NetApp, Inc. (NTAP) Q4 2023 Earnings Call Transcript

NetApp, Inc. (NASDAQ:NTAP) Q4 2023 Earnings Conference Call May 31, 2023 5:30 PM ET

Company Participants

Kris Newton - VP, IR

George Kurian - CEO

Mike Berry - CFO

Conference Call Participants

Samik Chatterjee - JPMorgan

Meta Marshall - Morgan Stanley

Steven Fox - Fox Advisors

Irvin Liu - Evercore ISI

Shannon Cross - Credit Suisse

Ananda Baruah - Loop Capital

Robert Mertens - Cowen

Tim Long - Barclays

Nehal Chokshi - Northland Capital Markets

Simon Leopold - Raymond James

David Vogt - UBS

Sidney Ho - Deutsche Bank

Louis Miscioscia - Daiwa Capital Markets

Operator

Good day and welcome to the NetApp Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Kris Newton, Vice President of Investor Relations. Please go ahead.

Kris Newton

Hi, everyone. Thanks for joining us. With me today are our CEO, George Kurian, and CFO, Mike Berry. This call is being webcast live and will be available for replay on our website at netapp.com.

During today's call, we will make a number of forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the first quarter and fiscal year 2024; our expectations regarding future revenue, profitability and shareholder returns; and other growth initiatives and strategies. These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially.

For more information, please refer to the documents we file from time to time with the SEC and on our website, including our most recent Form 10-K and Form 10-Q. We disclaim any obligation to update our forward-looking statements and projections. During the call, all financial measures presented will be non-GAAP, unless otherwise indicated. Reconciliations of GAAP to non-GAAP estimates are available on our website.

I’ll now turn the call over to George.

George Kurian

Thanks Kris. Welcome, everyone, to our fourth quarter FY 23 call. Our Q4 results reflect solid execution in the face of ongoing macroeconomic challenges. We delivered revenue above the midpoint of our guidance, with disciplined operational management yielding all-time high quarterly operating margin and EPS above expectations. For FY 23, we delivered record high annual operating margin and EPS, despite the slow demand environment and relatively flat revenue from FY 22.