Western Digital Corp. Files 10-Q for Period Ending March 29, 2024

Ticker: WDC · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 106040

Sentiment: neutral

Topics: 10-Q, Western Digital, Financial Report, Q3 FY2024, SEC Filing

TL;DR

<b>Western Digital Corp. filed its Q3 FY2024 10-Q report on April 30, 2024.</b>

AI Summary

WESTERN DIGITAL CORP (WDC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Western Digital Corp. filed its 10-Q report for the period ending March 29, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on July 3rd. Western Digital Corp. is in the Computer Storage Devices industry. The filing was submitted on April 30, 2024.

Why It Matters

For investors and stakeholders tracking WESTERN DIGITAL CORP, this filing contains several important signals. This 10-Q filing provides an update on Western Digital's financial performance and operational status for the third quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's current financial health, identify trends, and make informed investment decisions regarding WDC.

Risk Assessment

Risk Level: medium — WESTERN DIGITAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which provides a snapshot of financial health but does not contain significant new strategic information or major financial shifts that would drastically alter risk assessment without further analysis of the detailed financial statements and footnotes.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue trends, profitability, and cash flow for Q3 FY2024.

Key Numbers

Key Players & Entities

FAQ

When did WESTERN DIGITAL CORP file this 10-Q?

WESTERN DIGITAL CORP filed this Quarterly Report (10-Q) with the SEC on April 30, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by WESTERN DIGITAL CORP (WDC).

Where can I read the original 10-Q filing from WESTERN DIGITAL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WESTERN DIGITAL CORP.

What are the key takeaways from WESTERN DIGITAL CORP's 10-Q?

WESTERN DIGITAL CORP filed this 10-Q on April 30, 2024. Key takeaways: Western Digital Corp. filed its 10-Q report for the period ending March 29, 2024.. The filing covers the third quarter of fiscal year 2024.. The company's fiscal year ends on July 3rd..

Is WESTERN DIGITAL CORP a risky investment based on this filing?

Based on this 10-Q, WESTERN DIGITAL CORP presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) which provides a snapshot of financial health but does not contain significant new strategic information or major financial shifts that would drastically alter risk assessment without further analysis of the detailed financial statements and footnotes.

What should investors do after reading WESTERN DIGITAL CORP's 10-Q?

Review the detailed financial statements within the 10-Q to understand revenue trends, profitability, and cash flow for Q3 FY2024. The overall sentiment from this filing is neutral.

How does WESTERN DIGITAL CORP compare to its industry peers?

Western Digital Corp. operates in the computer storage devices industry, a sector characterized by rapid technological advancements and competitive pricing.

Are there regulatory concerns for WESTERN DIGITAL CORP?

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

Industry Context

Western Digital Corp. operates in the computer storage devices industry, a sector characterized by rapid technological advancements and competitive pricing.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

  1. Analyze the revenue breakdown by product segment (if available in full filing) to identify growth drivers or areas of concern.
  2. Examine the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
  3. Review any disclosed risk factors or management discussion and analysis (MD&A) for insights into challenges and strategies.

Key Dates

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period. Comparison to prior filings would require access to those documents.

Filing Stats: 4,836 words · 19 min read · ~16 pages · Grade level 19.5 · Accepted 2024-04-29 18:55:39

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets — As of March 29, 2024 and June 30, 2023 6 Condensed Consolidated Statements of Operations — Three and Nine Months Ended March 29, 2024 and March 31, 2023 7 Condensed Consolidated Statements of Comprehensive Loss — Three and Nine Months Ended March 29, 2024 and March 31, 2023 8 Condensed Consolidated Statements of Cash Flows — Nine Months Ended March 29, 2024 and March 31, 2023 9 Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity — Nine Months Ended March 29, 2024 and March 31, 2023 10 Notes to Condensed Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures About Market Risk 59

Item 3. Quantitative and Qualitative Disclosures About Market Risk 59

Controls and Procedures 59

Item 4. Controls and Procedures 59

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 60

Item 1. Legal Proceedings 60

Risk Factors 60

Item 1A. Risk Factors 60

Other Information

Item 5. Other Information 60

Exhibits 61

Item 6. Exhibits 61 Unless otherwise indicated, references herein to specific years and quarters are to our fiscal years and fiscal quarters, and references to financial information are on a consolidated basis. As used herein, the terms "we," "us," "our," the "Company," "WDC" and "Western Digital" refer to Western Digital Corporation and its subsidiaries, unless we state, or the context indicates, otherwise. WDC, a Delaware corporation, is the parent company of our data storage business. Our principal executive offices are located at 5601 Great Oaks Parkway, San Jose, California 95119. Our telephone number is (408) 717-6000. Western Digital, the Western Digital logo, SanDisk, and WD are registered trademarks or trademarks of Western Digital or its affiliates in the U.S. and/or other countries. All other trademarks, registered trademarks and/or service marks, indicated or otherwise, are the property of their respective owners. 3 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "would," "project," "believe," "anticipate," "expect," "estimate," "continue," "potential," "plan," "forecast," and the like, or the use of future tense. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Examples of forward-looking statements include, but are not limited to, statements concerning: expectations regarding our plan to separate our HDD and Flash business units; the global macroeconomic environment; expectations regarding demand trends and market conditions for our products; expectations regarding long-term growth opportunities; expectations related to our agreed sale of a portion of our equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd.; expectations regarding our product development and technology plans; expectations regarding capital expenditure plans and investments, including relating to our Flash Ventures joint venture with Kioxia Corporation ("Kioxia"); expectations regarding our effective tax rate and our unrecognized tax benefits; our ability to improve through-cycle profitability; and our beliefs regarding our capital allocation plans and the sufficiency of our available liquidity and access to capital markets to meet our working capital, debt and capital expenditure needs. These forward-looking statements are based on management's current expectations, represent the most current information available to the Company as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and other factors that could cause actual results or performance to differ materially fro

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value) (Unaudited) March 29, 2024 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,894 $ 2,023 Accounts receivable, net 1,800 1,598 Inventories 3,215 3,698 Other current assets 623 567 Total current assets 7,532 7,886 Property, plant and equipment, net 3,253 3,620 Notes receivable and investments in Flash Ventures 1,099 1,410 Goodwill 10,034 10,037 Other intangible assets, net 78 80 Other non-current assets 1,805 1,513 Total assets $ 23,801 $ 24,546 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,400 $ 1,293 Accounts payable to related parties 310 292 Accrued expenses 972 1,288 Income taxes payable 476 999 Accrued compensation 445 349 Current portion of long-term debt 450 1,213 Total current liabilities 4,053 5,434 Long-term debt 7,318 5,857 Other liabilities 1,433 1,415 Total liabilities 12,804 12,706 Commitments and contingencies (Notes 9, 10, 12 and 16) Convertible preferred stock, $ 0.01 par value; authorized — 5 shares; issued and outstanding — 1 shares; aggregate liquidation preference of $ 968 and $ 924 , respectively 876 876 Shareholders' equity: Common stock, $ 0.01 par value; authorized — 450 shares; issued and outstanding — 326 shares and 322 shares, respectively 3 3 Additional paid-in capital 4,018 3,936 Accumulated other comprehensive loss ( 636 ) ( 548 ) Retained earnings 6,736 7,573 Total shareholders' equity 10,121 10,964 Total liabilities, convertible preferred stock and shareholders' equity $ 23,801 $ 24,546 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 Table of Contents WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended

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