Western Digital Corporation · NASDAQ:WDC

Western Digital — Merger or Acquisition (October 2023)

15 slides from Western Digital's merger presentation, Oct 30, 2023

  1. Slide 1: Creating Two Independent Public Companies Focused on Data Storage Growth

    Exhibit 99.2 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Creating Two Independent Public Companies Focused on Data Storage Growth in HDD and Flash Markets Western Digital October 2023

  2. Slide 2: Forward-Looking Statements Safe Harbor | Disclaimers

    2 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Forward-Looking Statements Safe Harbor | Disclaimers This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements relating to: the separati

  3. Slide 3: Call Participants

    3 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Call Participants David Goeckeler Wissam Jabre Chief Executive Officer Chief Financial Officer

  4. Slide 4: Conclusion of Strategic Review

    4 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Conclusion of Strategic Review ◼ At the May 2022 Investor Day, Western Digital publicly announced it was exploring broader options to reposition the company with the full support of the Board, in consultation with advisors an

  5. Slide 5: Transaction Rationale

    5 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Transaction Rationale Creates two standalone pure-play businesses with market-specific, strategic focus and opportunities to capitalize on the unique growth opportunities in data storage ◼ Creates two best-in-class data stora

  6. Slide 6: Separation Transaction Summary

    6 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Separation Transaction Summary ◼ Western Digital’s HDD business to continue as an independent publicly traded company under the Western Digital name Transaction ◼ Western Digital’s Flash business (name TBD) to be spun-off via

  7. Slide 7: Two Independent Public Data Storage Companies

    7 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Two Independent Public Data Storage Companies Flash HDD Client Consumer 11% 13% Consumer 32% FY23 Revenue (1) Mix Client Cloud 60% Cloud 76% 8% ▪ Nearline HDD▪ Smart Video▪ Client SSD▪ Gaming Consoles Product ▪ Desktop HDD▪ R

  8. Slide 8: Creating a Standalone HDD Industry Leader

    8 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Creating a Standalone HDD Industry Leader (1) Business Overview Total Addressable Market Breakdown Other Key strategic supplier of high volume nearline hard drives to the world’s global cloud & service providers, storage OEMs

  9. Slide 9: HDD Formula for Success

    9 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HDD Formula for Success Creating a market-leading HDD data storage company with an ability to generate consistent cash flow Innovation Driven Cash Generation Operational Excellence Customer Centricity Capacity Leadership & Re

  10. Slide 10: Creating a Standalone Flash Industry Leader

    10 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Creating a Standalone Flash Industry Leader (1) Business Overview Total Addressable Market Breakdown Consumer Creation of a NAND leader to capture the high-growth opportunities in the flash market Cloud Client $89Bn 8% Globa

  11. Slide 11: Rich History of Driving Innovation & Customer Satisfaction

    11 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Rich History of Driving Innovation & Customer Satisfaction One of the longest running and most successful joint ventures in technology (1) Strategic Benefits of Joint Venture CY22 NAND Market ($59Bn) ◼ Combined financial res

  12. Slide 12: Flash Go-Forward Strategy

    12 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Flash Go-Forward Strategy Creating a public pure-play industry leader, built with a deep, long-standing and highly successful Joint Venture Improved Through Operational Portfolio Mix NAND Cost Leadership Cycle Model Improvem

  13. Slide 13: Capital Structure and Capital Allocation Considerations

    13 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Capital Structure and Capital Allocation Considerations Guiding Principles HDD ◼ Maintain strong market position and technological leadership ◼ HDD and Flash capital structures will ◼ Lower earnings volatility with resilient

  14. Slide 14: Benefits to Western Digital Shareholders

    14 © 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Benefits to Western Digital Shareholders The culmination of a detailed, broad and comprehensive Strategic Review Unlocking value from the creation of two independent public companies 1 Allowing shareholders to participate in

  15. Slide 15: Western Digital HDD | Flash

    \SS Western Digital. HDD | Flash

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