2022 Q3 Form 10-K Financial Statement

#000010604022000055 Filed on August 25, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 2021 Q3
Revenue $4.528B $18.79B $4.920B
YoY Change -7.97% 11.06% 14.77%
Cost Of Revenue $3.083B $12.92B $3.321B
YoY Change -7.17% 4.18% 3.65%
Gross Profit $1.445B $5.874B $1.599B
YoY Change -9.63% 29.93% 47.65%
Gross Profit Margin 31.91% 31.26% 32.5%
Selling, General & Admin $266.0M $1.117B $297.0M
YoY Change -10.44% 1.09% 10.41%
% of Gross Profit 18.41% 19.02% 18.57%
Research & Development $598.0M $2.323B $598.0M
YoY Change 0.0% 3.57% 9.52%
% of Gross Profit 41.38% 39.55% 37.4%
Depreciation & Amortization $221.0M $708.0M $251.0M
YoY Change -11.95% -2.48% -33.42%
% of Gross Profit 15.29% 12.05% 15.7%
Operating Expenses $864.0M $3.483B $895.0M
YoY Change -3.46% 5.51% 9.82%
Operating Profit $581.0M $2.391B $704.0M
YoY Change -17.47% 95.98% 169.73%
Interest Expense -$51.00M $304.0M -$79.00M
YoY Change -35.44% -6.75% -7.06%
% of Operating Profit -8.78% 12.71% -11.22%
Other Income/Expense, Net $22.00M -$268.0M $0.00
YoY Change -8.53% -100.0%
Pretax Income $511.0M $2.123B $596.0M
YoY Change -14.26% 129.02% 222.16%
Income Tax $210.0M $623.0M -$26.00M
% Of Pretax Income 41.1% 29.35% -4.36%
Net Earnings $301.0M $1.500B $622.0M
YoY Change -51.61% 82.7% 320.27%
Net Earnings / Revenue 6.65% 7.98% 12.64%
Basic Earnings Per Share $0.09 $4.81
Diluted Earnings Per Share $946.5K $4.75 $1.994M
COMMON SHARES
Basic Shares Outstanding 314.5M shares 312.0M shares 308.7M shares
Diluted Shares Outstanding 319.0M shares 316.0M shares

Balance Sheet

Concept 2022 Q3 2022 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.327B $2.327B $3.370B
YoY Change -30.95% -30.95% 10.56%
Cash & Equivalents $2.327B $2.327B $3.370B
Short-Term Investments
Other Short-Term Assets $684.0M $684.0M $514.0M
YoY Change 33.07% 33.07% -6.72%
Inventory $3.638B $3.638B $3.616B
Prepaid Expenses
Receivables $2.800B $2.804B $2.300B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.453B $9.453B $9.757B
YoY Change -3.12% -3.12% 7.84%
LONG-TERM ASSETS
Property, Plant & Equipment $3.670B $3.670B $3.188B
YoY Change 15.12% 7.62% 11.7%
Goodwill $10.04B $10.07B
YoY Change -0.25% -0.01%
Intangibles $213.0M $442.0M
YoY Change -51.81% -53.03%
Long-Term Investments
YoY Change
Other Assets $1.486B $1.486B $1.093B
YoY Change 35.96% 70.61% 24.63%
Total Long-Term Assets $16.81B $16.81B $16.38B
YoY Change 2.63% 2.63% -1.44%
TOTAL ASSETS
Total Short-Term Assets $9.453B $9.453B $9.757B
Total Long-Term Assets $16.81B $16.81B $16.38B
Total Assets $26.26B $26.26B $26.13B
YoY Change 0.49% 0.49% 1.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.902B $2.222B $1.934B
YoY Change -1.65% -4.72% -0.57%
Accrued Expenses $1.636B $2.335B $1.390B
YoY Change 17.7% 2.1% 7.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $251.0M
YoY Change -100.0% -100.0% -12.24%
Total Short-Term Liabilities $5.237B $4.557B $4.870B
YoY Change 7.54% -6.43% 10.53%
LONG-TERM LIABILITIES
Long-Term Debt $7.022B $7.022B $8.474B
YoY Change -17.13% -17.13% -8.77%
Other Long-Term Liabilities $1.779B $2.459B $2.067B
YoY Change -13.93% 18.96% -14.45%
Total Long-Term Liabilities $8.801B $9.481B $10.54B
YoY Change -16.51% -10.06% -9.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.237B $4.557B $4.870B
Total Long-Term Liabilities $8.801B $9.481B $10.54B
Total Liabilities $14.04B $14.04B $15.41B
YoY Change -8.91% -8.91% -4.34%
SHAREHOLDERS EQUITY
Retained Earnings $9.039B $7.539B
YoY Change 19.9% 12.1%
Common Stock $3.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $232.0M
YoY Change -100.0% -68.52%
Treasury Stock Shares 0.000 shares 4.000M shares
Shareholders Equity $12.22B $12.22B $10.72B
YoY Change
Total Liabilities & Shareholders Equity $26.26B $26.26B $26.13B
YoY Change 0.49% 0.49% 1.83%

Cashflow Statement

Concept 2022 Q3 2022 2021 Q3
OPERATING ACTIVITIES
Net Income $301.0M $1.500B $622.0M
YoY Change -51.61% 82.7% 320.27%
Depreciation, Depletion And Amortization $221.0M $708.0M $251.0M
YoY Change -11.95% -2.48% -33.42%
Cash From Operating Activities $295.0M $1.880B $994.0M
YoY Change -70.32% -0.95% 477.91%
INVESTING ACTIVITIES
Capital Expenditures -$265.0M $1.122B -$326.0M
YoY Change -18.71% -2.09% 51.63%
Acquisitions $0.00
YoY Change
Other Investing Activities -$105.0M $26.00M $123.0M
YoY Change -185.37% -471.43% -59.14%
Cash From Investing Activities -$370.0M -$1.192B -$203.0M
YoY Change 82.27% 55.82% -336.05%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $3.621B
YoY Change 308.69%
Cash From Financing Activities -95.00M -$1.718B -155.0M
YoY Change -38.71% 110.28% 0.65%
NET CHANGE
Cash From Operating Activities 295.0M $1.880B 994.0M
Cash From Investing Activities -370.0M -$1.192B -203.0M
Cash From Financing Activities -95.00M -$1.718B -155.0M
Net Change In Cash -170.0M -$1.043B 636.0M
YoY Change -126.73% -423.91% 511.54%
FREE CASH FLOW
Cash From Operating Activities $295.0M $1.880B $994.0M
Capital Expenditures -$265.0M $1.122B -$326.0M
Free Cash Flow $560.0M $758.0M $1.320B
YoY Change -57.58% 0.8% 241.09%

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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, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal years 2022 and 2021, which ended on July 1, 2022 and July 2, 2021, 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. Unless otherwise indicated, references herein to specific years and quarters are to fiscal years and fiscal quarters, and references to financial information are on a consolidated basis.
CY2022 wdc Product Warranty Term
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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.</span></div>
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