NetApp: Fiscal 3Q21 Financial Results

NetApp, Inc. reported financial results for the third quarter of fiscal year 2021, which ended on January 29, 2021.

“We delivered another strong quarter with revenues at the top of our guidance range and operating margin and EPS above the high end of our expectations. We have sharpened our execution and 3FQ21 marks our third consecutive quarter of revenue and billings growth,” said George Kurian, CEO. “Looking ahead, we are uniquely positioned to address customers’ requirements for digital transformations as they deploy workloads in the cloud, as well as maintain and modernize on premises. We are confident in the strength of our position as customers continue to turn to NetApp to help them solve the challenge of managing data in the hybrid cloud as the recovery unfolds.”

3FQ21 financial results
• Net Revenue: $1.47 billion, compared to $1.40 billion in 3FQ20
• Net Income: GAAP net income of $182 million, compared to GAAP net income of $277 million in 3FQ20; non-GAAP net income of $250 million, compared to non-GAAP net income of $265 million in the 3FQ20
• Earnings per Share: GAAP net income per share of $0.80 compared to GAAP net income per share of $1.21 in 3FQ20; non-GAAP net income per share of $1.10, compared to non-GAAP net income per share of $1.16 in 3FQ20
• Cash, Cash Equivalents and Investments: $3.89 billion at the end of 3FQ21
• Cash Provided by Operations: $373 million, compared to $420 million in 3FQ20
• Share Repurchase and Dividend: Returned $157 million to shareholders through share repurchases and cash dividends

4FQ21 outlook
Net revenues are expected to be in the range of $1.44 billion to $1.54 billion.