News Summary
- Fourth quarter revenue was $4.3 billion, up 18% year-over-year
(YoY). Data Center Devices and Solutions revenue grew 32%, Client
Devices grew 19%, and Client Solutions declined 9% YoY. Fiscal year
2020 revenue was $16.7 billion, up 1.0% YoY.
- Fourth quarter GAAP earnings-per-share (EPS) was $0.49 and
non-GAAP EPS was $1.23. Both GAAP and non-GAAP EPS include $96
million in costs related to COVID-19 in the fourth quarter. Fiscal
year 2020 GAAP EPS was ($0.84) and non-GAAP EPS was $3.04.
- Generated operating cash flow of $172 million and free cash
flow of $261 million in the fourth quarter. Generated operating
cash flow of $824 million and free cash flow of $1.1 billion in
fiscal year 2020.
- Expecting first fiscal quarter 2021 revenue to be in the range
of $3.7 to $3.9 billion with non-GAAP EPS in the range of $0.45 to
$0.65. Non-GAAP EPS outlook includes costs related to
COVID-19.
Western Digital Corp. (Nasdaq: WDC) today reported fourth
quarter and fiscal year 2020 financial results.
“I am extremely proud of the way our team has navigated the
complexities and uncertainties inherent in this unprecedented
environment, as we continue to adapt to provide supply continuity
and high-quality products to our customers and drive value for our
shareholders,” said David Goeckeler, Western Digital CEO. “While we
continue to navigate through a dynamic environment, we remain
focused on managing the business for the long-term, including
ramping two important product lines to high volume: our SSD
products and our energy-assisted capacity enterprise drives. We
will continue to deliver the quality, performance and
cost-effectiveness our customers rely on, and I am confident that
our end market diversity and breadth, broad customer base, channel
reach, and innovative leadership all position Western Digital to
benefit from the multi-year growth in data creation and
storage.”
Q4 2020 Financial Highlights
GAAP
Non-GAAP
Q4 2020
Q4 2019
vs. Q4 2019
Q4 2020
Q4 2019
vs. Q4 2019
Revenue ($M)
$
4,287
$
3,634
up 18%
$
4,287
$
3,634
up 18%
Gross Margin
25.3
%
12.8
%
up 12.5 ppt
28.9
%
24.2
%
up 4.7 ppt
Operating Expenses ($M)
$
822
$
846
down 3%
$
713
$
722
down 1%
Operating Income (Loss) ($M)
$
261
($
381
)
*
$
527
$
158
up 234%
Net Income (Loss) ($M)
$
148
($
197
)
*
$
369
$
50
up 638%
Earnings Per Share
$
0.49
($
0.67
)
*
$
1.23
$
0.17
up 624%
*not a meaningful figure
Fiscal Year 2020 Financial
Highlights
GAAP
Non-GAAP
2020
2019
vs. 2019
2020
2019
vs. 2019
Revenue ($M)
$
16,736
$
16,569
up 1%
$
16,736
$
16,569
up 1%
Gross Margin
22.6
%
22.6
%
—
26.9
%
30.5
%
down 3.6 ppt
Operating Expenses ($M)
$
3,446
$
3,665
down 6%
$
2,983
$
3,022
down 1%
Operating Income ($M)
$
335
$
87
up 285%
$
1,522
$
2,024
down 25%
Net Income (Loss) ($M)
($
250
)
($
754
)
*
$
914
$
1,429
down 36%
Earnings Per Share
($
0.84
)
($
2.58
)
*
$
3.04
$
4.84
down 37%
*not a meaningful figure
Key End Market Summary
Revenue ($M)
Q4 2020
Q4 2019
vs. Q4 2019
2020
2019
vs. 2019
Client Devices
$
1,916
$
1,606
up 19%
$
7,160
$
8,095
down 12%
Data Center Devices & Solutions
$
1,684
$
1,273
up 32%
$
6,228
$
5,038
up 24%
Client Solutions
$
687
$
755
down 9%
$
3,348
$
3,436
down 3%
Total Revenue
$
4,287
$
3,634
up 18%
$
16,736
$
16,569
up 1%
In the fourth quarter of fiscal 2020, Western Digital’s revenue
increased 18% year-over-year to $4.3 billion, led by strength
within Data Center Devices & Solutions and Client Devices end
markets.
In Client Devices, Western Digital's robust family of client
SSDs, which are ideally suited for remote learning and work from
home applications, achieved another record quarter of revenue.
Notebook and desktop-related hard drive revenue declined slightly
sequentially as the market continued to transition to SSD-based
products. Smart video was weaker than expected due to continued
headwinds associated with the pandemic. In gaming, Western Digital
began shipping flash solutions for the upcoming new game console
launches.
In Data Center Devices & Solutions, cloud demand increased
in the quarter due to the work from home trend. Western Digital was
the first in the industry to ship energy-assisted drives for mass
production and the Company expects a strong ramp into the second
fiscal quarter and beyond. In addition, Western Digital’s
innovative flash-based enterprise SSDs more than doubled in revenue
from a year ago.
In Client Solutions, while Western Digital has a robust
distribution channel with over 350,000 points of purchase around
the world and well-established brands, the Company was impacted by
COVID-related lockdowns at many brick-and-mortar customers. This
business recovered as the quarter progressed due to easing of
lockdowns and a transition to online buying with curbside
pickup.
Business Outlook for Fiscal First
Quarter of 2021
Three Months Ending
October 2, 2020
GAAP(1)
Non-GAAP(1)
Revenue ($B)
$3.7 - $3.9
$3.7 - $3.9
Gross margin
21% - 23%
25% - 27%
Operating expenses ($M)
$820 - $840
$700 - $720
Interest and other expense, net ($M)
$80 - $90
$70 - $80
Tax rate
N/A
22% - 26% (2)
Diluted earnings per share
N/A
$0.45 - $0.65
Diluted shares outstanding (in
millions)
~ 304
~ 304
(1) Non-GAAP gross margin guidance excludes amortization of
acquired intangible assets, stock-based compensation expense, and
charges related to cost saving initiatives totaling approximately
$150 million to $170 million. The company’s non-GAAP operating
expenses guidance excludes amortization of acquired intangible
assets; stock-based compensation expense; employee termination,
asset impairment and other charges; and charges related to cost
saving initiatives totaling approximately $100 million to $120
million. The company's non-GAAP interest and other expense guidance
excludes approximately $10 million of convertible debt activity. In
the aggregate, non-GAAP diluted earnings per share guidance
excludes these items totaling $260 million to $300 million. The
timing and amount of these charges excluded from non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP interest and other
expense, net and non-GAAP diluted earnings per share cannot be
further allocated or quantified with certainty. Additionally, the
timing and amount of additional charges the company excludes from
its non-GAAP tax rate and non-GAAP diluted earnings per share are
dependent on the timing and determination of certain actions and
cannot be reasonably predicted. Accordingly, full reconciliations
of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
interest and other expense, non-GAAP tax rate and non-GAAP diluted
earnings per share to the most directly comparable GAAP financial
measures (gross margin, operating expenses, interest and other
expense, tax rate and diluted earnings per share, respectively) are
not available without unreasonable effort.
(2) The non-GAAP tax rates provided are based on a percentage of
non-GAAP pre-tax income.
Investor Communications
The investment community conference call to discuss these
results and the company’s business outlook for the fourth quarter
and fiscal year 2020 will be broadcast live online today at 1:30
p.m. Pacific/4:30 p.m. Eastern. The live and archived conference
call/webcast and the earnings presentation can be accessed online
at investor.wdc.com.
About Western Digital
Western Digital, a leader in data infrastructure, creates
environments for data to thrive. The company is driving the
innovation needed to help customers capture, preserve, access and
transform an ever-increasing diversity of data. Everywhere data
lives, from advanced data centers to mobile sensors to personal
devices, the company's industry-leading solutions deliver the
possibilities of data. Western Digital data-centric solutions are
comprised of the Western Digital®, G-Technology™, SanDisk® and WD®
brands. Financial and investor information is available on the
company's Investor Relations website at investor.wdc.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements concerning the company’s preliminary
financial results for its fiscal fourth quarter ended July 3, 2020
and fiscal year 2020; the company’s business outlook for the fiscal
first quarter of 2021; expectations regarding the impact of
COVID-19; demand trends and market conditions; the data storage
ecosystem; the company's positioning for future growth; the
company's product portfolio; the ramp of the company's products;
and expected future financial performance. These forward-looking
statements are based on management’s current expectations and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements. The preliminary financial results for
the company’s fiscal fourth quarter ended July 3, 2020 and fiscal
year 2020 included in this press release represent the most current
information available to management. The company’s actual results
when disclosed in its Form 10-K may differ from these preliminary
results as a result of the completion of the company’s financial
closing procedures; final adjustments; completion of the review and
audit by the company’s independent registered accounting firm; and
other developments that may arise between now and the disclosure of
the final results. Other risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements include: future responses to and
effects of the COVID-19 pandemic; volatility in global economic
conditions; business conditions and growth in the storage
ecosystem; impact of restructuring activities and cost saving
initiatives; impact of competitive products and pricing; market
acceptance and cost of commodity materials and specialized product
components; actions by competitors; unexpected advances in
competing technologies; our development and introduction of
products based on new technologies and expansion into new data
storage markets; risks associated with acquisitions, divestitures,
mergers and joint ventures; difficulties or delays in
manufacturing; the outcome of legal proceedings; and other risks
and uncertainties listed in the company’s filings with the
Securities and Exchange Commission (the “SEC”), including the
company’s Form 10-Q filed with the SEC on May 8, 2020, to which
your attention is directed. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and the company undertakes no obligation to update these
forward-looking statements to reflect new information or
events.
Western Digital, the Western Digital logo, G-Technology, SanDisk
and WD are registered trademarks or trademarks of Western Digital
Corporation or its affiliates in the US and/or other countries.
WESTERN DIGITAL
CORPORATION
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions; unaudited; on a
US GAAP basis)
July 3, 2020
June 28, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
3,048
$
3,455
Accounts receivable, net
2,379
1,204
Inventories
3,070
3,283
Other current assets
551
535
Total current assets
9,048
8,477
Property, plant and equipment, net
2,854
2,843
Notes receivable and investments in Flash
Ventures
1,875
2,791
Goodwill
10,067
10,076
Other intangible assets, net
941
1,711
Other non-current assets
877
472
Total assets
$
25,662
$
26,370
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,945
$
1,567
Accounts payable to related parties
407
331
Accrued expenses
1,296
1,296
Accrued compensation
472
347
Current portion of long-term debt
286
276
Total current liabilities
4,406
3,817
Long-term debt
9,289
10,246
Other liabilities
2,416
2,340
Total liabilities
16,111
16,403
Total shareholders’ equity
9,551
9,967
Total liabilities and shareholders’
equity
$
25,662
$
26,370
WESTERN DIGITAL
CORPORATION
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share
amounts; unaudited; on a US GAAP basis)
Three Months Ended
Year Ended
July 3, 2020
June 28, 2019
July 3, 2020
June 28, 2019
Revenue, net
$
4,287
$
3,634
$
16,736
$
16,569
Cost of revenue
3,204
3,169
12,955
12,817
Gross profit
1,083
465
3,781
3,752
Operating expenses:
Research and development
546
523
2,261
2,182
Selling, general and administrative
269
299
1,153
1,317
Employee termination, asset impairment and
other charges
7
24
32
166
Total operating expenses
822
846
3,446
3,665
Operating income (loss)
261
(381)
335
87
Interest and other expense, net
(76)
(93)
(381)
(374)
Income (loss) before taxes
185
(474)
(46)
(287)
Income tax expense (benefit)
37
(277)
204
467
Net income (loss)
$
148
$
(197)
$
(250)
$
(754)
Income (loss) per common share
Basic
$
0.49
$
(0.67)
$
(0.84)
$
(2.58)
Diluted
$
0.49
$
(0.67)
$
(0.84)
$
(2.58)
Weighted average shares outstanding:
Basic
300
294
298
292
Diluted
301
294
298
292
WESTERN DIGITAL
CORPORATION
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited; on a
US GAAP basis)
Three Months Ended
Year Ended
July 3, 2020
June 28, 2019
July 3, 2020
June 28, 2019
Operating Activities
Net income (loss)
$
148
$
(197)
$
(250)
$
(754)
Adjustments to reconcile net income (loss)
to net cash provided by operations:
Depreciation and amortization
377
416
1,566
1,812
Stock-based compensation
76
64
308
306
Deferred income taxes
(29)
121
(82)
374
Loss on disposal of assets
2
35
(7)
39
Write-off of issuance costs and
amortization of debt discounts
10
10
40
38
Other non-cash operating activities,
net
14
(27)
6
(8)
Changes in:
Accounts receivable, net
(401)
18
(1,175)
993
Inventories
21
157
200
(339)
Accounts payable
61
(39)
192
(588)
Accounts payable to related parties
9
19
75
72
Accrued expenses
(147)
(415)
184
(42)
Accrued compensation
37
(57)
124
(135)
Other assets and liabilities, net
(6)
64
(357)
(221)
Net cash provided by operating
activities
172
169
824
1,547
Investing Activities
Purchases of property, plant and
equipment, net
(215)
(38)
(647)
(757)
Acquisitions, net of cash acquired
—
—
(22)
—
Activity related to Flash Ventures,
net
304
(310)
931
(598)
Investment activity, net
—
116
—
103
Strategic Investments and Other, net
(3)
2
16
(20)
Net cash provided by (used in) investing
activities
86
(230)
278
(1,272)
Financing Activities
Employee stock plans, net
59
46
69
3
Repurchases of common stock
—
—
—
(563)
Dividends paid to shareholders
(150)
(146)
(595)
(584)
Proceeds from (repayment of) revolving
credit facility
—
—
—
(500)
Proceeds from debt, net of issuance
costs
—
(4)
—
(4)
Repayment of debt
(63)
(68)
(982)
(181)
Net cash used in financing activities
(154)
(172)
(1,508)
(1,829)
Effect of exchange rate changes on
cash
1
6
(1)
4
Net increase (decrease) in cash and cash
equivalents
105
(227)
(407)
(1,550)
Cash and cash equivalents, beginning of
period
2,943
3,682
3,455
5,005
Cash and cash equivalents, end of
period
$
3,048
$
3,455
$
3,048
$
3,455
WESTERN DIGITAL
CORPORATION
PRELIMINARY RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions;
unaudited)
Three Months Ended
Year Ended
July 3, 2020
June 28, 2019
July 3, 2020
June 28, 2019
GAAP cost of revenue
$
3,204
$
3,169
$
12,955
$
12,817
Amortization of acquired intangible
assets
(144)
(166)
(610)
(804)
Stock-based compensation expense
(13)
(11)
(51)
(48)
Charges related to cost saving
initiatives
—
(4)
(3)
(11)
Manufacturing underutilization charges
—
(67)
—
(264)
Power outage charges
—
(145)
(68)
(145)
Other
—
(22)
8
(22)
Non-GAAP cost of revenue
$
3,047
$
2,754
$
12,231
$
11,523
GAAP gross profit
$
1,083
$
465
$
3,781
$
3,752
Amortization of acquired intangible
assets
144
166
610
804
Stock-based compensation expense
13
11
51
48
Charges related to cost saving
initiatives
—
4
3
11
Manufacturing underutilization charges
—
67
—
264
Power outage charges
—
145
68
145
Other
—
22
(8)
22
Non-GAAP gross profit
$
1,240
$
880
$
4,505
$
5,046
GAAP operating expenses
$
822
$
846
$
3,446
$
3,665
Amortization of acquired intangible
assets
(39)
(41)
(159)
(164)
Stock-based compensation expense
(63)
(53)
(257)
(258)
Employee termination, asset impairment and
other charges
(7)
(24)
(32)
(166)
Charges related to acquisitions and
dispositions
—
—
(9)
—
Charges related to cost saving
initiatives
—
(3)
(6)
(11)
Other
—
(3)
—
(44)
Non-GAAP operating expenses
$
713
$
722
$
2,983
$
3,022
GAAP operating income (loss)
$
261
$
(381)
$
335
$
87
Cost of revenue adjustments
157
415
724
1,294
Operating expense adjustments
109
124
463
643
Non-GAAP operating income
$
527
$
158
$
1,522
$
2,024
GAAP interest and other expense,
net
$
(76)
$
(93)
$
(381)
$
(374)
Convertible debt activity
7
7
28
27
Other
(4)
(1)
9
(20)
Non-GAAP interest and other expense,
net
$
(73)
$
(87)
$
(344)
$
(367)
GAAP income tax expense
$
37
$
(277)
$
204
$
467
Income tax adjustments
48
298
60
(239)
Non-GAAP income tax expense
$
85
$
21
$
264
$
228
WESTERN DIGITAL
CORPORATION
PRELIMINARY RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share
amounts; unaudited)
Three Months Ended
Year Ended
July 3, 2020
June 28, 2019
July 3, 2020
June 28, 2019
GAAP net income (loss)
$
148
$
(197)
$
(250)
$
(754)
Amortization of acquired intangible
assets
183
207
769
968
Stock-based compensation expense
76
64
308
306
Employee termination, asset impairment and
other charges
7
24
32
166
Charges related to acquisitions and
dispositions
—
—
9
—
Charges related to cost saving
initiatives
—
7
9
22
Manufacturing underutilization charges
—
67
—
264
Power outage charges
—
145
68
145
Convertible debt activity
7
7
28
27
Other
(4)
24
1
46
Income tax adjustments
(48)
(298)
(60)
239
Non-GAAP net income
$
369
$
50
$
914
$
1,429
Diluted income (loss) per common
share
GAAP
$
0.49
$
(0.67)
$
(0.84)
$
(2.58)
Non-GAAP
$
1.23
$
0.17
$
3.04
$
4.84
Diluted weighted average shares
outstanding:
GAAP
301
294
298
292
Non-GAAP
301
295
301
295
Cash flows
Cash flow provided by operating
activities
$
172
$
169
$
824
$
1,547
Purchase of property, plant and equipment,
net
(215)
(38)
(647)
(757)
Activity related to flash ventures,
net
304
(310)
931
(598)
Free cash flow
$
261
$
(179)
$
1,108
$
192
To supplement the condensed consolidated financial statements
presented in accordance with U.S. generally accepted accounting
principles (“GAAP”), the table above sets forth non-GAAP cost of
revenue; non-GAAP gross profit; non-GAAP operating expenses;
non-GAAP operating income; non-GAAP interest and other expense,
net; non-GAAP income tax expense; non-GAAP net income; non-GAAP
diluted income per common share and free cash flow (“Non-GAAP
measures”). These Non-GAAP measures are not in accordance with, or
an alternative for, measures prepared in accordance with GAAP and
may be different from Non-GAAP measures used by other companies.
The company believes the presentation of these Non-GAAP measures,
when shown in conjunction with the corresponding GAAP measures,
provides useful information to investors for measuring the
company’s earnings performance and comparing it against prior
periods. Specifically, the company believes these Non-GAAP measures
provide useful information to both management and investors as they
exclude certain expenses, gains and losses that the company
believes are not indicative of its core operating results or
because they are consistent with the financial models and estimates
published by many analysts who follow the company and its peers. As
discussed further below, these Non-GAAP measures exclude the
amortization of acquired intangible assets, stock-based
compensation expense, employee termination, asset impairment and
other charges, charges related to acquisitions and dispositions,
charges related to cost saving initiatives, manufacturing
underutilization charges, power outage charges, convertible debt
activity, other adjustments, and income tax adjustments, and the
company believes these measures along with the related
reconciliations to the GAAP measures provide additional detail and
comparability for assessing the company's results. These Non-GAAP
measures are some of the primary indicators management uses for
assessing the company's performance and planning and forecasting
future periods. These measures should be considered in addition to
results prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results.
As described above, the company excludes the following items
from its Non-GAAP measures:
Amortization of acquired intangible
assets. The company incurs expenses from the amortization of
acquired intangible assets over their economic lives. Such charges
are significantly impacted by the timing and magnitude of the
company's acquisitions and any related impairment charges.
Stock-based compensation expense.
Because of the variety of equity awards used by companies, the
varying methodologies for determining stock-based compensation
expense, the subjective assumptions involved in those
determinations, and the volatility in valuations that can be driven
by market conditions outside the company's control, the company
believes excluding stock-based compensation expense enhances the
ability of management and investors to understand and assess the
underlying performance of its business over time and compare it
against the company's peers, a majority of whom also exclude
stock-based compensation expense from their non-GAAP results.
Employee termination, asset impairment and
other charges. From time-to-time, in order to realign the
company's operations with anticipated market demand or to achieve
cost synergies from the integration of acquisitions, the company
may terminate employees and/or restructure its operations. From
time-to-time, the company may also incur charges from the
impairment of intangible assets and other long-lived assets. These
charges (including any reversals of charges recorded in prior
periods) are inconsistent in amount and frequency, and the company
believes they are not indicative of the underlying performance of
its business.
Charges related to acquisitions and
dispositions. In connection with the company's business
combinations or dispositions, the company incurs expenses which it
would not have otherwise incurred as part of its business
operations. These expenses include third-party professional service
and legal fees, third-party integration services, severance costs,
non-cash adjustments to the fair value of acquired inventory,
contract termination costs, and retention bonuses. The company may
also experience other accounting impacts in connection with these
transactions. These charges and impacts are related to acquisitions
and dispositions, are inconsistent in amount and frequency, and the
company believes they are not indicative of the underlying
performance of its business.
Charges related to cost saving
initiatives. In connection with the transformation of the
company's business, the company has incurred charges related to
cost saving initiatives which do not qualify for special accounting
treatment as exit or disposal activities. These charges, which the
company believes are not indicative of the underlying performance
of its business, primarily relate to costs associated with
rationalizing the company's channel partners or vendors,
transforming the company's information systems infrastructure,
integrating the company's product roadmap, and accelerated
depreciation of assets.
Manufacturing underutilization
charges. In response to flash business conditions, the
company temporarily reduced its wafer starts during fiscal 2019 at
its flash-based memory manufacturing facilities operated through
its strategic partnership with Kioxia Corporation. The temporary
abnormal reduction in output resulted in flash manufacturing
underutilization charges which were expensed as incurred. These
charges are inconsistent in amount and frequency, and the company
believes these charges are not part of the ongoing operation of its
business.
Power outage charges. In June 2019,
an unexpected power outage incident occurred at the flash-based
memory manufacturing facilities operated through the company's
strategic partnership with Kioxia Corporation in Yokkaichi, Japan.
The power outage incident resulted in the write-off of damaged
inventory and unabsorbed manufacturing overhead costs which are
expensed as incurred. These charges are inconsistent in amount and
frequency, and the company believes these charges are not part of
the ongoing production operation of its business.
Convertible debt activity. The
company excludes non-cash economic interest expense associated with
its convertible notes. These charges do not reflect the company's
operating results, and the company believes they are not indicative
of the underlying performance of its business.
Other adjustments. From
time-to-time, the company sells or impairs investments or other
assets which are not considered necessary to its business
operations, or incurs other charges or gains that the company
believes are not a part of the ongoing operation of its business.
The resulting expense or benefit is inconsistent in amount and
frequency.
Income tax adjustments. Income tax
adjustments include the difference between income taxes based on a
forecasted annual non-GAAP tax rate and a forecasted annual GAAP
tax rate as a result of the timing of certain non-GAAP pre-tax
adjustments. The income tax adjustments include the company’s final
adjustments for the tax effects of the Tax Cuts and Jobs Act
allowed within the one-year measurement period that ended on
December 22, 2018, as well as estimates related to the current
status of the rules and regulations governing the transition to the
Tax Cuts and Jobs Act. These adjustments are excluded because they
are infrequent and the company believes that they are not
indicative of the underlying performance of its business.
Additionally, free cash flow is defined as cash flows provided
by operating activities less purchases of property, plant and
equipment, net of proceeds from sales of property, plant and
equipment, and the activity related to Flash Ventures, net. The
company considers free cash flow generated in any period to be a
useful indicator of cash that is available for strategic
opportunities including, among others, investing in the company's
business, making strategic acquisitions, repaying debt and
strengthening the balance sheet.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805005961/en/
Investor Contact: Western Digital Corp. T. Peter Andrew
949.672.9655 peter.andrew@wdc.com investor@wdc.com
Media Contact: Sard Verbinnen & Co John Christiansen
David Isaacs Leah Polito WesternDigital-SVC@sardverb.com
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