Company Reports Q4 FY'12 Revenues of $1.70 Billion; Fiscal Year Revenues of $6.23 Billion, Up 22% Year Over Year
SUNNYVALE, CA--(Marketwire - May 23, 2012) - NetApp (
For the fourth quarter of fiscal year 2012, GAAP net income was $181 million, or $0.47 per share1, compared to GAAP net income of $161 million, or $0.40 per share, for the same period a year ago. Non-GAAP net income for the fourth quarter of fiscal year 2012 was $252 million, or $0.66 per share2, compared to non-GAAP net income of $237 million, or $0.59 per share for the same period a year ago.
Revenues for fiscal year 2012 totaled $6.23 billion, up 22% compared to revenues of $5.12 billion for fiscal year 2011. GAAP net income for fiscal year 2012 totaled $605 million, or $1.58 per share, compared to GAAP net income of $673 million, or $1.71 per share for fiscal year 2011. Non-GAAP net income for fiscal year 2012 totaled $926 million, or $2.41 per share, compared to non-GAAP net income of $866 million, or $2.20 per share for fiscal year 2011.
"With a strong product offering and well established partner ecosystem, NetApp delivered our ninth consecutive quarter of over 20% year-over-year product revenue growth. Our ability to generate cash remains robust as the fourth quarter was our best ever quarter in terms of cash flow from operations," said Tom Georgens, president and CEO. "As the innovation leader in the industry, and the only company offering a unified scale out platform, we are the clear choice for enterprises as they re-architect their data centers to provide agility while reducing complexity and cost."
Outlook
NetApp's outlook for the first quarter of fiscal year 2013 reflects the normal slower seasonality of the first quarter and increasing uncertainty in the broader macro environment.
Business Highlights
In its fourth quarter of fiscal year 2012, NetApp innovation provided customers and partners with the storage foundation that is enabling them to capitalize on data to help grow their business. During the quarter, NetApp and Cisco built on the impressive momentum of the FlexPod® design architecture by unveiling new architectures to allow customers and partners to accelerate their transition to the cloud. Additionally, customers around the world continued to use NetApp® storage efficiency technologies to leverage existing investments, significantly reduce costs, and help support growth. Highlights during the quarter include the following:
More Than 850 Customers Build on the NetApp and Cisco FlexPod Architecture to Leverage the Cloud
SOFTBANK Utilizes NetApp Technology to Help Transform IT Infrastructure and Contribute to Japan's Recovery Process Following 2011 Earthquake and Tsunami
Customers Can Harness Big Data Environments with Enhanced NetApp E-Series Platform
Awards and Milestones
Webcast and Conference Call Information
The NetApp fourth quarter and fiscal year 2012 results conference call will be broadcast live on the Internet at investors.netapp.com on Wednesday, May 23, 2012, at 2:30 p.m. Pacific Time. This press release and any other information related to the call will also be posted on the Web site at that location. An audio replay Webcast will be available after 4:30 p.m. Pacific Time on the Web site.
NetApp uses a hybrid format for disclosing key financial information associated with our quarterly results. Concurrent with the press release, NetApp posts a supplemental commentary with financial information and statistics to our Web site at investors.netapp.com.
About NetApp
NetApp creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs. 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 forecasts for the first quarter of fiscal year 2013 and expected benefits our customers may realize from our products and partnerships, all of which involve risk and uncertainty. Actual results may differ materially from our statements and projections for a variety of reasons, including general economic and market conditions, such as the macroeconomic environment and the flooding in Thailand, and matters specific to our business, such as customer demand for and acceptance of our products and services. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission (SEC), including the factors described under the sections titled "Risk Factors" in our most recently submitted Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively. 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, and Go further, faster, are trademarks or registered trademarks of NetApp, Inc. All other marks are the property of their respective owners and should be treated as such.
1GAAP earnings per share is calculated using the diluted number of shares for all periods presented.
2Non-GAAP net income excludes the amortization of intangible assets, stock-based compensation, 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, 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.
380% hedged on maturity or conversion of the convertible notes.
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 net income excludes the amortization of intangible assets, stock-based compensation, 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, 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. 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 27, 2012 | April 29, 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and investments | $ | 5,398.5 | $ | 5,174.7 | ||||
Accounts receivable, net | 830.9 | 742.6 | ||||||
Inventories | 161.5 | 108.5 | ||||||
Other current assets | 435.6 | 339.4 | ||||||
Total current assets | 6,826.5 | 6,365.2 | ||||||
Property and equipment, net | 1,137.2 | 911.6 | ||||||
Goodwill and other intangible assets, net | 1,141.2 | 813.3 | ||||||
Other non-current assets | 427.4 | 408.7 | ||||||
Total assets | $ | 9,532.3 | $ | 8,498.8 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 233.1 | $ | 232.8 | ||||
Accrued compensation and other current liabilities | 717.9 | 763.0 | ||||||
1.75% Convertible Senior Notes due 2013 | 1,202.3 | 1,150.4 | ||||||
Short-term deferred revenue | 1,366.5 | 1,226.6 | ||||||
Total current liabilities | 3,519.8 | 3,372.8 | ||||||
Other long-term liabilities | 206.9 | 192.9 | ||||||
Long-term deferred revenue | 1,449.4 | 1,088.3 | ||||||
Total liabilities | 5,176.1 | 4,654.0 | ||||||
1.75% Convertible Senior Notes due 2013 | 62.6 | 114.6 | ||||||
Stockholders' equity | 4,293.6 | 3,730.2 | ||||||
Total liabilities and stockholders' equity | $ | 9,532.3 | $ | 8,498.8 | ||||
NETAPP, INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(In millions, except net income per share amounts) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||
April 27, 2012 | April 29, 2011 | April 27, 2012 | April 29, 2011 | |||||||||||||||
Revenues: | ||||||||||||||||||
Product | $ | 1,165.1 | $ | 960.5 | $ | 4,209.7 | $ | 3,367.1 | ||||||||||
Software entitlements and maintenance | 212.5 | 187.0 | 812.2 | 720.6 | ||||||||||||||
Service | 324.9 | 280.8 | 1,211.3 | 1,034.9 | ||||||||||||||
Net revenues | 1,702.5 | 1,428.3 | 6,233.2 | 5,122.6 | ||||||||||||||
Cost of revenues: | ||||||||||||||||||
Cost of product | 564.0 | 379.1 | 1,979.9 | 1,342.0 | ||||||||||||||
Cost of software entitlements and maintenance | 6.8 | 4.8 | 23.9 | 15.7 | ||||||||||||||
Cost of service | 136.7 | 116.2 | 516.0 | 436.2 | ||||||||||||||
Total cost of revenues | 707.5 | 500.1 | 2,519.8 | 1,793.9 | ||||||||||||||
Gross profit | 995.0 | 928.2 | 3,713.4 | 3,328.7 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Sales and marketing | 478.1 | 462.6 | 1,864.0 | 1,597.0 | ||||||||||||||
Research and development | 221.6 | 176.5 | 828.2 | 648.6 | ||||||||||||||
General and administrative | 71.5 | 69.0 | 264.9 | 251.3 | ||||||||||||||
Restructuring and other charges | - | 2.4 | - | 1.8 | ||||||||||||||
Acquisition-related expense | 2.4 | 4.8 | 9.8 | 5.7 | ||||||||||||||
Total operating expenses | 773.6 | 715.3 | 2,966.9 | 2,504.4 | ||||||||||||||
Income from operations | 221.4 | 212.9 | 746.5 | 824.3 | ||||||||||||||
Other expense, net | ||||||||||||||||||
Interest income | 10.6 | 10.3 | 38.2 | 39.9 | ||||||||||||||
Interest expense | (20.0 | ) | (19.7 | ) | (74.7 | ) | (75.9 | ) | ||||||||||
Other income, net | 2.5 | 4.6 | 2.4 | 5.8 | ||||||||||||||
Total other expense, net | (6.9 | ) | (4.8 | ) | (34.1 | ) | (30.2 | ) | ||||||||||
Income before income taxes | 214.5 | 208.1 | 712.4 | 794.1 | ||||||||||||||
Provision for income taxes | 33.8 | 47.5 | 107.0 | 121.0 | ||||||||||||||
Net income | $ | 180.7 | $ | 160.6 | $ | 605.4 | $ | 673.1 | ||||||||||
Net income per share: | ||||||||||||||||||
Basic | $ | 0.50 | $ | 0.44 | $ | 1.66 | $ | 1.87 | ||||||||||
Diluted | $ | 0.47 | $ | 0.40 | $ | 1.58 | $ | 1.71 | ||||||||||
Shares used in net income per share calculations: | ||||||||||||||||||
Basic | 363.4 | 368.1 | 363.9 | 360.9 | ||||||||||||||
Diluted | 381.7 | 403.6 | 384.3 | 393.7 | ||||||||||||||
NETAPP, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | |||||||||||||||||||
(In millions) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
April 27, 2012 | April 29, 2011 | April 27, 2012 | April 29, 2011 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income | $ | 180.7 | $ | 160.6 | $ | 605.4 | $ | 673.1 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 82.6 | 42.3 | 293.1 | 165.6 | |||||||||||||||
Stock-based compensation | 59.8 | 48.2 | 257.6 | 175.2 | |||||||||||||||
Accretion of discount and issuance costs on notes | 14.2 | 13.9 | 52.9 | 53.1 | |||||||||||||||
Tax benefit from stock-based compensation | 32.8 | 53.6 | 107.5 | 128.5 | |||||||||||||||
Excess tax benefit from stock-based compensation | (32.6 | ) | (64.4 | ) | (113.3 | ) | (127.7 | ) | |||||||||||
Other, net | 0.7 | 14.7 | (71.2 | ) | (11.5 | ) | |||||||||||||
Changes in assets and liabilities, net of acquisition of businesses: | |||||||||||||||||||
Accounts receivable | (146.2 | ) | (185.2 | ) | (90.4 | ) | (262.7 | ) | |||||||||||
Inventories | (7.7 | ) | (14.4 | ) | (16.5 | ) | 4.4 | ||||||||||||
Accounts payable | 21.8 | 41.0 | 11.4 | 38.7 | |||||||||||||||
Accrued compensation and other current liabilities | 112.2 | 159.4 | (48.3 | ) | 118.8 | ||||||||||||||
Deferred revenue | 271.9 | 231.4 | 506.4 | 382.9 | |||||||||||||||
Changes in other operating assets and liabilities, net | (7.6 | ) | (42.3 | ) | (32.0 | ) | 7.9 | ||||||||||||
Net cash provided by operating activities | 582.6 | 458.8 | 1,462.6 | 1,346.3 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of investments, net | (1,403.7 | ) | 417.0 | (1,424.9 | ) | (418.5 | ) | ||||||||||||
Purchases of property and equipment | (124.2 | ) | (72.9 | ) | (407.1 | ) | (222.7 | ) | |||||||||||
Acquisition of businesses, net of cash acquired | - | (61.6 | ) | (480.0 | ) | (136.5 | ) | ||||||||||||
Other investing activities, net | 1.6 | (0.3 | ) | 1.6 | 0.5 | ||||||||||||||
Net cash provided by (used in) investing activities | (1,526.3 | ) | 282.2 | (2,310.4 | ) | (777.2 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Issuance of common stock | 41.1 | 12.2 | 142.1 | 324.2 | |||||||||||||||
Repurchase and retirement of common stock | - | - | (600.0 | ) | - | ||||||||||||||
Excess tax benefit from stock-based compensation | 32.6 | 64.4 | 113.3 | 127.7 | |||||||||||||||
Other financing activities, net | (2.1 | ) | (1.4 | ) | 1.0 | (1.0 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 71.6 | 75.2 | (343.6 | ) | 450.9 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1.0 | 21.7 | (16.1 | ) | 32.3 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (871.1 | ) | 837.9 | (1,207.5 | ) | 1,052.3 | |||||||||||||
Cash and cash equivalents: | |||||||||||||||||||
Beginning of period | 2,420.9 | 1,919.4 | 2,757.3 | 1,705.0 | |||||||||||||||
End of period | $ | 1,549.8 | $ | 2,757.3 | $ | 1,549.8 | $ | 2,757.3 | |||||||||||
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 27, 2012 | April 29, 2011 | April 27, 2012 | April 29, 2011 | ||||||||||||||
SUMMARY RECONCILIATION OF NET INCOME | |||||||||||||||||
NET INCOME | $ | 180.7 | $ | 160.6 | $ | 605.4 | $ | 673.1 | |||||||||
Adjustments: | |||||||||||||||||
Amortization of intangible assets | 21.4 | 4.3 | 89.0 | 17.7 | |||||||||||||
Stock-based compensation | 59.8 | 48.4 | 257.6 | 175.2 | |||||||||||||
Restructuring and other charges | - | 2.4 | - | 1.8 | |||||||||||||
Acquisition-related expense | 2.4 | 4.8 | 17.8 | 5.7 | |||||||||||||
Non-cash interest expense | 14.2 | 13.9 | 52.9 | 53.1 | |||||||||||||
Gain on investments | (0.6 | ) | (0.9 | ) | (1.3 | ) | (3.4 | ) | |||||||||
Income tax effect of non-GAAP adjustments | (25.5 | ) | 3.2 | (95.2 | ) | (57.5 | ) | ||||||||||
NON-GAAP NET INCOME | $ | 252.4 | $ | 236.7 | $ | 926.2 | $ | 865.7 | |||||||||
NET INCOME PER SHARE | $ | 0.473 | $ | 0.398 | $ | 1.575 | $ | 1.710 | |||||||||
Adjustments: | |||||||||||||||||
Amortization of intangible assets | 0.056 | 0.011 | 0.232 | 0.045 | |||||||||||||
Stock-based compensation | 0.157 | 0.120 | 0.670 | 0.445 | |||||||||||||
Restructuring and other charges | - | 0.006 | - | 0.005 | |||||||||||||
Acquisition-related expense | 0.006 | 0.012 | 0.046 | 0.014 | |||||||||||||
Non-cash interest expense | 0.037 | 0.034 | 0.138 | 0.135 | |||||||||||||
Gain on investments | (0.001 | ) | (0.002 | ) | (0.003 | ) | (0.009 | ) | |||||||||
Income tax effect of non-GAAP adjustments | (0.067 | ) | 0.008 | (0.248 | ) | (0.146 | ) | ||||||||||
NON-GAAP NET INCOME PER SHARE | $ | 0.661 | $ | 0.586 | $ | 2.410 | $ | 2.199 | |||||||||
NETAPP, INC. | |||||||||||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended April 27, 2012 | |||||||||||||||||||||||
Amortization of Intangible Assets |
Stock-based Compensation |
Restructuring and Other Charges |
Acquisition- related Expense |
Non-cash Interest Expense |
Gain on Investments |
Total |
|||||||||||||||||
Cost of product revenues | $ | 14.0 | $ | 1.3 | $ | - | $ | - | $ | - | $ | - | $ | 15.3 | |||||||||
Cost of service revenues | - | 4.0 | - | - | - | - | 4.0 | ||||||||||||||||
Sales and marketing expense | 7.4 | 29.5 | - | - | - | - | 36.9 | ||||||||||||||||
Research and development expense | - | 17.1 | - | - | - | - | 17.1 | ||||||||||||||||
General and administrative expense | - | 7.9 | - | - | - | - | 7.9 | ||||||||||||||||
Acquisition-related expense | - | - | - | 2.4 | - | - | 2.4 | ||||||||||||||||
Interest expense | - | - | - | - | 14.2 | - | 14.2 | ||||||||||||||||
Other income, net | - | - | - | - | - | (0.6 | ) | (0.6 | ) | ||||||||||||||
Effect on income before income taxes | $ | 21.4 | $ | 59.8 | $ | - | $ | 2.4 | $ | 14.2 | $ | (0.6 | ) | $ | 97.2 | ||||||||
Three Months Ended April 29, 2011 | |||||||||||||||||||||||
Amortization of Intangible Assets |
Stock-based Compensation |
Restructuring and Other Charges |
Acquisition- related Expense |
Non-cash Interest Expense |
Gain on Investments |
Total |
|||||||||||||||||
Cost of product revenues | $ | 3.1 | $ | 1.0 | $ | - | $ | - | $ | - | $ | - | $ | 4.1 | |||||||||
Cost of service revenues | - | 3.8 | - | - | - | - | 3.8 | ||||||||||||||||
Sales and marketing expense | 1.1 | 22.4 | - | - | - | - | 23.5 | ||||||||||||||||
Research and development expense | 0.1 | 12.9 | - | - | - | - | 13.0 | ||||||||||||||||
General and administrative expense | - | 8.3 | - | - | - | - | 8.3 | ||||||||||||||||
Restructuring and other charges | - | - | 2.4 | - | - | - | 2.4 | ||||||||||||||||
Acquisition-related expense | - | - | - | 4.8 | - | - | 4.8 | ||||||||||||||||
Interest expense | - | - | - | - | 13.9 | - | 13.9 | ||||||||||||||||
Other income, net | - | - | - | - | - | (0.9 | ) | (0.9 | ) | ||||||||||||||
Effect on income before income taxes | $ | 4.3 | $ | 48.4 | $ | 2.4 | $ | 4.8 | $ | 13.9 | $ | (0.9 | ) | $ | 72.9 | ||||||||
Year Ended April 27, 2012 | |||||||||||||||||||||||
Amortization of Intangible Assets |
Stock-based Compensation |
Restructuring and Other Charges |
Acquisition- related Expense |
Non-cash Interest Expense |
Gain on Investments |
Total |
|||||||||||||||||
Cost of product revenues | $ | 55.8 | $ | 5.4 | $ | - | $ | 5.4 | $ | - | $ | - | $ | 66.6 | |||||||||
Cost of service revenues | - | 17.8 | - | - | - | - | 17.8 | ||||||||||||||||
Sales and marketing expense | 33.0 | 126.0 | - | - | - | - | 159.0 | ||||||||||||||||
Research and development expense | 0.2 | 74.1 | - | 2.6 | - | - | 76.9 | ||||||||||||||||
General and administrative expense | - | 34.3 | - | - | - | - | 34.3 | ||||||||||||||||
Acquisition-related expense | - | - | - | 9.8 | - | - | 9.8 | ||||||||||||||||
Interest expense | - | - | - | - | 52.9 | - | 52.9 | ||||||||||||||||
Other income, net | - | - | - | - | - | (1.3 | ) | (1.3 | ) | ||||||||||||||
Effect on income before income taxes | $ | 89.0 | $ | 257.6 | $ | - | $ | 17.8 | $ | 52.9 | $ | (1.3 | ) | $ | 416.0 | ||||||||
Year Ended April 29, 2011 | |||||||||||||||||||||||
Amortization of Intangible Assets |
Stock-based Compensation |
Restructuring and Other Charges |
Acquisition-related Expense |
Non-cash Interest Expense |
Gain on Investments |
Total |
|||||||||||||||||
Cost of product revenues | $ | 13.3 | $ | 3.6 | $ | - | $ | - | $ | - | $ | - | $ | 16.9 | |||||||||
Cost of service revenues | - | 14.4 | - | - | - | - | 14.4 | ||||||||||||||||
Sales and marketing expense | 4.3 | 81.5 | - | - | - | - | 85.8 | ||||||||||||||||
Research and development expense | 0.1 | 44.5 | - | - | - | - | 44.6 | ||||||||||||||||
General and administrative expense | - | 31.2 | - | - | - | - | 31.2 | ||||||||||||||||
Restructuring and other charges | - | - | 1.8 | - | - | - | 1.8 | ||||||||||||||||
Acquisition-related expense | - | - | - | 5.7 | - | - | 5.7 | ||||||||||||||||
Interest expense | - | - | - | - | 53.1 | - | 53.1 | ||||||||||||||||
Other income, net | - | - | - | - | - | (3.4 | ) | (3.4 | ) | ||||||||||||||
Effect on income before income taxes | $ | 17.7 | $ | 175.2 | $ | 1.8 | $ | 5.7 | $ | 53.1 | $ | (3.4 | ) | $ | 250.1 | ||||||||
NETAPP, INC. | |||
RECONCILIATION OF NON-GAAP GUIDANCE TO GAAP | |||
EXPRESSED AS EARNINGS PER SHARE | |||
FIRST QUARTER 2013 | |||
(Unaudited) | |||
First Quarter | |||
2013 | |||
Non-GAAP Guidance | $0.34 - $0.39 | ||
Adjustments of Specific Items to | |||
Net Income Per Share for the First | |||
Quarter 2013: | |||
Amortization of intangible assets | (0.06) | ||
Stock based compensation expense | (0.20) | ||
Non cash interest expense | (0.04) | ||
Income tax effect | 0.06 | ||
Total Adjustments | (0.24) | ||
GAAP Guidance - Net Income Per Share | $0.10 - $0.15 | ||
Contact Information:
Press Contact:
Ryan Lowry
NetApp
(408) 822-7544
ryanl@netapp.com
Investor Contact:
Shauna O'Boyle
NetApp
(408) 822-7655
oboyle@netapp.com