(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
(Nasdaq Global Select Market) | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Western Digital Corporation | ||||||||||||||||||||
(Registrant) | ||||||||||||||||||||
By: | /s/ Cynthia Tregillis | |||||||||||||||||||
Cynthia Tregillis | ||||||||||||||||||||
Senior Vice President, Chief Legal Officer and Secretary |
GAAP | Non-GAAP | |||||||||||||||||||||||||
Q2 2024 | Q1 2024 | Q/Q | Q2 2024 | Q1 2024 | Q/Q | |||||||||||||||||||||
Revenue ($M) | $3,032 | $2,750 | up 10% | $3,032 | $2,750 | up 10% | ||||||||||||||||||||
Gross Margin | 16.2% | 3.6% | up 12.6 ppt | 15.5% | 4.1% | up 11.4 ppt | ||||||||||||||||||||
Operating Expenses ($M) | $702 | $695 | up 1% | $561 | $555 | up 1% | ||||||||||||||||||||
Operating Loss ($M) | $(210) | $(596) | * | $(91) | $(443) | * | ||||||||||||||||||||
Net Loss ($M) | $(268) | $(685) | * | $(210) | $(554) | * | ||||||||||||||||||||
Loss Per Share | $(0.87) | $(2.17) | * | $(0.69) | $(1.76) | * |
GAAP | Non-GAAP | |||||||||||||||||||||||||
Q2 2024 | Q2 2023 | Y/Y | Q2 2024 | Q2 2023 | Y/Y | |||||||||||||||||||||
Revenue ($M) | $3,032 | $3,107 | down 2% | $3,032 | $3,107 | down 2% | ||||||||||||||||||||
Gross Margin | 16.2% | 17.0% | down 0.8 ppt | 15.5% | 17.4% | down 1.9 ppt | ||||||||||||||||||||
Operating Expenses ($M) | $702 | $849 | down 17% | $561 | $659 | down 15% | ||||||||||||||||||||
Operating Loss ($M) | $(210) | $(321) | * | $(91) | $(119) | * | ||||||||||||||||||||
Net Loss ($M) | $(268) | $(446) | * | $(210) | ($135) | * | ||||||||||||||||||||
Loss Per Share | $(0.87) | $(1.40) | * | $(0.69) | $(0.42) | * |
Revenue ($M) | Q2 2024 | Q1 2024 | Q/Q | Q2 2023 | Y/Y | ||||||||||||
Cloud | $1,071 | $872 | up 23% | $1,224 | down 13% | ||||||||||||
Client | 1,122 | 1,147 | down 2% | 1,089 | up 3% | ||||||||||||
Consumer | 839 | 731 | up 15% | 794 | up 6% | ||||||||||||
Total Revenue | $3,032 | $2,750 | up 10% | $3,107 | down 2% |
Three Months Ending | |||||||||||
March 29, 2024 | |||||||||||
GAAP(1) | Non-GAAP(1) | ||||||||||
Revenue ($B) | $3.20 - $3.40 | $3.20 - $3.40 | |||||||||
Gross margin | 21.5% - 23.5% | 22.0% - 24.0% | |||||||||
Operating expenses ($M) | $710 - $730 | $600 - $620 | |||||||||
Interest and other expense, net ($M) | ~$95 | ~$95 | |||||||||
Income tax expense ($M)(2) | N/A | $20 - $30 | |||||||||
Preferred dividend ($M) | $15 | $15 | |||||||||
Diluted earnings per share | N/A | $(0.10) - $0.20 | |||||||||
Diluted shares outstanding (in millions) | ~330 | ~330 |
December 29, 2023 | June 30, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,481 | $ | 2,023 | |||||||
Accounts receivable, net | 1,523 | 1,598 | |||||||||
Inventories | 3,216 | 3,698 | |||||||||
Other current assets | 618 | 567 | |||||||||
Total current assets | 7,838 | 7,886 | |||||||||
Property, plant and equipment, net | 3,315 | 3,620 | |||||||||
Notes receivable and investments in Flash Ventures | 1,248 | 1,297 | |||||||||
Goodwill | 10,037 | 10,037 | |||||||||
Other intangible assets, net | 79 | 80 | |||||||||
Other non-current assets | 1,768 | 1,509 | |||||||||
Total assets | $ | 24,285 | $ | 24,429 | |||||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,504 | $ | 1,293 | |||||||
Accounts payable to related parties | 251 | 292 | |||||||||
Accrued expenses | 1,037 | 1,288 | |||||||||
Income taxes payable | 506 | 999 | |||||||||
Accrued compensation | 353 | 349 | |||||||||
Current portion of long-term debt | 1,042 | 1,213 | |||||||||
Total current liabilities | 4,693 | 5,434 | |||||||||
Long-term debt | 7,351 | 5,857 | |||||||||
Other liabilities | 1,397 | 1,415 | |||||||||
Total liabilities | 13,441 | 12,706 | |||||||||
Convertible preferred stock, aggregate liquidation preference of $953 and $924, respectively | 876 | 876 | |||||||||
Total shareholders’ equity | 9,968 | 10,847 | |||||||||
Total liabilities, convertible preferred stock and shareholders’ equity | $ | 24,285 | $ | 24,429 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 29, 2023 | December 30, 2022 | December 29, 2023 | December 30, 2022 | ||||||||||||||||||||
Revenue, net | $ | 3,032 | $ | 3,107 | $ | 5,782 | $ | 6,843 | |||||||||||||||
Cost of revenue | 2,540 | 2,579 | 5,191 | 5,334 | |||||||||||||||||||
Gross profit | 492 | 528 | 591 | 1,509 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 444 | 523 | 875 | 1,075 | |||||||||||||||||||
Selling, general and administrative | 198 | 250 | 405 | 497 | |||||||||||||||||||
Employee termination, asset impairment, and other | 24 | 76 | 81 | 100 | |||||||||||||||||||
Business separation costs | 36 | — | 36 | — | |||||||||||||||||||
Total operating expenses | 702 | 849 | 1,397 | 1,672 | |||||||||||||||||||
Operating loss | (210) | (321) | (806) | (163) | |||||||||||||||||||
Interest and other expense: | (30) | (64) | (116) | (138) | |||||||||||||||||||
Loss before taxes | (240) | (385) | (922) | (301) | |||||||||||||||||||
Income tax expense | 28 | 61 | 31 | 118 | |||||||||||||||||||
Net loss | (268) | (446) | (953) | (419) | |||||||||||||||||||
Less: cumulative dividends allocated to preferred shareholders | 14 | — | 29 | — | |||||||||||||||||||
Net loss attributable to common shareholders | $ | (282) | $ | (446) | $ | (982) | $ | (419) | |||||||||||||||
Net loss per common share: | |||||||||||||||||||||||
Basic | $ | (0.87) | $ | (1.40) | $ | (3.03) | $ | (1.32) | |||||||||||||||
Diluted | $ | (0.87) | $ | (1.40) | $ | (3.03) | $ | (1.32) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 325 | 318 | 324 | 317 | |||||||||||||||||||
Diluted | 325 | 318 | 324 | 317 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 29, 2023 | December 30, 2022 | December 29, 2023 | December 30, 2022 | ||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net loss | $ | (268) | $ | (446) | (953) | $ | (419) | ||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||||||||||||||||||||||
Depreciation and amortization | 143 | 214 | 290 | 430 | |||||||||||||||||||
Stock-based compensation | 72 | 86 | 149 | 172 | |||||||||||||||||||
Deferred income taxes | (22) | 67 | (68) | 25 | |||||||||||||||||||
Loss (Gain) on disposal of assets | — | — | (87) | 1 | |||||||||||||||||||
Non-cash portion of asset impairment | — | 15 | 95 | 15 | |||||||||||||||||||
Gain on repurchase of debt | (4) | — | (4) | — | |||||||||||||||||||
Amortization of debt issuance costs and discounts | 5 | 2 | 9 | 5 | |||||||||||||||||||
Other non-cash operating activities, net | (48) | 25 | (47) | 69 | |||||||||||||||||||
Changes in: | |||||||||||||||||||||||
Accounts receivable, net | (72) | 517 | 75 | 899 | |||||||||||||||||||
Inventories | 281 | 89 | 482 | (135) | |||||||||||||||||||
Accounts payable | 274 | (396) | 299 | (521) | |||||||||||||||||||
Accounts payable to related parties | (26) | 74 | (41) | 49 | |||||||||||||||||||
Accrued expenses | (309) | (182) | (246) | (226) | |||||||||||||||||||
Income taxes payable | (169) | 39 | (494) | 156 | |||||||||||||||||||
Accrued compensation | 3 | (58) | 4 | (162) | |||||||||||||||||||
Other assets and liabilities, net | 48 | (11) | (181) | (317) | |||||||||||||||||||
Net cash provided by (used in) operating activities | (92) | 35 | (718) | 41 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Purchases of property, plant and equipment, net | (150) | (258) | (81) | (578) | |||||||||||||||||||
Activity related to Flash Ventures, net | 66 | (17) | 79 | 82 | |||||||||||||||||||
Strategic investments and other, net | 24 | 17 | 26 | 14 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (60) | (258) | 24 | (482) | |||||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Employee stock plans, net | 33 | 43 | (10) | (7) | |||||||||||||||||||
Net proceeds from convertible preferred stock | (2) | — | (5) | — | |||||||||||||||||||
Purchase of capped calls | (155) | — | (155) | — | |||||||||||||||||||
Repurchases of debt | (505) | — | (505) | — | |||||||||||||||||||
Proceeds from debt, net of repayments | 1,262 | — | 1,862 | — | |||||||||||||||||||
Debt issuance costs | (36) | (5) | (36) | (5) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 597 | 38 | 1,151 | (12) | |||||||||||||||||||
Effect of exchange rate changes on cash | 4 | 7 | 1 | (3) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 449 | (178) | 458 | (456) | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 2,032 | 2,049 | 2,023 | 2,327 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,481 | $ | 1,871 | $ | 2,481 | $ | 1,871 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 29, 2023 | December 30, 2022 | December 29, 2023 | December 30, 2022 | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Flash | $ | 1,665 | $ | 1,657 | $ | 3,221 | $ | 3,379 | |||||||||||||||
HDD | 1,367 | 1,450 | 2,561 | 3,464 | |||||||||||||||||||
Total net revenue | $ | 3,032 | $ | 3,107 | $ | 5,782 | $ | 6,843 | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Flash | $ | 131 | $ | 240 | $ | (30) | $ | 662 | |||||||||||||||
HDD | 339 | 300 | 612 | 874 | |||||||||||||||||||
Total gross profit for segments | 470 | 540 | 582 | 1,536 | |||||||||||||||||||
Unallocated corporate items: | |||||||||||||||||||||||
Stock-based compensation expense | (13) | (12) | (26) | (26) | |||||||||||||||||||
Amortization of acquired intangible assets | (1) | — | (1) | (1) | |||||||||||||||||||
Recovery from contamination incident | 36 | — | 36 | — | |||||||||||||||||||
Total unallocated corporate items | 22 | (12) | 9 | (27) | |||||||||||||||||||
Consolidated gross profit | $ | 492 | $ | 528 | $ | 591 | $ | 1,509 | |||||||||||||||
Gross margin: | |||||||||||||||||||||||
Flash | 7.9 | % | 14.5 | % | (0.9) | % | 19.6 | % | |||||||||||||||
HDD | 24.8 | % | 20.7 | % | 23.9 | % | 25.2 | % | |||||||||||||||
Total gross margin for segments | 15.5 | % | 17.4 | % | 10.1 | % | 22.4 | % | |||||||||||||||
Consolidated gross margin | 16.2 | % | 17.0 | % | 10.2 | % | 22.1 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
December 29, 2023 | September 29, 2023 | December 30, 2022 | December 29, 2023 | December 30, 2022 | |||||||||||||||||||||||||
GAAP gross profit | $ | 492 | $ | 99 | $ | 528 | $ | 591 | $ | 1,509 | |||||||||||||||||||
Stock-based compensation expense | 13 | 13 | 12 | 26 | 26 | ||||||||||||||||||||||||
Amortization of acquired intangible assets | 1 | — | — | 1 | 1 | ||||||||||||||||||||||||
Recovery from contamination incident | (36) | — | — | (36) | — | ||||||||||||||||||||||||
Non-GAAP gross profit | $ | 470 | $ | 112 | $ | 540 | $ | 582 | $ | 1,536 | |||||||||||||||||||
GAAP operating expenses | $ | 702 | $ | 695 | $ | 849 | $ | 1,397 | $ | 1,672 | |||||||||||||||||||
Stock-based compensation expense | (59) | (64) | (74) | (123) | (146) | ||||||||||||||||||||||||
Business separation costs | (36) | — | — | (36) | — | ||||||||||||||||||||||||
Employee termination, asset impairment, and other | (24) | (57) | (76) | (81) | (100) | ||||||||||||||||||||||||
Strategic review | (20) | (17) | — | (37) | — | ||||||||||||||||||||||||
Amortization of acquired intangible assets | — | — | (39) | — | (77) | ||||||||||||||||||||||||
Other | (2) | (2) | (1) | (4) | (1) | ||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 561 | $ | 555 | $ | 659 | $ | 1,116 | $ | 1,348 | |||||||||||||||||||
GAAP operating loss | $ | (210) | $ | (596) | $ | (321) | $ | (806) | $ | (163) | |||||||||||||||||||
Gross profit adjustments | (22) | 13 | 12 | (9) | 27 | ||||||||||||||||||||||||
Operating expense adjustments | 141 | 140 | 190 | 281 | 324 | ||||||||||||||||||||||||
Non-GAAP operating income (loss) | $ | (91) | $ | (443) | $ | (119) | $ | (534) | $ | 188 | |||||||||||||||||||
GAAP interest and other expense, net | $ | (30) | $ | (86) | $ | (64) | $ | (116) | $ | (138) | |||||||||||||||||||
Other | (64) | — | — | (64) | (1) | ||||||||||||||||||||||||
Non-GAAP interest and other expense, net | $ | (94) | $ | (86) | $ | (64) | $ | (180) | $ | (139) | |||||||||||||||||||
GAAP income tax expense | $ | 28 | $ | 3 | $ | 61 | $ | 31 | $ | 118 | |||||||||||||||||||
Income tax adjustments | (3) | 22 | (109) | 19 | 2 | ||||||||||||||||||||||||
Non-GAAP income tax expense | $ | 25 | $ | 25 | $ | (48) | $ | 50 | $ | 120 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
December 29, 2023 | September 29, 2023 | December 30, 2022 | December 29, 2023 | December 30, 2022 | |||||||||||||||||||||||||
GAAP net loss | $ | (268) | $ | (685) | $ | (446) | $ | (953) | $ | (419) | |||||||||||||||||||
Stock-based compensation expense | 72 | 77 | 86 | 149 | 172 | ||||||||||||||||||||||||
Business separation costs | 36 | — | — | 36 | — | ||||||||||||||||||||||||
Employee termination, asset impairment and other | 24 | 57 | 76 | 81 | 100 | ||||||||||||||||||||||||
Strategic review | 20 | 17 | — | 37 | — | ||||||||||||||||||||||||
Amortization of acquired intangible assets | 1 | — | 39 | 1 | 78 | ||||||||||||||||||||||||
Recovery from contamination incident | (36) | — | — | (36) | — | ||||||||||||||||||||||||
Other | (62) | 2 | 1 | (60) | — | ||||||||||||||||||||||||
Income tax adjustments | 3 | (22) | 109 | (19) | (2) | ||||||||||||||||||||||||
Non-GAAP net loss | (210) | (554) | (135) | (764) | (71) | ||||||||||||||||||||||||
Less: cumulative dividends allocated to preferred shareholders | 14 | 15 | — | 29 | — | ||||||||||||||||||||||||
Non-GAAP net loss attributable to common shareholders | $ | (224) | $ | (569) | $ | (135) | $ | (793) | $ | (71) | |||||||||||||||||||
Diluted loss per common share | |||||||||||||||||||||||||||||
GAAP | $ | (0.87) | $ | (2.17) | $ | (1.40) | $ | (3.03) | $ | (1.32) | |||||||||||||||||||
Non-GAAP | $ | (0.69) | $ | (1.76) | $ | (0.42) | $ | (2.45) | $ | (0.22) | |||||||||||||||||||
Diluted weighted average shares outstanding: | |||||||||||||||||||||||||||||
GAAP | 325 | 323 | 318 | 324 | 317 | ||||||||||||||||||||||||
Non-GAAP | 325 | 323 | 318 | 324 | 317 | ||||||||||||||||||||||||
Cash flows | |||||||||||||||||||||||||||||
Cash flow provided by (used in) operating activities | $ | (92) | $ | (626) | $ | 35 | $ | (718) | $ | 41 | |||||||||||||||||||
Purchases of property, plant and equipment, net | (150) | 69 | (258) | (81) | (578) | ||||||||||||||||||||||||
Activity related to Flash Ventures, net | 66 | 13 | (17) | 79 | 82 | ||||||||||||||||||||||||
Free cash flow | $ | (176) | $ | (544) | $ | (240) | $ | (720) | $ | (455) |
Investor Contact: | Media Contact: | |||||||
T. Peter Andrew | Media Relations | |||||||
949.672.9655 | 408.801.0021 | |||||||
peter.andrew@wdc.com | WD.Mediainquiries@wdc.com | |||||||
investor@wdc.com |
MY0U=M/?'QEK^Y6 >Y@-] UW\$#30R&*>YFJ^YO9\ SW X'$3M@'PVP47N=V 3?N?UO& ]N.<=V -&CN>)$ @ .P$! end
MY0U=M/?'QEK^Y6 >Y@-] UW\$#30R&*>YFJ^YO9\ SW X'$3M@'PVP47N=V 3?N?UO& ]N.<=V -&CN>)$ @ .P$! end
Cover Page |
Jan. 25, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 25, 2024 |
Entity Registrant Name | WESTERN DIGITAL CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-08703 |
Entity Tax Identification Number | 33-0956711 |
Entity Address, Address Line One | 5601 Great Oaks Parkway |
Entity Address, City or Town | San Jose |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95119 |
City Area Code | 408 |
Local Phone Number | 717-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 Par Value Per Share |
Trading Symbol | WDC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000106040 |
Amendment Flag | false |
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