The company said Flash revenue rose 30% and HDD revenue rose 17% from the prior-year period for the 3 months ended March 29, 2024. It attributed the Flash increase to a 20% rise in exabytes sold and a 10% increase in average selling prices per gigabyte, and the HDD increase to a 25% rise in exabytes sold, partially offset by a 6% decline in average selling prices per gigabyte.

10-QQuarterly reportFiled Apr 30, 2024Period of report Mar 29, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said Flash revenue rose 30% and HDD revenue rose 17% from the prior-year period for the 3 months ended March 29, 2024. It attributed the Flash increase to a 20% rise in exabytes sold and a 10% increase in average selling prices per gigabyte, and the HDD increase to a 25% rise in exabytes sold, partially offset by a 6% decline in average selling prices per gigabyte.
The company said consolidated gross profit for the 3 months ended March 29, 2024 increased $715 million from the prior-year period. It cited better pricing in Flash and lower unabsorbed manufacturing overhead charges, which fell to approximately $16 million from $275 million in the prior-year period, as the main factors.
The company said its board approved a plan on October 30, 2023 to separate its HDD and Flash business units into two independent public companies, and that it is targeting completion in the second half of calendar 2024. The company also said that in March 2024, SanDisk China agreed to sell 80% of its equity interest in SDSS to JCET.
The company said it paid $363 million in taxes and $160 million in interest to the IRS, totaling $523 million, in the 9 months ended March 29, 2024, and that the remaining liability for all related years from 2008 to 2015 was $182 million. Financing cash inflows in the same period came from the issuance of 2028 Convertible Notes, among other sources.

Key figures

Quarter ended March 29, 2024

Revenue: $3.5B
Operating income: $273M
Net income: $135M
EPS: $0.34
Gross profit: $1.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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

Flash and HDD revenue rise in March 2024 quarter

The company said Flash revenue rose 30% and HDD revenue rose 17% from the prior-year period for the 3 months ended March 29, 2024. It attributed the Flash increase to a 20% rise in exabytes sold and a 10% increase in average selling prices per gigabyte, and the HDD increase to a 25% rise in exabytes sold, partially offset by a 6% decline in average selling prices per gigabyte.

Source · Based on the MD&A text of the filing

Gross profit up $715 million over 3 months

The company said consolidated gross profit for the 3 months ended March 29, 2024 increased $715 million from the prior-year period. It cited better pricing in Flash and lower unabsorbed manufacturing overhead charges, which fell to approximately $16 million from $275 million in the prior-year period, as the main factors.

Source · Based on the MD&A text of the filing

HDD, Flash separation plan and SDSS stake sale

The company said its board approved a plan on October 30, 2023 to separate its HDD and Flash business units into two independent public companies, and that it is targeting completion in the second half of calendar 2024. The company also said that in March 2024, SanDisk China agreed to sell 80% of its equity interest in SDSS to JCET.

Source · Based on the MD&A text of the filing

IRS payments of $523 million and financing activity over 9 months

The company said it paid $363 million in taxes and $160 million in interest to the IRS, totaling $523 million, in the 9 months ended March 29, 2024, and that the remaining liability for all related years from 2008 to 2015 was $182 million. Financing cash inflows in the same period came from the issuance of 2028 Convertible Notes, among other sources.

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

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