8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Jul 25, 2012)

Filed July 25, 2012For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on July 25, 2012, to announce its financial results for the fourth fiscal quarter and the full fiscal year ended June 29, 2012. The report highlights the company's performance, including both GAAP and non-GAAP financial measures. A significant focus is placed on explaining the adjustments made to arrive at non-GAAP figures, which exclude items such as expenses related to the acquisition of Hitachi Global Storage Technologies (HGST), costs associated with inventory fair value adjustments and amortization of intangibles from the acquisition, expenses from the Thailand flooding, litigation accruals, restructuring charges, and related tax effects. Management utilizes these non-GAAP measures to provide investors with a clearer perspective on the company's ongoing operational performance and to facilitate comparisons with prior periods. The filing also indicates the inclusion of supporting documents, a press release and an Investor Information Summary, as exhibits to this report, which provide further detail on the financial outcomes for the period.

Key Highlights

  • 1Western Digital announced financial results for its fourth fiscal quarter and fiscal year ended June 29, 2012.
  • 2The company reported both GAAP and non-GAAP financial results.
  • 3Non-GAAP results exclude significant charges related to the acquisition of Hitachi Global Storage Technologies (HGST).
  • 4Other excluded non-GAAP items include costs from the Thailand flooding, litigation accruals, and restructuring charges.
  • 5Management believes non-GAAP measures offer a better view of ongoing operational performance and aid in period-over-period comparisons.
  • 6The filing incorporates a press release and an Investor Information Summary as exhibits for detailed financial information.

Frequently Asked Questions

The primary 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 June 29, 2012. It also provides context for these results by detailing both GAAP and non-GAAP financial measures.

Western Digital presents non-GAAP financial results because management believes these measures offer investors a more meaningful view of the company's ongoing operational performance. They exclude certain expenses and gains that are not considered indicative of regular business operations, such as acquisition-related costs and charges from external events like the Thailand flooding.

The non-GAAP financial results exclude expenses related to the acquisition of Hitachi Global Storage Technologies (HGST), costs from the sale of acquired inventory marked up to fair value, amortization of intangibles related to the acquisition, expenses from the Thailand flooding, litigation accruals, restructuring charges, and associated tax effects.

More detailed financial information can be found in the press release (Exhibit 99.1) and the Investor Information Summary for the fourth quarter ended June 29, 2012 (Exhibit 99.2), which are attached to this 8-K filing.