Western Digital Reports Fiscal Q1 2025 Results
Ticker: WDC · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 106040
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
WDC Q1 earnings out. Check financials for storage market health.
AI Summary
Western Digital Corp. reported its fiscal first quarter results for the period ending September 27, 2024. The company's filing details its financial performance and operational updates. Specific financial figures and operational highlights are detailed within the report.
Why It Matters
This filing provides investors with the latest financial health and operational performance of Western Digital, a key player in the data storage market.
Risk Assessment
Risk Level: medium — The company operates in a highly competitive and cyclical industry, subject to rapid technological changes and market demand fluctuations.
Key Numbers
- 0.33 — Shares (Likely related to share count or per-share data, context requires more detail from the full filing.)
Key Players & Entities
- WESTERN DIGITAL CORP (company) — Filer
- 20240927 (date) — Fiscal period end date
- 20241031 (date) — Filing date
- SAN JOSE (location) — Business address city
- DE (location) — State of incorporation
FAQ
What were Western Digital's total revenues for the fiscal first quarter ending September 27, 2024?
The filing does not explicitly state the total revenue figure in the provided text snippet. Further details from the full report are needed.
What is Western Digital's fiscal year end date?
Western Digital's fiscal year ends on July 03.
When was Western Digital Corp. incorporated?
The filing does not specify the incorporation date, but mentions the state of incorporation is Delaware (DE).
What is the filing date for this 10-Q report?
This 10-Q report was filed on October 31, 2024.
What is the SIC code for Western Digital Corp?
The Standard Industrial Classification (SIC) code for Western Digital Corp. is 3572, which corresponds to Computer Storage Devices.
Filing Stats: 4,608 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-10-30 19:49:57
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq Stoc
Filing Documents
- wdc-20240927.htm (10-Q) — 1384KB
- a7cwdc-2025q1ex101.htm (EX-10.1) — 95KB
- a7bwdc-2025q1ex102.htm (EX-10.2) — 827KB
- a6awdc-2025q1ex3113.htm (EX-31.1) — 8KB
- a6bwdc-2025q1ex3123.htm (EX-31.2) — 8KB
- a6cwdc-2025q1ex3213.htm (EX-32.1) — 4KB
- a6dwdc-2025q1ex3223.htm (EX-32.2) — 4KB
- image.jpg (GRAPHIC) — 0KB
- image1.jpg (GRAPHIC) — 0KB
- wdc-20240927_g1.gif (GRAPHIC) — 16KB
- 0000106040-24-000040.txt ( ) — 10107KB
- wdc-20240927.xsd (EX-101.SCH) — 67KB
- wdc-20240927_cal.xml (EX-101.CAL) — 111KB
- wdc-20240927_def.xml (EX-101.DEF) — 352KB
- wdc-20240927_lab.xml (EX-101.LAB) — 838KB
- wdc-20240927_pre.xml (EX-101.PRE) — 597KB
- wdc-20240927_htm.xml (XML) — 1307KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets — As of September 27, 2024 and June 28, 2024 6 Condensed Consolidated Statements of Operations — Three Months Ended September 27, 2024 and September 29, 2023 7 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three Months Ended September 27, 2024 and September 29, 2023 8 Condensed Consolidated Statements of Cash Flows — Three Months Ended September 27, 2024 and September 29, 2023 9 Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity — Three Months Ended September 27, 2024 and September 29, 2023 10 Notes to Condensed Consolidated Financial Statements 12
Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Quantitative and Qualitative Disclosures About Market Risk 54
Item 3. Quantitative and Qualitative Disclosures About Market Risk 54
Controls and Procedures 54
Item 4. Controls and Procedures 54
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings 55
Item 1. Legal Proceedings 55
Risk Factors 55
Item 1A. Risk Factors 55
Other Information
Item 5. Other Information 55
Exhibits 55
Item 6. Exhibits 55 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: our expectations regarding our plan to separate our hard disk drives ("HDD") and flash-based products ("Flash") business units; the impact of the global macroeconomic environment; expectations regarding demand trends and market conditions for our products; expectations related to our sale of a portion of our equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd.; expectations related to our joint ventures and partnerships including relating to our Flash Ventures joint venture with Kioxia Corporation ("Kioxia"); expectations regarding our tax resolutions, effective tax rate and our unrecognized tax benefits; expectations regarding the merits of our position and our plans with respect to certain litigation matters; and our beliefs regarding our capital allocation plans and the sufficiency of our available liquidity 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 us 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 from those expressed or implied in the for
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) September 27, 2024 June 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,705 $ 1,879 Accounts receivable, net 2,458 2,166 Inventories 3,384 3,342 Other current assets 798 673 Assets held for sale 597 — Total current assets 8,942 8,060 Property, plant and equipment, net 2,917 3,167 Notes receivable and investments in Flash Ventures 1,051 991 Goodwill 9,812 10,032 Other intangible assets, net 77 78 Other non-current assets 1,972 1,860 Total assets $ 24,771 $ 24,188 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,578 $ 1,411 Accounts payable to related parties 352 313 Accrued expenses 1,311 1,480 Income taxes payable 448 525 Accrued compensation 542 608 Current portion of long-term debt 1,750 1,750 Liabilities held for sale 110 — Total current liabilities 6,091 6,087 Long-term debt 5,650 5,684 Other liabilities 1,158 1,370 Total liabilities 12,899 13,141 Commitments and contingencies (Notes 9, 10, 12 and 16) Convertible preferred stock, $ 0.01 par value; authorized — 5 shares; issued and outstanding — 0.2 shares; aggregate liquidation preference of $ 261 and $ 257 , respectively 229 229 Shareholders' equity: Common stock, $ 0.01 par value; authorized — 750 shares; issued and outstanding — 346 shares and 343 shares, respectively 3 3 Additional paid-in capital 4,772 4,752 Accumulated other comprehensive loss ( 400 ) ( 712 ) Retained earnings 7,268 6,775 Total shareholders' equity 11,643 10,818 Total liabilities, convertible preferred stock and shareholders' equity $ 24,771 $ 24,188 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 pe