$STX
Seagate Technology Holdings plc

2023 Q2 Form 10-Q Financial Statement

#000113778923000029 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.602B $1.860B
YoY Change -42.83%
Cost Of Revenue $1.298B $1.541B
YoY Change -34.97%
Gross Profit $304.0M $319.0M
YoY Change -62.28%
Gross Profit Margin 18.98% 17.15%
Selling, General & Admin $114.0M $123.0M
YoY Change -19.15%
% of Gross Profit 37.5% 38.56%
Research & Development $172.0M $191.0M
YoY Change -26.18%
% of Gross Profit 56.58% 59.87%
Depreciation & Amortization $104.0M $126.0M
YoY Change -7.14%
% of Gross Profit 34.21% 39.5%
Operating Expenses $286.0M $314.0M
YoY Change -23.53%
Operating Profit $18.00M -$315.0M
YoY Change -95.8%
Interest Expense -$78.00M $81.00M
YoY Change -223.81%
% of Operating Profit -433.33%
Other Income/Expense, Net -$16.00M -$85.00M
YoY Change -79.49%
Pretax Income -$85.00M -$400.0M
YoY Change -124.22%
Income Tax $7.000M $33.00M
% Of Pretax Income
Net Earnings -$92.00M -$433.0M
YoY Change -126.59%
Net Earnings / Revenue -5.74% -23.28%
Basic Earnings Per Share -$2.09
Diluted Earnings Per Share -$0.44 -$2.09
COMMON SHARES
Basic Shares Outstanding 207.1M shares 206.5M shares
Diluted Shares Outstanding 207.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $786.0M $766.0M
YoY Change -30.93%
Cash & Equivalents $786.0M $766.0M
Short-Term Investments
Other Short-Term Assets $358.0M $637.0M
YoY Change 20.13%
Inventory $1.140B $1.200B
Prepaid Expenses
Receivables $621.0M $994.0M
Other Receivables $167.0M $0.00
Total Short-Term Assets $2.905B $3.597B
YoY Change -31.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.706B $1.753B
YoY Change -22.35%
Goodwill $1.237B $1.237B
YoY Change 0.0%
Intangibles $0.00 $1.000M
YoY Change -100.0%
Long-Term Investments $55.00M $56.00M
YoY Change -33.73%
Other Assets $591.0M $252.0M
YoY Change 86.44%
Total Long-Term Assets $4.651B $4.370B
YoY Change -4.81%
TOTAL ASSETS
Total Short-Term Assets $2.905B $3.597B
Total Long-Term Assets $4.651B $4.370B
Total Assets $7.556B $7.967B
YoY Change -17.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.603B $1.697B
YoY Change -17.71%
Accrued Expenses $748.0M $667.0M
YoY Change 15.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $63.00M $1.118B
YoY Change 110.0%
Total Short-Term Liabilities $2.592B $3.639B
YoY Change -10.03%
LONG-TERM LIABILITIES
Long-Term Debt $5.388B $4.840B
YoY Change -4.03%
Other Long-Term Liabilities $685.0M $404.0M
YoY Change 372.41%
Total Long-Term Liabilities $6.073B $5.244B
YoY Change 5.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.592B $3.639B
Total Long-Term Liabilities $6.073B $5.244B
Total Liabilities $8.755B $8.971B
YoY Change 0.36%
SHAREHOLDERS EQUITY
Retained Earnings -$8.670B -$8.430B
YoY Change 28.12%
Common Stock $7.373B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.199B -$1.004B
YoY Change
Total Liabilities & Shareholders Equity $7.556B $7.967B
YoY Change -17.38%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$92.00M -$433.0M
YoY Change -126.59%
Depreciation, Depletion And Amortization $104.0M $126.0M
YoY Change -7.14%
Cash From Operating Activities $217.0M $229.0M
YoY Change -52.83%
INVESTING ACTIVITIES
Capital Expenditures $50.00M $54.00M
YoY Change -151.55%
Acquisitions
YoY Change
Other Investing Activities $520.0M $11.00M
YoY Change
Cash From Investing Activities $470.0M -$43.00M
YoY Change -584.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -667.0M -190.0M
YoY Change -12.24%
NET CHANGE
Cash From Operating Activities 217.0M 229.0M
Cash From Investing Activities 470.0M -43.00M
Cash From Financing Activities -667.0M -190.0M
Net Change In Cash 20.00M -4.000M
YoY Change -105.04%
FREE CASH FLOW
Cash From Operating Activities $217.0M $229.0M
Capital Expenditures $50.00M $54.00M
Free Cash Flow $167.0M $175.0M
YoY Change -70.02%

Facts In Submission

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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
1000000 shares
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
41000000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
6000000 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
441000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1860000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2802000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5782000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9033000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1860000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2802000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5782000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9033000000 usd
CY2023Q1 stx Intellectual Property Indemnification Obligations
IntellectualPropertyIndemnificationObligations
0 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
148000000 usd
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
136000000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
42000000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
62000000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
71000000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
65000000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
42000000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
15000000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
161000000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
148000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-433000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
346000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-437000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1373000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
207000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
207000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
222000000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226000000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.09
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.18
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.09
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.08
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000000 shares
CY2023Q1 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
300000000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
3200000000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
849000000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
641000000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
649000000 usd
CY2023Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
684000000 usd
CY2023Q1 stx Unrecorded Unconditional Purchase Obligation Due After Four Years
UnrecordedUnconditionalPurchaseObligationDueAfterFourYears
356000000 usd
stx Recorded Unconditional Purchase Obligation Order Cancellation Fees
RecordedUnconditionalPurchaseObligationOrderCancellationFees
108000000 usd
CY2023Q1 us-gaap Purchase Obligation
PurchaseObligation
68000000 usd

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