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NetApp Reports Fourth Quarter and Fiscal Year 2015 Results

SUNNYVALE, CA — (Marketwired) — 05/20/15 — NetApp (NASDAQ: NTAP)

NetApp® clustered Data ONTAP node shipments increased 163%; All Flash FAS units grew 260% for fiscal year 2015.

Cash from operations for fiscal year 2015 was $1.27 billion.

Increased first quarter fiscal year 2016 cash dividend by 9% to $0.18 per share.

NetApp (NASDAQ: NTAP) today reported financial results for the fourth quarter and fiscal year 2015, ended April 24, 2015.

Net revenues for the fourth quarter of fiscal year 2015 were $1.54 billion. GAAP net income for the fourth quarter of fiscal year 2015 was $135 million, or $0.43 per share,(1) compared to GAAP net income of $197 million, or $0.59 per share, for the comparable period of the prior year. Non-GAAP net income for the fourth quarter of fiscal year 2015 was $202 million, or $0.65 per share,(2) compared to non-GAAP net income of $284 million, or $0.84 per share, for the comparable period of the prior year.

Net revenues for fiscal year 2015 were $6.12 billion. GAAP net income for fiscal year 2015 was $560 million, or $1.75 per share,(1) compared to GAAP net income of $638 million, or $1.83 per share, for the comparable period of the prior year. Non-GAAP net income for fiscal year 2015 was $865 million, or $2.70 per share,(2) compared to non-GAAP net income of $968 million, or $2.78 per share, for the comparable period of the prior year.

NetApp ended fiscal year 2015 with $5.33 billion of total cash, cash equivalents and investments and generated $1.27 billion in cash from operations. During fiscal year 2015, the Company returned $1.37 billion to shareholders through share repurchases and a cash dividend.

The Company increased the first quarter fiscal year 2016 dividend by 9% to $0.18 per share. The dividend will be paid on July 23, 2015, to shareholders of record as of the close of business on July 10, 2015.

“We are not satisfied with our fourth quarter results and are taking concrete action to transition NetApp for the next phase of growth,” said Tom Georgens, chairman and CEO. “Clustered ONTAP is the foundation of a Data Fabric, our vision for the future of data management, which enables enterprises to realize the value of the cloud as a seamless extension of their on-premises environment. This vision is resonating well with customers and underpins our confidence.”

The Company provided the following financial guidance for the first quarter of fiscal year 2016:

Net revenues are expected to be in the range of $1.275 billion to $1.375 billion

GAAP loss per share is expected to be in the range of $0.11 to $0.06 per share

Non-GAAP earnings per share is expected to be in the range of $0.20 to $0.25 per share

As an Amazon Machine Image, three new models of NetApp SteelStore cloud-native backup solution provide an efficient and secure approach to backing up cloud-based workloads. NetApp supports Amazon Simple Storage Service (Amazon S3) as a storage tier to NetApp StorageGRID® Webscale.

The new EF560 all-flash array offers consistent latency, bandwidth and IOPS critical to enterprise database and analytics applications. The hybrid E5600 storage array delivers increased performance and reliability for more capacity-intensive SAN applications including data warehousing, email and backup.

® The new software includes enhanced features for brokering and monitoring hybrid storage deployments as well as innovations that reduce storage operating expenses and capital expenditures while improving capacity planning.

® . Customers can simplify deployment of Cloud ONTAP and OnCommand Cloud Manager by using software subscriptions that manage NetApp–s customer data replication to the cloud with a single application.

NetApp introduced the StorageGRID 5560 appliance and StorageGRID Webscale software 10.1, which adds support for industry-leading storage efficiency through hierarchical globally distributed erasure coding for long-term archives.

NetApp–s all-flash EF560 achieved the leading SPC-1 price-performance benchmark for all-flash arrays(3) with an average response time of less than one millisecond. The NetApp All Flash FAS8080 placed #5 in the SPC-1 “Top Ten” list by Performance.(3)

For the 13th year in a row, NetApp is one of the Fortune 100 Best Companies to Work For. Being on the FORTUNE “100 Best” list is a testament to NetApp–s strong global culture and is a reflection of the passion and commitment that employees bring to work every day.

NetApp will host a conference call to discuss these results today at 2:00 p.m. Pacific Time. To access the live webcast of this event, visit the NetApp Investor Relations website at . In addition, this press release, historical supplemental data tables and other information related to the call will be posted on the Investor Relations website. An audio replay will also be available on the website after 4:00 p.m. Pacific Time today.

Leading organizations worldwide count on NetApp for software, systems and services to manage and store their data. Customers value our teamwork, expertise and passion for helping them succeed now and into the future.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, all of the statements made under the Q1 Fiscal Year 2016 Outlook section, statements about our actions to transition NetApp for the next phase of growth and statements about extending our data fabric vision and our strategy. All of these forward-looking statements involve risk and uncertainty. Actual results may differ materially from these statements for a variety of reasons, including, without limitation, general economic and market conditions, changes in U.S. government spending, revenue seasonality, foreign exchange impacts, and matters specific to our business, such as customer demand for and acceptance of our products, services, execution by our sales organization, changes in storage consumption models, and our ability to continue to generate healthy operating cash flow. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission, including the factors described under the sections titled “Risk Factors” in our most recently submitted Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively. We disclaim any obligation to update information contained in this press release whether as a result of new information, future events, or otherwise.

NetApp, the NetApp logo, Cloud ONTAP, Data ONTAP, OnCommand, and StorageGRID are trademarks or registered trademarks of NetApp, Inc. in the United States and/or other countries. All other marks are the property of their respective owners.

(1)GAAP earnings per share is calculated using the diluted number of shares for all periods presented.
(2)Non-GAAP net income excludes, when applicable, the amortization of intangible assets, stock-based compensation, acquisition-related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our debt, net losses or gains on investments, and our GAAP tax provision, but includes a non-GAAP tax provision based upon a projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Effective the first quarter of fiscal 2015, the non-GAAP tax provision also excludes, when applicable, (a) tax charges or benefits in the current period that relate to one or more prior fiscal periods that are a result of events such as changes in tax legislation, authoritative guidance, income tax audit settlements and/or court decisions, (b) tax charges or benefits that are attributable to unusual or non-reoccurring book and/or tax accounting method changes, (c) tax charges that are a result of a non-routine foreign cash repatriation, (d) tax charges or benefits that are a result of infrequent restructuring of the Company–s tax structure, (e) tax charges or benefits that are a result of a change in valuation allowance, and (f) the impact of a temporary lapse of tax law, such as the federal research credit, if such extensions have routinely been granted based on past legislative history and are expected to be reinstated in the near future. Non-GAAP earnings per share is calculated using the diluted number of shares for all periods presented. A detailed reconciliation of our non-GAAP to GAAP results can be found at .
(3)Storage Performance Council SPC-1 price-performance for all-flash arrays and “Top Ten” list by Performance, , January-April 2015.

The Company refers to the non-GAAP financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company–s ongoing operational performance. Non-GAAP net income excludes, when applicable, the amortization of intangible assets, stock-based compensation, acquisition-related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our debt, net losses or gains on investments, and our GAAP tax provision, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Effective the first quarter of fiscal 2015, the non-GAAP tax provision also excludes, when applicable, (a) tax charges or benefits in the current period that relate to one or more prior fiscal periods that are a result of events such as changes in tax legislation, authoritative guidance, income tax audit settlements, and/or court decisions, (b) tax charges or benefits that are attributable to unusual or non-reoccurring book and/or tax accounting method changes, (c) tax charges that are a result of a non-routine foreign cash repatriation, (d) tax charges or benefits that are a result of infrequent restructuring of the Company–s tax structure, (e) tax charges or benefits that are a result of a change in valuation allowance, and (f) the impact of a temporary lapse of tax law, such as the federal research credit, if such extensions have routinely been granted based on past legislative history and are expected to be reinstated in the near future. Non-GAAP earnings per share is calculated using the diluted number of shares for all periods.

We have excluded these items in order to enhance investors– understanding of our ongoing operations. The use of these non-GAAP financial measures has limitations and they should not solely be used to evaluate our Company without reference to their corresponding GAAP financial measures. As such, we provide non-GAAP financial measures in conjunction with GAAP financial measures.

These non-GAAP financial measures are used to: (1) measure Company performance against historical results, (2) facilitate comparisons to our competitors– operating results, and (3) allow greater transparency with respect to information used by management in financial and operational decision making. In addition, these non-GAAP financial measures are used to measure Company performance for the purposes of determining employee incentive plan compensation.

Meghan Fintland
NetApp
1 408 822 1389

Kris Newton
NetApp
1 408 822 3312

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