Fiscal Q3 2024 Highlights
- Revenue of $1.66 billion
- GAAP diluted earnings per share (EPS) of $0.12; non-GAAP
diluted EPS of $0.33
- Cash flow from operations of $188 million and free cash flow of
$128 million
- Declared cash dividend of $0.70 per share
Seagate Technology Holdings plc (NASDAQ: STX) (the “Company” or
“Seagate”), the leading innovator of mass-capacity storage
solutions, today reported financial results for its fiscal third
quarter ended March 29, 2024.
"Seagate’s March quarter revenue grew 6% and non-GAAP EPS more
than doubled over the December quarter as we benefit from improving
cloud demand, our strong operating discipline and price execution.
This combination sets the foundation for a return to target margin
performance as the markets recover," said Dave Mosley, Seagate’s
chief executive officer.
"This constructive demand backdrop is well-timed as we prepare
to ramp our Mozaic products, anchored by industry-leading HAMR
technology. HAMR-based products offer compelling economic value for
our customers and position Seagate to drive further financial
performance gains, as well as capitalize on favorable long-term
demand for mass capacity storage."
Quarterly Financial Results
GAAP
Non-GAAP
FQ3 2024
FQ3 2023
FQ3 2024
FQ3 2023
Revenue ($M)
$
1,655
$
1,860
$
1,655
$
1,860
Gross Margin
25.7
%
17.2
%
26.1
%
18.7
%
Operating Margin
8.6
%
(16.9
%)
11.1
%
3.5
%
Net Income (Loss) ($M)
$
25
$
(433
)
$
71
$
(58
)
Diluted Earnings (Loss) Per Share
$
0.12
$
(2.09
)
$
0.33
$
(0.28
)
During the fiscal third quarter the Company generated $188
million in cash flow from operations, $128 million in free cash
flow, and returned $147 million of capital to shareholders through
its quarterly dividend. As of the end of the quarter, cash and cash
equivalents totaled $795 million, and there were 210 million
ordinary shares issued and outstanding.
For a detailed reconciliation of GAAP to non-GAAP results, see
accompanying financial tables.
Seagate has issued a Supplemental Financial Information
document, which is available on Seagate’s Investor Relations
website at investors.seagate.com.
Quarterly Cash Dividend
The Board of Directors of the Company (the “Board”) declared a
quarterly cash dividend of $0.70 per share, which will be payable
on July 5, 2024 to shareholders of record as of the close of
business on June 20, 2024. The payment of any future quarterly
dividends will be at the discretion of the Board and will be
dependent upon Seagate’s financial position, results of operations,
available cash, cash flow, capital requirements and other factors
deemed relevant by the Board.
Business Outlook
The business outlook for the fiscal fourth quarter 2024 is based
on our current assumptions and expectations; actual results may
differ materially as a result of, among other things, the important
factors discussed in the Cautionary Note Regarding Forward-Looking
Statements section of this release.
The Company is providing the following guidance for its fiscal
fourth quarter 2024:
- Revenue of $1.85 billion, plus or minus $150 million
- Non-GAAP diluted EPS of $0.70, plus or minus $0.20
Guidance regarding non-GAAP diluted EPS excludes known pre-tax
charges related to estimated share-based compensation expenses of
$0.16 per share.
We have not reconciled our non-GAAP diluted EPS guidance for
fiscal fourth quarter 2024 to the most directly comparable GAAP
measure, other than estimated share-based compensation expenses,
because material items that may impact these measures are out of
our control and/or cannot be reasonably predicted, including, but
not limited to, accelerated depreciation, impairment and other
charges related to cost saving efforts, net (gain) loss recognized
from early redemption of debt, purchase order cancellation fees,
strategic investment losses (gains) or impairment charges, income
tax adjustments on these measures, and other charges or benefits
that may arise. The amounts of these measures are not currently
available but may be material to future results. A reconciliation
of the non-GAAP diluted EPS guidance for fiscal fourth quarter 2024
to the corresponding GAAP measures is not available without
unreasonable effort. A reconciliation of our historical non-GAAP
financial measures to their nearest GAAP equivalent is contained in
this release.
Investor Communications
Seagate management will hold a public webcast today at 2:00 PM
PT / 5:00 PM ET that can be accessed on its Investor Relations
website at investors.seagate.com.
An archived audio webcast of this event will be available on
Seagate’s Investor Relations website at investors.seagate.com
shortly following the event conclusion.
About Seagate
Seagate Technology is the leading innovator of mass-capacity
data storage solutions. We create breakthrough technology so you
can confidently store your data and easily unlock its value.
Founded over 45 years ago, Seagate has shipped over four billion
terabytes of data capacity and offers a full portfolio of storage
devices, systems, and services from edge to cloud. To learn more
about how Seagate leads storage innovation, visit www.seagate.com
and our blog, or follow us on X, Facebook, LinkedIn, and
YouTube.
© 2024 Seagate Technology LLC. All rights reserved. Seagate,
Seagate Technology, and the Spiral logo are registered trademarks
of Seagate Technology LLC in the United States and/or other
countries.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements provide current expectations of
future events based on certain assumptions and include any
statement that does not directly relate to any historical fact.
Forward-looking statements include, among other things, statements
about the Company’s plans, programs, strategies, prospects, and
opportunities; financial outlook for future periods, including the
fiscal fourth quarter 2024; expectations regarding our ability to
service debt and continue to generate free cash flow; expectations
regarding our ability to make timely quarterly payments under the
settlement agreement with the U.S. Department of Commerce’s Bureau
of Industry and Security; expectations regarding logistical,
macroeconomic, or other factors affecting the Company; expectations
regarding market demand for the Company’s products and our ability
to optimize our level of production and meet market and industry
expectations and the effects of these future trends on Company’s
performance; anticipated shifts in technology and storage industry
trends, and anticipated demand and performance of new storage
product introductions, including HAMR-based products; and
expectations regarding the Company’s business strategy and
performance, as well as dividend issuance plans for the fiscal
quarter ending June 28, 2024 and beyond. Forward-looking statements
generally can be identified by words such as “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,”
“projects,” “should,” “may,” “will,” “will continue,” “can,”
“could” or the negative of these words, variations of these words
and comparable terminology, in each case, intended to refer to
future events or circumstances. However, the absence of these words
or similar expressions does not mean that a statement is not
forward-looking. Forward-looking statements are subject to various
uncertainties and risks that could cause our actual results to
differ materially from historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to, those described under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s latest
periodic report on Form 10-Q or Form 10-K filed with the U.S.
Securities and Exchange Commission. Undue reliance should not be
placed on the forward-looking statements in this press release,
which are based on information available to us on, and which speak
only as of, the date hereof. The Company undertakes no obligation
to update forward-looking statements to reflect events or
circumstances after the date they were made, unless required by
applicable law.
The inclusion of Seagate’s website addresses in this press
release are provided for convenience only. The information
contained in, or that can be accessed through, Seagate’s websites
and social media channels are not part of this press release.
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
Total Shareholders’ Deficit
(1,889
)
(1,199
)
Total Liabilities and Shareholders’
Deficit
$
7,096
$
7,556
SEAGATE TECHNOLOGY HOLDINGS
PLC
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except per share
data)
(Unaudited)
For the Three Months
Ended
For the Nine Months
Ended
March 29, 2024
March 31, 2023
March 29, 2024
March 31, 2023
Revenue
$
1,655
$
1,860
$
4,664
$
5,782
Cost of revenue
1,230
1,541
3,728
4,735
Product development
164
191
496
625
Marketing and administrative
116
123
329
377
Amortization of intangibles
—
—
—
3
BIS settlement penalty
—
300
—
300
Restructuring and other, net
2
20
(27
)
110
Total operating expenses
1,512
2,175
4,526
6,150
Income (loss) from operations
143
(315
)
138
(368
)
Interest income
3
2
8
4
Interest expense
(82
)
(81
)
(250
)
(229
)
Net gain recognized from termination of
interest rate swap
—
—
104
—
Net gain (loss) recognized from early
redemption of debt
—
3
(29
)
207
Other, net
(6
)
(9
)
(64
)
(25
)
Other expense, net
(85
)
(85
)
(231
)
(43
)
Income (loss) before income taxes
58
(400
)
(93
)
(411
)
Provision for income taxes
33
33
85
26
Net income (loss)
$
25
$
(433
)
$
(178
)
$
(437
)
Net income (loss) per share:
Basic
$
0.12
$
(2.09
)
$
(0.85
)
$
(2.11
)
Diluted
$
0.12
$
(2.09
)
$
(0.85
)
$
(2.11
)
Number of shares used in per share
calculations:
Basic
210
207
209
207
Diluted
213
207
209
207
Cash dividends declared per ordinary
share
$
0.70
$
0.70
$
2.10
$
2.10
SEAGATE TECHNOLOGY HOLDINGS
PLC
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
For the Nine Months
Ended
March 29, 2024
March 31, 2023
OPERATING ACTIVITIES
Net loss
$
(178
)
$
(437
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
201
409
Share-based compensation
89
93
Deferred income taxes
64
4
Net loss (gain) on redemption and
repurchase of debt
7
(207
)
Other non-cash operating activities,
net
4
15
Changes in operating assets and
liabilities:
Accounts receivable, net
289
538
Inventories, net
(51
)
365
Accounts payable
108
(327
)
Accrued employee compensation
(25
)
(168
)
BIS settlement penalty
(30
)
—
Accrued expenses, income taxes and
warranty
(20
)
69
Other assets and liabilities
26
370
Net cash provided by operating
activities
484
724
INVESTING ACTIVITIES
Acquisition of property, equipment and
leasehold improvements
(200
)
(266
)
Proceeds from the sale of assets
38
15
Purchases of investments
—
(1
)
Proceeds from sale of investments
5
—
Net cash used in investing activities
(157
)
(252
)
FINANCING ACTIVITIES
Redemption and repurchase of debt
(1,288
)
(71
)
Dividends to shareholders
(438
)
(437
)
Repurchases of ordinary shares
—
(408
)
Taxes paid related to net share settlement
of equity awards
(31
)
(41
)
Proceeds from issuance of long-term
debt
1,500
600
Proceeds from issuance of ordinary shares
under employee stock plans
66
59
Other financing activities, net
(128
)
(23
)
Net cash used in financing activities
(319
)
(321
)
Effect of foreign currency exchange rate
changes on cash, cash equivalents and restricted cash
1
—
Increase in cash, cash equivalents and
restricted cash
9
151
Cash, cash equivalents and restricted cash
at the beginning of the period
788
617
Cash, cash equivalents and restricted cash
at the end of the period
$
797
$
768
Use of non-GAAP financial information
The Company uses non-GAAP measures of gross profit, gross
margin, operating expenses, income from operations, operating
margin, net income, diluted EPS, free cash flow, EBITDA, adjusted
EBITDA and last twelve months adjusted EBITDA, which are adjusted
from results based on GAAP to exclude certain benefits, expenses,
gains and losses. These non-GAAP financial measures are provided to
enhance the user’s overall understanding of the Company’s current
financial performance and its prospects for the future.
Specifically, the Company believes non-GAAP results provide useful
information to both management and investors as these non-GAAP
results exclude certain benefits, expenses, gains and losses that
it believes are not indicative of its core operating results and
because it is similar to the approach used in connection with the
financial models and estimates published by financial analysts who
follow the Company.
These non-GAAP results are some of the measurements management
uses to assess the Company’s performance, allocate resources and
plan for future periods. Reported non-GAAP results should only be
considered as supplemental to results prepared in accordance with
GAAP, and not considered as a substitute or replacement for, or
superior to, GAAP results. These non-GAAP measures may differ from
the non-GAAP measures reported by other companies in its
industry.
SEAGATE TECHNOLOGY HOLDINGS
PLC
RECONCILIATIONS OF GAAP TO
NON-GAAP MEASURES
(In millions, except per share
amounts, gross margin and operating margin)
(Unaudited)
For the Three Months
Ended
For the Nine Months
Ended
March 29, 2024
March 31, 2023
March 29, 2024
March 31, 2023
GAAP Gross Profit
$
425
$
319
$
936
$
1,047
Accelerated depreciation, impairment and
other charges related to cost saving efforts
—
18
13
57
Amortization of acquired intangible
assets
—
1
—
3
Pandemic-related lockdown charges
—
—
—
7
Purchase order cancellation fees
(1
)
—
113
108
Share-based compensation
8
8
23
24
Other charges
—
1
2
2
Non-GAAP Gross Profit
$
432
$
347
$
1,087
$
1,248
GAAP Gross Margin
25.7
%
17.2
%
20.1
%
18.1
%
Non-GAAP Gross Margin
26.1
%
18.7
%
23.3
%
21.6
%
GAAP Operating Expenses
$
282
$
634
$
798
$
1,415
Accelerated depreciation, impairment and
other charges related to cost saving efforts
—
(3
)
—
(25
)
Amortization of acquired intangible
assets
—
—
—
(3
)
BIS Settlement penalty
—
(300
)
—
(300
)
Restructuring and other, net
(2
)
(20
)
27
(110
)
Share-based compensation
(26
)
(23
)
(66
)
(69
)
Other charges
(5
)
(6
)
(22
)
(18
)
Non-GAAP Operating Expenses
$
249
$
282
$
737
$
890
GAAP Income (Loss) From
Operations
$
143
$
(315
)
$
138
$
(368
)
Accelerated depreciation, impairment and
other charges related to cost saving efforts
—
21
13
82
Amortization of acquired intangible
assets
—
1
—
6
BIS Settlement penalty
—
300
—
300
Pandemic-related lockdown charges
—
—
—
7
Purchase order cancellation fees
(1
)
—
113
108
Restructuring and other, net
2
20
(27
)
110
Share-based compensation
34
31
89
93
Other charges
5
7
24
20
Non-GAAP Income From Operations
$
183
$
65
$
350
$
358
GAAP Operating Margin
8.6
%
(16.9
%)
3.0
%
(6.4
%)
Non-GAAP Operating Margin
11.1
%
3.5
%
7.5
%
6.2
%
GAAP Net Income (Loss)
$
25
$
(433
)
$
(178
)
$
(437
)
Accelerated depreciation, impairment and
other charges related to cost saving efforts
—
21
13
82
Amortization of acquired intangible
assets
—
1
—
6
BIS Settlement penalty
—
300
—
300
Net gain recognized from termination of
interest rate swap
—
—
(104
)
—
Net (gain) loss recognized from early
redemption of debt and debt modification costs
—
(3
)
29
(207
)
Pandemic-related lockdown charges
—
—
—
7
Purchase order cancellation fees
(1
)
—
113
108
Restructuring and other, net
2
20
(27
)
110
Share-based compensation
34
31
89
93
Strategic investment losses or impairment
charges
—
1
43
1
Other charges
5
7
24
20
Income tax adjustments
6
(3
)
48
(6
)
Non-GAAP Net Income (Loss)
$
71
$
(58
)
$
50
$
77
GAAP Diluted Net Income (Loss) Per
Share
$
0.12
$
(2.09
)
$
(0.85
)
$
(2.11
)
Accelerated depreciation, impairment and
other charges related to cost saving efforts
—
0.10
0.06
0.39
Amortization of acquired intangible
assets
—
—
—
0.03
BIS Settlement penalty
—
1.45
—
1.45
Net gain recognized from termination of
interest rate swap
—
—
(0.49
)
—
Net (gain) loss recognized from early
redemption of debt and debt modification costs
—
(0.01
)
0.14
(0.99
)
Pandemic-related lockdown charges
—
—
—
0.03
Purchase order cancellation fees
—
—
0.54
0.52
Restructuring and other, net
—
0.10
(0.13
)
0.53
Share-based compensation
0.16
0.15
0.42
0.45
Strategic investment losses or impairment
charges
—
—
0.20
—
Other charges
0.02
0.03
0.12
0.10
Income tax adjustments
0.03
(0.01
)
0.23
(0.03
)
Non-GAAP Diluted Net Income (Loss) Per
Share1
$
0.33
$
(0.28
)
$
0.24
$
0.37
Shares used in diluted net income
(loss) per share calculation
GAAP
213
207
209
207
Non-GAAP2
212
207
211
209
1
As a result of the net loss reported
during the period, GAAP diluted net loss per share for the nine
months ended March 29, 2024 were computed using weighted average
basic shares of 209 million; both GAAP and non-GAAP diluted net
loss per share for the three months ended March 31, 2023 were
computed using weighted average basic shares of 207 million; and
GAAP diluted net loss per share for the nine months ended March 31,
2023 were computed using weighted average basic shares of 207
million.
2
For the three months ended March 29, 2024,
non-GAAP shares used in diluted net income per share calculation
excluded approximately 1 million shares that are issuable upon
conversion of our 2028 exchangeable senior notes due to the
expectation that the dilution from such shares will be offset by
the related capped call transactions.
For the Three Months
Ended
For the Nine Months
Ended
March 29, 2024
March 31, 2023
March 29, 2024
March 31, 2023
GAAP Net Cash Provided by Operating
Activities
$
188
$
228
$
484
$
724
Acquisition of property, equipment and
leasehold improvements
60
54
200
266
Free Cash Flow
$
128
$
174
$
284
$
458
For the Three Months
Ended
March 29, 2024
December 29, 2023
September 29, 2023
June 30, 2023
Last Twelve Months
GAAP Net Income (Loss)
$
25
$
(19
)
$
(184
)
$
(92
)
$
(270
)
Depreciation and amortization
63
62
76
104
305
Interest expense
82
84
84
84
334
Interest income
(3
)
(3
)
(2
)
(6
)
(14
)
Income tax expense
33
15
37
7
92
Non-GAAP EBITDA
200
139
11
97
447
Net loss recognized from early redemption
of debt
—
—
29
17
46
Net gain recognized from termination of
interest rate swap
—
—
(104
)
—
(104
)
Purchase order cancellation fees
(1
)
(4
)
118
—
113
Restructuring and other, net
2
(31
)
2
(8
)
(35
)
Share-based compensation
34
30
25
22
111
Strategic investment losses or impairment
charges
—
43
—
9
52
Underutilization charges, net of
depreciation and amortization
38
31
51
29
149
Other charges
5
8
11
12
36
Non-GAAP Adjusted EBITDA
$
278
$
216
$
143
$
178
$
815
The Company’s Non-GAAP measures are adjusted for the
following items:
Accelerated depreciation, impairment and other charges
related to cost saving efforts These expenses are excluded in
the non-GAAP measures due to the inconsistency in amount and
frequency and are excluded to facilitate a more meaningful
evaluation of the Company’s current operating performance and
comparison to its past periods' operating performance.
Amortization of acquired intangible assets The Company
records expense from amortization of intangible assets that were
acquired in connection with its business combinations over their
estimated useful lives. Such charges are inconsistent in size and
are significantly impacted by the timing and magnitude of the
Company’s acquisitions. Consequently, these expenses are excluded
in the non-GAAP measures to facilitate a more meaningful evaluation
of its current operating performance and comparison to its past
periods’ operating performance.
BIS settlement penalty The Company accrued a settlement
penalty of $300 million for the fiscal third quarter of 2023
related to the alleged violations of the U.S. Export Administration
Regulations between August 17, 2020 and September 29, 2021 by the
U.S. Department of Commerce’s Bureau of Industry and Security
(“BIS”), which were subsequently resolved by a settlement agreement
on April 18, 2023. This settlement penalty is excluded from the
non-GAAP measures to facilitate a more meaningful evaluation of the
Company's current operating performance and comparison to its past
periods' operating performance.
Net loss (gain) recognized from early redemption of debt and
termination of interest rate swap From time to time, the
Company incurs gains, losses and fees from the early redemption and
repurchase of certain long-term debt instruments and termination of
related interest rate swap agreements. The amount of these charges
may be inconsistent in size and varies depending on the timing of
the early redemption of debt and/or termination of interest rate
swap and consequently is excluded from the non-GAAP measures to
facilitate a more meaningful evaluation of its current operating
performance and comparison to its past periods' operating
performance.
Pandemic-related lockdown charges Pandemic-related
lockdown charges are factory under-utilization costs incurred due
to the pandemic-related lockdown measures at our factory in Wuxi,
China. These charges are inconsistent in amount and frequency and
are excluded in the non-GAAP measures to facilitate a more
meaningful evaluation of its current operating performance and
comparison to its past periods’ operating performance.
Purchase order cancellation fees Purchase order
cancellation fees are the costs incurred to cancel certain purchase
commitments made with the Company's suppliers for component and
equipment purchases that will not be received due to change in
forecasted demand. These charges are inconsistent in amount and
frequency and are excluded in the non-GAAP measures to facilitate a
more meaningful evaluation of its current operating performance and
comparison to its past periods’ operating performance.
Restructuring and other, net Restructuring and other, net
are costs associated with restructuring plans that are primarily
related to costs associated with reduction in the Company’s
workforce, exiting certain facilities and other related costs, as
well as charges or gains from sale of properties. These costs or
benefits do not reflect the Company’s ongoing operating performance
and consequently are excluded from the non-GAAP measures to
facilitate a more meaningful evaluation of its current operating
performance and comparison to its past periods’ operating
performance.
Share-based compensation These expenses consist primarily
of expenses for employee share-based compensation. Given the
variety of equity awards used by companies, the varying
methodologies for determining share-based compensation expense, the
subjective assumptions involved in those determinations, and the
volatility in valuations that can be driven by market conditions
outside the Company’s control, the Company believes excluding
share-based compensation expense enhances the ability of management
and investors to understand and assess the underlying performance
of its business over time and compare it against the Company’s
peers, a majority of whom also exclude share-based compensation
expense from their non-GAAP results.
Strategic investment gains, losses and impairment charges
From time to time, the Company incurs gains, losses or impairment
charges from strategic investments that are measured and accounted
at fair value, under the equity method of accounting, as
available-for-sale debt securities or adjust for downward or upward
adjustments to the carrying value under the measurement alternative
if an impairment or observable price adjustment is recognized in
the current period that are not considered as part of its ongoing
operating performance. The resulting expense, gain or impairment
loss is inconsistent in amount and frequency and consequently is
excluded from the non-GAAP measures to facilitate a more meaningful
evaluation of its current operating performance and comparison to
its past periods’ operating performance.
Other charges The other charges primarily include IT
transformation costs. These charges are inconsistent in amount and
frequency and are excluded in the non-GAAP measures to facilitate a
more meaningful evaluation of its current operating performance and
comparison to its past periods’ operating performance.
Income tax adjustments Provision or benefit for income
taxes represents the tax effects of non-GAAP adjustments determined
using a hybrid with and without method and effective tax rate for
the applicable adjustment and jurisdiction.
Free cash flow Free cash flow is a non-GAAP measure
defined as net cash provided by operating activities less
acquisition of property, equipment and leasehold improvements. Free
cash flow does not reflect non-cash items, net cash used or
provided by financing activities and net cash used or provided by
investing activities, other than acquisition of property, equipment
and leasehold improvements. This non-GAAP financial measure is used
by management to assess the Company's sources of liquidity, capital
structure and operating performance.
EBITDA, adjusted EBITDA and last twelve months (LTM) adjusted
EBITDA EBITDA is defined as net income (loss) before income tax
expense, interest expense, interest income, depreciation and
amortization. Adjusted EBITDA excludes certain expenses, gains and
losses that the Company believes are not indicative of its core
operating results. These adjustments primarily include impairment
and other charges related to cost saving efforts, net loss (gain)
recognized from early redemption of debt, net gain recognized from
termination of interest rate swap, pandemic-related lockdown
charges, purchase order cancellation fees, restructuring and other,
net, share-based compensation, strategic investment losses or
impairment charges, other extraordinary charges such as factory
underutilization charges and BIS settlement penalty. LTM adjusted
EBITDA is defined as the total of last twelve months adjusted
EBITDA. These non-GAAP financial measures are used by management to
evaluate the Company’s debt portfolio and structure to comply with
its financial debt covenants.
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version on businesswire.com: https://www.businesswire.com/news/home/20240423396531/en/
Investor Relations Contact: Shanye Hudson, (510) 661-1600
shanye.hudson@seagate.com Media Contact: Agnieszka Zielinska, (503)
380-0948 agnieszka.zielinska@seagate.com
Grafico Azioni Seagate Technology (NASDAQ:STX)
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Da Ott 2024 a Nov 2024
Grafico Azioni Seagate Technology (NASDAQ:STX)
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Da Nov 2023 a Nov 2024
