The company said it shipped 95 exabytes of HDD storage capacity in the December 2023 quarter, generating revenue of approximately $1.6 billion with a gross margin of 23%. Operating cash flow was $169 million, and it paid $146 million in dividends in the same quarter.

1. 01

   The company said it shipped 95 exabytes of HDD storage capacity in the December 2023 quarter, generating revenue of approximately $1.6 billion with a gross margin of 23%. Operating cash flow was $169 million, and it paid $146 million in dividends in the same quarter.

2. 02

   Seagate said revenue in the December 2023 quarter rose $101 million from the September 2023 quarter, and it cited higher shipments of mass capacity and legacy storage exabytes as the main driver. The company also cited the non-recurrence of $118 million in order cancellation fees and a $23 million reduction in factory underutilization charges as factors behind the gross margin increase.

3. 03

   The company said operating cash flow was $296 million for the 6 months ended December 29, 2023. Over the same period, it received $1.5 billion in net proceeds from the issuance of exchangeable senior notes, repaid $1.3 billion of term loans, paid $291 million in dividends and spent $140 million on capital expenditures.

4. 04

   The company said it held approximately $787 million in cash and cash equivalents as of December 29, 2023, along with $1.5 billion available for borrowing under the Revolving Credit Facility, and had no borrowings outstanding. It also said that under the BIS Settlement Agreement, it will make quarterly payments of $15 million over 5 years, of which $60 million is expected to be paid within 1 year and $225 million thereafter.

Key figures

Quarter ended December 29, 2023

Revenue

$1.6B

Operating income

$124M

Net income

−$19M

EPS

−$0.09

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.