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Apr 30, 2021
NetApp Q4 2021 Earnings Report
NetApp's Q4 2021 financial results were reported, showing revenue growth and increased profitability.
Key Takeaways
NetApp reported Q4 2021 results with net revenues of $1.56 billion, an 11% year-over-year increase. GAAP net income was $334 million, or $1.46 per share, while non-GAAP net income was $268 million, or $1.17 per share. The company's public cloud services ARR increased 171% year-over-year to $301 million, and free cash flow reached an all-time high of $521 million.
Net revenues increased by 11% year-over-year to $1.56 billion.
Public cloud services ARR grew by 171% year-over-year to $301 million.
GAAP net income was $334 million, or $1.46 per share.
Free cash flow reached an all-time high of $521 million.
NetApp
NetApp
NetApp Revenue by Geographic Location
Revenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
The Company provided financial guidance for the first quarter and full fiscal year 2022.
Positive Outlook
- Net revenues are expected to be in the range of $1.37 billion to $1.47 billion for Q1 2022.
- GAAP earnings per share is expected to be in the range of $0.69 to $0.77 for Q1 2022.
- Non-GAAP earnings per share is expected to be in the range of $0.89 to $0.97 for Q1 2022.
- Net revenues are expected to grow in the range of 6% to 7% for FY 2022.
- Public cloud ARR is expected to exit the fiscal year in the range of $425 million to $500 million.
Challenges Ahead
- Consolidated GAAP gross margins are expected to be 66% - 67% for FY 2022.
- Consolidated Non-GAAP gross margins are expected to be 67% - 68% for FY 2022.
- Operating GAAP margins are expected to be 16% - 17% for FY 2022.
- Operating Non-GAAP margins are expected to be 21% - 22% for FY 2022.
- Effective tax rate is expected to be ~20% (GAAP) and ~19% (Non-GAAP) for FY 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income