8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Jul 28, 2009)

Filed July 28, 2009For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on July 28, 2009, to announce its financial results for the fourth fiscal quarter and the full fiscal year ended July 3, 2009. The report highlights the company's plan to report both GAAP and non-GAAP financial figures, with non-GAAP measures excluding significant non-operational and non-recurring items. These exclusions aim to provide investors with a clearer view of ongoing operational performance and facilitate comparisons with prior periods. Investors should pay close attention to the details of these adjustments, which include charges related to acquisitions (SiliconSystems, Komag), restructuring costs, and gains from asset sales. The press release and investor information summary, attached as exhibits, will contain the specific financial data. Key adjustments for the fiscal year ended July 3, 2009, include in-process R&D for SiliconSystems, restructuring charges, and a gain on the sale of an asset from its Malaysian facility. For the prior fiscal year (ended June 27, 2008), adjustments include taxes related to intellectual property licensing and in-process R&D for the Komag acquisition. Management emphasizes that these non-GAAP figures are intended as an alternative performance measure.

Key Highlights

  • 1WDC announced financial results for Q4 FY09 and FY09 ended July 3, 2009, via an 8-K filing.
  • 2The company will provide both GAAP and non-GAAP financial results, including net income and EPS.
  • 3Non-GAAP measures will exclude specific items to reflect ongoing operational performance.
  • 4Adjustments for FY09 include in-process R&D (SiliconSystems acquisition), restructuring charges, and a gain from asset sale (Malaysia facility).
  • 5Adjustments for FY08 include IP licensing taxes and in-process R&D (Komag acquisition).
  • 6Management believes non-GAAP measures offer a useful alternative for assessing performance and historical comparisons.
  • 7Full details are available in the attached press release (Exhibit 99.1) and Investor Information Summary (Exhibit 99.2).

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Western Digital Corporation's financial results for the fourth fiscal quarter and the full fiscal year ended July 3, 2009. It also informs investors about the presentation of both GAAP and non-GAAP financial metrics.

The non-GAAP financial results exclude significant gains or losses that are considered non-operational and/or non-recurring. For the fiscal year ended July 3, 2009, these include in-process research and development charges related to the SiliconSystems acquisition, restructuring charges, and a gain on the sale of assets from their media substrate manufacturing facility in Malaysia. For the prior fiscal year, adjustments involved taxes related to intellectual property licensing and in-process R&D from the Komag acquisition.

Western Digital provides non-GAAP measures because management believes they offer a useful alternative for investors to measure the company's operating performance and compare it against prior periods. These measures are intended to exclude items that may not be indicative of ongoing operations.

The detailed financial results and information regarding the adjustments are provided in the press release issued by Western Digital on July 28, 2009 (Exhibit 99.1) and the Investor Information Summary for the fourth quarter of fiscal year 2009 (Exhibit 99.2), which are attached to this 8-K filing.