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10-Q Filing

Seagate Technology Holdings plc CIK: 1137789 Q1 2024
Filing Information
Form Type 10-Q
Accession Number 0001137789-23-000128
Period End Date 20230930
Filing Date 20231027
Fiscal Year 2024
Fiscal Period Q1
XBRL Instance stx-20230929_htm.xml
Balance Sheet 54 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $795.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $615.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $761.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $786.00M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $521.00M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $621.00M USD Point-in-time
Inventories InventoryNet $1.14B USD Point-in-time
Inventories InventoryNet $1.05B USD Point-in-time
Other current assets OtherAssetsCurrent $268.00M USD Point-in-time
Other current assets OtherAssetsCurrent $358.00M USD Point-in-time
Total current assets AssetsCurrent $2.64B USD Point-in-time
Total current assets AssetsCurrent $2.90B USD Point-in-time
Property, equipment and leasehold improvements, net PropertyPlantAndEquipmentNet $1.65B USD Point-in-time
Property, equipment and leasehold improvements, net PropertyPlantAndEquipmentNet $1.71B USD Point-in-time
Goodwill Goodwill $1.24B USD Point-in-time
Goodwill Goodwill $1.24B USD Point-in-time
Deferred Income Tax Assets, Net DeferredIncomeTaxAssetsNet $1.12B USD Point-in-time
Deferred Income Tax Assets, Net DeferredIncomeTaxAssetsNet $1.09B USD Point-in-time
Other assets, net OtherAssetsNoncurrent $584.00M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $591.00M USD Point-in-time
Total Assets Assets $7.20B USD Point-in-time
Total Assets Assets $7.56B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.51B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.60B USD Point-in-time
Accrued employee compensation EmployeeRelatedLiabilitiesCurrent $100.00M USD Point-in-time
Accrued employee compensation EmployeeRelatedLiabilitiesCurrent $88.00M USD Point-in-time
Accrued warranty ProductWarrantyAccrualClassifiedCurrent $78.00M USD Point-in-time
Accrued warranty ProductWarrantyAccrualClassifiedCurrent $84.00M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $790.00M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $748.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.59B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.47B USD Point-in-time
Long-term accrued warranty ProductWarrantyAccrualNoncurrent $90.00M USD Point-in-time
Long-term accrued warranty ProductWarrantyAccrualNoncurrent $92.00M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $685.00M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $667.00M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $5.39B USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $5.67B USD Point-in-time
Total Liabilities Liabilities $8.90B USD Point-in-time
Total Liabilities Liabilities $8.76B USD Point-in-time
Ordinary shares and additional paid-in capital CommonStocksIncludingAdditionalPaidInCapital $7.37B USD Point-in-time
Ordinary shares and additional paid-in capital CommonStocksIncludingAdditionalPaidInCapital $7.34B USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-15.00M USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $98.00M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-8.67B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-9.03B USD Point-in-time
Total Shareholders Deficit StockholdersEquity $-351.00M USD Point-in-time
Total Shareholders Deficit StockholdersEquity $109.00M USD Point-in-time
Total Shareholders Deficit StockholdersEquity $-1.20B USD Point-in-time
Total Shareholders Deficit StockholdersEquity $-1.70B USD Point-in-time
Total Liabilities and Shareholders Deficit LiabilitiesAndStockholdersEquity $7.20B USD Point-in-time
Total Liabilities and Shareholders Deficit LiabilitiesAndStockholdersEquity $7.56B USD Point-in-time
Less: current portion of debt, net of debt issuance costs LongTermDebtCurrent $63.00M USD Point-in-time
Less: current portion of debt, net of debt issuance costs LongTermDebtCurrent - USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $2.04B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.45B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $1.30B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $1.55B USD 1 Quarter
Product development ResearchAndDevelopmentExpense $234.00M USD 1 Quarter
Product development ResearchAndDevelopmentExpense $171.00M USD 1 Quarter
Marketing and administrative SellingGeneralAndAdministrativeExpense $129.00M USD 1 Quarter
Marketing and administrative SellingGeneralAndAdministrativeExpense $105.00M USD 1 Quarter
Amortization of intangibles Amortizationofintangibleassetsexcludingamountincludedincostofrevenue - USD 1 Quarter
Amortization of intangibles Amortizationofintangibleassetsexcludingamountincludedincostofrevenue $3.00M USD 1 Quarter
Restructuring Charges RestructuringCharges $2.00M USD 1 Quarter
Restructuring Charges RestructuringCharges $9.00M USD 1 Quarter
Total operating expenses CostsAndExpenses $1.58B USD 1 Quarter
Total operating expenses CostsAndExpenses $1.93B USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $107.00M USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $-129.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $1.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.00M USD 1 Quarter
Interest expense InterestExpense $71.00M USD 1 Quarter
Interest expense InterestExpense $84.00M USD 1 Quarter
Net gain recognized from termination of interest rate swap GainLossOnTerminationOfInterestRateSwapNet $104.00M USD 1 Quarter
Net gain recognized from termination of interest rate swap GainLossOnTerminationOfInterestRateSwapNet - USD 1 Quarter
Net loss recognized from early redemption of debt GainsLossesOnExtinguishmentOfDebt $-29.00M USD 1 Quarter
Net loss recognized from early redemption of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-10.00M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-11.00M USD 1 Quarter
Other expense, net NonoperatingIncomeExpense $-80.00M USD 1 Quarter
Other expense, net NonoperatingIncomeExpense $-18.00M USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-147.00M USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $27.00M USD 1 Quarter
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $37.00M USD 1 Quarter
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $-2.00M USD 1 Quarter
Net (loss) income NetIncomeLoss $29.00M USD 1 Quarter
Net (loss) income NetIncomeLoss $-184.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.14 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.88 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.88 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.14 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 208.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 208.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 210.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 208.00M shares 1 Quarter
Cash dividends declared per ordinary share (in dollars per share) CommonStockDividendsPerShareDeclared $0.70 USD 1 Quarter
Cash dividends declared per ordinary share (in dollars per share) CommonStockDividendsPerShareDeclared $0.70 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $29.00M USD 1 Quarter
Net (loss) income NetIncomeLoss $-184.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $135.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $76.00M USD 1 Quarter
Share-based compensation ShareBasedCompensation $25.00M USD 1 Quarter
Share-based compensation ShareBasedCompensation $29.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-5.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $28.00M USD 1 Quarter
Other non-cash operating activities, net OtherNoncashIncomeExpense $-13.00M USD 1 Quarter
Other non-cash operating activities, net OtherNoncashIncomeExpense $50.00M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-434.00M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-100.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $41.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-88.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-300.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-70.00M USD 1 Quarter
Accrued employee compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-12.00M USD 1 Quarter
Accrued employee compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-146.00M USD 1 Quarter
Accrued expenses, income taxes and warranty IncreaseDecreaseInOtherAccruedLiabilities $4.00M USD 1 Quarter
Accrued expenses, income taxes and warranty IncreaseDecreaseInOtherAccruedLiabilities $54.00M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-93.00M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-65.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $245.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $127.00M USD 1 Quarter
Acquisition of property, equipment and leasehold improvements PaymentsToAcquirePropertyPlantAndEquipment $70.00M USD 1 Quarter
Acquisition of property, equipment and leasehold improvements PaymentsToAcquirePropertyPlantAndEquipment $133.00M USD 1 Quarter
Proceeds from the sale of assets ProceedsFromSaleOfOtherAssetsInvestingActivities $1.00M USD 1 Quarter
Proceeds from the sale of assets ProceedsFromSaleOfOtherAssetsInvestingActivities - USD 1 Quarter
Purchases of investments PaymentsToAcquireAssetsInvestingActivities $1.00M USD 1 Quarter
Purchases of investments PaymentsToAcquireAssetsInvestingActivities - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-70.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-133.00M USD 1 Quarter
Redemption and repurchase of debt RepaymentsOfLongTermDebt - USD 1 Quarter
Redemption and repurchase of debt RepaymentsOfLongTermDebt $1.29B USD 1 Quarter
Dividends to shareholders PaymentsOfDividendsCommonStock $147.00M USD 1 Quarter
Dividends to shareholders PaymentsOfDividendsCommonStock $145.00M USD 1 Quarter
Repurchases of ordinary shares PaymentsForRepurchaseOfCommonStock $408.00M USD 1 Quarter
Repurchases of ordinary shares PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $39.00M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $25.00M USD 1 Quarter
Proceeds from issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $1.50B USD 1 Quarter
Proceeds from issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $600.00M USD 1 Quarter
Proceeds from issuance of ordinary shares under employee stock plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $29.00M USD 1 Quarter
Proceeds from issuance of ordinary shares under employee stock plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $35.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-1.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-126.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-49.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $34.00M USD 1 Quarter
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD 1 Quarter
Increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $146.00M USD 1 Quarter
Increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $9.00M USD 1 Quarter
Cash, cash equivalents and restricted cash at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $617.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $763.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $788.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $797.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $617.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $763.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $788.00M USD Point-in-time
Cash, cash equivalents and restricted cash at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $797.00M USD Point-in-time
Gain (loss) on repurchase of debt instrument GainLossOnRepurchaseOfDebtInstrument - USD 1 Quarter
Gain (loss) on repurchase of debt instrument GainLossOnRepurchaseOfDebtInstrument $-7.00M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $-351.00M USD Point-in-time
Beginning balance StockholdersEquity $109.00M USD Point-in-time
Beginning balance StockholdersEquity $-1.20B USD Point-in-time
Beginning balance StockholdersEquity $-1.70B USD Point-in-time
Net (loss) income NetIncomeLoss $29.00M USD 1 Quarter
Net (loss) income NetIncomeLoss $-184.00M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-113.00M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $37.00M USD 1 Quarter
Issuance of ordinary shares under employee share plans StockIssuedDuringPeriodValueShareBasedCompensation $35.00M USD 1 Quarter
Issuance of ordinary shares under employee share plans StockIssuedDuringPeriodValueShareBasedCompensation $29.00M USD 1 Quarter
Repurchases of ordinary shares StockRepurchasedDuringPeriodValue $400.00M USD 1 Quarter
Capped calls related to the issuance of convertible notes AdjustmentsToAdditionalPaidInCapitalCappedCallOptionsIssuanceOfConvertibleNotes $95.00M USD 1 Quarter
Tax withholding related to vesting of restricted stock units (in shares) SharesPaidForTaxWithholdingForShareBasedCompensation 0.00 shares 1 Quarter
Tax withholding related to vesting of restricted share units AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $39.00M USD 1 Quarter
Tax withholding related to vesting of restricted share units AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $25.00M USD 1 Quarter
Dividends to shareholders ($0.70 per ordinary share) DividendsCommonStockCash $146.00M USD 1 Quarter
Dividends to shareholders ($0.70 per ordinary share) DividendsCommonStockCash $145.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $29.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $25.00M USD 1 Quarter
Ending balance StockholdersEquity $-351.00M USD Point-in-time
Ending balance StockholdersEquity $109.00M USD Point-in-time
Ending balance StockholdersEquity $-1.20B USD Point-in-time
Ending balance StockholdersEquity $-1.70B USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $29.00M USD 1 Quarter
Net (loss) income NetIncomeLoss $-184.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-1.00M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-113.00M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $37.00M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $66.00M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $-297.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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