8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Apr 26, 2012)

Filed April 26, 2012For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on April 26, 2012, to report its financial results for the third fiscal quarter ended March 30, 2012. The filing highlights both GAAP and non-GAAP earnings per share, with the latter adjusting for significant one-time items. These adjustments include expenses related to the acquisition of Hitachi Global Storage Technologies (HGST), costs associated with the sale of inventory written up to fair value, amortization of intangibles, and charges/recoveries from the flooding in Thailand. Management presented non-GAAP measures to offer investors a clearer view of ongoing operational performance, excluding items deemed not indicative of regular business. The company is providing these alternative metrics to facilitate comparisons with prior periods. The full details of the financial results and explanations of these adjustments are available in the press release and investor information summary attached as exhibits to this filing.

Key Highlights

  • 1Western Digital announced its financial results for the third fiscal quarter ended March 30, 2012.
  • 2The company reported both GAAP and non-GAAP net income and earnings per share.
  • 3Non-GAAP results exclude significant expenses related to the acquisition of Hitachi Global Storage Technologies (HGST).
  • 4Adjustments also include costs from inventory write-ups, amortization of intangibles, and net impacts from Thailand flooding.
  • 5Management believes non-GAAP measures provide a more useful view of ongoing operational performance.
  • 6The filing incorporates by reference a press release and an investor information summary as exhibits.
  • 7These exhibits contain detailed financial information and explanations of non-GAAP adjustments.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly announce Western Digital Corporation's financial results for its third fiscal quarter ended March 30, 2012, and to provide additional financial information related to these results.

Western Digital presents non-GAAP financial results because management believes these measures provide a more accurate and comparable view of the company's ongoing operational performance. These figures exclude certain expenses and gains that are considered not indicative of regular business activities, such as acquisition-related costs and impacts from the Thailand flooding.

The non-GAAP financial results exclude expenses related to the acquisition of Hitachi Global Storage Technologies (HGST), costs on the sale of acquired inventory written up to fair value, amortization of intangibles from the acquisition, and net charges/recoveries from the flooding in Thailand. Tax benefits related to these items are also adjusted for.

The detailed financial results and explanations for the non-GAAP adjustments are provided in the press release issued on April 26, 2012, and the Investor Information Summary for the third quarter, both of which are attached as Exhibits 99.1 and 99.2 to this 8-K filing.