For the attached assignment that you answered already, I have a question. Can you please clarify the references as I am unsure in the answer which reference you are referring to and where. I need that information to properly cite an in-text citation for the assignment. I didn't know if you would answer the previous question as it showed as being answered already, so I posted this as a new question for you. I would appreciate the clarification.

Introduction Western Digital is the world's largest data storage solutions provider. Our innovative storage solutions that provide customers with high capacity, flexibility and speed are at the heart of many of the world's largest datacenters, and embedded in advanced smartphones, tablets, and PCs. Our consumer products are available at hundreds of thousands of retail stores worldwide. Whether marketed under the WD, HGST or SanDisk brands, our storage solutions power the markets and companies that shape our lives enabling possibilities for the cloud, enterprise and sophisticated infrastructures everywhere. Western Digital employs more than 70,000 people in locations worldwide, designing, developing, manufacturing and marketing our solutions for the data-driven world. Financial Performance The peer industry competitor of the \"Western Digital Corp\" is \"Seagate Technology PLC\". Here we are comparing some of the most anticipated financial results of both companies to look over the company's performance and the Western Digital Corp performance as compare to its industry peer competitor. Revenue Below is the table of last three years of both companies. If we look over the revenue trend of the Western Digital Corp we can see there is downfall in the revenue in last three years. Every year revenue is showing downward trend in 2015 the revenue decrease around 3.69% as compare to 2014 but the revenue shows steep fall in 2016 with a downfall of 10.83% as compare to 2015. On the other hand, the revenue of Seagate Technology PLC increases in 2015 as compare to 2014 but the increase is very small of 0.11% but there is more steep downfall in revenue in 2016 of 18.77% as compare to 2015. This shows the revenue decrease for both the companies but there is large steep downfall of revenue of Seagate Technology PLC as compare to Western Digital Corp. WDC Total Revenue STX Total Revenue Net Income 7/1/2016 7/3/2015 6/27/2014 12,994 11,160 14,572 13,739 15,130 13,724 Till 2007 the Net profit after tax sales figure was relatively stable for both the companies, though Home Depot had a higher average figure consistently. But in 2008 there is a steep decline in profit by sales%. The Home Depot witnessed a steeper dip during that period. But interestingly, Home Depot reorganized their operations and started to improve right from 2009 itself that is even before the overall market started to pick up. 7/1/2016 7/3/2015 6/27/2014 WDC Net Income 242 1,465 1,617 STX Net Income 248 1,742 1,570 Working Capital As below we can see both companies have positive working capital it means that both of them has enough current assets to meet with current liabilities. 7/1/2016 7/3/2015 6/27/2014 WDC Working Capital 3,435 4,221 4,360 STX Working Capital 2,615 3,809 3,846 Assets If we move to the balance sheet section the assets are decreasing WDC from 2014 to 2016, 30.49% to 37% but on the other hand we can see the liabilities are remains constant from 2014 to 2016. On the other hand, the assets for STX also get decreased to some extend and the liabilities get increased from 2014 to 2016. 7/1/2016 7/3/2015 6/27/2014 WDC Assets 466 1,611 1,791 STX Assets 445 2,058 1,776 Ratio Analysis The project team has analyzed certain key ratios and articulated their inference below. Return on Equity Ratio ROE= Profit after tax Avg. Shareholders equity Graph shows the return on the Shareholder's Equity While STX maintained a steady growth in ROE, WDC ROE shows downfall. Compared to WDC, STX ROE is growing at a faster rate. WDC STX 7/1/2016 7/3/2015 6/27/2014 2.38% 49.63% 16.22% 59.56% 19.32% 10.76% Return on Sales Notes & Observation: Return on Sales= Profit after tax Sales This is Primary measure of company's operating performance STX's profit margin is consistently higher for last 3 years, able to manage economic challenges better WDC's high merchandise cost lead to low profit margin, competing with same price level as STX. WDC 7/1/2016 7/3/2015 6/27/2014 1.86% 10.05% 10.69% STX 2.22% 12.68% 11.44% ASSET TURNOVER Assets Turnover 3.00 2.50 2.00 1.50 1.00 0.50 0.00 42552 42188 WDC 41817 STX Notes & Observation: Asset Turnover Ratio = Sales Total Assets Measures firm's efficiency in utilization of assets STX has consistently higher Asset turnover ratio, it manager its assets more efficiently. WDC STX 7/1/2016 7/3/2015 6/27/2014 1.02% 1.47% 0.95% 1.42% 0.54% 1.23% Return on Assets (ROA) Return on Assets 3.00 2.50 2.00 1.50 1.00 0.50 0.00 42552 42188 WDC 41817 STX Notes & Observation: ROA= profit after tax Total Assets This ratio indicates the efficiency of Asset used in a company WDC maintained a steady increase in ROA. It increased its ROA by 1.5% in 2016. STX in the same time period decreased its ROA only by 1.26% Clearly WDC has a better utilization of their assets 7/1/2016 7/3/2015 6/27/2014 1.01% 2.74% 9.55% 18.02% 10.95% 16.76% WDC STX Current Ratio Current Ratio 3.00 2.50 2.00 1.50 1.00 0.50 0.00 42552 42188 WDC 41817 STX Notes & Observation: Current Ratio= Current assets Current Liabilities Indicates a company's liquidity; measures a company's ability to pay short-term obligations. Higher the ratio the better. WDC's current ratio improved from 2014 to 2015 but then slightly deteriorated from 2015 to 2016 not reaching 2014 level. WDC seen decreased current ratio that is due to the increased current liabilities. Earnings per Share Earning Per Share 3.00 2.50 2.00 1.50 1.00 0.50 0.00 42552 42188 WDC 41817 STX Notes & Observation: Earnings /share= Profit After Tax wt. avg. shareholder's equity outstanding 7/1/2016 7/3/2015 6/27/2014 1.00 0.82 6.18 5.26 6.68 4.52 WDC STX This ratio indicates the health of the equity share. . Debt to equity Ratio Debt to Equity Ratio 3.00 2.50 2.00 1.50 1.00 0.50 0.00 42552 42188 WDC 41817 STX Notes & Observation: This ratio relates how much debt a company has in proportion to its equity. Of the two, Lowe's Debt to Equity Ratio is increasing at a higher rate than HD. Comparatively HD has a better Debt to Equity Ratio in 2013. WDC 7/1/2016 7/3/2015 6/27/2014 1.23 0.23 0.26 STX 2.59 1.38 1.38 Return on Equity (DuPont analysis) WDC Net Profit Year Margin 2016 2015 2014 Asset Equity DuPont Return on Turnover Multiplier Equity 0.091 65.36% 3.65 0.007 61.86% 3.96 0.059 59.09% 3.63 21.70% 1.7% 12.65% STX Year 2016 2015 2014 Net Profit Asset Margin Turnover Multiplier Equity 43.68% 2.59 42.19% 2.52 41.38% 2.55 0.062 0.069 0.070 Equity DuPont Return on 7.01% 7.33% 7.38% We can see the company has 21.70% of DuPont Return on Equity which is the good indication for the WDC because it shows the company ability to generate profits. Also the company DuPont Return on Equity is increasing every year at the good pace of around 12.65% to 21.70% from 2014 to 2016. If we see the DuPont Return on Equity of the STX is lower as compare to that of the WDC Also if we look over the DuPont Equity of STX is moving in the same pace in all three years or moving at a constant rate in all three years which is a good sign for the company. If we compare WDC DuPont Equity to is competitor STX it's not in better condition as the company equity is more volatile and which shows the return are not constant as its moving up and down to a large extend in all three years but if we see STX it is moving at a constant rate in all three years which shows the company is giving constant return against it equity. Conclusion In an analysis of Market to Book Ratios for both firms, first glance leads to a belief that both firms have an unfavorable position. However, further investigation identifies that because of the negative book values both companies' shares are just overvalued. The volatility of the min and max share prices of Sonic lends to a more unfavorable stated position. However, the more consistent growth and profit margin are demonstrated by Sonic as evidenced within their earnings per share. References Levy, E. (2014). Industry Surveys, Restaurants. Retrieved from S&P Capital IQ, McGraw Hill Finanacial: http://www.netadvantage.standardandpoors.com.ezproxy.libproxy.db.erau.edu/NASApp/NetAdv antage/showIndustrySurvey.do?code=rst Ross, S. A., Westerfield, R.W, Jaffe, J. (2014). Corporate Finance (10th Edition), New York, McGraw-Hill Education Thorp, W.A. (2012). Deconstructing ROE: Dupont Analysis. Retrieved from Computerized Investing: http://www.aaii.com/computerizedinvesting/article/deconstructing-roe-dupont-analysis