8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Oct 22, 2012)

Filed October 22, 2012For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on October 22, 2012, to report its financial results for the first fiscal quarter ended September 28, 2012. The filing primarily consists of a press release and an investor information summary, both incorporated by reference, detailing the company's performance for the period. Investors should note that WDC presented both GAAP and non-GAAP financial measures, with the non-GAAP figures excluding amortization of intangibles related to the HGST acquisition and certain termination benefits. Management believes these non-GAAP measures are valuable for assessing ongoing operational performance and for historical comparisons. While the specific financial figures are not detailed within the 8-K itself but rather in the attached exhibits, the core purpose of this filing is to inform stakeholders about the company's recent financial condition and results of operations, highlighting the impact of the HGST acquisition on its financial reporting.

Key Highlights

  • 1Report of first fiscal quarter financial results ended September 28, 2012.
  • 2Announcement made on October 22, 2012, via Form 8-K.
  • 3Financial results include both GAAP and non-GAAP figures.
  • 4Non-GAAP measures exclude amortization of intangibles from the HGST acquisition.
  • 5Non-GAAP measures also exclude certain employee termination benefits and other charges.
  • 6Management believes non-GAAP metrics offer insights into ongoing operations and comparability.
  • 7Press release and Investor Information Summary attached as exhibits (99.1 and 99.2).

Frequently Asked Questions

The main purpose of this 8-K filing is to report Western Digital Corporation's financial results for its first fiscal quarter ended September 28, 2012. It includes a press release and an investor information summary that provide details on the company's performance during that period.

Western Digital provided both GAAP and non-GAAP results because management believes that certain expenses, such as amortization of intangibles related to the HGST acquisition and employee termination benefits, are not indicative of ongoing operational performance. The non-GAAP figures are intended to offer investors a clearer view of the company's core operational profitability and facilitate comparisons with prior periods.

The 8-K filing itself does not contain the detailed financial figures. Instead, it incorporates by reference two exhibits: a press release (Exhibit 99.1) and an Investor Information Summary (Exhibit 99.2), both issued on October 22, 2012, which contain the specific financial results for the first fiscal quarter ended September 28, 2012.

The HGST acquisition has an impact on the reported financial results, specifically by contributing to the 'amortization of intangibles' which is excluded from the non-GAAP financial measures presented. This exclusion is highlighted by management as a way to present ongoing operational performance.