Company Reports Q1 FY'13 Revenues of $1.445 billion; Non-GAAP Earnings per Share of $0.42
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Sunnyvale, Calif.- August 15, 2012 - NetApp (NASDAQ: NTAP) today reported results for the first quarter of fiscal year 2013, which ended July 27, 2012. Revenues for the first quarter of fiscal year 2013 were in line with our prior guidance and totaled $1.445 billion, compared to revenues of $1.458 billion for the same period one year ago.
For the first quarter of fiscal year 2013, GAAP net income was $64 million, or $0.17 per share[1], compared to GAAP net income of $140 million, or $0.34 per share for the same period a year ago. Non-GAAP net income for the first quarter of fiscal year 2013 was $156 million, or $0.42 per share[2], compared to non-GAAP net income of $222 million, or $0.55 per share for the same period a year ago.
NetApp produced non-GAAP earnings per share above and revenue in line with our prior guidance. In Q1, we announced further innovations in Data ONTAP 8.1 that will enable customers to achieve an agile data infrastructure environment to cope with their dynamic business requirements, said Tom Georgens, president and CEO. We continue to deliver on multiple fronts, advancing our technology and partnerships. With our best-of-breed partnering strategy and ongoing innovation-led solutions, we enable our customers to scale their business without limits.
Outlook
NetApps outlook for the second quarter of fiscal year 2013 is based on current business expectations, market conditions, and continued uncertainty in the macroeconomic environment.
NetApp estimates revenue for the second quarter of fiscal year 2013 to be in the range of $1.5 billion to $1.6 billion.
NetApp estimates GAAP earnings per share for the second quarter of fiscal year 2013 to be approximately $0.23 to $0.28 per share. NetApp estimates non-GAAP earnings per share for the second quarter fiscal year 2013 to be approximately $0.45 to $0.50 per share.
NetApp estimates that the share count for the second quarter of fiscal year 2013 will decrease to approximately 370 million shares, and will include an estimated 700 thousand shares from the Companys outstanding convertible notes[3]. Share count does not include the Companys outstanding note hedges which are expected to offset 80% of the dilution from the convertible notes at maturity or conversion.
Business Highlights
Fundamental to NetApps growth strategy is a commitment to innovation leadership across all facets of the storage industry with a goal to help propel its customers and partners business success.
In its first quarter of fiscal year 2013, this focus on innovation spanned across NetApp products, solutions, technologies, and its culture. NetApp strengthened its reputation as an innovation leader with the latest offering of Data ONTAP, the #1 storage operating system. Data ONTAP provides the foundation for customers who require an agile data infrastructure to thrive in todays always-on global economy. Additionally, NetApp unveiled innovative new products, technologies, and programs that enable further penetration into the data center, help customers of all sizes capitalize on data growth to fuel their success and help channel partners expand their businesses. NetApp also continued to strengthen its relationship with industry leaders like Cisco and Microsoft. Finally, NetApp once again was recognized around the world for its culture, which continues to provide competitive differentiation that makes NetApp a preferred company to do business with for both customers and partners.
Highlights for the quarter include the following:
Agile Data Infrastructure Makes IT Intelligent, Immortal, and Infinite
NetApp, in collaboration with its partners, is transforming how customers architect and manage their data storage infrastructures differently to be more agile in order to fuel business success. With the latest release of Data ONTAP, NetApp is helping IT departments more effectively respond to changing business requirements, maintain nondisruptive operations, and grow their businesses. Data ONTAP 8.1.1 is another milestone in NetApps innovation agenda that is the basis for delivering new approaches to managing data for business impact.
Midsize Business Customers Accelerate Growth and Leverage the Cloud with NetApp
NetApp unveiled the new FAS2220, the latest member of its entry-level product portfolio which will provide midsize customers with innovative new technologies and increased value, enabling customers to start right, keep it simple, and grow smart. The FAS2220 builds on the momentum and success of the recently introduced FAS2240. Additionally, NetApp introduced an expanding ecosystem of value-added reseller partners to provide midsize businesses with cloud backup and disaster recovery services built on NetApp solutions, along with new channel enablement programs designed to help partners grow their businesses.
FlexPod Momentum Continues with Premium Partner Framework
Cisco and NetApp launched a global channel initiative to accelerate market momentum of the FlexPod converged infrastructure solution that to date has almost 1,300 customers. The new FlexPod Premium Partner Framework will reward FlexPod channel partners for investing in sales capabilities and services practices. The new framework is a testament to NetApps continued focus on enabling its partners success as it will deliver increased differentiation, streamline multi-vendor interactions, and enhance profitability.
Customers Gain Greater Business Value from Big Data with NetApp Solutions
NetApp and Hortonworks announced a joint development project to make Apache Hadoop solutions more enterprise ready, helping customers simplify access to their data and gain deeper business insights to make the right decisions. NetApp also unveiled the NetApp Open Solution for
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Company Reports Q1 FY'13 Revenues of $1.445 billion; Non-GAAP Earnings per Share of $0.42 
