AI English summary of an SEC filing — figures as filed
Seagate Technology STXSeagate said that in the March 2024 quarter it shipped 99 exabytes of HDD storage capacity, generating revenue of about $1.7 billion with a gross margin of 26%. It said operating cash flow was $188 million and it paid $147 million in dividends.
Key points
AI summarySeagate said that in the March 2024 quarter it shipped 99 exabytes of HDD storage capacity, generating revenue of about $1.7 billion with a gross margin of 26%. It said operating cash flow was $188 million and it paid $147 million in dividends.
The company cited higher mass capacity exabytes shipped and pricing actions as the reasons revenue in the March 2024 quarter rose $100 million from the December 2023 quarter. It said revenue decreased $205 million compared with the March 2023 quarter.
Seagate said operating cash flow for the 9 months ended March 29, 2024 was $484 million. It said the issuance of the 2028 Notes provided net proceeds of $1.5 billion, which it used with other funds to repay Term Loans A1, A2 and A3 totaling $1.3 billion. It said dividends paid in the same period were $438 million.
Seagate said that on April 23, 2024 it sold certain intellectual property, equipment and other assets related to the design, development and manufacture of its System-on-Chip products to Avago Technologies International Sales Pte. Limited, a subsidiary of Broadcom Inc., for $600 million.
Key figures
Quarter ended March 29, 2024
- Revenue
- $1.7B
- Operating income
- $143M
- Net income
- $25M
- EPS
- $0.12
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
March 2024 Quarter Results Overview
Seagate said that in the March 2024 quarter it shipped 99 exabytes of HDD storage capacity, generating revenue of about $1.7 billion with a gross margin of 26%. It said operating cash flow was $188 million and it paid $147 million in dividends.
Source · Based on the MD&A text of the filing
Company Explanation of Revenue Changes
The company cited higher mass capacity exabytes shipped and pricing actions as the reasons revenue in the March 2024 quarter rose $100 million from the December 2023 quarter. It said revenue decreased $205 million compared with the March 2023 quarter.
Source · Based on the MD&A text of the filing
9-Month Cash Flow and Financing
Seagate said operating cash flow for the 9 months ended March 29, 2024 was $484 million. It said the issuance of the 2028 Notes provided net proceeds of $1.5 billion, which it used with other funds to repay Term Loans A1, A2 and A3 totaling $1.3 billion. It said dividends paid in the same period were $438 million.
Source · Based on the MD&A text of the filing
Subsequent Event: Sale of SoC Assets
Seagate said that on April 23, 2024 it sold certain intellectual property, equipment and other assets related to the design, development and manufacture of its System-on-Chip products to Avago Technologies International Sales Pte. Limited, a subsidiary of Broadcom Inc., for $600 million.
Source · Based on the MD&A text of the filing
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.
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