$STX
Seagate Technology Holdings plc

2024 Q2 Form 10-Q Financial Statement

#000113778924000034 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.887B $1.655B
YoY Change 17.79% -11.02%
Cost Of Revenue $1.287B $1.230B
YoY Change -0.85% -20.18%
Gross Profit $600.0M $425.0M
YoY Change 97.37% 33.23%
Gross Profit Margin 31.8% 25.68%
Selling, General & Admin $131.0M $116.0M
YoY Change 14.91% -5.69%
% of Gross Profit 21.83% 27.29%
Research & Development $158.0M $164.0M
YoY Change -8.14% -14.14%
% of Gross Profit 26.33% 38.59%
Depreciation & Amortization $63.00M $63.00M
YoY Change -39.42% -50.0%
% of Gross Profit 10.5% 14.82%
Operating Expenses $289.0M $280.0M
YoY Change 1.05% -10.83%
Operating Profit $311.0M $143.0M
YoY Change 1627.78% -145.4%
Interest Expense -$75.00M $82.00M
YoY Change -3.85% 1.23%
% of Operating Profit -24.12% 57.34%
Other Income/Expense, Net -$14.00M -$85.00M
YoY Change -12.5% 0.0%
Pretax Income $538.0M $58.00M
YoY Change -732.94% -114.5%
Income Tax $25.00M $33.00M
% Of Pretax Income 4.65% 56.9%
Net Earnings $513.0M $25.00M
YoY Change -657.61% -105.77%
Net Earnings / Revenue 27.19% 1.51%
Basic Earnings Per Share $0.12
Diluted Earnings Per Share $2.39 $0.12
COMMON SHARES
Basic Shares Outstanding 210.0M shares 209.5M shares
Diluted Shares Outstanding 213.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.358B $795.0M
YoY Change 72.77% 3.79%
Cash & Equivalents $1.358B $795.0M
Short-Term Investments
Other Short-Term Assets $306.0M $297.0M
YoY Change -14.53% -53.38%
Inventory $1.239B $1.191B
Prepaid Expenses
Receivables $429.0M $332.0M
Other Receivables $0.00 $125.0M
Total Short-Term Assets $3.332B $2.615B
YoY Change 14.7% -27.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.614B $1.639B
YoY Change -5.39% -6.5%
Goodwill $1.200B $1.237B
YoY Change -2.99% 0.0%
Intangibles
YoY Change
Long-Term Investments $12.00M $21.00M
YoY Change -78.18% -62.5%
Other Assets $1.574B $553.0M
YoY Change 166.33% 119.44%
Total Long-Term Assets $4.407B $4.481B
YoY Change -5.25% 2.54%
TOTAL ASSETS
Total Short-Term Assets $3.332B $2.615B
Total Long-Term Assets $4.407B $4.481B
Total Assets $7.739B $7.096B
YoY Change 2.42% -10.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.786B $1.672B
YoY Change 11.42% -1.47%
Accrued Expenses $834.0M $758.0M
YoY Change 11.5% 13.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $479.0M $479.0M
YoY Change 660.32% -57.16%
Total Short-Term Liabilities $3.099B $3.062B
YoY Change 19.56% -15.86%
LONG-TERM LIABILITIES
Long-Term Debt $5.195B $5.192B
YoY Change -3.58% 7.27%
Other Long-Term Liabilities $936.0M $653.0M
YoY Change 36.64% 61.63%
Total Long-Term Liabilities $6.131B $5.845B
YoY Change 0.96% 11.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.099B $3.062B
Total Long-Term Liabilities $6.131B $5.845B
Total Liabilities $9.230B $8.985B
YoY Change 5.43% 0.16%
SHAREHOLDERS EQUITY
Retained Earnings -$8.960B -$9.319B
YoY Change 3.34% 10.55%
Common Stock $7.471B
YoY Change 1.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.491B -$1.889B
YoY Change
Total Liabilities & Shareholders Equity $7.739B $7.096B
YoY Change 2.42% -10.93%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $513.0M $25.00M
YoY Change -657.61% -105.77%
Depreciation, Depletion And Amortization $63.00M $63.00M
YoY Change -39.42% -50.0%
Cash From Operating Activities $434.0M $188.0M
YoY Change 100.0% -17.9%
INVESTING ACTIVITIES
Capital Expenditures $54.00M $60.00M
YoY Change 8.0% 11.11%
Acquisitions
YoY Change
Other Investing Activities $337.0M $8.000M
YoY Change -35.19% -27.27%
Cash From Investing Activities $283.0M -$52.00M
YoY Change -39.79% 20.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -154.0M -128.0M
YoY Change -76.91% -32.63%
NET CHANGE
Cash From Operating Activities 434.0M 188.0M
Cash From Investing Activities 283.0M -52.00M
Cash From Financing Activities -154.0M -128.0M
Net Change In Cash 563.0M 8.000M
YoY Change 2715.0% -300.0%
FREE CASH FLOW
Cash From Operating Activities $434.0M $188.0M
Capital Expenditures $54.00M $60.00M
Free Cash Flow $380.0M $128.0M
YoY Change 127.54% -26.86%

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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 nine months ended March 29, 2024 and March 31, 2023 consisted of 13 and 39 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 March 29, 2024, December 29, 2023 and March 31, 2023, are also referred to herein as the “March 2024 quarter”, the “December 2023 quarter” and the “March 2023 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-388">three</span> to seven years to a range of <span style="-sec-ix-hidden:f-390">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</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$30 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$70 million for three and nine months ended March 29, 2024, respectively. Earnings per share for the three months ended March 29, 2024 increased by </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$0.14 and loss per share for the nine months ended </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 29, 2024</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by $0.33.</span></div>
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CY2024Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
1000000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
213000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
209000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207000000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.11
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.11
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
CY2023Q2 stx Loss Contingency Settlement Amount
LossContingencySettlementAmount
300000000 usd
CY2023Q2 stx Loss Contingency Settlement Quarterly Installments Amount
LossContingencySettlementQuarterlyInstallmentsAmount
15000000 usd
CY2023Q2 stx Loss Contingency Settlement Terms Period Of Payments
LossContingencySettlementTermsPeriodOfPayments
P5Y
CY2023Q2 stx Loss Contingency Settlement Number Of Audits
LossContingencySettlementNumberOfAudits
3 audit
CY2023Q2 stx Loss Contingency Number Of Third Party Audits
LossContingencyNumberOfThirdPartyAudits
1 audit
CY2023Q2 stx Loss Contingency Settlement Number Of Internal Audits
LossContingencySettlementNumberOfInternalAudits
2 audit
CY2023Q2 stx Loss Contingency Settlement Suspended Denial Order Period
LossContingencySettlementSuspendedDenialOrderPeriod
P5Y
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
300000000 usd
stx Increase Decrease In Accrual For Loss Contingency
IncreaseDecreaseInAccrualForLossContingency
-30000000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
2500000000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
79000000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
234000000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
1500000000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
718000000 usd
CY2024Q1 stx Recorded Unconditional Purchase Obligation Order Cancellation Fees
RecordedUnconditionalPurchaseObligationOrderCancellationFees
-1000000 usd
stx Recorded Unconditional Purchase Obligation Order Cancellation Fees
RecordedUnconditionalPurchaseObligationOrderCancellationFees
113000000 usd
CY2024Q1 stx Recorded Unconditional Purchase Obligation Accrued Order Cancellation Fees
RecordedUnconditionalPurchaseObligationAccruedOrderCancellationFees
134000000 usd

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