8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Jan 23, 2013)

Filed January 23, 2013For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on January 23, 2013, announcing its financial results for the second fiscal quarter ended December 28, 2012. The report provides both GAAP and non-GAAP earnings per share, offering investors insight into the company's performance. Management highlights the usefulness of non-GAAP measures for evaluating ongoing operations and making period-over-period comparisons. The non-GAAP results exclude specific items such as a tax-related matter, amortization of intangibles related to the HGST acquisition, and certain employee termination benefits and other charges. These adjustments are presented as potentially not indicative of the company's core, sustainable business operations.

Key Highlights

  • 1Announcement of Q2 FY2013 financial results for Western Digital Corporation.
  • 2Filing date: January 23, 2013; Event date: January 22, 2013.
  • 3Results include both GAAP and non-GAAP net income and earnings per share.
  • 4Non-GAAP measures exclude a tax-related matter, amortization of intangibles from HGST acquisition, and employee termination/other charges.
  • 5Management believes non-GAAP figures provide a better view of ongoing operations and comparability.
  • 6Press release (Exhibit 99.1) and Investor Information Summary (Exhibit 99.2) are attached.
  • 7Information is furnished and not deemed 'filed' under Section 18 of the Exchange Act, with specific incorporation noted.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Western Digital Corporation's financial results for the second fiscal quarter ended December 28, 2012, and to provide supplemental financial information.

The non-GAAP results exclude specific items that management believes are not indicative of ongoing operations. These include a tax-related matter, amortization of intangibles related to the HGST acquisition, and certain employee termination benefits and other charges.

Western Digital provides non-GAAP measures because management believes they offer an alternative and useful method for investors to measure the company's operating performance and compare it against prior periods' performance, by excluding items that may not be recurring or representative of core business.

This filing includes Exhibit 99.1, which is the press release announcing the financial results, and Exhibit 99.2, which is the Investor Information Summary for the second quarter of fiscal year 2013.