NetApp Reports First Quarter Fiscal Year 2015 Results

August 13, 2014 - View Financial Tables (PDF)

Net Revenues of $1.49 Billion; Non-GAAP EPS of $0.60, Up 13% Year-over-Year

Completed refresh of FAS product line and introduced new all-flash products

Clustered Data ONTAP node shipments increased 177% year-over-year

Flash capacity shipped more than doubled year-over-year

Sunnyvale, Calif.-August 13, 2014-NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2015 ended July 25, 2014.

First Quarter Financial Results

Net revenues for the first quarter of fiscal year 2015 were $1.49 billion. GAAP net income for the first quarter of fiscal year 2015 was $88 million, or $0.27 per share,[1] compared to GAAP net income of $82 million, or $0.23 per share, for the comparable period of the prior year. Non-GAAP net income for the first quarter of fiscal year 2015 was $198 million, or $0.60 per share,[2] compared to non-GAAP net income of $192 million, or $0.53 per share, for the comparable period of the prior year.

Cash, Cash Equivalents and Investments

NetApp ended the first quarter of fiscal year 2015 with $5.56 billion of total cash, cash equivalents and investments and during the quarter generated $216 million in cash from operations. The company returned $172 million to shareholders during the quarter through share repurchases and a cash dividend. The next dividend in the amount of $0.165 per share will be paid on October 22, 2014 to shareholders of record as of the close of business on October 10, 2014.

More large enterprises are relying on NetApp to help them bridge the on-premises architectures of today with the requirement to leverage multiple cloud services in the future, said Tom Georgens, Chairman and CEO. Our best-in-class portfolio is driving momentum, enabling us to invest in continued innovation while delivering shareholder value.

Q2 Fiscal Year 2015 Outlook

The Company provided the following financial guidance for the second quarter of fiscal year 2015:

Net revenues are expected to be in the range of $1.49 billion to $1.59 billion

GAAP earnings per share is expected to be in the range of $0.45 to $0.50 per share

Non-GAAP earnings per share is expected to be in the range of $0.66 to $0.71 per share

Business Highlights

NetApp Delivers New Products:

NetApp FAS8080 EX. The unified FAS8080 EX array is purpose-built for the most demanding business-critical applications with advanced quality-of-service capabilities to enable predictable performance.

NetApp FAS2500. The FAS2500 delivers optimal price/performance at an entry-level price point, while simplifying storage management operations.

All-flash FAS Products. New NetApp all-flash FAS products combine the high performance and low latency of flash with the enterprise reliability and extensive data management of NetApp Data ONTAP software.

Updated OnCommand Portfolio. OnCommand enables customers to better control clustered Data ONTAP and multivendor storage environments, driving down storage costs, improving service delivery through open integration, and maximizing investment by providing flexible reporting and cost analysis.

NetApp Strengthens Partnerships:

Delivered NetApp Private Storage (NPS) for Microsoft Azure. Building on its portfolio of Microsoft Cloud solutions, NetApp introduced NPS for Microsoft Azure, enabling customers to extend their IT infrastructure to Microsoft Azure to create a seamless, secure hybrid cloud environment.

Deepened Equinix Hybrid Cloud Partnership. The Equinix Cloud Exchange can dynamically connect NetApp Private Storage customers to multiple public clouds so that they can confidently explore multi-cloud deployments to handle large, complex workflows more efficiently.

Achieved $3 billion in FlexPod Joint Sales for NetApp and Cisco. The industry's leading integrated infrastructure solution has generated $3 billion in joint sales since its launch in 2010.

NetApp Provides Cloud Service Architecture:

State Government Agency Implements NetApp Private Cloud Architecture. The State of California Natural Resources Agency is a model for cloud service architectures deploying NetApp's clustered Data ONTAP operating system, OnCommand System Manager, and FAS hybrid storage systems as part of its multitenant private cloud.

Webcast and Conference Call Information

NetApp will host a conference call to discuss these results today at 2:30 p.m. Pacific Time. To access the live webcast of this event, visit the NetApp Investor Relations website at investors.netapp.com. 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 4:30 p.m. Pacific Time today.

About NetApp

NetApp creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs. Our commitment to living our core values and consistently being recognized as a great place to work around the world are fundamental to our long-term growth and success, as well as the success of our pathway partners and customers. Discover our passion for helping companies around the world at www.netapp.com.

Press Contact: Investor Contact:

Meghan Fintland

NetApp

(408) 822-1389

Meghan.fintland@netapp.com Kris Newton

NetApp

(408) 822-3312

kris.newton@netapp.com

NetApp, the NetApp logo, Data ONTAP, Flex Pod, and OnCommand are trademarks of NetApp, Inc. All other marks are the property of their respective owners.

Safe Harbor Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the Q2 Fiscal

LINK:	http://www.netapp.com/us/company/news/press-releases/news-rel-20140813...
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