2021 Q3 Form 10-K Financial Statement

#000010604021000040 Filed on August 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 2020 Q3
Revenue $4.920B $16.92B $4.287B
YoY Change 14.77% 1.11%
Cost Of Revenue $3.321B $12.40B $3.204B
YoY Change 3.65% -4.28%
Gross Profit $1.599B $4.521B $1.083B
YoY Change 47.65% 19.57%
Gross Profit Margin 32.5% 26.72% 25.26%
Selling, General & Admin $297.0M $1.105B $269.0M
YoY Change 10.41% -4.16%
% of Gross Profit 18.57% 24.44% 24.84%
Research & Development $598.0M $2.243B $546.0M
YoY Change 9.52% -0.8%
% of Gross Profit 37.4% 49.61% 50.42%
Depreciation & Amortization $251.0M $726.0M $377.0M
YoY Change -33.42% -8.91%
% of Gross Profit 15.7% 16.06% 34.81%
Operating Expenses $895.0M $3.301B $815.0M
YoY Change 9.82% -4.21%
Operating Profit $704.0M $1.220B $261.0M
YoY Change 169.73% 264.18%
Interest Expense -$79.00M $326.0M -$85.00M
YoY Change -7.06% -21.07%
% of Operating Profit -11.22% 26.72% -32.57%
Other Income/Expense, Net $0.00 -$293.0M $9.000M
YoY Change -100.0% -23.1%
Pretax Income $596.0M $927.0M $185.0M
YoY Change 222.16% -2115.22%
Income Tax -$26.00M $106.0M $37.00M
% Of Pretax Income -4.36% 11.43% 20.0%
Net Earnings $622.0M $821.0M $148.0M
YoY Change 320.27% -428.4%
Net Earnings / Revenue 12.64% 4.85% 3.45%
Basic Earnings Per Share $2.69 $0.49
Diluted Earnings Per Share $1.994M $2.66 $0.49
COMMON SHARES
Basic Shares Outstanding 308.7M shares 305.0M shares 302.5M shares
Diluted Shares Outstanding 309.0M shares

Balance Sheet

Concept 2021 Q3 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.370B $3.370B $3.048B
YoY Change 10.56% 10.56%
Cash & Equivalents $3.370B $3.370B $3.048B
Short-Term Investments
Other Short-Term Assets $514.0M $514.0M $551.0M
YoY Change -6.72% -6.72%
Inventory $3.616B $3.616B $3.070B
Prepaid Expenses
Receivables $2.300B $2.257B $2.400B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.757B $9.757B $9.048B
YoY Change 7.84% 7.84%
LONG-TERM ASSETS
Property, Plant & Equipment $3.188B $3.410B $2.854B
YoY Change 11.7% 10.57%
Goodwill $10.07B $10.07B
YoY Change -0.01%
Intangibles $442.0M $941.0M
YoY Change -53.03%
Long-Term Investments
YoY Change
Other Assets $1.093B $871.0M $877.0M
YoY Change 24.63% 34.62%
Total Long-Term Assets $16.38B $16.38B $16.61B
YoY Change -1.44% -1.44%
TOTAL ASSETS
Total Short-Term Assets $9.757B $9.757B $9.048B
Total Long-Term Assets $16.38B $16.38B $16.61B
Total Assets $26.13B $26.13B $25.66B
YoY Change 1.83% 1.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.934B $2.332B $1.945B
YoY Change -0.57% -0.85%
Accrued Expenses $1.390B $2.287B $1.296B
YoY Change 7.25% 29.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $251.0M $251.0M $286.0M
YoY Change -12.24% -12.24%
Total Short-Term Liabilities $4.870B $4.870B $4.406B
YoY Change 10.53% 10.53%
LONG-TERM LIABILITIES
Long-Term Debt $8.474B $8.474B $9.289B
YoY Change -8.77% -8.77%
Other Long-Term Liabilities $2.067B $2.067B $2.416B
YoY Change -14.45% -14.45%
Total Long-Term Liabilities $10.54B $10.54B $11.71B
YoY Change -9.94% -9.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.870B $4.870B $4.406B
Total Long-Term Liabilities $10.54B $10.54B $11.71B
Total Liabilities $15.41B $15.41B $16.11B
YoY Change -4.34% -4.34%
SHAREHOLDERS EQUITY
Retained Earnings $7.539B $6.725B
YoY Change 12.1%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $232.0M $737.0M
YoY Change -68.52%
Treasury Stock Shares 4.000M shares 10.00M shares
Shareholders Equity $10.72B $10.72B $9.551B
YoY Change
Total Liabilities & Shareholders Equity $26.13B $26.13B $25.66B
YoY Change 1.83% 1.83%

Cashflow Statement

Concept 2021 Q3 2021 2020 Q3
OPERATING ACTIVITIES
Net Income $622.0M $821.0M $148.0M
YoY Change 320.27% -428.4%
Depreciation, Depletion And Amortization $251.0M $726.0M $377.0M
YoY Change -33.42% -8.91%
Cash From Operating Activities $994.0M $1.898B $172.0M
YoY Change 477.91% 130.34%
INVESTING ACTIVITIES
Capital Expenditures -$326.0M $1.146B -$215.0M
YoY Change 51.63% 77.13%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $123.0M -$7.000M $301.0M
YoY Change -59.14% -56.25%
Cash From Investing Activities -$203.0M -$765.0M $86.00M
YoY Change -336.05% -375.18%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $886.0M
YoY Change -9.78%
Cash From Financing Activities -155.0M -$817.0M -154.0M
YoY Change 0.65% -45.82%
NET CHANGE
Cash From Operating Activities 994.0M $1.898B 172.0M
Cash From Investing Activities -203.0M -$765.0M 86.00M
Cash From Financing Activities -155.0M -$817.0M -154.0M
Net Change In Cash 636.0M $322.0M 104.0M
YoY Change 511.54% -179.12%
FREE CASH FLOW
Cash From Operating Activities $994.0M $1.898B $172.0M
Capital Expenditures -$326.0M $1.146B -$215.0M
Free Cash Flow $1.320B $752.0M $387.0M
YoY Change 241.09% 324.86%

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CY2019 us-gaap Proceeds From Sale Of Held To Maturity Securities
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CY2021Q3 us-gaap Stockholders Equity
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CY2021 us-gaap Fiscal Period
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Fiscal YearThe Company’s fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, the Company reports a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal years 2021 and 2019, which ended on July 2, 2021 and June 28, 2019, respectively, are comprised of 52 weeks, with all quarters presented consisting of 13 weeks. Fiscal year 2020, which ended on July 3, 2020, was comprised of 53 weeks, with the first quarter consisting of 14 weeks and the remaining quarters consisting of 13 weeks each.
CY2021 us-gaap Use Of Estimates
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<div style="text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-indent:9pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with U.S. GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented with consideration given to the potential impacts of the ongoing COVID-19 pandemic. However, actual results could differ materially from these estimates and be significantly affected by the severity and duration of the pandemic, the extent of actions to contain or treat COVID-19, the timing, distribution, efficacy and public acceptance of vaccines around the world, any possible resurgence of COVID-19, including the emergence of more contagious or vaccine-resistant variants and how quickly and to what extent normal economic and operating activity can resume.</span></div>
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CY2021 wdc Product Warranty Term
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P5Y
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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10300000000 USD
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7446000000 USD
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2854000000 USD
CY2021 us-gaap Depreciation
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861000000 USD
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CY2020 us-gaap Impairment Of Intangible Assets Finitelived
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CY2018Q2 us-gaap Standard Product Warranty Accrual
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CY2020 us-gaap Standard Product Warranty Accrual Payments
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CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
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203000000 USD
CY2019 us-gaap Standard Product Warranty Accrual Warranties Issued
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162000000 USD
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CY2020 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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CY2021Q3 us-gaap Standard Product Warranty Accrual
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CY2020Q3 us-gaap Standard Product Warranty Accrual
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408000000 USD
CY2019Q2 us-gaap Standard Product Warranty Accrual
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350000000 USD
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CY2020Q3 us-gaap Standard Product Warranty Accrual Current
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205000000 USD
CY2021Q3 us-gaap Standard Product Warranty Accrual Noncurrent
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188000000 USD
CY2020Q3 us-gaap Standard Product Warranty Accrual Noncurrent
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203000000 USD
CY2021Q3 us-gaap Standard Product Warranty Accrual
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CY2020Q3 us-gaap Standard Product Warranty Accrual
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408000000 USD
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75000000 USD
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25000000 USD
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105600000 shares
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CY2019 wdc Costs Associated With Underutilized Capacity As A Result Of Unexpected Power Outage Incident
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145000000 USD
CY2021 wdc Costs Associated With Underutilized Capacity As A Result Of Unexpected Power Outage Incident
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P8Y4M24D
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630000000 USD
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530000000 USD
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20000000 USD
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170000000 USD
CY2021Q3 us-gaap Purchase Obligation
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256000000 USD
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39.58
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500000 shares
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74.79
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65.72
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43.26
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12000000 USD
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400000 shares
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88.58
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69.16
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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44.34
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6000000 USD
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75.42
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72.84
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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15000000 USD
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
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0 shares
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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39000000 shares
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709000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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649000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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355000000 USD
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927000000 USD
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-46000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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157000000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
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32000000 USD
CY2019 us-gaap Restructuring Costs And Asset Impairment Charges
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166000000 USD

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