NetApp (NTAP) FY2020 results: revenue $5.4 billion, down 11.9% on the year
NetApp, Inc. (NTAP) reported revenue of $5.4 billion for fiscal 2020, the year ended 24 April 2020, down 11.9% on the year before. Net income was $819 million, down 29.9%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 15 June 2020.
Revenue
$5.4 billion
-11.9% on the year
FY2013FY2020
Operating margin
17.5%
19.9% a year earlier
FY2013FY2020
Net income
$819 million
-29.9% on the year
FY2013FY2020
Diluted EPS
$3.52
-22.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,412
6,146
5,911
-11.9%
Cost of revenue
1,789
2,201
2,212
-18.7%
Gross profit
3,623
3,945
3,709
-8.2%
Gross margin
66.9%
64.2%
62.7%
Research and development
847
827
783
+2.4%
Operating income
945
1,221
1,158
-22.6%
Operating margin
17.5%
19.9%
19.6%
Interest expense
55.0
58.0
62.0
-5.2%
Pre-tax income
944
1,268
1,199
-25.6%
Income tax
125
99.0
1,083
+26.3%
Effective tax rate
13.2%
7.8%
90.3%
Net income
819
1,169
116
-29.9%
Net margin
15.1%
19.0%
2.0%
Diluted EPS
$3.52
$4.51
$0.42
-22.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,060
1,341
1,478
-21.0%
Capital expenditure
124
173
145
-28.3%
Free cash flow
936
1,168
1,333
-19.9%
Free cash flow margin
17.3%
19.0%
22.6%
Cash from investing
1,269
704
-21.0
+80.3%
Cash from financing
-1,960
-2,631
-986
Depreciation and amortisation
154
150
145
+2.7%
Share-based compensation
153
158
161
-3.2%
Buybacks
1,411
2,111
794
-33.2%
Dividends paid
439
403
214
+8.9%
Dividend per share
$1.92
$1.60
$0.80
+20.0%
Diluted shares, weighted
233m
259m
276m
-10.0%
Shares outstanding at period end
219m
240m
263m
-8.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
242
1,090
2,276
-77.8%
Debt
1,668
1,793
1,926
-7.0%
Operating lease liabilities
93.0
0.0
n/a
Other liabilities
5,519
5,858
5,789
-5.8%
Total liabilities and equity
7,522
8,741
9,991
-13.9%
Fixed assets
727
759
756
-4.2%
Goodwill
1,778
1,735
1,739
+2.5%
Intangible assets
44.0
47.0
94.0
-6.4%
Investments
224
1,574
2,450
-85.8%
Cash and equivalents
2,658
2,325
2,941
+14.3%
Receivables
973
1,216
1,047
-20.0%
Inventory
145
131
122
+10.7%
Other assets
973
954
842
+2.0%
Total assets
7,522
8,741
9,991
-13.9%
10-K for the year ended 24 April 2020, filed 15 June 2020: the filing.