Western Digital Corporation Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q4 revenue was $4.9B, up 19% sequentially and up 15% year-over-year.
  • Non-GAAP EPS was $2.16, above guidance; fiscal-year EPS reached $4.55, up 50% from FY20.
  • Strong demand for capacity enterprise HDDs drove upside results; demand also exceeded supply across several flash markets.
  • Fiscal 2021 revenue totaled $16.9B, up 1% from FY20.
  • Record shipments of 104 exabytes in capacity enterprise HDDs—a 49% sequential increase.
  • Western Digital continued navigating COVID-related supply chain challenges, including logistics delays and component shortages.

Business Segment Performance

Flash Business

  • Flash revenue was $2.4B, up 11% sequentially and 8% year-over-year.
  • Flash ASPs rose 7% sequentially; bit shipments increased 4%.
  • Enterprise NVMe SSD revenue grew beyond expectations; another major cloud customer qualified during the quarter.
  • Client SSD saw strong demand from notebooks and Chromebooks.
  • Gaming demand remained strong due to new game consoles and WD Black products.
  • Embedded flash experienced growth in smart home, VR, automotive, and industrial markets.
  • BiCS5 ramp expected to support increased bit growth later in calendar year; most capital-efficient 3D NAND node to date.

HDD Business

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Operator: Good afternoon, and thank you for standing by. Welcome to Western Digital's Fiscal Fourth Quarter 2021 Analyst Call. Personally all participants are in a listen-only mode. We will open the lines up for questions shortly. Now I will turn the call over to Mr. Peter Andrew. You may begin. Peter Andrew: Thank you, and good afternoon, everyone. Joining me today are David Goeckeler, Chief Executive Officer; and Bob Eulau, Chief Financial Officer. Before we begin, let me remind everyone that today's discussion contains forward-looking statements, including product portfolio expectations, business plans, trends and financial outlook based on management's current assumptions and expectations, and as such, does include risks and uncertainties. We assume no obligation to update these statements. Please refer to our most recent report on Form 10-K filed with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially. We will also make references to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the Investor Relations section of our website. With that, I'll now turn the call over to David for his introductory comments. David Goeckeler: Thank you, Peter. Good afternoon, everyone, and thanks for joining the call to discuss our fourth quarter and fiscal year 2021 results. We reported sol

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