NetApp, Inc. (NASDAQ:NTAP) Q1 2024 Earnings Conference Call August 13, 2023 5:00 PM ET

Company Participants

Kris Newton - Vice President, Investor Relations

George Kurian - Chief Executive Officer

Mike Berry - Chief Financial Officer

Conference Call Participants

Sidney Ho - Deutsche Bank

Mehdi Hosseini - SIG

Joe Cardoso - JPMorgan

Michael Tsvetanov - Wells Fargo

Victor Chiu - Raymond James

Asiya Merchant - Citigroup

Krish Sankar - TD Cowen

David Vogt - UBS

Steven Fox - Fox Advisors

Wamsi Mohan - Bank of America

Meta Marshall - Morgan Stanley

Amit Daryanani - Evercore

Shannon Cross - Credit Suisse

Operator

Good day, and welcome to the NetApp First Quarter of Fiscal Year 2024 Earnings Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Kris Newton, Vice President, 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 forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the second 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. Good afternoon, everyone. Thank you for joining us today.

Q1 marks a solid start to FY '24 in what continues to be a challenging macroeconomic environment. We delivered revenue above the midpoint of guidance, while our operational discipline yielded operating margin and EPS above our guidance ranges. As I have outlined on previous calls, we are focused on: managing the elements within our control; reinvigorating efforts to drive better performance in our storage business; and building a more focused approach to our Public Cloud business. We are seeing positive early indicators from this plan to sharpen our execution, deliver growth, increase profitability, and further strengthen our position for long-term success.