SanDisk Corporation (NASDAQ: SNDK), a global leader in flash
storage solutions, today announced results for the fourth quarter
and fiscal year ended December 28, 2014. Fourth quarter
revenue of $1.74 billion was slightly higher on a year-over-year
basis and decreased 1 percent sequentially. Total revenue for
fiscal 2014 was a record $6.63 billion, a 7 percent increase from
$6.17 billion in fiscal 2013.
On a GAAP(1) basis, fourth quarter net income was $202 million,
or $0.86 per share, compared to net income of $338 million, or
$1.45 per share, in the fourth quarter of fiscal 2013 and
$263 million, or $1.09 per share, in the third quarter of
fiscal 2014. Net income for fiscal 2014 was $1.01 billion, or $4.23
per share, compared to $1.04 billion, or $4.34 per share, in fiscal
2013.
On a non-GAAP(2)(3) basis, fourth quarter net income was
$294 million, or $1.30 per share, compared to net income
of $390 million, or $1.71 per share, in the fourth
quarter of fiscal 2013 and net income of $336 million, or
$1.45 per share, in the third quarter of fiscal 2014. Net
income for fiscal 2014 was $1.29 billion, or $5.60 per share,
compared to $1.27 billion, or $5.31 per share, in fiscal 2013. For
a reconciliation of non-GAAP to GAAP results, see accompanying
financial tables and footnotes.
“We delivered record revenue in 2014 with continued progress in
shifting our portfolio towards high value solutions,” said Sanjay
Mehrotra, president and chief executive officer of SanDisk. “Our
SSD solutions reached 29 percent of revenue in 2014, with strong
growth from both client and enterprise SSDs. We are disappointed
with our fourth quarter results, which were impacted primarily by
supply constraints. We believe that NAND flash industry
fundamentals are healthy, and we expect our financial results to
improve as we move through 2015.”
FOURTH QUARTER KEY FINANCIAL METRICS
Metrics GAAP(1)
Non-GAAP(2) (in millions, except percentages and per share
amounts)
Q4’14 Q4’13
Q3’14 Q4’14 Q4’13
Q3’14 Revenue $1,735 $1,728
$1,746 $1,735 $1,728 $1,746 Gross
profit $740 $857 $817 $780 $880
$855 percent of revenue 43% 50%
47% 45% 51% 49% Operating income $328
$507 $388 $419 $556 $481 percent of revenue 19%
29% 22% 24% 32% 28%
EPS(3) $0.86 $1.45 $1.09
$1.30 $1.71 $1.45
FISCAL 2014 KEY FINANCIAL METRICS
Metrics GAAP(1)
Non-GAAP(2) (in millions, except percentages and per share
amounts)
FY’14 FY’13
FY’14 FY’13 Revenue
$6,628 $6,170 $6,628 $6,170 Gross
profit $3,068 $2,867 $3,191 $2,927
percent of revenue 46% 46% 48%
47% Operating income $1,558 $1,562 $1,848 $1,806 percent of
revenue 24% 25% 28% 29%
EPS(3) $4.23 $4.34 $5.60
$5.31
OTHER HIGHLIGHTS
- SanDisk announced today that its Board
of Directors has authorized a $2.5 billion increase in the
company’s existing share repurchase program. With the additional
authorization, the company has approximately $3.0 billion remaining
available for stock repurchases under the program.
- SanDisk announced today a first quarter
2015 dividend of $0.30 per share of common stock, payable
on March 23, 2015 to shareholders of record as of the
close of business on March 2, 2015.
- SanDisk celebrated the receipt of its
5,000th patent and was named a Thomson Reuters 2014 Top 100 Global
Innovator for the fourth consecutive year.
- SanDisk introduced the iXpand™ Flash
Drive, the company's first USB Flash Drive designed specifically
for iPhone and iPad, allowing quick photo and video transfers from
an iPhone or iPad to a Mac or PC.
CONFERENCE CALL
SanDisk’s fourth quarter of fiscal 2014 conference call is
scheduled for 2:00 P.M., Pacific Standard Time, Wednesday,
January 21, 2015. The conference call will be webcast and can be
accessed live, and throughout the quarter, at SanDisk’s website at
www.sandisk.com/IR. To participate in the call via telephone, the
dial-in number is 785-830-7989 and the password is 9225981.
Participants are encouraged to dial in at least 10 minutes before
the call commences. A copy of this press release will be furnished
to the Securities and Exchange Commission on a current report on
Form 8-K and will be posted to SanDisk’s website prior to the
conference call.
ABOUT SANDISK
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P
500 company, is a global leader in flash storage solutions. For
more than 25 years, SanDisk has expanded the possibilities of
storage, providing trusted and innovative products that have
transformed the electronics industry. Today, SanDisk’s quality,
state-of-the-art solutions are at the heart of many of the world's
largest data centers, and embedded in advanced smartphones, tablets
and PCs. SanDisk’s consumer products are available at hundreds of
thousands of retail stores worldwide. For more information, visit
www.sandisk.com.
©2015 SanDisk Corporation. All rights reserved. SanDisk is a
trademark of SanDisk Corporation, registered in the United States
and other countries. iXpand is a trademark of SanDisk Corporation.
iPhone, iPad and Mac are trademarks of Apple Inc., registered in
the US and other countries.
This news release contains certain forward-looking statements,
including those regarding our business prospects, continued
favorable portfolio mix shift, market growth, industry
supply-demand environment, product introductions, our intended
financial plans and our performance for 2015, that are based on our
current expectations and involve numerous risks and uncertainties
that may cause these forward-looking statements to be
inaccurate.
Risks that may cause these forward-looking statements to be
inaccurate include, among others:
- competitive pricing pressures or
product mix changes, resulting in lower average selling prices,
lower revenues and reduced gross margins;
- insufficient or mismatched captive
memory output, capacity, or inventory, resulting in lost revenue
and growth opportunities, or excess or mismatched captive memory
output or capacity, resulting in lower average selling prices,
financial charges and impairments, lower gross margin or other
consequences;
- weakness in demand in one or more of
our product categories, such as embedded products or SSDs, or
adverse changes in our product or customer mix;
- potential delays in product development
or lack of customer acceptance and qualification of our solutions,
including on new technology nodes, particularly OEM products such
as our embedded flash storage and SSD solutions;
- inability to develop, or unexpected
difficulties or delays in developing or ramping with acceptable
yields, new technologies or the failure of new technologies to
effectively compete with those of our competitors;
- our 1Z-nanometer process technology,
our X3 NAND memory architecture, our 3D NAND technology or our
solutions utilizing these new technologies may not be available
when we expect;
- delays in the successful integration of
Fusion-io or our inability to achieve the expected benefits from
the acquisition in a timely manner, or at all; and
- the other risks detailed from
time-to-time under the caption “Risk Factors” and elsewhere in our
Securities and Exchange Commission filings and reports, including,
but not limited to, our Quarterly Report on Form 10-Q for the
fiscal quarter ended September 28, 2014.
(1) GAAP represents U.S. Generally Accepted Accounting
Principles.
(2) Non-GAAP represents GAAP excluding the impact of share-based
compensation, amortization of acquisition-related intangible
assets, inventory step-up expense, non-cash economic interest
expense associated with our convertible debt, non-cash change in
fair value of the liability component of the convertible debt due
to the conversion of a portion of the 1.5% Convertible Senior Notes
due 2017 and related tax adjustments.
(3) Non-GAAP shares include the impact of offsetting shares from
the call options related to the 1.5% Convertible Senior Notes due
2017 and 0.5% Convertible Senior Notes due 2020, and the impact of
share-based compensation.
SanDisk Corporation Preliminary Condensed
Consolidated Statements of Operations (in thousands, except
per share amounts, unaudited)
Three months ended
Twelve months ended December 28, 2014 December 29,
2013 December 28, 2014 December 29, 2013
Revenue $ 1,735,254 $ 1,727,858 $ 6,627,701 $ 6,170,003 Cost
of revenue 962,445 851,087 3,458,954 3,252,988 Amortization of
acquisition-related intangible assets 33,039
19,616 100,899 49,532 Total cost
of revenue 995,484 870,703
3,559,853 3,302,520 Gross profit 739,770
857,155 3,067,848 2,867,483 Operating expenses: Research and
development 226,142 215,281 852,310 742,268 Sales and marketing
111,526 81,347 383,288 276,312 General and administrative 52,104
51,158 214,902 192,310 Amortization of acquisition-related
intangible assets 13,681 1,956 26,423 11,155 Impairment of
acquisition-related intangible assets ― ― ― 83,228 Restructuring
and other 8,007 ― 32,991 ― Total
operating expenses 411,460 349,742
1,509,914 1,305,273 Operating income
328,310 507,413 1,557,934 1,562,210 Other income (expense),
net (24,815 ) (12,171 ) (68,904 )
(46,061 ) Income before income taxes 303,495 495,242 1,489,030
1,516,149 Provision for income taxes 101,604
157,462 481,584 473,492
Net income $ 201,891 $ 337,780 $ 1,007,446 $
1,042,657 Net income per share: Basic $ 0.93 $ 1.50 $
4.52 $ 4.44 Diluted $ 0.86 $ 1.45 $ 4.23 $ 4.34 Shares used
in computing net income per share: Basic 217,264 225,252 222,714
234,886 Diluted 234,794 232,812 238,209 240,236
SanDisk Corporation Reconciliation of Preliminary GAAP to
Non-GAAP Operating Results (1) (in thousands, except
per share data, unaudited)
Three months ended Twelve
months ended December 28, 2014 December 29,
2013 December 28, 2014 December 29, 2013
SUMMARY RECONCILIATION OF NET INCOME: GAAP
NET INCOME $ 201,891 $ 337,780 $ 1,007,446 $ 1,042,657
Share-based compensation (a) 40,639 27,431 155,313 99,756
Amortization of acquisition-related intangible assets (b) 46,720
21,572 127,322 60,687 Inventory step-up expense (c) 2,931 ― 7,834 ―
Impairment of acquisition-related intangible assets (d) ― ― ―
83,228 Convertible debt interest (e) 22,152 17,402 85,734 67,604
Income tax adjustments (f) (20,388 ) (13,840 )
(95,474 ) (86,971 )
NON-GAAP NET INCOME $ 293,945
$ 390,345 $ 1,288,175 $ 1,266,961
GAAP COST OF REVENUE $ 995,484 $ 870,703 $ 3,559,853
$ 3,302,520 Share-based compensation (a) (4,601 ) (2,940 ) (14,719
) (9,820 ) Amortization of acquisition-related intangible assets
(b) (33,039 ) (19,616 ) (100,899 ) (49,532 ) Inventory step-up
expense (c) (2,931 ) ― (7,834 ) ―
NON-GAAP COST OF
REVENUE $ 954,913 $ 848,147 $ 3,436,401 $
3,243,168
GAAP GROSS PROFIT $ 739,770 $
857,155 $ 3,067,848 $ 2,867,483 Share-based compensation (a) 4,601
2,940 14,719 9,820 Amortization of acquisition-related intangible
assets (b) 33,039 19,616 100,899 49,532 Inventory step-up expense
(c) 2,931 ― 7,834 ―
NON-GAAP GROSS
PROFIT $ 780,341 $ 879,711 $ 3,191,300 $
2,926,835
GAAP RESEARCH AND DEVELOPMENT
EXPENSES $ 226,142 $ 215,281 $ 852,310 $ 742,268 Share-based
compensation (a) (20,198 ) (14,035 ) (74,842 )
(51,521 )
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
$ 205,944 $ 201,246 $ 777,468 $ 690,747
GAAP SALES AND MARKETING EXPENSES $ 111,526 $ 81,347
$ 383,288 $ 276,312 Share-based compensation (a) (8,953 )
(5,380 ) (36,214 ) (19,193 )
NON-GAAP SALES
AND MARKETING EXPENSES $ 102,573 $ 75,967 $
347,074 $ 257,119
GAAP GENERAL AND
ADMINISTRATIVE EXPENSES $ 52,104 $ 51,158 $ 214,902 $ 192,310
Share-based compensation (a) (6,887 ) (5,076 )
(29,538 ) (19,222 )
NON-GAAP GENERAL AND ADMINISTRATIVE
EXPENSES $ 45,217 $ 46,082 $ 185,364 $
173,088
GAAP TOTAL OPERATING EXPENSES $
411,460 $ 349,742 $ 1,509,914 $ 1,305,273 Share-based compensation
(a) (36,038 ) (24,491 ) (140,594 ) (89,936 ) Amortization of
acquisition-related intangible assets (b) (13,681 ) (1,956 )
(26,423 ) (11,155 ) Impairment of acquisition-related intangible
assets (d) ― ― ― (83,228 )
NON-GAAP TOTAL OPERATING
EXPENSES $ 361,741 $ 323,295 $ 1,342,897 $
1,120,954
GAAP OPERATING INCOME $ 328,310 $
507,413 $ 1,557,934 $ 1,562,210 Cost of revenue adjustments (a) (b)
(c) 40,571 22,556 123,452 59,352 Operating expense adjustments (a)
(b) (d) 49,719 26,447 167,017
184,319
NON-GAAP OPERATING INCOME $
418,600 $ 556,416 $ 1,848,403 $ 1,805,881
GAAP OTHER INCOME (EXPENSE), NET $ (24,815 ) $
(12,171 ) $ (68,904 ) $ (46,061 ) Convertible debt interest (e)
22,152 17,402 85,734
67,604
NON-GAAP OTHER INCOME (EXPENSE), NET $
(2,663 ) $ 5,231 $ 16,830 $ 21,543
GAAP NET INCOME $ 201,891 $ 337,780 $ 1,007,446 $ 1,042,657
Cost of revenue adjustments (a) (b) (c) 40,571 22,556 123,452
59,352 Operating expense adjustments (a) (b) (d) 49,719 26,447
167,017 184,319 Other income (expense) adjustments (e) 22,152
17,402 85,734 67,604 Income tax adjustments (f) (20,388 )
(13,840 ) (95,474 ) (86,971 )
NON-GAAP NET
INCOME $ 293,945 $ 390,345 $ 1,288,175 $
1,266,961 Diluted net income per share: GAAP $ 0.86 $
1.45 $ 4.23 $ 4.34 Non-GAAP $ 1.30 $ 1.71 $ 5.60 $ 5.31
Shares used in computing diluted net income per share: GAAP 234,794
232,812 238,209 240,236 Non-GAAP (g) 225,482 228,829 230,194
238,419
SanDisk Corporation Reconciliation of
Preliminary GAAP to Non-GAAP Operating Results (1)
(in thousands, unaudited)
Three months ended Twelve months ended December
28, 2014 December 29, 2013 December 28, 2014
December 29, 2013 SUMMARY RECONCILIATION OF
DILUTED SHARES: GAAP 234,794 232,812 238,209
240,236 Adjustments for share-based compensation 260 358 246 271
Offsetting shares from call options (9,572) (4,341) (8,261) (2,088)
Non-GAAP (g) 225,482 228,829 230,194 238,419
---------------
(1) To supplement our condensed consolidated financial statements
presented in accordance with generally accepted accounting
principles (GAAP), we use non-GAAP measures of operating results,
net income and net income per share, which are adjusted from
results based on GAAP to exclude certain expenses, gains and
losses. These non-GAAP financial measures are provided to enhance
the user's overall understanding of our current financial
performance and our prospects for the future. Specifically, we
believe the non-GAAP results provide useful information to both
management and investors as these non-GAAP results exclude certain
expenses, gains and losses that we believe are not indicative of
our core operating results and because they are consistent with the
financial models and estimates published by many analysts who
follow us. For example, because the non-GAAP results exclude the
expenses we recorded for share-based compensation, amortization of
acquisition-related intangible assets related to acquisitions of
Pliant Technology, Inc. in May 2011, FlashSoft Corporation in
February 2012, Schooner Information Technology, Inc. in June 2012,
SMART Storage Systems in August 2013 and Fusion-io, Inc. in July
2014, inventory step-up expense, non-cash economic interest expense
associated with the convertible debt, non-cash change in fair value
of the liability component of the convertible debt due to the
conversion of a portion of the 1.5% Convertible Senior Notes due
2017 and related tax adjustments, we believe the inclusion of
non-GAAP financial measures provides consistency in our financial
reporting. In addition, our non-GAAP diluted shares include the
impact of the call options which, when exercised, will offset the
issuance of dilutive shares from the 1.5% Convertible Senior Notes
due 2017 and 0.5% Convertible Senior Notes due 2020, while the GAAP
diluted shares exclude the anti-dilutive impact of these call
options. These non-GAAP results are some of the primary indicators
management uses for assessing our performance, allocating
resources, and planning and forecasting future periods. Further,
management uses non-GAAP information that excludes certain non-cash
charges, such as share-based compensation, amortization of
acquisition-related intangible assets, inventory step-up expense,
non-cash economic interest expense associated with the convertible
debt, non-cash change in fair value of the liability component of
the convertible debt due to the conversion of a portion of the 1.5%
Convertible Senior Notes due 2017 and related tax adjustments, as
these non-GAAP charges do not reflect the cash operating results of
the business or the ongoing results. These measures should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results. These non-GAAP measures may be different than the non-GAAP
measures used by other companies. (a) Share-based compensation
expense. (b) Amortization of acquisition-related intangible assets,
primarily developed technology, customer relationships, and
trademarks and trade names related to the acquisitions of Pliant
Technology, Inc., FlashSoft Corporation, Schooner Information
Technology, Inc., SMART Storage Systems and Fusion-io, Inc. (c)
Inventory step-up expense related to the acquisition of Fusion-io,
Inc. (d) Impairment of acquisition-related intangible assets and
in-process research and development related to the acquisitions of
Schooner Information Technology, Inc. and Pliant Technology, Inc.
(e) Incremental interest expense related to the non-cash economic
interest expense associated with the 1% Convertible Senior Notes
due 2013, 1.5% Convertible Senior Notes due 2017 and 0.5%
Convertible Senior Notes due 2020, and the non-cash change in fair
value of the liability component of the convertible debt due to the
conversion of a portion of the 1.5% Convertible Senior Notes due
2017. (f) Income taxes associated with certain non-GAAP to GAAP
adjustments and the effects of one-time income tax adjustments
recorded in a specific quarter for GAAP purposes are reflected on a
forecast basis in our non-GAAP tax rate but not in our forecasted
GAAP tax rate. (g) Non-GAAP diluted shares include the impact of
offsetting shares from the call options related to the 1.5%
Convertible Senior Notes due 2017 and 0.5% Convertible Senior Notes
due 2020, and the impact of share-based compensation.
SanDisk Corporation Preliminary Condensed Consolidated
Balance Sheets (in thousands, unaudited)
December 28, 2014
December 29, 2013 ASSETS Current assets: Cash
and cash equivalents $ 809,003 $ 986,246 Short-term marketable
securities 1,455,509 1,919,611 Accounts receivable, net 842,476
682,809 Inventory 698,011 756,975 Deferred taxes 180,134 138,192
Other current assets 214,992 166,885
Total current assets 4,200,125 4,650,718 Long-term
marketable securities 2,758,475 3,179,471 Property and equipment,
net 724,357 655,794 Notes receivable and investments in Flash
Ventures 962,817 1,134,620 Deferred taxes 161,827 134,669 Goodwill
831,328 318,111 Intangible assets, net 542,351 247,904 Other
non-current assets 108,677 167,430
Total assets $ 10,289,957 $ 10,488,717
LIABILITIES, CONVERTIBLE SHORT-TERM DEBT CONVERSION OBLIGATION
AND EQUITY Current liabilities: Accounts payable trade $
404,237 $ 282,582 Accounts payable to related parties 136,051
146,964 Convertible short-term debt (1) 869,645 ― Other current
accrued liabilities 506,293 509,732 Deferred income on shipments to
distributors and retailers and deferred revenue 274,657
291,302 Total current liabilities 2,190,883
1,230,580 Convertible long-term debt 1,199,696 1,985,363
Non-current liabilities 245,554 307,083
Total liabilities 3,636,133 3,523,026
Convertible short-term debt conversion obligation (1)
127,143 ― Stockholders' equity: Common stock 5,236,982
5,040,242 Retained earnings 1,499,149 2,004,089 Accumulated other
comprehensive loss (208,072 ) (76,459 ) Total
stockholders' equity 6,528,059 6,967,872 Non-controlling interests
(1,378 ) (2,181 ) Total equity 6,526,681
6,965,691 Total liabilities, convertible
short-term debt conversion obligation and equity $ 10,289,957
$ 10,488,717 --------------- (1) The 1.5% Convertible
Senior Notes due 2017 are convertible through March 31, 2015 as a
result of the Company’s common stock price exceeding the trigger
price set forth in the indenture. Accordingly, the carrying value
of the notes is reported as short-term debt as of December 28, 2014
and will remain so while the notes are convertible. The Convertible
short-term debt conversion obligation represents the difference
between the carrying value of the convertible debt and the
principal amount due in cash upon conversion.
SanDisk Corporation
Preliminary Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three months ended Twelve months ended
December 28, 2014 December 29, 2013 December 28,
2014 December 29, 2013 Cash flows from operating
activities: Net income $ 201,891 $ 337,780 $ 1,007,446 $
1,042,657 Adjustments to reconcile net income to net cash
provided by operating activities: Deferred taxes (14,699 ) (52,727
) (7,915 ) 527 Depreciation 66,620 60,472 254,271 226,334
Amortization 93,244 65,775 324,231 237,731 Provision for doubtful
accounts 180 1,669 857 2,167 Share-based compensation expense
40,639 27,431 155,313 99,756 Excess tax benefit from share-based
plans (6,143 ) (7,299 ) (44,919 ) (27,198 ) Impairment and other
6,270 (697 ) 6,790 75,561 Other non-operating 293 (1,566 ) 636 (792
) Changes in operating assets and liabilities: Accounts receivable,
net 27,391 624 (118,606 ) (51,125 ) Inventory 83,886 19,214 136,442
23,310 Other assets 27,357 170,806 37,738 147,713 Accounts payable
trade (24,738 ) (65,817 ) 37,380 16,377 Accounts payable to related
parties 1,234 (16,867 ) (10,913 ) (67,842 ) Other liabilities
(15,612 ) 78,017 (80,303 )
138,496 Total adjustments 285,922
279,035 691,002 821,015 Net cash
provided by operating activities 487,813
616,815 1,698,448 1,863,672
Cash flows from investing activities: Purchases of
short and long-term marketable securities (730,244 ) (2,421,041 )
(4,106,494 ) (4,925,520 ) Proceeds from sales of short and
long-term marketable securities 493,294 576,178 4,114,712 3,701,528
Proceeds from maturities of short and long-term marketable
securities 208,992 117,300 772,882 751,900 Acquisition of property
and equipment, net (67,145 ) (42,700 ) (232,786 ) (213,415 )
Investment in Flash Ventures ― (12,342 ) (24,296 ) (12,342 ) Notes
receivable issuances to Flash Ventures (49,789 ) (37,099 ) (181,481
) (37,099 ) Notes receivable proceeds from Flash Ventures 104,654
51,377 231,409 124,765 Purchased technology and other assets
(20,248 ) 884 (24,837 ) (8,377 ) Acquisitions, net of cash acquired
― ― (1,063,798 ) (304,320 ) Net cash used in
investing activities (60,486 ) (1,767,443 )
(514,689 ) (922,880 )
Cash flows from financing
activities: Proceeds from issuance of convertible senior notes,
net of issuance costs ― 1,483,125 ― 1,483,125 Purchase of
convertible bond hedge ― (331,650 ) ― (331,650 ) Proceeds from sale
of warrants ― 217,800 ― 217,800 Repayment of debt financing (3,212
) ― (3,212 ) (928,061 ) Distribution to non-controlling interests ―
― ― (87 ) Proceeds from employee stock programs 22,442 59,992
181,486 266,044 Excess tax benefit from share-based plans 6,143
7,299 44,919 27,198 Dividends paid (65,122 ) (50,553 ) (234,565 )
(101,191 ) Share repurchases (1) (503,406 ) (150,000
) (1,341,476 ) (1,589,539 ) Net cash provided by
(used in) financing activities (543,155 ) 1,236,013
(1,352,848 ) (956,361 ) Effect of changes in
foreign currency exchange rates on cash (6,004 )
(1,904 ) (8,154 ) 6,345 Net increase
(decrease) in cash and cash equivalents (121,832 ) 83,481 (177,243
) (9,224 ) Cash and cash equivalents at beginning of period
930,835 902,765 986,246 995,470 Cash
and cash equivalents at end of period $ 809,003 $ 986,246
$ 809,003 $ 986,246 --------------- (1) Share
repurchases include cash used to repurchase common stock and cash
used to settle employee tax withholding obligations due upon the
vesting of restricted stock units.
SanDisk CorporationInvestor Contacts:Jay
Iyer408-801-2067jay.iyer@sandisk.comBrendan
Lahiff408-801-1732brendan.lahiff@sandisk.comorMedia
Contact:Michael
Diamond408-801-1108michael.diamond@sandisk.com
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