NetApp, Inc. (NASDAQ:NTAP) Q2 2024 Earnings Conference Call November 28, 2023 5:00 PM ET

Company Participants

Kris Newton - VP, IR

George Kurian - CEO

Mike Berry - CFO

Conference Call Participants

Mehdi Hosseini - SIG

Meta Marshall - Morgan Stanley

Krish Sankar - TD Cowen

Steven Fox - Fox Advisors

Asiya Merchant - Citi

Wamsi Mohan - Bank of America

Nehal Chokshi - Northland Capital Markets

Simon Leopold - Raymond James

Aaron Rakers - Wells Fargo

Samik Chatterjee - JPMorgan

Ananda Baruah - Loop Capital

Sidney Ho - Deutsche Bank

Operator

Good day and welcome to the NetApp's Second Quarter Fiscal Year 2024 Earnings Call. [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, 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 third 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.

Q2 improved on our solid start to FY 2024 in what continues to be a challenging macroeconomic environment. We delivered revenue above the midpoint of guidance while our operational discipline yielded company all-time highs for gross margin, operating margin, and EPS.

We remain relentlessly focused on managing the elements within our control while driving better performance in our storage business and building a more focused approach to our Public Cloud business. We are seeing positive results from these actions, with increased profitability and a stronger position for delivering long-term growth.