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NetApp Reports First Quarter of Fiscal Year 2016 Results




SUNNYVALE, CA — (Marketwired) — 08/19/15 — NetApp (NASDAQ: NTAP)

NetAppĀ® clustered Data ONTAPĀ® node shipments increased 114% year-over-year; 13th consecutive quarter of triple-digit growth.

All Flash FAS units grew 137% year-over-year; 5th consecutive quarter of triple-digit growth.

$484 million returned to shareholders in share repurchases and cash dividends.

NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2016, ended July 31, 2015.

Net revenues for the first quarter of fiscal year 2016 were $1.34 billion. GAAP net loss for the first quarter of fiscal year 2016 was $30 million, or $0.10 per share,(1) compared to GAAP net income of $88 million, or $0.27 per share,(2) for the comparable period of the prior year. Non-GAAP net income for the first quarter of fiscal year 2016 was $89 million, or $0.29 per share,(3) compared to non-GAAP net income of $198 million, or $0.60 per share, for the comparable period of the prior year.

NetApp ended the first quarter of fiscal year 2016 with $5.0 billion in total cash, cash equivalents and investments and generated $129 million in cash from operations. During the first quarter of fiscal year 2016, the Company returned $484 million to shareholders through share repurchases and a cash dividend.

The next dividend in the amount of $0.18 per share will be paid on October 21, 2015, to shareholders of record as of the close of business on October 9, 2015.

“The IT industry as a whole is going through fundamental change as enterprises transform themselves with digital capabilities. Data is at the heart of these transformations and where NetApp has a profoundly important role to play with our differentiated vision for data management,” said George Kurian, CEO. “Our first fiscal quarter marks the beginning of a new chapter for NetApp. In the next phase of our journey, we are pivoting to better address the changing industry, to improving our own execution and to enhancing value for our shareholders.”

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

Net revenues are expected to be in the range of $1.40 billion to $1.50 billion.

GAAP earnings per share is expected to be in the range of $0.35 to $0.40 per share.

Non-GAAP earnings per share is expected to be in the range of $0.55 to $0.60 per share.

With the NetApp All Flash FAS8000 series, customers benefit from built-in data protection, multiprotocol support, scale-out performance, and seamless data movement from flash to disk to cloud. Other features include quality of service, multi-tenancy and NetApp–s best-in-class application integration for simplified configuration and management of SQL and Oracle databases, virtualized servers and VDI workloads.

The All Flash FAS products incorporate software optimizations derived from the NetApp advanced technology development lab. These innovations include a flash-optimized read data path, inline compression, and zero-based inline deduplication. Flash Essentials innovations are included in clustered Data ONTAP.

The new software release gives users a comprehensive dashboard to evaluate All Flash FAS performance automatically and troubleshoot issues to maintain optimal system operation.

NetApp AltaVault, cloud-integrated storage solutions and services, provides customers with the ability to backup data quickly to any cloud at up to 90% less cost than on-premises solutions. AltaVault supports NetApp–s vision for hybrid cloud data management, which gives customers the confidence that, no matter where their data lives, they can control, integrate, move, secure and consistently manage it.

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 Q2 Fiscal Year 2016 Outlook section, statements about how we will address the changing industry, statements about improving our execution and statements regarding enhancing shareholder value. 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 changes in storage consumption models, customer demand for and acceptance of our products and services, execution by our sales organization 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 section titled “Risk Factors” in our most recently submitted Annual Report on Form 10-K. 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, AltaVault, Data ONTAP and OnCommand 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 net loss per share is calculated using the basic number of shares and excludes common stock equivalents because the impact would be anti-dilutive.
(2)GAAP net income per share is calculated using the diluted number of shares.
(3)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. 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 .

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. 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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