The PRWIRE Press Releases https:// 2019-06-05T00:13:43Z Seagate Delivers Industry’s First Enterprise-Ready Exos 16TB Hard Drive And Raises The Bar With IronWolf 16TB For NAS 2019-06-05T00:13:43Z seagate-delivers-industrys-first-enterprise-ready-exos-16tb-hard-drive-and-raises-the-bar-with-ironwolf-16tb-for-nas Seagate Technology plc (NASDAQ: STX), a world leader in data storage solutions, today announced it has been actively shipping 16TB helium-based enterprise drives as part of the Exos® X16 family, delivering high performance and record capacity for hyperscale data centers to efficiently and cost-effectively manage ever-increasing amounts of data. The company also updated the IronWolf® and IronWolf Pro Network Attached Storage (NAS) drive lines with new 16TB capacity models. The need for hyperscale, cloud, and NAS storage solutions continues to rise to unprecedented levels. In fact, a recent IDC whitepaper sponsored by Seagate predicts that the Global Datasphere - the amount of data created, captured or replicated across the globe – will grow from 33 zettabytes (ZB) in 2018 to 175 ZB by 2025. Seagate’s Exos X16 hard drive delivers the highest storage density available with the field-proven reliability and continuous high performance to support a broad range of workload requirements and high-availability use cases. Exos X16 HDD is the world’s highest capacity 3.5-inch 7200 RPM drive designed to solve challenges by enabling hyperscale, datacenter, OEM and distribution channel businesses to maximize storage capacities, provide customer flexibility, and reduce complexity with uses in multiple workloads with increased I/O and enhanced caching capabilities. Seagate’s new Exos X16 16TB drive delivers 33 percent more petabytes per rack compared to 12TB drives while maintaining the same small footprint for a reduced overall total cost of ownership. Exos X16 offers built-in data protection, including Seagate Secure™ Instant Secure Erase for safe, affordable, fast, and easy drive retirement. “The Exos X16 is key in reducing total cost of ownership for enterprise system developers and cloud data centers while supporting multiple applications with varying workloads,” said Sai Varanasi, vice president of product line marketing at Seagate Technology. “The Exos X16 is the industry’s leading helium-based 16TB capacity drive. We are partnering with our cloud/enterprise customers to bring this product to the market to fulfill the pent-up exabyte demand in data centers. ” Seagate continues to establish new benchmarks in speed and capacity with the additional announcement of IronWolf and IronWolf Pro 16TB drives, built for multi-user NAS environments and supporting workloads up to 300TB/year. IronWolf is the ideal drive for home and small office NAS systems that deliver performance, low noise and low power consumption, making it efficient for everyday use such as back up, remote access and file sharing. IronWolf Pro drives are robust for NAS that operate in creative pro and small-medium business environments that demand heavy workloads to support their data needs. Zheng Yafeng, vice president at Tencent Cloud, said, “At Tencent Cloud, we are committed to creating a ‘digital ecosystem’, by boosting the Industrial Internet sector and serving various industries as a ‘digital assistant’. For the data lifecycle, from generation to capture, storage and application, we are working seamlessly with Seagate to understand how to cope with the exponential rise in data volumes, with new innovative architectures, from edge to cloud. Seagate’s 16TB Exos X16 hard drive has been incorporated into our cloud solution, significantly improving its storage density and performance, while cutting down the cost. Not only does this solution fulfill the ever-increasing demand of data centers for storage, but it helps us to efficiently address the emerging scenarios, applications, and challenges.” Peng Zhen, vice president at Inspur Group, said, “The era of smart computing is coming, and at Inspur we are striving to create a converged, open, and agile AI industry ecosystem so that we can provide customers with integrated solutions. Inspur and Seagate are working together in multiple fields, including cloud computing, big data and artificial intelligence, all to drive enterprise digital transformation. For Seagate’s 16TB helium-based Exos X16 enterprise drive, we have completed a series of joint tests, which indicate it delivers high performance with support for varying workloads, allowing us to increase system capacity and reduce deployment complexity, whilst considerably lowering total cost of ownership. In the future, we will continue to partner with Seagate to drive industries to transform further, and empower customers to embrace the upcoming era of artificial intelligence.” For more information on the new Seagate Exos X16, IronWolf 16TB, IronWolf Pro 16TB, IronWolf SSD and other Seagate products, visit https://www.seagate.com. About Seagate Seagate crafts the datasphere, helping to maximize humanity’s potential by innovating world-class, precision-engineered data management solutions with a focus on sustainable partnerships. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2019 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. Exos, IronWolf and Seagate Secure are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes and one terabyte, or TB, equals one trillion bytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. Actual data rates may vary depending on operating environment and other factors, such as chosen interface and disk capacity. Seagate Technology Reports Fiscal Third Quarter 2019 Financial Results 2019-04-30T23:46:05Z seagate-technology-reports-fiscal-third-quarter-2019-financial-results Revenue of $2.31 billion GAAP diluted earnings per share (EPS) of $0.69; non-GAAP diluted EPS of $0.83 Cash flow from operations of $438 million and free cash flow of $291 million Returned $505 million to shareholders; declared cash dividend of $0.63 per share CUPERTINO, CA – April 30, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal third quarter ending March 29, 2019. “Seagate executed very well in the third quarter while navigating near-term demand head-winds. Our focus on operational efficiency and expense discipline drove better-than-expected EPS and free cash flow generation,” said Dave Mosley, Seagate’s chief executive officer. “We began shipping the industry’s first 16-terabyte high capacity drives in the fiscal third quarter and expect to ramp high volume production in the second half calendar 2019. The Data Age digital transformation has given rise to many new applications including machine learning, autonomous vehicles, and Smart Cities, which all rely on faster access to an increasing amount of data. These trends are creating significant opportunities for our mass data storage solutions and we are successfully executing our technology roadmap to address growing demand.” Quarterly Financial Results GAAP Non-GAAP FQ3 2019 FQ3 2018 FQ3 2019 FQ3 2018 Revenue ($M) $2,313 $2,803 $2,313 $2,803 Gross Margin 26.0% 30.2% 26.6% 30.8% Net Income ($M) $195 $381 $235 $424 Diluted Earnings Per Share $0.69 $1.31 $0.83 $1.46 In the third quarter, the Company generated $438 million in cash flow from operations and $291 million in free cash flow. Year to date, the Company has generated $1.3 billion in cash flow from operations and $862 million in free cash flow. Seagate’s balance sheet is healthy and during the third quarter, the Company paid cash dividends of $178 million and repurchased 7.2 million ordinary shares for $327 million. Cash and cash equivalents totaled $1.4 billion at the end of the quarter. There were 277 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. Seagate has issued a Supplemental Financial Information document, which is available on Seagate’s Investors Relations website at www.seagate.com/investors. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.63 per share, which will be payable on July 3, 2019 to shareholders of record as of the close of business on June 19, 2019. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board. Business Outlook Our outlook for the fourth fiscal quarter is based on our current assumptions and expectations; actual results may differ materially, as a result of, among other things, the important factors discussed in the Cautionary Note Regarding Forward-Looking Statements section of this release. The Company is providing the following guidance for its fiscal fourth quarter 2019: Revenue of approximately $2.32 billion, plus or minus 5% Non-GAAP diluted earnings per share of approximately $0.83, plus or minus 5% Guidance regarding non-GAAP diluted earnings per share excludes known charges related to amortization of acquired intangible assets of $0.06 per share. We have not reconciled our non-GAAP diluted earnings per share to the most directly comparable GAAP measure because material items that may impact these measures are out of our control and/or cannot be reasonably predicted including, but not limited to, accelerated depreciation, impairment, and other charges related to cost saving efforts, restructuring charges, strategic investment losses or impairment recognized, income tax adjustments on these measures, and other charges that may arise. The amounts of these measures are not currently available, but may be material to future results. A reconciliation of the non-GAAP diluted earnings per share to the corresponding GAAP measures is not available without unreasonable effort. A reconciliation of our historical non-GAAP financial measures to their nearest GAAP equivalent is contained in this release. Investor Communications Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors. An archived audio webcast of this event will be available on Seagate’s Investors Relations website at www.seagate.com/investors shortly following the event conclusion. About Seagate To learn more about the Company’s products and services, visit www.seagate.com and follow us on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. The contents of our website and social media channels are not a part of this release. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about the Company’s plans, strategies and prospects, financial outlook for future periods, including the fourth quarter of fiscal 2019, expectations regarding the Company’s products, our ability to ramp production, market demand, shifts in technology, the Company’s ability to meet market and industry expectations and the effects of these future trends and expectations on the Company’s business as well as dividend issuance plans for the fiscal quarter ending June 28, 2019 and beyond. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” or the negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to: items that may be identified during its financial statement closing process that cause adjustments to the estimates included in this report; the uncertainty in global economic and political conditions; the impact of the variable demand and adverse pricing environment for storage products; the Company’s ability to successfully qualify, manufacture and sell its storage products in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; the Company’s ability to achieve projected cost savings in connection with restructuring plans and consolidation of manufacturing activities; possible excess industry supply with respect to particular storage products and competing alternative storage technology solutions; the impact of trade barriers, such as import/export duties and restrictions, tariffs and quotas, imposed by the U.S. or other countries in which the Company conducts business; disruptions to its supply chain or production capabilities; unexpected advances in competing technologies or changes in market trends; the development and introduction of products based on new technologies and expansion into new data storage markets; the Company’s ability to effectively manage its debt obligations and comply with certain covenants in its credit facilities with respect to financial ratios and financial condition tests; currency fluctuations that may impact the Company’s margins, international sales and results of operations; cyber-attacks or other data breaches that disrupt the Company’s operations or result in the dissemination of proprietary or confidential information and cause reputational harm; cybersecurity threats and vulnerabilities associated with the Company’s infrastructure updates to its information technology systems; and fluctuations in interest rates. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 3, 2018, the “Risk Factors” section of which is incorporated into this press release by reference, and other documents filed with or furnished to the SEC. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by applicable law. The inclusion of Seagate’s website address in this press release is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, Seagate’s website and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) March 29, 2019 June 29, 2018 (a) ASSETS Current assets: Cash and cash equivalents $ 1,388 $ 1,853 Accounts receivable, net 897 1,184 Inventories 1,001 1,053 Other current assets 201 220 Total current assets 3,487 4,310 Property, equipment and leasehold improvements, net 1,822 1,792 Investment in debt security 1,318 1,275 Goodwill 1,237 1,237 Other intangible assets, net 129 188 Deferred income taxes 416 417 Other assets, net 187 191 Total Assets $ 8,596 $ 9,410 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,310 $ 1,728 Accrued employee compensation 145 253 Accrued warranty 100 112 Current portion of long-term debt — 499 Accrued expenses 591 598 Total current liabilities 2,146 3,190 Long-term accrued warranty 112 125 Long-term accrued income taxes 5 10 Other non-current liabilities 122 100 Long-term debt, less current portion 4,522 4,320 Total Liabilities 6,907 7,745 Total Equity 1,689 1,665 Total Liabilities and Equity $ 8,596 $ 9,410 (a) The information in this column was derived from the Company’s audited Consolidated Balance Sheet as of June 29, 2018. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended For the Nine Months Ended March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Revenue $ 2,313 $ 2,803 $ 8,019 $ 8,349 Cost of revenue 1,712 1,956 5,711 5,889 Product development 238 254 750 767 Marketing and administrative 110 135 345 422 Amortization of intangibles 6 6 17 47 Restructuring and other, net 11 11 41 95 Total operating expenses 2,077 2,362 6,864 7,220 Income from operations 236 441 1,155 1,129 Interest income 21 10 67 23 Interest expense (55) (60) (169) (182) Other, net 13 2 28 (18) Other expense, net (21) (48) (74) (177) Income before income taxes 215 393 1,081 952 Provision for income taxes 20 12 52 231 Net income $ 195 $ 381 $ 1,029 $ 721 Net income per share: Basic $ 0.69 $ 1.33 $ 3.62 $ 2.50 Diluted 0.69 1.31 3.57 2.48 Number of shares used in per share calculations: Basic 281 286 284 288 Diluted 284 291 288 291 Cash dividends declared per ordinary share $ 0.63 $ 0.63 $ 1.89 $ 1.89 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Nine Months Ended March 29, 2019 March 30, 2018 OPERATING ACTIVITIES Net income $ 1,029 $ 721 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 407 461 Share-based compensation 73 85 Deferred income taxes 15 209 Gain on sale of property and equipment (1) — Other non-cash operating activities, net (68) 9 Changes in operating assets and liabilities: Accounts receivable, net 296 124 Inventories 49 (20) Accounts payable (366) 74 Accrued employee compensation (108) (49) Accrued expenses, income taxes and warranty (32) (24) Other assets and liabilities 19 55 Net cash provided by operating activities 1,313 1,645 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (451) (270) Proceeds from settlement of foreign currency forward exchange contracts 66 — Proceeds from sale of strategic investments 10 — Proceeds from sale of properties previously classified as held for sale 27 43 Proceeds from sale of property and equipment 3 2 Purchases of strategic investments (14) (8) Other investing activities, net — (6) Net cash used in investing activities (359) (239) FINANCING ACTIVITIES Redemption and repurchase of debt (499) (209) Dividends to shareholders (539) (545) Repurchases of ordinary shares (613) (361) Taxes paid related to net share settlement of equity awards (30) (22) Net proceeds from issuance of long-term debt 196 — Proceeds from issuance of ordinary shares under employee stock plans 68 110 Net cash used in financing activities (1,417) (1,027) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (3) 8 (Decrease) increase in cash, cash equivalents and restricted cash (466) 387 Cash, cash equivalents and restricted cash at the beginning of the period 1,857 2,543 Cash, cash equivalents and restricted cash at the end of the period $ 1,391 $ 2,930 Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, operating expenses, net income, diluted earnings per share and free cash flow which are adjusted from results based on GAAP to exclude certain gains, losses and expenditures. These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain gains, losses and expenditures that it believes are not indicative of its core operating results and because it is similar to the approach used in connection with the financial models and estimates published by financial analysts who follow the Company. These non-GAAP results are some of the measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in its industry. SEAGATE TECHNOLOGY PLC RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts and gross margin) (Unaudited) For the Three Months Ended For the Nine Months Ended March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 GAAP Revenue $ 2,313 $ 2,803 $ 8,019 $ 8,349 Adjustment to discontinued products — — 1 (6) Non-GAAP Revenue $ 2,313 $ 2,803 $ 8,020 $ 8,343 GAAP Gross Margin $ 601 $ 847 $ 2,308 $ 2,460 Adjustment to discontinued products — — 1 (6) Accelerated depreciation, impairment and other charges related to cost saving efforts — 1 — 2 Amortization of acquired intangible assets 14 15 40 43 Other charges — — (1) 11 Non-GAAP Gross Margin $ 615 $ 863 $ 2,348 $ 2,510 GAAP Gross Margin 26.0 % 30.2 % 28.8 % 29.5 % Non-GAAP Gross Margin 26.6 % 30.8 % 29.3 % 30.1 % GAAP Operating Expenses $ 365 $ 406 $ 1,153 $ 1,331 Accelerated depreciation, impairment and other charges related to cost saving efforts — (4) (2 (6) Amortization of acquired intangible assets (5) (4) (14 (43) Restructuring and other, net (11) (11) (41 (95) Other charges — (2) — (4) Non-GAAP Operating Expenses $ 349 $ 385 $ 1,096 $ 1,183 GAAP Net Income $ 195 $ 381 $ 1,029 $ 721 Adjustment to discontinued products — — 1 (6) Accelerated depreciation, impairment and other charges related to cost saving efforts — 5 2 8 Amortization of acquired intangible assets 19 19 54 86 Restructuring and other, net 11 11 41 95 Losses recognized on the early redemption and repurchase of debt — 1 — 4 Strategic investment losses or impairment recognized — 3 2 3 Other charges — 3 (1) 15 Income tax adjustments 10 1 8 208 Non-GAAP Net Income $ 235 $ 424 $ 1,136 $ 1,134 Shares used in diluted net income per share calculation 284 291 288 291 GAAP Diluted Net Income Per Share $ 0.69 $ 1.31 $ 3.57 $ 2.48 Non-GAAP Diluted Net Income Per Share $ 0.83 $ 1.46 $ 3.94 $ 3.90 GAAP Net Cash Provided by Operating Activities $ 438 $ 558 $ 1,313 $ 1,645 Acquisition of property, equipment and leasehold improvements 147 69 451 270 Free Cash Flow $ 291 $ 489 $ 862 $ 1,375 The Company’s Non-GAAP measures are adjusted for the following items: Adjustment to discontinued products These adjustments relate to sales of certain discontinued products or changes in sales provision for discontinued products. These adjustments are inconsistent in amount and frequency and are excluded in the non-GAAP measures as these adjustments are not indicative of the underlying ongoing operating performance. Accelerated depreciation, impairment and other charges related to cost saving efforts These expenses are excluded in the non-GAAP measure due to its inconsistency in amount and frequency and are excluded to facilitate a more meaningful evaluation of the Company’s current operating performance and comparison to its past periods operating performance. Amortization of acquired intangible assets The Company records expense from amortization of intangible assets that were acquired in connection with its business combinations over their estimated useful lives. Such charges are inconsistent in size and are significantly impacted by the timing and magnitude of the Company’s acquisitions. Consequently, these expenses are excluded in the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Other charges The other charges primarily include write-off of certain discontinued inventory and expense related to disposed business. These charges are inconsistent in amount and frequency and are excluded in the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Restructuring and other, net Restructuring charges and other, net are costs associated with restructuring plans that are primarily related to costs associated with reduction in the Company’s workforce, exiting certain facilities and other related costs. These also exclude charges or gains from sale of properties classified as held-for-sale. These costs or benefits do not reflect the Company’s ongoing operating performance and consequently are excluded from the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Losses Recognized on the early redemption and repurchase of debt From time to time, the Company incurs losses from the early redemption and repurchase of certain long-term debt instruments. These losses represent the difference between the reacquisition costs and the par value of the debt extinguished and include the write off of any related unamortized debt issuance costs. The amount of these charges may be inconsistent in size and varies depending on the timing of the repurchase of debt. Strategic investment losses, (gains) or impairment recognized From time to time, the Company incurs losses or gains from strategic investment accounted under equity method of accounting or records impairments charges which are not considered as part of its ongoing operating performance. The resulting expense or gain is inconsistent in amount and frequency and consequently are excluded from the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Income tax adjustments Provision for income taxes represents the tax effects of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction. It also includes a provisional tax benefit for the re-measurement of the Company's U.S. deferred tax assets at the lower 21% tax rate resulting from the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017. Free cash flow Free cash flow is a non-GAAP measure defined as net cash provided by operating activities less acquisition of property, equipment and leasehold improvements. This non-GAAP financial measure is used by management to assess the Company's sources of liquidity, capital structure and operating performance. Seagate Levels Up Data Creation At CES With Storage Solutions To Fit Any Digital Life 2019-01-07T21:00:00Z seagate-levels-up-data-creation-at-ces-with-storage-solutions-to-fit-any-digital-life LAS VEGAS, NV – CES 2019 – January 7, 2019 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, today announced an exciting extension of its portfolio with several new models, including new solid state drive offerings at CES® 2019. From gung-ho gamers to Instagram gurus, photo-collecting parents, or visionary creatives, Seagate offers the data storage solutions that empower users to live their best digital lives in today’s fast-changing data-heavy landscape. Today, consumers have more ways than ever to consume content, driving the need to create, distribute and manage data efficiently. According to a recent IDC whitepaper sponsored by Seagate, five billion consumers are currently interacting with data every single day. By 2025, that number will jump to six billion, or 75 percent of the world’s population. Each of those six billion people will have at least one data interaction every 18 seconds, bumping the amount of data created worldwide to 175 zettabytes by 2025. Consumers increasingly need reliable ways to collect, protect, manage and access a good portion of that data, and Seagate’s latest products – including the cutting-edge LaCie® Mobile Drive, LaCie Mobile SSD, Seagate Backup Plus HDDs, FireCuda® 510 and BarraCuda® 510 internal SSDs, and IronWolf® 110 NAS SSD – are designed to fit a variety of data storage needs and digital lifestyles. “Today’s digital world impacts businesses and consumers globally. Companies are increasing digitization and consumers are embracing personalized, real-time data interactions. With these changes come higher expectations for managing data,” said Jeff Fochtman, vice president of marketing for Seagate. “With over 40 years’ experience in data management, Seagate is continuously innovating to prepare customers for this new era of data resilience. Our new lineup of data storage solutions empower consumers to efficiently manage their video, photos, and documents, at home, in the office, or on-the-go.” Seagate’s newest lineup of storage solutions helps consumers level up and manage their data storage needs. They include: The Storage Style Icon Seagate’s premium LaCie brand continues to deliver iconic storage solutions for all design aficionados and creative professional go-getters. Need to capture different angles of your #OOTD, several times a day? LaCie Mobile Drive is ideal for an ever-growing digital library with its capacity topping out at a massive 5TB. When there is a need for fast file transfers, LaCie Mobile SSD dishes out intense speeds of up to 540MB/s, offering capacities up to 2TB. Whether shuttling content from the set to post-production or using it as a scratch disk editing 4K video projects, the drive helps close the project on time and in style. Both solutions feature a unique, eye-catching diamond-cut design complementing Apple® MacBook® aesthetics and include a 1-month subscription to the Adobe® Creative Cloud® All Apps plan. LaCie Mobile Drive features a 2-year limited warranty, while LaCie Mobile SSD offers a 3-year limited warranty and a 3-year subscription to Seagate Rescue Data Recovery plan. Both new drives are available in January. Your Storage for Favorite Memories Photos, movies, documents, phones, tablets, laptops. Today’s connected consumer has a digital world made up of many parts. Seagate’s Backup Plus is a family of portable external hard drives to help the everyday consumer balance life and provide peace of mind. Photo-happy parents can snap away and not worry about losing these precious mementos knowing their new Backup Plus drive can help them breathe a little easier. Backup Plus Ultra Touch (1TB and 2TB capacities) offers a high-touch sensory experience that feels a little like home with premium features including automatic backup with multi-device folder sync and data protection with hardware encryption. Backup Plus Slim (1TB and 2TB capacities) and Backup Plus Portable (4TB and 5TB capacities) are both outfitted with lustrous aluminum finishes available in black, blue, and silver and offer automatic backup. Aiding your creativity, the new Backup Plus models include a complimentary 2-month subscription to the Adobe Creative Cloud Photography Plan. Backup Plus Ultra Touch will be available in February and Backup Plus Slim and Backup Plus Portable will be available in March. Your Speedy Advantage to Upping the Game Fear not, PC gamers. In the Esports and live-stream era, Seagate takes your need for speed seriously. The FireCuda 510 M.2 PCIe NVMe SSD delivers blazing performance with intense read and write speeds for the ultimate gaming experience. Its crisp 4K video processing and high IOPS allows gamers to run multiple simultaneous video streams and programs – crucial for gameplay recording and streaming. Plus, its ultra-small M.2 2280 form factor means you can beef up just about any size system – be it a laptop, mini PC, or desktop. We understand that the need for speed extends beyond gaming. For the consummate multitasker and performance seeker, the BarraCuda 510 M.2 PCIe NVMe SSD features next-level speed for accelerating applications, with an ultra-small form factor for ultra-thin laptops, mini-PCs, and desktops. It is everything you love about the BarraCuda brand, now in an M.2 form factor. Available this spring, FireCuda 510 and BarraCuda 510 feature Seagate’s SeaTools SSD GUI dashboard for easy data management and a 5-year limited warranty. The World’s First Purpose-Built SSD for NAS Seagate’s IronWolf 110 SATA SSD is the world’s first purpose-built NAS SSD. It is designed with enterprise-class endurance and reliability, has a 24/7 always-on work ethic, and offers capacities of up to 3.48TB. Seagate’s exclusive Durawrite® technology helps accelerate reads and writes, extend the life of the flash and provide up to 7000 TBW on the 3.84TB capacity drive. With the ability to access, share and backup files from nearly anywhere, Network Attached Storage appliances (NAS) have become a necessity for many business owners, professionals, creative pros and prosumers. Choosing tough, ready and scalable IronWolf drives ensures top performance and the best possible user experience with the confidence of a 5-year limited warranty and 2-year data recovery support. IronWolf 110 will be available this January. For more details, come “Level Up” during CES 2019 in the Seagate Experience Zone at The Venetian, 3rd Level, Lido Ballroom 3140. There, you will find interactive product demos and live experiences that showcase how the latest Seagate and partner technologies are teaming up to unlock the potential of creative workflows, smart home technologies, gaming, edge computing, and more. You can also find more information on the new products by visiting the following pages: LaCie Mobile Drive https://www.lacie.com/products/mobile-drive/ LaCie Mobile SSD https://www.lacie.com/products/mobile-ssd/ Backup Plus Ultra Touch, Backup Plus Slim, and Backup Plus Portable https://www.seagate.com/consumer/backup/backup-plus/ FireCuda 510 https://www.seagate.com/internal-hard-drives/ssd/firecuda-ssd/ BarraCuda 510 https://www.seagate.com/internal-hard-drives/ssd/barracuda-ssd/ IronWolf 110 https://www.seagate.com/internal-hard-drives/ssd/ironwolf-nas-ssd/ For more information, please visit https://www.seagate.com/news/, https://www.lacie.com/company/news/, and https://blog.seagate.com/ces-2019/ About Seagate Seagate crafts the datasphere, helping to maximize humanity’s potential by innovating world-class, precision-engineered data management solutions with a focus on sustainable partnerships. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. ©2019 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, the Spiral logo, and LaCie are registered trademarks of Seagate Technology LLC in the United States and/or other countries. FireCuda, BarraCuda, IronWolf and Durawrite are trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. Adobe, Creative Cloud, and Adobe Premiere are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. Apple, MacBook, and Apple Store are trademarks of Apple Inc., registered in the U.S. and other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes and one terabyte, or TB equals one trillion bytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. Actual data rates may vary depending on operating environment and other factors, such as chosen interface and disk capacity. # # # Seagate partners with Tape Ark in global deal to liberate tape-archived legacy data 2018-12-10T23:57:34Z seagate-partners-with-tape-ark-in-global-deal-to-liberate-tape-archived-legacy-data PERTH, Western Australia (11 December 2018): Perth-based “tape to cloud” data management organisation Tape Ark has successfully reached a partnership agreement with global data storage giant Seagate Technology plc based in Cupertino, California. The agreementwill see Seagate’s Lyve Data Services advanced data management expertise being combined with Tape Ark’s unique data restoration technology, to enable zettabytes of tape-bound data to be rapidly migrated from client’s aging offsite tapes directly to large public cloud platforms of the customer’s choice to enableaccess and analysis using AI-driven technologies. It is estimated over one billion tapes are stored in physical offsite locations with much of this data at risk, not easily accessible, and susceptible to decay, deterioration and even permanent loss. The Tape Ark and Seagate partnership will allow organisations around the world to restore and preserve this valuable latent data, making it instantly accessible again to enable organisations to mine, explore, analyse and extract value from these massive datasets while also turning a stagnant cost centre into a valuable business asset. Paul Steele, senior director of Seagate’s Lyve Data Services said:“The legacy data in the world’s tape archives holds the potential to deliver tremendous value and potentially major breakthroughs in research, understanding, processes and practices in a wide variety of sectors, but only if it’s brought in from the cold. We believe clients will gain an incalculable advantage by adding years or decades of latent data back into their data sets to be accessible for AI-enabled deep analytics.” Tape Ark Founder and CEO Guy Holmes commented: “The Tape Ark Team is excited and proud to be partnering with Seagate Technology - a global data storage leader and innovator. This announcement is a significant step in Tape Ark’s roadmap for growth and coincides with the finalisation of our first round of venture capital funding.” Tape Ark, which has pioneered a groundbreaking software and tape-to-cloud data transfer interface,will expand its operations into Seagate facilities globally, establishing scalable, mass ingest facilities capable of processing tens of thousands of tapes per day – by far the largest facilities of the kind anywhere in the world. These new facilities, in Oklahoma and Amsterdam, will become Tape Ark’s new North American and European operations base. “With zettabytes of data sitting on ageing, inaccessible tape globally, this partnership will effectively see the largest data recovery project ever undertaken in human history become a reality. Our vision is to give client data back to the client and make it instantly and economically accessible to them where and when they want it. Ingesting these data sets into the cloud puts clients back in control of their data assets and by applying today’s analytics and machine learning tools they can potentiallymake profound discoveries from their legacy data,” said Holmes. / Ends About Tape Ark Tape Ark is liberating the world’s second largest collection of data - that which is held on backup tape -making it available to the application of data analytics. By providing high volume migration of ageing corporate data from archive tape media to the cloud, Tape Ark can assist in turning a decaying cost centre into a valuable business asset and revenue stream. Follow Tape Ark onTwitter,Facebook,LinkedIn,Instagram and subscribe to our blog. About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more atwww.seagate.com.Follow Seagate on Twitter,Facebook,LinkedIn,Spiceworks,YouTubeand subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. Seagate reserves the right to change, without notice, product offerings or specifications. For More Information Contact: Teena Townsend Tape Ark Marketing & Communications Manager +61 411111136 Teena.townsend@tapeark.com Seagate Technology contact details: Richelle Gillett |Senior Consultant Einsteinz Communications T: (02) 8905 0995 | M: 0418 781 610 Seagate Launches New Data-Readiness Index Revealing Impact Across Four Global Industries As 30 Percent Of Data Forecasted To Be Real-Time By 2025 2018-11-27T06:15:21Z seagate-launches-new-data-readiness-index-revealing-impact-across-four-global-industries-as-30-percent-of-data-forecasted-to-be-real-time-by-2025 SYDNEY, Australia – 27 November, 2018 – The global datasphere1 could grow to 175 zettabytes by 2025, and industries such as Financial Services, Manufacturing, Healthcare, and Media and Entertainment are helping to define this new era of data growth. This is according to an IDC White Paper The Digitization of the World – From Edge to Core, sponsored by global data and storage leader Seagate Technology, which examines impending shifts to the global data model. While Healthcare currently has the smallest share of the global enterprise datasphere among key industries examined in the study, it is primed to grow the fastest, far surpassing the Media and Entertainment sector and matching the Financial Services sector by 2025. The growth reflects advancements in healthcare analytics and imaging technology, as well as the increasing amount of real-time data created in medical care. The study, The Digitization of the World – From Edge to Core, assesses data-readiness of the four critical industries that encompass nearly half of the global enterprise datasphere. It does so by using DATCON (DATa readiness CONdition), an index that evaluates management, usage and monetisation of data to help inform today’s business leaders on their level of data-readiness. Ranging from 1 (Critical) to 5 (Optimised), DATCON scores are calculated across a number of metrics, including data growth, criticality, security, investment, management, skills and C-level involvement. DATCON: evaluating global data readiness by sector Industries are in various states of readiness and should take action to prepare for, and capitalise on, data growth. Using the DATCON index, the study identifies the most pressing initiatives businesses must consider as they approach 2025: Manufacturing and Financial Services scored the best overall at 3.3 each, representing the greatest use of edge computing in the four industries, with opportunity for blockchain, analytics and AI. Despite its rapid growth, at 2.4, healthcare has room for improvement as well in data readiness. Survey results indicate blockchain will be important for the industry, but nearly 60 percent lack a strategy or have yet to implement any initiative. Media and Entertainment received the lowest DATCON score of 2.0, showing the sector ripe for advanced data technologies; particularly in data security and data management. “We are at the beginning of an era where both data creation and data utilisation are forecasted to grow rapidly over the next decade. While some industries are more prepared for digital transformation than others, all businesses need to be ready to act on a solid digital strategy in order to be successful in the data age,” said Dave Mosley, Seagate’s chief executive officer. “Data technologies are becoming central for productivity expansion, data monetisation and value-creation. We are excited to be part of this transformation and be a strong supporter to enable these opportunities for the years to come.” Enterprise out in front The enterprise is fast becoming the world’s primary data steward in today’s connected world. The Digitization of the World study predicts that the installed bytes across the enterprise is to represent over 80 percent of total installed bytes worldwide in 2025. This trend will only continue to amplify the data protection responsibilities of companies around the world. The cloud is the new core Also revealed by The Digitization of the World study, almost half (49%) of the world’s stored data could reside in public cloud environments by 2025. The shift to the public cloud is largely being driven by a world filled with IoT sensors that are constantly capturing, recording, and analysing data in business environments. With businesses looking to centralise data management and delivery, there is an increased reliance on the connectivity, performance and convenience that cloud services provide. As companies continue to pursue the cloud for increasing data processing and storage needs, cloud data centers are becoming the new enterprise data repository. In essence, the cloud is becoming the new core. “While endpoints continue to be the primary location for data creation in the short term, the fastest growth is forecasted to happen at the core and the edge - with more data stored in the core than in the world’s endpoints by 2025. This will be particularly true for major industries as edge computing continues to be a key driver of business-critical factors and digital transformation,” said David Reinsel, senior vice president at IDC. For more information on “The Digitization of the World – From Edge to Core” and DATCON index, download the study: www.DataAge2025.com. About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. Seagate reserves the right to change, without notice, product offerings or specifications. 1 The global datasphere is the quantification of the amount of data created, captured, and replicated across the world. # # # Media Contact Richelle Gillett Einsteinz Communications Email: richelle@einsteinz.com.au Ph: +61 02 8905 0995 Seagate and IBM work together to help reduce global hard drive counterfeiting with Blockchain Technology 2018-11-08T23:55:52Z seagate-and-ibm-work-together-to-help-reduce-global-hard-drive-counterfeiting-with-blockchain-technology Sydney, Australia – November 9, 2018 — Seagate Technology plc (NASDAQ: STX), a world leader in data storage solutions, and IBM (NYSE: IBM) today announced they are working together to reduce product counterfeiting using blockchain and security technologies. The project, which is designed to help manufacturers, integrators, and business partners fight counterfeit hard drives, uses the IBM Blockchain Platform to authenticate the provenance of disk drive products, bringing a new level of multi-layered security protection to the data management industry. According to the International Anti-Counterfeiting Coalition, global trade in counterfeit and pirated electronic products has reached more than $1.7 trillion in value. To verify product authenticity, Seagate will update the IBM Blockchain Platform on the IBM Cloud with product authentication data based on the Seagate Secure™ Electronic ID (eID) at the point of manufacture. Each unique identifier (serving as an electronic fingerprint) can be used to verify the identity of a hard drive at any time during its product life cycle. Seagate’s Certified Erase employs cryptographic erasure technology to produce a digital certificate of data purge, which is electronically signed by the device under the Seagate Secure public key infrastructure (PKI) and stored on the blockchain for compliance management with emerging global data privacy laws. Building upon IBM’s blockchain expertise and powered by the Linux Foundation’s Hyperledger Fabric distributed ledger framework, the IBM Blockchain Platform is designed to allow network participants to append and view blockchain data based on their level of permissioning. Throughout a product’s life, technology vendors, service providers, and end users will be able to confirm the product’s provenance on the blockchain, which provides an immutable record of events. This can help reduce data loss, fraudulent products and warranty costs, while improving product assurance for customers during deployment. “Blockchain technology can be extremely effective in confirming provenance and authenticity of assets,” said Bruce Anderson, global managing director, electronics industry, IBM. “The ability to work with Seagate to combine blockchain with advanced cryptographic product identification technology is what sets this work apart, and signals blockchain’s potential to reimagine the electronics product life cycle management processes. Counterfeit electronic components are a global issue that requires an ecosystem-wide effort to address.” The eID and Certified Erase capabilities are built on the Seagate Secure technology, which can enable higher levels of trust of product provenance and proof of data erasure. Customers can benefit from knowing that a drive is a genuine Seagate product and that any data on it can be securely erased which can assist customers with their efforts to adhere to international compliance standards. “IBM has a proven history of technology innovation as evidenced by its market leadership in blockchain technology for product provenance in various industries,” said Mark Re, senior vice president and chief technology officer at Seagate. “By combining Seagate’s innovations in product security with IBM’s blockchain expertise, we want to prove that we can help reduce the incidence of product counterfeiting in the future.” As project development continues in this combined effort to fight global product counterfeiting, Seagate and IBM are anticipating that they will expand the business network to include participation from supply chain partners. About IBM Blockchain IBM is recognised as the leading enterprise blockchain provider. The company’s research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses. IBM is the leader in open-source blockchain solutions built for the enterprise. Since 2016, IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications, and operates a number of networks running live and in production. The cloud-based IBM Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks. IBM is an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies. For more information about IBM Blockchain, visit https://www.ibm.com/blockchain/ or follow us on Twitter at @ibmblockchain. About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. Seagate Secure is either a trademark or registered trademark of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. Seagate reserves the right to change, without notice, product offerings or specifications. Media Contact: Richelle Gillett Einsteinz Communications richelle@einsteinz.com.au +61 418 781 610 +61 2 8905 0995 Seagate Technology Reports Fiscal First Quarter 2019 Financial Results 2018-11-05T02:19:49Z seagate-technology-reports-fiscal-first-quarter-2019-financial-results Revenues of $3.0 billion, up 14% year-over-year Exabyte shipments of 98.8, up 41% year-over-year GAAP diluted earnings per share (EPS) of $1.54, up 148% year-over-year; non-GAAP diluted EPS of $1.70, up 77% year-over-year Free Cash Flow (FCF) of $410 million, compared with $113 million for the same period last year CUPERTINO, CA – November 2, 2018 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended September 28, 2018. “In the September quarter, we achieved strong financial results in revenue, profitability and cash flow, reflecting solid execution and positive demand for our products across multiple markets. By delivering competitive cost-effective mass storage solutions, Seagate is a crucial supplier in supporting the Data Age digital transformations that are happening across the storage marketplace. We believe our deep storage industry expertise, leading technology portfolio and focused execution will continue to drive long-term success for the company and deliver value to our shareholders,” said Dave Mosley, Seagate’s chief executive officer. Quarterly Financial Results GAAP Non-GAAP FQ1 2019 FQ1 2018 FQ1 2019 FQ1 2018 Revenue ($M) $2,991 $2,632 $2,992 $2,632 Gross Margin 30.5% 28.0% 31.0% 29.0% Net Income ($M) $450 $181 $496 $279 Diluted Earnings Per Share $1.54 $0.62 $1.70 $0.96 In the first quarter, the Company generated $587 million in cash flow from operations and $410 million in free cash flow, paid cash dividends of $181 million and repurchased 3 million ordinary shares for $150 million. Cash and cash equivalents totaled $1.9 billion at the end of the quarter. 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 Investors Relations website at www.seagate.com/investors. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) has approved a quarterly cash dividend of $0.63 per share, which will be payable on January 2, 2019 to shareholders of record as of the close of business on December 19, 2018. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board. Investor Communications Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors. During today’s webcast, the Company will provide an outlook for its second fiscal quarter of 2019, including key underlying assumptions. An archived audio webcast of this event will be available on Seagate’s Investors Relations website at www.seagate.com/investors shortly following the event conclusion. About Seagate To learn more about the Company’s products and services, visit www.seagate.com and follow us on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. The contents of our website and social media channels are not a part of this release. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about the Company’s plans, strategies and prospects, financial projections, expectations regarding market demand and the Company’s products, shifts in technology, the Company’s ability to meet market and industry expectations and the effects of these future trends and expectations on the Company’s business and shareholder value and dividend issuance plans for the fiscal quarter ending December 28, 2018 and beyond. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” or the negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to: items that may be identified during its financial statement closing process that cause adjustments to the estimates included in this report; the uncertainty in global economic and political conditions; the impact of the variable demand and adverse pricing environment for storage products; the Company’s ability to successfully qualify, manufacture and sell its storage products in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; the Company’s ability to achieve projected cost savings in connection with restructuring plans and consolidation of manufacturing activities; possible excess industry supply with respect to particular storage products and competing alternative storage technology solutions; the impact of trade barriers imposed by the U.S. government and potential corresponding actions by other countries in which the Company conducts its business; disruptions to its supply chain or production capabilities; unexpected advances in competing technologies or changes in market trends; the development and introduction of products based on new technologies and expansion into new data storage markets; the Company’s ability to effectively manage its debt obligations and comply with certain covenants in its credit facilities with respect to financial ratios and financial condition tests; currency fluctuations that may impact the Company’s margins, international sales and results of operations; cyber-attacks or other data breaches that disrupt the Company’s operations or result in the dissemination of proprietary or confidential information and cause reputational harm; cybersecurity threats and vulnerabilities associated with the Company’s infrastructure updates to its information technology systems; and fluctuations in interest rates. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 3, 2018, the “Risk Factors” section of which is incorporated into this press release by reference, and other documents filed with or furnished to the SEC. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by applicable law. The inclusion of Seagate’s website address in this press release is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, Seagate’s website and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) September 28, 2018 June 29, 2018 (a) ASSETS Current assets: Cash and cash equivalents $ 1,942 $ 1,853 Accounts receivable, net 1,202 1,184 Inventories 1,116 1,053 Other current assets 263 220 Total current assets 4,523 4,310 Property, equipment and leasehold improvements, net 1,789 1,792 Investment in debt security 1,259 1,275 Goodwill 1,237 1,237 Other intangible assets, net 169 188 Deferred income taxes 416 417 Other assets, net 185 191 Total Assets $ 9,578 $ 9,410 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,776 $ 1,728 Accrued employee compensation 174 253 Accrued warranty 110 112 Current portion of long-term debt 499 499 Accrued expenses 616 598 Total current liabilities 3,175 3,190 Long-term accrued warranty 122 125 Long-term accrued income taxes 11 10 Other non-current liabilities 102 100 Long-term debt, less current portion 4,322 4,320 Total Liabilities 7,732 7,745 Total Equity 1,846 1,665 Total Liabilities and Equity $ 9,578 $ 9,410 (a) The information in this column was derived from the Company’s audited Consolidated Balance Sheet as of June 29, 2018. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended September 28, 2018 September 29, 2017 Revenue $ 2,991 $ 2,632 Cost of revenue 2,078 1,896 Product development 266 263 Marketing and administrative 115 145 Amortization of intangibles 6 22 Restructuring and other, net 23 51 Total operating expenses 2,488 2,377 Income from operations 503 255 Interest income 24 7 Interest expense (58) (61) Other, net (1) (13) Other expense, net (35) (67) Income before income taxes 468 188 Provision for income taxes 18 7 Net income $ 450 $ 181 Net income per share: Basic $ 1.57 $ 0.62 Diluted 1.54 0.62 Number of shares used in per share calculations: Basic 287 290 Diluted 292 292 Cash dividends declared per ordinary share $ 0.63 $ 0.63 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Three Months Ended September 28, 2018 September 29, 2017 OPERATING ACTIVITIES Net income $ 450 $ 181 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 134 161 Share-based compensation 18 32 Deferred income taxes 2 (3) Other non-cash operating activities, net (18) 1 Changes in operating assets and liabilities: 0 Accounts receivable, net (9) (10) Inventories (66) (32) Accounts payable 119 (30) Accrued employee compensation (79) (87) Accrued expenses, income taxes and warranty 45 16 Other assets and liabilities (9) 8 Net cash provided by operating activities 587 237 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (177) (124) Proceeds from sale of properties previously classified as held for sale 6 — Purchases of strategic investments (5) — Other investing activities, net — (8) Net cash used in investing activities (176) (132) FINANCING ACTIVITIES Dividends to shareholders (181) (184) Repurchases of ordinary shares (150) (166) Taxes paid related to net share settlement of equity awards (27) (20) Proceeds from issuance of ordinary shares under employee stock plans 32 29 Redemption and repurchase of debt — (22) Net cash used in financing activities (326) (363) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 3 4 Increase (decrease) in cash, cash equivalents and restricted cash 88 (254) Cash, cash equivalents and restricted cash at the beginning of the period 1,857 2,543 Cash, cash equivalents and restricted cash at the end of the period $ 1,945 $ 2,289 Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, operating expenses, net income and diluted earnings per share which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that it believes are not indicative of its core operating results and because it is similar to the approach used in connection with the financial models and estimates published by financial analysts who follow the Company. These non-GAAP results are some of the measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in its industry. SEAGATE TECHNOLOGY PLC RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts and gross margin) (Unaudited) Three Months Ended September 28, 2018 June 29, 2018 September 29, 2017 GAAP Revenue $ 2,991 $ 2,835 $ 2,632 Adjustment to discontinued products 1 — — Non-GAAP Revenue $ 2,992 $ 2,835 $ 2,632 GAAP Gross Margin $ 913 $ 904 $ 736 Adjustment to discontinued products 1 — — Accelerated depreciation, impairment and other charges related to cost saving efforts — — 1 Amortization of acquired intangible assets 13 14 14 Other charges — — 11 Non-GAAP Gross Margin $ 927 $ 918 $ 762 GAAP Gross Margin 30.5 % 31.9 % 28.0 % Non-GAAP Gross Margin 31.0 % 32.4 % 29.0 % GAAP Operating Expenses $ 410 $ 399 $ 481 Accelerated depreciation, impairment and other charges related to cost saving efforts (1) — — Amortization of acquired intangible assets (4) (5) ) (21) Restructuring and other, net (23) 6 (51) Other charges — (1) ) (1) Non-GAAP Operating Expenses $ 382 $ 399 $ 408 GAAP Net Income $ 450 $ 461 $ 181 Adjustment to discontinued products 1 — — Accelerated depreciation, impairment and other charges related to cost saving efforts 1 — 1 Amortization of acquired intangible assets 17 19 35 Restructuring and other, net 23 (6) 51 Strategic investment losses, (gains) or impairment recognized 4 8 — Other charges — 1 11 Income tax adjustments — (8) — Non-GAAP Net Income $ 496 $ 475 $ 279 Shares used in diluted net income per share calculation 292 293 292 GAAP Diluted Net Income Per Share $ 1.54 $ 1.57 $ 0.62 Non-GAAP Diluted Net Income Per Share $ 1.70 $ 1.62 $ 0.96 The Company’s Non-GAAP measures are adjusted for the following items: Adjustment to discontinued products These adjustments relate to sales of certain discontinued products or changes in sales provision for discontinued products. These adjustments are inconsistent in amount and frequency and are excluded in the non-GAAP measures as these adjustments are not indicative of the underlying ongoing operating performance. Accelerated depreciation, impairment and other charges related to cost saving efforts These expenses are excluded in the non-GAAP measure due to its inconsistent in amount and frequency and are excluded to facilitate a more meaningful evaluation of the Company’s current operating performance and comparison to its past periods operating performance. Amortization of acquired intangible assets The Company records expense from amortization of intangible assets that were acquired in connection with its business combinations over their estimated useful lives. Such charges are inconsistent in size and are significantly impacted by the timing and magnitude of the Company’s acquisitions. Consequently, these expenses are excluded in the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Other charges The other charges primarily include write-off of certain discontinued inventory and expense related to disposed business. These charges are inconsistent in amount and frequency and are excluded in the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Restructuring and other, net Restructuring charges and other, net are costs associated with restructuring plans that are primarily related to costs associated with reduction in the Company’s workforce, exiting certain facilities and other related costs. These also exclude charges or gains from sale of properties classified as held-for-sale. These costs or benefits do not reflect the Company’s ongoing operating performance and consequently are excluded from the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Strategic investment losses, (gains) or impairment recognized From time to time, the Company incurs losses or gains from strategic investment accounted under equity method of accounting or records impairments charges which are not considered as part of its ongoing operating performance. The resulting expense or gain is inconsistent in amount and frequency and consequently are excluded from the non-GAAP measures to facilitate a more meaningful evaluation of its current operating performance and comparison to its past periods operating performance. Income tax adjustments Provision for income taxes represents the tax effects of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction. It also includes a provisional tax benefit for the re-measurement of the Company's U.S. deferred tax assets at the lower 21% tax rate resulting from the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017. Seagate Unveils Industry’s Most Advanced 14TB Data Storage Portfolio 2018-09-11T00:58:26Z seagate-unveils-industrys-most-advanced-14tb-data-storage-portfolio High res photos available here Sydney, AUSTRALIA – 11 September, 2018 – Seagate Technology (NASDAQ: STX), a world leader in data storage solutions, today launched the industry’s widest range of advanced 14TB hard drives, enhancing the company’s enterprise and specialty drive portfolio. Consisting of IronWolf® and IronWolf® Pro for network attached storage (NAS) applications, the BarraCuda® Pro desktop drive, surveillance-optimised SkyHawk™, and Exos™ X14 for hyperscale data centres, this purpose-built portfolio empowers customers to consume, manage and utilise digital data more effectively and efficiently while establishing new benchmarks in speed and capacity. With this offering, Seagate continues to lead the industry in driving data storage technology toward a lower cost per terabyte through hard drive optimisation, versatility of application, and unmatched capacity. Whether for personal use, creative and design computing, online gaming, or large-scale surveillance systems and hyperscale environments, Seagate drives are opening up new data management opportunities across a wide range of markets. “Data protection, management and archiving are no longer strictly the realm of IT departments, but are now essential responsibilities for business owners, creative professionals, online gamers and PC users alike,” said Matt Rutledge, senior vice president of devices at Seagate. “We understand the critical nature of data in unlocking opportunities to efficiency. From the largest data centre to the personal user, our goal is to ensure every customer can access, store and transfer data quickly and reliably, whenever they need it and wherever they are.” IronWolf & IronWolf Pro 14TB – the leader in NAS IronWolf and IronWolf Pro drives have continued to push boundaries for NAS applications, providing best-in-class reliability and performance for always-on environments. Trusted by the world’s top NAS vendors, IronWolf drives are built with multi-user environments in mind, which allows a workload rating up to 300TB/year allowing users to do more with their data and their NAS. The drives are optimised with AgileArray™ firmware for NAS servers to provide the customer with a host of benefits including: RAID performance, dual-plane balance, rotational vibration (RV) sensors, advanced power management and error recovery control. Additionally, customers get peace of mind with Seagate IronWolf Health Management and 2-year Seagate Rescue Data Recovery Services.* Health Management embedded analysis and recovery software works seamlessly with key NAS partner systems, providing comprehensive status updates and drive health analysis, allowing customers to be preventative, not just reactive. IronWolf and IronWolf Pro drives feature a 3-year and 5-year limited warranty respectively. “For many companies, data storage has become one of the fastest-growing parts of their IT infrastructure. Synology users will be excited by the new Seagate 14TB IronWolf drives,” said Vincent Tsai, product marketing manager at Synology Inc. “By collaborating seamlessly, Seagate and Synology deliver a reliable storage and backup solution for businesses to safeguard their valuable data.” BarraCuda Pro 14TB – versatile desktop performance As a result of the exponential rise of online interactions across a host of industries, and the constant demand for higher productivity, the BarraCuda Pro 3.5-inch HDD continues to offer professionals an ideal storage solution for desktop workstations or direct attached storage (DAS) systems. Creative professionals, small businesses and IT staff all have a need for large amounts of data to be delivered efficiently and protected properly. The BarraCuda Pro delivers industry-leading 7200 RPM spin speed, along with 250mb/s data transfer rates and up to 256MB of cache, the highest available today, powered by Seagate’s Multi-Tier Caching Technology™ (MTC), delivering effortless performance in a massive 14TB of storage. Whether it be data-intensive editing of 8k video or the transfer of large files to an attached backup, the BarraCuda Pro gives customers speed, versatility and durability at an affordable cost, as well as the support of a 5-year limited warranty. SkyHawk 14TB – optimised for surveillance The surveillance industry is rapidly evolving and the demand for higher video resolution, analytics, and longer retention requires much greater storage capacities. Seagate SkyHawk drives provide the optimum combination of performance, high capacity and reliability, the three most important needs for surveillance customers and integrators. With the ability to store over 9000 hours of HD video and up to 64 HD cameras,** the SkyHawk 14TB is optimised for DVRs and NVRs, tuned for 24/7 workloads, and equipped with ImagePerfect™ firmware to minimise dropped frames and downtime. Supported by a 3-year limited warranty, customers can also benefit from unique SkyHawk Health Management technology that actively monitors and analyzes drive health, empowering users to prevent, intervene and recover from potential anomalies. Exos X14 – hyperscale ready Built for the efficiency, reliability and security demands of the world’s most advanced hyperscale data centeres, Exos X14 drives offer enhanced areal density to deliver higher storage capabilities in a compact 3.5-inch form factor. Combined with the industry’s lowest power consumption and best performance in its class, the Exos X14 enables data centers to maximise storage capabilities while reducing complexity and operational costs. As the need for hyperscale and cloud storage increases exponentially, Seagate’s new Exos X14 drives deliver 40% more petabytes per rack compared to Exos 10TB drives, while maintaining the same small footprint. The helium-based Exos X14 also provides a 10% reduction in weight versus air nearline drives, and flexible formatting for wider integration options and support for a greater number of workloads. Exos X14 also ships in a modular enterprise system (Exos E 4U106) for easy scaling up to an unprecedented 1.4PB density. Anticipating global security demands, Exos X14 drives feature “always-on” Seagate Secure™ protection, effectively encrypting all data without performance degradation. Exos X14 drives offer a 5-year limited warranty, and are designed to meet US Government Federal Information Processing Standard (FIPS) 140-2, Level 2 Security certification, as well as the Common Criteria for Information Technology Security Evaluation (CC) ISO/EIC 15408 compliance standard. The IronWolf and IronWolf Pro 14TB are now available in Australia at an MSRP of AU$889 and $979 respectively. Local availability and MSRP are TBA for the BarraCuda Pro 14TB, the SkyHawk 14TB and the Exos X14. You can find more information on Seagate’s new 14TB products at: https://www.seagate.com/internal-hard-drives/hdd/ *Seagate Rescue & Data Recovery Services available on IronWolf Pro version only. **Calculation based on H.264, 1M pixels, medium quality, 15FPS, 1 camera, and 24 hours of recording/day. Media Contact: Richelle Gillett Einsteinz Communications richelle@einsteinz.com.au +61 418 781 610 +61 2 8905 0995 About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. IronWolf, BarraCuda, SkyHawk, Exos, AgileArray, Multi-Tier Caching Technology, ImagePerfect and Seagate Secure are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes, one terabyte, or TB, equals one trillion bytes and one petabyte, or PB is equal to one thousand terabytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. Quantitative usage examples for various applications are for illustrative purposes. Actual quantities will vary based on various factors, including file size, file format, features and application software. Actual data rates may vary depending on operating environment and other factors. Actual data rates may vary depending on operating environment and other factors, such as chosen interface and disk capacity. Seagate Expands Portfolio with New BarraCuda SSD for PC Build Enthusiasts and LaCie DJI Copilot for Creative Professionals 2018-08-19T22:30:00Z seagate-expands-portfolio-with-new-barracuda-ssd-for-pc-build-enthusiasts-and-lacie-dji-copilot-for-creative-professionals-1 Sydney, AUSTRALIA — 20 August, 2018 — Seagate Technology plc (NASDAQ: STX), a world leader in data storage solutions, announced local availability of the LaCie® DJI Copilot amongst a range of new storage devices designed to equip the world’s increasingly mobile population with solutions that solve key challenges they face when creating, processing and accessing their data on-the-go. “Our world is becoming more data-centric, connected and mobile. This means creating, transferring, storing and accessing data quickly and reliably is critical to unlocking the potential of everything – from data created in the field, to data powering self-driving cars, AI personal assistants or virtual and mixed reality experiences,” said Charlie Harb, ANZ Country Manager at Seagate Technology. “At Seagate, we’re constantly pursuing innovative ways to address our customer needs so they can gain a competitive edge in whichever field they play.” BarraCuda® SSD takes data to the next level of speed, dependability and versatility Designed to maximise drive performance and equipped with flash-speed function up to 560MB/s and 90K IOPs that accelerates boost-time, file transfers and application loading, the BarraCuda SSD provides the desired capabilities for nearly every compute need. Offering best-in-class versatility, the multiple capacity options and a standard 2.5” form factor with SATA 6Gb/s interface enable users to easily integrate into most laptops and desktop PCs. Optimised for maximum capacity and equipped with ultra-low power mode support for reduced power consumption, performance seekers can rest assured that the BarraCuda SSD will deliver exceptional quality and desired performance. Plus, the peace of mind comes with a 5-year warranty, 1.8M hrs. MTBF, up to 1092 TBW with 24-hr Global Technical Support. The launch of Seagate’s new BarraCuda SSD marks the continuation of the evolution of its storage capabilities, offering a full range of HDD, hybrid and SSD solutions for the everyday computer user to avid PC system architects and professionals. The BarraCuda SSD is now available in Australia at Mwave, Scorptec, PC Case Gear, Umart, MSY, Leader, Centrecom and KS Computer. The RRP for 250GB, 500GB, 1TB and 2TB BarraCuda SSD is AU$99, AU$159, AU$319 and AU$679, respectively. Streamlined on-set workflow with the LaCie® DJI Copilot Videographers who want to capture footage in the field can now streamline their on-set workflow thanks to LaCie® DJI Copilot, the second product offering from Seagate’s strategic partnership with DJI, the world’s leading manufacturer of unmanned aerial vehicles. With design by Neil Poulton, the LaCie DJI Copilot is a complete backup on-set solution – enabling drone users to quickly ingest and review their content in full resolution without a PC. This changes the game by allowing users to playback, copy and manage their drone footage from the Copilot BOSS (Back-up On-Set Solution) app by LaCie on their mobile device without the hassle of leaving the field or booting up a computer. Users can also quickly connect and reference the built-in screen to initiate direct file transfer from an SD card to LaCie DJI Copilot – without the need of a laptop or a mobile network. The built-in power bank also allows creative professionals and consumers to recharge their mobile devices on the go. With 2TB of storage, the LaCie DJI Copilot enables users to easily store up to 60 hours of 4K 30fps video footage and 20K+ RAW photos. It is available now in Australia with an RRP of AU$549.95. Ramp up your digital contents with the LaCie Rugged® RAID Pro Encased in the famous orange rubber shell, the LaCie Rugged® RAID Pro offers up to 240 MB/s in RAID 0 and RAID 1 for peace-of-mind in having a second copy in the field, as well as when transporting content back to the studio. With the new integrated SD Card Reader, creative professionals can quickly offload content with the quick import toolkit. The Rugged RAID Pro is designed with the latest USB-C connector and is compatible with next-generation Thunderbolt 3 computers but also backward compatible with USB 3.0. While the drive is also shock, dust, crush and water resistant, LaCie includes 3-Year Limited Warranty with Rescue Data Recovery Services and 1-Month Adobe All-Apps Plan – featuring Adobe Photoshop CC, Adobe Illustrator CC and much more giving creative professionals peace of mind when exploring and capturing the world. The LaCie Rugged RAID Pro 4TB is now available in Australia with an RRP of AU$549.95. LaCie Rugged® Secure, your data guardian Data security is one more growing concern for anyone using a mobile device. To address this challenge, Seagate introduced LaCie Rugged® Secure, the first Rugged drive to include hardware encryption using Seagate Secure™ technology. Built to withstand all-terrain extreme conditions from photo shoots in sub-zero temperatures to repeated drops on hard studio floors, the Rugged Secure, with design by Neil Poulton, gives users peace of mind that they can control access to their content. A simple disconnection of Rugged Secure from a computer will automatically lock the drive and access to the data stored and will remain password-protected via new Toolkit software. The LaCie Rugged Secure 2TB is available in Australia with an RRP of AU$219.95. Fast, portable flash, Seagate® Fast SSD Seagate® Fast SSD offers on-the-go consumers an ultra-portable flash drive that teams fast performance of up to 540MB/s transfer rates, with shock-resistance and USB-C connectivity as well as backwards compatibility. Users can backup or sync their content using Seagate’s new Toolkit software. Seagate Fast SSD will be available in Australia at leading retailers from September. The RRP of 250GB, 500GB and 1TB capacities is AU$189, AU$269 and AU$569 respectively. For more information, please refer to the following product pages: Seagate BarraCuda SSD https://www.seagate.com/au/en/internal-hard-drives/ssd/barracuda-ssd/ LaCie DJI Copilot https://www.lacie.com/as/en/products/dji-copilot/ LaCie Rugged RAID Pro https://www.lacie.com/as/en/products/rugged/#rugged-raid-pro LaCie Rugged Secure https://www.lacie.com/as/en/products/rugged/#secure Seagate Fast SSD https://www.seagate.com/au/en/consumer/backup/fast-ssd/ About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. Media Contact: Einsteinz Communications Richelle Gillett or Pru Quinlan richelle@einsteinz.com.au or pru@einsteinz.com.au +61 2 8905 0995 © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, the Spiral logo and LaCie are registered trademarks of Seagate Technology LLC in the United States and/or other countries. Rugged and Seagate Secure and BarraCuda are trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes and one terabyte, or TB, equals one trillion bytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. Quantitative usage examples for various applications are for illustrative purposes. Actual quantities will vary based on various factors, including file size, file format, features and application software. Actual data rates may vary depending on operating environment and other factors. # # # Seagate Expands Portfolio with New BarraCuda SSD for PC Build Enthusiasts and LaCie DJI Copilot for Creative Professionals 2018-08-19T20:30:00Z seagate-expands-portfolio-with-new-barracuda-ssd-for-pc-build-enthusiasts-and-lacie-dji-copilot-for-creative-professionals Auckland, NEW ZEALAND — 20 August, 2018 — Seagate Technology plc (NASDAQ: STX), a world leader in data storage solutions, announced local availability of the LaCie® DJI Copilot amongst a range of new storage devices designed to equip the world’s increasingly mobile population with solutions that solve key challenges they face when creating, processing and accessing their data on-the-go. “Our world is becoming more data-centric, connected and mobile. This means creating, transferring, storing and accessing data quickly and reliably is critical to unlocking the potential of everything – from data created in the field, to data powering self-driving cars, AI personal assistants or virtual and mixed reality experiences,” said Charlie Harb, ANZ Country Manager at Seagate Technology. “At Seagate, we’re constantly pursuing innovative ways to address our customer needs so they can gain a competitive edge in whichever field they play.” BarraCuda® SSD takes data to the next level of speed, dependability and versatility Designed to maximise drive performance and equipped with flash-speed function up to 560MB/s and 90K IOPs that accelerates boost-time, file transfers and application loading, the BarraCuda SSD provides the desired capabilities for nearly every compute need. Offering best-in-class versatility, the multiple capacity options and a standard 2.5” form factor with SATA 6Gb/s interface enable users to easily integrate into most laptops and desktop PCs. Optimised for maximum capacity and equipped with ultra-low power mode support for reduced power consumption, performance seekers can rest assured that the BarraCuda SSD will deliver exceptional quality and desired performance. Plus, the peace of mind comes with a 5-year warranty, 1.8M hrs. MTBF, up to 1092 TBW with 24-hr Global Technical Support. The launch of Seagate’s new BarraCuda SSD marks the continuation of the evolution of its storage capabilities, offering a full range of HDD, hybrid and SSD solutions for the everyday computer user to avid PC system architects and professionals. The BarraCuda SSD is now available in New Zealand at PB Tech. The RRP for 250GB, 500GB, 1TB and 2TB BarraCuda SSD is NZ$115, $185, NZ$375 and NZ$785, respectively. Streamlined on-set workflow with the LaCie® DJI Copilot Videographers who want to capture footage in the field can now streamline their on-set workflow thanks to LaCie® DJI Copilot, the second product offering from Seagate’s strategic partnership with DJI, the world’s leading manufacturer of unmanned aerial vehicles. With design by Neil Poulton, the LaCie DJI Copilot is a complete backup on-set solution – enabling drone users to quickly ingest and review their content in full resolution without a PC. This changes the game by allowing users to playback, copy and manage their drone footage from the Copilot BOSS (Back-up On-Set Solution) app by LaCie on their mobile device without the hassle of leaving the field or booting up a computer. Users can also quickly connect and reference the built-in screen to initiate direct file transfer from an SD card to LaCie DJI Copilot – without the need of a laptop or a mobile network. The built-in power bank also allows creative professionals and consumers to recharge their mobile devices on the go. With 2TB of storage, the LaCie DJI Copilot enables users to easily store up to 60 hours of 4K 30fps video footage and 20K+ RAW photos. It is available now in New Zealand with an RRP of NZ$629. Ramp up your digital contents with the LaCie Rugged® RAID Pro Encased in the famous orange rubber shell, the LaCie Rugged® RAID Pro offers up to 240 MB/s in RAID 0 and RAID 1 for peace-of-mind in having a second copy in the field, as well as when transporting content back to the studio. With the new integrated SD Card Reader, creative professionals can quickly offload content with the quick import toolkit. The Rugged RAID Pro is designed with the latest USB-C connector and is compatible with next-generation Thunderbolt 3 computers but also backward compatible with USB 3.0. While the drive is also shock, dust, crush and water resistant, LaCie includes 3-Year Limited Warranty with Rescue Data Recovery Services and 1-Month Adobe All-Apps Plan – featuring Adobe Photoshop CC, Adobe Illustrator CC and much more giving creative professionals peace of mind when exploring and capturing the world. The LaCie Rugged RAID Pro 4TB is now available in New Zealand with an RRP of NZ$629. LaCie Rugged® Secure, your data guardian Data security is one more growing concern for anyone using a mobile device. To address this challenge, Seagate introduced LaCie Rugged® Secure, the first Rugged drive to include hardware encryption using Seagate Secure™ technology. Built to withstand all-terrain extreme conditions from photo shoots in sub-zero temperatures to repeated drops on hard studio floors, the Rugged Secure, with design by Neil Poulton, gives users peace of mind that they can control access to their content. A simple disconnection of Rugged Secure from a computer will automatically lock the drive and access to the data stored and will remain password-protected via new Toolkit software. The LaCie Rugged Secure 2TB is available in New Zealand with an RRP of NZ$249. Fast, portable flash, Seagate® Fast SSD Seagate® Fast SSD offers on-the-go consumers an ultra-portable flash drive that teams fast performance of up to 540MB/s transfer rates, with shock-resistance and USB-C connectivity as well as backwards compatibility. Users can backup or sync their content using Seagate’s new Toolkit software. Seagate Fast SSD will be available in New Zealand at leading retailers from September. The RRP of 250GB, 500GB and 1TB capacities is NZ$219, NZ$319 and NZ$649 respectively. For more information, please refer to the following product pages: Seagate BarraCuda SSD https://www.seagate.com/au/en/internal-hard-drives/ssd/barracuda-ssd/ LaCie DJI Copilot https://www.lacie.com/as/en/products/dji-copilot/ LaCie Rugged RAID Pro https://www.lacie.com/as/en/products/rugged/#rugged-raid-pro LaCie Rugged Secure https://www.lacie.com/as/en/products/rugged/#secure Seagate Fast SSD https://www.seagate.com/au/en/consumer/backup/fast-ssd/ About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. Media Contact: Einsteinz Communications Richelle Gillett or Pru Quinlan richelle@einsteinz.com.au or pru@einsteinz.com.au +61 2 8905 0995 © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, the Spiral logo and LaCie are registered trademarks of Seagate Technology LLC in the United States and/or other countries. Rugged and Seagate Secure and BarraCuda are trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes and one terabyte, or TB, equals one trillion bytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. Quantitative usage examples for various applications are for illustrative purposes. Actual quantities will vary based on various factors, including file size, file format, features and application software. Actual data rates may vary depending on operating environment and other factors. # # # Seagate Technology Reports Fiscal Fourth Quarter and Fiscal Year 2018 Financial Results 2018-07-31T01:24:28Z seagate-technology-reports-fiscal-fourth-quarter-and-fiscal-year-2018-financial-results Fiscal year 2018: Revenues up 4% year-over-year Diluted Earnings per Share up 57% year-over-year Cash Flow from Operations up 10% year-over-year Exabyte shipments up 29% year-over-year CUPERTINO, CA – July 30, 2018 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter and fiscal year ended June 29, 2018. For the fourth quarter, the Company reported revenue of $2.8 billion, gross margin of 31.9%, net income of $461 million and diluted earnings per share of $1.57. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 32.4%, net income of $475 million and diluted earnings per share of $1.62. During the fourth quarter, the Company generated $468 million in cash flow from operations and $372 million in free cash flow. For the fiscal year ended June 29, 2018, the Company reported revenue of $11.2 billion, gross margin of 30.1%, net income of $1.2 billion and diluted earnings per share of $4.05. On a non-GAAP basis, Seagate reported gross margin of 30.7%, net income of $1.6 billion and diluted earnings per share of $5.51. In fiscal year 2018, the Company generated approximately $2.1 billion in cash flow from operations and $1.7 billion in free cash flow, paid cash dividends of $726 million and repurchased 10 million ordinary shares for $361 million. Seagate's balance sheet remains healthy and during the fiscal year the Company repurchased $214 million of outstanding debt and invested approximately $1.3 billion, as part of a consortium led by Bain Capital Private Equity, in the acquisition of Toshiba Memory Corporation. Cash and cash equivalents totaled approximately $1.9 billion at the end of the fiscal year. There were 287 million ordinary shares issued and outstanding as of the end of the fiscal year. “We achieved our third consecutive quarter of year-over-year revenue growth and exceeded our financial performance expectations for both the June quarter and this fiscal year. Seagate's year-over-year revenue and profitability growth results for fiscal year 2018 reflect solid execution and strong demand for our mass storage products. Looking ahead, we are confident that storage infrastructure demand will continue to grow with the Data Age digital transformations being fueled by new technologies, emerging industries and growing businesses. We believe Seagate has expanding opportunities to support the marketplace in these transformations and that we have the vision, products, technology and operational experience to ensure our long-term success and grow shareholder value,” said Dave Mosley, Seagate’s chief executive officer. 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 Investors Relations website at www.seagate.com/investors. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) has approved a quarterly cash dividend of $0.63 per share, which will be payable on October 3, 2018 to shareholders of record as of the close of business on September 19, 2018. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board. Investor Communications Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors. During today’s webcast, the Company will provide an outlook for its first fiscal quarter of 2019, including key underlying assumptions. An archived audio webcast of this event will be available on Seagate’s Investors Relations website at www.seagate.com/investors shortly following the event conclusion. About Seagate To learn more about the Company’s products and services, visit www.seagate.com and follow us on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. The contents of our website and social media channels are not a part of this release. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about the Company’s plans, strategies and prospects, financial projections, expectations regarding market demand and the Company’s products, shifts in technology, the Company’s ability to meet market and industry expectations and the effects of these future trends and expectations on the Company’s business and shareholder value and dividend issuance plans for the fiscal quarter ending September 28, 2018 and beyond. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” or the negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to: items that may be identified during its financial statement closing process that cause adjustments to the estimates included in this report; the uncertainty in global economic conditions; the impact of the variable demand and adverse pricing environment for disk drives; the Company’s ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; the Company’s ability to achieve projected cost savings in connection with restructuring plans; possible excess industry supply with respect to particular disk drive products; disruptions to its supply chain or production capabilities; unexpected advances in competing technologies or changes in market trends; the development and introduction of products based on new technologies and expansion into new data storage markets; the Company’s ability to comply with certain covenants in its credit facilities with respect to financial ratios and financial condition tests; currency fluctuations that may impact the Company’s margins and international sales; cyber-attacks or other data breaches that disrupt the Company’s operations or result in the dissemination of proprietary or confidential information and cause reputational harm; and fluctuations in interest rates. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 4, 2017, the “Risk Factors” section of which is incorporated into this press release by reference, and other documents filed with or furnished to the SEC and the risks described in the Company’s Annual Report on Form 10-K, which will be filed with the SEC following the issuance of this press release within the time period required by the SEC rules and form. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by applicable law. The inclusion of Seagate’s website address in this press release is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, Seagate’s website and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) June 29, 2018 June 30, 2017 (a) ASSETS Current assets: Cash and cash equivalents $ 1,853 $ 2,539 Accounts receivable, net 1,184 1,199 Inventories 1,053 982 Other current assets 220 321 Total current assets 4,310 5,041 Property, equipment and leasehold improvements, net 1,792 1,875 Investment in debt security 1,275 — Goodwill 1,237 1,238 Other intangible assets, net 188 281 Deferred income taxes 417 609 Other assets, net 191 224 Total Assets $ 9,410 $ 9,268 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,728 $ 1,626 Accrued employee compensation 253 237 Accrued warranty 112 113 Current portion of long-term debt 499 — Accrued expenses 598 650 Total current liabilities 3,190 2,626 Long-term accrued warranty 125 120 Long-term accrued income taxes 10 15 Other non-current liabilities 100 122 Long-term debt, less current portion 4,320 5,021 Total Liabilities 7,745 7,904 Total Equity 1,665 1,364 Total Liabilities and Equity $ 9,410 $ 9,268 (a) The information in this column was derived from the Company’s audited Consolidated Balance Sheet as of June 30, 2017 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended For the Fiscal Years Ended June 29, 2018 June 30, 2017 June 29, 2018 June 30, 2017 (a) Revenue $ 2,835 $ 2,406 $ 11,184 $ 10,771 Cost of revenue 1,931 1,740 7,820 7,597 Product development 259 288 1,026 1,232 Marketing and administrative 140 149 562 606 Amortization of intangibles 6 19 53 104 Restructuring and other, net (6) 14 89 178 Total operating expenses 2,330 2,210 9,550 9,717 Income from operations 505 196 1,634 1,054 Interest income 15 5 38 12 Interest expense (54) (62) (236) (222) Other, net — (19) (18) (29) Other expense, net (39) (76) (216) (239) Income before income taxes 466 120 1,418 815 Provision for income taxes 5 6 236 43 Net income $ 461 $ 114 $ 1,182 $ 772 Net income per share: Basic $ 1.61 $ 0.39 $ 4.10 $ 2.61 Diluted 1.57 0.38 4.05 2.58 Number of shares used in per share calculations: Basic 287 294 288 296 Diluted 293 297 292 299 Cash dividends declared per ordinary share $ 0.63 $ 0.63 $ 2.52 $ 2.52 (a) The information in this column was derived from the Company’s audited Consolidated Statement of Operations for the year ended June 30, 2017. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Fiscal Years Ended June 29, 2018 June 30, 2017 (a) OPERATING ACTIVITIES Net income $ 1,182 $ 772 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 598 749 Share-based compensation 112 137 Impairment of long-lived assets — 42 Deferred income taxes 193 3 Other non-cash operating activities, net (11) 27 Changes in operating assets and liabilities: Accounts receivable, net 16 122 Vendor receivables 71 (31) Inventories (71) (114) Accounts payable 65 121 Accrued employee compensation 16 53 Accrued expenses, income taxes and warranty (46) 47 Other assets and liabilities (12) (12) Net cash provided by operating activities 2,113 1,916 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (366) (434) Proceeds from the sale of fixed assets 2 — Proceeds from sale of properties previously classified as held for sale 69 — Purchase of debt security (1,279) — Purchases of strategic investments — (37) Maturities of short-term investments — 6 Other investing activities, net (14) 6 Net cash used in investing activities (1,588) (459) FINANCING ACTIVITIES Net proceeds from issuance of long-term debt — 1,232 Redemption and repurchase of debt (214) (316) Dividends to shareholders (726) (561) Repurchases of ordinary shares (361) (460) Proceeds from issuance of ordinary shares under employee stock plans 113 86 Taxes paid related to net share settlement of equity awards (23) (27) Net cash used in financing activities (1,211) (46) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash — — (Decrease) increase in cash, cash equivalents and restricted cash (686) 1,411 Cash, cash equivalents and restricted cash at the beginning of the year 2,543 1,132 Cash, cash equivalents and restricted cash at the end of the year $ 1,857 $ 2,543 (a) The information in this column was derived from the Company’s audited Consolidated Statement of Cash Flows for the year ended June 30, 2017. Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, net income, diluted earnings per share and operating expenses which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that it believes are not indicative of its core operating results and because it is similar to the approach used in connection with the financial models and estimates published by financial analysts who follow the Company. These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in its industry. SEAGATE TECHNOLOGY PLC ADJUSTMENTS TO GAAP NET INCOME AND DILUTED NET INCOME PER SHARE (In millions, except per share amounts) (Unaudited) For the Three Months Ended June 29, 2018 For the Fiscal Year Ended June 29, 2018 Reconciliation of GAAP Net Income: GAAP Net Income $ 461 $ 1,182 Non-GAAP adjustments: Revenue A — (6) Cost of revenue B 14 70 Product development C 1 9 Marketing and administrative D — 2 Amortization of intangibles E 5 48 Restructuring and other, net F (6) 89 Other expense, net G 8 15 Provision for income taxes H (8) 200 Non-GAAP net income $ 475 $ 1,609 Reconciliation of GAAP Diluted Net Income Per Share: GAAP $ 1.57 $ 4.05 Non-GAAP $ 1.62 $ 5.51 Shares used in diluted net income per share calculation 293 292 A For the fiscal year ended June 29, 2018, Revenue has been adjusted on a non-GAAP basis to exclude the favorable adjustments for sales of certain discontinued products. B For the three months and fiscal year ended June 29, 2018, Cost of revenue has been adjusted on a non-GAAP basis to exclude amortization of intangibles associated with acquisitions, write off of certain inventory and other charges related to restructuring. C For the three months and fiscal year ended June 29, 2018, Product development expenses have been adjusted on a non-GAAP basis to exclude the impact of write off of certain fixed assets and other charges related to restructuring. D For the fiscal year ended June 29, 2018, Marketing and administrative expenses have been adjusted on a non-GAAP basis to exclude the write off of certain fixed assets related to restructuring. E For the three months and fiscal year ended June 29, 2018, Amortization of intangibles related to our acquisitions has been excluded on a non-GAAP basis. F For the three months and fiscal year ended June 29, 2018, Restructuring and other net, has been adjusted on a non-GAAP basis primarily related to reductions in our workforce and other exit costs, offset by gains from sale of certain properties classified as assets held for sale as a result of our ongoing focus on cost efficiencies in all areas of our business. G For the three months and fiscal year ended June 29, 2018, Other expense, net has been adjusted on a non-GAAP basis to exclude the impact of impairment of strategic investments, net impact of losses recognized on the repurchase of debt and impact of our disposed data service business. H For the three months and fiscal year ended June 29, 2018, Provision for income taxes represents the tax effects of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction. A provisional tax benefit of $8 million and provisional tax expense of $204 million, respectively, for the re-measurement of our U.S. deferred tax assets at the lower 21% tax rate resulting from the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017. Seagate Completes Investment In Bain Capital Private Equity Acquisition Of Toshiba Memory Corporation 2018-06-04T03:22:28Z seagate-completes-investment-in-bain-capital-private-equity-acquisition-of-toshiba-memory-corporation CUPERTINO, CA —June 1, 2018 - Seagate Technology plc (NASDAQ: STX), a world leader in storage solutions, today announced the Company, along with a consortium of investors led by Bain Capital Private Equity, completed the previously announced acquisition of Toshiba Memory Corporation by K. K. Pangea, a Japanese company formed for purposes of the Acquisition. The Company funded the investment of approximately $1.27 Billion by utilising cash from its balance sheet. About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. Cautionary Note Regarding Forward-Looking Statements Some of the statements and assumptions included in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects, cash and debt management strategies, demand for our products, our product offerings, and estimates of industry growth. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “may,” “will,” or negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this press release and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties and other factors may be beyond our control and may pose a risk to our operating and financial condition. For additional information, please see the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 4, 2017. # # # Seagate Technology Reports Fiscal Third Quarter 2018 Financial Results 2018-05-02T04:42:31Z seagate-technology-reports-fiscal-third-quarter-2018-financial-results CUPERTINO, CA – May 1, 2018 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended March 30, 2018. For the third quarter, the Company reported revenue of $2.8 billion, gross margin of 30.2%, net income of $381 million and diluted earnings per share of $1.31. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 30.8%, net income of $424 million and diluted earnings per share of $1.46. During the third quarter, the Company generated $558 million in cash flow from operations and $489 million in free cash flow. Year to date, the Company has generated approximately $1.6 billion in cash flow from operations and approximately $1.4 billion in free cash flow. Cash and cash equivalents totaled approximately $2.9 billion at the end of the quarter. There were 287 million ordinary shares issued and outstanding as of the end of the quarter. “Seagate achieved our second consecutive quarter of year-over-year revenue growth and exceeded our financial performance expectations for the March quarter, through solid execution and strong demand for our mass storage products. Looking ahead, the growing Data Age demand on storage, combined with consistent investment in our leading storage technology platforms and efficient operational capabilities, will continue to drive economic value for customers and returns for shareholders,” said Dave Mosley, Seagate’s chief executive officer. 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 Investors Relations website at www.seagate.com/investors. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) has approved a quarterly cash dividend of $0.63 per share, which will be payable on July 5, 2018 to shareholders of record as of the close of business on June 20, 2018. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board. Investor Communications Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors. During today’s webcast, the Company will provide an outlook for its fourth fiscal quarter of 2018, including key underlying assumptions. An archived audio webcast of this event will be available on Seagate’s Investors Relations website at www.seagate.com/investors shortly following the event conclusion. About Seagate To learn more about the Company’s products and services, visit www.seagate.com and follow us on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. The contents of our website and social media channels are not a part of this release. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about the Company’s plans, strategies and prospects, financial projections, estimates of industry growth, market demand, shifts in technology, its supply-chain management capabilities, potential impact of trade barriers such as import/export duties and restrictions, tariffs and quotas, changes in the regulatory regime governing the flow of data across international borders and dividend issuance plans for the fiscal quarter ending June 29, 2018 and beyond. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” or the negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to: items that may be identified during its financial statement closing process that cause adjustments to the estimates included in this report; the uncertainty in global economic conditions; the impact of the variable demand and adverse pricing environment for disk drives; the Company’s ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; the Company’s ability to achieve projected cost savings in connection with restructuring plans; possible excess industry supply with respect to particular disk drive products; disruptions to its supply chain or production capabilities; unexpected advances in competing technologies or changes in market trends; the development and introduction of products based on new technologies and expansion into new data storage markets; the Company’s ability to comply with certain covenants in its credit facilities with respect to financial ratios and financial condition tests; currency fluctuations that may impact the Company’s margins and international sales; cyber-attacks or other data breaches that disrupt the Company’s operations or result in the dissemination of proprietary or confidential information and cause reputational harm; and fluctuations in interest rates. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 4, 2017, the “Risk Factors” section of which is incorporated into this press release by reference, and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made. The inclusion of Seagate’s website address in this press release is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, Seagate’s website and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) March 30, 2018 June 30, 2017 (a) ASSETS Current assets: Cash and cash equivalents $ 2,926 $ 2,539 Accounts receivable, net 1,076 1,199 Inventories 1,002 982 Other current assets 243 321 Total current assets 5,247 5,041 Property, equipment and leasehold improvements, net 1,720 1,875 Goodwill 1,238 1,238 Other intangible assets, net 204 281 Deferred income taxes 398 609 Other assets, net 205 224 Total Assets $ 9,012 $ 9,268 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,645 $ 1,626 Accrued employee compensation 188 237 Accrued warranty 110 113 Current portion of long-term debt 503 — Accrued expenses 609 650 Total current liabilities 3,055 2,626 Long-term accrued warranty 125 120 Long-term accrued income taxes 10 15 Other non-current liabilities 139 122 Long-term debt, less current portion 4,319 5,021 Total Liabilities 7,648 7,904 Total Equity 1,364 1,364 Total Liabilities and Equity $ 9,012 $ 9,268 (a) The information in this column was derived from the Company’s audited Consolidated Balance Sheet as of June 30, 2017. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended For the Nine Months Ended March 30, 2018 March 31, 2017 March 30, 2018 March 31, 2017 Revenue $ 2,803 $ 2,674 $ 8,349 $ 8,365 Cost of revenue 1,956 1,858 5,889 5,857 Product development 254 324 767 944 Marketing and administrative 135 150 422 457 Amortization of intangibles 6 28 47 85 Restructuring and other, net 11 48 95 164 Total operating expenses 2,362 2,408 7,220 7,507 Income from operations 441 266 1,129 858 Interest income 10 5 23 7 Interest expense (60) (60) (182) (160) Other, net 2 1 (18) (10) Other expense, net (48) (54) (177) (163) Income before income taxes 393 212 952 695 Provision for income taxes 12 18 231 37 Net income $ 381 $ 194 $ 721 $ 658 Net income per share: Basic $ 1.33 $ 0.66 $ 2.50 $ 2.22 Diluted 1.31 0.65 2.48 2.20 Number of shares used in per share calculations: Basic 286 296 288 297 Diluted 291 300 291 299 Cash dividends declared per ordinary share $ 0.63 $ 0.63 $ 1.89 $ 1.89 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Nine Months Ended March 30, 2018 March 31, 2017 OPERATING ACTIVITIES Net income $ 721 $ 658 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 461 573 Share-based compensation 85 110 Impairment of long-lived assets — 35 Deferred income taxes 209 12 Other non-cash operating activities, net 9 17 Changes in operating assets and liabilities: 0 Accounts receivable, net 124 165 Vendor receivables 54 32 Inventories (20) (170) Accounts payable 74 124 Accrued employee compensation (49) 61 Accrued expenses, income taxes and warranty (24) 69 Other assets and liabilities 1 (13) Net cash provided by operating activities 1,645 1,673 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (270) (330) Proceeds from the sale of fixed assets 2 — Proceeds from sale of properties previously classified as held for sale 43 — Maturities of short-term investments — 6 Other investing activities, net (14) (13) Net cash used in investing activities (239) (337) FINANCING ACTIVITIES Redemption and repurchase of debt (209) (97) Net proceeds from issuance of long-term debt — 1,232 Taxes paid related to net share settlement of equity awards (22) (25) Repurchases of ordinary shares (361) (248) Dividends to shareholders (545) (374) Proceeds from issuance of ordinary shares under employee stock plans 110 83 Net cash (used in) provided by financing activities (1,027) 571 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash 8 (8) Increase in cash, cash equivalents, and restricted cash 387 1,899 Cash, cash equivalents, and restricted cash at the beginning of the period 2,543 1,132 Cash, cash equivalents, and restricted cash at the end of the period $ 2,930 $ 3,031 Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, net income, diluted earnings per share and operating expenses which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that it believes are not indicative of its core operating results and because it is similar to the approach used in connection with the financial models and estimates published by financial analysts who follow the Company. These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in its industry. SEAGATE TECHNOLOGY PLC ADJUSTMENTS TO GAAP NET INCOME AND DILUTED NET INCOME PER SHARE (In millions, except per share amounts) (Unaudited) For the Three Months Ended March 30, 2018 For the Nine Months Ended March 30, 2018 Reconciliation of GAAP Net Income: GAAP Net income $ 381 $ 721 Non-GAAP adjustments: Revenue A — (6) Cost of revenue B 16 56 Product development C 5 8 Marketing and administrative D 1 2 Amortization of intangibles E 4 43 Restructuring and other, net F 11 95 Other expense, net G 5 7 Provision for income taxes H 1 208 Non-GAAP net income $ 424 $ 1,134 Reconciliation of GAAP Diluted Net Income Per Share: GAAP $ 1.31 $ 2.48 Non-GAAP $ 1.46 $ 3.90 Shares used in diluted net income per share calculation 291 291 A For the nine months ended March 30, 2018, Revenue has been adjusted on a non-GAAP basis to exclude the favorable adjustments for sales of certain discontinued products. B For the three and nine months ended March 30, 2018, Cost of revenue has been adjusted on a non-GAAP basis to exclude amortization of intangibles associated with acquisitions, write off of certain inventory and other charges related to restructuring. C For the three and nine months ended March 30, 2018, Product development expenses have been adjusted on a non-GAAP basis to exclude the impact of write off of certain fixed assets and other charges related to restructuring. D For the three and nine months ended March 30, 2018, Marketing and administrative expenses have been adjusted on a non-GAAP basis to exclude the write off of certain fixed assets related to restructuring. E For the three and nine months ended March 30, 2018, Amortization of intangibles related to our acquisitions has been excluded on a non-GAAP basis. F For the three and nine months ended March 30, 2018, Restructuring and other net, has been adjusted on a non-GAAP basis primarily related to reductions in our workforce and other exit costs as a result of our ongoing focus on cost efficiencies in all areas of our business. G For the three and nine months ended March 30, 2018, Other expense, net has been adjusted on a non-GAAP basis to exclude the impact of impairment of a strategic investment, net impact of losses recognized on the early redemption and repurchase of debt and impact of our disposed data service business. H For the three and nine months ended March 30, 2018, Provision for income taxes represents the tax effects of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction and a provisional tax expense of $4 million and $212 million, respectively for the re-measurement of our U.S. deferred tax assets at the lower 21% tax rate resulting from the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017. Media contact: Richelle Gillett or Pru Quinlan Einsteinz Communications +61 2 8905 0995 richelle@einsteinz.com.au pru@einsteinz.com.au Asia Pacific Organisations Poised to Overhaul Infrastructure in Order to Embrace AI Technologies 2018-05-02T01:38:09Z asia-pacific-organisations-poised-to-overhaul-infrastructure-in-order-to-embrace-ai-technologies Asia Pacific economies stand to realise the productivity gains offered by Artificial Intelligence (AI) technologies. According to new research from global data and storage leader Seagate Technology, 96 percent of senior IT professionals believe AI applications will drive productivity and business performance. However, an almost equal number of respondents (95%) believe further investments in their IT infrastructure are required to enable them to support their use of AI. The Seagate research, “Data Pulse: Maximising the Potential of AI”, explores the varying readiness levels of AI adoption and implementation by business segments across key markets in Asia Pacific (APAC) as well as the opportunities and challenges faced by organisations when looking to incorporate AI applications. The study identified 89 percent of organisations plan to implement AI technologies in the next 12 months, in areas within the organisation including IT, supply chain logistics, product innovation and R&D, as well as finance and customer support. However, two-thirds of respondents indicated they struggled to know where to start. “Analysts, leading technology companies and thought leaders alike are discussing that companies that embrace AI will gain a significant competitive edge. With its vibrantly growing economies, emerging pools of talent, and highly connected population, there are tremendous opportunities for APAC in reaping the benefits of AI,” said BS Teh, senior vice president, global sales and sales operations of Seagate Technology. “In order to take full advantage of the considerable benefits brought by AI, Asia Pacific organisations should proactively look to develop robust infrastructure and ecosystems to support the needs of data analytics and real-time data processing.” Despite robust adoption of AI technologies in the region, the report found that a significant number of organisations have not invested in the data and technical solutions required to support the technology fully. 89% of the respondents are planning to implement AI solutions, but 31% do not think enough is being invested. One in five organisations indicated they were not ready or able to handle the increasing data streams from the use of AI applications. Further, while 95 percent of respondents believe there is an increasing need for robust data storage solutions with growing AI applications, 15 percent say they have not invested sufficiently in data storage to be ready for AI now or in the future. Key findings from the study include: 96% of respondents in APAC believe that AI applications will drive productivity and business performance 74% of respondents have already begun implementing AI solutions, with 89% indicating they will implement AI technologies in the next 12 months 70% of organisations agree AI will have a significant impact on their industry within three years 95% of respondents believe there is an increasing need for robust data storage solutions with growing AI applications, yet 15% say they have not invested sufficiently in data storage to be ready for AI now or in the future 94% of the respondents agree that data security is critical for AI, yet more than 10% do not update and review their data security strategy regularly Key challenges to AI implementation are identified as: Clear strategy and direction IT infrastructure Budget Leadership team’s commitment Talent The key areas of AI implementation include IT - 73% Supply Chain / Logistics – 51% Production Innovation & R&D – 45% Customer Support – 43% Key findings in Australia: 88% believe they need to adopt AI in order to stay relevant in the future. 86% are planning to use or adopt more AI solutions in the next 12 months. Yet 3 in 5 respondents struggle to know where and how to start their organisation’s development and implementation of AI. Almost all respondents (92%) believe investments should be made to understand the value of AI. Scepticism in Australia around the impact of AI is the highest in the APAC region: 12% don’t think their organisations need to adopt AI (vs. 7% in APAC) 13% don’t think AI will impact on daily life (vs. 6% in APAC) 11% don’t think it will drive productivity (vs. 4% in APAC) It is estimated by IDC[1] that the global datasphere subject to data analysis, may grow by a factor of 50 to 5.2ZB in 2025, and the amount of analysed data that is processed by machine learning, natural language processing, and artificial intelligence may grow by a factor of 100 to 1.4 ZB in 2025. Being able to expand network storage capacity quickly and cost effectively without disrupting service level agreements is critical in today’s world of data. Already US$39 billion has been invested in AI worldwide[2], with Asia Pacific spending to reach US$4.6 billion by 2021.[3] For more information on Seagate’s “Data Pulse: Maximising the Potential of AI”, including related infographics and market-specific findings, visit www.seagate.com/datapulse. About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. About Data Pulse: Maximising the Potential of AI The study consists of 600 respondents comprising senior IT professionals in Australia, China, India, Singapore, South Korea and Taiwan. Each market had 100 respondents across multiple industries such as ICT, Retail, Manufacturing, Construction, Financial Services and Logistics. Seagate engaged SPARC International to conduct the market research from December 2017 to January 2018. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. [1] Data Age 2025 IDC Whitepaper sponsored by Seagate [2] Artificial intelligence and Southeast Asia’s future [3] IDC Spending Guide Forecasts Asia Pacific (excluding Japan) Spending on Cognitive and Artificial Intelligence Systems to Reach $4.6 Billion in 2021 Seagate to Demonstrate Advanced Technology at OCP Summit 2018 to Support Accelerated Hyperscale Demand and Data Growth 2018-03-21T00:19:43Z seagate-to-demonstrate-advanced-technology-at-ocp-summit-2018-to-support-accelerated-hyperscale-demand-and-data-growth New Helium-Based, Enterprise-Ready 14TB Exos™ X14 Hard Drive Will Help Data Centers Cost-Effectively Manage Growth SAN JOSE, Calif. – March 20, 2018 – Seagate Technology plc (NASDAQ: STX), a world leader in data storage solutions, today unveiled its 14TB helium-based Exos™ X14 enterprise drive at the OCP U.S. Summit 2018 in San Jose, Calif. The Seagate® Exos X14 delivers high performance and greater capacity for hyperscale data centers looking to efficiently and cost-effectively manage increasing amounts of data. Enterprises across the globe face the daunting challenge of managing a massive increase in data volume as the world is expected to create 163 zettabytes of data in 2025, according to a study by analyst firm IDC and sponsored by Seagate. As the need for hyperscale and cloud storage rises to unprecedented levels, Seagate’s Exos X14 hard drive is a direct response to customer demand for increased enterprise storage capacity and efficiency. By offering greater storage density in the same 3.5-inch footprint, Seagate’s Exos X14 drive is ideal for hyperscale environments. Enhanced areal density means Seagate can deliver higher capacity storage in a smaller package—a milestone for meeting the demand of increasing data center needs. The Exos X14 offers the industry’s lowest power consumption, smallest footprint, and best performance in its class, making the hard drive an affordable solution for data centers looking to maximize their storage capabilities while reducing complexity and operational costs. “Our hyperscale customers want the best value in terms of total cost of ownership and that is mainly driven by capacity, power efficiency, enhanced caching, and predictable I/O,” said Sai Varanasi, vice president, product line marketing, storage devices at Seagate. “Exos X14 shines on all four fronts by delivering 14TB with leading sustained transfer rates and random I/O responsiveness optimized for hyperscale applications.” To further meet the needs of global data centers, Exos X14 comes with built-in security, Seagate Secure™, to encrypt all data without performance degradation. The new drive also features the United States government’s Federal Information Processing Standard (FIPS) 140-2, Level 2 certification and the Common Criteria for Information Technology Security Evaluation (CC) - an international computer security certification standard (ISO/EIC 15408). Other key features include 40 percent more petabytes per rack versus Exos 10TB drives, a 10 percent weight reduction versus air nearline drives, and a flexible design that delivers wider integration options and support for a greater number of workloads. Baidu, the world’s largest Chinese search engine and leading AI tech company, evaluated Seagate’s new hard drive comprehensively. “Baidu attaches great importance to technological innovation and is committed to providing a better experience and service to our users and customers through technical innovation. Our data needs continue to expand as our customers become increasingly reliant on data-heavy applications, we need to work with industry partners to build sustainable storage solutions.” said Chao Liu, senior director, system department at Baidu. “Seagate’s Exos X14 has given us a cost-effective way to easily accommodate our growing storage needs.” The drive is currently sampling to select customers and will be followed by production availability this summer. The Exos X14 hard drive will be on display in Seagate’s booth #A14 at the OCP U.S. Summit 2018 alongside several other Seagate products that meet Open Compute Project specifications. Additional product demonstrations will showcase the Seagate Guardian Series portfolio, Nytro Q-Boost, HAMR-based drives as well as the Nytro® 5000 NVMe SSD. Furthermore, Seagate and American Megatrends Inc. (AMI) will demonstrate how the new AMI MegaRAC® Baseboard Management Controller (BMC) Firmware enhances manageability of Seagate’s enterprise Nytro 5910 NVMe SSDs. Seagate will also exhibit MACH.2™ Multi Actuator and HAMR technology with demonstrations conducted by Seagate and Seagate technology partners. For more information on the new Seagate Exos X14 HDD and other Seagate products for enterprise data centers, visit www.seagate.com. Media Contact: Einsteinz Communications Richelle Gillett richelle@einsteinz.com.au +61 2 8905 0995 About Seagate Seagate creates space for the human experience by innovating how data is stored, shared and used. Learn more at www.seagate.com. Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog. © 2018 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. Exos, Seagate Secure, Nytro and MACH.2 are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes and one terabyte, or TB, equals one trillion bytes. Your computer’s operating system may use a different standard of measurement and report a lower capacity. In addition, some of the listed capacity is used for formatting and other functions, and thus will not be available for data storage. # # #