filings.toolsNetApp 10-Q 2023-10-27
Filed 2023-11-30. 1 sections, 165K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended October 27, 2023
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-27130
NetApp, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 77-0307520 | |
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification No.) |
3060 Olsen Drive**,**
San Jose**,** California 95128
(Address of principal executive offices, including zip code)
(408) 822-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | |
| Common Stock, $0.001 Par Value | NTAP | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☑ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 28, 2023, there were 206,031,047 shares of the registrant’s common stock, $0.001 par value, outstanding.
TABLE OF CONTENTS
TRADEMARKS
© 2023 NetApp, Inc. All Rights Reserved. No portions of this document may be reproduced without prior written consent of NetApp, Inc. NetApp, the NetApp logo, and the marks listed at http://www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.
P****ART I — FINANCIAL INFORMATION
I****tem 1. Condensed Consolidated Financial Statements (Unaudited)
NETAPP, INC.
C****ONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par value)
(Unaudited)
| October 27, 2023 | April 28, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,934 | $ | 2,316 | ||||
| Short-term investments | 686 | 754 | ||||||
| Accounts receivable | 787 | 987 | ||||||
| Inventories | 122 | 167 | ||||||
| Other current assets | 464 | 456 | ||||||
| Total current assets | 3,993 | 4,680 | ||||||
| Property and equipment, net | 623 | 650 | ||||||
| Goodwill | 2,759 | 2,759 | ||||||
| Purchased intangible assets, net | 152 | 181 | ||||||
| Other non-current assets | 1,546 | 1,548 | ||||||
| Total assets | $ | 9,073 | $ | 9,818 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 411 | $ | 392 | ||||
| Accrued expenses | 919 | 857 | ||||||
| Current portion of long-term debt | 400 | — | ||||||
| Short-term deferred revenue and financed unearned services revenue | 2,003 | 2,218 | ||||||
| Total current liabilities | 3,733 | 3,467 | ||||||
| Long-term debt | 1,991 | 2,389 | ||||||
| Other long-term liabilities | 580 | 708 | ||||||
| Long-term deferred revenue and financed unearned services revenue | 1,999 | 2,095 | ||||||
| Total liabilities | 8,303 | 8,659 | ||||||
| Commitments and contingencies (Note 15) | ||||||||
| Stockholders' equity: | ||||||||
| Common stock and additional paid-in capital, $0.001 par value; 206 and 212 shares issued and outstanding as of October 27, 2023 and April 28, 2023, respectively | 825 | 945 | ||||||
| Retained earnings | — | 265 | ||||||
| Accumulated other comprehensive loss | (55 | ) | (51 | ) | ||||
| Total stockholders' equity | 770 | 1,159 | ||||||
| **Total liabilities and stockholders' eq |
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