Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Western Digital Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Net income (loss)	(1,706)	1,500)	821)	(250)	(754)	675)
Depreciation and amortization	828)	929)	1,212)	1,566)	1,812)	2,056)
Stock-based compensation	318)	326)	318)	308)	306)	377)
Deferred income taxes	(34)	114)	(242)	(82)	374)	(348)
(Gain) loss on disposal of assets	(7)	(16)	(70)	(7)	39)	21)
Non-cash portion of asset impairment	19)	—)	—)	—)	—)	16)
Gain on business divestiture	—)	(9)	—)	—)	—)	—)
Amortization of debt issuance costs and discounts	13)	44)	40)	40)	38)	221)
Cash premium on extinguishment of debt	—)	—)	—)	—)	—)	720)
Other non-cash operating activities, net	71)	67)	(6)	6)	(8)	(19)
Accounts receivable, net	1,206)	(546)	121)	(1,175)	993)	(244)
Inventories	(60)	(22)	(546)	200)	(339)	(598)
Accounts payable	(459)	(129)	11)	192)	(588)	(15)
Accounts payable to related parties	(28)	(78)	(9)	75)	72)	53)
Accrued expenses	(352)	246)	257)	103)	(42)	(17)
Income taxes payable	130)	(74)	95)	81)	—)	—)
Accrued compensation	(162)	(123)	162)	124)	(135)	(26)
Other assets and liabilities, net	(185)	(349)	(266)	(357)	(221)	1,333)
Changes in assets and liabilities	90)	(1,075)	(175)	(757)	(260)	486)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations	1,298)	380)	1,077)	1,074)	2,301)	3,530)
Net cash provided by (used in) operating activities	(408)	1,880)	1,898)	824)	1,547)	4,205)
Purchases of property, plant and equipment	(821)	(1,122)	(1,146)	(647)	(876)	(835)
Proceeds from the sale of property, plant and equipment	14)	15)	143)	—)	119)	26)
Acquisitions, net of cash acquired	—)	—)	—)	(22)	—)	(100)
Proceeds from dispositions of business	—)	32)	—)	—)	—)	—)
Purchases of investments	—)	—)	—)	—)	(79)	(89)
Proceeds from sale of investments	—)	—)	—)	—)	175)	48)
Proceeds from maturities of investments	—)	—)	—)	—)	7)	19)
Notes receivable issuances to Flash Ventures	(627)	(809)	(541)	(353)	(1,364)	(1,313)
Notes receivable proceeds from Flash Ventures	641)	718)	772)	1,284)	766)	571)
Strategic investments and other, net	31)	(26)	7)	16)	(20)	18)
Net cash (used in) provided by investing activities	(762)	(1,192)	(765)	278)	(1,272)	(1,655)
Issuance of stock under employee stock plans	93)	122)	134)	141)	118)	220)
Taxes paid on vested stock awards under employee stock plans	(80)	(90)	(56)	(72)	(115)	(171)
Net proceeds from convertible preferred stock	881)	—)	—)	—)	—)	—)
Repurchases of common stock	—)	—)	—)	—)	(563)	(591)
Dividends paid to shareholders	—)	—)	—)	(595)	(584)	(593)
Repayment of government grants	—)	—)	(9)	—)	—)	—)
Settlement of debt hedge contracts	—)	—)	—)	—)	—)	28)
Repayment of debt	(1,180)	(3,621)	(886)	(982)	(181)	(17,074)
Proceeds from debt issuance	1,180)	1,894)	—)	—)	—)	13,840)
Borrowings from (repayment of) revolving credit facility	—)	—)	—)	—)	(500)	500)
Debt issuance costs	(19)	(23)	—)	—)	(4)	(59)
Net cash provided by (used in) financing activities	875)	(1,718)	(817)	(1,508)	(1,829)	(3,900)
Effect of exchange rate changes on cash	(9)	(13)	6)	(1)	4)	1)
Net increase (decrease) in cash and cash equivalents	(304)	(1,043)	322)	(407)	(1,550)	(1,349)
Cash and cash equivalents, beginning of year	2,327)	3,370)	3,048)	3,455)	5,005)	6,354)
Cash and cash equivalents, end of year	2,023)	2,327)	3,370)	3,048)	3,455)	5,005)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Western Digital Corp. net cash provided by (used in) operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Western Digital Corp. net cash (used in) provided by investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Western Digital Corp. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Western Digital Corp. (NASDAQ:WDC)

Cash Flow Statement