NetApp today reported financial results for the second quarter of fiscal year 2019, which ended October 26, 2018.
“Through focus and disciplined execution, NetApp again delivered strong results in the second quarter. We introduced a tremendous amount of innovation across our portfolio that helps us drive share gains, expand our available market, and set the industry agenda,” said George Kurian, chief executive officer. “Our consistent and strong performance reflects the clear differentiation of our technology and the strength of our business model, as well as our customers' growing commitment to NetApp and value of our Data Fabric strategy.”
Second Quarter Fiscal Year 2019 Financial Results
Net Revenues: $1.52 billion, increased 7% year-over-year from $1.42 billion* in the second quarter of fiscal 2018
Net Income: GAAP net income of $241 million, compared to GAAP net income of $174 million* in the second quarter of fiscal 2018; non-GAAP net income1 of $280 million, compared to non-GAAP net income of $221 million* in the second quarter of fiscal 2018
Earnings per Share: GAAP earnings per share2 of $0.91 compared to GAAP earnings per share of $0.63* in the second quarter of fiscal 2018; non-GAAP earnings per share of $1.06, compared to non-GAAP earnings per share of $0.80* in the second quarter of fiscal 2018
Cash, Cash Equivalents and Investments: $4.3 billion at the end of the second quarter of fiscal 2019
Cash from Operations: $165 million, compared to $314 million in the second quarter of fiscal 2018
Share Repurchase and Dividend: Returned $663 million to shareholders through share repurchases and cash dividends
* In the first quarter of fiscal 2019, NetApp adopted Revenue from Contracts with Customers (ASC 606) using the full retrospective method of adoption. Accordingly, NetApp’s condensed consolidated balance sheet as of April 27, 2018, condensed consolidated statements of operations and cash flows for all fiscal 2018 periods presented, and all related financial statement metrics included herein, have been restated to conform to the new rules.