Sunnyvale – NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2021, which ended on July 31, 2020.
“We executed well in the first quarter. Revenue, operating margin and EPS all exceeded our guidance, despite a challenging environment. Enterprises are increasingly prioritizing transformational and hybrid cloud projects, which drove our momentum as customers turn to NetApp to help them achieve these goals,” said George Kurian, chief executive officer. “We are building on a strong foundation of industry-leading data-centric software innovation, trusted customer relationships and an open-ecosystem approach that is strengthened by partnerships with the leading public cloud companies who endorse our Data Fabric Strategy. NetApp is uniquely positioned to help our customers unlock the best of cloud.”
First Quarter of Fiscal Year 2021 Financial Results
- Net Revenues: $1.30 billion, compared to $1.24 billion in the first quarter of fiscal year 2020
- Net Income: GAAP net income of $77 million, compared to GAAP net income of $103 million in the first quarter of fiscal year 2020; non-GAAP net income2 of $163 million, compared to non-GAAP net income of $157 million in the first quarter of fiscal year 2020
- Earnings per Share: GAAP net income per share3 of $0.35 compared to GAAP net income per share of $0.42 in the first quarter of fiscal year 2020; non-GAAP net income per share of $0.73, compared to non-GAAP net income per share of $0.65 in the first quarter of fiscal year 2020
- Cash, Cash Equivalents and Investments: $3.77 billion at the end of the first quarter of fiscal year 2021
- Cash Provided by Operations: $240 million, compared to $310 million in the first quarter of fiscal year 2020
- Dividend: Returned $107 million to shareholders through cash dividend
Next cash dividend of $0.48 per share to be paid on October 28, 2020, to shareholders of record as of the close of business on October 9, 2020.
First Quarter of Fiscal Year 2021 Business Highlights
Delivering Groundbreaking Product Innovations
- NetApp announced the latest release of NetApp Active IQ™, which uses advanced artificial intelligence for IT operations (AIOps) to automate the proactive care and optimization of NetApp environments. It adds new interface features, new workloads, and a new customer experience.
- NetApp announced that NetApp HCI now offers a two-node storage cluster, providing a scalable entry point for customer workloads with the latest release of NetApp Element™ 12.0 and NetApp HCI 1.8.
See full report here. (NetApp/mc/ps)