- NetApp estimates revenue for the first quarter of fiscal year 2011 to
be in the range of $1.10 billion to $1.14 billion.
- NetApp estimates share count for the first quarter of fiscal year 2011
to increase by about 6 million shares.
- NetApp estimates that the first quarter of fiscal year 2011 GAAP earnings per share will be approximately $0.31 to $0.35 per share. NetApp estimates that the first quarter fiscal year 2011 non-GAAP earnings per share will be approximately $0.43 to $0.47 per share.
- New service provider solutions. NetApp unveiled new design
guides and capabilities geared specifically for service providers that will
help them deliver greater value to their cloud customers. NetApp®
service-oriented infrastructure, data protection as a service, backup and
recovery as a service, and NetApp Open Management will help service
providers differentiate their cloud services, accelerate their services'
time to market, and achieve industry-leading cost and service-level
benefits.
- CA, Inc. and NetApp build solutions for cloud infrastructures.
CA and NetApp extended their multiyear solutions partnership to develop
management solutions for public and private cloud environments. The
companies will integrate CA Spectrum® Automation Manager, CA Spectrum
Service Assurance, CA Spectrum Infrastructure Manager, and CA eHealth®
Performance Manager with NetApp's storage management solutions, including
NetApp Provisioning Manager and NetApp SANscreen®.
- NetApp, Brocade, Emulex, and VMware expand options for FCoE and DCB customers. NetApp will resell a new Converged Network Adapter from Emulex, and is among the first storage vendors to support VMware® vSphere™ 4 in a Fibre Channel over Ethernet (FCoE) host environment. NetApp also augmented its FCoE portfolio from Brocade and introduced a DCB-only version of the Brocade 8000. Now customers have even more options to build complete end-to-end FCoE infrastructures and unify their Ethernet and Fibre Channel architectures.
- NetApp reaches milestone of 150,000 unified storage systems
deployed. This historic milestone underscores NetApp's long standing
commitment and significant industry innovation in making unified
storage a reality for customers. Customers worldwide are leveraging
NetApp's unified storage solutions to simplify operations, achieve business
breakthroughs, increase productivity, and recognize significant cost
savings.
- NetApp gains leadership in SAN market and reaches significant
milestone with more than 30,000 deployments worldwide. NetApp has more
than doubled its SAN business in just two years by providing customers with
an impressive list of technologies and maximizing strong solution
partnerships with companies such as Brocade, Cisco, Microsoft, and VMware.
According to IDC's Worldwide Quarterly Disk Storage Systems Tracker, Q3
2009, NetApp grew faster than the FC SAN market year over year.
- Customers help NetApp pass milestone of 5,000 V-Series units
shipped. Customers made V-Series one of NetApp's fastest growing
products, with 70% year-over-year growth and more than 5,000 units shipped.
More customers are turning to NetApp V-Series to unify their non NetApp
storage environments and increase efficiency, reduce costs, and improve
data protection.
- NetApp positioned in Leaders Quadrant in top analyst firm's Magic
Quadrant. Gartner, Inc. positioned NetApp in the Leaders Quadrant for
Midrange and High-End NAS Solutions(3). NetApp NAS solutions are built on a
unified
storage platform, providing customers of all sizes with increased
flexibility and performance along with industry-leading storage efficiency capabilities.
- NetApp ranked #2 on "Best Workplaces in Canada" list. NetApp was ranked #2 on the "Best Workplaces in Canada" list for 2010 and was also recognized as the top workplace in Canada in the Respect category. NetApp now ranks in the top 20 places to work in 9 different regions, including #7 in the United States.
- NetApp acquires Bycast. On May 13, 2010, NetApp completed its acquisition of Bycast Inc., a privately held company headquartered in Vancouver, British Columbia, Canada, in an all-cash transaction. Bycast extends NetApp's leadership position in unified storage by adding an object-based storage software offering.
- Weta Digital, a world leader in visual effects, relied on NetApp
storage in the production of the record-breaking film Avatar. NetApp helped
reduce Weta's data management overhead by 95% and increase its storage
price-to-performance ratio by 40%.
- J&B Group turned to NetApp for its storage to support its perishable
foods production and distribution business. NetApp's storage efficiency
technology helped increase utilization to 67%, and storage requirements for
VMware virtual servers dropped from 4.5TB to 1.5TB, a 66% reduction.
- The College of Saint Rose implemented NetApp and VMware virtualization solutions to tackle the challenges of data growth, availability, and reliability. NetApp thin provisioning and deduplication technologies helped improve the college's storage efficiency, increasing utilization rates by up to 85% and deferring $134,000 in hardware costs each year.
NetApp creates innovative storage and data management solutions that accelerate business breakthroughs and deliver outstanding cost efficiency. Discover our passion for helping companies around the world go further, faster at www.netapp.com. "Safe Harbor" Statement Under U.S. Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the Outlook section relating to our forecasted operating results, share count, and metrics for the first quarter of fiscal year 2011, our expectations regarding our current and new partnerships and strategic alliances and the benefits that we expect our customers to realize from using our products and those from our strategic alliances and partnerships. These forward-looking statements involve risks and uncertainties, and actual results could vary. Important factors that could cause actual results to differ materially from those in the forward-looking statements include customer demand for our products and services; our ability to increase revenue and manage our operating costs; increased competition risks associated with the anticipated growth in network storage market; our ability to deliver new product architectures and enterprise service offerings; our ability to design products and services that compete effectively from a price and performance perspective; our reliance on a limited number of suppliers; our ability to accurately forecast demand for our products; and other important factors as described in NetApp reports and documents filed from time to time with the Securities and Exchange Commission (SEC), including the factors described under the sections captioned "Risk Factors" in our most recently submitted 10-K and 10-Q. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise. NetApp, the NetApp logo, Go further, faster, and SANscreen are trademarks or registered trademarks of NetApp, Inc. in the United States and/or other countries. VMware is a registered trademark and vSphere is a trademark of VMware, Inc. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such. (1) GAAP earnings per share is calculated using the diluted number of shares for all periods presented. (2) Non-GAAP results of operations exclude the GSA settlement, amortization of intangible assets, stock-based compensation expenses, acquisition related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our convertible debt, net losses or gains on investments, and our GAAP tax provision, including discrete items, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Non-GAAP earnings per share is calculated using the diluted number of shares for all periods presented. (3) Gartner, Inc. Magic Quadrant for Midrange and High-End NAS Solutions, Pushan Rinnen, Robert E. Passmore, Roger W. Cox, March 15, 2010. NetApp Usage of Non-GAAP Financials
The Company refers to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding the Company's ongoing operational performance. Non-GAAP results of operations exclude the GSA settlement, amortization of intangible assets, stock-based compensation expenses, acquisition related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our convertible debt, net losses or gains on investments, and our GAAP tax provision, including discrete items, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. We have excluded these items in order to enhance investors' understanding of our ongoing operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures. These non-GAAP financial measures are used to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors' operating results, and (3) allow greater transparency with respect to information used by management in financial and operational decision making. In addition, these non-GAAP financial measures are used to measure company performance for the purposes of determining employee incentive plan compensation. In addition, we have historically reported similar non-GAAP financial measures to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting at this time.
NETAPP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
April 30, 2010 April 24, 2009
-------------- --------------
ASSETS
Current assets:
Cash, cash equivalents and investments $ 3,724.0 $ 2,604.2
Accounts receivable, net 471.5 446.5
Inventories 112.9 61.1
Other current assets 228.7 327.0
-------------- --------------
Total current assets 4,537.1 3,438.8
Property and equipment, net 804.4 807.9
Goodwill and other intangible assets, net 706.1 726.7
Long-term investments and restricted cash 72.8 127.3
Other non-current assets 374.0 283.7
-------------- --------------
$ 6,494.4 $ 5,384.4
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 184.6 $ 137.8
Accrued compensation and other current
liabilities 591.3 527.9
Deferred revenue 1,135.1 1,013.6
-------------- --------------
Total current liabilities 1,911.0 1,679.3
-------------- --------------
Long-term debt and other obligations 1,273.4 1,219.3
Long-term deferred revenue 779.5 701.6
-------------- --------------
3,963.9 3,600.2
-------------- --------------
Stockholders' equity 2,530.5 1,784.2
-------------- --------------
$ 6,494.4 $ 5,384.4
============== ==============
NETAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except net income per share amounts)
(Unaudited)
Three Months Ended Year Ended
---------------------- ----------------------
April 30, April 24, April 30, April 24,
2010 2009 2010 2009
---------- ---------- ---------- ----------
Revenues:
Product $ 758.8 $ 506.2 $ 2,381.1 $ 2,152.7
Software entitlements
and maintenance 173.8 164.6 679.8 618.3
Service 239.2 209.5 870.5 764.1
GSA settlement - (0.7) - (128.7)
---------- ---------- ---------- ----------
Net revenues 1,171.8 879.6 3,931.4 3,406.4
---------- ---------- ---------- ----------
Cost of revenues:
Cost of product 310.9 245.2 976.4 1,007.6
Cost of software
entitlements and
maintenance 3.1 2.4 12.3 9.2
Cost of service 109.3 98.1 423.5 399.7
---------- ---------- ---------- ----------
Total cost of
revenues 423.3 345.7 1,412.2 1,416.5
---------- ---------- ---------- ----------
Gross profit 748.5 533.9 2,519.2 1,989.9
---------- ---------- ---------- ----------
Operating expenses:
Sales and marketing 366.7 287.3 1,293.7 1,186.1
Research and
development 143.7 125.0 535.7 498.5
General and
administrative 64.2 52.2 238.8 203.7
Restructuring and other
charges (0.2) 35.5 2.5 54.4
Acquisition related
(income) expense, net 1.2 - (39.9) -
---------- ---------- ---------- ----------
Total operating
expenses 575.6 500.0 2,030.8 1,942.7
---------- ---------- ---------- ----------
Income from operations 172.9 33.9 488.4 47.2
Other income (expenses), net
Interest income 8.1 11.7 31.2 57.6
Interest expense (18.8) (18.5) (74.1) (63.4)
Other income
(expenses), net 1.7 (2.4) 1.5 (33.1)
---------- ---------- ---------- ----------
Total other
expenses, net (9.0) (9.2) (41.4) (38.9)
---------- ---------- ---------- ----------
Income before income taxes 163.9 24.7 447.0 8.3
Provision for (benefit
from) income taxes 18.8 (43.7) 46.6 (56.3)
---------- ---------- ---------- ----------
Net income $ 145.1 $ 68.4 $ 400.4 $ 64.6
========== ========== ========== ==========
Net income per share:
Basic $ 0.42 $ 0.21 $ 1.18 $ 0.20
========== ========== ========== ==========
Diluted $ 0.40 $ 0.21 $ 1.13 $ 0.19
========== ========== ========== ==========
Shares used in per share
computation:
Basic 346.1 330.9 339.6 330.3
========== ========== ========== ==========
Diluted 364.5 333.1 353.2 334.6
========== ========== ========== ==========
NETAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In millions)
(Unaudited)
Three Months Ended Year Ended
---------------------- ----------------------
April 30, April 24, April 30, April 24,
2010 2009 2010 2009
---------- ---------- ---------- ----------
Cash Flows from Operating
Activities:
Net income $ 145.1 $ 68.4 $ 400.4 $ 64.6
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 40.0 40.7 166.0 170.5
Stock-based compensation 37.8 42.2 159.8 140.8
Accretion of discount and
issue costs on notes 13.1 12.2 50.8 41.0
Other, net 4.1 (35.3) (1.6) (66.8)
Tax benefit from
stock-based compensation 1.8 4.5 (0.9) 45.4
Excess tax benefit from
stock-based compensation (7.6) (1.8) (8.6) (36.7)
Changes in assets and
liabilities:
Accounts receivable (13.4) (101.6) (21.3) 128.7
Inventories (41.2) 21.1 (52.1) 9.1
Accounts payable 43.1 15.2 42.7 (27.0)
Accrued compensation
and other current
liabilities 112.4 49.7 53.2 190.5
Deferred revenue 116.6 81.3 176.7 219.3
Changes in other
operating assets and
liabilities, net 22.8 (1.0) 9.9 9.8
---------- ---------- ---------- ----------
Net cash provided
by operating
activities 474.6 195.6 975.0 889.2
---------- ---------- ---------- ----------
Cash Flows from Investing
Activities:
Purchases and redemptions
of investments, net (768.9) (291.9) (860.3) (116.8)
Reclassification from cash
and cash equivalents to
short-term investments - - - (598.0)
Purchases of property and
equipment (38.4) (134.7) (135.6) (289.6)
Other investing
activities, net 4.1 0.7 8.2 1.1
---------- ---------- ---------- ----------
Net cash used in
investing
activities (803.2) (425.9) (987.7) (1,003.3)
---------- ---------- ---------- ----------
Cash Flows from Financing
Activities:
Issuance of common stock 40.4 16.6 197.1 85.9
Repurchases of common
stock - - - (400.0)
Excess tax benefit from
stock-based compensation 7.6 1.8 8.6 36.7
Issuance of debt - - - 1,238.4
Sale of common stock
warrants - - - 163.1
Settlement (purchase) of
note hedge 14.2 - 14.2 (254.9)
Repayment of long-term
debt - - - (172.6)
---------- ---------- ---------- ----------
Net cash provided
by financing
activities 62.2 18.4 219.9 696.6
---------- ---------- ---------- ----------
Effect of Exchange Rate
Changes on Cash and Cash
Equivalents (4.4) (2.1) 3.6 (24.8)
Net Increase (Decrease) in
Cash and Cash Equivalents (270.8) (214.0) 210.8 557.7
Cash and Cash Equivalents:
Beginning of period 1,975.8 1,708.2 1,494.2 936.5
---------- ---------- ---------- ----------
End of period $ 1,705.0 $ 1,494.2 $ 1,705.0 $ 1,494.2
========== ========== ========== ==========
NETAPP, INC.
SUPPLEMENTAL INFORMATION
(In millions)
(Unaudited)
Three Months Ended April 30, 2010
-----------------------------------------------------------
Amortization Restruc-
of Stock-based turing and
GSA Intangible Compensation Asset Other
Settlement Assets Expenses Impairment Charges
----------- ----------- ----------- ----------- ----------
Cost of product
revenues - $ 4.1 $ 1.3 - -
Cost of service
revenues - - 3.5 - -
Sales and
marketing
expense - 0.8 16.9 - -
Research and
development
expense - - 9.0 - -
General and
administrative
expense - - 7.1 - -
Restructuring
and other
charges - - - - (0.2)
Acquisitions
related
(income)
expense, net - - - - -
Interest
expense - - - - -
(Gain) loss on
investments,
net - - - - -
----------- ----------- ----------- ----------- ----------
Effect on
income before
income taxes - $ 4.9 $ 37.8 - $ (0.2)
Three Months Ended April 30, 2010
----------------------------------------------
Acquisitions
related (Gain)
(income) Non-Cash Loss on
expense Interest Investments
net Expense Net Total
---------- ----------- ---------- ----------
Cost of product
revenues - - - $ 5.4
Cost of service
revenues - - - 3.5
Sales and
marketing
expense - - - 17.7
Research and
development
expense - - - 9.0
General and
administrative
expense - - - 7.1
Restructuring
and other
charges - - - (0.2)
Acquisitions
related
(income)
expense, net 1.2 - - 1.2
Interest
expense - 13.1 - 13.1
(Gain) loss on
investments,
net - - (1.2) (1.2)
---------- ----------- ---------- ----------
Effect on
income before
income taxes $ 1.2 $ 13.1 $ (1.2) $ 55.6
Year Ended April 30, 2010
-----------------------------------------------------------
Amortization Restruc-
of Stock-based turing and
GSA Intangible Compensation Asset Other
Settlement Assets Expenses Impairment Charges
----------- ----------- ----------- ----------- ----------
Cost of product
revenues - $ 17.1 $ 4.0 - -
Cost of service
revenues - - 14.3 - -
Sales and
marketing
expense - 3.4 73.7 - -
Research and
development
expense - - 38.5 - -
General and
administrative
expense - - 29.3 - -
Restructuring
and other
charges - - - - 2.5
Acquisitions
related
(income)
expense, net - - - - -
Interest
expense - - - - -
(Gain) loss on
investments,
net - - - - -
----------- ----------- ----------- ----------- ----------
Effect on
pre-tax income - $ 20.5 $ 159.8 - $ 2.5
Year Ended April 30, 2010
----------------------------------------------
Acquisitions
related (Gain)
(income) Non-Cash Loss on
expense Interest Investments
net Expense Net Total
---------- ----------- ---------- ----------
Cost of product
revenues - - - $ 21.1
Cost of service
revenues - - - 14.3
Sales and
marketing
expense - - - 77.1
Research and
development
expense - - - 38.5
General and
administrative
expense - - - 29.3
Restructuring
and other
charges - - - 2.5
Acquisitions
related
(income)
expense, net (39.9) - - (39.9)
Interest
expense - 50.8 - 50.8
(Gain) loss on
investments,
net - - (4.7) (4.7)
---------- ----------- ---------- ----------
Effect on
pre-tax income $ (39.9) $ 50.8 $ (4.7) $ 189.0
Three Months Ended April 24, 2009
-----------------------------------------------------------
Amortization Restruc-
of Stock-based turing and
GSA Intangible Compensation Asset Other
Settlement Assets Expenses Impairment Charges
----------- ----------- ----------- ----------- ----------
Total revenues $ 0.7 - - - -
Cost of product
revenues - 4.9 1.0 - -
Cost of service
revenues - - 3.9 - -
Sales and
marketing
expense - 0.8 20.1 - -
Research and
development
expense - - 11.3 - -
General and
administrative
expense - - 5.9 - -
Restructuring
and other
charges - - - - 35.5
Interest
expense - - - - -
(Gain) loss on
investments,
net - - - - -
----------- ----------- ----------- ----------- ----------
Effect on
income before
income taxes $ 0.7 $ 5.7 $ 42.2 - $ 35.5
Three Months Ended April 24, 2009
----------------------------------------------
Acquisitions
related (Gain)
(income) Non-Cash Loss on
expense Interest Investments
net Expense Net Total
---------- ----------- ---------- ----------
Total revenues - - - $ 0.7
Cost of product
revenues - - - 5.9
Cost of service
revenues - - - 3.9
Sales and
marketing
expense - - - 20.9
Research and
development
expense - - - 11.3
General and
administrative
expense - - - 5.9
Restructuring
and other
charges - - - 35.5
Interest
expense - 11.0 - 11.0
(Gain) loss on
investments,
net - 2.6 2.6
---------- ----------- ---------- ----------
Effect on
income before
income taxes - $ 11.0 $ 2.6 $ 97.7
Year Ended April 24, 2009
-----------------------------------------------------------
Amortization Restruc-
of Stock-based turing and
GSA Intangible Compensation Asset Other
Settlement Assets Expenses Impairment Charges
----------- ----------- ----------- ----------- ----------
Total revenues $ 128.7 - - - -
Cost of product
revenues - 24.5 3.3 - -
Cost of service
revenues - - 12.3 - -
Sales and
marketing
expense - 4.4 65.1 9.4 -
Research and
development
expense - - 37.9 - -
General and
administrative
expense - - 22.2 - -
Restructuring
and other
charges - - - - 54.4
Interest
expense - - - - -
(Gain) loss on
investments,
net - - - - -
----------- ----------- ----------- ----------- ----------
Effect on
pre-tax income $ 128.7 $ 28.9 $ 140.8 $ 9.4 $ 54.4
Year Ended April 24, 2009
----------------------------------------------
Acquisitions
related (Gain)
(income) Non-Cash Loss on
expense Interest Investments
net Expense Net Total
---------- ----------- ---------- ----------
Total revenues - - - $ 128.7
Cost of product
revenues - - - 27.8
Cost of service
revenues - - - 12.3
Sales and
marketing
expense - - - 78.9
Research and
development
expense - - - 37.9
General and
administrative
expense - - - 22.2
Restructuring
and other
charges - - - 54.4
Interest
expense - 36.6 - 36.6
(Gain) loss on
investments,
net - - 29.6 29.6
---------- ----------- ---------- ----------
Effect on
pre-tax income - $ 36.6 $ 29.6 $ 428.4
NETAPP, INC.
RECONCILIATION OF NON-GAAP AND GAAP
IN THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except net income per share amounts)
(Unaudited)
Three Months Ended Year Ended
---------------------- ----------------------
April 30, April 24, April 30, April 24,
2010 2009 2010 2009
---------- ---------- ---------- ----------
SUMMARY RECONCILIATION OF
NET INCOME
NET INCOME $ 145.1 $ 68.4 $ 400.4 $ 64.6
Adjustments:
GSA settlement - 0.7 - 128.7
Amortization of intangible
assets 4.9 5.7 20.5 28.9
Stock-based compensation
expenses 37.8 42.2 159.8 140.8
Asset impairment - - - 9.4
Restructuring and other
charges (0.2) 35.5 2.5 54.4
Acquisitions related
(income) expense, net 1.2 - (39.9) -
Non-cash interest expense 13.1 11.0 50.8 36.6
(Gain) loss on
investments, net (1.2) 2.6 (4.7) 29.6
Discrete GAAP tax
provision items (13.1) 6.5 (20.4) 6.9
Income tax effect (4.5) (69.8) (36.0) (135.6)
---------- ---------- ---------- ----------
NON-GAAP NET INCOME $ 183.1 $ 102.8 $ 533.0 $ 364.3
========== ========== ========== ==========
NET INCOME PER SHARE $ 0.398 $ 0.205 $ 1.134 $ 0.193
Adjustments:
GSA settlement - 0.002 - 0.385
Amortization of intangible
assets 0.013 0.017 0.058 0.086
Stock-based compensation
expenses 0.104 0.127 0.452 0.421
Asset impairment - - - 0.028
Restructuring and other
charges (0.001) 0.106 0.007 0.163
Acquisitions related
(income) expense, net 0.003 - (0.113) -
Non-cash interest expense 0.036 0.033 0.144 0.109
(Gain) loss on
investments, net (0.003) 0.008 (0.013) 0.088
Discrete GAAP tax
provision items (0.036) 0.020 (0.058) 0.021
Income tax effect (0.012) (0.210) (0.102) (0.405)
NON-GAAP NET INCOME PER ---------- ---------- ---------- ----------
SHARE $ 0.502 $ 0.308 $ 1.509 $ 1.089
========== ========== ========== ==========
NETAPP, INC.
RECONCILIATION OF NON GAAP GUIDANCE TO GAAP
EXPRESSED AS EARNINGS PER SHARE
FIRST QUARTER 2011
(Unaudited)
First Quarter
2011
---------------
Non-GAAP Guidance $0.43 - $0.47
Adjustments of Specific Items to
Net Income Per Share for the First
Quarter 2011:
Stock based compensation expense (0.11)
Amortization of intangible assets (0.01)
Non cash interest expense (0.03)
Income tax effect 0.03
---------------
Total Adjustments (0.12)
GAAP Guidance -Net Income Per Share $0.31 - $0.35
Contact Information: Press Contact: Ryan Lowry NetApp (408) 822-7544 ryanl@netapp.com Investor Contacts: Tara Dhillon NetApp (408) 822-6909 tara@netapp.com Billie Fagenstrom NetApp (408) 822-6428 billief@netapp.com