Exhibit 99.1
seagatelogo1.jpg

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

Media Contact:
Gregory Belloni, (415) 235-9092
gregory.belloni@seagate.com

SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2021 FINANCIAL RESULTS
Revenue of $2.73 billion
GAAP operating margin of 14.1%; non-GAAP operating margin of 15.4%
GAAP diluted earnings per share (EPS) of $1.39; non-GAAP diluted EPS of $1.48
Generated $378 million in cash flow from operations and $274 million in free cash flow
Returned $912 million to shareholders through dividends and the repurchase of 11.3 million ordinary shares
Declared cash dividend of $0.67 per share

FREMONT, CA - April 22, 2021 - Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”), a world leader in data storage infrastructure solutions, today reported financial results for its fiscal third quarter ended April 2, 2021.

"Seagate delivered another quarter of strong financial performance driven by ongoing operational execution and record sales of our high capacity nearline drives. We grew revenue, expanded profitability and achieved non-GAAP EPS above our guided range. Our March quarter results underscore the strength of our HDD product portfolio and increasing demand for mass capacity storage," said Dave Mosley, Seagate’s chief executive officer.

"These trends lend further support to our June outlook, including an anticipated return to solid year-over-year revenue growth in the June quarter and enhanced profitability. As the datasphere continues to grow in scale and complexity, our innovative technology, flexible product roadmap and mass data expertise make us well positioned to capture significant opportunities in our core HDD business and address customers’ emerging needs to move, secure and store data across a more distributed enterprise."

Quarterly Financial Results
GAAPNon-GAAP
FQ3 2021FQ3 2020FQ3 2021FQ3 2020
Revenue ($M)$2,731 $2,718 $2,731 $2,718 
Gross Margin27.1 %27.4 %27.4 %28.0 %
Operating Margin14.1 %13.8 %15.4 %15.5 %
Net Income ($M)$329 $320 $350 $363 
Diluted Earnings Per Share$1.39 $1.22 $1.48 $1.38 

The Company generated $378 million in cash flow from operations and $274 million in free cash flow during the fiscal third quarter 2021. Seagate maintained a healthy balance sheet and during the fiscal third quarter 2021, the Company paid cash dividends of $161 million and repurchased 11.3 million ordinary shares for $751 million. Cash and cash equivalents totaled $1.2 billion at the end of the quarter. There were 230 million ordinary shares issued and outstanding as of the end of the quarter.
For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.



The following information was filed by Seagate Technology Plc (STX) on Thursday, April 22, 2021 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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