$NTAP
NetApp, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020041759 Filed on August 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $1.303B $1.236B
YoY Change 5.42% -16.15%
Cost Of Revenue $431.0M $420.0M
YoY Change 2.62% -17.81%
Gross Profit $872.0M $816.0M
YoY Change 6.86% -15.26%
Gross Profit Margin 66.92% 66.02%
Selling, General & Admin $490.0M $476.0M
YoY Change 2.94% -1.24%
% of Gross Profit 56.19% 58.33%
Research & Development $233.0M $215.0M
YoY Change 8.37% 3.37%
% of Gross Profit 26.72% 26.35%
Depreciation & Amortization $49.00M $49.00M
YoY Change 0.0% 0.0%
% of Gross Profit 5.62% 6.0%
Operating Expenses $723.0M $712.0M
YoY Change 1.54% 0.42%
Operating Profit $149.0M $104.0M
YoY Change 43.27% -59.06%
Interest Expense -$15.00M $15.00M
YoY Change -200.0% 7.14%
% of Operating Profit -10.07% 14.42%
Other Income/Expense, Net -$17.00M $15.00M
YoY Change -213.33% -16.67%
Pretax Income $104.0M $119.0M
YoY Change -12.61% -56.25%
Income Tax $27.00M $16.00M
% Of Pretax Income 25.96% 13.45%
Net Earnings $77.00M $103.0M
YoY Change -25.24% -63.6%
Net Earnings / Revenue 5.91% 8.33%
Basic Earnings Per Share $0.43
Diluted Earnings Per Share $346.8K $0.42
COMMON SHARES
Basic Shares Outstanding 239.0M
Diluted Shares Outstanding 243.0M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.773B $3.532B
YoY Change 6.82% -26.58%
Cash & Equivalents $3.633B $2.967B
Short-Term Investments $140.0M $565.0M
Other Short-Term Assets $304.0M $326.0M
YoY Change -6.75% -0.91%
Inventory $136.0M $116.0M
Prepaid Expenses
Receivables $604.0M $542.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.817B $4.516B
YoY Change 6.67% -22.84%
LONG-TERM ASSETS
Property, Plant & Equipment $737.0M $754.0M
YoY Change -2.25% -1.82%
Goodwill $2.038B $1.770B
YoY Change 15.14%
Intangibles
YoY Change
Long-Term Investments $68.00M
YoY Change
Other Assets $684.0M $709.0M
YoY Change -3.53% 52.8%
Total Long-Term Assets $3.599B $3.295B
YoY Change 9.23% 7.96%
TOTAL ASSETS
Total Short-Term Assets $4.817B $4.516B
Total Long-Term Assets $3.599B $3.295B
Total Assets $8.416B $7.811B
YoY Change 7.75% -12.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $396.0M $348.0M
YoY Change 13.79% -18.12%
Accrued Expenses $616.0M $633.0M
YoY Change -2.69% 116.04%
Deferred Revenue $1.814B $1.764B
YoY Change 2.83% 8.69%
Short-Term Debt $150.0M $30.00M
YoY Change 400.0% -85.0%
Long-Term Debt Due $400.0M
YoY Change
Total Short-Term Liabilities $2.976B $3.175B
YoY Change -6.27% 11.8%
LONG-TERM LIABILITIES
Long-Term Debt $2.630B $1.145B
YoY Change 129.69% -25.75%
Other Long-Term Liabilities $720.0M $882.0M
YoY Change -18.37% -66.09%
Total Long-Term Liabilities $720.0M $2.027B
YoY Change -64.48% -51.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.976B $3.175B
Total Long-Term Liabilities $720.0M $2.027B
Total Liabilities $8.132B $6.948B
YoY Change 17.04% -0.5%
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 $284.0M $863.0M
YoY Change
Total Liabilities & Shareholders Equity $8.416B $7.811B
YoY Change 7.75% -12.29%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $77.00M $103.0M
YoY Change -25.24% -63.6%
Depreciation, Depletion And Amortization $49.00M $49.00M
YoY Change 0.0% 0.0%
Cash From Operating Activities $240.0M $310.0M
YoY Change -22.58% -4.91%
INVESTING ACTIVITIES
Capital Expenditures $52.00M $32.00M
YoY Change 62.5% -50.0%
Acquisitions $350.0M $56.00M
YoY Change 525.0%
Other Investing Activities -$259.0M $1.000M
YoY Change -26000.0% -150.0%
Cash From Investing Activities -$311.0M $938.0M
YoY Change -133.16% 404.3%
FINANCING ACTIVITIES
Cash Dividend Paid $115.0M
YoY Change 9.52%
Common Stock Issuance & Retirement, Net $0.00 $250.0M
YoY Change -100.0% -50.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.003B -603.0M
YoY Change -266.33% -25.74%
NET CHANGE
Cash From Operating Activities 240.0M 310.0M
Cash From Investing Activities -311.0M 938.0M
Cash From Financing Activities 1.003B -603.0M
Net Change In Cash -71.00M 642.0M
YoY Change -111.06% -304.46%
FREE CASH FLOW
Cash From Operating Activities $240.0M $310.0M
Capital Expenditures $52.00M $32.00M
Free Cash Flow $188.0M $278.0M
YoY Change -32.37% 6.11%

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1000000
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54000000
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253000000
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18000000
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14000000
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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10000000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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OperatingLeaseRightOfUseAsset
137000000
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OperatingLeaseRightOfUseAsset
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OperatingLeaseRightOfUseAsset
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OperatingLeaseLiabilityCurrent
52000000
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90000000
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OperatingLeaseLiabilityNoncurrent
93000000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
142000000
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OperatingLeaseLiability
144000000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.027
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.027
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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43000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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45000000
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26000000
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16000000
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9000000
CY2020Q3 ntap Lessee Operating Lease Liability Payments Due Year Six
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7000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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3000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
149000000
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
142000000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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1000000
CY2019Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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1000000
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
435000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y8M12D
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
13600000000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
338000000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
38.86
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13100000000
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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477000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54000000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42000000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.48
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.48
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
2000000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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-1000000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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3000000
CY2020Q2 us-gaap Restructuring Reserve
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us-gaap Restructuring Charges
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us-gaap Payments For Restructuring
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5000000
CY2019Q3 us-gaap Payments For Restructuring
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20000000
us-gaap Restructuring Reserve Translation And Other Adjustment
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0
CY2019Q3 us-gaap Restructuring Reserve Translation And Other Adjustment
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-4000000
CY2020Q3 us-gaap Restructuring Reserve
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1000000
CY2019Q3 us-gaap Restructuring Reserve
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16000000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.134
ntap Effective Income Tax Rate Excluding Acquisition Integration Related Taxes
EffectiveIncomeTaxRateExcludingAcquisitionIntegrationRelatedTaxes
0.16
CY2020Q3 us-gaap Unrecognized Tax Benefits
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220000000
CY2020Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
142000000
CY2020Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
142000000
us-gaap Net Income Loss
NetIncomeLoss
77000000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
103000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
221000000
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WeightedAverageNumberOfSharesOutstandingBasic
239000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222000000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
243000000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1303000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1236000000
CY2020Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
3773000000
CY2020Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
2882000000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
737000000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
727000000
CY2020Q2 ntap Accrued Liability For Quantities In Excess Of Future Demand Forecasts With Contract Manufacturers
AccruedLiabilityForQuantitiesInExcessOfFutureDemandForecastsWithContractManufacturers
6000000
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
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.
CY2020Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

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