Seagate 2011 Annual Report Download - page 52
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Table of Contents
to, mobile computing, cloud computing and solid state storage; expand our customer access in China and Southeast Asia; and accelerate time to
market for new products.
The December 19, 2011 acquisition-date fair value of the consideration transferred to Samsung totaled $1.1 billion, which consisted of
45.2 million of our ordinary shares and $571 million in cash. The operations of Samsung's HDD business are included in our results from the
date of acquisition.
Results of Operations
The following table summarizes information from our consolidated statements of operations by dollars and as a percentage of revenue:
48
Fiscal Years Ended
(Dollars in millions)
June 29,
2012
July 1,
2011
July 2,
2010
Revenue
$
14,939
$
10,971
$
11,395
Cost of revenue
10,255
8,825
8,191
Gross margin
4,684
2,146
3,204
Product development
1,006
875
877
Marketing and administrative
528
445
437
Amortization of intangibles
38
2
27
Restructuring and other, net
4
18
66
Impairment of other long
-
lived assets, net of
recoveries
—
—
57
Income from operations
3,108
806
1,740
Other expense, net
(226
)
(227
)
(171
)
Income before income taxes
2,882
579
1,569
Provision for (benefit from) income taxes
20
68
(40
)
Net income
$
2,862
$
511
$
1,609
Fiscal Years Ended
(as a percentage of Revenue)
June 29,
2012
July 1,
2011
July 2,
2010
Revenue
100
%
100
%
100
%
Cost of revenue
69
80
72
Gross margin
31
20
28
Product development
7
8
8
Marketing and administrative
4
4
4
Amortization of intangibles
—
—
—
Restructuring and other, net
—
—
1
Impairment of other long-lived assets, net of
recoveries
—
—
—
Income from operations
21
7
15
Other expense, net
(2
)
(2
)
(1
)
Income before income taxes
19
5
14
Provision for income taxes
—
1
—
Net income
19
%
5
%
14
%