News Summary
- Third quarter revenue was $4.2 billion, up 14% year-over-year
(YoY). Data Center Devices and Solutions revenue grew 22%, Client
Devices grew 13%, and Client Solutions grew 2% YoY.
- Third quarter GAAP earnings-per-share (EPS) was $0.06 and
non-GAAP EPS was $0.85. Both GAAP and non-GAAP EPS include $13
million cost of revenue impact due to COVID-19.
- Generated operating cash flow of $142 million and free cash
flow of $176 million. Suspending our dividend to strengthen our
reinvestment in growth and innovation and to support our ongoing
deleveraging efforts.
- Expecting fourth quarter revenue to be in the range of $4.25 to
$4.45 billion with non-GAAP EPS in the range of $1.00 to $1.40.
Non-GAAP EPS outlook anticipates the impacts due to COVID-19.
Western Digital Corp. (Nasdaq: WDC) today reported fiscal third
quarter 2020 financial results.
“I joined Western Digital a little over a month ago because I
have strong conviction in the digital transformation that is
reshaping every industry, every company and how all of us live our
daily lives,” said David Goeckeler, Western Digital CEO. “While I
couldn’t have anticipated the unprecedented series of events that
have transpired, I’m very proud of how the company has responded to
an extremely dynamic environment with dedicated focus both on our
employees’ safety as well as delivering our market leading
technology to our customers. As the only company in the world to
provide a broad array of NAND flash, Solid State Drives (SSD) and
Hard Disk Drives (HDD) solutions, I’m confident our innovation will
drive significant new value for customers around the world.”
Q3 2020 Financial Highlights
GAAP
Non-GAAP
Q3 2020
Q3 2019
vs. Q3 2019
Q3 2020
Q3 2019
vs. Q3 2019
($ in millions, except per share
amounts)
Revenue
$4,175
$3,674
up 14 %
$4,175
$3,674
up 14 %
Gross Margin
24.1
%
15.8
%
up 8.3 pts
27.9
%
25.3
%
up 2.6 pts
Operating Expenses
$852
$973
down 12 %
$738
$742
down 1 %
Operating Income (Loss)
$153
($394)
*
$427
$186
up 130 %
Net Income (Loss)
$17
($581)
*
$257
$49
up 424 %
Earnings Per Share
$0.06
($1.99)
*
$0.85
$0.17
up 400 %
*not a meaningful figure
We generated $142 million in cash from operations during the
fiscal third quarter of 2020 and ended the quarter with $2.9
billion of total cash and cash equivalents. We returned $149
million to shareholders through dividends and used $212 million to
reduce debt. On February 13, 2020, we declared a cash dividend of
$0.50 per share of common stock, which was paid to shareholders on
April 17, 2020. Going forward, we are suspending our dividend to
strengthen our reinvestment in growth and innovation and to support
our ongoing deleveraging efforts. We will reevaluate our dividend
policy as leverage ratios improve.
Key End Market Summary
Revenue ($ in millions)
Q3 2020
Q3 2019
vs. Q3 2019
Client Devices
$1,831
$1,625
up 13%
Data Center Devices & Solutions
1,523
1,245
up 22%
Client Solutions
821
804
up 2%
Total Revenue
$4,175
$3,674
up 14%
We are leading the industry in bringing next generation
energy-assisted drives to market, as we recognized revenue for our
16- and 18-terabyte drives during the quarter. Customer interest in
these products, specifically our 18-terabyte drive, is very high,
and the ramp is on schedule.
Customer acceptance of our enterprise SSDs continued to grow.
Our latest 96-layer NVMe™ based SSDs have completed more than 20
qualifications, with well over 100 qualifications in progress at
multiple Cloud and Original Equipment Manufacturer customers
worldwide.
Demand for our notebook solutions was greater than expected due
to the shift to working from home and e-learning. We experienced
record client SSD revenue during the quarter and expect continued
growth in the fiscal fourth quarter.
Desktop hard drive revenue was down due to normal seasonality
and the shift towards notebook solutions. In addition, smart video
hard drive demand was softer than expected as a result of
COVID-19.
Mobile flash bit shipments remained modest in the quarter as we
strategically managed our exposure to this part of the market.
Retail was particularly affected by COVID-19, in a typically
seasonally weaker quarter. As we approached the end of the quarter,
we experienced a decline in demand from traditional brick and
mortar retailers as they started to temporarily close their stores.
While many retailers shifted to curbside pickup and began pushing
sales through their online channels, we expect physical store
closures will create a headwind in our fiscal fourth quarter.
Business Outlook for Fiscal Fourth Quarter of 2020
Three Months Ending
July 3, 2020
GAAP(1)
Non-GAAP(1)
Revenue ($ in billions)
$4.25 - $4.45
$4.25 - $4.45
Gross margin
~ 25% - 27%
~ 29% - 31%
Operating expenses ($ in millions)
$850 - $870
$740 - $760
Interest and other expense, net ($ in
millions)
$85 - $90
$75 - $80
Tax rate
N/A
~ 24% - 25% (2)
Diluted earnings per share
N/A
$1.00 - $1.40
Diluted shares outstanding (in
millions)
~ 302
~ 302
_____________________
(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 fiscal fourth
quarter of 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 third quarter ended April 3, 2020;
the company’s business outlook for the fiscal fourth quarter of
2020; expectations regarding the impact of COVID-19; demand trends
and market conditions; the company's dividend suspension and
related plans; future changes to the company's dividend policy; the
company's product portfolio; customer acceptance and 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 third quarter ended
April 3, 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-Q 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 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 February 11, 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. The
NVMe mark is a registered trademark of NVM Express, Inc.
WESTERN DIGITAL
CORPORATION
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions; unaudited; on a
US GAAP basis)
April 3, 2020
June 28, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
2,943
$
3,455
Accounts receivable, net
1,978
1,204
Inventories
3,091
3,283
Other current assets
541
535
Total current assets
8,553
8,477
Property, plant and equipment, net
2,735
2,843
Notes receivable and investments in Flash
Ventures
2,157
2,791
Goodwill
10,066
10,076
Other intangible assets, net
1,126
1,711
Other non-current assets
872
472
Total assets
$
25,509
$
26,370
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,786
$
1,567
Accounts payable to related parties
397
331
Accrued expenses
1,569
1,296
Accrued compensation
433
347
Current portion of long-term debt
286
276
Total current liabilities
4,471
3,817
Long-term debt
9,343
10,246
Other liabilities
2,452
2,340
Total liabilities
16,266
16,403
Total shareholders’ equity
9,243
9,967
Total liabilities and shareholders’
equity
$
25,509
$
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
Nine Months Ended
April 3, 2020
March 29, 2019
April 3, 2020
March 29, 2019
Revenue, net
$
4,175
$
3,674
$
12,449
$
12,935
Cost of revenue
3,170
3,095
9,751
9,648
Gross profit
1,005
579
2,698
3,287
Operating expenses:
Research and development
563
544
1,715
1,659
Selling, general and administrative
281
353
884
1,018
Employee termination, asset impairment and
other charges
8
76
25
142
Total operating expenses
852
973
2,624
2,819
Operating income (loss)
153
(394
)
74
468
Interest and other expense, net
(107
)
(83
)
(305
)
(281
)
Income (loss) before taxes
46
(477
)
(231
)
187
Income tax expense
29
104
167
744
Net income (loss)
$
17
$
(581
)
$
(398
)
$
(557
)
Income (loss) per common share
Basic
$
0.06
$
(1.99
)
$
(1.34
)
$
(1.91
)
Diluted
$
0.06
$
(1.99
)
$
(1.34
)
$
(1.91
)
Weighted average shares outstanding:
Basic
299
292
298
291
Diluted
303
292
298
291
WESTERN DIGITAL CORPORATION
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited; on a
US GAAP basis)
Three Months Ended
Nine Months Ended
April 3, 2020
March 29, 2019
April 3, 2020
March 29, 2019
Operating Activities
Net income (loss)
$
17
$
(581
)
$
(398
)
$
(557
)
Adjustments to reconcile net income (loss)
to net cash provided by operations:
Depreciation and amortization
384
444
1,189
1,396
Stock-based compensation
78
84
232
242
Deferred income taxes
(11
)
(28
)
(53
)
253
Loss (gain) on disposal of assets
3
3
(9
)
4
Amortization of debt discounts
10
9
30
28
Other non-cash operating activities,
net
12
(18
)
(8
)
19
Changes in:
Accounts receivable, net
(187
)
493
(774
)
975
Inventories
24
(13
)
179
(496
)
Accounts payable
(39
)
(293
)
131
(549
)
Accounts payable to related parties
33
2
66
53
Accrued expenses
4
119
331
373
Accrued compensation
(104
)
56
87
(78
)
Other assets and liabilities, net
(82
)
(73
)
(351
)
(285
)
Net cash provided by operating
activities
142
204
652
1,378
Investing Activities
Purchases of property, plant and
equipment, net
(127
)
(222
)
(432
)
(719
)
Acquisitions, net of cash acquired
—
—
(22
)
—
Activity related to Flash Ventures,
net
161
(92
)
627
(288
)
Other
(2
)
(3
)
19
(35
)
Net cash provided by (used in) investing
activities
32
(317
)
192
(1,042
)
Financing Activities
Employee stock plans, net
(8
)
(35
)
10
(43
)
Repurchases of common stock
—
—
—
(563
)
Dividends paid to shareholders
(149
)
(146
)
(445
)
(438
)
Repayment of debt
(212
)
(38
)
(919
)
(613
)
Net cash used in financing activities
(369
)
(219
)
(1,354
)
(1,657
)
Effect of exchange rate changes on
cash
1
1
(2
)
(2
)
Net decrease in cash and cash
equivalents
(194
)
(331
)
(512
)
(1,323
)
Cash and cash equivalents, beginning of
period
3,137
4,013
3,455
5,005
Cash and cash equivalents, end of
period
$
2,943
$
3,682
$
2,943
$
3,682
WESTERN DIGITAL
CORPORATION
PRELIMINARY RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions;
unaudited)
Three Months Ended
Nine Months Ended
April 3, 2020
March 29, 2019
April 3, 2020
March 29, 2019
GAAP cost of revenue
$
3,170
$
3,095
$
9,751
$
9,648
Amortization of acquired intangible
assets
(145
)
(188
)
(466
)
(638
)
Stock-based compensation expense
(13
)
(13
)
(38
)
(37
)
Charges related to cost saving
initiatives
(2
)
—
(3
)
(7
)
Manufacturing underutilization charges
—
(148
)
—
(197
)
Power outage charges
—
—
(68
)
—
Other
—
—
8
—
Non-GAAP cost of revenue
$
3,010
$
2,746
$
9,184
$
8,769
GAAP gross profit
$
1,005
$
579
$
2,698
$
3,287
Amortization of acquired intangible
assets
145
188
466
638
Stock-based compensation expense
13
13
38
37
Charges related to cost saving
initiatives
2
—
3
7
Manufacturing underutilization charges
—
148
—
197
Power outage charges
—
—
68
—
Other
—
—
(8
)
—
Non-GAAP gross profit
$
1,165
$
928
$
3,265
$
4,166
GAAP operating expenses
$
852
$
973
$
2,624
$
2,819
Amortization of acquired intangible
assets
(40
)
(41
)
(120
)
(123
)
Stock-based compensation expense
(65
)
(71
)
(194
)
(205
)
Employee termination, asset impairment and
other charges
(8
)
(76
)
(25
)
(142
)
Charges related to acquisitions and
dispositions
(2
)
—
(9
)
—
Charges related to cost saving
initiatives
1
(3
)
(6
)
(8
)
Other
—
(40
)
—
(41
)
Non-GAAP operating expenses
$
738
$
742
$
2,270
$
2,300
GAAP operating income (loss)
$
153
$
(394
)
$
74
$
468
Cost of revenue adjustments
160
349
567
879
Operating expense adjustments
114
231
354
519
Non-GAAP operating income
$
427
$
186
$
995
$
1,866
GAAP interest and other expense,
net
$
(107
)
$
(83
)
$
(305
)
$
(281
)
Convertible debt activity
7
7
21
20
Other
9
(12
)
13
(19
)
Non-GAAP interest and other expense,
net
$
(91
)
$
(88
)
$
(271
)
$
(280
)
GAAP income tax expense
$
29
$
104
$
167
$
744
Income tax adjustments
50
(55
)
12
(537
)
Non-GAAP income tax expense
$
79
$
49
$
179
$
207
WESTERN DIGITAL
CORPORATION
PRELIMINARY RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share
amounts; unaudited)
Three Months Ended
Nine Months Ended
April 3, 2020
March 29, 2019
April 3, 2020
March 29, 2019
GAAP net income (loss)
$
17
$
(581
)
$
(398
)
$
(557
)
Amortization of acquired intangible
assets
185
229
586
761
Stock-based compensation expense
78
84
232
242
Employee termination, asset impairment and
other charges
8
76
25
142
Charges related to acquisitions and
dispositions
2
—
9
—
Charges related to cost saving
initiatives
1
3
9
15
Manufacturing underutilization charges
—
148
—
197
Power outage charges
—
—
68
—
Convertible debt activity
7
7
21
20
Other
9
28
5
22
Income tax adjustments
(50
)
55
(12
)
537
Non-GAAP net income
$
257
$
49
$
545
$
1,379
Diluted income (loss) per common
share
GAAP
$
0.06
$
(1.99
)
$
(1.34
)
$
(1.91
)
Non-GAAP
$
0.85
$
0.17
$
1.81
$
4.67
Diluted weighted average shares
outstanding:
GAAP
299
292
298
291
Non-GAAP
303
294
301
295
Cash flows
Cash flow provided by operating
activities
$
142
$
204
$
652
$
1,378
Purchase of property, plant and
equipment
(127
)
(222
)
(432
)
(719
)
Activity related to flash ventures,
net
161
(92
)
627
(288
)
Free cash flow
$
176
$
(110
)
$
847
$
371
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 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 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 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.
In addition, 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, strengthening the balance
sheet, repaying debt, and repurchasing stock.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200430005947/en/
Company contacts: Western Digital Corp.
Investor Contact: T. Peter Andrew 949.672.9655
peter.andrew@wdc.com investor@wdc.com
Media Contact: Laura Bakken 408.801.7653
laura.bakken@wdc.com
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