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This excerpt taken from the WDC DEF 14A filed Sep 28, 2009. Overview
The “Fiscal Years 2007 — 2009 Summary
Compensation Table” above quantifies the value of the
different forms of compensation earned by our named executive
officers in fiscal years 2007, 2008 and 2009, and the
“Fiscal 2009 Grants of Plan-Based Awards Table” table
above provides information regarding the equity awards and
non-equity incentive awards granted to our named executive
officers in fiscal 2009. These tables should be read in
conjunction with the narrative descriptions and additional
tables that follow.
We have entered into an employment agreement with
Mr. Coyne. We do not have an employment agreement with any
of the other named executive officers. As a result, the
Compensation Committee determined the base salary, bonus and
other equity and non-equity incentive awards to our other named
executive officers in fiscal 2009 in the manner described above
under “Compensation Discussion and Analysis” beginning
on page 20. For Mr. Coyne, base salary, the target
bonus award under our Incentive Compensation Plan and other
equity and non-equity incentive awards were determined in fiscal
2009 in accordance with the terms of his employment agreement
with us, as summarized below, and the other factors considered
by the Compensation Committee, as described above under
“Compensation Discussion and Analysis.”
This excerpt taken from the WDC DEF 14A filed Sep 23, 2008. Overview
The “Fiscal 2007 and 2008 Summary Compensation Table”
above quantifies the value of the different forms of
compensation earned by our named executive officers in fiscal
2008 and fiscal 2007, and the “Fiscal 2008 Grants of
Plan-Based Awards Table” table above provides information
regarding the equity awards and non-equity incentive awards
granted to our named executive officers in fiscal 2008. These
tables should be read in conjunction with the narrative
descriptions and additional tables that follow.
We have entered into an employment agreement with
Mr. Coyne. We do not have an employment agreement with any
of the other named executive officers. As a result, the
Compensation Committee determined the base salary, bonus and
other equity and non-equity incentive awards to our other named
executive officers in fiscal 2008 in the manner described above
under “Compensation Discussion and Analysis” beginning
on page 18. For Mr. Coyne, base salary, the target
bonus award under our Incentive Compensation Plan and other
equity and non-equity incentive awards were determined in fiscal
2008 in accordance with the terms of his employment agreement
with, us as summarized below, and the other factors considered
by the Compensation Committee, as described above under
“Compensation Discussion and Analysis.” We previously
entered into a retention agreement with each of Mr. Coyne and
Dr. Moghadam. The terms of these retention agreements are
summarized below.
These excerpts taken from the WDC 10-K filed Aug 20, 2008. Fiscal
2008 Overview
In 2008, our net revenue increased by 48% to $8.1 billion
on shipments of 133 million units as compared to
$5.5 billion and 97 million units, respectively, in
2007. In 2008, 56% of our hard drive revenue was derived from
non-desktop sources including CE products, enterprise
applications, notebook computers and retail sales as compared to
43% in 2007. Gross margin percentage increased to 21.5% from
16.5% in 2007 and operating income increased by
$591 million to $1.0 billion. As a percentage of net
revenue, operating income was 12.4% in 2008 compared to 7.6% in
2007. Net income in 2008 was $867 million, or $3.84 per
diluted share, compared to $564 million, or $2.50 per
diluted share in 2007. We successfully completed our acquisition
of Komag, and have completed the integration of the media
operation, which is generating technology and cost contributions
to the overall business.
Table of Contents
Fiscal 2008 Overview In 2008, our net revenue increased by 48% to $8.1 billion on shipments of 133 million units as compared to $5.5 billion and 97 million units, respectively, in 2007. In 2008, 56% of our hard drive revenue was derived from non-desktop sources including CE products, enterprise applications, notebook computers and retail sales as compared to 43% in 2007. Gross margin percentage increased to 21.5% from 16.5% in 2007 and operating income increased by $591 million to $1.0 billion. As a percentage of net revenue, operating income was 12.4% in 2008 compared to 7.6% in 2007. Net income in 2008 was $867 million, or $3.84 per diluted share, compared to $564 million, or $2.50 per diluted share in 2007. We successfully completed our acquisition of Komag, and have completed the integration of the media operation, which is generating technology and cost contributions to the overall business.
Table of ContentsThis excerpt taken from the WDC DEF 14A filed Sep 24, 2007. Overview
The Summary Compensation Table — Fiscal 2007 above
quantifies the value of the different forms of compensation
earned by or awarded to our named executive officers in fiscal
2007, and the Grants of Plan-Based Awards — Fiscal
2007 table above provides information regarding the equity
awards and non-equity incentive awards granted to our named
executive officers in fiscal 2007. These tables should be read
in conjunction with the narrative descriptions and additional
tables that follow.
We have entered into employment agreements with each of
Mr. Coyne, Mr. Shakeel and Mr. Massengill and a
retention agreement with each of Mr. Coyne and
Dr. Moghadam. We do not have agreements with any of the
other named executive officers. As a result, the Compensation
Committee determined the base salary, bonus and other equity and
non-equity incentive awards to our other named executive
officers in fiscal 2007 in the manner described above under
“Compensation Discussion and Analysis” beginning on
page 16. For Mr. Coyne, Mr. Shakeel and
Mr. Massengill, base salary, the target bonus award under
our Incentive Compensation Plan and other equity and non-equity
incentive awards were fixed in fiscal 2007 in accordance with
the terms of their employment agreements with us as summarized
below. In addition, Mr. Coyne and Dr. Moghadam
received an additional retention bonus in fiscal 2007 pursuant
to the terms of a retention agreement that we have entered into
with each executive as further described below.
Table of Contents
This excerpt taken from the WDC 10-K filed Aug 28, 2007. Fiscal
2007 Overview
In 2007, our net revenue increased by 26% to $5.5 billion
on unit shipments of 97 million as compared to
$4.3 billion and 73 million units, respectively, in
2006. In 2007, 43% of our revenue was derived from non-desktop
sources including CE products, enterprise applications, notebook
computers and retail sales as compared to 29% in 2006. Gross
margin percentage decreased to 16.5% from 19.1% in 2006.
Operating income increased by $49 million to
$415 million. As a percentage of net revenue, operating
income was 7.6% in 2007 compared to 8.4% 2006. We generated
$618 million in cash flow from operations in 2007 compared
with $368 million in 2006, finishing the year with
$907 million in cash and short-term investments, an
increase of $208 million from the prior year. We utilized
$73 million to repurchase 4 million shares of our
common stock and $43 million to repay long-term debt.
This excerpt taken from the WDC 10-K filed Nov 20, 2006. Fiscal
2006 Overview
In 2006, our net revenue increased by 19.3% to $4.3 billion
on unit shipments of 73.3 million as compared to
$3.6 billion and 61.4 million, respectively, in 2005.
In 2006, 29% of our revenue was derived from non-desktop sources
including CE products, enterprise applications, notebook
computers and retail sales as compared to 21% in 2005. Gross
margin increased to 19.1% from 16.2% in 2005. Operating income
increased by $171 million to $366 million. Operating
income increased to 8.4% as a percentage of net revenue in 2006
compared with 5.3% in 2005. We generated $402 million in
cash flow from operations in 2006 compared with
$461 million in 2005, finishing the year with
$699 million in cash and short-term investments, an
increase of $100 million from the prior year. We utilized
$54 million to repurchase 3.5 million shares of our
common stock.
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