NetApp, Inc. helps customers manage their data infrastructure, offering unified data storage, integrated data services, and CloudOps solutions. The company's core business model revolves around providing flexible data storage solutions that can handle various data types and workloads. NetApp's unified data storage is embedded in major cloud platforms like AWS, Microsoft Azure, and Google Cloud. The company also offers integrated data services for data management, security, and sustainability, and CloudOps solutions for adaptive operations. NetApp’s competitive advantages include its unified data storage platform, its integration with major cloud providers, and its focus on AI-driven data infrastructure. The company operates globally, serving a diverse customer base across various industries.

• Employees: 11,800 (as of April 26, 2024)
• Geographic Footprint: 24 countries
• Headquarters: San Jose, California
• Founded: 1992
• Number of locations/facilities: Multiple manufacturing operations in various countries
• Revenue: $6.268 billion (FY2024)
• Market Capitalization: $10.897 billion (as of October 27, 2023)
• Key Subsidiaries/Brands: NetApp ONTAP, NetApp BlueXP, NetApp Astra, NetApp Keystone, Instaclustr

• CEO: George Kurian
• President: César Cernuda
• CFO: Michael J. Berry
• Executive Vice President and Chief Product Officer: Harvinder S. Bhela
• Executive Vice President, Chief Legal Officer, and Corporate Secretary: Elizabeth M. O'Callahan

George Kurian has been CEO since June 1, 2015. César Cernuda joined NetApp in July 2020. Michael J. Berry joined NetApp in March 2020. Harvinder S. Bhela joined NetApp in January 2022. Elizabeth M. O'Callahan joined NetApp in 2013 and has served as executive vice president, chief legal officer, and corporate secretary since January 2022.

• Annual Revenue: $6.268 billion (FY2024)
• Net Income: $986 million (FY2024)
• Market Cap: $10.897 billion (as of October 27, 2023)
• Total Assets: $9.887 billion (as of April 26, 2024)
• Employees: 11,800 (as of April 26, 2024)
• Key Financial Highlights: Net revenues decreased by 1% in fiscal 2024 compared to fiscal 2023. Gross margin increased by 5 percentage points in fiscal 2024 compared to fiscal 2023. Income from operations as a percentage of net revenues increased by 3 percentage points in fiscal 2024 compared to fiscal 2023.

NetApp offers a range of products and services organized into Hybrid Cloud and Public Cloud segments.

• Hybrid Cloud: Unified data storage portfolio of storage management and infrastructure solutions, including ONTAP software, All-Flash FAS (AFF A-Series and C-Series), Fabric Attached Storage (FAS), and E/EF series.
• Public Cloud: Cloud storage and CloudOps services, including Azure NetApp Files, Amazon FSx for NetApp ONTAP, Google Cloud NetApp Volumes, NetApp Cloud Volumes ONTAP, NetApp BlueXP, Spot by NetApp, and Instaclustr.

NetApp operates through two main segments:

• Hybrid Cloud: Offers a unified data storage portfolio of storage management and infrastructure solutions.
• Public Cloud: Offers a portfolio of products delivered primarily as-a-service, including cloud storage and CloudOps services.

Sales through indirect channels represented 76% of net revenues in fiscal 2024.

NetApp's current strategic priorities include modernizing legacy infrastructure, improving resiliency against ransomware attacks, and building scalable data pipelines for AI workloads. The company aims to leverage its data to accelerate innovation, improve operations, and drive competitive advantage. Key strategic initiatives include embedding intelligence into data infrastructure to enable AI workloads, providing infrastructure savings, and promoting sustainability. The company is focused on cloud connectivity and offers various solutions for cyber resiliency, tiering, disaster recovery, replication, bursting, and migration.

NetApp operates in the storage and data management markets, competing with legacy IT and storage vendors, as well as public cloud providers. The company faces competition from both branded and generic product competitors. Key market trends affecting the business include the increasing demand for data, cloud adoption, digital transformation, and AI initiatives. NetApp’s competitive differentiation includes software innovation, cloud integration, and technology partnerships. The company strives to deliver an outstanding experience through its product, service, and support offerings.

• Market Position: NetApp is a major player in the enterprise storage and data management market.
• Key Competitors: Legacy IT and storage vendors, public cloud providers, and smaller emerging storage and cloud operations vendors.
• Industry Trends: Cloud adoption, digital transformation, AI initiatives, and increasing demand for data.

• Global Economic and Geopolitical Conditions: Global economic conditions such as inflation, slower growth, and political instability could impact the company's revenue, profitability, and cash flows.
• Technological and Market Changes: The company's business may be harmed if it is unable to keep pace with rapid industry, technological, and market changes, including the impact of AI.
• Product and Service Acceptance: The company's business may be adversely affected if new products and services do not receive customer acceptance.
• Competition and Industry Consolidation: Increasing competition and industry consolidation could harm the company's business, operating results, financial condition, and cash flows.
• Supply Chain Disruptions: Disruptions in the supply chain could limit the company's ability to ship products to customers in the amounts and at the prices forecasted.