NetApp, Inc.

Good afternoon, ladies and gentlemen. Welcome to the NetApp first quarter fiscal year 2022 earnings call. At this time, all participants are on a listen-only mode. Later, we will conduct a question and answer session, and instructions will be given at that time. I would now like to turn the call over to Chris Newton, Vice President, Investor Relations.

Thank you for joining us. With me today are 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, such as our guidance for second quarter and fiscal year 2022, our expectations regarding future revenue, profitability, and shareholder returns, the value we bring to customers, our ability to execute, and our ability to bring industry-leading capabilities to market, all of which involve risk and uncertainty. We disclaim any obligation to update our forward-looking statements and projections. Actual results may differ materially for a variety of reasons, including... macroeconomic and market conditions, such as the continuing impact and uneven recovery of the COVID-19 pandemic and the IT capital spending environment, as well as our ability to gain share in the storage market, grow our cloud business, and generate greater cash flow. Please also refer to the documents we file from time to time with the SEC and available on our website, specifically our most recent Form 10-K, including in the management's discussion and analysis of financial condition and results of operations and risk factor sections. During the call, all financial measures presented will be non-GAAP unless otherwise indicated. Reconciliations of GAAP to non-GAAP estimates are posted on our website. I'll now turn the call over to George.

Thanks, Chris. Good afternoon, and thanks to everyone for joining our Q1 fiscal year 22 earnings call. Building on our accelerating momentum through fiscal year 21, we delivered a strong start to fiscal year 22, with results at the high end or above our guidance for Q1. Broad-based strength drove 12% revenue growth and 16% product revenue growth year over year. Public cloud revenue grew triple digits again this quarter, up 155% from Q1, a year ago. Our results reflect solid customer demand and strong execution by our team in the quarter. Cloud and digital transformation initiatives remain top customer priorities, and we continue to benefit from these sizable long-term trends. Customers need to simplify and modernize existing data centers and deploy traditional applications quickly and confidently. At the same time, customers are also accelerating their use of cloud, adopting modern application architectures like Kubernetes and microservices for new workloads, and deploying data-rich applications like machine and deep learning. With our data fabric strategy, we are uniquely positioned to solve our customers' most significant challenges in both modern and traditional applications on-premises, and in hybrid multi-cloud environments. As I've said many times, our public cloud services not only allow us to participate in the rapidly growing cloud market, they also make us a more strategic data center partner to our enterprise customers, driving share gains in our hybrid cloud business. In Q1, we introduced our new segment reporting disclosures for hybrid cloud and public cloud corresponding with how I look at our business. We've provided financial information for both segments in our earnings materials to give you better insight into the dynamics of the two segments. We will maintain our focus on driving growth with our hybrid cloud portfolio while scaling our public cloud services in fiscal year 22. In Q1, Hybrid cloud revenue grew 8% year over year, led by outstanding growth in our all-flash array business, which increased 23% to an annualized net revenue run rate of $2.8 billion. Based on our strong revenue growth, I am confident that we again gain share in the storage and all-flash markets. In the quarter, we delivered significant innovation that advances our flexible foundation for hybrid cloud, unifies data management across on-premises and cloud environments, and simplifies consumption and operation of hybrid cloud services. We further enhanced the industry's leading and only cloud-ready storage operating system by introducing ONTAP 9.9, with security enhancements, new integrated data protection capabilities, and improved SAN performance. We also released Storage Grid 11.5 with support for data encryption using external key management, ransomware protection with S3 object blocks, and increased performance with intelligent load balancing. And we announced a broad range of enhancements to Keystone Flex subscription with new features for service providers, additional cloud support, a partner delivered FlexPod as a service, and integration with Equinix co-location services. Public cloud revenue grew 155% year over year, driven by cloud volumes, cloud insights, and Spot by NetApp. It's been a year since we acquired Spot, and we are excited by the innovation we brought to market under the Spot by NetApp brand and the momentum we have with the Spot offerings. Public cloud ARR grew to $337 million, an increase of 89% year over year, and public cloud dollar-based net retention rate remains healthy at 192%. Our partnerships with the cloud providers are strong and growing, I am honored that we were recognized by Microsoft as the winner of their Global Customer Experience Partner of the Year and of their US SAP on Azure Partner of the Year awards. We continue to broaden our public cloud services beyond storage and data management services. Today, we help customers extend, migrate, automate, and optimize the infrastructure and data management capabilities for enterprise and cloud-native applications. Customers use NetApp public cloud services because we enable them to use more cloud at less cost. In Q1, we announced SpotPC, a fully managed, secure, and cost-effective cloud desktop as a service. for Azure Virtual Desktop and Windows 365. Additionally, we acquired data mechanics to accelerate the roadmap for SpotWave, an infrastructure and application automation and optimization platform for high-growth big data and machine learning workloads in the cloud. We also continue to deliver on our vision and strategy around application-aware infrastructure and data management for containers, SpotOcean automates cloud infrastructure for containers, automatically scaling compute resources to maximize utilization and availability with the optimal blend of spot, reserved, and on-demand compute instances, reducing costs by up to 90%. In Q1, we evolved SpotOcean into a suite of DevOps solutions with ocean continuous delivery, and Ocean Insights. Ocean Continuous Delivery focuses on the most painful aspects of modern application delivery by automating mission critical deployment and verification processes. Ocean Insights is an analytical tool that gives users a full view of their application clusters and then previews the potential savings from Ocean. Last year, we introduced Astra Control a rich set of storage and application-aware data management services for cloud-based Kubernetes workloads. Astra extends the data fabric to the cloud-native world, and in Q1, we extended Astra to be a deployable on-premises software solution, Astra Control Center. Wherever a customer chooses to deploy Kubernetes applications, we can accelerate the deployment, operation, and protection of these critical environments. Let me share with you a customer story to highlight the value Astra Control Center brings to enterprise customers. As a part of its transformation strategy, a leading telecommunications provider is using a modern IT architecture based on container-native applications. These workloads are mission critical, and the customer turn to NetApp and Astra Control Center to address the challenges of data protection and disaster recovery that don't exist in Kubernetes natively. Additionally, Astra helped them realize their vision of application portability across multiple Kubernetes distributions and data sharing across multiple clusters. We have long been recognized for our industry-leading enterprise storage and data management technology. Our public cloud services drive further differentiation, expand our addressable market and enable us to reach new customers. We deliver not only industry leading storage services in the cloud, but also cloud automation and optimization services and cloud infrastructure monitoring services. You should expect us to capitalize on our advantage by enhancing our go-to-market activities, deepening our cloud partnerships, and delivering best-in-class organic and inorganic innovations. Our strong customer momentum and the uniqueness of our public cloud services position furthers my confidence in our ability to reach our goal of $1 billion in public cloud ARR in fiscal year 25. Our strong first quarter results underscore our value to customers in a hybrid multi-cloud data-driven digital world. We are confident that we are well positioned with the right portfolio and strategy to solve our customers' most pressing challenges. With focused execution and demonstrated leadership in hybrid multi-cloud, we are reshaping the industry. We made a number of innovation announcements this quarter, and we will continue to bring industry leading capabilities to market, further enhancing our differentiated position in cloud and software. I am excited for what this year will bring, and I'm confident in our ability to deliver top line growth as we support our customers on their cloud and digital transformation journeys. Before I turn the call over to Mike to walk through our financial results and expectations, I want to thank the NetApp team, our customers, and our partners for an outstanding quarter. I also want to remind you that we'll be hosting our fully digital Insight customer event in October. I hope you'll be able to join us. With that, I'll turn it over to Mike.