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NetApp Reports First Quarter of Fiscal Year 2020 Results

Nachrichtenquelle: Business Wire (engl.)
14.08.2019, 22:01  |  273   |   |   

NetApp (NASDAQ: NTAP) today reported financial results for the first quarter of fiscal year 2020, which ended on July 26, 2019.

“I am clearly disappointed with our Q1 top line results but remain confident in our strategy and the fundamentals of our business model. The gross margin and cost structure improvements we’ve made provide support for our free cash flow generation and enable us to navigate the ongoing macroeconomic headwinds while making the strategic moves that position us well to return to growth,” said George Kurian, chief executive officer. “We consistently receive positive feedback from our customers and partners on the value of our Data Fabric strategy and the strong performance of our best teams demonstrates our ability to capitalize on this strength.”

First Quarter of Fiscal Year 2020 Financial Results

  • Net Revenues: $1.24 billion, compared to $1.47 billion* in the first quarter of fiscal 2019
  • Net Income: GAAP net income of $103 million, compared to GAAP net income of $283 million in the first quarter of fiscal 2019; non-GAAP net income1 of $157 million, compared to non-GAAP net income of $281 million in the first quarter of fiscal 2019
  • Earnings per Share: GAAP net income per share2 of $0.42 compared to GAAP net income per share of $1.05 in the first quarter of fiscal 2019; non-GAAP net income per share of $0.65, compared to non-GAAP net income per share of $1.04 in the first quarter of fiscal 2019
  • Cash, Cash Equivalents and Investments: $3.5 billion at the end of the first quarter of fiscal 2020
  • Cash from Operations: $310 million, compared to $326 million in the first quarter of fiscal 2019
  • Share Repurchase and Dividend: Returned $365 million to shareholders through share repurchases and cash dividends

*Net revenues in the first quarter of fiscal year 2019 included $90 million from enterprise software license agreements which did not repeat in the first quarter of fiscal year 2020.

Second Quarter of Fiscal Year 2020 Financial Outlook

The Company provided the following financial guidance for the second quarter of fiscal year 2020:

  • Net revenues are expected to be in the range of:

$1.325 billion to $1.475 billion

 

GAAP

 

Non-GAAP

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