Western Digital (WDC) FY2013 results: revenue $15.4 billion, up 23.0% on the year
Western Digital Corp. (WDC) reported revenue of $15.4 billion for fiscal 2013, the year ended 28 June 2013, up 23.0% on the year before. Net income was $980 million, down 39.2%, and diluted earnings per share $3.98. The figures are the company's own, from the 10-K it filed with the SEC on 19 August 2013.
Revenue
$15.4 billion
+23.0% on the year
FY2008FY2013
Operating margin
8.2%
14.2% a year earlier
FY2008FY2013
Net income
$980 million
-39.2% on the year
FY2008FY2013
Diluted EPS
$3.98
-39.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
15,351
12,478
9,526
+23.0%
Cost of revenue
10,988
8,840
7,735
+24.3%
Gross profit
4,363
3,638
1,791
+19.9%
Gross margin
28.4%
29.2%
18.8%
Research and development
1,572
1,055
703
+49.0%
Selling, general and administrative
706
518
282
+36.3%
Operating income
1,266
1,771
781
-28.5%
Operating margin
8.2%
14.2%
8.2%
Pre-tax income
1,222
1,757
780
-30.4%
Income tax
242
145
54.0
+66.9%
Effective tax rate
19.8%
8.3%
6.9%
Net income
980
1,612
726
-39.2%
Net margin
6.4%
12.9%
7.6%
Diluted EPS
$3.98
$6.58
$3.09
-39.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,119
3,067
1,655
+1.7%
Capital expenditure
952
717
778
+32.8%
Free cash flow
2,167
2,350
877
-7.8%
Free cash flow margin
14.1%
18.8%
9.2%
Cash from investing
-970
-4,167
-793
Cash from financing
-1,048
819
-106
Depreciation and amortisation
1,233
825
602
+49.5%
Share-based compensation
137
92.0
69.0
+48.9%
Buybacks
842
604
50.0
+39.4%
Dividends paid
181
0.0
n/a
Diluted shares, weighted
246m
245m
235m
+0.4%
Shares outstanding at period end
237m
246m
233m
-3.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,893
7,669
5,488
+2.9%
Short-term borrowings
0.0
n/a
n/a
Debt
1,955
2,185
294
-10.5%
Other liabilities
4,188
4,352
2,336
-3.8%
Total liabilities and equity
14,036
14,206
8,118
-1.2%
Fixed assets
3,700
4,067
2,224
-9.0%
Goodwill
1,954
1,975
151
-1.1%
Intangible assets
605
799
71.0
-24.3%
Cash and equivalents
4,309
3,208
3,490
+34.3%
Receivables
1,793
2,364
1,206
-24.2%
Inventory
1,188
1,210
577
-1.8%
Other assets
487
583
399
-16.5%
Total assets
14,036
14,206
8,118
-1.2%
10-K for the year ended 28 June 2013, filed 19 August 2013: the filing.