filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
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The following selected consolidated financial data set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and related notes thereto included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report on Form 10-K, which are incorporated herein by reference, to fully understand factors that may affect the comparability of the information presented below.
Seagate Technology public limited company | 2019 Form 10-K | 32
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The Consolidated Statements of Operations data for the fiscal years ended June 28, 2019, June 29, 2018 and June 30, 2017, and the Consolidated Balance Sheets data as of June 28, 2019 and June 29, 2018, are derived from our audited Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K. The Consolidated Statements of Operations data for the fiscal years ended July 1, 2016 and July 3, 2015, and the Consolidated Balance Sheets data at June 30, 2017, July 1, 2016 and July 3, 2015, are derived from our audited Consolidated Financial Statements that are not included in this Annual Report on Form 10-K.
| Fiscal Years Ended | ||||||||||||||||||||
| (Dollars in millions, except per share data) | June 28, 2019 | June 29, 2018 | June 30, 2017 | July 1, 2016 | July 3, 2015 | |||||||||||||||
| Revenue | $ | 10,390 | $ | 11,184 | $ | 10,771 | $ | 11,160 | $ | 13,739 | ||||||||||
| Gross margin | 2,932 | 3,364 | 3,174 | 2,615 | 3,809 | |||||||||||||||
| Income from operations | 1,487 | 1,634 | 1,054 | 445 | 2,058 | |||||||||||||||
| Net income(a) | 2,012 | 1,182 | 772 | 248 | 1,742 | |||||||||||||||
| Total assets(b) | 8,885 | 9,410 | 9,268 | 8,213 | 9,801 | |||||||||||||||
| Total debt(b) | 4,253 | 4,819 | 5,021 | 4,091 | 4,111 | |||||||||||||||
| Equity | $ | 2,162 | $ | 1,665 | $ | 1,364 | $ | 1,593 | $ | 3,018 | ||||||||||
| Net income per share: | ||||||||||||||||||||
| Basic | $ | 7.13 | $ | 4.10 | $ | 2.61 | $ | 0.83 | $ | 5.38 | ||||||||||
| Diluted | 7.06 | 4.05 | 2.58 | 0.82 | 5.26 | |||||||||||||||
| Number of shares used in per share calculations: | ||||||||||||||||||||
| Basic | 282 | 288 | 296 | 299 | 324 | |||||||||||||||
| Diluted | 285 | 292 | 299 | 302 | 331 | |||||||||||||||
| Cash dividends declared per ordinary share | $ | 2.52 | $ | 2.52 | $ | 2.52 | $ | 2.43 | $ | 2.05 |
| (a) | The Company recorded an income tax benefit of $640 million for fiscal year 2019. The Company’s fiscal year 2019 income tax benefit included a net tax benefit of $761 million primarily associated with the release of valuation allowance on deferred tax assets driven by improvements in its profitability outlook in the U.S., including its efforts to structurally and operationally align its EDS business with the rest of the Company. |
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| (b) | The Company adopted ASU 2015-03, Interest—Imputation of interest: Simplifying the presentation of debt issuance costs, in fiscal year 2017 on a retrospective basis. The adoption of this guidance resulted in a reduction to Other assets, net and Long-term debt previously disclosed as of the fiscal years ended 2015 and 2016 by $44 million and $39 million, respectively, within the Consolidated Balance Sheets. |
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Supplementary Financial Data (Unaudited)
Quarterly Data
The Company operated and reported financial results based on 13-week quarters in fiscal years 2019 and 2018, which ended on the Friday closest to September 30, December 31, March 31 and June 30.
| Fiscal Year 2019 Quarters Ended | ||||||||||||||||
| (In millions, except per share data) | June 28, 2019 | March 29, 2019 | December 28, 2018 | September 28, 2018 | ||||||||||||
| Revenue | $ | 2,371 | $ | 2,313 | $ | 2,715 | $ | 2,991 | ||||||||
| Gross margin | 624 | 601 | 794 | 913 | ||||||||||||
| Income from operations | 332 | 236 | 416 | 503 | ||||||||||||
| Net income (a) | 983 | 195 | 384 | 450 | ||||||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 3.57 | $ | 0.69 | $ | 1.35 | $ | 1.57 | ||||||||
| Diluted | 3.54 | 0.69 | 1.34 | 1.54 |
Seagate Technology public limited company | 2019 Form 10-K | 33
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| Fiscal Year 2018 Quarters Ended | ||||||||||||||||
| (In millions, except per share data) | June 29, 2018 | March 30, 2018 | December 29, 2017 | September 29, 2017 | ||||||||||||
| Revenue | $ | 2,835 | $ | 2,803 | $ | 2,914 | $ | 2,632 | ||||||||
| Gross margin | 904 | 847 | 877 | 736 | ||||||||||||
| Income from operations | 505 | 441 | 433 | 255 | ||||||||||||
| Net income | 461 | 381 | 159 | 181 | ||||||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 1.61 | $ | 1.33 | $ | 0.55 | $ | 0.62 | ||||||||
| Diluted | 1.57 | 1.31 | 0.55 | 0.62 |
| (a) | The Company recorded an income tax benefit of $692 million in the quarter ended June 28, 2019. The Company’s quarter ended June 28, 2019 income tax benefit included a net tax benefit of $761 million primarily associated with the release of valuation allowance on deferred tax assets driven by improvements in its profitability outlook in the U.S., including its efforts to structurally and operationally align its EDS business with the rest of the Company. |
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Seagate Technology public limited company | 2019 Form 10-K | 34
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