$STX
Seagate Technology Holdings plc

2024 Q1 Form 10-Q Financial Statement

#000113778924000010 Filed on January 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $1.655B $1.555B
YoY Change -11.02% -17.59%
Cost Of Revenue $1.230B $1.193B
YoY Change -20.18% -27.3%
Gross Profit $425.0M $362.0M
YoY Change 33.23% 47.15%
Gross Profit Margin 25.68% 23.28%
Selling, General & Admin $116.0M $108.0M
YoY Change -5.69% -13.6%
% of Gross Profit 27.29% 29.83%
Research & Development $164.0M $161.0M
YoY Change -14.14% -19.5%
% of Gross Profit 38.59% 44.48%
Depreciation & Amortization $63.00M $62.00M
YoY Change -50.0% -58.11%
% of Gross Profit 14.82% 17.13%
Operating Expenses $280.0M $269.0M
YoY Change -10.83% -17.23%
Operating Profit $143.0M $124.0M
YoY Change -145.4% -177.5%
Interest Expense $82.00M $84.00M
YoY Change 1.23% 9.09%
% of Operating Profit 57.34% 67.74%
Other Income/Expense, Net -$85.00M -$128.0M
YoY Change 0.0% -204.92%
Pretax Income $58.00M -$4.000M
YoY Change -114.5% -89.47%
Income Tax $33.00M $15.00M
% Of Pretax Income 56.9%
Net Earnings $25.00M -$19.00M
YoY Change -105.77% -42.42%
Net Earnings / Revenue 1.51% -1.22%
Basic Earnings Per Share $0.12 -$0.09
Diluted Earnings Per Share $0.12 -$0.09
COMMON SHARES
Basic Shares Outstanding 209.5M shares 209.2M shares
Diluted Shares Outstanding 213.0M shares 209.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $795.0M $787.0M
YoY Change 3.79% 2.21%
Cash & Equivalents $795.0M $787.0M
Short-Term Investments
Other Short-Term Assets $297.0M $317.0M
YoY Change -53.38% 14.44%
Inventory $1.191B $1.053B
Prepaid Expenses
Receivables $332.0M $471.0M
Other Receivables $125.0M $122.0M
Total Short-Term Assets $2.615B $2.628B
YoY Change -27.3% -14.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.639B $1.642B
YoY Change -6.5% -22.62%
Goodwill $1.237B $1.237B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $21.00M $26.00M
YoY Change -62.5% -54.39%
Other Assets $553.0M $568.0M
YoY Change 119.44% 96.54%
Total Long-Term Assets $4.481B $4.521B
YoY Change 2.54% -5.54%
TOTAL ASSETS
Total Short-Term Assets $2.615B $2.628B
Total Long-Term Assets $4.481B $4.521B
Total Assets $7.096B $7.149B
YoY Change -10.93% -9.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.672B $1.619B
YoY Change -1.47% 49.22%
Accrued Expenses $758.0M $743.0M
YoY Change 13.64% -10.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $479.0M $0.00
YoY Change -57.16% -100.0%
Total Short-Term Liabilities $3.062B $2.529B
YoY Change -15.86% -7.19%
LONG-TERM LIABILITIES
Long-Term Debt $5.192B $5.669B
YoY Change 7.27% 5.12%
Other Long-Term Liabilities $653.0M $679.0M
YoY Change 61.63% 406.72%
Total Long-Term Liabilities $5.845B $6.348B
YoY Change 11.46% 14.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.062B $2.529B
Total Long-Term Liabilities $5.845B $6.348B
Total Liabilities $8.985B $8.963B
YoY Change 0.16% 7.51%
SHAREHOLDERS EQUITY
Retained Earnings -$9.319B -$9.194B
YoY Change 10.55% 17.12%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.889B -$1.814B
YoY Change
Total Liabilities & Shareholders Equity $7.096B $7.149B
YoY Change -10.93% -9.13%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $25.00M -$19.00M
YoY Change -105.77% -42.42%
Depreciation, Depletion And Amortization $63.00M $62.00M
YoY Change -50.0% -58.11%
Cash From Operating Activities $188.0M $169.0M
YoY Change -17.9% -32.67%
INVESTING ACTIVITIES
Capital Expenditures $60.00M $70.00M
YoY Change 11.11% -188.61%
Acquisitions
YoY Change
Other Investing Activities $8.000M $35.00M
YoY Change -27.27% 1650.0%
Cash From Investing Activities -$52.00M -$35.00M
YoY Change 20.93% -54.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -128.0M -142.0M
YoY Change -32.63% -13.94%
NET CHANGE
Cash From Operating Activities 188.0M 169.0M
Cash From Investing Activities -52.00M -35.00M
Cash From Financing Activities -128.0M -142.0M
Net Change In Cash 8.000M -8.000M
YoY Change -300.0% -188.89%
FREE CASH FLOW
Cash From Operating Activities $188.0M $169.0M
Capital Expenditures $60.00M $70.00M
Free Cash Flow $128.0M $99.00M
YoY Change -26.86% -70.0%

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<div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the Friday closest to June 30. In fiscal years with 53 weeks, the first quarter consists of 14 weeks and the remaining quarters consist of 13 weeks each. Both the three and six months ended December 29, 2023 and December 30, 2022 consisted of 13 and 26 weeks, respectively. Fiscal years 2024 and 2023 both comprise 52 weeks and end on June 28, 2024 and June 30, 2023, respectively. The fiscal quarters ended December 29, 2023, September 29, 2023 and December 30, 2022, are also referred to herein as the “December 2023 quarter”, the “September 2023 quarter” and the “December 2022 quarter”, respectively.</span></div>
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<div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other Long-Lived Assets</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. Effective from the first quarter of fiscal year 2024, the Company changed the useful lives of certain manufacturing equipment from a range of <span style="-sec-ix-hidden:f-382">three</span> to seven years to a range of <span style="-sec-ix-hidden:f-384">three</span> to ten years based on its review of technology product roadmap. The effect of this change in estimate increased the net income by approximately $30 million and $40 million for three and six months ended December 29, 2023, respectively. Loss per share decreased by $0.14 and $0.19 f</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">three and six months ended</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> December 29, 2023, respectively. </span></div><div style="margin-bottom:8pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Adopted Accounting Pronouncements</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-04 (ASC Subtopic 405-50), </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Supplier Finance Program Obligations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. This ASU requires disclosure of key terms of the outstanding supplier finance programs and a roll forward of the related obligations. The Company adopted this guidance in the quarter ended September 29, 2023. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.</span></div>
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