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Supplemental Financial Information | 3 Months Ended
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Jul. 26, 2024
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | 4. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our condensed consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our condensed consolidated statements of cash flows:
|  | July 26, 2024 |  |  | April 26, 2024 |
Cash and cash equivalents |  | $ | 1,652 |  |  | $ | 1,903 |
Restricted cash |  |  | 7 |  |  |  | 6 |
Cash, cash equivalents and restricted cash |  | $ | 1,659 |  |  | $ | 1,909 |
Inventories (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Purchased components |  | $ | 166 |  |  | $ | 116 |
Finished goods |  |  | 48 |  |  |  | 70 |
Inventories |  | $ | 214 |  |  | $ | 186 |
Property and equipment, net (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Land |  | $ | 46 |  |  | $ | 46 |
Buildings and improvements |  |  | 370 |  |  |  | 367 |
Leasehold improvements |  |  | 83 |  |  |  | 81 |
Computer, production, engineering and other equipment |  |  | 1,120 |  |  |  | 1,101 |
Computer software |  |  | 344 |  |  |  | 340 |
Furniture and fixtures |  |  | 77 |  |  |  | 77 |
Construction-in-progress |  |  | 66 |  |  |  | 70 |
|  |  | 2,106 |  |  |  | 2,082 |
Accumulated depreciation and amortization |  |  | (1,512 | ) |  |  | (1,478 | )
Property and equipment, net |  | $ | 594 |  |  | $ | 604 |
Other non-current assets (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Deferred tax assets |  | $ | 913 |  |  | $ | 896 |
Operating lease right-of-use (ROU) assets |  |  | 241 |  |  |  | 247 |
Other assets |  |  | 373 |  |  |  | 360 |
Other non-current assets |  | $ | 1,527 |  |  | $ | 1,503 |
Other non-current assets as of both July 26, 2024 and April 26, 2024 include $85 million for our 49% non-controlling equity interest in Lenovo NetApp Technology Limited (LNTL), a China-based entity that we formed with Lenovo (Beijing) Information Technology Ltd. in fiscal 2019. LNTL is integral to our sales channel strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. LNTL is also focused on localizing our products and services, and developing new joint offerings for the China market by leveraging NetApp and Lenovo technologies. Accrued expenses (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Accrued compensation and benefits |  | $ | 346 |  |  | $ | 538 |
Product warranty liabilities |  |  | 18 |  |  |  | 18 |
Operating lease liabilities |  |  | 39 |  |  |  | 40 |
Other current liabilities |  |  | 390 |  |  |  | 417 |
Accrued expenses |  | $ | 793 |  |  | $ | 1,013 |
Other long-term liabilities (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Liability for uncertain tax positions |  | $ | 157 |  |  | $ | 153 |
Income taxes payable |  |  | 100 |  |  |  | 100 |
Product warranty liabilities |  |  | 9 |  |  |  | 9 |
Operating lease liabilities |  |  | 216 |  |  |  | 220 |
Other liabilities |  |  | 108 |  |  |  | 103 |
Other long-term liabilities |  | $ | 590 |  |  | $ | 585 |
Deferred revenue and financed unearned services revenue The following table summarizes the components of our deferred revenue and financed unearned services revenue balance as reported in our condensed consolidated balance sheets (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Deferred product revenue |  | $ | 57 |  |  | $ | 59 |
Deferred services revenue |  |  | 4,065 |  |  |  | 4,123 |
Financed unearned services revenue |  |  | 47 |  |  |  | 52 |
Total |  | $ | 4,169 |  |  | $ | 4,234 |
Reported as: |  |  |  |  |  |
Short-term |  | $ | 2,133 |  |  | $ | 2,176 |
Long-term |  |  | 2,036 |  |  |  | 2,058 |
Total |  | $ | 4,169 |  |  | $ | 4,234 |
Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware support contracts, certain public cloud services and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 14 – Commitments and Contingencies for additional information related to these arrangements. During the three months ended July 26, 2024 and July 28, 2023, we recognized revenue of $670 million and $658 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods. Remaining performance obligations As of July 26, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $4.5 billion. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our remaining performance obligations in the next 12 months and the remainder thereafter. Deferred commissions The following table summarizes deferred commissions balances as reported in our condensed consolidated balance sheets (in millions):
|  | July 26, 2024 |  |  | April 26, 2024 |
Other current assets |  | $ | 68 |  |  | $ | 69 |
Other non-current assets |  |  | 99 |  |  |  | 100 |
Total deferred commissions |  | $ | 167 |  |  | $ | 169 |
Other income, net (in millions):
|  | Three Months Ended |
|  | July 26, 2024 |  |  | July 28, 2023 |
Interest income |  | $ | 36 |  |  | $ | 28 |
Interest expense |  |  | (16 | ) |  |  | (16 | )
Other, net |  |  | (3 | ) |  |  | (4 | )
Total other income, net |  | $ | 17 |  |  | $ | 8 |
Statements of cash flows additional information (in millions): Supplemental cash flow information related to our operating leases is included in Note 7 ─ Leases. Non-cash investing activities and other supplemental cash flow information are presented below:
|  | Three Months Ended |
|  | July 26, 2024 |  |  | July 28, 2023 |
Non-cash Investing Activities: |  |  |  |  |  |
Capital expenditures incurred but not paid |  | $ | 13 |  |  | $ | 21 |
Supplemental Cash Flow Information: |  |  |  |  |  |
Income taxes paid, net of refunds |  | $ | 21 |  |  | $ | 9 |
Interest paid |  | $ | 23 |  |  | $ | 23 |

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