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    NetApp (NTAP)

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    NamePositionExternal RolesShort Bio

    George Kurian

    ExecutiveBoard

    Chief Executive Officer and Director

    Board Member at Cigna Corporation

    George Kurian has been CEO since June 1, 2015, leading NetApp's strategic direction and growth. He joined NetApp in April 2011 and has held various leadership roles.

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    C\u00e9sar Cernuda

    Executive

    President

    Non-Executive Director at Gestamp, Advisory Board Member at Georgetown University and IESE Business School

    C\u00e9sar Cernuda joined NetApp in July 2020, leading global go-to-market strategies. He previously held leadership roles at Microsoft.

    Elizabeth M. O'Callahan

    Executive

    Executive Vice President, Chief Legal Officer, and Corporate Secretary

    None

    Elizabeth M. O'Callahan has been with NetApp since 2013, serving as Chief Legal Officer since January 2022.

    Harvinder S. Bhela

    Executive

    Executive Vice President and Chief Product Officer

    None

    Harvinder S. Bhela joined NetApp in January 2022, leading product and engineering teams. He previously spent 25 years at Microsoft.

    Michael J. Berry

    Executive

    Executive Vice President and Chief Financial Officer

    Board Member at Rapid7, Inc. and Certinia

    Michael J. Berry has been CFO since March 2020, overseeing finance and IT. He plans to transition out by May 2025.

    Wissam Jabre

    Executive

    Executive Vice President and Chief Financial Officer

    Board Member at MKS Instruments, Inc.

    Wissam Jabre joined NetApp as CFO in March 2025, with a strong track record in finance leadership roles at Western Digital and Dialog Semiconductor.

    Anders Gustafsson

    Board

    Director

    Chair of the Board at Zebra Technologies, Director at International Paper Company

    Anders Gustafsson joined NetApp's board in November 2023, with a background in leading business transformations at Zebra Technologies and Spirent Communications.

    Carrie Palin

    Board

    Director

    SVP and CMO at Cisco Systems, Board Member at EnterpriseDB

    Carrie Palin joined NetApp's board in 2021, with over 20 years of experience in marketing leadership roles at major tech companies.

    Deborah L. Kerr

    Board

    Director

    Managing Director at Warburg Pincus, Board Member at Vodafone Group, Chico's FAS, defi Solutions, TRC, Certified Group

    Deborah L. Kerr has been a director since 2017, with expertise in cloud and digital transformation.

    Deepak Ahuja

    Board

    Independent Director

    Chief Business and Financial Officer at Zipline

    Deepak Ahuja joined NetApp's board in 2020, bringing extensive financial leadership experience from Tesla and other companies.

    Gerald Held

    Board

    Director

    Board Member at Informatica Corporation and Copia Global Inc.

    Gerald Held has been a director since 2009, contributing his extensive experience in technology and strategic consulting.

    June Yang

    Board

    Director

    Board Member at UiPath, Inc.

    June Yang joined NetApp's board in 2024, bringing expertise in AI and cloud technologies from her roles at Google Cloud and VMware.

    Scott F. Schenkel

    Board

    Director

    Board Member at Pinterest, Inc.

    Scott F. Schenkel has been a director since 2017, with a strong background in finance and leadership roles at eBay and General Electric.

    T. Michael Nevens

    Board

    Chair of the Board

    Board Member at Ciena Corporation, Emeritus Senior Advisor at Permira Funds

    T. Michael Nevens has been a director since 2009 and Chair of the Board since 2015, providing governance and strategic insights.

    1. Operating cash flow decreased 25% year-over-year in Q1 due to higher incentive compensation payouts and payments for strategic SSD purchases; how do you plan to manage cash flow going forward to ensure sufficient liquidity while maintaining these investments?

    2. Despite a strong revenue performance, free cash flow declined 28% year-over-year, yet you returned $507 million to shareholders through share repurchases and dividends; is this level of shareholder returns sustainable given the decrease in free cash flow?

    3. You aim to achieve public cloud gross margins of 75%-80%, but haven't disclosed current margin levels; what are your current public cloud gross margins, and what challenges do you anticipate in reaching your long-term targets?

    4. With the CFO announcing his retirement amid an uncertain macroeconomic environment, how are you ensuring that this leadership transition won't disrupt your strategic plans and operational execution?

    5. Given that flash storage constitutes only about 40% of your installed base while hard drives still dominate, what strategies are you employing to accelerate the migration to flash, and how do you address potential customer hesitation due to economic uncertainties?

    Research analysts who have asked questions during NetApp earnings calls.

    Ananda Baruah

    Loop Capital Markets LLC

    8 questions for NTAP

    Also covers: BURU, CRUS, DDD +14 more

    David Vogt

    UBS Group AG

    7 questions for NTAP

    Also covers: AAPL, ANET, CDW +12 more

    Mehdi Hosseini

    Susquehanna Financial Group

    7 questions for NTAP

    Also covers: AEIS, AMAT, ASML +17 more

    Samik Chatterjee

    JPMorgan Chase & Co.

    7 questions for NTAP

    Also covers: AAPL, ANET, APH +31 more

    Simon Leopold

    Raymond James

    7 questions for NTAP

    Also covers: AAOI, ANET, ATEN +17 more

    Wamsi Mohan

    Bank of America Merrill Lynch

    7 questions for NTAP

    Also covers: AAPL, APH, AVT +13 more

    Steven Fox

    Fox Research

    6 questions for NTAP

    Also covers: AMKR, APH, BDC +22 more

    Tim Long

    Barclays

    6 questions for NTAP

    Also covers: FFIV, GRMN, HPE +5 more

    Jason Ader

    William Blair & Company

    5 questions for NTAP

    Also covers: AVPT, BASE, BLZE +12 more

    Krish Sankar

    TD Cowen

    5 questions for NTAP

    Also covers: AAPL, AEIS, AMAT +18 more

    Louis Miscioscia

    Daiwa Capital Markets America Inc.

    5 questions for NTAP

    Ari Terjanian

    Cleveland Research Company

    4 questions for NTAP

    Also covers: PSTG

    Asiya Merchant

    Citigroup Global Markets Inc.

    4 questions for NTAP

    Also covers: APH, CDW, CRCT +12 more

    Meta Marshall

    Morgan Stanley

    4 questions for NTAP

    Also covers: ANET, AXON, BAND +21 more

    Nehal Chokshi

    Northland Capital Markets

    4 questions for NTAP

    Also covers: AGYS, ALLT, AVPT +12 more

    Amit Daryanani

    Evercore

    3 questions for NTAP

    Also covers: AAPL, AKAM, ANET +20 more

    Michael Cadiz

    Citigroup

    3 questions for NTAP

    Also covers: CRCT, PSTG

    Param Singh

    Oppenheimer & Co. Inc.

    3 questions for NTAP

    Also covers: RBRK

    Aaron Rakers

    Wells Fargo

    2 questions for NTAP

    Also covers: AAPL, AMD, ANET +19 more

    Erik Woodring

    Morgan Stanley

    2 questions for NTAP

    Also covers: AAPL, CDW, CRCT +18 more

    Paramveer Singh

    Oppenheimer & Co. Inc.

    2 questions for NTAP

    Also covers: CVLT, FSLY, NTNX +2 more

    Sreekrishnan Sankarnarayanan

    Wolfe Research, LLC

    2 questions for NTAP

    Also covers: AAPL, AEIS, AMAT +21 more

    Elizabeth Elliott

    Morgan Stanley

    1 question for NTAP

    Also covers: ADSK, AMPL, CXM +8 more

    Jake Wilhelm

    Wells Fargo Securities, LLC

    1 question for NTAP

    Also covers: NVDA

    Joseph Cardoso

    JPMorgan Chase & Co.

    1 question for NTAP

    Also covers: AXON, CALX, CIEN +8 more

    Ruplu Bhattacharya

    Bank of America

    1 question for NTAP

    Also covers: ARW, AVT, CDW +12 more

    Timothy Long

    Barclays

    1 question for NTAP

    Also covers: ANET, CIEN, DELL +6 more

    Victor Chiu

    Raymond James

    1 question for NTAP

    Also covers: ATEN, BLZE, CMBM +2 more
    Program DetailsProgram 1
    Approval DateMay 13, 2003
    End Date/DurationN/A
    Total Additional Amount$1.0 billion
    Remaining Authorization$0.8 billion
    DetailsThe program may be suspended or discontinued at any time.
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20257501.875% Senior Notes1.87537.5% = (750 / 2000) * 100
    20275502.375% Senior Notes2.37527.5% = (550 / 2000) * 100
    20307002.70% Senior Notes2.7035.0% = (700 / 2000) * 100
    CustomerRelationshipSegmentDetails

    Arrow Electronics, Inc.

    Major distributor

    All

    21% of FY25 revenue ($1,380 million) , 10% of A/R as of Apr 25, 2025 ($125 million)

    TD Synnex Corporation

    Major distributor

    All

    24% of FY25 revenue ($1,577 million) , 27% of A/R as of Apr 25, 2025 ($336 million)

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1995 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Instaclustr US Holding, Inc.

    2022

    Acquisition valued at approximately $498M with a structured allocation (cash, intangible assets, goodwill, and other assets/liabilities); it was undertaken to expand NetApp’s cloud offerings and managed services capabilities.

    CloudCheckr

    2022

    Acquisition valued at approximately $347M in cash with allocations including intangible assets, goodwill, and other assets/liabilities; it aims to deliver a cloud optimization platform that enhances cost efficiency, security, and compliance, driving incremental revenue.

    Fylamynt

    2022

    Acquisition priced at approximately $27M (with $22M at closing and a $5M indemnity holdback, of which $4M is expected within 12 months) to acquire cloud automation technology that integrates with the Spot platform and strengthens cloud operations.

    Recent press releases and 8-K filings for NTAP.

    NetApp CEO Kurian outlines decade of transformation and AI strategy
    ·$NTAP
    • Over the past decade, NetApp capitalized on the growth of public cloud and OpEx buying, leveraged flash and high-performance networking, addressed clients’ need to do more with less as integrated system vendors lost share, and sees AI as the next major opportunity.
    • The company pivoted its portfolio toward Flash (now two-thirds of hybrid cloud revenue), cloud services (10% of revenue; 33% YoY growth last quarter), block storage, and AI, while boosting operating margin from ~7% in 2015 to >25% most recently.
    • NetApp is increasing its recurring revenue mix through support contracts (~40% of business), cloud storage services, and its Keystone consumption model.
    • The AI strategy focuses on inferencing on structured and unstructured enterprise data without building proprietary foundation models, leveraging incumbent data assets, and unveiling new high-scale, disaggregated storage solutions at NetApp Insight.
    6 hours ago
    NetApp details growth strategy and performance at CEO Spotlight
    ·$NTAP
    • NetApp has pivoted its portfolio to growth areas—Flash, cloud, block and AI—with 2/3 of hybrid-cloud revenue from Flash, and public-cloud sales representing 10% of revenue and growing 33% year-over-year.
    • The company achieved disciplined cost management by exiting 19 countries and forming a JV in China, driving its non-GAAP operating margin from about 7% in 2015 to over 25% recently.
    • It holds approximately 25% of the all-Flash market per IDC and plans further share gains through new C Series and ASA Series offerings in lower price bands.
    • NetApp has deployed its storage infrastructure across all major clouds and is enhancing its software moat—ransomware protection, multi-cloud/AZ support—and integrating with cloud services (e.g., SageMaker, Vertex), with AI-focused announcements slated at Insight.
    6 hours ago
    NetApp outlines portfolio pivots, margin gains, and AI focus
    ·$NTAP
    • NetApp has shifted its portfolio to four growth drivers—Flash, cloud, block, and AI—with Flash now representing two-thirds of hybrid cloud revenue, while public cloud services make up 10% of total revenue and grew 33% year-over-year in Q1.
    • Operating discipline under CEO George Kurian has boosted operating margins from ~7% at the start of his tenure to north of 25% in the most recent quarter.
    • The company’s unified strategy of a single software code line across on-premises systems, Keystone consumption models, and all major public clouds delivers significant R&D leverage and faster innovation.
    • NetApp is prioritizing enterprise AI inferencing—leveraging its large unstructured data footprint—and plans major AI announcements at its upcoming Insight conference to support multimodal and vector-based workloads.
    6 hours ago
    NetApp CEO outlines strategic transformation and market positioning
    ·$NTAP
    Share Buyback
    Dividends
    • NetApp has pivoted its portfolio toward four growth drivers—Flash, cloud, block, and AI—with Flash now representing two-thirds of its hybrid cloud revenue and public cloud growing 33% year-over-year to 10% of total revenue, driving margin accretion.
    • Operational discipline has improved operating margin from ~7% to over 25%, achieved by reallocating resources to high-growth areas, exiting 19 low-priority countries, and forming a China JV with Lenovo.
    • The company emphasizes a single OS code line across on-prem systems, Keystone consumption model, and public-cloud services to deliver innovation leverage and simplify customer environments.
    • NetApp leads the all-Flash market with ~25% share and targets growth at or above market to expand share—“75% to go”—enabled by its C Series and ASA block-optimized products to address additional price bands.
    • Recurring revenue streams now include ~40% support services, 100% cloud services, and growing Keystone subscription contracts, underpinning cash flow and funding dividends and buybacks since 2013.
    6 hours ago
    NetApp emphasizes AI-driven growth and cloud momentum
    ·$NTAP
    Revenue Acceleration/Inflection
    • NetApp sees stable enterprise demand despite geopolitical and macro uncertainties, with cautious exposure to U.S. public sector and potential upside from improved economic conditions and AI adoption.
    • The company views enterprise AI as in early innings, transitioning from proofs-of-concept to real implementations across financial services, healthcare and manufacturing, with 80–90% of storage growth coming from inferencing workloads.
    • NetApp holds the #1 share in the flash storage market, having grown share for multiple quarters, and has launched a tailored block storage portfolio to capture mid-market enterprise opportunities.
    • Public cloud storage services grew ~33% year-over-year, with cloud gross margins improving to 80–85%, while hybrid cloud and software value-add services underpin further high-margin growth.
    Sep 3, 2025, 6:10 PM
    NetApp announces Q1 FY2026 results
    ·$NTAP
    Earnings
    Guidance Update
    Revenue Acceleration/Inflection
    • Revenue was $1.56 billion, up 1% year-over-year (3% ex-spot), with non-GAAP EPS of $1.55 and record free cash flow of $620 million.
    • Guidance: Q2 revenue of $1.69 billion ± $75 million (2% Y/Y) and FY26 revenue of $6.625–6.875 billion (+3% Y/Y) with EPS of $7.60–7.90.
    • All-flash array revenue grew 6% Y/Y to $893 million; 45% of active systems are all-flash, earning NetApp the #1 spot in the all-flash market for Q1 calendar 2025.
    • Cloud storage services revenue rose 33% Y/Y, driven by first-party and marketplace offerings.
    • Closed ~125 AI infrastructure and data lake modernization deals, introduced the AI Pod Mini with Intel, and launched a NetApp–NVIDIA reference architecture for cloud partners.
    Aug 28, 2025, 9:42 PM
    NetApp integrates FSx for ONTAP with Amazon EVS for VMware migrations
    ·$NTAP
    Product Launch
    • Amazon FSx for NetApp ONTAP is now supported as external storage for Amazon Elastic VMware Service (Amazon EVS) on AWS, enabling customers to migrate VMware workloads without re-platforming and achieving up to 50% cost reduction.
    • A new migration advisor in BlueXP workload factory automates discovery of on-premises VMs, FSx for ONTAP provisioning, and datastore placement for Amazon EVS workloads.
    • BlueXP disaster recovery for VMware now integrates with Amazon EVS, leveraging FSx for ONTAP storage (NFS and VMFS via iSCSI) as a DR target.
    • Enhanced ransomware protection features include ONTAP autonomous ransomware protection (ARP) and BlueXP ransomware protection for FSx for ONTAP to detect and respond to threats in real time.
    Aug 6, 2025, 12:00 PM
    NetApp outlines AI data management strategy and growth outlook
    ·$NTAP
    Product Launch
    Revenue Acceleration/Inflection
    • NetApp views AI as the most hybrid workload ever, emphasizing unified data management across on-premises and cloud to streamline AI pipelines and meet emerging regulatory requirements such as the EU AI Act.
    • The company is expanding its AI portfolio with disaggregated OnTap and AI Data Engine products to scale and manage data storage for AI workloads and unlock value from latent data.
    • NetApp’s competitive edge lies in its deep integration with AWS, Azure, and Google Cloud, coupled with control over 100+ exabytes of unstructured data, enabling seamless AI adoption without data migration complexity.
    • Key partnerships include a six-year collaboration with NVIDIA, a growing engagement with Intel for inference solutions, and integration with Domino Data Lab to provide zero-footprint data copies and model lifecycle orchestration.
    • Management expects AI-driven storage demand to become a material tailwind in the second half of fiscal 2025 (within six months), signaling a potential revenue acceleration inflection point.
    Jul 10, 2025, 7:51 PM
    NetApp Discusses Strategic Growth at Nasdaq Summer Conference
    ·$NTAP
    Revenue Acceleration/Inflection
    New Projects/Investments
    • NetApp outlined its transformation from traditional disk storage to an intelligent data infrastructure, emphasizing its hybrid cloud strategy and integration with major hyperscalers (Microsoft, AWS, and Google Cloud).
    • The company highlighted key growth drivers such as fast-growing flash storage, block storage innovations, and enterprise AI initiatives, noting strong market share growth in these segments.
    • Discussion also covered robust support revenue streams and improving gross margins in cloud services, underlining the strategic focus on higher quality, subscription-based revenue models.
    Jun 11, 2025, 3:22 PM
    NetApp Q4 2025 Results Highlight Growth and CFO Transition
    ·$NTAP
    Earnings
    Guidance Update
    CFO Change
    • Record Q4 performance: Q4 revenue reached $1.73 billion with 4% YoY growth, a record operating margin of 28.6%, and EPS of $1.93, reflecting disciplined execution amid a dynamic economic environment.
    • Strong FY 2025 results and strategic focus: The fiscal year ended with all-time highs in revenue ($6.57 billion), driven by accelerated investments in cloud, AI, and all-flash storage markets, including Public Cloud growth (ex-Spot up 22% YoY).
    • Guidance and leadership update: For FY 2026, NetApp projects revenue between $6.625B and $6.875B and EPS of $7.60–$7.90, along with the introduction of new CFO Wissam Jabre to lead future growth.
    May 29, 2025, 11:57 PM