NetApp Files 2024 10-K, Details Financials and Segments

TL;DR

NetApp's 2024 10-K is in! Shows financials for Hybrid Cloud & Services segments. Stock buybacks ongoing since 2021.

AI Summary

NetApp, Inc. filed its 10-K for the fiscal year ending April 26, 2024, reporting on its computer storage devices business. The filing details various financial aspects, including investments, liabilities, and segment performance for its Hybrid Cloud and Professional & Other Services segments. It also mentions a stock repurchase program initiated around May 1, 2021.

Why It Matters

This filing provides investors with a comprehensive overview of NetApp's financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024-04-26 — Fiscal Year End (The reporting period concludes on this date.)
• 2023-04-29 — Prior Fiscal Year End (Used for comparative segment reporting.)
• 2021-05-01 — Stock Repurchase Program Start (Indicates the approximate commencement of a stock repurchase program.)

Key Players & Entities

• NetApp, Inc. (company) — Filer of the 10-K
• 2024-04-26 (date) — Fiscal year end date
• 3060 OLSEN DRIVE, SAN JOSE, CA 95128 (address) — Company's business and mail address
• 4088226000 (phone_number) — Company's business phone number
• ntap:HybridCloudSegmentMember (segment) — One of NetApp's operating segments
• ntap:ProfessionalAndOtherServicesMember (segment) — One of NetApp's operating segments
• ntap:StockRepurchaseProgramMember (program) — Mentioned in relation to Additional Paid In Capital

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value NTAP The NASDAQ Stock Mar

Filing Documents

• ntap-20240426.htm (10-K) — 4213KB
• ntap-ex4_6.htm (EX-4.6) — 26KB
• ntap-ex10_20.htm (EX-10.20) — 97KB
• ntap-ex10_21.htm (EX-10.21) — 94KB
• ntap-ex10_22.htm (EX-10.22) — 121KB
• ntap-ex10_23.htm (EX-10.23) — 117KB
• ntap-ex19_1.htm (EX-19.1) — 134KB
• ntap-ex21_1.htm (EX-21.1) — 54KB
• ntap-ex23_1.htm (EX-23.1) — 3KB
• ntap-ex31_1.htm (EX-31.1) — 9KB
• ntap-ex31_2.htm (EX-31.2) — 9KB
• ntap-ex32_1.htm (EX-32.1) — 5KB
• ntap-ex32_2.htm (EX-32.2) — 5KB
• ntap-ex97_1.htm (EX-97.1) — 48KB
• img17303200_0.jpg (GRAPHIC) — 7KB
• img17303200_1.jpg (GRAPHIC) — 311KB
• 0000950170-24-071327.txt ( ) — 19554KB
• ntap-20240426.xsd (EX-101.SCH) — 2181KB
• ntap-20240426_htm.xml (XML) — 3974KB

Business

Business 6 Item 1A

Risk Factors

Risk Factors 15 Item 1B Unresolved Staff Comments 30 Item 1C Cybersecurity 30 Item 2

Properties

Properties 31 Item 3

Legal Proceedings

Legal Proceedings 31 Item 4 Mine Safety Disclosures 31 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6 [Reserved] 35 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A

Controls and Procedures

Controls and Procedures 92 Item 9B Other Information 92 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 PART III Item 10 Directors, Executive Officers and Corporate Governance 94 Item 11

Executive Compensation

Executive Compensation 94 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13 Certain Relationships and Related Transactions, and Director Independence 94 Item 14 Principal Accountant Fees and Services 94 PART IV Item 15 Exhibits, Financial Statement Schedules 94

Signatures

Signatures 101 3 Cautionary Note on Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are all statements (and their underlying assumptions) included in this document that refer, directly or indirectly, to future events or outcomes and, as such, are inherently not factual, but rather reflect only our current projections for the future. Consequently, forward-looking statements usually include words such as "estimate," "intend," "plan," "predict," "seek," "may," "will," "should," "would," "could," "anticipate," "expect," "believe," or similar words, in each case, intended to refer to future events or circumstances. A non-comprehensive list of the topics including forward-looking statements in this document includes: our future financial and operating results; our strategy; our beliefs and objectives for future operations, research and development; expectations regarding future product releases, growth and performance; political, economic and industry trends; expected timing of, customer acceptance of and benefits from, product introductions, developments and enhancements; expected benefits from acquisitions, joint ventures, growth opportunities and investments; expected outcomes from legal, regulatory and administrative proceedings; our competitive position; our short-term and long-term cash requirements, including, without limitation, anticipated capital expenditures; our anticipated tax rate; the repayment of our indebtedness; and future uses of our cash, including, without limitation, the continuation of our stock repurchase and cash dividend programs. All forward-looking statements included in this document are inherently uncertain as they are based on management's current expectations and assumpti

Business

Item 1. Business Overview NetApp, Inc. (NetApp, we, us, or the Company) helps customers make their data infrastructure more seamless, more dynamic, and higher performing. We were incorporated in 1992 and are headquartered in San Jose, California. Building on over three decades of innovation, we combine unified data storage, integrated data services, and CloudOps solutions to make data infrastructure intelligent. Our broad portfolio addresses customer priorities: modernizing legacy infrastructure, improving resiliency against ransomware attacks, and building scalable, high-performance data pipelines for artificial intelligence (AI) workloads. With NetApp, customers can better leverage their data to accelerate innovation, improve operations, and drive competitive advantage. Our unified data storage delivers flexibility to our customers, enabling them to simply and consistently store any data type and power any workload. As the only enterprise-grade storage service natively embedded in the world's largest clouds, we power data across AWS, Microsoft Azure, and Google Cloud. Our integrated data services enable active data management, security, protection, governance, and sustainability. Finally, our CloudOps solutions enable adaptive operations across infrastructure, applications, and teams. Together, these capabilities comprise an intelligent data infrastructure that delivers: Operational simplicity, so customers can manage complex workloads and eliminate infrastructure silos across apps, data, and clouds. Cyber resilience and security, so businesses stay up and running with built-in ransomware protection, rapid recovery, and infrastructure observability. AI innovation, embedding intelligence into data infrastructure to enable AI workloads that deliver new levels of productivity and innovation. Infrastructure savings, so on-premises and cloud infrastructure spend go further with high-efficiency data storage and automated capacity and cloud cost managemen

View Full Filing

View this 10-K filing on SEC EDGAR