Attached files
| file | filename |
|---|---|
| 8-K - 8-K - WESTERN DIGITAL CORP | d585302d8k.htm |
| EX-99.2 - EX-99.2 - WESTERN DIGITAL CORP | d585302dex992.htm |
Exhibit 99.1
WESTERN DIGITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions; unaudited)
| Jun. 28, 2013 |
Jun. 29, 2012 |
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| ASSETS | ||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 4,309 | $ | 3,208 | ||||
| Accounts receivable, net |
1,793 | 2,364 | ||||||
| Inventories |
1,188 | 1,210 | ||||||
| Other |
308 | 359 | ||||||
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| Total current assets |
7,598 | 7,141 | ||||||
| Property, plant and equipment, net |
3,700 | 4,067 | ||||||
| Goodwill |
1,954 | 1,975 | ||||||
| Other intangible assets, net |
605 | 799 | ||||||
| Other assets |
179 | 224 | ||||||
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| Total assets |
$ | 14,036 | $ | 14,206 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Accounts payable |
$ | 1,990 | $ | 2,773 | ||||
| Accrued arbitration award |
706 | 25 | ||||||
| Accrued expenses |
480 | 457 | ||||||
| Accrued compensation |
453 | 376 | ||||||
| Accrued warranty |
114 | 171 | ||||||
| Current portion of long-term debt |
230 | 230 | ||||||
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| Total current liabilities |
3,973 | 4,032 | ||||||
| Long-term debt |
1,725 | 1,955 | ||||||
| Other liabilities |
445 | 550 | ||||||
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| Total liabilities |
6,143 | 6,537 | ||||||
| Total shareholders’ equity |
7,893 | 7,669 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 14,036 | $ | 14,206 | ||||
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WESTERN DIGITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
| Three Months Ended | Years Ended | |||||||||||||||
| Jun. 28, 2013 |
Jun. 29, 2012 |
Jun. 28, 2013 |
Jun. 29, 2012 |
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| Revenue, net |
$ | 3,728 | $ | 4,754 | $ | 15,351 | $ | 12,478 | ||||||||
| Cost of revenue |
2,678 | 3,282 | 10,988 | 8,840 | ||||||||||||
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| Gross profit |
1,050 | 1,472 | 4,363 | 3,638 | ||||||||||||
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| Operating expenses: |
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| Research and development |
402 | 406 | 1,572 | 1,055 | ||||||||||||
| Selling, general and administrative |
180 | 178 | 706 | 518 | ||||||||||||
| Charge related to arbitration award |
681 | — | 681 | — | ||||||||||||
| Employee termination benefits and other charges |
8 | 80 | 138 | 80 | ||||||||||||
| Charges related to flooding, net |
— | — | — | 214 | ||||||||||||
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| Total operating expenses |
1,271 | 664 | 3,097 | 1,867 | ||||||||||||
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| Operating income (loss) |
(221 | ) | 808 | 1,266 | 1,771 | |||||||||||
| Net interest and other |
(9 | ) | (7 | ) | (44 | ) | (14 | ) | ||||||||
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| Income (loss) before income taxes |
(230 | ) | 801 | 1,222 | 1,757 | |||||||||||
| Income tax provision |
35 | 56 | 242 | 145 | ||||||||||||
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| Net income (loss) |
$ | (265 | ) | $ | 745 | $ | 980 | $ | 1,612 | |||||||
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| Income (loss) per common share: |
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| Basic |
$ | (1.12 | ) | $ | 2.93 | $ | 4.07 | $ | 6.69 | |||||||
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| Diluted |
$ | (1.12 | ) | $ | 2.87 | $ | 3.98 | $ | 6.58 | |||||||
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| Weighted average shares outstanding: |
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| Basic |
236 | 254 | 241 | 241 | ||||||||||||
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| Diluted |
236 | 260 | 246 | 245 | ||||||||||||
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WESTERN DIGITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| Jun. 28, 2013 |
Jun. 29, 2012 |
Jun. 28, 2013 |
Jun. 29, 2012 |
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| Cash flows from operating activities |
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| Net income (loss) |
$ | (265 | ) | $ | 745 | $ | 980 | $ | 1,612 | |||||||
| Adjustments to reconcile net income to net cash provided by operations: |
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| Depreciation and amortization |
302 | 339 | 1,233 | 825 | ||||||||||||
| Stock-based compensation |
30 | 31 | 137 | 92 | ||||||||||||
| Deferred income taxes |
(24 | ) | (8 | ) | 35 | 34 | ||||||||||
| Non-cash portion of employee termination benefits and other charges |
3 | 61 | 19 | 61 | ||||||||||||
| Non-cash portion of charges related to flooding |
— | — | — | 119 | ||||||||||||
| Changes in operating assets and liabilities, net |
638 | (40 | ) | 715 | 324 | |||||||||||
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| Net cash provided by operating activities |
684 | 1,128 | 3,119 | 3,067 | ||||||||||||
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| Cash flows from investing activities |
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| Purchases of property, plant and equipment |
(136 | ) | (324 | ) | (952 | ) | (717 | ) | ||||||||
| Acquisitions, net |
— | 15 | (1 | ) | (3,526 | ) | ||||||||||
| Purchase of investments |
— | — | (17 | ) | — | |||||||||||
| Proceeds from sale of equipment |
— | 76 | — | 76 | ||||||||||||
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| Net cash used in investing activities |
(136 | ) | (233 | ) | (970 | ) | (4,167 | ) | ||||||||
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| Cash flows from financing activities |
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| Employee stock plans, net |
53 | 93 | 205 | 141 | ||||||||||||
| Repurchases of common stock |
(235 | ) | (604 | ) | (842 | ) | (604 | ) | ||||||||
| Dividends to shareholders |
(60 | ) | — | (181 | ) | — | ||||||||||
| Repayment of debt |
(57 | ) | (558 | ) | (230 | ) | (908 | ) | ||||||||
| Proceeds from debt, net of issuance costs |
— | — | — | 2,775 | ||||||||||||
| Repayment of assumed debt |
— | — | — | (585 | ) | |||||||||||
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| Net cash provided by (used in) financing activities |
(299 | ) | (1,069 | ) | (1,048 | ) | 819 | |||||||||
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| Effect of exchange rate changes on cash |
— | 5 | — | (1 | ) | |||||||||||
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| Net increase (decrease) in cash and cash equivalents |
249 | (169 | ) | 1,101 | (282 | ) | ||||||||||
| Cash and cash equivalents, beginning of period |
4,060 | 3,377 | 3,208 | 3,490 | ||||||||||||
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| Cash and cash equivalents, end of period |
$ | 4,309 | $ | 3,208 | $ | 4,309 | $ | 3,208 | ||||||||
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