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NetApp Announces Results for Second Quarter Fiscal Year 2013

Reports Q2 FY'13 Revenues of $1.541 Billion; Non-GAAP Earnings per Share of $0.51 -- Company Increases Stock Repurchase Authorization

SUNNYVALE, CA -- (Marketwire) -- 11/14/12 -- NetApp (NASDAQ: NTAP) today reported results for the second quarter of fiscal year 2013, which ended October 26, 2012. Revenues for the second quarter of fiscal year 2013 totaled $1.541 billion and were in line with prior guidance. Revenues for the same period a year ago totaled $1.507 billion.

For the second quarter of fiscal year 2013, GAAP net income was $110 million, or $0.30 per share,(1) compared to GAAP net income of $166 million, or $0.44 per share for the same period a year ago. Non-GAAP net income for the second quarter of fiscal year 2013 was $189 million, or $0.51 per share,(2) compared to non-GAAP net income of $236 million, or $0.63 per share for the same period a year ago.

Revenues for the first six months of fiscal year 2013 totaled $2.986 billion compared to revenues of $2.965 billion for the first six months of the prior fiscal year. GAAP net income for the first six months of fiscal year 2013 totaled $173 million, or $0.47 per share, compared to GAAP net income of $305 million, or $0.78 per share for the first six months of the prior fiscal year. Non-GAAP net income for the first six months of fiscal year 2013 totaled $345 million, or $0.93 per share, compared to non-GAAP net income of $458 million, or $1.17 per share for the first six months of the prior fiscal year.

"NetApp produced healthy financial results in the second quarter with revenue roughly at the midpoint of and EPS above our guidance range, despite a difficult environment. We saw a strong uptake of NetApp® Data ONTAP® 8 and clustered Data ONTAP, as customers are looking to build agile data infrastructure environments with intelligent data management, nearly unlimited scalability, and nondisruptive operations," said Tom Georgens, president and CEO. "We also saw momentum in our partnering strategy with continued FlexPod® growth and a record high revenue contribution from Arrow and Avnet. Our focus on delivering best-of-breed storage solutions and the leverage we gain through go-to-market and channel partners will enable NetApp to grow our business and gain share."

NetApp also announces it will continue its share repurchase program with an additional $1.5 billion authorized. Under this program, NetApp can purchase shares of its outstanding common stock through open market and in privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the program will depend on market conditions, corporate considerations, and regulatory requirements. The purchases will be funded from available working capital.

Outlook

NetApp's outlook for the third quarter of fiscal year 2013 is based on current business expectations, market conditions, and continued uncertainty in the macroeconomic environment.

  • NetApp estimates revenue for the third quarter of fiscal year 2013 to be in the range of $1.575 billion to $1.675 billion.
  • NetApp estimates GAAP earnings per share for the third quarter of fiscal year 2013 to be approximately $0.29 to $0.34 per share. NetApp estimates non-GAAP earnings per share for the third quarter of fiscal year 2013 to be approximately $0.53 to $0.58 per share.
  • NetApp estimates that the share count for the third quarter of fiscal year 2013 will decrease to approximately 365 million shares.

Business Highlights
NetApp is built on a culture of innovation that aims to provide customers with the best experience possible. This comes not only from NetApp's direct relationship with customers, but also by delivering compelling technology solutions and forging best-in-class partnerships.

In its second quarter of fiscal year 2013, NetApp's culture of innovation was on display across every aspect of its business. NetApp continued to strengthen and extend its best-of-breed partner ecosystem by announcing new joint solutions and key integrations with industry leaders such as Cisco, Microsoft, VMware, Oracle, and Citrix that will help customers of all sizes accelerate their businesses. A foundational component to several of the new joint offerings is NetApp's Data ONTAP, the world's #1 storage operating system.

Highlights include:

NetApp Announces Definitive Agreement to Acquire CacheIQ, Inc.

  • NetApp has entered into a definitive agreement to acquire CacheIQ, Inc., a privately held storage solutions company based in Austin, Texas. The acquisition will provide NetApp with intellectual property that extends its capabilities to support nondisruptive operations for enterprise data center environments. NetApp will integrate this intellectual property into its product offerings over time. Financial terms of the acquisition are not being disclosed at this time.

Best-in-Class Partner Integration Fuels Innovation for Customers

  • NetApp and Cisco expand data center infrastructure solutions for midsized businesses to large enterprises. The FlexPod data center platform now features support and validation for VMware vSphere on NetApp clustered Data ONTAP to help organizations drive growth by adding nodes to their storage cluster creating large storage pools that span storage devices and can scale almost infinitely. The two companies also introduced ExpressPod, a prepackaged and tested solution for growing small and medium-sized organizations that require increased IT efficiency and simplicity. Celebrating its two-year anniversary, more than 1,500 organizations in 35 countries are accelerating their transition to the cloud with FlexPod. Additionally, more than 660 certified FlexPod Partners around the world are helping these customers deploy their infrastructures more quickly and easily.
  • NetApp and Microsoft technology collaboration drives public, private, and hybrid cloud migration. NetApp announced support for Windows Server 2012 with storage solutions for server and desktop virtualization, storage and availability, Web and application platform development, and private cloud deployment. For organizations of any size and in any industry, this close collaboration simplifies and accelerates how storage is pooled, provisioned, accessed, and managed in Windows environments.
  • NetApp and VMware team up to accelerate customers' transition to an agile data infrastructure. NetApp and VMware continue to build on their nearly 10 year partnership by unveiling integration between VMware vSphere 5.1 and NetApp clustered Data ONTAP. The integration will also enable customers to securely manage and deploy infinite storage pools and to deliver nondisruptive migration of data among hundreds of virtual machines at a time. Customers will be able to achieve continuous data access and uninterrupted business operations as their infrastructures grow and scale in capacity and performance.
  • NetApp and Oracle integration helps customers reduce cost and complexity of managing business-critical applications. NetApp achieved Oracle Validated Integration of the NetApp Storage System Plug-In version 1.0 with Oracle Enterprise Manager 12c, extending the application-to-disk coverage of Oracle Enterprise Manager environments that include NetApp managed storage. As a result, customers will benefit from improved risk management and smoother upgrade capabilities, leading to lower total cost of ownership and greater overall satisfaction.
  • NetApp and Citrix collaborate to simplify cloud storage. NetApp and Citrix announced an extension of their current collaboration aimed at accelerating the adoption of enterprise cloud deployments. The two companies will provide a fully integrated cloud orchestration and storage solution that will address storage automation, resource allocation, and virtual machine backup and recovery. The move greatly simplifies cloud storage deployment for customers and will result in faster transitions to private and hybrid clouds.

NetApp Enhances Flash Portfolio and Ecosystem

  • NetApp Flash Accel helps customers enhance application and server performance. NetApp introduced NetApp Flash Accel to speed customer application performance by turning server-side Flash into a cache for storing "hot," frequently accessed data. From servers to their back-end storage, cost- and performance-conscious system architects can now balance how Flash is used within their organizations to maximize application performance, minimize rising IT costs, preserve high availability, protect data, and simplify management. NetApp also expanded its Alliance Partner Program to embrace hardware and software server-caching partners looking to develop solutions with NetApp. This will provide the widest coverage for joint customers' infrastructures as they deploy server-side caching to deliver increased ROI.
  • NetApp signs technology reseller agreement with Fusion-io. As part of its commitment to providing customers with end-to-end Flash technologies, NetApp entered into a resale agreement with Fusion-io, a leader in Flash memory solutions. NetApp will continue to resell Fusion-io ioMemory platform products and two server caching software products: ioTurbine for virtualized environments and Direct Cache for nonvirtualized environments.

NetApp Recognized for Its Culture and Innovative Spirit

  • NetApp repeats as one of the world's most innovative companies. For the second consecutive year, NetApp made Forbes magazine's "World's Most Innovative Companies" list for 2012. As the only storage vendor to make this year's list, the recognition is a testament to NetApp's 20 years of innovation and true innovative spirit which continues to thrive today to help customers and partners achieve great business outcomes.
  • NetApp cements its standing as one of the world's best places to work. NetApp was named the #3 best workplace in the world by the Great Place to Work Institute on November 13, 2012. It marks the second consecutive year that NetApp finished in the top 5 of this exclusive list and is a testament to the company's unique workplace culture and commitment to employee excellence which help produce great results for NetApp customers and partners.

Webcast and Conference Call Information
The NetApp second quarter fiscal year 2013 conference call will be broadcast live on the Internet at investors.netapp.com on Wednesday, November 14, 2012, at 2 p.m. Pacific Time. This press release and any other information related to the call will also be posted on the Web site at that location. An audio replay Webcast will be available after 4 p.m. Pacific Time on the Web site.

NetApp uses a hybrid format for disclosing key financial information associated with our quarterly results. Concurrent with the press release, NetApp posts a supplemental commentary with financial information and statistics to our Web site at investors.netapp.com.

About NetApp
NetApp creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs. Our commitment to living our core values and consistently being recognized as a great place to work around the world are fundamental to our long-term growth and success, as well as the success of our pathway partners and customers. Discover our passion for helping companies around the world go further, faster at www.netapp.com.

"Safe Harbor" Statement Under U.S. Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the Outlook section relating to our forecasts for the third quarter of fiscal year 2013, the benefits to us and our customers of our products and services, the expected benefits of partnerships and alliances, and our statements regarding future repurchases of our common stock, all of which involve risk and uncertainty. Actual results may differ materially from our statements and projections for a variety of reasons, including general economic and market conditions, and the continuing deliberations regarding future tax and fiscal policy in the U.S.; and matters specific to our business, such as customer demand for and acceptance of our products and services. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission (SEC), including the factors described under the sections titled "Risk Factors" in our most recently submitted Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

NetApp, the NetApp logo, Go further, faster, Data ONTAP, Flash Accel and FlexPod are trademarks of NetApp, Inc. All other marks are the property of their respective owners.

(1) GAAP earnings per share is calculated using the diluted number of shares for all periods presented.
(2) Non-GAAP net income excludes the amortization of intangible assets, stock-based compensation, acquisition-related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our convertible debt, net losses or gains on investments, and our GAAP tax provision, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. Non-GAAP earnings per share is calculated using the diluted number of shares for all periods presented.

NetApp Usage of Non-GAAP Financials
The Company refers to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding the Company's ongoing operational performance. Non-GAAP net income excludes the amortization of intangible assets, stock-based compensation, acquisition-related income and expenses, restructuring and other charges, asset impairments, non-cash interest expense associated with our convertible debt, net losses or gains on investments, and our GAAP tax provision, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. We have excluded these items in order to enhance investors' understanding of our ongoing operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our Company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures.

These non-GAAP financial measures are used to: (1) measure Company performance against historical results, (2) facilitate comparisons to our competitors' operating results, and (3) allow greater transparency with respect to information used by management in financial and operational decision making. In addition, these non-GAAP financial measures are used to measure Company performance for the purposes of determining employee incentive plan compensation. We have historically reported similar non-GAAP financial measures to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting at this time.


                                NETAPP, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                (In millions)
                                 (Unaudited)

                                          October 26, 2012   April 27, 2012
                                         ----------------- -----------------

                  ASSETS

Current assets:
  Cash, cash equivalents and investments $         5,571.0 $         5,398.5
  Accounts receivable, net                           615.0             830.9
  Inventories                                        213.2             161.5
  Other current assets                               488.5             435.6
                                         ----------------- -----------------
    Total current assets                           6,887.7           6,826.5

Property and equipment, net                        1,132.4           1,137.2
Goodwill and other intangible assets, net          1,098.3           1,141.2
Other non-current assets                             435.5             427.4
                                         ----------------- -----------------
  Total assets                           $         9,553.9 $         9,532.3
                                         ================= =================


   LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                       $           246.6 $           233.1
  Accrued compensation and other current
   liabilities                                       689.2             717.9
  1.75% Convertible Senior Notes due 2013          1,229.4           1,202.3
  Short-term deferred revenue                      1,408.5           1,366.5
                                         ----------------- -----------------
    Total current liabilities                      3,573.7           3,519.8
                                         ----------------- -----------------

Other long-term liabilities                          216.3             206.9
Long-term deferred revenue                         1,361.7           1,449.4
                                         ----------------- -----------------
    Total liabilities                              5,151.7           5,176.1
                                         ----------------- -----------------

1.75% Convertible Senior Notes due 2013                  -              62.6

Stockholders' equity                               4,402.2           4,293.6
                                         ----------------- -----------------
  Total liabilities and stockholders'
   equity                                $         9,553.9 $         9,532.3
                                         ================= =================



                                NETAPP, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (In millions, except net income per share amounts)
                                (Unaudited)

                               Three Months Ended       Six Months Ended
                             ----------------------  ----------------------
                               October     October     October     October
                              26, 2012    28, 2011    26, 2012    28, 2011
                             ----------  ----------  ----------  ----------

Revenues:
  Product                    $    995.8  $  1,016.2  $  1,893.8  $  1,981.9
  Software entitlements and
   maintenance                    219.4       198.0       437.9       396.2
  Service                         326.0       292.8       654.1       587.1
                             ----------  ----------  ----------  ----------
    Net revenues                1,541.2     1,507.0     2,985.8     2,965.2
                             ----------  ----------  ----------  ----------

Cost of revenues:
  Cost of product                 477.3       460.7       929.5       898.1
  Cost of software
   entitlements and
   maintenance                      7.0         5.6        13.6        10.9
  Cost of service                 143.0       127.7       278.7       246.3
                             ----------  ----------  ----------  ----------
    Total cost of revenues        627.3       594.0     1,221.8     1,155.3
                             ----------  ----------  ----------  ----------
Gross profit                      913.9       913.0     1,764.0     1,809.9
                             ----------  ----------  ----------  ----------

Operating expenses:
  Sales and marketing             488.2       454.1       971.1       908.9
  Research and development        223.8       199.7       445.2       398.3
  General and administrative       66.6        65.1       132.2       130.2
  Acquisition-related expense         -         1.7           -         3.9
                             ----------  ----------  ----------  ----------
    Total operating expenses      778.6       720.6     1,548.5     1,441.3
                             ----------  ----------  ----------  ----------

Income from operations            135.3       192.4       215.5       368.6

Other expense, net
  Interest income                  11.0         8.3        21.8        18.9
  Interest expense                (19.8)      (16.4)      (39.7)      (35.8)
  Other income (expense), net       1.2        (0.4)        4.3        (0.7)
                             ----------  ----------  ----------  ----------
    Total other expense, net       (7.6)       (8.5)      (13.6)      (17.6)
                             ----------  ----------  ----------  ----------

Income before income taxes        127.7       183.9       201.9       351.0

Provision for income taxes         18.1        18.3        28.5        45.9
                             ----------  ----------  ----------  ----------

Net income                   $    109.6  $    165.6  $    173.4  $    305.1
                             ==========  ==========  ==========  ==========

Net income per share:
  Basic                      $     0.30  $     0.46  $     0.48  $     0.83
                             ==========  ==========  ==========  ==========
  Diluted                    $     0.30  $     0.44  $     0.47  $     0.78
                             ==========  ==========  ==========  ==========

Shares used in net income per
 share calculations:
  Basic                           362.0       361.5       364.1       365.9
                             ==========  ==========  ==========  ==========
  Diluted                         368.2       376.0       369.7       390.8
                             ==========  ==========  ==========  ==========



                                NETAPP, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                               (In millions)
                                (Unaudited)

                               Three Months Ended       Six Months Ended
                             ----------------------  ----------------------
                               October     October     October     October
                              26, 2012    28, 2011    26, 2012    28, 2011
                             ----------  ----------  ----------  ----------

Cash flows from operating
 activities:
  Net income                 $    109.6  $    165.6  $    173.4  $    305.1
  Adjustments to reconcile
   net income to net cash
   provided by operating
   activities:
    Depreciation and
     amortization                  86.7        68.4       169.1       136.9
    Stock-based compensation       65.0        63.0       144.2       121.1
    Accretion of discount and
     issuance costs on Notes       14.4        11.5        28.7        25.2
    Tax benefit from stock-
     based compensation            37.0        50.4        28.2        79.1
    Excess tax benefit from
     stock-based compensation     (38.7)      (52.6)      (43.6)      (84.7)
    Other, net                    (15.9)      (43.8)      (39.9)      (74.4)
  Changes in assets and
   liabilities, net of
   acquisition of business:
    Accounts receivable           (31.3)      (29.4)      212.9       115.6
    Inventories                    (9.5)      (25.1)      (51.7)      (18.3)
    Accounts payable              (28.0)       22.8        13.9        45.6
    Accrued compensation and
     other current
     liabilities                  130.8        75.2       (15.9)     (173.1)
    Deferred revenue                4.4        60.2       (42.6)      126.9
    Changes in other
     operating assets and
     liabilities, net              11.9         4.0       (11.1)        5.8
                             ----------  ----------  ----------  ----------
      Net cash provided by
       operating activities       336.4       370.2       565.6       610.8
                             ----------  ----------  ----------  ----------
Cash flows from investing
 activities:
  Redemptions (purchases) of
   investments, net               159.5      (205.4)       93.4        40.4
  Purchases of property and
   equipment                      (67.1)      (93.3)     (129.0)     (191.6)
  Acquisition of business             -           -           -      (480.0)
  Other investing activities,
   net                              1.5         0.3         2.8         2.0
                             ----------  ----------  ----------  ----------
      Net cash provided by
       (used in) investing
       activities                  93.9      (298.4)      (32.8)     (629.2)
                             ----------  ----------  ----------  ----------
Cash flows from financing
 activities:
  Issuance of common stock         10.1         5.3        45.1        51.9
  Repurchase and retirement
   of common stock               (198.3)     (400.0)     (348.3)     (600.0)
  Excess tax benefit from
   stock-based compensation        38.7        52.6        43.6        84.7
  Other financing activities,
   net                              1.7         1.3        (0.3)        1.6
                             ----------  ----------  ----------  ----------
      Net cash used in
       financing activities      (147.8)     (340.8)     (259.9)     (461.8)
                             ----------  ----------  ----------  ----------

Effect of exchange rate
 changes on cash and cash
 equivalents                        4.9        (5.2)       (5.9)       (8.1)

Net increase (decrease) in
 cash and cash equivalents        287.4      (274.2)      267.0      (488.3)
Cash and cash equivalents:
  Beginning of period           1,529.4     2,543.2     1,549.8     2,757.3
                             ----------  ----------  ----------  ----------
  End of period              $  1,816.8  $  2,269.0  $  1,816.8  $  2,269.0
                             ==========  ==========  ==========  ==========



                                NETAPP, INC.
                    RECONCILIATION OF NON-GAAP AND GAAP
           IN THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (In millions, except net income per share amounts)
                                (Unaudited)

                               Three Months Ended       Six Months Ended
                             ----------------------  ----------------------
                               October     October     October     October
                              26, 2012    28, 2011    26, 2012    28, 2011
                             ----------  ----------  ----------  ----------

SUMMARY RECONCILIATION OF
 NET INCOME
NET INCOME                   $    109.6  $    165.6       173.4       305.1

Adjustments:
  Amortization of intangible
   assets                          21.5        21.7        42.9        46.0
  Stock-based compensation         65.0        63.0       144.2       121.1
  Acquisition-related
   expense                            -         1.7           -        11.9
  Non-cash interest expense        14.4        11.5        28.7        25.2
  Income tax effect of non-
   GAAP adjustments               (21.5)      (28.0)      (43.8)      (51.5)

                             ----------  ----------  ----------  ----------
NON-GAAP NET INCOME          $    189.0  $    235.5  $    345.4  $    457.8
                             ==========  ==========  ==========  ==========


NET INCOME PER SHARE         $    0.298  $    0.440       0.469       0.781

Adjustments:
  Amortization of intangible
   assets                         0.058       0.058       0.116       0.118
  Stock-based compensation        0.176       0.168       0.390       0.310
  Acquisition-related
   expense                            -       0.004           -       0.030
  Non-cash interest expense       0.039       0.031       0.078       0.064
  Income tax effect of non-
   GAAP adjustments              (0.058)     (0.075)     (0.119)     (0.132)

                             ----------  ----------  ----------  ----------
NON-GAAP NET INCOME PER
 SHARE                       $    0.513  $    0.626  $    0.934  $    1.171
                             ==========  ==========  ==========  ==========



                                NETAPP, INC.
                          SUPPLEMENTAL INFORMATION
                                (In millions)
                                 (Unaudited)

                              Three Months Ended October 26, 2012
                   ---------------------------------------------------------

                   Amortization
                        of                   Acquisition-  Non-cash
                    Intangible   Stock-based    related    Interest
                      Assets    Compensation    Expense    Expense    Total
                   ------------ ------------ ------------ --------- --------


Cost of product
 revenues          $       13.9 $        1.5 $          - $       - $   15.4
Cost of service
 revenues                     -          4.6            -         -      4.6
Sales and marketing
 expenses                   7.6         30.9            -         -     38.5
Research and
 development
 expenses                     -         19.3            -         -     19.3
General and
 administrative
 expenses                     -          8.7            -         -      8.7
Interest expense              -            -            -      14.4     14.4
                   ------------ ------------ ------------ --------- --------
Effect on income
 before income
 taxes             $       21.5 $       65.0 $          - $    14.4 $  100.9
                   ============ ============ ============ ========= ========



                               Six Months Ended October 26, 2012
                   ---------------------------------------------------------

                   Amortization
                        of                   Acquisition-  Non-cash
                    Intangible   Stock-based    related    Interest
                      Assets    Compensation    Expense    Expense    Total
                   ------------ ------------ ------------ --------- --------


Cost of product
 revenues          $       27.9 $        3.3 $          - $       - $   31.2
Cost of service
 revenues                     -         10.2            -         -     10.2
Sales and marketing
 expense                   15.0         69.9            -         -     84.9
Research and
 development
 expense                      -         43.0            -         -     43.0
General and
 administrative
 expense                      -         17.8            -         -     17.8
Interest expense              -            -            -      28.7     28.7
                   ------------ ------------ ------------ --------- --------
Effect on income
 before income
 taxes             $       42.9 $      144.2 $          - $    28.7 $  215.8
                   ============ ============ ============ ========= ========



                              Three Months Ended October 28, 2011
                   ---------------------------------------------------------

                   Amortization
                        of                   Acquisition-  Non-cash
                    Intangible   Stock-based    related    Interest
                      Assets    Compensation    Expense    Expense    Total
                   ------------ ------------ ------------ --------- --------

Cost of product
 revenues          $       14.0 $        1.4 $          - $       - $   15.4
Cost of service
 revenues                     -          4.2            -         -      4.2
Sales and marketing
 expenses                   7.7         30.4            -         -     38.1
Research and
 development
 expenses                     -         18.2            -         -     18.2
General and
 administrative
 expenses                     -          8.8            -         -      8.8
Acquisition-related
 expense                      -            -          1.7         -      1.7
Interest expense              -            -            -      11.5     11.5
                   ------------ ------------ ------------ --------- --------
Effect on income
 before income
 taxes             $       21.7 $       63.0 $        1.7 $    11.5 $   97.9
                   ============ ============ ============ ========= ========


                               Six Months Ended October 28, 2011
                   ---------------------------------------------------------

                   Amortization
                        of                   Acquisition-  Non-cash
                    Intangible   Stock-based    related    Interest
                      Assets    Compensation    Expense    Expense    Total
                   ------------ ------------ ------------ --------- --------

Cost of product
 revenues          $       27.9 $        2.5 $        5.4 $       - $   35.8
Cost of service
 revenues                     -          8.1            -         -      8.1
Sales and marketing
 expense                   18.0         59.0            -         -     77.0
Research and
 development
 expense                    0.1         34.2          2.6         -     36.9
General and
 administrative
 expense                      -         17.3            -         -     17.3
Acquisition-related
 expense                      -            -          3.9         -      3.9
Interest expense              -            -            -      25.2     25.2
                   ------------ ------------ ------------ --------- --------
Effect on income
 before income
 taxes             $       46.0 $      121.1 $       11.9 $    25.2 $  204.2
                   ============ ============ ============ ========= ========



                          NETAPP, INC.
           RECONCILIATION OF NON GAAP GUIDANCE TO GAAP
                 EXPRESSED AS EARNINGS PER SHARE
                       THIRD QUARTER 2013
                           (Unaudited)


                                             Third Quarter
                                                  2013
                                       -------------------------

Non-GAAP Guidance - Net Income Per
 Share                                       $0.53 - $0.58

Adjustments of Specific Items to
  Net Income Per Share for the Third
  Quarter 2013:
  Amortization of intangible assets              (0.06)
  Stock-based compensation expense               (0.21)
  Non-cash interest expense                      (0.04)
  Income tax effect                               0.07
                                       -------------------------
Total Adjustments                                (0.24)

GAAP Guidance - Net Income Per Share         $0.29 - $0.34

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Press Contact:
Ryan Lowry
NetApp
(408) 822-7544
Email Contact

Investor Contact:
Kris Newton
NetApp
(408) 822-3312
Email Contact

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SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.