NetApp (NTAP) FY2016 results: revenue $5.5 billion, down 9.4% on the year
NetApp, Inc. (NTAP) reported revenue of $5.5 billion for fiscal 2016, the year ended 29 April 2016, down 9.4% on the year before. Net income was $229 million, down 59.1%, and diluted earnings per share $0.77. The figures are the company's own, from the 10-K it filed with the SEC on 22 June 2016.
Revenue
$5.5 billion
-9.4% on the year
FY2009FY2016
Operating margin
6.3%
11.7% a year earlier
FY2009FY2016
Net income
$229 million
-59.1% on the year
FY2009FY2016
Diluted EPS
$0.77
-56.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
5,546
6,123
6,325
-9.4%
Cost of revenue
2,173
2,290
2,406
-5.1%
Gross profit
3,373
3,833
3,919
-12.0%
Gross margin
60.8%
62.6%
62.0%
Research and development
861
919
917
-6.3%
Operating income
348
716
734
-51.4%
Operating margin
6.3%
11.7%
11.6%
Interest expense
49.0
42.0
36.0
+16.7%
Pre-tax income
345
713
741
-51.6%
Income tax
116
153
103
-24.1%
Effective tax rate
33.6%
21.5%
13.9%
Net income
229
560
638
-59.1%
Net margin
4.1%
9.1%
10.1%
Diluted EPS
$0.77
$1.75
$1.83
-56.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
974
1,268
1,350
-23.2%
Capital expenditure
160
175
221
-8.7%
Free cash flow
814
1,093
1,129
-25.5%
Free cash flow margin
14.7%
17.8%
17.8%
Cash from investing
85.0
n/a
n/a
Cash from financing
-109
n/a
n/a
Depreciation and amortisation
212
243
275
-12.8%
Share-based compensation
260
259
273
+0.3%
Buybacks
960
1,165
1,882
-17.6%
Dividends paid
210
208
202
+1.0%
Dividend per share
$0.72
$0.66
$0.60
+9.1%
Diluted shares, weighted
297m
321m
348m
-7.4%
Shares outstanding at period end
281m
306m
324m
-8.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,881
3,414
3,786
-15.6%
Short-term borrowings
n/a
0.0
n/a
Debt
2,339
1,488
996
+57.2%
Other liabilities
4,817
4,500
4,437
+7.1%
Total liabilities and equity
10,037
9,401
9,219
+6.8%
Fixed assets
937
1,030
1,109
-9.0%
Goodwill
1,676
1,027
988
+63.1%
Intangible assets
180
90.0
122
+100.0%
Investments
2,435
3,405
2,748
-28.5%
Cash and equivalents
2,868
1,922
2,291
+49.3%
Receivables
813
779
856
+4.4%
Inventory
98.0
146
122
-32.9%
Other assets
1,030
1,003
983
+2.7%
Total assets
10,037
9,401
9,219
+6.8%
10-K for the year ended 29 April 2016, filed 22 June 2016: the filing.