Exhibit 99.1
seagatelogo1.jpg

Investor Relations Contact:
Shanye Hudson, (510) 661-1714
shanye.hudson@seagate.com

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

SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2020 FINANCIAL RESULTS
Achieved revenue of $2.72 billion
Reported GAAP operating margin of 13.8%; non-GAAP operating margin of 15.5%
Delivered GAAP diluted earnings per share (EPS) of $1.22; non-GAAP diluted EPS of $1.38
Generated $390 million in operating cash flow and $260 million in free cash flow

CUPERTINO, CA - April 22, 2020 - Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal third quarter ended April 3, 2020.

“Seagate executed very well in the third quarter while navigating the unprecedented challenges brought on by the COVID-19 pandemic. Our teams worked tirelessly to safeguard the health of their colleagues, support customer demand, and execute our product roadmap. In this challenging environment, we achieved strong financial performance, delivering revenue and non-GAAP EPS that were above our guidance midpoint and continuing to generate solid free cash flow,” said Dave Mosley, Seagate’s chief executive officer.

“Our results demonstrate the resilience of our business model, which combined with our strong balance sheet and liquidity offer stability to manage through this uncertain environment. Over the long-term, we believe the strength of our technology innovation and product portfolio position Seagate well to capitalize on secular demand for mass capacity storage as well as the growing necessity for cost effective data management solutions driven by the transition to IT 4.0.”

Quarterly Financial Results
GAAPNon-GAAP
FQ3 2020FQ3 2019FQ3 2020FQ3 2019
Revenue ($M)$2,718  $2,313  $2,718  $2,313  
Gross Margin27.4 %26.0 %28.0 %26.8 %
Operating Margin13.8 %10.2 %15.5 %12.7 %
Net Income ($M)$320  $195  $363  $263  
Diluted Earnings Per Share$1.22  $0.69  $1.38  $0.93  

The Company generated $390 million in cash flow from operations and $260 million in free cash flow during the fiscal third quarter 2020. Seagate maintained a healthy balance sheet and during the fiscal third quarter 2020, the Company paid cash dividends of $170 million and repurchased 4 million ordinary shares for $195 million. Cash and cash equivalents totaled $1.6 billion at the end of the quarter. There were 257 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 Wednesday, April 22, 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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