8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Jul 24, 2013)

Filed July 24, 2013For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on July 24, 2013, to report its financial results for the fourth fiscal quarter and full fiscal year ended June 28, 2013. The filing includes a press release and a quarterly fact sheet detailing these results, emphasizing both GAAP and non-GAAP figures. Investors should note the company's focus on non-GAAP measures, which exclude items like amortization related to the HGST acquisition, certain tax matters, and employee termination benefits, as management believes these provide a clearer view of ongoing operational performance. The report also highlights free cash flow for the fiscal year, a non-GAAP metric calculated as cash flow from operations minus capital expenditures. Management presents this metric to allow for better liquidity comparisons within the industry. It's important for investors to understand the specific adjustments made to arrive at the non-GAAP earnings per share and net income figures to accurately assess the company's financial health and operational trends.

Key Highlights

  • 1Western Digital announced financial results for its fourth fiscal quarter and full fiscal year ended June 28, 2013.
  • 2The company provided both GAAP and non-GAAP financial metrics, including net income and earnings per share.
  • 3Non-GAAP results exclude amortization of intangibles from the HGST acquisition, certain tax matters, and employee termination benefits.
  • 4Management believes non-GAAP measures offer a better reflection of ongoing operational performance.
  • 5Free cash flow for the fiscal year was reported as a non-GAAP metric (cash flow from operations less capital expenditures).
  • 6Management uses free cash flow to facilitate industry-wide liquidity comparisons.
  • 7The filing incorporates by reference a press release (Exhibit 99.1) and a quarterly fact sheet (Exhibit 99.2).

Frequently Asked Questions

The financial results reported in this 8-K filing cover the fourth fiscal quarter and the full fiscal year ended June 28, 2013.

Western Digital reports non-GAAP results because management believes these figures, which exclude items like amortization of intangibles from the HGST acquisition, certain tax-related matters, and employee termination benefits, provide a more useful measure of the company's ongoing operational performance and allow for better comparison to prior periods.

In this report, free cash flow is presented as a non-GAAP measure and is calculated by subtracting capital expenditures from cash flow from operations.

No, in accordance with General Instruction B.2 of Form 8-K, the information contained in Item 2.02, including the attached press release and fact sheet, is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934, nor is it subject to the liabilities of that section. It will not be incorporated by reference into any future SEC filings unless specifically stated.