NetApp (NTAP) FY2021 results: revenue $5.7 billion, up 6.1% on the year
NetApp, Inc. (NTAP) reported revenue of $5.7 billion for fiscal 2021, the year ended 30 April 2021, up 6.1% on the year before. Net income was $730 million, down 10.9%, and diluted earnings per share $3.23. The figures are the company's own, from the 10-K it filed with the SEC on 14 June 2023.
Revenue
$5.7 billion
+6.1% on the year
FY2014FY2021
Operating margin
17.9%
17.5% a year earlier
FY2014FY2021
Net income
$730 million
-10.9% on the year
FY2014FY2021
Diluted EPS
$3.23
-8.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
5,744
5,412
6,146
+6.1%
Cost of revenue
1,929
1,789
2,201
+7.8%
Gross profit
3,815
3,623
3,945
+5.3%
Gross margin
66.4%
66.9%
64.2%
Research and development
881
847
827
+4.0%
Operating income
1,031
945
1,221
+9.1%
Operating margin
17.9%
17.5%
19.9%
Interest expense
74.0
55.0
58.0
+34.5%
Pre-tax income
962
944
1,268
+1.9%
Income tax
232
125
99.0
+85.6%
Effective tax rate
24.1%
13.2%
7.8%
Net income
730
819
1,169
-10.9%
Net margin
12.7%
15.1%
19.0%
Diluted EPS
$3.23
$3.52
$4.51
-8.2%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,333
1,060
1,341
+25.8%
Capital expenditure
162
124
173
+30.6%
Free cash flow
1,171
936
1,168
+25.1%
Free cash flow margin
20.4%
17.3%
19.0%
Cash from investing
21.0
1,269
704
-98.3%
Cash from financing
444
-1,960
-2,631
Depreciation and amortisation
207
154
150
+34.4%
Share-based compensation
197
153
158
+28.8%
Buybacks
125
1,411
2,111
-91.1%
Dividends paid
427
439
403
-2.7%
Dividend per share
$1.92
$1.92
$1.60
0.0%
Diluted shares, weighted
226m
233m
259m
-3.0%
Shares outstanding at period end
222m
219m
240m
+1.4%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
685
242
1,090
+183.1%
Debt
2,632
1,668
1,793
+57.8%
Operating lease liabilities
71.0
93.0
0.0
-23.7%
Other liabilities
5,972
5,519
5,858
+8.2%
Total liabilities and equity
9,360
7,522
8,741
+24.4%
Fixed assets
525
727
759
-27.8%
Goodwill
2,039
1,778
1,735
+14.7%
Intangible assets
101
44.0
47.0
+129.5%
Investments
67.0
224
1,574
-70.1%
Cash and equivalents
4,529
2,658
2,325
+70.4%
Receivables
945
973
1,216
-2.9%
Inventory
114
145
131
-21.4%
Other assets
1,040
973
954
+6.9%
Total assets
9,360
7,522
8,741
+24.4%
10-K for the year ended 30 April 2021, filed 14 June 2023: the filing.