Selected Financials:
NETWORK APPLIANCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
April 30, April 30,
2001 2000
---- ----
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 271,931 $ 279,014
Short-term investments 92,094 74,477
Accounts receivable, net 186,956 108,902
Inventories 22,504 20,434
Prepaid expenses and other 25,745 27,958
Deferred income taxes 36,287 22,215
----------- -----------
Total current assets 635,517 533,000
RESTRICTED CASH 193,747 --
PROPERTY AND EQUIPMENT, net 103,238 47,949
INTANGIBLE ASSETS, net 79,510 389
OTHER ASSETS 24,240 10,895
----------- -----------
$ 1,036,252 $ 592,233
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 64,892 $ 34,061
Income taxes payable 21,844 507
Accrued compensation and related benefits 50,523 34,902
Other accrued liabilities 23,198 20,781
Deferred revenue 58,316 22,903
----------- -----------
Total current liabilities 218,773 113,154
----------- -----------
LONG TERM DEFERRED REVENUE 12,882 279
LONG TERM OBLIGATIONS 149 54
----------- -----------
SHAREHOLDERS' EQUITY 804,448 478,746
----------- -----------
$1,036,252 $592,233
=========== ===========
NETWORK APPLIANCE, INC.
PRO FORMA (1) CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
Quarter Ended Twelve Months Ended
------------- -------------------
April 30, April 30, April 30, April 30,
2001 2000 2001 2000
---- ---- ---- ----
NET SALES $ 225,841 $ 200,019 $1,006,186 $ 579,300
COST OF SALES 99,173 80,375 401,707 235,846
---------- ---------- ---------- ----------
GROSS MARGIN 126,668 119,644 604,479 343,454
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Sales and marketing 76,439 54,685 289,003 153,877
Research and development 34,131 20,610 120,938 61,566
General and
administrative 10,288 7,662 40,238 21,098
---------- ---------- ---------- ----------
Total operating
expenses 120,858 82,957 450,179 236,541
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 5,810 36,687 154,300 106,913
OTHER INCOME, net 6,277 1,885 23,352 9,038
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 12,087 38,572 177,652 115,951
PROVISION FOR INCOME TAXES 4,170 13,693 61,290 41,163
---------- ---------- ---------- ----------
NET INCOME $ 7,917 $ 24,879 $ 116,362 $ 74,788
========== ========== ========== ==========
NET INCOME PER SHARE (1):
BASIC $ 0.02 $ 0.08 $ 0.36 $ 0.25
========== ========== ========== ==========
DILUTED $ 0.02 $ 0.07 $ 0.32 $ 0.22
========== ========== ========== ==========
SHARES USED IN
PER SHARE CALCULATION:
BASIC 327,229 307,733 320,435 299,370
========== ========== ========== ==========
DILUTED 353,884 358,788 359,824 345,171
========== ========== ========== ==========
(1) Net income excludes in-process research and development,
amortization of intangible assets, stock compensation expense, and the
related income tax effect.
NETWORK APPLIANCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
Quarter Ended Twelve Months Ended
------------- -------------------
April 30, April 30, April 30, April 30,
2001 2000 2001 2000
---- ---- ---- ----
NET SALES $ 225,841 $ 200,019 $1,006,186 $ 579,300
COST OF SALES 99,173 80,375 401,707 235,846
---------- ---------- ---------- ----------
GROSS MARGIN 126,668 119,644 604,479 343,454
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Sales and marketing 76,439 54,685 289,003 153,877
Research and development 34,131 20,610 120,938 61,566
General and administrative 10,288 7,662 40,238 21,098
Amortization of
intangible assets 5,226 50 11,732 200
In-process research
and development -- -- 26,688 --
Stock compensation 4,211 572 6,223 1,345
---------- ---------- ---------- ----------
Total operating
expenses 130,295 83,579 494,822 238,086
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS (3,627) 36,065 109,657 105,368
OTHER INCOME, net 6,277 1,885 23,352 9,038
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 2,650 37,950 133,009 114,406
PROVISION FOR INCOME TAXES 2,171 13,472 58,123 40,614
---------- ---------- ---------- ----------
NET INCOME $ 479 $ 24,478 $ 74,886 $ 73,792
========== ========== ========== ==========
NET INCOME PER SHARE:
BASIC $ 0.00 $ 0.08 $ 0.23 $ 0.25
========== ========== ========== ==========
DILUTED $ 0.00 $ 0.07 $ 0.21 $ 0.21
========== ========== ========== ==========
SHARES USED IN
PER SHARE CALCULATION:
BASIC 327,229 307,733 320,435 299,370
========== ========== ========== ==========
DILUTED 353,884 358,788 359,824 345,171
========== ========== ========== ==========
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