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STX · Seagate Technology Holdings plc

50 filings

10-Q

STX 10-Q Quarterly Reports

Seagate Technology Holdings plc - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K152

STX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 152 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Dec ’17Dec ’17
  2. Restructuring8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 3, 2026

    Seagate Technology Holdings plc (STX) reported a strong third quarter for fiscal year 2026, demonstrating significant revenue growth and improved profitability. Revenue increased substantially year-over-year, driven by strong demand in the Data Center market, particularly for high-capacity nearline drives, fueled by AI-driven applications and ongoing cloud infrastructure investments. The company also saw a notable improvement in gross margins, attributed to effective pricing strategies and a favorable product mix. The balance sheet reflects a healthy increase in cash and cash equivalents, bolstered by robust operating cash flow. While the company managed its debt obligations, including partial retirement of the 2028 Notes, significant outstanding debt remains. Seagate continues to invest in product development and capital expenditures, particularly in support of HAMR technology, while also returning capital to shareholders through dividends. The company remains confident in its liquidity position and ability to fund operations for the next twelve months.

    Apr 29, 2026
  2. 2026-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Jan 2, 2026

    Seagate Technology Holdings plc reported a strong performance for the quarter ended January 2, 2026, with revenue increasing to $2.8 billion, a significant rise from the prior year's comparable period. This growth was driven by robust demand, particularly in data center end markets, supported by AI-driven applications and sustained investments in cloud infrastructure. The company also saw a substantial improvement in gross margin, which rose to 41.6%, up from 35% in the previous year's quarter, attributed to strategic pricing actions and a favorable product mix. The company's net income for the quarter was $593 million, a notable increase from $336 million in the same period last year, with diluted earnings per share reaching $2.60. Seagate generated strong operating cash flow of $723 million during the quarter, which supported debt reduction efforts, including the retirement of $500 million in long-term debt, and continued dividend payments to shareholders. The balance sheet shows an increase in cash and cash equivalents to $1.05 billion. Despite the positive results, the company acknowledges ongoing macroeconomic uncertainties and geopolitical tensions that could impact future performance.

    Jan 30, 2026
  3. 2026-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 3, 2025

    Seagate Technology Holdings plc (STX) reported strong financial results for the quarter ending October 3, 2025. Revenue increased significantly year-over-year, driven by robust demand in Data Center markets, particularly from global cloud customers leveraging high-capacity nearline drives for AI applications. Net income and earnings per share saw substantial growth compared to the prior year's quarter. The company demonstrated improved operational efficiency, reflected in a higher gross margin. Seagate continues to focus on managing its debt obligations and executing its capital allocation strategies, including dividends and share repurchases. The company also highlighted its strategic shift in market segmentation to better reflect AI-driven demand, now categorizing its business into Data Center and Edge IoT markets.

    Oct 31, 2025
  4. 2025-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 28, 2025

    Seagate Technology Holdings plc (STX) reported a significant turnaround in its financial performance for the quarter ended March 28, 2025, with net income soaring to $340 million, a substantial increase from $25 million in the prior year's quarter. This surge was driven by a robust increase in revenue to $2.16 billion, up from $1.655 billion year-over-year, primarily attributed to higher demand for mass capacity nearline drives from cloud customers and favorable pricing strategies. Operationally, the company has successfully navigated temporary supply constraints and is benefiting from improved product mix and pricing actions, leading to a significant expansion in gross margin to 35.2% from 26% in the prior year's comparable quarter. While debt levels remain substantial, the company has made progress in managing its debt obligations, including the repayment of the 2025 Notes. Looking ahead, Seagate anticipates continued demand driven by data growth and emerging trends like Generative AI, although it remains vigilant of macroeconomic uncertainties and trade policy shifts.

    May 2, 2025
  5. 2025-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 27, 2024

    Seagate Technology Holdings plc (STX) reported a strong financial performance for the quarter ending December 27, 2024, showcasing significant year-over-year growth in revenue and a substantial improvement in gross margins. Revenue for the quarter reached $2.325 billion, up from $1.555 billion in the prior year's comparable period, driven by increased demand for high-capacity nearline drives and favorable pricing actions. This top-line growth, coupled with improved product mix and cost efficiencies, led to a gross margin of 35%, a marked increase from 23% in the previous year. The company also demonstrated robust operational profitability, with income from operations at $488 million, a significant jump from $124 million in the prior year. Net income attributable to shareholders was $336 million, translating to $1.55 per diluted share, a stark contrast to the net loss of $19 million reported in the same period last year. The balance sheet remains solid, with total assets increasing to $7.959 billion and total liabilities decreasing to $9.038 billion, primarily due to a reduction in current liabilities. Seagate also maintained a healthy cash position of $1.238 billion.

    Jan 24, 2025
  6. 2025-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 27, 2024

    Seagate Technology Holdings plc (STX) reported a significant turnaround in its financial performance for the quarter ending September 26, 2024, compared to the same period last year. The company achieved a net income of $305 million, a substantial improvement from a net loss of $184 million in the prior year's quarter. This turnaround was driven by a strong increase in revenue, reaching $2.17 billion, up from $1.45 billion year-over-year. The company benefited from increased demand for its high-capacity nearline drives, particularly from cloud customers, and favorable pricing actions. Key financial improvements include a gross margin of 33%, a significant jump from 10% in the prior year, reflecting better product mix and pricing strategies. Operating cash flow was $95 million, compared to $127 million in the prior year, indicating improved operational cash generation despite a slight decrease. The company continues to prioritize shareholder returns, declaring a quarterly dividend of $0.72 per share. While liquidity remains strong with $1.24 billion in cash and cash equivalents and an available $1.5 billion credit facility, investors should monitor ongoing macroeconomic conditions and the competitive landscape.

    Oct 25, 2024
  7. 2024-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 29, 2024

    Seagate Technology Holdings plc (STX) reported a net income of $25 million for the third quarter of fiscal year 2024, a significant improvement from a net loss of $433 million in the same quarter last year. Revenue for the quarter was $1.655 billion, a decrease from $1.860 billion in the prior year's comparable quarter, but showed a sequential increase from $1.555 billion in the second quarter of fiscal year 2024. The company highlighted an ongoing recovery in the cloud market and noted that customer inventory adjustments appear largely complete, suggesting an early stage of industry-wide demand recovery. Gross margin improved to 26% from 17% year-over-year, driven by favorable pricing actions and a decrease in depreciation expense due to extended useful lives of manufacturing equipment. The company ended the quarter with $795 million in cash and cash equivalents. Despite revenue decline year-over-year, the improved profitability and sequential revenue growth are positive indicators for investors. Seagate also announced a significant subsequent event: the sale of certain System-on-Chip (SoC) products, equipment, and related assets for $600 million to Avago Technologies, which is expected to further bolster its financial position.

    Apr 26, 2024
  8. 2024-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 29, 2023

    Seagate Technology Holdings plc (STX) reported $1.555 billion in revenue for the third quarter of fiscal year 2024, a decrease of 17.6% year-over-year. The company's net loss widened to $19 million, or $0.09 per diluted share, compared to a net loss of $33 million in the prior year's quarter. Despite the revenue decline, the gross margin improved significantly to 23% from 13% in the prior year quarter, driven by the absence of prior-period order cancellation fees and reduced factory underutilization charges. Financially, Seagate ended the quarter with $787 million in cash and cash equivalents. The company generated $296 million in operating cash flow for the first six months of the fiscal year, underscoring its ability to manage cash flow despite market challenges. Management highlighted a gradual recovery in the U.S. cloud market and continued cost discipline as key factors influencing performance. Looking ahead, the company anticipates continued macroeconomic headwinds but expects early signs of industry-wide demand recovery.

    Jan 26, 2024
  9. 2024-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 29, 2023

    Seagate Technology Holdings plc (STX) reported its financial results for the quarter ended September 28, 2023. The company experienced a significant year-over-year revenue decline, reflecting broad-based demand slowdown due to weaker macroeconomic conditions and customer inventory adjustments. This resulted in a net loss for the quarter. Despite the revenue challenges, Seagate took steps to manage its cost structure, including order cancellation fees and factory underutilization charges. The company also successfully refinanced a portion of its debt by issuing $1.5 billion in convertible senior notes and repaying $1.3 billion in term loans. Seagate maintained its quarterly dividend payment to shareholders and has a substantial repurchase authorization available.

    Oct 27, 2023
  10. 2023-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 31, 2023

    Seagate Technology Holdings plc (STX) reported a net loss of $433 million for the third quarter of fiscal year 2023, a significant shift from the $346 million net income in the same period last year. This loss was heavily influenced by a $300 million BIS settlement penalty recognized in the quarter, related to alleged violations of U.S. export administration regulations. Revenue also saw a substantial decline, falling to $1.86 billion from $2.80 billion year-over-year, attributed to decreased demand in mass capacity and legacy markets driven by macroeconomic conditions and customer inventory adjustments. Despite the net loss, the company's operating cash flow remained positive at $228 million for the quarter, indicating underlying operational cash generation. Seagate has initiated significant cost-saving measures, including expansion of its October 2022 restructuring plan and commitment to an April 2023 plan, aiming to reduce headcount by approximately 3,480 employees in total, with further charges expected. Management is focused on navigating macroeconomic headwinds and adjusting production plans to align with current market demand.

    Apr 26, 2023
  11. 2023-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 30, 2022

    Seagate Technology Holdings plc (STX) reported a net loss of $33 million ($0.16 per diluted share) for the fiscal second quarter ending December 30, 2022. This marks a significant shift from the $501 million net income reported in the same period last year. Revenue also saw a substantial decline, falling 39% year-over-year to $1.9 billion, largely attributed to macroeconomic headwinds and reduced demand in mass capacity markets. The company announced a significant restructuring plan, including a workforce reduction of approximately 3,000 employees (8% of its global workforce), aimed at aligning operational needs with current economic conditions. Despite the challenging top-line performance and net loss, Seagate executed a debt exchange, issuing $750 million in new notes for $964 million of existing notes, resulting in a $204 million gain on early extinguishment of debt. The company also maintained its quarterly cash dividend of $0.70 per share.

    Jan 25, 2023
  12. 2023-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 30, 2022

    Seagate Technology Holdings plc (STX) reported a significant decline in revenue for the quarter ending September 30, 2022, with revenues falling to $2.035 billion from $3.115 billion in the prior year's comparable quarter. This downturn is attributed to intensified macroeconomic headwinds, including broad-based customer purchase delays, particularly in the mass capacity market, exacerbated by global economic slowdowns, supply chain shortages for non-HDD components, and ongoing economic challenges in China. The company also experienced a substantial drop in gross margin to 24% from 31% in the prior year, impacted by factory underutilization costs, price erosion, and an unfavorable product mix. Despite the revenue and margin pressures, Seagate generated positive operating cash flow of $245 million. The company also took steps to manage its financial position, including issuing $600 million in new long-term debt, while continuing to return capital to shareholders through $147 million in dividends and $408 million in share repurchases. Looking ahead, Seagate announced a significant restructuring plan involving a reduction of approximately 3,000 employees (8% of its global workforce) to align operational needs with current economic conditions, expecting charges between $60 million and $70 million.

    Oct 27, 2022
  13. 2022-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 1, 2022

    Seagate Technology Holdings plc (STX) reported its financial results for the fiscal quarter ended March 31, 2022. The company demonstrated revenue growth driven by an increase in mass capacity storage exabytes shipped, though this was partially offset by declines in legacy markets. Gross margins saw improvement due to a better product mix, despite increased component and logistics costs related to global inflationary pressures and supply chain disruptions. The company also repaid a significant portion of its debt, reinforcing its focus on financial stability. Operationally, Seagate generated substantial cash flow from operations, which was utilized for debt repayment, share repurchases, and dividend payments to shareholders. The company continues to navigate ongoing impacts from the COVID-19 pandemic, including supply chain challenges and component shortages, which are affecting its non-HDD business. Despite these headwinds, Seagate remains focused on cost management and operational efficiencies, and has a strong liquidity position with significant availability under its revolving credit facility.

    Apr 28, 2022
  14. 2022-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 31, 2021

    Seagate Technology Holdings plc reported strong financial results for the second quarter and first half of fiscal year 2022, ending December 31, 2021. Revenue reached $3.1 billion for the quarter and $6.2 billion for the six-month period, demonstrating significant year-over-year growth, particularly driven by increased shipments in mass capacity storage. Net income for the quarter was $501 million, resulting in diluted earnings per share of $2.23, a substantial increase from the prior year's $1.12. The company also maintained a solid operating cash flow of $521 million for the quarter. Despite ongoing supply chain challenges and increased logistics costs related to the COVID-19 pandemic, Seagate has effectively managed its operations and financial position. The company also strengthened its balance sheet by issuing $1.2 billion in long-term debt while continuing its share repurchase program and dividend payments.

    Jan 27, 2022
  15. 2022-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 1, 2021

    Seagate Technology Holdings plc (STX) reported strong financial performance for the quarter ended October 1, 2021. Revenue surged to $3.1 billion, a significant increase from the previous year, primarily driven by robust demand in the mass capacity storage market. This top-line growth translated into substantial profitability, with net income rising to $526 million ($2.28 diluted EPS), more than double the prior year's $223 million ($0.86 diluted EPS). The company demonstrated improved operational efficiency, with gross margin expanding to 31% from 26% in the comparable prior-year period, attributed to a better product mix and favorable pricing, although offset by rising component and logistics costs. From a financial health perspective, Seagate maintained a solid liquidity position, with cash and cash equivalents totaling $991 million. The company continued its commitment to returning capital to shareholders through significant share repurchases ($425 million) and dividends ($153 million). Furthermore, Seagate successfully amended its credit agreement during the quarter, securing a new $1.2 billion term loan facility and extending its revolving credit facility, enhancing its financial flexibility. Despite ongoing supply chain challenges and increased logistics costs related to the COVID-19 pandemic, Seagate's strong execution and strategic focus on high-growth areas like mass capacity storage position it well for continued performance.

    Oct 28, 2021
  16. 2021-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 2, 2021

    Seagate Technology Holdings plc (STX) reported revenue of $2.731 billion for the third quarter of fiscal year 2021, a slight increase of $13 million compared to the same period last year. While revenue was relatively flat year-over-year, the company saw a shift in its revenue mix, with growth in mass capacity storage exabytes shipped offsetting a decline in legacy markets. For the nine-month period, revenue decreased by $324 million year-over-year, attributed to price erosion, reduced legacy market shipments, and the impact of the COVID-19 pandemic. The company maintained a gross margin of 27% for both the quarter and the nine-month period, indicating stable profitability despite revenue pressures. Net income for the quarter was $329 million, a slight increase from $320 million in the prior year's comparable quarter, with diluted EPS at $1.39. The balance sheet shows a decrease in cash and cash equivalents, largely due to significant share repurchases and dividend payments totaling $2.314 billion for the nine-month period, alongside capital expenditures of $374 million. Despite these outflows, Seagate maintains a strong liquidity position with approximately $1.2 billion in cash and cash equivalents and $1.725 billion available under its revolving credit facility, while remaining compliant with its debt covenants.

    Apr 29, 2021
  17. 2021-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Jan 1, 2021

    Seagate Technology Holdings plc's (STX) 10-Q filing for the quarter ended December 31, 2020, reveals a mixed financial performance. While revenue saw a slight sequential increase from the prior quarter, it declined year-over-year, impacted by price erosion and lingering effects of the COVID-19 pandemic. The company successfully managed its operating expenses, leading to improved gross margins sequentially, although they were down year-over-year. Financially, the company demonstrated strong operating cash flow, enabling significant share repurchases and dividend payments. However, the balance sheet reflects a substantial increase in long-term debt, likely to fund these capital allocation activities. Investors should note the ongoing challenges from global economic conditions and supply chain disruptions, which continue to pose risks to future performance. The company's commitment to operational efficiencies and its strong liquidity position provide some resilience amidst these headwinds.

    Jan 28, 2021
  18. 2021-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 2, 2020

    Seagate Technology Holdings plc (STX) reported its fiscal second quarter results for the period ending October 2, 2020. The company generated $2.314 billion in revenue, a decrease from the prior year's $2.578 billion, attributed to price erosion, lower demand influenced by the COVID-19 pandemic, and a slight dip in exabytes shipped. Despite the revenue decline, the company maintained a stable gross margin of 26% and demonstrated strong operational cash flow of $297 million. Financially, Seagate has a solid liquidity position with $1.664 billion in cash and cash equivalents and an undrawn $1.5 billion revolving credit facility. The company returned capital to shareholders through $167 million in dividends and repurchased $68 million of its ordinary shares. Management expects to remain compliant with its financial covenants and maintains a positive outlook on managing its cash needs for the next twelve months, while also noting the ongoing uncertainties posed by the COVID-19 pandemic.

    Oct 29, 2020
  19. 2020-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 3, 2020

    Seagate Technology Holdings plc (STX) reported revenues of $2.718 billion for the third quarter of fiscal year 2020, a notable increase from $2.313 billion in the same quarter of the prior year. This growth was primarily driven by a significant increase in mass capacity storage exabytes shipped, despite some price erosion. The company's net income for the quarter was $320 million, or $1.22 per diluted share, showing a strong recovery from $195 million in the prior year's quarter. This performance demonstrates resilience in its core markets and effective operational execution. Looking at the nine-month period, revenue stood at $7.992 billion, slightly down from $8.019 billion in the comparable period last year, reflecting overall market dynamics. Net income for the nine months was $838 million, or $3.15 per diluted share, compared to $1.029 billion in the prior year. The company continues to manage its capital effectively, repurchasing shares and paying dividends while maintaining a strong liquidity position, although the report notes potential ongoing impacts from the COVID-19 pandemic on supply chains and demand.

    Apr 30, 2020
  20. 2020-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Jan 3, 2020

    Seagate Technology Holdings plc (STX) reported financial results for the second fiscal quarter ended January 3, 2020. Revenue for the quarter was $2.70 billion, a slight decrease of 0.7% compared to the prior year quarter, primarily due to price erosion, although this was partially offset by an increase in exabytes shipped. Net income for the quarter stood at $318 million, or $1.20 per diluted share, a decrease from $384 million, or $1.34 per diluted share, in the same period last year. The company experienced a decline in gross margin to 28% from 29% year-over-year, impacted by price erosion and factory underutilization, though improved product mix and a change in depreciation schedules provided some offset. The company continued its capital allocation strategies, returning $335 million to shareholders through dividends and share repurchases in the six-month period ending January 3, 2020. Despite a decrease in cash and cash equivalents from $2.22 billion to $1.74 billion, Seagate maintains a strong liquidity position with $1.7 billion in cash and cash equivalents and $1.5 billion available under its revolving credit facility. Management indicated confidence in meeting its liquidity needs for the next 12 months, remaining compliant with its financial covenants.

    Feb 5, 2020
  21. 2020-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 4, 2019

    Seagate Technology Holdings plc (STX) reported a net income of $200 million for the fiscal quarter ended October 4, 2019, a significant decrease from $450 million in the same period of the previous year. This decline was primarily driven by a substantial drop in revenue, which fell to $2.58 billion from $2.99 billion year-over-year, impacted by less favorable market conditions and price erosion in the HDD market. Despite the revenue decline, the company maintained its gross margin percentage at 26% sequentially, though it was down from 31% in the prior year quarter, largely due to price erosion and factory under-utilization. Financially, Seagate actively managed its capital structure during the quarter. The company repurchased $620 million of its senior notes and borrowed $500 million under a new Term Loan. Significant share repurchases ($450 million) and dividends ($170 million) were also executed. The company ended the quarter with $1.78 billion in cash and cash equivalents, demonstrating a focus on returning capital to shareholders while also managing debt. The company also made a change in accounting estimate regarding the useful lives of its manufacturing equipment, which increased net income by $23 million for the quarter.

    Nov 1, 2019
  22. 2019-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 29, 2019

    Seagate's fiscal Q3 2019 (quarter ended March 29, 2019) showed a sharp slowdown in profitability as revenue fell to $2.31 billion, down 17% year over year from $2.80 billion and down 15% sequentially from $2.72 billion. Gross margin compressed to 26% from 30% a year earlier and 29% in the prior quarter, driven by price erosion and factory underutilization. Net income fell to $195 million, or $0.69 per diluted share, versus $381 million and $1.31 per share in the year-ago quarter. Nine-month revenue of $8.02 billion was down 4%, though nine-month net income rose to $1.03 billion from $721 million, helped by lower tax expense and higher interest income on the Toshiba Memory (TMC) preferred investment. Cash generation and capital returns remained substantial but tightened. Operating cash flow for the nine months was $1.31 billion, down from $1.65 billion, mainly due to a $366 million decline in accounts payable. Capital expenditures rose to $451 million from $270 million, and the company repurchased $613 million of shares and paid $539 million in dividends. Cash and equivalents fell to $1.39 billion from $1.85 billion after repaying $499 million of 2018 notes. The company replaced its $700 million revolver with a $1.3 billion facility maturing in 2024, of which $200 million was drawn. The Board declared a quarterly dividend of $0.63 per share, unchanged from prior periods. For investors, the central issues are the weaker quarterly margin trend, the price pressure visible in the revenue decline, and the dependence on the roughly $1.3 billion TMC investment and its payment-in-kind income. Balance sheet leverage is moderate, with about $4.6 billion of debt against $1.69 billion of equity and an accumulated deficit of $4.8 billion, and the company stated it was in compliance with its revolver covenants.

    Apr 30, 2019
  23. 2019-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 28, 2018

    Seagate's fiscal Q2 2019 (quarter ended December 28, 2018) showed revenue of $2.715 billion, down 7% year over year from $2.914 billion and down about 9% sequentially from $2.991 billion. Gross margin was 29%, versus 30% a year earlier and 31% in the September quarter, as price erosion and unfavorable mix weighed on results. Operating income was $416 million and net income was $384 million, or $1.34 diluted EPS, compared with $159 million ($0.55) a year earlier. The year-over-year earnings improvement reflects a $197 million discrete tax charge in the prior-year quarter, lower restructuring and operating expenses, and higher interest income and currency gains. Sequentially, earnings declined as HDD exabytes shipped fell to 87 from 99 and ASPs slipped to $68 from $70. Cash generation and capital returns remained the focus. Operating cash flow for the six months was $875 million, down from $1,087 million, largely due to a $240 million reduction in accounts payable. Seagate repaid the $499 million 3.75% 2018 notes at maturity, paid $361 million in dividends, repurchased $286 million of shares, and spent $304 million on capital expenditures. Cash and equivalents fell to $1.357 billion. Liquidity remains supported by the $700 million undrawn revolver, which runs through January 2020, and the company was in compliance with its modified covenants. The board declared a $0.63 quarterly dividend on February 4, 2019. Investors should also note the $1.3 billion investment in Toshiba Memory Corporation preferred stock, which is held at amortized cost and accrues PIK income. Its estimated fair value was $1.272 billion, an unrealized loss of $28 million, so it is a meaningful, non-cash-marked balance sheet exposure. Total debt was about $4.36 billion principal, and the company continued to reduce its shares outstanding while guiding to capex of 6% to 8% of revenue for fiscal 2019.

    Feb 4, 2019
  24. 2019-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 28, 2018

    Seagate Technology plc reported fiscal Q1 2019 (quarter ended September 28, 2018) with revenue of $2,991 million, up 14% from $2,632 million a year earlier, driven by higher exabytes shipped (99 EB vs. 70 EB) partially offset by price erosion (HDD ASP of $70 vs. $64 a year ago, but down from $72 sequentially). Gross margin was 31%, up roughly 300 basis points year over year but down about 100 basis points sequentially on NAND pricing and general price erosion. GAAP net income was $450 million, or $1.54 per diluted share, versus $181 million ($0.62) a year earlier, benefiting from higher operating income of $503 million and lower restructuring, amortization, and marketing and administrative expenses. Cash generation was strong, with operating cash flow of $587 million against capital expenditures of $177 million, leaving free cash flow of roughly $410 million. Cash and cash equivalents rose to $1,942 million. Shareholder returns included $181 million in dividends and $150 million in share repurchases. Subsequent to quarter end, the Board declared a $0.63 quarterly dividend and authorized an additional $2.3 billion share repurchase program, which together with the $0.7 billion remaining authorization gives substantial capacity for future buybacks. Key balance sheet considerations include $4.86 billion of principal debt, with $499 million of 3.75% notes due November 2018 classified as current, and a $1.26 billion investment in preferred stock of Toshiba Memory Corporation (TMC) carried at cost with payment-in-kind income. The company adopted ASC 606 revenue recognition this quarter, with an impact described as not material, and it maintained a $700 million undrawn revolving credit facility. Management also reaffirmed that fiscal 2019 capital expenditures are expected to remain below the long-term target range of 6% to 8% of revenue.

    Nov 2, 2018
  25. 2018-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 30, 2018

    Seagate's fiscal Q3 2018 (quarter ended March 30, 2018) showed a business that is generating solid profits and cash while managing a heavy debt load and returning capital to shareholders. Revenue was $2.80 billion, roughly flat year over year (up about $129 million from the March 2017 quarter) and down about $111 million sequentially from December 2017, as price erosion offset higher exabyte shipments of 87 EB (versus 65 EB a year earlier). Gross margin was 30%, down about 100 basis points year over year. Operating income rose to $441 million from $266 million, helped by lower product development, marketing and restructuring costs. Net income was $381 million, or $1.31 per diluted share, though it reflects a $212 million one-time provisional charge from remeasuring U.S. deferred tax assets under the Tax Cuts and Jobs Act. Excluding that charge, the effective tax rate would have been far lower than the reported 3% for the quarter. Cash generation remained healthy, with $558 million of operating cash flow in the quarter and $1.645 billion year-to-date. The company paid $179 million in dividends in the quarter and $545 million year-to-date, and repurchased $361 million of shares during the nine months. Total debt is about $4.9 billion principal, with $503 million classified as current, mainly the 3.75% notes due November 2018. Cash and equivalents of $2.9 billion and an undrawn $700 million revolver provide liquidity to address that maturity. Management reiterated a dividend of $0.63 per share, declared May 1, 2018. The key items to watch are pricing pressure in the disk drive market, the pace of cost reduction after several restructuring plans, and the status of the proposed Toshiba Memory acquisition, for which Seagate has an equity commitment of up to about $1.31 billion. The filing also flags that the company has no material change to risk factors and that, as of March 30, 2018, the disclosure controls were effective.

    May 1, 2018
  26. 2018-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 29, 2017

    Seagate Technology plc's fiscal Q2 2018 10-Q (quarter ended December 29, 2017) shows revenue of $2,914M, up roughly 1% year over year and up about 11% sequentially from $2,632M, with gross margin of 30% (vs. 31% a year earlier, 28% in the prior quarter). Operating income rose to $433M from $370M, helped by lower operating expenses (product development, marketing and administrative, and restructuring all declined year over year). Net income fell to $159M from $297M, because of a provisional $208M one-time tax charge tied to the remeasurement of U.S. deferred tax assets under the Tax Cuts and Jobs Act. Excluding that charge, the quarter's earnings would have been considerably stronger, and the effective tax rate was about 56% as reported. Cash generation remained solid, with six-month operating cash flow of $1,087M against capital expenditures of $201M. The company returned capital through $366M in dividends and $361M in share repurchases during the six months, and repaid $152M of debt, including $150M of its 3.75% 2018 Notes. Total debt was $4.9B principal at quarter end, with $560M classified as current because of the November 2018 maturity. Cash and equivalents were $2.56B, and the $700M revolver remained undrawn. Management expects fiscal 2018 capex below 5% of revenue and announced a quarterly dividend of $0.63 per share, unchanged from prior periods. Key watch items for investors include the pricing environment (management cited price erosion as a persistent headwind), the pending acquisition of Toshiba Memory through a commitment of up to roughly $1.24B in preferred equity, the restructuring program, and the ongoing reduction of the debt stack. Shareholders' equity fell to $1.06B, largely because of the tax charge and capital returns, and accumulated deficit widened to $5.17B.

    Jan 29, 2018
  27. 2018-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 29, 2017

    Seagate Technology plc's fiscal Q1 2018 (quarter ended September 29, 2017) showed revenue of $2,632 million, up roughly 9% sequentially from $2,406 million in the June 2017 quarter but down about 6% from $2,797 million a year earlier. Gross margin held at 28%, flat sequentially and down 100 basis points year over year, as price erosion (HDD ASPs of $64 versus $67 a year ago) was partly offset by a 70 exabyte shipment volume, the highest in the period shown, and by cost savings from workforce and manufacturing consolidation. Operating income rose to $255 million from $196 million sequentially, helped by lower product development and marketing spend, though restructuring charges of $51 million remained elevated. Net income was $181 million, or $0.62 per diluted share, compared with $114 million in the prior quarter. Cash generation was weaker than earnings suggest. Operating cash flow fell to $237 million from $591 million a year earlier, driven by a $87 million reduction in accrued employee compensation from variable pay payouts and a $30 million decline in accounts payable. The company returned $350 million to shareholders through $184 million in dividends and $166 million in buybacks, and cash and equivalents declined to $2.285 billion from $2.539 billion. Total debt stood at about $5.0 billion, and the revolver remained undrawn. Leverage has not improved, and shareholder distributions currently exceed free cash flow after $124 million of capex. The most significant forward-looking item is the September 28, 2017 Equity Commitment Letter to fund up to JPY 139.5 billion (about $1.25 billion) of preferred equity in K.K. Pangea, the vehicle Bain Capital is using to acquire Toshiba Memory Corporation. The filing signals this is aimed at securing long-term NAND supply, so it represents a strategic commitment that carries execution risk, given that the deal depends on regulatory approvals. The company also declared a $0.63 quarterly dividend, unchanged, and disclosed a $1.1 billion remaining buyback authorization.

    Oct 27, 2017
  28. 2017-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 31, 2017

    Seagate's fiscal third quarter ended March 31, 2017 showed a sharp earnings recovery year over year. Revenue was $2,674 million, up about 3% from $2,595 million in the March 2016 quarter but down $220 million sequentially from the December 2016 quarter, reflecting seasonal demand and price erosion. Gross margin expanded to 31% from 20% a year earlier, driven by product mix and factory utilization gains from restructuring. Operating income rose to $266 million from $27 million, and net income was $194 million, or $0.65 per diluted share, versus a net loss of $21 million a year earlier. Results were still pressured by $48 million of restructuring charges and a $26 million impairment on the Korea design center and land. Balance sheet and cash flow strengthened meaningfully. Cash and cash equivalents rose to $3,026 million from $1,125 million at fiscal year-end 2016, supported by operating cash flow of $1,673 million for the nine months. The company issued $1.25 billion of new senior notes (4.25% due 2022 and 4.875% due 2024) and used proceeds, along with cash, to repurchase part of its 2018, 2023, 2025 and 2027 notes. Total debt was about $5.3 billion principal, and the 7% 2021 notes were called for redemption on May 1, 2017. Shareholder returns continued through a quarterly dividend of $0.63 per share, with $1.5 billion remaining under the buyback authorization, though no shares were repurchased in the quarter. Key considerations for investors include the sequential revenue decline, continued price pressure in the disk drive market, leverage that remains high relative to equity of $1.6 billion, and ongoing restructuring costs. Management expects capital expenditures below 5% of revenue for fiscal 2017 and says liquidity is sufficient for the next 12 months.

    Apr 28, 2017
  29. 2017-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 30, 2016

    Seagate's fiscal Q2 2017 (quarter ended December 30, 2016) showed a clear operational recovery. Revenue was $2,894 million, down 3% year over year from $2,986 million but up 3.5% sequentially. Gross margin expanded to 31%, up 600 basis points from 25% a year earlier and 200 basis points from 29% in the September quarter, driven by favorable product mix, factory utilization gains from restructuring, and manufacturing consolidation, partly offset by price erosion. Operating income rose to $370 million from $229 million, and net income more than doubled to $297 million, or $1.00 per diluted share, versus $0.55 a year earlier. Operating cash flow for the six months was $1,247 million, and free cash flow after $235 million of capex was roughly $1.0 billion. The quality of earnings warrants some caution. Restructuring charges remained elevated at $115 million for the six months, including the ongoing July 2016 plan to cut about 6,500 jobs, and a $25 million impairment of a strategic investment hit other expense. Unit shipments fell to 40 million from 46 million a year earlier, with client compute volumes declining sharply, so the margin improvement rests heavily on mix and cost actions rather than volume growth. Working capital also contributed to cash flow, with a $170 million increase in payables partly offset by a $140 million inventory build, and management attributed some of the inventory increase to units built in anticipation of manufacturing footprint changes. Capital allocation remains shareholder-focused but is constrained by leverage. The company paid $188 million in dividends, repurchased $248 million of shares, and declared a $0.63 quarterly dividend. Total debt is about $4.1 billion against $1.7 billion of cash, and shareholders' equity fell to $1.5 billion, leaving the balance sheet highly levered. The $700 million revolver is undrawn, and management says it is in compliance with its modified covenants and expects to remain so for the next 12 months. Investors will want to watch whether restructuring savings persist as charges wind down and whether the company can sustain its payout while managing a $800 million note maturity in November 2018.

    Jan 26, 2017
  30. 2017-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 30, 2016

    Seagate's fiscal Q1 2017 (quarter ended September 30, 2016) showed a clear operating recovery. Revenue was $2,797 million, down about 4% from $2,925 million a year earlier but up 5% sequentially from $2,654 million. Gross margin expanded to 29%, up roughly 500 basis points year over year and 400 basis points sequentially, driven by favorable product mix (high-capacity enterprise HDDs), better factory utilization from workforce and manufacturing consolidation, partially offset by price erosion. Income from operations rose to $221 million from $86 million, and net income was $167 million ($0.55 diluted EPS) versus $34 million ($0.11) a year ago. Operating cash flow was $592 million and capital expenditures were $140 million, leaving free cash flow of roughly $452 million. Capital returns continued alongside cost restructuring. The company repurchased $101 million of shares, paid $188 million in dividends (declared in the quarter, paid October 5, 2016), and ended the quarter with about $1.5 billion in cash and short-term investments. Total debt was about $4.1 billion, and no borrowings were drawn on the $700 million revolver. The company recorded $82 million in restructuring charges tied to the July 2016 plan, which targets roughly 6,500 headcount reductions and runs through fiscal 2017. Shipments rose to 39 million units (67 exabytes) from 37 million sequentially, though they were down from 47 million a year earlier, when client compute demand was stronger. Key watch items for investors are the still-thin balance sheet (stockholders' equity of only $1.5 billion, with accumulated deficit of $4.5 billion), continued price pressure in the HDD market, the sustainability of the margin gains, and the pace of restructuring savings. The company also guided capital expenditures to below 5% of revenue for fiscal 2017 and declared a quarterly dividend of $0.63 per share on October 19, 2016.

    Oct 28, 2016
  31. 2016-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 1, 2016

    Seagate Technology plc (STX) reported a net loss of $21 million, or $(0.07) per diluted share, for the quarter ended April 1, 2016. This represents a significant decline from the same quarter last year, when the company posted a net income of $291 million. Revenue also saw a substantial decrease, falling to $2.6 billion from $3.3 billion year-over-year, primarily driven by lower demand for client compute and enterprise hard drives and price erosion. The company's financial performance was impacted by a challenging market environment characterized by accelerated declines in drive unit shipments. Despite the revenue and profitability decline, Seagate continued to return capital to shareholders through dividends and share repurchases. The company also completed the acquisition of Dot Hill Systems Corp. during the nine-month period, aiming to strengthen its cloud storage systems business.

    Apr 29, 2016
  32. 2016-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Jan 1, 2016

    Seagate Technology Holdings plc (STX) reported its fiscal second quarter 2016 results for the period ending January 1, 2016. Revenue for the quarter was $2.99 billion, a decrease from $3.70 billion in the same period last year, reflecting lower unit shipments and price erosion, primarily due to decreased demand in personal computing devices. Net income also saw a significant decline, falling to $165 million ($0.55 per diluted share) from $933 million ($2.78 per diluted share) year-over-year. Despite the revenue and profit decline, the company completed the acquisition of Dot Hill Systems Corp. for $674 million, which is expected to expand its cloud storage systems business. Operationally, the company experienced a decrease in gross margin percentage due to price erosion, although product mix improvements partially offset this. Operating expenses were reduced year-over-year, driven by workforce restructuring and increased operational efficiencies. Seagate also continued its capital return program, repurchasing $1.06 billion in ordinary shares and paying $351 million in dividends during the six-month period. The company maintains a strong liquidity position with approximately $1.3 billion in cash, cash equivalents, and short-term investments, along with a $700 million revolving credit facility.

    Jan 29, 2016
  33. 2016-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 2, 2015

    Seagate Technology Holdings plc's (STX) 10-Q filing for the quarter ended October 2, 2015, reveals a significant decline in revenue and net income compared to the prior year's quarter. Revenue dropped from $3.785 billion to $2.925 billion, and net income plummeted from $381 million to $34 million. This decline is attributed to a decrease in unit shipments and price erosion in the disk drive market. Despite the revenue drop, the company reported a substantial operating cash flow of $824 million, driven by improvements in accounts receivable and payable management. Seagate also continued its aggressive share repurchase program, spending $983 million during the quarter, and declared a dividend of $0.54 per share. The company also announced a new restructuring plan involving the reduction of approximately 1,000 employees, incurring a charge of $59 million.

    Oct 30, 2015
  34. 2015-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 3, 2015

    Seagate Technology plc reported its financial results for the quarter and nine months ended April 3, 2015. For the quarter, revenue was $3.33 billion, a slight decrease year-over-year, while net income stood at $291 million. The nine-month period showed revenue growth to $10.81 billion and a significant increase in net income to $1.61 billion, partly driven by a substantial arbitration award from Western Digital. The company continued to execute its capital return strategy, with significant share repurchases and dividend payments during the period. Acquisitions, specifically LSI's Flash Business and Xyratex, are being integrated and are contributing to expanded product portfolios and operational expenses. Financially, Seagate maintained a strong liquidity position with $2.6 billion in cash and equivalents. Debt management remained active, with the company redeeming some notes and announcing the redemption of others. The company also secured an amendment to its revolving credit facility, increasing its capacity and extending its maturity. Despite some revenue pressure in the quarter, the company's gross margin remained stable, supported by a favorable product mix and cost-saving initiatives. Management highlighted ongoing investments in product development and integration costs associated with recent acquisitions.

    Apr 30, 2015
  35. 2015-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Jan 2, 2015

    Seagate Technology Holdings plc (STX) reported strong financial results for the quarter and six months ended January 2, 2015. The company demonstrated significant revenue growth compared to the prior year, driven by increased unit shipments and a favorable product mix, despite some price erosion. A notable event impacting the current period was the substantial gain from the arbitration award against Western Digital, which significantly boosted net income. Despite increased operating expenses related to recent acquisitions (LSI's Flash Business and Xyratex), the company managed to maintain a stable gross margin percentage due to cost savings and operational efficiencies. Seagate also addressed its debt structure by issuing new senior notes and repurchasing existing debt. The company's liquidity remains strong, supported by operating cash flow and an undrawn revolving credit facility. Investors should note the significant one-time gain from the arbitration award which inflated the current period's net income. While the company's core operational performance appears solid, the impact of ongoing acquisitions and market dynamics on future profitability and expenses will be key areas to monitor. The company also provided an update on its tax assessments, particularly in China, which resulted in a significant provision but is expected to add stability.

    Jan 30, 2015
  36. 2015-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 3, 2014

    Seagate Technology Holdings plc (STX) reported its financial results for the fiscal quarter ended October 3, 2014. The company generated revenue of $3.785 billion, a notable increase from the previous year, driven by higher unit shipments. Despite this revenue growth, gross margin remained stable at 28%, indicating a strong pricing environment partially offset by product mix. Key strategic moves during the quarter included the completion of the acquisition of LSI Corporation's Flash Business for $450 million, aimed at strengthening Seagate's position in the flash storage market. The company also continued its capital return program, repurchasing shares and paying dividends, while managing its debt through buybacks. Financially, Seagate maintained a healthy operating cash flow of $602 million, though overall cash and equivalents saw a decrease due to these strategic investments and capital allocations.

    Nov 3, 2014
  37. 2014-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 28, 2014

    Seagate Technology plc (STX) reported its financial results for the fiscal third quarter ending March 28, 2014. The company demonstrated resilience with revenue of $3.41 billion, a slight decrease of 3% year-over-year, reflecting stable unit shipments. Profitability remained robust, with income from operations at $444 million and net income attributable to Seagate Technology plc at $395 million, resulting in diluted earnings per share of $1.17. The company maintained a strong liquidity position, with $2.26 billion in cash and cash equivalents, and continues to return value to shareholders through share repurchases and dividends. Operationally, Seagate focused on managing its product mix and cost efficiencies to offset price erosion in the competitive disk drive market. The company highlighted continued investment in product development, particularly in alternative storage technologies. Subsequent to the quarter, Seagate announced the acquisition of Xyratex Ltd. for approximately $376 million, further strengthening its vertically integrated supply chain and expanding its storage solutions portfolio. The company affirmed its commitment to financial discipline, with $1.5 billion remaining under its share repurchase authorization.

    Apr 30, 2014
  38. 2014-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 27, 2013

    Seagate Technology Holdings plc (STX) reported its quarterly results for the period ending December 27, 2013. The company generated $3.528 billion in revenue, a slight decrease of 4% compared to the same quarter in the prior year, primarily due to lower unit shipments. Despite the revenue dip, gross margins remained stable at 28%, reflecting a balance between pricing and product mix. Key financial activities during the quarter included significant share repurchases totaling $1.52 billion and the issuance of $800 million in senior notes. The company also announced its intention to acquire Xyratex Ltd. for approximately $374 million. While operating expenses, particularly in product development and marketing/administrative areas, saw an increase, the company maintained profitability. The balance sheet reflects a strengthening cash position, with cash and cash equivalents increasing substantially, driven by strong operating cash flow and debt issuance.

    Jan 28, 2014
  39. 2014-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 27, 2013

    Seagate Technology plc (STX) reported its quarterly results for the period ending September 27, 2013. Revenue for the quarter was $3.49 billion, a slight increase from the previous quarter but a decrease compared to the same period last year. Net income attributable to Seagate Technology plc was $427 million, resulting in diluted earnings per share of $1.16. The company maintained a strong operational cash flow of $682 million and ended the quarter with a healthy cash and cash equivalents balance of $1.92 billion. Key financial activities during the quarter included share repurchases totaling $182 million and dividend payments of $135 million. The company also highlighted its ongoing investments in product development, with R&D expenses remaining stable quarter-over-quarter but increasing year-over-year. Seagate continues to manage its debt obligations, with no borrowings drawn on its $500 million revolving credit facility and a focus on maintaining compliance with its financial covenants.

    Oct 29, 2013
  40. 2013-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 29, 2013

    Seagate Technology plc's (STX) 10-Q filing for the period ending March 29, 2013, reveals a significant decrease in revenue for the quarter compared to the prior year, primarily due to a normalization of average selling prices (ASPs) after the Thailand flood-related supply constraints in the previous year. While unit shipments also saw a slight decline, the company managed to maintain its gross margin percentage sequentially, though it was lower year-over-year. The company demonstrated strong operational cash flow generation. However, significant cash outflows were directed towards share repurchases and debt redemptions, indicating a focus on capital return to shareholders and deleveraging. The balance sheet shows a reduction in cash and equivalents and overall assets, reflecting these cash uses. The acquisition of LaCie S.A. is ongoing, with the company increasing its ownership stake. Despite the revenue dip, the company remains focused on product development and has seen increased R&D spending.

    May 2, 2013
  41. 2013-Q2-A

    Seagate Technology Holdings plc Quarterly Report (Amendment) for Q2 Ended Dec 28, 2012

    This filing is an amendment to Seagate Technology Holdings plc's (STX) previously filed quarterly report for the period ending December 28, 2012. The amendment is primarily administrative, serving to include an updated Third Amendment to the Seagate Deferred Compensation Plan as Exhibit 10.56 and to correct a clerical error in the Interactive Data files (Exhibit 101). Importantly, the amendment explicitly states that no other changes or updates to the disclosures in the original filing have been made, and it does not reflect events occurring after the original filing date. Investors should refer to the original Form 10-Q filing for the substantive financial and operational information pertaining to the quarter.

    Jan 31, 2013
  42. 2013-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 28, 2012

    Seagate Technology plc's (STX) 10-Q filing for the period ending December 28, 2012, reveals a solid financial performance characterized by robust revenue and profitability. The company demonstrated strong operational cash flow generation, which supported significant share repurchases and dividend payments. Strategic acquisitions, particularly the LaCie S.A. acquisition, are being integrated to expand market reach, especially in consumer storage. The company also benefited from the full inclusion of the Samsung HDD business in its results. While the company reported a slight sequential decrease in revenue due to price erosion, year-over-year revenue growth was driven by increased volumes, including contributions from the Samsung acquisition. Gross margins saw a decrease compared to the prior year's quarter, largely attributed to higher ASPs in the prior year following the Thailand flooding impact on industry supply. Despite these pressures, Seagate's financial position remains strong, supported by substantial cash reserves and an undrawn revolving credit facility.

    Jan 29, 2013
  43. 2013-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 28, 2012

    Seagate Technology Holdings plc (STX) reported a strong performance for the quarter ending September 28, 2012, with revenue significantly increasing year-over-year to $3.732 billion, up from $2.811 billion in the prior year's comparable quarter. This growth was driven by higher unit volumes, including contributions from the recently acquired Samsung HDD business, and improved pricing. Net income also saw a substantial increase to $582 million, or $1.42 per diluted share, compared to $140 million, or $0.32 per diluted share, in the same period last year. Operationally, the company demonstrated robust cash flow generation, with $1.132 billion in cash provided by operating activities. Seagate also actively managed its capital structure, repurchasing approximately $669 million of its ordinary shares during the quarter. The acquisition of a controlling interest in LaCie S.A. for $107 million was completed, aimed at strengthening its position in the consumer storage market. While the company faces ongoing market demand fluctuations and competitive pressures, the results reflect effective integration of acquisitions and positive revenue momentum.

    Oct 31, 2012
  44. 2012-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Mar 30, 2012

    Seagate Technology plc reported strong financial performance for the nine months ended March 30, 2012, driven by a significant increase in revenue compared to the prior year. This growth was substantially fueled by the strategic acquisition of Samsung's HDD business in December 2011, which contributed $484 million in revenue and $61 million in net income for the nine-month period. The integration of Samsung's operations has positively impacted revenue and is expected to bolster Seagate's position in key growth markets. Despite industry-wide supply chain disruptions from the Thailand floods in late 2011, Seagate demonstrated resilience, benefiting from a favorable pricing environment and higher average selling prices (ASPs), which resulted in improved gross margins. Financially, the company saw a substantial increase in net income, rising to $1.85 billion for the nine months ended March 30, 2012, from $392 million in the prior year. This was accompanied by a robust increase in cash provided by operating activities, although significant cash outflows were observed in investing and financing activities, largely due to the Samsung acquisition, debt repayments, and substantial share repurchases. Seagate continues to prioritize shareholder returns, having declared dividends and executed significant share buybacks, underscoring a focus on profitability and capital allocation. The company maintains a strong liquidity position with considerable cash and investments.

    Apr 30, 2012
  45. 2012-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 30, 2011

    Seagate's fiscal Q2 2012 (quarter ended December 30, 2011) was a sharply profitable period driven by a supply shock rather than structural improvement. Revenue rose 18% year-over-year to $3.195 billion and net income more than tripled to $563 million, or $1.28 diluted EPS. Gross margin expanded to 32% from 19% a year earlier as Thailand flooding in October 2011 constrained industry supply, lifting average selling prices to $67 per unit from $55. Management attributes the pricing environment to unmet demand and expects calendar 2012 unit demand to exceed supply, but investors should treat the current margin level as partly cyclical and tied to a temporary constraint on competitors' output. The quarter also marked two major structural events. Seagate completed the acquisition of Samsung's hard disk drive business on December 19, 2011, for about $1.14 billion, consisting of $571 million in cash and 45.2 million shares. The deal adds 2.5-inch product capability, Chinese and Southeast Asian customer access, and roughly $437 million of goodwill plus $580 million of intangibles, which will weigh on amortization and carries integration costs and Chinese regulatory conditions. Capital allocation shifted toward shareholders: the quarterly dividend was raised to $0.25 from $0.18, and the board added a $1 billion buyback authorization after the period end. Balance sheet and cash flow show a clear de-leveraging step but also some working-capital strain. Cash, short-term investments and restricted cash fell $928 million to $2.3 billion, largely due to the Samsung cash payment, $594 million of debt repayment, $361 million of capital spending and $154 million of dividends. Operating cash flow was a solid $879 million for the six months, though accounts payable fell $500 million, reflecting supplier payment timing changes and accelerated payments tied to flood-affected suppliers. Total debt declined to $2.9 billion after the October 2011 maturity of the $560 million 2011 notes, and the company repurchased $30 million of its 10% 2014 notes at a premium. Interest expense rose to $127 million for the six months, so the higher-margin quarter has not yet translated into a dramatically lower interest burden.

    Feb 1, 2012
  46. 2012-Q1

    Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 30, 2011

    Seagate's first-quarter fiscal 2012 10-Q (quarter ended September 30, 2011) shows revenue of $2.81 billion, roughly flat sequentially and up 4% year over year, on 50.7 million units shipped at a gross margin of 20%. Operating income was $236 million, up from $190 million in the June quarter but roughly flat with the $231 million a year earlier, helped by lower product development and marketing and administrative expense. Net income was $140 million, or $0.32 diluted EPS, compared with $119 million in the prior quarter and $149 million a year ago. Below-the-line costs rose sharply: other expense was $84 million, driven by higher interest expense on a larger debt load, a deferred compensation plan loss, and a $7 million equity investment impairment. Cash generation weakened. Operating cash flow fell to $160 million from $245 million a year earlier, mainly because accounts payable declined $298 million as material purchases were concentrated early in the quarter. Capital expenditures of $218 million, $128 million of share repurchases, and $78 million of dividends pushed cash, short-term investments and restricted cash down $265 million to $2.99 billion. Total debt stood at about $3.5 billion principal, and a $560 million note maturing in October 2011 was repaid on October 3. The company also declared its first quarterly dividend of $0.18 per share, payable November 18, 2011. The most significant forward-looking risk is the severe flooding in Thailand, which management says will substantially disrupt the industry's component supply chain and affect production over multiple quarters. The pending $687.5 million cash plus roughly 45.2 million share acquisition of Samsung's HDD assets remains on track to close by calendar year-end 2011 after European Commission approval, though other regulatory approvals are still outstanding. Management's disclosure of a $72.5 million to $82.5 million termination fee exposure and the ongoing Convolve, Siemens and Rambus litigation add further uncertainty.

    Oct 27, 2011
  47. 2011-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 1, 2011

    Seagate Technology Holdings plc (STX) reported its fiscal third-quarter results for the period ending April 1, 2011. The company experienced a decrease in revenue compared to the prior year, with revenue for the quarter at $2.7 billion, down from $3.05 billion in the same period last year. This decline is attributed to a persistent competitive pricing environment in the disk drive industry. Gross margin also saw a significant reduction, falling to 19% from 30% year-over-year, further impacted by intense market competition and a lack of substantial new product introductions. Despite the revenue and margin pressures, the company generated positive operating cash flow of $947 million for the nine months ended April 1, 2011. Seagate continued its share repurchase program, investing $405 million in buybacks during the quarter. Looking ahead, Seagate announced a significant pending transaction to acquire certain hard disk drive assets from Samsung Electronics Co., Ltd. for $687.5 million in cash and approximately 45.2 million shares. This strategic move is expected to close by the end of the calendar year 2011 and is subject to regulatory approvals.

    May 3, 2011
  48. 2011-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Dec 31, 2010

    Seagate Technology Holdings plc (STX) reported its quarterly results for the period ending December 31, 2010. The company saw a decline in revenue and net income compared to the previous year, largely attributed to a competitive pricing environment in the disk drive industry. Revenue for the quarter was $2.72 billion, down from $3.03 billion in the same period last year, while net income was $150 million, a significant drop from $533 million. For the six-month period, revenue stood at $5.42 billion, down from $5.69 billion year-over-year, with net income at $299 million, down from $712 million. Despite the revenue and profit decline, Seagate maintained a strong liquidity position with $2.53 billion in cash and cash equivalents. The company also strategically raised $736 million through the issuance of new long-term debt (7.75% Senior Notes due December 2018) and continued its share repurchase program, buying back $305 million worth of shares during the quarter. Management highlighted efforts to navigate industry pricing pressures and maintain operational efficiency, with a focus on product development and cost management.

    Feb 3, 2011
  49. 2011-Q2

    Seagate Technology Holdings plc Quarterly Report for Q2 Ended Oct 1, 2010

    Seagate Technology Holdings plc's 10-Q filing for the period ending October 1, 2010, reveals a quarter with stable revenue of $2.7 billion, largely consistent with the prior year's period. While unit shipments saw a modest increase, the company experienced a significant decline in gross margin to 20% from 27% in the previous quarter, primarily attributed to a competitive pricing environment and continued weakness in consumer spending impacting demand. Despite these pressures, the company generated $245 million in operating cash flow, though this was partially offset by substantial debt redemptions and capital expenditures. Key financial shifts include a reduction in long-term debt and a decrease in cash and cash equivalents. The company also noted a notable increase in sales program accruals, reflecting the challenging pricing landscape. While revenue remained flat, the operational efficiency and profitability were impacted by these market conditions, making cost management and pricing strategies critical focus areas for the company moving forward. Investors should monitor how Seagate navigates the competitive pricing environment and its impact on future margins.

    Nov 3, 2010
  50. 2010-Q3

    Seagate Technology Holdings plc Quarterly Report for Q3 Ended Apr 2, 2010

    Seagate Technology Holdings plc (STX) reported a strong recovery in its third quarter of fiscal year 2010, with revenue surging by 42% year-over-year to $3.05 billion, driven by a 31% increase in unit shipments and a broader industry recovery from the global economic downturn. The company achieved net income of $518 million, or $1.00 per diluted share, a significant improvement from the net loss reported in the same period last year. This performance highlights Seagate's ability to capitalize on improving market conditions and manage its operations effectively. The company demonstrated a strengthening balance sheet, with cash and cash equivalents increasing by $635 million to $2.06 billion, primarily fueled by robust operating cash flow of $1.61 billion for the first nine months of the fiscal year. Seagate also actively managed its capital structure by repurchasing $251 million of its common shares and repaying significant portions of its debt. Looking ahead, Seagate is focused on maintaining its market leadership, managing supply chain constraints, and continuing its cost efficiency initiatives.

    May 5, 2010