Exhibit 99.1
seagatelogo.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 FIRST QUARTER 2020 FINANCIAL RESULTS
Revenue of $2.58 billion
GAAP diluted earnings per share (EPS) of $0.74; non-GAAP diluted EPS of $1.03
Cash flow from operations of $456 million and free cash flow of $309 million
Repurchased 9.2 million shares for $450 million
Raised the quarterly cash dividend to $0.65 per share payable on January 8, 2020

CUPERTINO, CA - November 1, 2019 - Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal first quarter ended October 4, 2019.

“Seagate had a solid start to the fiscal year; we grew revenue, expanded non-GAAP operating income, and increased non-GAAP EPS quarter-over-quarter reflecting our focus on optimizing profitability to drive free cash flow,” said Dave Mosley, Seagate’s chief executive officer.

“Exabyte shipments were near record levels in the first quarter driven by improving demand conditions for mass capacity storage. We are ramping shipments of our industry capacity leading 16-terabyte drives to support strong customer demand. We continue to gain momentum with these products, which deliver lower total cost of ownership to our customers. While business conditions remain challenging over the near-term amidst ongoing geopolitical uncertainties, our innovative technology roadmap makes us well positioned to capture current and future mass capacity storage demand while also driving long-term value for our shareholders.”
Quarterly Financial Results
 
GAAP
 
Non-GAAP
 
FQ1 2020
 
FQ1 2019
 
FQ1 2020
 
FQ1 2019
Revenue ($M)
$
2,578

 
$
2,991

 
$
2,578

 
$
2,992

Gross Margin
26.0
%
 
30.5
%
 
26.7
%
 
31.1
%
Net Income ($M)
$
200

 
$
450

 
$
278

 
$
514

Diluted Earnings Per Share
$
0.74

 
$
1.54

 
$
1.03

 
$
1.76


The Company generated $456 million in cash flow from operations and $309 million in free cash flow during the fiscal first quarter 2020. Seagate has a healthy balance sheet and during the fiscal first quarter 2020, the Company paid cash dividends of $170 million and repurchased 9.2 million ordinary shares for $450 million. Cash and cash equivalents totaled $1.8 billion at the end of the quarter. The Company restructured debt, lowering annual interest expense and reducing total debt to $4.1 billion at the end of the quarter. There were 263 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 Friday, November 1, 2019 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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