NetApp, Inc. (NASDAQ:NTAP) Q3 2024 Earnings Conference Call February 29, 2024 5:00 PM ET

Company Participants

Kris Newton - VP, IR

George Kurian - CEO

Mike Berry - CFO

Conference Call Participants

Meta Marshall - Morgan Stanley

Eddie Pellon - TD Cowen

Joe Cardoso - JPMorgan

Mehdi Hosseini - SIG

Mike Cadiz - Citigroup

Nehal Chokshi - Northland Capital Markets

Ananda Baruah - Loop Capital

Irvin Liu - Evercore ISI

Operator

Good day, and welcome to the NetApp Third Quarter of Fiscal Year 2024 Earnings Call. All participants will be in a listen-only mode. [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 fourth 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 on our Q3 FY 2024 call.

I'm pleased to report, that we delivered exceptional performance across the board, despite an uncertain macro environment. Revenue was above the midpoint of our guidance, driven by the momentum of our expanded all-flash product portfolio. This strength coupled with continued operational discipline yielded company all-time highs for consolidated gross margin, operating margin, and EPS for the second consecutive quarter.

Entering FY 2024, we laid out a plan to drive better performance in our Storage business and build a more focused approach to our Public Cloud business, while managing the elements within our control in an uncertain macroeconomy to further improve our profitability.