NetApp (NTAP) FY2014 results: revenue $6.3 billion, down 0.1% on the year
NetApp, Inc. (NTAP) reported revenue of $6.3 billion for fiscal 2014, the year ended 25 April 2014, down 0.1% on the year before. Net income was $638 million, up 26.2%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 17 June 2014.
Revenue
$6.3 billion
-0.1% on the year
FY2009FY2014
Operating margin
11.6%
9.6% a year earlier
FY2009FY2014
Net income
$638 million
+26.2% on the year
FY2009FY2014
Diluted EPS
$1.83
+33.6% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
6,325
6,332
6,233
-0.1%
Cost of revenue
2,406
2,571
2,520
-6.4%
Gross profit
3,919
3,761
3,713
+4.2%
Gross margin
62.0%
59.4%
59.6%
Research and development
917
904
828
+1.4%
Operating income
734
608
746
+20.8%
Operating margin
11.6%
9.6%
12.0%
Interest expense
36.0
91.7
74.7
-60.7%
Pre-tax income
741
567
712
+30.7%
Income tax
103
61.3
107
+68.4%
Effective tax rate
13.9%
10.8%
15.0%
Net income
638
505
605
+26.2%
Net margin
10.1%
8.0%
9.7%
Diluted EPS
$1.83
$1.37
$1.58
+33.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,350
1,386
1,463
-2.6%
Capital expenditure
221
303
407
-27.0%
Free cash flow
1,129
1,083
1,056
+4.2%
Free cash flow margin
17.8%
17.1%
16.9%
Cash from investing
n/a
n/a
-2,310
Cash from financing
n/a
n/a
-344
Depreciation and amortisation
275
259
293
+6.3%
Share-based compensation
273
277
258
-1.3%
Buybacks
1,882
590
600
+218.9%
Dividends paid
202
0.0
0.0
Dividend per share
$0.60
n/a
n/a
Diluted shares, weighted
348m
368m
384m
-5.5%
Shares outstanding at period end
324m
n/a
n/a
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,786
4,718
4,294
-19.7%
Debt
996
2,252
1,202
-55.8%
Other liabilities
4,437
4,272
4,036
+3.9%
Total liabilities and equity
9,219
11,242
9,532
-18.0%
Fixed assets
1,109
1,171
1,137
-5.3%
Goodwill
988
988
905
0.0%
Intangible assets
122
181
236
-32.7%
Investments
2,748
3,718
3,900
-26.1%
Cash and equivalents
2,291
3,277
1,550
-30.1%
Receivables
856
801
831
+6.9%
Inventory
122
140
162
-12.3%
Other assets
983
968
812
+1.6%
Total assets
9,219
11,242
9,532
-18.0%
10-K for the year ended 25 April 2014, filed 17 June 2014: the filing.