NetApp Reports Third Quarter Fiscal Year 2018 Results
12/03/2018
Net Revenues of $1.52 Billion Grew 8% Year-over-Year
Third Quarter Fiscal 2018 Highlights
Product revenue increased 17% year-over-year
All-flash array annualized net revenue run rate of $2.0 billion increased almost 50% year-over-year
Expanded Cloud Data Services with introduction of NetApp Cloud Volumes for AWS
Free cash flow was 25% of revenue and increased 104% year-over-year
Sunnyvale, Calif.- February 14, 2018-NetApp (NASDAQ: NTAP) today reported financial results for the third quarter fiscal year 2018, ended January 26, 2018.
NetApp again delivered strong results in the third quarter with accelerating revenue and strong cash generation. It is rewarding to see the results of our improved execution as we transform NetApp to deliver sustained and profitable growth, said George Kurian, chief executive officer. We saw a solid demand environment and customer momentum, landing wins and footprint expansions with leading organizations in all geographies. With our Data Fabric Strategy and industry-leading solutions, we are winning new customers and expanding our business opportunity.
Third Quarter Fiscal 2018 Financial Results
Net Revenues: $1.52 billion, increased 8% year-over-year from $1.40 billion in the third quarter of fiscal 2017
Net Income: GAAP net loss of $506 million*, compared to GAAP net income of $146 million in the third quarter of fiscal 2017; non-GAAP net income1 of $273 million, compared to non-GAAP net income of $231 million in the third quarter of fiscal 2017
Earnings per Share: GAAP net loss per share2of $1.89*, compared to GAAP net income per share3 of $0.52 in the third quarter of fiscal 2017; non-GAAP net income per share4 of $0.99, compared to non-GAAP net income per share of $0.82 in the third quarter of fiscal 2017
Cash, Cash Equivalents and Investments: $5.6 billion at the end of the third quarter of fiscal 2018
Cash from Operations: $420 million, compared to $235 million in the third quarter of fiscal 2017
Share Repurchase and Dividend: Returned $203 million to shareholders through share repurchases and a cash dividend
* On December 22, 2017, The 2017 Tax Reform Reconciliation Act was enacted into law. This tax reform legislation contains several key tax provisions that affected the company, including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the U.S. corporate income tax rate to 21% effective January 1, 2018, among others. GAAP net loss in the third quarter of fiscal 2018 includes a resulting one-time charge of $856 million.
Fourth Quarter Fiscal 2018 Financial Outlook
The Company provided the following financial guidance for the fourth quarter of fiscal year 2018:
Net revenues are expected to be in the range of $1.525 billion to $1.675 billion
Earnings per share is expected to be in the range of:
GAAPNon-GAAP
$0.75-$0.83 $0.95-$1.03
Dividend
Next cash dividend of $0.20 per share to be paid on April 25, 2018, to shareholders of record as of the close of business on April 6, 2018
Third Quarter Fiscal 2018 Business Highlights
New NetApp Product Updates and Offerings
New NetApp AltaVault software updates provide customers with faster ingest performance, multifactor authentication, increased security enhancements and Microsoft Azure Archive Blob Storage tier support.
NetApp introduces SnapMirror for SolidFire Element OS, which supports disparate system data movement from Element OS systems to ONTAP 9.3 systems, allowing companies to remain agile while still protecting their data.
NetApp Cloud Volumes for AWS enables both NFSv3 and NFSv4 with fully featured Snapshot copies and is available in cloud-only and hybrid cloud deployments, with integration into on-premises systems and seamless data migration and synchronization between on-premises and the cloud.
NetApp Enables Customers to Improve Their Business Performance
JFK Medical Center, part of the Hackensack Meridian Health Network, leverages NetApp technology to increase stability and reliability and achieve a higher performance level for its critical infrastructure.
Safelite leverages NetApp to transform the delivery of its auto glass services, surpass competitors, and expand its customer base during one of the worst recorded hurricane seasons.
NetApp Strengthens Partnerships
NetApp strengthens its 20-year partnership with Fujitsu by introducing the NFLEX converged infrastructure, which combines Fujitsu's server PRIMERGY CX compute platform and NetApp ONTAP.
NetApp announces support for VMware Cloud on AWS to allow customers more flexibility when deploying ONTAP Cloud to deliver seamlessly integrated hybrid cloud architectures that extend on-premises vSphere environments to a VMware SDDC running on AWS elastic bare-metal infrastructure.
NetApp Strengthens Board and Leadership Team
NetApp strengthens its board of directors with two new members:
Deborah Kerr, who brings insights into how customers buy, deploy, manage, and use IT to NetApp; and
Scott Schenkel, CFO of eBay, who brings current C-level experience to NetApp's board, with his understanding of the technology landscape and market forces, capital structure, and modern financial reporting
NetApp appoints Brad Anderson as SVP and GM of the NetApp Cloud Infrastructure business unit to help customers build out their next-generation data centers.
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 avai
LINK: | https://www.netapp.com/us/company/news/press-releases/news-rel-2018021... |
See more stories from netapp |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
20/04/2024
PBS Kids Adds American Sign Language to Streaming Content
As part of a push to improve the accessibility of its content, PBS Kids has announced that it has integrated American Sign Language (ASL) interpretations into m...
20/04/2024
Survey: Concerns About Deep Fakes Spike As Election Approaches
SAN JOSE, Calif. Online security solution provider McAfee has released new research exploring the impact artificial intelligence (AI) and the rise of deepfakes ...
20/04/2024
FCC Sets April 25 Vote on Net Neutrality Rules
The Federal Communications Commission has announced the agenda for an Open Meeting on Thursday, April 25, 2024 that will include votes on Net Neutrality Rules a...
20/04/2024
Virtual Reality Becomes the New Production Reality
Virtual reality and its close relatives, such as extended reality, have been completely accepted into the workflow of high-end productions. Stepping into an LED...
20/04/2024
Video Games Round Out the Entertainment Package
Video Games Round Out the Entertainment Package Andy Marken April 19, 2024 0 Comments By this, I take it you think everybody is who they say they are...
20/04/2024
With Bears on the Clock, NBCU Local Chicago Plans Extensive NFL Draft Coverage
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
20/04/2024
Fox Sports Hires Veteran Ad Sales Executives
Fox Sports said it hired two veteran advertising sales executives, with Jen Durda and Kathy Lydon both named VP....
20/04/2024
Daytime Emmys Announce Some Nominations Early
Daytime fans got a sneak peek at nominations for the 51st annual Daytime Emmys, with the National Academy of Television Arts and Sciences (NATAS) announcing the...
20/04/2024
DAZN Weighs in With Content Ahead of Haney-Garcia Fight
DAZN is launching its Run It Up, its first multi-sports original vodcast, or video podcast, and a set of micro-podcasts ahead of the Devin Haney-Ryan Garcia fig...
20/04/2024
Warner Bros. Discovery CEO David Zaslav Got 27% Raise to $49.7 Million in 2023
David Zaslav, CEO of troubled Warner Bros. Discovery, got a 27% increase in total compensation for 2023....
20/04/2024
April 19, 2024
New copper-catalyzed C-H activation strategy from Scripps Research Two-mode reactions inspired by human detox enzymes offer powerful new tools for drug discover...
19/04/2024
Thank You for visiting us at NAB 2024!
Thank You for visiting us at NAB 2024! Thank you for joining us at the ToolsOnAir booth during NAB Show 2024! We were delighted to showcase our latest inno...
19/04/2024
Stress Positions Mines Health Anxieties for Comedy
PARK CITY, UTAH - JANUARY 18: (L-R) John Early and Theda Hammel attend the 2024 Sundance Film Festival Stress Positions premiere at Library Center Theatre on ...
19/04/2024
Give Me the Backstory: Get to Know Julian Brave NoiseCat and Emily Kassie, the Filmmakers Behind Sugarcane
By Lucy Spicer One of the most exciting things about the Sundance Film Festival...
19/04/2024
Mexico City Watchlist: 7 Documentaries About Working in CDMX
Pictured: Midnight Family By Stephanie Ornelas A great way to get to know a city as culturally unique and rich as Mexico City is to listen to the stories tol...
19/04/2024
SNS Dominates NAB Show 2024 With Triple Win For MOD
St. Louis, MO - April 18, 2024 - Studio Network Solutions (SNS) announced today that MOD won three prestigious industry awards at NAB Show 2024 held this week i...
19/04/2024
How Spotify Approaches Safety With Sarah Hoyle, Global Head of Trust and Safety
Spotify's mission is to unlock the potential of human creativity by giving a million artists the opportunity to live off their art and billions of fans the ...
19/04/2024
Spotify and Taylor Swift Create a One-of-a-Kind Library To Celebrate THE TORTURED POETS DEPARTMENT'
It's a beautiful day to be a Swiftie. Today, Taylor Swift dropped her 11th s...
19/04/2024
L3Harris Announces Quarterly Dividend
MELBOURNE, Fla., April 19, 2024 - The Board of Directors of L3Harris Technologies (NYSE:LHX) declared a quarterly cash dividend of $1.16 per common share, payab...
19/04/2024
Intel Lays Out 8K Production, AI Tech Plans for Paris Olympics
PARIS Intel has announced that its plans for the Olympic and Paralympic Games Paris 2024 will include using artificial intelligence technology powered by Intel ...
19/04/2024
Tech Advances Boost Adoption of 8K Production
LAS VEGAS Technologists working on all aspects of the 8K media production chain offered an optimistic update at the 2024 NAB Show on the state of 8K in video pr...
19/04/2024
OpenDrives New Software-Defined Platform Atlas Wins 2024 NAB Show Product of the Year Award
OpenDrives New Software-Defined Platform Atlas Wins 2024 NAB Show Product of the...
19/04/2024
Grass Valley Showcases Next-Generation T3 Series 4K/HD Digital Recording and Playback for Venues and Stadiums
Grass Valley Showcases Next-Generation T3 Series 4K/HD Digital Recording and Pla...
19/04/2024
NiTRo's M-CUBE Studio Levels Up Esports Productions with AJA Gear
NiTRo's M-CUBE Studio Levels Up Esports Productions with AJA Gear Brie Clayton April 19, 2024 0 Comments Esports' rapid rise to popularity can...
19/04/2024
Blackmagic Design Announces DaVinci Resolve 19
Blackmagic Design Announces DaVinci Resolve 19 Brie Clayton April 19, 2024 0 Comments Major update adds new DaVinci Neural Engine AI tools, new color ...
19/04/2024
Sony Considering Bid to Acquire Paramount
Sony Pictures Entertainment is reportedly in talks with Apollo Global Management to make a bid to acquire Paramount which itself is currently discussing a merge...
19/04/2024
How 1185 Films created the VFX on new horror, All You Need Is Death
Simon Wilkinson, head of VFX at 1185 films, talks about the technology behind the newly-released horror By Matthew Corrigan Published: April 19, 2024 Simo...
19/04/2024
Could Sony be preparing a bid for Channel 5's parent company?
The global electronics company is said to be considering joining forces with investment firm Apollo Management to bid for Paramount Global By Jenny Priestley ...
19/04/2024
EBU report highlights contribution of free-to-air sport broadcasting
The report broke the economic footprint of EBU member sports broadcasting into three main areas By Matthew Corrigan Published: April 19, 2024 The report b...
19/04/2024
CBS Stations Launches CBS News California Investigates' Segments
CBS Stations has launched CBS News California Investigates , with Julie Watts named regional CBS California correspondent. She will uncover and raise awarenes...
19/04/2024
MediaCo Acquires Estrella Media's Spanish-Language Network, Content Assets
MediaCo Holding, which owns radio stations WQHT (Hot 97) and WBLS in New York, said it acquired Estrella Media's Spanish-language video, audio and digital c...
19/04/2024
Season 5 of The Witcher' Will Be Final One
Netflix has ordered season five of fantasy drama The Witcher, which will be the final season. Production has recently begun on season four, and the two remainin...
19/04/2024
DirecTV Stream To Carry Eight More The CW Affiliates
DirecTV Stream said it added eight more The CW affiliates to its lineup on Thursday....
19/04/2024
CBS Orders More Elsbeth'
CBS has renewed Elsbeth for the 2024-2025 season. The drama, with Carrie Preston in the lead role, debuted February 29....
19/04/2024
With Bears on the Clock. NBCU Local Chicago Plans Extensive NFL Draft Coverage
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
19/04/2024
Comcast Launches NOW
PHILADELPHIA As government subsidies for broadband services come to an end, Comcast has launched NOW, a new product portfolio of lower-cost Internet, mobile and...
19/04/2024
DirecTV Stream Adds CW Affiliates
DirecTV Stream has added more local CW stations for its streaming customers in Boston, Charlotte, Cincinnati, Cleveland, Hartford-New Haven Conn., Phoenix, San ...
19/04/2024
MediaCo Acquires Estrella Media's Content and Digital Operations
NEW YORK & LOS ANGELES MediaCo Holding Inc. has announced that it has acquired all of Estrella Media's network, content, digital, and commercial operations....
19/04/2024
Adobe Launches New Adobe Express Mobile App with Firefly AI
SAN JOSE, Calif. Adobe has announced that the all-new Adobe Express mobile app is available to all users, bringing features powered by Adobe Firefly generative ...
19/04/2024
Netflix Adds 9.3M Subs in Q1
LOS GATOS, Calif. Netflix reported another blockbuster quarter by adding 9.33 million new subscribers in Q1, 2024 as global paid memberships hit 269.6 million, ...
19/04/2024
The Current State of the Industry and the Future Impact of AI
The Current State of the Industry and the Future Impact of AI Hillary Lewis April 18, 2024 0 Comments The Entertainment Industry: How did we get here ...
19/04/2024
After Effects Tutorial Text Blur Reveal
After Effects Tutorial Text Blur Reveal Andy Ford April 18, 2024 0 Comments Here's a way to do a quick blur reveal for your text layer. Start by...
19/04/2024
Hollyland Mars M1 Enhanced Wireless Transmitter / Receiver
Hollyland Mars M1 Enhanced Wireless Transmitter / Receiver Colin Smith April 18, 2024 0 Comments This tutorial shows the new wireless transmitter rece...
19/04/2024
Resolve Fusion: Writing Expressions with Lua
Resolve Fusion: Writing Expressions with Lua Simon Ubsdell April 18, 2024 0 Comments The answer to the very frequently-asked question: what is the pro...
19/04/2024
B+C,' Next TV' Announce Winners of Best of Show Awards at NAB Show
B+C and Next TV have announced the winners of Best of Show Awards for the 2024 NAB Show. The awards were judged by a panel of industry experts at the convention...
19/04/2024
Cate Blanchett Narrates Nature Series on Netflix
Cate Blanchett narrates the Netflix series Our Living World, which premieres April 17. The four-part series looks at the extraordinary creatures around the glob...
19/04/2024
For All Mankind' Spinoff Is in the Works at Apple TV Plus
Apple TV Plus has a spinoff of For All Mankind in the works. It is called Star City and details the cosmonauts, engineers and intelligence officers working behi...