Western Digital (WDC) FY2012 results: revenue $12.5 billion, up 31.0% on the year
Western Digital Corp. (WDC) reported revenue of $12.5 billion for fiscal 2012, the year ended 29 June 2012, up 31.0% on the year before. Net income was $1.6 billion, up 122.0%, and diluted earnings per share $6.58. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2012.
Revenue
$12.5 billion
+31.0% on the year
FY2008FY2012
Operating margin
14.2%
8.2% a year earlier
FY2008FY2012
Net income
$1.6 billion
+122.0% on the year
FY2008FY2012
Diluted EPS
$6.58
+112.9% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
12,478
9,526
9,850
+31.0%
Cost of revenue
8,840
7,735
7,449
+14.3%
Gross profit
3,638
1,791
2,401
+103.1%
Gross margin
29.2%
18.8%
24.4%
Research and development
1,055
703
611
+50.1%
Selling, general and administrative
518
282
265
+83.7%
Operating income
1,771
781
1,525
+126.8%
Operating margin
14.2%
8.2%
15.5%
Pre-tax income
1,757
780
1,520
+125.3%
Income tax
145
54.0
138
+168.5%
Effective tax rate
8.3%
6.9%
9.1%
Net income
1,612
726
1,382
+122.0%
Net margin
12.9%
7.6%
14.0%
Diluted EPS
$6.58
$3.09
$5.93
+112.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
3,067
1,655
1,942
+85.3%
Capital expenditure
717
778
737
-7.8%
Free cash flow
2,350
877
1,205
+168.0%
Free cash flow margin
18.8%
9.2%
12.2%
Cash from investing
-4,167
-793
-986
Cash from financing
819
-106
-16.0
Depreciation and amortisation
825
602
510
+37.0%
Share-based compensation
92.0
69.0
60.0
+33.3%
Buybacks
604
50.0
n/a
+1,108.0%
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
245m
235m
233m
+4.3%
Shares outstanding at period end
246m
233m
231m
+5.6%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
7,669
5,488
4,709
+39.7%
Debt
2,185
294
400
+643.2%
Other liabilities
4,352
2,336
2,219
+86.3%
Total liabilities and equity
14,206
8,118
7,328
+75.0%
Fixed assets
4,067
2,224
2,159
+82.9%
Goodwill
1,975
151
146
+1,207.9%
Intangible assets
799
71.0
88.0
+1,025.4%
Cash and equivalents
3,208
3,490
2,734
-8.1%
Receivables
2,364
1,206
1,256
+96.0%
Inventory
1,210
577
560
+109.7%
Other assets
583
399
385
+46.1%
Total assets
14,206
8,118
7,328
+75.0%
10-K for the year ended 29 June 2012, filed 20 August 2012: the filing.