Item 6.
Selected Financial Data
Financial Highlights
This selected consolidated financial data should be read together with the Consolidated Financial Statements and
related Notes contained in this Annual Report on Form 10-K and in the subsequent reports filed with the SEC, as
well as the section of this Annual Report on Form 10-K and the other reports entitled "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
June 29,
2012
July 1,
2011
July 2,
2010
July 3,
2009
June 27,
2008
(in millions, except per share and employee data)
Revenue, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 12,478
$ 9,526
$ 9,850
$ 7,453
$ 8,074
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,638
$ 1,791
$ 2,401
$ 1,337
$ 1,739
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,612
$
726
$ 1,382
$
470
$
867
Net income per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
6.69
$
3.14
$
6.06
$
2.12
$
3.92
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
6.58
$
3.09
$
5.93
$
2.08
$
3.84
Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,109
$ 3,317
$ 2,697
$ 1,705
$ 1,167
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 14,206
$ 8,118
$ 7,328
$ 5,291
$ 4,875
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,955
$
150
$
294
$
400
$
482
Shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
7,669
$ 5,488
$ 4,709
$ 3,192
$ 2,696
Number of employees . . . . . . . . . . . . . . . . . . . . . . . . . .
103,111
65,431
62,500
45,991
50,072
No cash dividends were paid for the years presented. "Number of employees" excludes temporary employees and
contractors. Results for HGST, the magnetic media sputtering operations of Hoya Corporation and Hoya Magnetics
Singapore Pte. Ltd., SiliconSystems Inc. and Komag, Incorporated, which were acquired on March 8, 2012, June 30,
2010, March 27, 2009 and September 5, 2007, respectively, are included in our operating results only after the dates
of their acquisitions.
Item 7.
Management's Discussion and Analysis of Financial Condition and Results
of Operations
Forward-Looking Statements
The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws.
You are urged to carefully review our description and examples of forward-looking statements included earlier in this Annual Report
on Form 10-K immediately prior to Part I, under the heading "Forward-Looking Statements." Forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking
statements. You are urged to carefully review the disclosures we make concerning risks and other factors that may affect our business
and operating results, including those made in Item 1A of this Annual Report on Form 10-K, and any of those made in our other
reports filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as
of the date of this document. We do not intend, and undertake no obligation, to publish revised forward-looking statements to reflect
events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.
Our Company
We are an industry-leading developer and manufacturer of storage products that enable people to create, manage,
experience and preserve digital content. We design and make storage devices, networking equipment and home enter-
tainment products under the WD, HGST and G-Technology brands. We serve each of the primary markets address-
ing storage opportunities -- enterprise and cloud data centers, client, consumer electronics, backup, the internet and
other emerging markets such as automotive and home and small office networking.
We operate our global business through two independent subsidiaries due to regulatory requirements -- WD
and HGST, both long-time innovators in the storage industry.
36