Exhibit 99.1
seagatelogo1.jpg

Investor Relations Contact:
Shanye Hudson, (408) 658-1863
shanye.hudson@seagate.com

Media Contact:
Gregory Belloni, (408) 658-1018
gregory.belloni@seagate.com

SEAGATE TECHNOLOGY REPORTS FISCAL SECOND QUARTER 2020 FINANCIAL RESULTS
Reported revenue of $2.7 billion
Expanded GAAP operating margin to 14.2%; non-GAAP operating margin to 15.7%
Delivered GAAP diluted earnings per share (EPS) of $1.20; non-GAAP diluted EPS of $1.35
Returned $315 million to shareholders; declared cash dividend of $0.65 per share

CUPERTINO, CA - February 4, 2020 - Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal second quarter ended January 3, 2020.

“In the December quarter, Seagate expanded non-GAAP operating margin by nearly 300 basis points and delivered non-GAAP EPS growth of more than 30% quarter-over-quarter while driving strong operational cash flow in an improving demand environment,” said Dave Mosley, Seagate’s chief executive officer.

“We executed the company's fastest ever product ramp with our industry capacity leading 16-terabyte drives, which contributed to both sequential revenue growth and record exabyte shipments in the December quarter. We are poised to benefit from ongoing demand for mass capacity storage which we expect to offset typical seasonal declines in the legacy markets in the first half of the calendar year.”

Quarterly Financial Results
GAAPNon-GAAP
FQ2 2020FQ2 2019FQ2 2020FQ2 2019
Revenue ($M)$2,696  $2,715  $2,696  $2,715  
Gross Margin28.1 %29.2 %28.7 %29.9 %
Operating Margin14.2 %15.3 %15.7 %17.2 %
Net Income ($M)$318  $384  $359  $432  
Diluted Earnings Per Share$1.20  $1.34  $1.35  $1.51  

The Company generated $480 million in cash flow from operations and $286 million in free cash flow during the fiscal second quarter 2020. Seagate maintained a healthy balance sheet and during the fiscal second quarter 2020, the Company paid cash dividends of $165 million and repurchased 2.5 million ordinary shares for $150 million. Cash and cash equivalents totaled $1.7 billion at the end of the quarter. There were 261 million ordinary shares issued and outstanding as of the end of the quarter.

All periods presented exclude share-based compensation from non-GAAP results. 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.



The following information was filed by Seagate Technology Plc (STX) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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