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2017 Annual Report and Form 10-K the Company

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2017 Annual Report and Form 10-K the Company 2017 Annual Report and Form 10-K The Company The power of data is undeniable—creating a world that’s more predictive, more productive and more personal, and enabling smarter decisions, breakthrough discoveries and deeper connections. At Western Digital, we believe in the promise of data. Everywhere data is captured, preserved, accessed and transformed—we are leading the charge to unlock its potential. Western Digital is developing the technologies and solutions that shape our lives. Western Digital is the world’s largest provider of data storage solutions, employing a global workforce focused on delivering the possibilities of data. Our data-centric solutions are marketed under the HGST, SanDisk and WD brands. Our Brands HGST helps organizations harness the power of data to unlock the greater business potential through a broad portfolio of storage solutions. HGST branded smarter storage solutions are everywhere, touching lives and enabling possibilities for cloud, enterprise and sophisticated infrastructures and powering the markets and companies that shape our lives. HGST is trusted and relied upon by people who are moving the world forward with innovation. For more information about the HGST brand, visit hgst.com. SanDisk provides trusted and innovative flash storage products that have transformed the electronics industry. SanDisk brand quality, state-of-the-art solutions are at the heart of many of the world’s largest data centers, and embedded in advanced smartphones, tablets and PCs. SanDisk’s consumer products are available at hundreds of thousands of retail stores worldwide. For more information about the SanDisk brand, visit sandisk.com. WD has been a technology standard-setter in the industry’s highest volume markets for decades. WD hard drives are deployed in personal computers, consumer electronics and digital video applications, as well as in its external storage, personal cloud and business storage solutions portfolios. WD empowers people around the world to easily save, protect, share and experience their content on multiple connected devices. For more information about the WD brand, visit wd.com. A Message from the CEO Dear Fellow Shareholders, Our multi-year transformation of Western Digtal is becoming increasingly relevant to our customers in an expanded set of end markets. As a differentiated storage solutions leader, we are delivering significant value through our unique portfolio of technologies and products to create environments that capture, preserve and transform users’ most important data—with new devices, new systems, new solutions, new architectures, all optimized and tuned to create the right conditions for data to thrive. As a result of this strategy and strong ongoing demand for storage, Steve Milligan we posted outstanding financial results in fiscal 2017, including 7% Chief Executive Officer year-over-year pro forma revenue growth after taking into account our Western Digital Corporation SanDisk acquisition. Our pro forma non-GAAP gross margin increased 500 basis points and our pro forma non-GAAP operating income dollars grew by 52% on a year-over-year basis demonstrating the strength of our broad portfolio and favorable market conditions. For fiscal 2017, the company achieved revenue of $19.1 billion, and on a non-GAAP basis, gross margin of 37.8%, operating income of $3.9 billion, net income of $2.7 billion and diluted earnings per share of $9.19. We generated $3.4 billion in cash from operations during the fiscal year, and returned $574 million in dividends to shareholders. Additionally, during the fiscal year, we reduced our net debt by approximately $2.1 billion to $6.9 billion.1 The integration of SanDisk and substantial portions of HGST have enabled us to expand our customer base and to offer the broadest array of products and solutions for the fast- growing data storage industry. We ended fiscal 2017 achieving a total synergy savings of approximately $900 million from these integrations. Furthermore, we remained on track to achieve $800 million of annualized savings from the HGST integration by the end of calendar 2017 and reach our 18-month target of $500 million of total annual run-rate synergies from the SanDisk integration. These synergies will enable us to commit to future growth from ongoing investments in product development, go-to-market capabilities and IT projects. In addition, we made significant progress on several key operational initiatives to drive value creation during the fiscal year: • Continued to unleash the power of our platform. The various components that comprise this platform, including our team, technologies, products, and go-to-market capabilities are helping us better serve our diversified customer base, and manage our business to the best strategic and financial outcomes. Simply put, the power of our platform allows us to allocate resources and capital to particular businesses or products based on the marketplace supply/demand and customer needs. • Strengthened our leadership in capacity enterprise Helium HDDs. We are shipping our third generation HDD at 10TB leveraging this platform. We have shipped more than 16 million Helium HDDs since the HelioSeal family inception four years ago, reflecting strong customer adoption of this breakthrough technology. The production ramp of our fourth generation 12TB drive is underway and we have announced and are sampling our 14TB-offering, continuing our leadership in this area. • Made important advancements in our 3D NAND transition. We launched BiCS3, our 64-layer technology and are ramping it into high-volume production. A significant portion of our NAND products now incorporate this industry leading technology. We also announced BiCS4, our next-generation 96-layer 3D-NAND technology, which we expect to commercialize in calendar 2018. Looking ahead, we will continue to strive for progress on our key initiatives and believe we are well-positioned for long-term growth as a differentiated leader in the data storage industry. We continue to generate strong operating cash flow, further bolstering our balance sheet, while re-investing in our business. We look forward to making further progress in building out our capabilities across a number of fronts to make our platform even stronger in the years ahead. As we look back on our accomplishments and look forward to what lies ahead, I want to thank our employees for their hard work and dedication. We have continued to grow and innovate at a rapid pace, and our talented team has been there every step of the way to execute our plans and help lead the industry forward. We have achieved our success in large part due to their support, as well the continued support of our customers, partners and shareholders. I look forward to continuing to work alongside our team during this exciting time. Steve Milligan Chief Executive Officer Western Digital Corporation September 18, 2017 1 Reconciliations of the differences between the foregoing non-GAAP financial measures to the comparable GAAP financial measures can be found on the last page of this document. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2017 Or ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8703 WESTERN DIGITAL CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 33-0956711 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 5601 Great Oaks Parkway San Jose, California 95119 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (408) 717-6000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common Stock, $.01 Par Value Per Share The NASDAQ Stock Market LLC (NASDAQ Global Select Market) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No È Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘ Emerging growth company ‘ (Do not check if a smaller reporting company) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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