NetApp at Goldman Sachs Conference: Growth, Cloud, and AI Focus

On Tuesday, 09 September 2025, NetApp (NASDAQ:NTAP) participated in the Goldman Sachs Communicopia + Technology Conference 2025. The discussion, led by CFO Wissam Jabry, highlighted the company’s robust start to fiscal year 2026, emphasizing growth in all-flash storage, public cloud, and AI. While NetApp enjoys a strong competitive position, challenges remain in the U.S. public sector and EMEA markets.

Key Takeaways

• NetApp reported Q1 2026 revenue and EPS above midpoint guidance.
• The company maintains a leading position in the all-flash storage market.
• Public cloud business grew by 18% year-over-year.
• Keystone revenue surged 80% year-over-year in Q1 2026.
• Guidance for 2% growth next quarter and 3% for the full year.

Financial Results

NetApp’s financial performance in Q1 2026 was notable, with revenue and EPS slightly exceeding the midpoint of guidance. The company achieved a record free cash flow of $620 million and aims to return up to 100% of this to shareholders. Despite softness in the U.S. public sector and EMEA, the U.S. enterprise showed strength, counterbalancing these challenges.

• Public cloud business adjusted growth was approximately 18% year-over-year.
• Public cloud gross margin target increased to 80%-85%.
• Keystone revenue increased by 80% year-over-year in Q1 2026.

Operational Updates

NetApp is focusing on strategic growth areas, particularly in all-flash storage and public cloud segments. The company’s public cloud strategy emphasizes first-party and marketplace offerings, with expectations of margin improvements.

• Continued focus on all-flash and block storage markets.
• Strengthening AI solutions for enterprise data management.
• Strategic senior hires in North America to enhance sales productivity.

Future Outlook

Looking forward, NetApp expects to accelerate top-line growth in the latter half of the year. The company is well-positioned to benefit from enterprise AI adoption, with solutions designed for unified data management and protection.

• Guidance for 2% growth next quarter and 3% for the full year.
• Product gross margin anticipated to remain in the mid to high 50% range.
• Continued investment in R&D and sales expansion.

Q&A Highlights

During the Q&A session, Wissam Jabry emphasized the importance of ONTAP, NetApp’s unified data management system, as a key differentiator in managing diverse data types across environments.

• ONTAP provides unified data management and protection.
• NetApp’s AI solutions facilitate data search and organization at large volumes.
• Keystone’s revenue growth highlights its expanding role in NetApp’s portfolio.

In conclusion, NetApp’s strategic focus on growth areas such as all-flash storage, public cloud, and AI positions it well for future success. For more details, please refer to the full transcript below.

Full transcript - Goldman Sachs Communicopia + Technology Conference 2025:

Kat Campagna, IT hardware team member, Goldman Sachs: Hi, everybody. We’ll go ahead and get started here. Welcome to the NetApp Fireside Chat at the Goldman Sachs Communicopia and Technology Conference. I have the privilege of introducing Wissam Jabry, the Executive Vice President and CFO of NetApp. Wissam joined NetApp in March of this year from Western Digital, where he served as the CFO for three years. Prior to Western Digital, Wissam was the CFO of Dialog Semiconductor and served in various senior finance roles at AMD and FreeScale. My name is Kat Campagna, and I’m a member of the IT hardware team here at Goldman. We have about 35 minutes for today’s presentation, inclusive of audience Q&A. Before I begin, I do have a safe harbor to read. NetApp asked me to read their safe harbor today. Today’s discussion may include forward-looking statements regarding NetApp’s future performance, which are subject to risk and uncertainty.

Actual results may vary. Actual results may differ materially from the statements made today for a variety of reasons described in NetApp’s most recent 10-K and 10-Q filed with the SEC and available on their website at netapp.com. NetApp disclaims any obligation to update information in any forward-looking statements for any reason. Thank you for being here with us today, Wissam. September marks six months since you joined NetApp as CFO. Now that you’ve gotten some time to get a little bit more comfortable and get a look under the hood, we’d love to know if there’s any opportunities that you would highlight as being most exciting for you at NetApp.

Wissam Jabry, Executive Vice President and CFO, NetApp: Thanks so much, Kat, and happy to be here. With respect to NetApp, it’s been a great six months, great company, fantastic leadership team, a lot of opportunities. I think we have awesome technology, as well as a great go-to-market organization. All the opportunities that we’re pursuing from a growth perspective are exciting for me, whether our focus on all-flash and our continued making good headway there, in addition to within all-flash, obviously, continued focus on block, as well as our public cloud business, and of course, all the upcoming opportunities on AI. All of these growth opportunities are exciting for me. I would say I wouldn’t single one of them out. They’re equally exciting, and we’re focused on them all equally.

Kat Campagna, IT hardware team member, Goldman Sachs: Awesome. You reported earnings two weeks ago for fiscal 1Q 2026. Before we dig into some more strategic questions, could you do a brief recap of the quarter and make sure there’s any highlights that you’d want to make sure this audience is familiar with?

Wissam Jabry, Executive Vice President and CFO, NetApp: Sure. We ended Q1 with the revenue slightly and EPS slightly better than the midpoint of our guidance for both numbers. We did, as expected, see some good strength in the U.S. enterprise that offset some softness in the U.S. public sector and EMEA. We saw both sides of the business, both segments where hybrid cloud and public cloud grow year over year. When we adjust the public cloud business with respect to the divestiture we did in Q4, the growth there was around 18%, great growth with a very high margin business. We continued to see good, also, performance on the operating margin.

From a cash perspective, we did have a Q1 cash record free cash flow of around $620 million, which is really great. We continued to deliver on our capital allocation where we wanted basically to return up to 100% of free cash flow to our shareholders in the year. We did our part in Q1. The last thing I would say, we also had ranked number one exiting calendar Q1 2025 in the all-flash market as published by IDC. All in all, good, I would say, solid start to the year.

Kat Campagna, IT hardware team member, Goldman Sachs: Maybe one more high-level question, and we can get into some of those strategic growth drivers that you talked about at the top. The company has long talked about ONTAP as the backbone of your unified data management capabilities. Why is having a unified operating system a competitive differentiator for NetApp? Why is that something that your competitors aren’t able to do because their portfolios are either built through M&A or otherwise have disparate operating systems across their products?

Wissam Jabry, Executive Vice President and CFO, NetApp: The way to think of ONTAP, it offers unified data management and protection to our customers, whether they use any type of data, whether it’s file, block, or object stored on whether it’s stored on-premises or in the cloud and in any location. That’s really a key differentiator. When you look at sort of ONTAP with respect to what it differentiates for us or what the opportunity it presents to us is the fact that we have a single operating system across the board. In some ways, that allows us to scale our R&D investments as well. All in all, it’s a great win for our customers, great value for our customers, but also value for us as well.

Kat Campagna, IT hardware team member, Goldman Sachs: Tremendous. Maybe turning to each of those four strategic growth areas that you mentioned in turn: flash, block, cloud, and AI. We’ll do them in that order, but maybe starting with flash. Obviously, there’s a secular benefit to flash as we transition, particularly at the mid-range from more legacy hard disk type of stored medias. Can you talk about the transition that’s happening at the mid-range and when you think flash will be more competitive for some of the more nearline storage opportunity?

Wissam Jabry, Executive Vice President and CFO, NetApp: We have a good opportunity in all-flash. As I mentioned earlier, we did basically have a number one market position in calendar 2023 Q1. The way to think of the storage market in general, all-flash in particular, is growing at a faster pace than the overall storage market. That presents really a good opportunity. Over the last few years, we’ve seen a continuous transition from basically the mid-range 10K HDD type of systems towards the more QLC SSD-based systems simply because the TCO and the cost differential that the QLC offers allowed that to sort of happen. It became more economic for our customers to do that and for us. When it comes to nearline, the cost differential between flash and hard drives is still significant.

When it comes to secondary storage needs, we still think that the cost differential is high, and nearline is probably still going to be HDD-focused for some time.

Kat Campagna, IT hardware team member, Goldman Sachs: I want to talk about the IDC leadership that you mentioned earlier in the all-flash category in the most recent quarter. What do you think has been driving NetApp’s above-market growth in all-flash, and how sustainable do you think this market share leadership position is, especially as you have other competitors either distracted or increasingly investing in their all-flash capabilities as well?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, I mean, when you look at the strengths of our portfolio over the last couple of years, we’ve really had a really good focus on strengthening our portfolio. It’s not only focused on the unified side of the house, but also we’ve had some block-optimized portions of the portfolio. If you look at the product set, it does give us a really good differentiator to be able to compete effectively in the all-flash market. We’ve managed to really compete with other all-flash peers, as well as hybrid flash competitors, and sort of gain share in that space. The goal for us is to continue to be as competitive and make sure that we continue to push our portfolio to maintain or gain our position.

Kat Campagna, IT hardware team member, Goldman Sachs: On the block appliance, I think it’s ASA is the appliance that you introduced a few years ago for dedicated block storage. Why did NetApp feel there was a need for a dedicated appliance for block as opposed to the differentiated unified kind of opportunity that you have in the rest of the portfolio? How has that platform been? I mean, obviously, it’s been contributing to growth, but what other opportunities do you see for that dedicated block platform going forward?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, I mean, prior to us, we’ve always sort of had some presence in block, but we were sort of, from a market share perspective, we were underpenetrated relative to our position in file. We’ve used our unified products to compete until we developed ASA, and now we have a much more block-optimized product that can compete effectively in the block storage space. The reason it’s valuable to us is because, as I started off, we’re underrepresented there, and that by itself is an opportunity for us to grow our presence and grow our revenue at a slightly faster pace. We do have a really good product in ASA that’s really high performance, and it’s really very much suited to the block market segment. That should allow us to improve our market position there as well.

Kat Campagna, IT hardware team member, Goldman Sachs: For people who may be less familiar with the different requirements of a block or a file system, why does it have, what’s the advantage of having a standalone block appliance as opposed to a bundled solution? What can you do better or more cost-effectively with the standalone appliance?

Wissam Jabry, Executive Vice President and CFO, NetApp: If the product is more suited towards a certain market segment, it allows us to offer a better solution to our customers that is much more cost-effective, higher performance, or more performance suited to the market segment, as opposed to necessarily using a product that our product portfolio traditionally has been much more focused on file. It wasn’t as necessarily optimized, I would say, for block, and it does help us to gain much more traction in the market.

Kat Campagna, IT hardware team member, Goldman Sachs: Yeah. Let’s shift gears to public cloud and maybe talking about file as well. How has NetApp’s legacy as a file vendor helped with your first-party relationships with the cloud providers, Azure, GCP, AWS? Maybe for those who are less familiar with what the product suite looks like, what is NetApp’s offering in this first-party cloud marketplace?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, so look, our engagement with the hyperscalers is more than a decade old. We started that a while back. Throughout the years, we’ve managed to really be able to offer basically, the hyperscalers offer our software ONTAP as part of their own native offering. It’s a native storage solution offered by and labeled by the hyperscalers. That allows us to, in many ways, continue to monetize ONTAP through different means. We’ve managed to do it through the hybrid cloud, and we can do it if we can do it using other people’s appliances. That allows us to scale the offering and our software across different market segments as well. As far as I know, we have a unique solution there with respect to our public cloud services business.

It allows us, as I said, to continue to offer our ONTAP to another set of potentially an extended set of customers that typically wouldn’t be buying it through the on-prem side.

Kat Campagna, IT hardware team member, Goldman Sachs: Awesome. What about NetApp has allowed you to have that differentiated first-party relationship?

Wissam Jabry, Executive Vice President and CFO, NetApp: I believe it’s really related to the performance of the product, as well as the, you know, ONTAP, not only does it offer unified data management, it offers great enterprise-grade protection. It does offer really great reliability, as well as multi-protocol support. It has basically many of the characteristics that sort of differentiates it with respect to other storage software solutions.

Kat Campagna, IT hardware team member, Goldman Sachs: Thank you. You mentioned this earlier as a headwind just for the public cloud segment from a growth rate perspective. In the last few quarters, NetApp has narrowed the scope of its public cloud segment with the divestiture of Spot and also CloudCheckr. Can you talk about why it makes sense to narrow the scope of what you’re looking to achieve in the cloud portfolio and in the public cloud portfolio and why this is the right mix of business where you are right now?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, so when we look at the public cloud segment, we made a decision to refocus the business on first-party and marketplace. That’s what we’ve discussed so far with respect to the engagement with hyperscalers and how our software is sort of a native software solution that’s sold natively. By doing that, it did allow us to really focus on, so we basically have a small portion of services in addition to first-party and marketplace. By doing that, it allowed us to sort of grow the business at a faster pace. As well as when you look at the profitability of our public cloud segment, we just increased the target range, the gross margin target range for that business from 75% to 80% to 80% to 85%. All of these were basically facilitated by our refocusing on first-party and marketplace primarily.

Kat Campagna, IT hardware team member, Goldman Sachs: Maybe jumping ahead a little bit, talking to the guidance rate that you mentioned on your outlook for public cloud margins, it’s encouraging to see that raise in long-term outlook. Is it just the mix into more first-party that’s going to get you from the 80% that you reported a couple of weeks ago to that 80% to 85% range or the high end of that range? Are there any other drivers in public cloud that should help gross margins?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, if you look at the business itself, there’s really a couple of key drivers in that. There’s a certain element of depreciation roll-off. As we sort of started up the business, there was an investment in assets that was done earlier to sort of get the business going. That starts to, the depreciation on those assets starts to roll off. Also, you know, the software content of the revenue is higher, meaning there’s more revenue coming from software-only solution as opposed to the software attached to hardware. Those two dynamics help improve the gross margin over time. That doesn’t mean that we may not continue to invest in some assets or necessarily to deploy some gears or appliances to drive the revenue. When this happens in the future, we expect the equipment to be attached to also revenue with it.

That’s sort of what gives us confidence that the 80% to 85% is a good range for us to target from here.

Kat Campagna, IT hardware team member, Goldman Sachs: Is there any time frame we should be paying attention to for that depreciation of the investments that you made for one of your hyperscaler partners?

Wissam Jabry, Executive Vice President and CFO, NetApp: Not necessarily. I mean, we don’t necessarily break that out. We look at the public cloud segment as sort of it’s part of our services. We look at it as one business segment, and we look at its gross margin attached to it as also a margin for that segment.

Kat Campagna, IT hardware team member, Goldman Sachs: OK. Last but not least, I want to touch on NetApp’s AI opportunity. It was encouraging to hear last quarter that you closed 125 AI infrastructure and data lake modernization deals. Maybe starting at a high level, what role does storage and storage appliance play in AI initiatives for enterprises more broadly? Why do they need to modernize their data stacks in anticipation of AI workloads?

Wissam Jabry, Executive Vice President and CFO, NetApp: When it comes to AI applications, the data storage requirements are more sort of complicated and relentless. In addition to having the need to have unified data, there’s a need for the ability to search and organize the data at very, very high, huge volumes of it. This is where our AI solutions are really very much geared towards allowing our customers to do that. When you look at data or unstructured data, it’s pretty much the fuel of AI. NetApp is very much the unstructured data company, and we do have a great strength in the space.

When it comes to AI, it’s not only about performance and scale with respect to enterprise storage, it’s also about the ability to provide the unified data management, enterprise-grade protection, very high reliability, and the ability to sort of manage the data across different locations, cut through the silos, and be able to manage the data, whether it’s on-premises or in the cloud. All of these requirements are very well served by our solutions, our AI solutions. We’re very well positioned to benefit from that and to help our customers through transitions to enterprise AI.

Kat Campagna, IT hardware team member, Goldman Sachs: Thinking about NetApp’s go-to-market in the AI space, you have a number of partnerships that you’ve discussed in public settings with NVIDIA, Intel, Cisco in there as well. Just thinking about players across the broader AI ecosystem, how should we think about the role of partnerships in go-to-market for AI? Is that different than the way NetApp goes to market with its kind of traditional enterprise storage solutions?

Wissam Jabry, Executive Vice President and CFO, NetApp: We view all of these relationships as providing more options to our customers to allow them to sort of partner with tried and tested great partners. As we think through the various engagements, we have different architectural references that allow our customers to rely on not only our solutions, but also partners where the solution is tried and tested. It does basically provide our customers more options when it comes to partners.

Kat Campagna, IT hardware team member, Goldman Sachs: OK. Shifting gears to some more financial outlook-oriented questions. When you reported earnings two weeks ago, you guided to 2% growth for next quarter and 3% growth for the full year on the top line, implying that we should see an acceleration in the top line in the back half of the year. What are the underlying assumptions from a demand perspective across customer verticals or regions? I know you mentioned some weakness in the public sector, but some strength in large enterprise. What are the expectations for 2Q and really the back half of the year from a demand outlook?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, I mean, look, we do operate in a dynamic environment. We talked a little bit about that. There are some certain macro uncertainties out there that we navigate through. When we look at Q2, Q2 tends to be a stronger quarter when it comes to the U.S. public sector. It coincides with the end of the federal fiscal year. When we look at sort of the progression with the rest of the year, we’re exposed to really the all-flash market where we know that we’re seeing better growth than the rest of the storage market. We also are adding capacity when it comes to our go-to-market capabilities that we talked about. That should allow us to see some good traction in the second half, as well as really focused on some large deals that are sort of in the pipeline.

When you put it all together, it sort of forms how we got to the numbers.

Kat Campagna, IT hardware team member, Goldman Sachs: Gotcha. Maybe on the go-to-market and the investment in your sales force, there was a number of strategic senior hires in North America that were announced in the last couple of weeks. It would be great if you could dig into what your priorities are for your sales organization and what capabilities you feel like you need to enhance with these appointments. It sounds like there’s some outlook for the productivity of those new salespeople to really start contributing to growth in the back half. Typically, what do you see as the kind of time to productivity for some of these investments?

Wissam Jabry, Executive Vice President and CFO, NetApp: I think maybe this is more of a general approach to how we sort of operate in the company. We’re always looking to make sure that we have the best talent and the best people driving basically the best outcomes. This is part of the continued focus on making sure we drive good outcomes. When it comes to the second part of the question, by the way, this applies not only to the go-to-market organization. This applies to basically everybody at NetApp in all functions. When it comes to the second part of the question, we typically see around, let’s say, maybe closer to, let’s say, one to two quarters before we start seeing more productivity from the go-to-market side from the time we start deploying resources.

Kat Campagna, IT hardware team member, Goldman Sachs: That’s very helpful. Maybe shifting back to what you mentioned earlier around some of the softness in the public sector. You noted the seasonality of 2Q being a particularly strong quarter historically for public sector. How should we think about broader trends in federal spending or kind of a down year in federal spending on NetApp’s performance for fiscal 2026? How conservative of a view have you taken on public sector’s contribution to the overall market for the rest of the year?

Wissam Jabry, Executive Vice President and CFO, NetApp: For us, the U.S. public sector is typically around 10% to 13% of our revenue, give or take, depending on where we are in the year. We continue to focus. This is a market that we continue to focus on. We’re looking at focusing on the pockets of that space where we see more opportunities, and that’s how we think of it going forward.

Kat Campagna, IT hardware team member, Goldman Sachs: What are some of the pockets where you’re most exposed? Is it more of an issue of state and local over federal? What feels like a more stable area within the broader U.S. public sector segment for NetApp to be doubling down on?

Wissam Jabry, Executive Vice President and CFO, NetApp: Yeah, I mean, we typically don’t break it out as such. Obviously, all the various segments are important to us. What we’re doing, given the current environment, is we continue to focus on the areas that present the most opportunities for us.

Kat Campagna, IT hardware team member, Goldman Sachs: I want to call on your experience at Western Digital and ask about some of the volatility we’ve been seeing on the memory side. What is your read on current memory pricing? I would love to know, now that you’re in this seat at NetApp, how you are managing that volatility. Is it different than what you would have expected when you were on the other side of the equation? How are you thinking about things like strategic purchases and planning for kind of changes in pricing?

Wissam Jabry, Executive Vice President and CFO, NetApp: I would say even when I was at Western Digital, I don’t think I ventured predictions on NAND prices. I’m not going to start doing that now. It’s anybody’s guess. The way we look at it, at least at NetApp, the way we manage it is we have a very capable supply chain team, supply management team that continuously monitors the commodity prices. If we see an opportunity for us to lock in prices, we do that. We do that over a period of time just to basically allow us better visibility for our cost structure. In some ways, it gives us a bit of an advantage on the cost side.

This is how, when we look at the rest of the year in terms of product gross margin, this is what gave me comfort to say that I think product gross margin should be in the mid to high 50% for the rest of this fiscal year. That’s because we’ve locked in some prices, and that gives us a bit more visibility over the next few quarters.

Kat Campagna, IT hardware team member, Goldman Sachs: Yeah, that’s very helpful. Maybe one last question, and we can turn it to the audience to see if there’s any Q&A.

Wissam Jabry, Executive Vice President and CFO, NetApp: Sure.

Kat Campagna, IT hardware team member, Goldman Sachs: I want to talk about Keystone, the storage-as-a-service platform that NetApp has shown some very strong growth. I think you called out 80% year-over-year growth in Keystone last quarter. What is really driving Keystone adoption in your view? Is there anything we can think about in terms of changes in the macro environment or the rate environment that may influence a customer’s decision to choose an as-a-service consumption model versus a purchase consumption model or more of a CapEx type purchase?

Wissam Jabry, Executive Vice President and CFO, NetApp: Look, at the end of the day, we’re happy to serve our customers regardless of which purchase they want to make, whether it’s a CapEx model, which is sort of our product as is that goes out as a hardware with the software attached to it and the support over time, or whether it’s one of the two other options, our public cloud business, which is mostly consumption-based, or as you mentioned, Keystone, which is our storage-as-a-service offering. I would say that the purchasing decision depends on the use case and the customer’s choice. In some cases, also, it depends on the size of the customer. Some customers have the ability to sort of they want to they feel that, hey, by spending the CapEx upfront, they would sort of benefit from the appliance over time and don’t have to sort of have that perpetuity in terms of the consumption.

Some customers prefer a model where they want to pay as they go. That depends on their own circumstances and their own choices. When it comes to Keystone, yeah, I mean, the numbers you quoted are what we said in Q1. When we looked at year over year, revenue in Keystone was up 80% in Q1 2026 versus Q1 2025, which is really a great growth. When you look at the unbilled RPOs, the unbilled RPOs at the end of Q1 were in total more than $400 million, I think $415 million, if I’m researching right. The large portion of that is related to Keystone. It is really a leading indicator with respect to where this business is going. It’s growing at a very, very good pace. We still don’t break it out just by itself, but it is a very high-growth business for us and is doing well.

Kat Campagna, IT hardware team member, Goldman Sachs: Maybe I’ll open it up to the audience, see if there’s any questions for Wissam. I have plenty more. We can keep going. Maybe talking to your capital allocation framework, you mentioned at the top of the call aspiring to return up to 100% of free cash flow to investors this year. You’re also clearly making investments both on the R&D side and in your sales force. What is the framework that you’re using as you balance both shareholder returns and investments back into the business?

Wissam Jabry, Executive Vice President and CFO, NetApp: From a capital allocation framework, obviously, we want to continue to invest in the business, whether on the R&D front to invest in the great products that we put out there in our roadmap or on the go-to-market area so that we can continue to fuel the growth and the top line. Both the ability to invest in the business and return capital to shareholders are very positive, given the highly cash-generative nature of our business. That’s what we’re doing. This is why we’re comfortable with our ability to continue to invest in a very competitive way, very sort of high-return type projects, in addition to returning up to 100% of capital to our shareholders for the rest of the year.

Kat Campagna, IT hardware team member, Goldman Sachs: How do you think about M&A within that capital allocation framework? You’ve made acquisitions in the past, but it seems like some of them are also being divested at the same time. How does inorganic growth factor into some of the capabilities that NetApp wants to further invest in?

Wissam Jabry, Executive Vice President and CFO, NetApp: I mean, as part of our capital allocation, as I said, obviously, investing organically in the business is our top priority. Returning capital to shareholders is also a top priority. If there’s any sort of value-enhancing M&A, tuck-in type M&As, we will be considering as well.

Kat Campagna, IT hardware team member, Goldman Sachs: Gotcha. Maybe to close it out here in our last few minutes, can you tie it all together and talk to the key priorities and strategic focuses that you and the rest of the management team are really focused on in the next one to two years and how that factors into the longer-term growth outlook for NetApp?

Wissam Jabry, Executive Vice President and CFO, NetApp: The focus is on the growth. You said it. Our focus is really on the opportunities that we see for us to grow the business. It’s really the continued focus on the all-flash market. In addition to that and within that, the block segment of the all-flash market, as well as continue to drive our public cloud segment. It’s a business that has been growing at a very fast pace. We’d love to see it continue to grow at a fast pace. Also focus on how and when to capitalize on the best way to capitalize on AI. We have great solutions that are really geared towards enterprise AI. We have really focused on being able to capitalize on that as we see more of the transition into inferencing and RAC type of applications.

Kat Campagna, IT hardware team member, Goldman Sachs: Awesome. Thank you very much. It’s been a privilege to have you here on stage and join us at the conference today. It’s been great. Thank you very much, Wissam.

Wissam Jabry, Executive Vice President and CFO, NetApp: Thank you, Kat. Happy to be here. Thanks for having us.

Kat Campagna, IT hardware team member, Goldman Sachs: Take care.

Wissam Jabry, Executive Vice President and CFO, NetApp: Thank you.

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