8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 21, 2008
______________

NetApp, Inc.
(Exact name of Registrant as specified in its charter)

Delaware	0-27130	77-0307520
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

495 East Java Drive
Sunnyvale, CA  94089

(Address of principal executive offices) (Zip Code)

(408) 822-6000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.     Results of Operations and Financial Condition

On May 21, 2008, NetApp, Inc. issued a press release announcing its earnings for the fourth quarter and fiscal year 2008. The press release is attached as an exhibit to this Form 8-K, and the information set forth therein is hereby incorporated by reference into this Item 2.02.

Item 9.01     Financial Statements and Exhibits

(d) Exhibits.

NetApp, Inc.’s May 21, 2008 press release is hereby furnished as Exhibit 99.1 to this Form 8-K in connection with the disclosures under Item 2.02 of this Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 21, 2008	By:	/s/ Steven Gomo
		Steven J. Gomo
		Chief Financial Officer

Index to Exhibits

Exhibit	Description
99.1	Press release of NetApp, Inc. issued on May 21, 2008.

EX-99.1

Exhibit 99.1

NetApp Announces Results for Fourth Quarter and Fiscal Year 2008

Q4 Revenues $938 Million, Up 17% Year over Year;
Forecasts 23% – 27% Year over Year Revenue Growth for Q1 FY2009

SUNNYVALE, Calif.--(BUSINESS WIRE)--NetApp (NASDAQ:NTAP), today reported results for the fourth quarter of fiscal year 2008. Revenues for the fourth fiscal quarter were $938 million, an increase of 17% compared to revenues of $801 million for the same period a year ago and an increase of 6% compared to $884 million in the prior quarter.

For the fourth fiscal quarter, GAAP net income was $90 million, or $0.26 per share¹ compared to GAAP net income of $90 million, or $0.23 per share for the same period in the prior year. Non-GAAP² net income for the fourth fiscal quarter was $131 million, or $0.38 per share, compared to non-GAAP net income of $114 million, or $0.30 per share for the same period a year ago.

Revenues for fiscal year 2008 totaled $3.3 billion, an increase of 18% compared to revenues of $2.8 billion for fiscal year 2007. For fiscal year 2008, GAAP net income increased 4% to $310 million, or $0.86 per share, compared to GAAP net income of $298 million, or $0.77 per share for fiscal year 2007. Non-GAAP net income for fiscal year 2008 increased 6% to $455 million, or $1.26 per share, compared to non-GAAP net income of $431 million, or $1.11 per share for fiscal year 2007.

“NetApp posted a strong finish to the fiscal year, ending the fourth quarter with 17% growth in revenue and 23% growth in storage systems,” said Dan Warmenhoven, chairman and chief executive officer. “With solid performance from most areas around the world, customers continue to validate that NetApp provides them with comprehensive storage and data management solutions at the lowest cost of ownership in the industry.”

Outlook

• NetApp estimates revenue for the first quarter of fiscal year 2009 to be between $845 million and $875 million.
• NetApp estimates that the first quarter fiscal year 2009 GAAP earnings per share will be approximately $0.09 to $0.13 per share. NetApp estimates first quarter fiscal year 2009 non-GAAP earnings per share to be approximately $0.20 to $0.23 per share.
• As presented at their analyst day in March 2008, NetApp reiterates estimated revenue for the full fiscal year to be between $3.79 billion and $3.95 billion.
• As presented at their analyst day in March 2008, NetApp reiterates estimated GAAP earnings per share for the full fiscal year to be approximately $0.92 to $0.98 per share and non-GAAP earnings per share to be approximately $1.40 to $1.46 per share.

Quarterly Highlights

In the fourth quarter of fiscal year 2008, NetApp launched a new brand identity that makes a bold statement about NetApp's strength in the marketplace and is designed to drive greater understanding of NetApp. NetApp also continued to help customers transform their data center architectures through higher efficiencies and asset utilization, greater power, space savings, and innovative data center design and data management techniques.

During the fourth quarter, NetApp unveiled the NetApp® Kilo Client, a large testing environment that is designed to exceed the most scalable and extreme performance conditions that most enterprises experience in their data centers.

Also during the quarter, NetApp introduced new products and capabilities as part of the NetApp Manageability Software Family. These new products (SnapManager® for Virtual Infrastructure, SnapManager Compatibility with VMware® Virtualization Software, and Provisioning Manager) enable customers to transform their data center architectures. NetApp is providing customers a proven storage platform for virtualized environments to achieve increased service levels, higher asset utilization, and greater data center power, space, and cooling efficiencies.

NetApp was recognized for its green initiatives with three separate awards for its innovative data center design and its advanced data management techniques to reduce power consumption. IDG's Computerworld, the "Voice of IT Management," selected NetApp as one of the top Green-IT Companies for 2008. IDG's InfoWorld, the leading integrated media brand for IT decision makers, named NetApp a winner in InfoWorld’s inaugural Green 15 awards. NetApp was also named a winner of the prestigious 2008 Green Enterprise IT Award from the Uptime Institute, a leading research-based think-tank and corporate advisory on the business and technology issues related to critical computing environment reliability and energy efficiency.

NetApp continued to gain momentum in the storage software market, growing the fastest among the top five leading storage software providers in 2007. According to IDC's Worldwide Quarterly Storage Software Tracker Q4 2007³, NetApp grew more than three times faster than the storage software market in 2007 and gained share in each market segment in which it provides offerings. This marks the fifth consecutive year that NetApp grew faster than both the storage software market and the market leader.

During this quarter, Gartner, Inc., positioned NetApp in the "Leaders" quadrant for Enterprise NAS. In a recently released research note, "Magic Quadrant for Midrange and High-End NAS Solutions, 1H08,"⁴ Gartner asserts, "An enterprise NAS storage vendor in the Leaders quadrant has the market share, credibility, and marketing and sales capabilities needed to drive the acceptance of new technologies. It demonstrates understanding of market needs, is an innovator and thought leader, and has well-articulated plans that customers and prospects can use when designing their storage infrastructures and strategies."

NetApp unveiled a new brand identity and changed the official name of the company from Network Appliance to NetApp. The new brand identity was designed to achieve a broader and deeper awareness of the company and to communicate a consistent promise on a global basis to customers, partners, and employees. The NetApp brand is strongly grounded in NetApp's "create a model company" spirit which is based on the core values of the company, including trust and integrity, leadership, simplicity, teamwork and synergy, and going beyond.

Webcast and Conference Call Information

• The NetApp quarterly results conference call will be broadcast live on the Internet at http://investors.netapp.com on Wednesday, May 21, 2008, at 2:00 p.m. Pacific Time. This press release and any other information related to the call will also be posted on the Web site at that location.
• The conference call will also be available live in a listen-only format at (866) 543-6407 in the United States and (617) 213-8898 outside the United States. The pass code for both numbers is 95037280.
• A replay will be available for 72 hours following the completion of the live call by dialing (888) 286-8010 in the United States and (617) 801-6888 outside the United States, using replay code 13597413. The Webcast replay will be posted on our Web site for at least one year.

About NetApp

NetApp creates innovative storage and data management solutions that accelerate business breakthroughs and deliver outstanding cost efficiency. Discover NetApp’s passion for helping companies around the world go further, faster at www.netapp.com.

“Safe Harbor” Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the Outlook section relating to our forecasted operating results and metrics for the first quarter fiscal year 2009 and for fiscal year 2009, and statements regarding the performance and breadth of our product and service offerings, relative to our competitors’ product and service offerings. These forward-looking statements involve risks and uncertainties, and actual results could vary. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to build non-deferred backlog to levels consistent with our past results and to increase our revenue over the next several quarters; general economic and industry conditions, including expenditure trends for storage-related products; risks associated with the anticipated growth in network storage and content delivery markets; our ability to deliver new product architectures and enterprise service offerings; competition risks, including our ability to design products and services that compete effectively from a price and performance perspective; risks with new product introductions; our reliance on a limited number of suppliers; our ability to accurately forecast demand for our products and successfully manage our relationships with our contract manufacturers; our ability to expand our direct sales operations and reseller distribution channels; our ability to develop, maintain, and strengthen our relationships and product offerings with strategic partners; risks associated with international operations; our ability to successfully acquire and integrate complementary businesses and technologies; foreign currency exchange rate fluctuations; and other important factors as described in NetApp reports and documents filed from time to time with the Securities and Exchange Commission, including the factors described under the sections captioned “Risk Factors” in our most recently submitted 10-K and 10-Q. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

¹ Earnings per share is calculated using the diluted number of shares for all periods presented.

² Non-GAAP results of operations exclude amortization of intangible assets, stock-based compensation expenses, acquisition-related retention costs, net gain on sale of investments, gain of sale on assets, restructuring charges/recoveries, prior acquisition-related costs, and the related effects on income taxes as well as certain discrete GAAP provisions for income tax matters recognized ratably for non-GAAP purposes.

³ IDC Worldwide Quarterly Storage Software Tracker Q4 2007.

⁴ Gartner Magic Quadrant for Midrange and High-End NAS Solutions, 1H08.

NetApp, the NetApp logo, Go further, faster, and SnapManager are trademarks or registered trademarks of NetApp, Inc. in the United States and other countries. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.

NetApp Usage of Non-GAAP Financials

The Company refers to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding the Company's operational performance. These non-GAAP results of operations exclude amortization of intangible assets, stock-based compensation expenses, acquisition-related retention costs, net gain on sale of investments, gain on sale of assets, restructuring charges/recoveries, prior acquisition-related costs, and the related effects on income taxes as well as certain discrete GAAP provisions for income tax matters recognized ratably for non-GAAP purposes. We have excluded these items in order to enhance investors’ understanding of our ongoing operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures.

These non-GAAP financial measures facilitate management's internal comparisons to the Company's historical operating results and comparisons to competitors' operating results. We include these non-GAAP financial measures in our earnings announcement because we believe they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making, such as employee compensation planning. In addition, we have historically reported similar non-GAAP financial measures to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting at this time.

NETAPP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
	April 25, 2008		April 27, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	936,479	$	489,079
Short-term investments		227,911		819,702
Accounts receivable, net		582,110		548,249
Inventories		70,222		54,880
Prepaid expenses and other assets		120,561		99,840
Short-term restricted cash and investments		2,953		118,312
Short-term deferred income taxes		127,197		110,741
Total current assets		2,067,433		2,240,803
PROPERTY AND EQUIPMENT, net		693,792		603,523
GOODWILL		680,054		601,056
INTANGIBLE ASSETS, net		90,075		83,009
LONG-TERM INVESTMENTS AND RESTRICTED CASH		331,105		12,572
LONG-TERM DEFERRED INCOME TAXES AND OTHER ASSETS		283,801		117,515
	$	4,146,260	$	3,658,478
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt		-	$	85,110
Accounts payable		178,233		144,112
Income taxes payable		6,245		53,371
Accrued compensation and related benefits		202,929		177,327
Other accrued liabilities		154,331		97,017
Deferred revenue		872,364		630,610
Total current liabilities		1,414,102		1,187,547
LONG-TERM DEBT		172,600		-
OTHER LONG-TERM OBLIGATIONS		146,058		9,487
LONG-TERM DEFERRED REVENUE		637,889		472,423
		2,370,649		1,669,457
STOCKHOLDERS' EQUITY		1,775,611		1,989,021
	$	4,146,260	$	3,658,478

NETAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except net income per share amounts)
(Unaudited)
	Quarters Ended						Years Ended
	April 25, 2008			April 27, 2007			April 25, 2008			April 27, 2007
REVENUES:
Product	$	629,610		$	588,121		$	2,242,474		$	2,085,898
Software entitlements and maintenance		136,268			99,206			486,896			341,258
Service		171,854			113,866			573,797			377,126
Total revenues		937,732			801,193			3,303,167			2,804,282
COST OF REVENUES:
Cost of product		256,860			230,491			911,434			815,928
Cost of software entitlements and maintenance		2,014			2,752			8,572			10,210
Cost of service		105,986			81,936			369,785			273,644
Total cost of revenues		364,860			315,179			1,289,791			1,099,782
GROSS MARGIN		572,872			486,014			2,013,376			1,704,500
OPERATING EXPENSES:
Sales and marketing		296,457			259,599			1,075,588			895,813
Research and development		124,968			108,802			452,205			385,357
General and administrative		47,793			42,164			171,536			147,501
Restructuring charges (recoveries)		447			-			447			(74	)
Gain on sale of assets		-			-			-			(25,339	)
Total operating expenses		469,665			410,565			1,699,776			1,403,258
INCOME FROM OPERATIONS		103,207			75,449			313,600			301,242
OTHER INCOME (EXPENSES), net:
Interest income		14,316			17,617			64,610			68,837
Interest expense		(1,860	)		(265	)		(7,990	)		(11,642	)
Net gain (loss) on investments		-			(422	)		12,614			(1,538	)
Other income (expense), net		(578	)		(362	)		(135	)		2,829
Total other income, net		11,878			16,568			69,099			58,486
INCOME BEFORE INCOME TAXES		115,085			92,017			382,699			359,728
PROVISION FOR INCOME TAXES		25,264			2,397			72,961			61,993
NET INCOME	$	89,821		$	89,620		$	309,738		$	297,735
NET INCOME PER SHARE:
BASIC	$	0.26		$	0.24		$	0.88		$	0.80
DILUTED	$	0.26		$	0.23		$	0.86		$	0.77
SHARES USED IN PER SHARE CALCULATION:
BASIC		342,308			369,002			351,676			371,204
DILUTED		348,492			385,151			361,090			388,454

NETAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
					Quarters Ended						Years Ended
					April 25, 2008			April 27, 2007			April 25, 2008			April 27, 2007
Cash Flows from Operating Activities:
	Net income				$	89,821		$	89,620		$	309,738		$	297,735
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation				31,329			25,075			115,250			87,391
		Amortization of intangible assets and patents				8,503			6,986			28,934			23,442
		Stock-based compensation				34,886			38,354			147,964			163,033
		Net (gain) loss on investments				-			422			(12,614	)		1,538
		Gain on sale of assets				-			-			-			(25,339	)
		Net loss on disposal of equipment				1,013			87			1,841			773
		Allowance for doubtful accounts				463			742			818			928
		Deferred income taxes				(48,465	)		(57,506	)		(139,803	)		(145,989	)
		Deferred rent				3,280			54			3,912			1,033
		Income tax benefit from stock-based compensation				26,477			42,577			123,467			175,036
		Excess tax benefit from stock-based compensation				(73,556	)		(19,696	)		(120,663	)		(63,159	)
		Changes in assets and liabilities:
			Accounts receivable			(114,249	)		(152,234	)		(27,741	)		(175,231	)
			Inventories			(10,198	)		6,413			(15,382	)		9,908
			Prepaid expenses and other assets			59,746			(5,385	)		79,222			(6,366	)
			Accounts payable			53,897			32,143			20,032			36,589
			Income taxes payable			(6,286	)		13,963			(47,300	)		1,556
			Accrued compensation and related benefits			23,776			26,742			18,754			43,612
			Other accrued liabilities			(855	)		4,171			3,974			16,903
			Other liabilities			49,722			340			117,469			(265	)
			Deferred revenue			163,998			157,879			401,014			421,328
				Net cash provided by operating activities		293,302			210,747			1,008,886			864,456
Cash Flows from Investing Activities:
	Net redemptions of investments					126,823			55,086			335,541			187,857
	Decrease (increase) in restricted cash					607			(43	)		(793	)		290
	Proceeds from sale of assets					-			-			-			23,914
	Proceeds from sales of nonmarketable securities					-			1,039			898			2,813
	Proceeds from sales of marketable securities					-			-			18,256			-
	Purchases of property and equipment					(63,433	)		(53,417	)		(188,280	)		(165,828	)
	Purchases of nonmarketable securities					-			(250	)		(4,235	)		(1,583	)
	Purchase of business, net of cash acquired					(99,601	)		-			(99,390	)		(131,241	)
				Net cash (used in) provided by investing activities		(35,604	)		2,415			61,997			(83,778	)
Cash Flows from Financing Activities:
	Proceeds from sale of common stock related to employee stock transactions					14,510			38,028			114,697			215,453
	Tax withholding payments reimbursed by restricted stock					(169	)		(580	)		(6,020	)		(5,272	)
	Excess tax benefit from stock-based compensation					73,556			19,696			120,663			63,159
	Change on revolving credit facility					(77,400	)		-			172,354			-
	Repayment of debt					(28,790	)		(66,021	)		(85,110	)		(214,890	)
	Repurchases of common stock					(59,453	)		(200,000	)		(903,704	)		(805,708	)
				Net cash used in financing activities		(77,746	)		(208,877	)		(587,120	)		(747,258	)
Effect of Exchange Rate Changes on Cash						(19,832	)		(5,422	)		(36,363	)		(5,597	)
Net Increase (decrease) in Cash and Cash Equivalents						160,120			(1,137	)		447,400			27,823
Cash and Cash Equivalents:
	Beginning of period					776,359			490,216			489,079			461,256
	End of period				$	936,479		$	489,079		$	936,479		$	489,079

NETAPP, INC.
SUPPLEMENTAL INFORMATION
(In thousands)
(Unaudited)
	QUARTER ENDED APRIL 25, 2008
	Amortization of Intangible Assets	Stock-based Compensation Expenses	Acquisition-Related Retention Cost	Prior Acquisition-related Costs	Restructuring Charges (Recoveries)		Gain on Sale of Assets		Net Gain on Investments		Total
Cost of product revenues	$6,748	$870	-	-	-		-		-		$7,618
Cost of service revenues	-	2,653	-	-	-		-		-		2,653
Sales and marketing expense	1,259	15,971	-	-	-		-		-		17,230
Research and development expense	-	10,309	-	-	-		-		-		10,309
General and administrative expense	-	5,083	-	-	-		-		-		5,083
Restructuring charges (recoveries)	-	-	-	-	447		-		-		447
Net gain on investments	-	-	-	-	-		-		-		-
Effect on pre-tax income	$8,007	$34,886	-	-	$447		-		-		$43,340
	YEAR ENDED APRIL 25, 2008
	Amortization of Intangible Assets	Stock-based Compensation Expenses	Acquisition-Related Retention Cost	Prior Acquisition-related Costs	Restructuring Charges (Recoveries)		Gain on Sale of Assets		Net Gain on Investments		Total
Cost of product revenues	$22,582	$3,384	-	-	-		-		-		$25,966
Cost of service revenues	-	10,442	-	-	-		-		-		10,442
Sales and marketing expense	4,170	65,399	3,086	-	-		-		-		72,655
Research and development expense	-	46,632	-	-	-		-		-		46,632
General and administrative expense	200	22,107	-	2,800	-		-		-		25,107
Restructuring charges (recoveries)	-	-	-	-	447		-		-		447
Net gain on investments	-	-	-	-	-		-		(12,614	)	(12,614	)
Effect on pre-tax income	$26,952	$147,964	$3,086	$2,800	$447		-		($12,614	)	$168,635
	QUARTER ENDED APRIL 27, 2007
	Amortization of Intangible Assets	Stock-based Compensation Expenses	Acquisition-Related Retention Cost	Prior Acquisition-related Costs	Restructuring Charges (Recoveries)		Gain on Sale of Assets		Net Loss on Investments		Total
Cost of product revenues	$5,278	$1,059	-	-	-		-		-		$6,337
Cost of service revenues	-	2,431	-	-	-		-		-		2,431
Sales and marketing expense	974	16,955	1,162	-	-		-		-		19,091
Research and development expense	-	12,157	-	-	-		-		-		12,157
General and administrative expense	238	5,752	-	-	-		-		-		5,990
Restructuring charges (recoveries)	-	-	-	-	-		-		-		-
Gain on sale of assets	-	-	-	-	-		-		-		-
Net loss on investments	-	-	-	-	-		-		422		422
Effect on pre-tax income	$6,490	$38,354	$1,162	-	-		-		$422		$46,428
	YEAR ENDED APRIL 27, 2007
	Amortization of Intangible Assets	Stock-based Compensation Expenses	Acquisition-Related Retention Cost	Prior Acquisition-related Costs	Restructuring Charges (Recoveries)		Gain on Sale of Assets		Net Loss on Investments		Total
Cost of product revenues	$17,580	$3,720	-	-	-		-		-		$21,300
Cost of service revenues	-	10,088	-	-	-		-		-		10,088
Sales and marketing expense	2,930	71,701	1,743	-	-		-		-		76,374
Research and development expense	-	51,323	-	-	-		-		-		51,323
General and administrative expense	950	26,201	-	-	-		-		-		27,151
Restructuring charges (recoveries)	-	-	-	-	(74	)	-		-		(74	)
Gain on sale of assets	-	-	-	-	-		(25,339	)	-		(25,339	)
Net loss on investments	-	-	-	-	-		-		1,538		1,538
Effect on pre-tax income	$21,460	$163,033	$1,743	-	($74	)	($25,339	)	$1,538		$162,361

NETAPP, INC.
RECONCILIATION OF NON-GAAP AND GAAP
IN THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except net income per share amounts)
(Unaudited)
	Quarters Ended						Year Ended
	April 25, 2008			April 27, 2007			April 25, 2008			April 27, 2007
SUMMARY RECONCILIATION OF NET INCOME
NET INCOME	$	89,821		$	89,620		$	309,738		$	297,735
Adjustments:
Amortization of intangible assets		8,007			6,490			26,952			21,460
Stock-based compensation expenses		34,886			38,354			147,964			163,033
Acquisition-related retention cost		-			1,162			3,086			1,743
Prior acquisition-related costs		-			-			2,800			-
Restructuring charges (recoveries)		447			-			447			(74	)
Gain on sale of assets		-			-			-			(25,339	)
Net (gain) loss on investments		-			422			(12,614	)		1,538
Tax effect on sale of investments		-			-			5,477			-
Discrete GAAP tax provision items ratably for non-GAAP purposes		-			(3,024	)		-			(2,767	)
Tax effect on sale of assets		-			(2,012	)		-			2,993
Discrete GAAP tax provision items		17,669			1,924			17,044			(571	)
Income tax effect		(20,129	)		(18,719	)		(46,044	)		(29,028	)
NON-GAAP NET INCOME	$	130,701		$	114,217		$	454,850		$	430,723
NET INCOME PER SHARE	$	0.258		$	0.233		$	0.858		$	0.766
Adjustments:
Amortization of intangible assets		0.023			0.017			0.075			0.055
Stock-based compensation expenses		0.100			0.100			0.410			0.420
Acquisition-related retention cost		-			0.003			0.009			0.004
Prior acquisition-related costs		-			-			0.008			-
Restructuring charges (recoveries)		0.001			-			0.001			-
Gain on sale of assets		-			-			-			(0.065	)
Net (gain) loss on investments		-			0.001			(0.035	)		0.004
Tax effect on sale of investments		-			-			0.015			-
Discrete GAAP tax provision items ratably for non-GAAP purposes		-			(0.008	)		-			(0.007	)
Tax effect on sale of assets		-			(0.005	)		-			0.008
Discrete GAAP tax provision items		0.051			0.005			0.047			(0.001	)
Income tax effect		(0.058	)		(0.049	)		(0.128	)		(0.075	)
NON-GAAP NET INCOME PER SHARE	$	0.375		$	0.297		$	1.260		$	1.109

NETAPP, INC.
RECONCILIATION OF NON GAAP GUIDANCE TO GAAP
EXPRESSED AS EARNINGS PER SHARE
FIRST QUARTER AND FULL YEAR 2009
(Unaudited)
	First Quarter		Fiscal Year
	2009		2009
Non-GAAP Guidance	$0.20 - $0.23		$1.40 - $1.46
Adjustments of Specific Items to Earnings Per Share for the First Quarter and Full Year 2009:
Amortization of intangible assets	(0.02	)	(0.10	)
Stock based compensation expense	($0.10 - $0.11	)	(0.47	)
Income tax effect	0.02		0.09
Total Adjustments	($0.10 - $0.11	)	(0.48	)
GAAP Guidance - Earnings Per Share	$0.09 - $0.13		$0.92 - $0.98

CONTACT:
NetApp
Jodi Baumann, 408-822-3974 (Press)
Jodi.Baumann@netapp.com
Tara Dhillon, 408-822-6909 (Investors)
tara@netapp.com
Billie Fagenstrom, 408-822-6428 (Investors)
billief@netapp.com