M
YoY Change
Other Assets $712.0M $496.0M
YoY Change 43.55% 14.02%
Total Long-Term Assets $3.265B $3.057B
YoY Change 6.8% 1.19%
TOTAL ASSETS
Total Short-Term Assets $4.218B $5.361B
Total Long-Term Assets $3.265B $3.057B
Total Assets $7.483B $8.418B
YoY Change -11.11% -13.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $381.0M $497.0M
YoY Change -23.34% 8.52%
Accrued Expenses $660.0M $359.0M
YoY Change 83.84% -3.75%
Deferred Revenue $1.795B
YoY Change
Short-Term Debt $693.0M $163.0M
YoY Change 325.15% -74.21%
Long-Term Debt Due $0.00 $399.0M
YoY Change -100.0%
Total Short-Term Liabilities $3.529B $3.430B
YoY Change 2.89% -3.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.146B $1.144B
YoY Change 0.17% -25.71%
Other Long-Term Liabilities $748.0M $2.614B
YoY Change -71.38% 3.61%
Total Long-Term Liabilities $1.894B $3.758B
YoY Change -49.6% -7.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.529B $3.430B
Total Long-Term Liabilities $1.894B $3.758B
Total Liabilities $7.201B $7.188B
YoY Change 0.18% -5.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $282.0M $1.230B
YoY Change
Total Liabilities & Shareholders Equity $7.483B $8.418B
YoY Change -11.11% -13.99%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $277.0M $249.0M
YoY Change 11.24% -151.98%
Depreciation, Depletion And Amortization $47.00M $51.00M
YoY Change -7.84% 6.25%
Cash From Operating Activities $420.0M $451.0M
YoY Change -6.87% 7.38%
INVESTING ACTIVITIES
Capital Expenditures -$32.00M -$31.00M
YoY Change 3.23% -3.13%
Acquisitions
YoY Change
Other Investing Activities $143.0M $171.0M
YoY Change -16.37% -1105.88%
Cash From Investing Activities $111.0M $140.0M
YoY Change -20.71% -385.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -372.0M -688.0M
YoY Change -45.93% -27.66%
NET CHANGE
Cash From Operating Activities 420.0M 451.0M
Cash From Investing Activities 111.0M 140.0M
Cash From Financing Activities -372.0M -688.0M
Net Change In Cash 159.0M -97.00M
YoY Change -263.92% -83.28%
FREE CASH FLOW
Cash From Operating Activities $420.0M $451.0M
Capital Expenditures -$32.00M -$31.00M
Free Cash Flow $452.0M $482.0M
YoY Change -6.22% 6.64%

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<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. Recent Accounting Standards Not Yet Effective</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;margin-left:1.06%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Credit Losses on Financial Instruments</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.<span style="font-size:9pt;font-family:Arial;"> </span>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, and we do not plan to early adopt. 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. Based on the composition of our investment portfolio, current market conditions, and historical credit loss activity, the adoption of this standard is not expected to have a material impact on our consolidated financial statements.</p>
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2.64
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1
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us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
August 14, 2019
us-gaap Loss Contingency Domicile Of Litigation
LossContingencyDomicileOfLitigation
United States District Court for the Northern District of California
us-gaap Loss Contingency Name Of Defendant
LossContingencyNameOfDefendant
NetApp and certain of our executive officers
CY2020Q1 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
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10000000
CY2019Q2 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
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us-gaap Proceeds From Sale And Collection Of Finance Receivables
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us-gaap Loss Contingency Laws Affected
LossContingencyLawsAffected
The complaint alleges that the defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Rule 10b-5, by making materially false or misleading statements with respect to our financial guidance for fiscal 2020, as provided on May 22, 2019.
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, and overall trends.
CY2020Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

Files In Submission

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