NTAP FY 2023 Earnings Report — NetApp, Inc. Revenue & Financial Results | Market Cap Arena

NetApp, Inc.NTAP

FY 2023 Earnings

Reported June 14, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$6.4B	—	$6.3B	—	0.7%
Op. Income	$1.0B	—	$1.2B	—	-12.0%
Gross Margin	66.2%	—	66.8%	—	-0.6pp
Net Margin	20.0%	—	14.8%	—	5.2pp
EPS (Diluted)	$5.79	—	$4.09	—	41.6%
Free Cash Flow	$868M	—	$985M	—	-11.9%

Revenue Flow

Item	Amount
REVENUE	$6.4B
Cost of Revenue	$2.2B
GROSS PROFIT	$4.2B
R&D Expenses	$956M
Selling & Marketing	$1.8B
General & Administrative	$265M
SG&A Expenses	$2.1B
Other Expenses	$141M
Operating Expenses	$3.2B
Cost & Expenses	$5.3B
OPERATING INCOME	$1.0B
Interest Income	$69M
Interest Expense	$67M
Other Income/Expenses	$48M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	-$208M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$301M
EBIT	$1.1B
EBITDA	$1.4B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$6.4B
Cost of Revenue	$2.2B
GROSS PROFIT	$4.2B
R&D Expenses	$956M
Selling & Marketing	$1.8B
General & Administrative	$265M
SG&A Expenses	$2.1B
Other Expenses	$141M
Operating Expenses	$3.2B
Cost & Expenses	$5.3B
OPERATING INCOME	$1.0B
Interest Income	$69M
Interest Expense	$67M
Other Income/Expenses	$48M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	-$208M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$301M
EBIT	$1.1B
EBITDA	$1.4B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$248M
Stock-Based Compensation	$312M
Deferred Income Tax	-$606M
Other Non-Cash Items	-$15M
Change in Working Capital	-$106M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$239M
Acquisitions (Net)	-$491M
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$550M
Other Investing Activities	$59M
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	-$250M
Common Stock Repurchased	-$850M
Common Dividends Paid	-$432M
Other Financing Activities	-$89M
NET CASH FROM FINANCING	-$1.5B
FREE CASH FLOW	$868M
Net Change in Cash	-$1.8B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.3B
Short-Term Investments	$754M
Net Receivables	$987M
Inventory	$167M
Other Current Assets	$456M
TOTAL CURRENT ASSETS	$4.7B
PP&E (Net)	$931M
Goodwill	$2.8B
Intangible Assets	$181M
Long-Term Investments	$0
Tax Assets	$948M
Other Non-Current Assets	$319M
TOTAL NON-CURRENT ASSETS	$5.1B
TOTAL ASSETS	$9.8B
Account Payables	$392M
Short-Term Debt	$0
Deferred Revenue	$2.2B
Other Current Liabilities	$810M
TOTAL CURRENT LIABILITIES	$3.5B
Long-Term Debt	$2.4B
Deferred Revenue NC	$2.1B
Deferred Tax Liabilities	$144M
Other Non-Current Liabilities	$316M
TOTAL NON-CURRENT LIABILITIES	$5.2B
TOTAL LIABILITIES	$8.7B
Common Stock	$945M
Additional Paid-In Capital	$0
Retained Earnings	$265M
Treasury Stock	$0
Accum. Other Comp. Income	-$51M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$9.8B
Total Debt	$2.7B
Net Debt	$368M