Seagate Technology Holdings plc Files 10-Q for Period Ending March 29, 2024
Ticker: STX · Form: 10-Q · Filed: Apr 26, 2024 · CIK: 1137789
Sentiment: neutral
Topics: Seagate Technology, 10-Q, Financial Report, Computer Storage, Q3 Earnings
TL;DR
<b>Seagate Technology Holdings plc filed its Q3 2024 10-Q report on April 26, 2024.</b>
AI Summary
Seagate Technology Holdings plc (STX) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Seagate Technology Holdings plc filed a 10-Q report for the period ending March 29, 2024. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on June 28. The filing was made on April 26, 2024. The company's principal business is Computer Storage Devices.
Why It Matters
For investors and stakeholders tracking Seagate Technology Holdings plc, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Seagate Technology Holdings plc. Understanding the Q3 results is crucial for assessing the company's current financial health and future prospects in the computer storage market.
Risk Assessment
Risk Level: medium — Seagate Technology Holdings plc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the specific financial performance detailed within the report could indicate medium-term risks or opportunities.
Analyst Insight
Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any disclosed risks.
Key Numbers
- 2024-03-29 — Period End Date (Quarterly report period)
- 2024-04-26 — Filing Date (Date the report was submitted)
- 0628 — Fiscal Year End (Company's fiscal year end date)
Key Players & Entities
- Seagate Technology Holdings plc (company) — Filer of the report
- 0001137789-24-000034 (filing_id) — Accession Number
- 2024-03-29 (date) — Period of report
- 2024-04-26 (date) — Filed as of date
- 3572 (sic_code) — Standard Industrial Classification for Computer Storage Devices
FAQ
When did Seagate Technology Holdings plc file this 10-Q?
Seagate Technology Holdings plc filed this Quarterly Report (10-Q) with the SEC on April 26, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Seagate Technology Holdings plc (STX).
Where can I read the original 10-Q filing from Seagate Technology Holdings plc?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Seagate Technology Holdings plc.
What are the key takeaways from Seagate Technology Holdings plc's 10-Q?
Seagate Technology Holdings plc filed this 10-Q on April 26, 2024. Key takeaways: Seagate Technology Holdings plc filed a 10-Q report for the period ending March 29, 2024.. The filing covers the third quarter of their fiscal year.. The company's fiscal year ends on June 28..
Is Seagate Technology Holdings plc a risky investment based on this filing?
Based on this 10-Q, Seagate Technology Holdings plc presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the specific financial performance detailed within the report could indicate medium-term risks or opportunities.
What should investors do after reading Seagate Technology Holdings plc's 10-Q?
Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any disclosed risks. The overall sentiment from this filing is neutral.
How does Seagate Technology Holdings plc compare to its industry peers?
Seagate Technology Holdings plc operates in the computer storage devices industry, a sector critical for data storage solutions across consumer and enterprise markets.
Are there regulatory concerns for Seagate Technology Holdings plc?
As a publicly traded company, Seagate Technology Holdings plc is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.
Industry Context
Seagate Technology Holdings plc operates in the computer storage devices industry, a sector critical for data storage solutions across consumer and enterprise markets.
Regulatory Implications
As a publicly traded company, Seagate Technology Holdings plc is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.
What Investors Should Do
- Analyze the financial statements for revenue, net income, and cash flow for the quarter ended March 29, 2024.
- Review any management discussion and analysis (MD&A) for insights into business performance and outlook.
- Compare the reported figures to previous periods and analyst expectations to gauge performance trends.
Key Dates
- 2024-03-29: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
- 2024-04-26: Filing Date — Date the 10-Q report was officially submitted to the SEC.
Year-Over-Year Comparison
This filing represents the quarterly update for the period ending March 29, 2024, providing the latest financial snapshot compared to previous filings.
Filing Stats: 5,021 words · 20 min read · ~17 pages · Grade level 16.5 · Accepted 2024-04-26 16:20:10
Key Financial Figures
- $0.00001 — registered Ordinary Shares, par value $0.00001 per share STX The NASDAQ Global Select
Filing Documents
- stx-20240329.htm (10-Q) — 1852KB
- exhibit21_silverxassetpurc.htm (EX-2.1) — 558KB
- stx-ex311_20240329.htm (EX-31.1) — 11KB
- stx-ex312_20240329.htm (EX-31.2) — 11KB
- stx-ex321_20240329.htm (EX-32.1) — 10KB
- 0001137789-24-000034.txt ( ) — 9762KB
- stx-20240329.xsd (EX-101.SCH) — 49KB
- stx-20240329_cal.xml (EX-101.CAL) — 70KB
- stx-20240329_def.xml (EX-101.DEF) — 299KB
- stx-20240329_lab.xml (EX-101.LAB) — 596KB
- stx-20240329_pre.xml (EX-101.PRE) — 474KB
- stx-20240329_htm.xml (XML) — 1531KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets - March 29, 2024 (Unaudited) and June 30, 2023 4 Condensed Consolidated Statements of Operations - Three and Nine Months Ended March 29, 202 4 and March 3 1 , 202 3 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months Ended March 29, 2024 and March 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows - Nine Months Ended March 29, 2024 and March 31, 2023 (Unaudited) 7 Condensed Consolidated Statements of Shareholders' Deficit - Three and Nine Months Ended March 29, 2024 and March 31, 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 39 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 60 Item 6. Exhibits 61
SIGNATURES
SIGNATURES 62 2 Table of Contents PART I FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Table of Contents Page Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Shareholders' Deficit 8 Notes to Condensed Consolidated Financial Statements 9 Note 1. Basis of Presentation and Summary of Significant Accounting Policies 9 Note 2. Balance Sheet Information 11 Note 3. Debt 14 Note 4. Income Taxes 16 Note 5. Restructuring and Other, net 16 Note 6. Derivative Financial Instruments 17 Note 7. Fair Value 20 Note 8. Shareholders' Deficit 23 Note 9. Revenue 24 Note 10. Guarantees 24 Note 11. Net Income (Loss) Per Share 25 Note 12. Legal, Environmental and Other Contingencies 26 Note 13. Commitments 28 Note 14. Subsequent Events 28 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents SEAGATE TECHNOLOGY HOLDINGS PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) March 29, 2024 June 30, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 795 $ 786 Accounts receivable, net 332 621 Inventories, net 1,191 1,140 Other current assets 297 358 Total current assets 2,615 2,905 Property, equipment and leasehold improvements, net 1,639 1,706 Goodwill 1,237 1,237 Deferred income taxes 1,052 1,117 Other assets, net 553 591 Total Assets $ 7,096 $ 7,556 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,672 $ 1,603 Accrued employee compensation 75 100 Accrued warranty 78 78 Current portion of long-term debt 479 63 Accrued expenses 758 748 Total current liabilities 3,062 2,592 Long-term accrued warranty 78 90 Other non-current liabilities 653 685 Long-term debt, less current portion 5,192 5,388 Total Liabilities 8,985 8,755 Commitments and contingencies (See Notes 10, 12 and 13) Shareholders'