The PRWIRE Press Releases https:// 2020-06-10T22:00:00Z Seagate Introduces Modular Data Architecture For Enterprises With New Data Storage Systems in ANZ 2020-06-10T22:00:00Z seagate-introduces-modular-data-architecture-for-enterprises-with-new-data-storage-systems-in-anz SYDNEY, Australia –June 11, 2020 - Seagate Technology plc (NASDAQ: STX), a world leader in data storage and management solutions, today announced the availability of its Exos and Nytro Systems in Australia and New Zealand. With this launch, Seagate partners with Dicker Data to introduce a revolutionary modular approach to building and deploying storage systems that solve the specific needs of public and private Cloud providers, service providers and traditional data centers. The global datasphere is projected to grow to 175 zettabytes by the year 20251, and businesses are facing a phenomenal growth in data sources and data volume that needs to be stored and processed. In order to tame this complexity and continue to put data to work during this IT 4.0 environment, a multi-tier architecture that connects the Cloud, the Edge, the Internet of Things, and traditional enterprise data centers is required. Seagate’s Exos and Nytro System designs deliver modular flexibility combining a selection of Seagate Exos and Nytro drives in enclosures, enabling IT architects and data center managers to build versatile architectures that are designed to grow. All system components, including the enclosure, the controller, the firmware, and the drives, are developed by Seagate to work together seamlessly and all critical components interchangeable regardless of size or budget. “We are excited to introduce our Exos and Nytro systems in ANZ to serve emerging IT 4.0 markets, as well as Cloud and traditional data center customers,” said Jeff Park, ANZ country manager, Seagate Technology. “Our goal is to arm customers and partners with the right technologies to empower their businesses. With modular products that deliver versatility and usability, customers will enjoy drastically simplified user experience while successfully addressing their diverse business needs.” Vlad Mitnovetski, COO, Dicker Data, said “I am pleased to announce the expansion of our partnership with Seagate Technology. Since commencing distribution 3 years ago, we have seen consistent strong growth across their product portfolio. As Seagate Technology expands their range with the new Exos and Nytro Systems, we see a strong new opportunity to introduce the brand to our extensive base of mid-market partners. We are already seeing strong demand for these products being used as complementary solutions to existing storage infrastructure.” Seagate Exos® Systems Seagate Exos storage systems provides the datasphere’s largest data center building block. By matching Seagate’s industry-leading high-capacity Exos enterprise hard drives with an enclosure that leverages up to 106 devices, it can provide an unprecedented 1.7PB (petabyte) of business intelligence in only 4U of rack space. It delivers industry-first capacity and density without sacrificing data access speed. With an overall maximum bandwidth of 36GB/s, users can access business-critical and archival data with lightning speed. This enclosure is suited for high data retention requirements that are expected to grow. Its innovative drive placement maximises airflow and minimises power consumption, and unique performance, efficiency, and scalability features provide an unprecedented low TCO. The system’s new modular, user-focused design minimises system downtime and it features toolless drive carriers that allow an administrator to snap drives into the 106 bays in minutes. Seagate Nytro™ Systems Seagate’s Nytro all-flash and flash-intensive systems offer modular flexibility combining Seagate Nytro flash drives in enclosures that houses up to 24 drives. Offering up to 12Gb/s speed and an effective maximum throughput of 14.4GB/s per I/O module or 28.8GB/s in a dual controller configuration, these systems are optimised to support the datasphere’s highest-performance platform for maximum IOPS at minimum cost. Seagate Nytro systems are suited for high-capacity, transaction-dependent environments that demand tighter Service Level Agreement (SLA) requirements and faster response times for optimal data availability. Availability Seagate Exos and Nytro Systems are available through Dicker Data for distribution in Australia and New Zealand. For more information on Exos and Nytro Systems, please visit www.seagate.com/enterprise-storage/systems/ About Seagate Seagate crafts the datasphere, helping to maximise 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, and YouTube, and subscribe to our blog. About Dicker Data Limited Dicker Data Limited was listed on the Australian Stock Exchange on January 24, 2011. Since its listing, the company has achieved record trading results. The Company is Australia’s largest and longest established Australian owned distributor of information technology products. Its vendors include Hewlett‐Packard, Cisco, Microsoft, Lenovo, Symantec, RSA, Toshiba, Samsung, Seagate Technology, ASUS and other major brands. The Company’s clients include over 5,000 value added resellers. For more information, click here. Source: “Data Age 2025,” IDC, sponsored by Seagate, Nov. 2018 © 2020 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, the Exos Enterprise logo, Nytro, and the Nytro Enterprise logo are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. Seagate reserves the right to change, without notice, product offerings or specifications. # # # Delve Into 'Night City' With Seagate’s Game Drive For Xbox Cyberpunk 2077 Special Edition 2020-06-09T21:58:54Z delve-into-night-city-with-seagates-game-drive-for-xbox-cyberpunk-2077-special-edition Sydney, Australia – 10th June 2020 – In collaboration with Microsoft® and CD PROJEKT RED®, Seagate® today announced the latest addition to its popular line of storage for gamers – Game Drive for Xbox Cyberpunk 2077 Special Edition. The only officially licensed Cyberpunk 2077® hard drive for Xbox One is available for presale today. With the 2 TB Game Drive, users can extend the storage capacity of their Xbox One console by balancing their gaming workload between console and external HDD. Fashioned with an enclosure inspired by the Cyberpunk aesthetic, the collectible, special edition Game Drive has a sleek, light, and portable design giving gamers the option to play in style and on-the-go. Set up is a snap, as the game drive is instantly recognised by the Xbox One console and easily installed through Xbox OS. It is compatible with the full family of Xbox One devices, does not need a separate power cord and can store more than 501 downloaded games plus downloadable add-ons and achievements for continued gameplay on Xbox One, Xbox One S, or Xbox One X consoles2. Game Drive for Xbox Cyberpunk 2077 Special Edition from Seagate is officially available from today in Australia exclusively via eBay. In New Zealand, Game Drive for Xbox Cyberpunk 2077 Special Edition from Seagate with an SRP of $159 is officially available at Mighty Ape and PB Tech. As with all of Seagate's Special Edition Game Drives, this collectible will be available in limited quantities so don't miss your opportunity! 1 Average game capacity of 35-50 GB per install. Storage is also required for game save data and downloadable game content. 2 Requires Xbox Live login from original game owner. About Seagate Seagate crafts the datasphere, helping to maximise humanity’s potential by innovating world-class, precision-engineered data management solutions with a focus on sustainable partnerships. Learn more about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog. # # # ©2020 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. 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 reserves the right to change, without notice, product offerings or specifications. Seagate Technology To Open Up Patents In Fight Against COVID-19 2020-05-25T22:00:00Z seagate-technology-to-open-up-patents-in-fight-against-covid-19 Sydney, AUSTRALIA, May 26, 2020 – Seagate® Technology plc (NASDAQ: STX), a world leader in data storage and management solutions, today announced that it has signed the Open COVID Pledge. The pledge grants free access to all of Seagate’s patented technologies to help enable diagnosing, preventing, containing, and treating of COVID-19. The mission of the Open COVID Pledge is to provide access to every tool at the disposal of businesses and society toward the goal of rapid development and deployment of technologies in a massive scale without impediment, in the fight against the COVID-19 pandemic. “Seagate’s mission is to maximise the potential of humanity,” said Seagate’s CEO Dr. Dave Mosley. “Never has that been more important than during the COVID-19 pandemic. Collaboration is going to be key in the efforts to fight the disease and minimise the lasting impact. The Open COVID Pledge is another of the amazing ways we can all work together, and Seagate is proud to be a part of this pledge to help enable critical access to powerful solutions for the good of humanity.” Seagate has already begun to take proactive steps in helping organisations around the world fight back against the pandemic. A few examples: At the onset of emergency in China, Seagate donated critical medical supplies to several hospitals in China’s Hubei Province, including three fully equipped negative-pressure ambulances. Seagate contributed storage and compute resources and employees volunteered their expertise to drive a positive impact on Folding@home’s COVID-19 program. Folding@home is a distributed-computing project that relies on a global network of volunteers who run complex simulations of protein dynamics on their personal computers. The insights from data are helping scientists better understand how diseases occur so they can develop targeted therapeutics. After a little more than a month of contributing to this project, Seagate’s team has produced impressive results, vaulting into the top one percent of worldwide teams in terms of productivity, with more than 9,000 completed work units. The faster a team can complete a work unit, the faster scientists can get to work studying these proteins and finding treatments for diseases like Alzheimer’s, COVID-19, cancer and many more. Seagate and Vent-19, a nonprofit developing affordable rapidly mass producible solutions to help people breathe with ventilators and other biomedical devices, are working together to apply Seagate's strengths in high technology, high volume, and low-cost solutions to help fight the impact of Covid-19. Additionally, as part of Seagate's long-term commitment to fuel its “Data4Good” program, a number of Seagate employees have volunteered their data science expertise and time to help various organisations focused on solving key issues associated with the pandemic. The program identifies opportunities for employees to directly contribute their skills and a portion of their time to fight against COVID-19 and makes it easy to apply their skills to bring about positive social impact. About Seagate Seagate crafts the datasphere, helping to maximise humanity’s potential by innovating world-class, precision-engineered data management solutions with a focus on sustainable partnerships. Learn more about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog. ©2020 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. Media Contact Pru Quinlan Einsteinz Communications Ph: +61 02 8905 0995 pru@einsteinz.com.au Seagate's World First PCIe SSD Built For Business NAS Arrives In Australia 2020-04-28T03:50:44Z seagates-world-first-pcie-ssd-built-for-business-nas-arrives-in-australia April 28th 2020 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, has announced the Australian availability of its latest in high-performance solutions for multi-user NAS environments, adding to their award-winning IronWolf® SSD product line. Seagate’s IronWolf 510 is an M.2 NVMe SSD with caching speeds of up to 3GBps for NVMe-compatible systems and is ideal for creative pros and business NAS needing 24×7 multi-user storage that is cache enabled. The IronWolf 510 SSD meets leading top NAS manufacturer requirements of one drive write per day (DWPD), allowing multi-user NAS environments to do more with their data with lasting performance. The IronWolf 510 SSD is reliable with 1.8 million hours mean time between failures (MTBF) in a PCIe form factor, two years of Rescue Data Recovery Services, and a five-year limited warranty. IronWolf Health Management helps analyze drive health and will soon be available on compatible NAS systems. “We are the first to provide a purpose-built M.2 NVMe for NAS that not only goes beyond SATA performance metrics but also provides 3x the endurance when compared to the competition. This meets the required endurance spec of one DWPD which our NAS partners expect for their customers,” said Matt Rutledge, senior vice president, devices. “Because of such high endurance, our customers are getting a tough SSD for small business and creative professional NAS environments.” Meiji Chang, General Manager of QNAP Systems, Inc., commented, “We’re thrilled to see new additions to Seagate’s solid-state drive line for NAS which caters specifically to SSD requirements in the network storage segment enhancing performance and endurance. This enables QNAP to build more performance-driven and reliable systems and applications, including all-flash arrays, on which our users can rely.” The IronWolf 510 SSD PCIe Gen3 x4, NVMe 1.3 is available in 240GB, 480GB, 960GB, and 1.92TB capacities and is compatible with leading NAS vendors to provide server storage for small and medium-sized businesses and creative professionals that use NAS. Combine IronWolf Hard Drives with IronWolf SSD’s and benefit from ultra-high capacity, ultra-high endurance, and high-speed caching. Available now, current retail pricing for Seagate’s IronWolf 510 SSD (subject to change), is: AU$249 - 240GB AU $339 - 480GB AU $649 - 960GB AU $1, 069 - 1.92TB 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 about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog. *Fresh out of box (FOB) performance obtained on a newly formatted drive. Performance may vary based on SSD’s firmware version, system hardware, and configuration. Performance-based on CrystalDiskMark v.6.0.2 ×64 on Windows 10 host with PCIe Gen4 motherboard. # # # ©2020 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 and IronWolf logo are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. Thunderbolt and the Thunderbolt logo are trademarks of Intel Corporation in the U.S. and/or other countries. The NVMe word mark and/or NVMExpress design mark are trademarks of NVMExpress, Inc. PCIe is a trademark or registered trademark of PCI-SIG. 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. Next-Gen Seagate Gaming Solutions Built for Elite Performance 2020-02-27T22:00:00Z next-gen-seagate-gaming-solutions-built-for-elite-performance SYDNEY, Australia – 28 February 2020 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, today announced the local availability of its new high-performance industry-leading line of storage solutions for gamers: the Seagate® FireCuda® 520 PCIe Gen4 x4 SSD, FireCuda® Gaming Dock, FireCuda® Gaming SSD, and the Barracuda® Fast SSD. FireCuda 520 Built to deliver the intense speeds needed for the rigor of modern gaming, the FireCuda 520 SSD is the company’s fastest solid-state drive and offers plug-and-play compatibility with all PCIe Gen4 motherboards. With sequential read-write speeds of up to 45% faster than PCIe Gen3 NVMe drives1, the FireCuda 520 delivers an extreme boost in performance for PC gamers looking for the edge. The M.2 2280 SSD is available in 500GB, 1TB or 2TB capacities and compatible with the new AMD X570 chipset and third-generation AMD Ryzen™ Desktop Processors. It features plug-and-play compatibility with PCIe Gen4 motherboards delivering an extreme boost in performance as well as backward compatibility with PCIe Gen3 devices. Seagate’s FireCuda 520 retails for AUD$179 (500GB), AUD$359 (1TB), and AUD$669 (2TB). FireCuda Gaming Dock Seagate’s FireCuda Gaming Dock is a high-performance storage solution offering the simplicity of a one-cable connection to all of your peripherals. It features a built-in 4TB 3.5” HDD and a PCIe Gen3 NVMe M.2 SSD expansion slot for an optional SSD upgrade, offering vast storage for archiving games and data and the ability to take advantage of the intense speed of solid-state drives. In addition to the Thunderbolt 3 laptop connector, the FireCuda Gaming Dock includes a Thunderbolt 3 accessory port, DisplayPort 1.4, RJ45 ethernet network port, a 3.5mm audio-in/mic port, 3.5mm audio-out port, four USB 3.1 Gen2 ports, and a USB 3.1 Gen2 charge port. It also includes Seagate’s easy-to-use Toolkit software that lets you control a range of colors and light patterns for leveled-up illumination to complement your gaming station and offers a three-year limited warranty. FireCuda Gaming Dock will be available in March for AUD$599. FireCuda Gaming SSD Designed as the perfect companion to Seagate’s recently released FireCuda Gaming Dock, the portable FireCuda Gaming SSD delivers performance to help scorch the competition. Purpose-built for gamers, it marries Seagate’s premium FireCuda NVMe 510 SSD and the latest cutting-edge SuperSpeed USB 20 Gb/s (USB 3.2 Gen2×2) interface, delivering staggering read speeds of up to 2,000 MB/s1.Optimised for performance and high on style, the drive offers capacities of 500GB, 1TB, and 2TB and features a signature chisel metal enclosure with customizable RGB LED lighting. Gamers can personalise the drive’s full-range RGB LED with the free Seagate Toolkit software and synchronise the LEDs with a FireCuda Gaming Dock, creating an immersive setup. FireCuda Gaming SSD retails for AUD$299 (500GB), AUD$399 (1TB) and AUD$759 (2TB) and will be available in May. BarraCuda Fast SSD Also new to the Seagate SSD line-up is the BarraCuda Fast SSD offering 500GB, 1TB, and 2TB of capacity. With mobile gamers and active power users in mind, the SATA SSD external drive features rapid read/write speeds of up to 540 MB/s1 for improved gameplay and quick file transfers. Pocket-sized, the sleek drive features an attractive green LED and offers versatility with a USB 3.1 Gen2 Type-C port. It is PC and Mac (exFAT) compatible out of the box, includes Seagate’s Toolkit with simple backup and sync, and a complimentary two-month subscription to the Adobe Creative Cloud® Photography Plan2. BarraCuda Fast SSD retails for AUD$169 (500GB), AUD$289 (1TB) and AUD$599 (2TB) and will be available in April. About Seagate Seagate crafts the datasphere, helping to maximise 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. Media Contact: Einsteinz Communications Antoinette Georgopoulos or Pru Quinlan antoinette@einsteinz.com.au or pru@einsteinz.com.au +61 2 8905 0995 ©2020 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. BarraCuda, the BarraCuda logo, FireCuda, and the FireCuda logo are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. Adobe and Creative Cloud are either registered trademarks or trademarks of Adobe in the United States and/or other countries. The NVMe word mark and/or NVMExpress design mark are trademarks of NVMExpress, Inc. USB Type-C is a registered trademark of USB Implementers Forum. 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 reserves the right to change, without notice, product offerings or specifications. # # # Seagate Technology Reports Fiscal Second Quarter 2020 Financial Results 2020-02-05T03:59:20Z seagate-technology-reports-fiscal-second-quarter-2020-financial-results Reported revenue of $2.7 billion Expanded GAAP operating margin to 14.2%; non-GAAP operating margin to 15.7% Delivered GAAP diluted earnings per share (EPS) of $1.20; non-GAAP diluted EPS of $1.35 Returned $315 million to shareholders; declared cash dividend of $0.65 per share CUPERTINO, CA - February 4, 2020 - Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal second quarter ended January 3, 2020. “In the December quarter, Seagate expanded non-GAAP operating margin by nearly 300 basis points and delivered non-GAAP EPS growth of more than 30% quarter-over-quarter while driving strong operational cash flow in an improving demand environment,” said Dave Mosley, Seagate’s chief executive officer. “We executed the company's fastest ever product ramp with our industry capacity leading 16-terabyte drives, which contributed to both sequential revenue growth and record exabyte shipments in the December quarter. We are poised to benefit from ongoing demand for mass capacity storage which we expect to offset typical seasonal declines in the legacy markets in the first half of the calendar year.” Quarterly Financial Results GAAP Non-GAAP FQ2 2020 FQ2 2019 FQ2 2020 FQ2 2019 Revenue ($M) $ 2,696 $ 2,715 $ 2,696 $ 2,715 Gross Margin 28.1% 29.2% 28.7% 29.9% Operating Margin 14.2% 15.3% 15.7% 17.2% Net Income ($M) $ 318 $ 384 $ 359 $ 432 Diluted Earnings Per Share $ 1.20 $ 1.34 $ 1.35 $ 1.51 The Company generated $480 million in cash flow from operations and $286 million in free cash flow during the fiscal second quarter 2020. Seagate maintained a healthy balance sheet and during the fiscal second quarter 2020, the Company paid cash dividends of $165 million and repurchased 2.5 million ordinary shares for $150 million. Cash and cash equivalents totaled $1.7 billion at the end of the quarter. There were 261 million ordinary shares issued and outstanding as of the end of the quarter. All periods presented exclude share-based compensation from non-GAAP results. For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables. Seagate has issued a Supplemental Financial Information document, which is available on Seagate’s Investor Relations website at investors.seagate.com. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.65 per share, which will be payable on April 8, 2020 to shareholders of record as of the close of business on March 25, 2020. 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 The business outlook for the fiscal third quarter 2020 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 third quarter 2020: Revenue of $2.7 billion, plus or minus 7% Non-GAAP diluted EPS of $1.35, plus or minus 7% Guidance regarding non-GAAP diluted EPS excludes known charges related to amortization of acquired intangible assets and estimated share-based compensation expenses of $0.05 per share and $0.11 per share, respectively. We have not reconciled our non-GAAP diluted EPS 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 or benefits 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 EPS 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 2:00 p.m. Pacific / 5:00 p.m. Eastern that can be accessed on its Investor Relations website at investors.seagate.com. An archived audio webcast of this event will be available on Seagate’s Investor Relations website at investors.seagate.com shortly following the event conclusion. 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 about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog. © 2020 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. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the Company’s plans, strategies and prospects, financial outlook for future periods, including the fiscal third quarter 2020, expectations regarding the Company’s products, our ability to ramp production, storage industry trends and 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 April 3, 2020 and beyond. Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” "will continue," "can," "could" or the negative of these words, variations of these words and comparable terminology. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 2, 2019, which is available on our investor relations website at investors.seagate.com. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended January 3, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law. The inclusion of Seagate’s website addresses in this press release are intended to be inactive textual references only and not active hyperlinks. The information contained in, or that can be accessed through, Seagate’s websites and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) January 3, 2020 June 28, 2019 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,744 $ 2,220 Accounts receivable, net 1,112 989 Inventories 1,148 970 Other current assets 148 184 Total current assets 4,152 4,363 Property, equipment and leasehold improvements, net 2,049 1,869 Goodwill 1,237 1,237 Other intangible assets, net 83 111 Deferred income taxes 1,119 1,114 Other assets, net 292 191 Total Assets $ 8,932 $ 8,885 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,870 $ 1,420 Accrued employee compensation 191 169 Accrued warranty 80 91 Current portion of long-term debt 6 — Accrued expenses 553 552 Total current liabilities 2,700 2,232 Long-term accrued warranty 89 104 Long-term accrued income taxes 3 4 Other non-current liabilities 175 130 Long-term debt 4,135 4,253 Total Liabilities 7,102 6,723 Total Equity 1,830 2,162 Total Liabilities and Equity $ 8,932 $ 8,885 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended For the Six Months Ended January 3, 2020 October 4, 2019 December 28, 2018 January 3, 2020 December 28, 2018 Revenue $ 2,696 $ 2,578 $ 2,715 $ 5,274 $ 5,706 Cost of revenue 1,938 1,907 1,921 3,845 3,999 Product development 250 255 246 505 512 Marketing and administrative 120 122 120 242 235 Amortization of intangibles 4 4 5 8 11 Restructuring and other, net — 17 7 17 30 Total operating expenses 2,312 2,305 2,299 4,617 4,787 Income from operations 384 273 416 657 919 Interest income 4 11 22 15 46 Interest expense (48) (55) (56) (103) (114) Other, net (4) (31) 16 (35) 15 Other expense, net (48) (75) (18) (123) (53) Income before income taxes 336 198 398 534 866 Provision (benefit) for income taxes 18 (2) 14 16 32 Net income $ 318 $ 200 $ 384 $ 518 $ 834 Net income per share: Basic $ 1.21 $ 0.75 $ 1.35 $ 1.96 $ 2.92 Diluted 1.20 0.74 1.34 1.93 2.88 Number of shares used in per share calculations: Basic 262 266 285 264 286 Diluted 265 270 287 268 290 Cash dividends declared per ordinary share $ 0.65 $ 0.63 $ 0.63 $ 1.28 $ 1.26 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Six Months Ended January 3, 2020 December 28, 2018 OPERATING ACTIVITIES Net income $ 518 $ 834 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 185 272 Share-based compensation 53 45 Deferred income taxes (4) 1 Other non-cash operating activities, net 47 (44) Changes in operating assets and liabilities: Accounts receivable, net (124) 135 Inventories (172) (47) Accounts payable 458 (240) Accrued employee compensation 22 (89) Accrued expenses, income taxes and warranty (38) (16) Other assets and liabilities (9) 24 Net cash provided by operating activities 936 875 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (341) (304) Proceeds from settlement of foreign currency forward exchange contracts — 66 Proceeds from sale of strategic investments — 10 Proceeds from the sale of assets 1 6 Purchases of investments (45) (8) Net cash used in investing activities (385) (230) FINANCING ACTIVITIES Redemption and repurchase of debt (645) (499) Dividends to shareholders (335) (361) Repurchases of ordinary shares (600) (286) Taxes paid related to net share settlement of equity awards (39) (30) Net proceeds from issuance of long-term debt 498 — Proceeds from issuance of ordinary shares under employee stock plans 69 35 Other financing activities, net (2) — Net cash used in financing activities (1,054) (1,141) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (2) (1) Decrease in cash, cash equivalents and restricted cash (505) (497) Cash, cash equivalents and restricted cash at the beginning of the period 2,251 1,857 Cash, cash equivalents and restricted cash at the end of the period $ 1,746 $ 1,360 Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, gross margin as a percentage of revenue, operating expenses, income from operations, operating margin as a percentage of revenue, net income, diluted EPS, and free cash flow, which are adjusted from results based on GAAP to exclude certain benefits, 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 benefits, 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. Free cash flow does not reflect all of the Company's expenses and non-cash items, and does not reflect the Company's uses of cash in financing and investing activities. 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 or replacement 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 Six Months Ended January 3, 2020 October 4, 2019 December 28, 2018 (a) January 3, 2020 December 28, 2018 (a) GAAP Revenue $ 2,696 $ 2,578 $ 2,715 $ 5,274 $ 5,706 Adjustment to discontinued products — — — — 1 Non-GAAP Revenue $ 2,696 $ 2,578 $ 2,715 $ 5,274 $ 5,707 GAAP Gross Margin $ 758 $ 671 $ 794 $ 1,429 $ 1,707 Adjustment to discontinued products — — — — 1 Amortization of acquired intangible assets 10 10 13 20 26 Share-based compensation 6 7 6 13 11 Restructuring and other, net — — (1) — (1) Non-GAAP Gross Margin $ 774 $ 688 $ 812 $ 1,462 $ 1,744 GAAP Gross Margin 28.1 % 26.0 % 29.2 % 27.1 % 29.9 % Non-GAAP Gross Margin 28.7 % 26.7 % 29.9 % 27.7 % 30.6 % GAAP Operating Expenses $ 374 $ 398 $ 378 $ 772 $ 788 Accelerated depreciation, impairment and other charges related to cost saving efforts — — (1) — (2) Amortization of acquired intangible assets (3) (3) (5) (6) (9) Restructuring and other, net — (17) (7) (17) (30) Share-based compensation (21) (19) (21) (40) (34) Non-GAAP Operating Expenses $ 350 $ 359 $ 344 $ 709 $ 713 GAAP Income From Operations $ 384 $ 273 $ 416 $ 657 $ 919 Adjustment to discontinued products — — — — 1 Accelerated depreciation, impairment and other charges related to cost saving efforts — — 1 — 2 Amortization of acquired intangible assets 13 13 18 26 35 Restructuring and other, net — 17 7 17 30 Share-based compensation 27 26 27 53 45 Other charges — — (1) — (1) Non-GAAP Income From Operations $ 424 $ 329 $ 468 $ 753 $ 1,031 GAAP Operating Margin 14.2 % 10.6 % 15.3 % 12.5 % 16.1 % Non-GAAP Operating Margin 15.7 % 12.8 % 17.2 % 14.3 % 18.1 % 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 Six Months Ended January 3, 2020 October 4, 2019 December 28, 2018 (a) January 3, 2020 December 28, 2018 (a) GAAP Net Income $ 318 $ 200 $ 384 $ 518 $ 834 Adjustment to discontinued products — — — — 1 Accelerated depreciation, impairment and other charges related to cost saving efforts — — 1 — 2 Amortization of acquired intangible assets 13 13 18 26 35 Restructuring and other, net — 17 7 17 30 Losses recognized on the early redemption and repurchase of debt — 30 — 30 — Strategic investment losses (gains) or impairment recognized 1 — (2) 1 2 Share-based compensation 27 26 27 53 45 Other charges — — (1) — (1) Income tax adjustments — (8) (2) (8) (2) Non-GAAP Net Income $ 359 $ 278 $ 432 $ 637 $ 946 Shares used in diluted net income per share calculation 265 270 287 268 290 GAAP Diluted Net Income Per Share $ 1.20 $ 0.74 $ 1.34 $ 1.93 $ 2.88 Non-GAAP Diluted Net Income Per Share 1.35 1.03 1.51 2.38 3.26 GAAP Net Cash Provided by Operating Activities $ 480 $ 456 $ 288 $ 936 $ 875 Acquisition of property, equipment and leasehold improvements 194 147 127 341 304 Free Cash Flow $ 286 $ 309 $ 161 $ 595 $ 571 (a) In the fiscal first quarter of 2020, the Company began excluding share-based compensation from non-GAAP results. To provide improved visibility and comparability, the Company has reflected this change to its non-GAAP results retrospectively to the earliest date presented. 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 measures due to the 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. Share-based compensation As disclosed in the Company’s fiscal fourth quarter 2019 earnings release, share-based compensation expense is excluded from its non-GAAP results. These expenses consist primarily of expenses for employee share-based compensation. Given the variety of equity awards used by companies, the varying methodologies for determining share-based compensation expense, the subjective assumptions involved in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, the Company believes excluding share-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time and compare it against the Company’s peers, a majority of whom also exclude share-based compensation expense from their non-GAAP results. Other charges The other charges primarily include write-offs 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 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. 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 investments accounted for under the equity method of accounting or records impairment 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 is 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 or benefit 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. 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's Lyve Drive Mobile System Activates The Datasphere At CES 2020 2020-01-06T22:30:00Z seagates-lyve-drive-mobile-system-activates-the-datasphere-at-ces-2020-1 SYDNEY, AUSTRALIA –7 January, 2019 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, today at CES 2020 introduced a revolutionary modular storage solution to manage the surge of enterprise, cloud, and edge data. Seagate’s Lyve Drive™ Mobile System is a portfolio of simple, secure, and efficient data management solutions built to activate the datasphere. Powered by IT 4.0—the fourth wave of industrial revolution within IT—where connected homes, connected cities, AI-powered factories, autonomous vehicles, and media and entertainment content drive explosive data growth, the global datasphere is forecasted to grow from 41 zettabytes in 2019 to 175 zettabytes by 2025, according to a recent IDC study sponsored by Seagate. Nearly 30% of that data will need real-time processing. Seagate’s Lyve Drive system enables efficient and cost effective movement of this data between enterprise, cloud, and the edge. “Data empowers those who can harness and activate it,” said Jeff Fochtman, vice president of marketing for Seagate. “However, today’s data management tools are too costly and inefficient for businesses to tap into data’s full value. Lyve Drive is Seagate’s first step toward a unified data experience, which will turn data’s possibilities into tangible growth for the world’s most critical industries.” Lyve Drive Mobile System Developed to address the growing need to move massive amounts of data from endpoints to edge to core, Seagate’s Lyve Drive Mobile System is a collection of modular storage solutions built to help businesses be more efficient and grow. During CES, Seagate will showcase the revolutionary system and several key product concepts in the line including: Lyve Drive Cards and Lyve Drive Card Reader High capacity, high-performance 1TB CFexpress™ cards and a portable card reader for ingesting endpoint data sources. Lyve Drive Shuttle An autonomous data storage and transport solution for easy ingestion from direct-attached, network-attached, and other external storage devices. It offers up to 16TB of capacity depending on HDD or SSD configuration, and an e-ink touchscreen display to copy files directly without a PC. Lyve Drive Mobile Array A sealed, high-performance, 6-bay array that is ruggedized and easy to transport. The mobile array displayed at CES will feature 6 of Seagate’s 18TB Exos HAMR (heat-assisted magnetic recording) hard drives for a total capacity of 108TB. Lyve Drive Modular Array A high-performance 4-bay array with flexible configuration so businesses can build what they need for a particular workflow. The high-capacity modular array displayed at CES will include Seagate’s Exos 2X14 enterprise hard drive, which is the first to integrate Seagate’s groundbreaking MACH.2™ multi-actuator technology. Lyve Drive Rackmount Receiver A high-performance datacenter 4U rackmount ingestion hub that accepts two Lyve Drive arrays for high-speed data transfer directly into a data center fabric without the need of cables. CES 2020 Exhibit During CES 2020, the company will illustrate the journey of data from origin at the endpoint, to extraction at the edge for instantaneous insights, and to long-term storage at the core. Along the way, we will reveal the next evolutionary step of data from the static disk drive to a world in which systems, software, and storage seamlessly work together, turning data’s potential into business growth. Exhibit visitors will experience several real-life use cases that highlight the activation of data including: The Road to Tomorrow: Autonomous Vehicles The realization of fully autonomous vehicles on our roads is just over the horizon. Helping to make this a reality, Seagate will host partner company Renovo to highlight a platform that merges software, data management, and automotive-grade safety systems into a unified solution for AV fleet deployment. Million Byte Bar: Media & Entertainment Thanks to the latest picture quality standards like 4K, 8K, and High Dynamic Range (HDR), the media and entertainment industry’s compound annual data growth rate is poised for a 25% increase by 20251. Seagate will feature a movie set demonstrating how next-generation data management solutions accelerate the post-production process. Connected City By 2025, it is forecasted that over 25 zettabytes of storage will be created and replicated in the edge1. While most of Seagate’s CES exhibit highlights separate data endpoints, our custom LEGO® connected city experience demonstrates how real-life AI and video data weave through the daily activities and interactions of a connected city and play a crucial role in helping officials tackle emergency services, law enforcement, traffic, and much more. Ultimate Gaming Seagate is big into gaming and CES is the perfect place to level up with the incredible customized Imperator Works Zero Gravity Chair. Decked out with a Thermaltake P5 gaming PC powered by Seagate’s FireCuda® 520 NVMe PCIe Gen4 x4 SSD, PS4 Pro, and Xbox One, the setup also includes the latest Razor peripherals and custom shelf to stash all the gaming tech, snacks, and beverages a gamer could dream of. Connected Home It is predicted that there will be over 70 million smart home households by 20232. Seagate will explore how ambient computing in the home uses data to bring more convenience and efficiency to everyday life than ever before. The World in 5G 5G networks are predicted to cover 40% of the world by 2024, handle 25% of all mobile traffic data, will be up to 100 times faster than current 4G technology, and will typically support millions of devices per square mile3. The device and data growth fueled by 5G will make the telco infrastructure the ideal spot for the edge, and Seagate will showcase a micro-modular Edge data center from Vapor IO that allows data to be kept closer to endpoints for efficiency, helping to unlock new use cases, create new markets, unleash new product innovations, and disrupt numerous verticals. Connected Factory Those in the business of high-volume production are increasingly turning to data to achieve their goals and, by 2025, the compound annual growth rate of data within the manufacturing industry is expected to rise by 30%3. Seagate, as a manufacturer, is no exception and will demonstrate the factory of the future using advanced technologies such as AI crafted for heightened operational efficiency. An Ocean of Data: Monterey Bay Aquarium The Monterey Bay Aquarium Research Institute (MBARI), a science and engineering partnership with annual funding of 70 million and led by 200+ full-time employees, is charged with gathering as much data as possible through exploration and discovery of deep-sea research. MBARI and Seagate will demonstrate how the latest data solutions can help research teams capture and transport all that data quickly and efficiently. For more information, please visit us during CES 2020 at The Venetian, Level 3, San Polo Ballroom. Media Contacts: Antoinette Georgopoulos, Einsteinz Communications+ 61 414 329 961 or + 61 2 8905 0995, antoinette@einsteinz.com.au 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, YouTube and subscribe to our blog. Source: “Data Age 2025,” IDC, sponsored by Seagate, Nov. 2018 Source: “16 Smart Home Statistics & Predictions” Safe Smart Home & Living, Oct. 2019 Source: “Five 5G Statistics You Need to Know,” vXchnge, May 20 ©2020 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. FireCuda, the FireCuda logo, Lyve Drive, and the Lyve Drive logo 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 reserves the right to change, without notice, product offerings or specifications. # # # Torch the Competition with Seagate's FireCuda Gaming Storage Solutions 2019-11-13T05:15:54Z torch-the-competition-with-seagates-firecuda-gaming-storage-solutions-1 SYDNEY, Australia – 13 November, 2019 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, today added two new high-performance solutions to its industry-leading line of storage for gamers. The Seagate® FireCuda® 520 PCIe Gen4 x4 SSD and the FireCuda Gaming Dock, which features 4TB of HDD storage capacity and an NVMe™ M.2 expansion slot for an optional ultra-fast SSD upgrade. Built to deliver the intense speeds needed for the rigor of modern gaming, the FireCuda 520 SSD is the company’s fastest solid-state drive and offers plug-and-play compatibility with all PCIe Gen4 motherboards. For laptop PC gamers looking for flexibility, the FireCuda Gaming Dock is an elite 4TB HDD storage hub with an NVMe M.2 expansion slot for optional SSD upgrade that connects peripherals via a Thunderbolt™ 3 and offers a slick industrial design with LED illumination pushing your rig over the top. “Next-gen gaming is all about speed, compatibility, and flexibility,” said Jeff Fochtman, vice president of marketing and consumer solutions for Seagate. “Our FireCuda storage solutions deliver the performance, simplicity, and ingenious design to help gamers realise peak potential.” With sequential read-write speeds of up to 45% faster than PCIe Gen3 NVMe drives1, the FireCuda 520 delivers an extreme boost in performance for PC gamers looking for the edge. The M.2 2280 SSD is available in 500GB, 1TB or 2TB capacities and compatible with the new AMD X570 chipset and third-generation AMD Ryzen™ Desktop Processors. It features plug-and-play compatibility with PCIe Gen4 motherboards delivering an extreme boost in performance as well as backward compatibility with PCIe Gen3 devices. The FireCuda 520 offers a five-year limited warranty and includes the Seagate’s SeaTools software that monitors health, tracks performance, and keeps you up to date on firmware updates. Seagate’s FireCuda Gaming Dock is a high-performance storage solution offering the simplicity of a one-cable connection to all of your peripherals. It features a built-in 4TB 3.5” HDD and a PCIe Gen3 NVMe M.2 SSD expansion slot for an optional SSD upgrade, offering vast storage for archiving your games and data and the ability to take advantage of the intense speed of solid-state drives. In addition to the Thunderbolt 3 laptop connector, the FireCuda Gaming Dock also includes a Thunderbolt 3 accessory port, DisplayPort 1.4, RJ45 ethernet network port, a 3.5mm audio-in/mic port, 3.5mm audio-out port, four USB 3.1 Gen2 ports, and a USB 3.1 Gen2 charge port. It also includes Seagate’s easy-to-use Toolkit software that lets you control a range of colors and light patterns for leveled-up illumination to complement your gaming station and offers a three-year limited warranty. Available in Australia and New Zealand early next year, Seagate’s FireCuda 520 retails for USD $124.99(500GB), $249.99 (1TB), and $429.99 (2TB). FireCuda Gaming Dock will be available early next year for USD $349.99. Local pricing TBA. About Seagate Seagate crafts the datasphere, helping to maximise 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. 1. Fresh out of box (FOB) performance obtained on a newly formatted drive. Performance may vary based on SSD’s firmware version, system hardware, and configuration. Performance-based on CrystalDiskMark v.6.0.2 ×64 on Windows 10 host with PCIe Gen4 motherboard. ©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. FireCuda and the FireCuda logo are either trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies in the United States and/or other countries. Thunderbolt and the Thunderbolt logo are trademarks of Intel Corporation in the U.S. and/or other countries. The NVMe word mark and/or NVMExpress design mark are trademarks of NVMExpress, Inc. PCIe is a trademark or registered trademark of PCI-SIG. 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. # # # - ENDS - Seagate Technology Reports Fiscal First Quarter 2020 Financial Results 2019-11-04T04:38:11Z seagate-technology-reports-fiscal-first-quarter-2020-financial-results Revenue of $2.58 billion GAAP diluted earnings per share (EPS) of $0.74; non-GAAP diluted EPS of $1.03 Cash flow from operations of $456 million and free cash flow of $309 million Repurchased 9.2 million shares for $450 million Raised the quarterly cash dividend to $0.65 per share payable on January 8, 2020 CUPERTINO, CA – November 1, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal first quarter ended October 4, 2019. "Seagate had a solid start to the fiscal year; we grew revenue, expanded non-GAAP operating income, and increased non-GAAP EPS quarter-over-quarter reflecting our focus on optimizing profitability to drive free cash flow,” said Dave Mosley, Seagate’s chief executive officer. "Exabyte shipments were near record levels in the first quarter driven by improving demand conditions for mass capacity storage. We are ramping shipments of our industry capacity leading 16-terabyte drives to support strong customer demand. We continue to gain momentum with these products, which deliver lower total cost of ownership to our customers. While business conditions remain challenging over the near-term amidst ongoing geopolitical uncertainties, our innovative technology roadmap makes us well positioned to capture current and future mass capacity storage demand while also driving long-term value for our shareholders.” Quarterly Financial Results GAAP Non-GAAP FQ1 2020 FQ1 2019 FQ1 2020 FQ1 2019 Revenue ($M) $2,578 $2,991 $2,578 $2,992 Gross Margin 26.0% 30.5% 26.7% 31.1% Net Income ($M) $200 $450 $278 $514 Diluted Earnings Per Share $0.74 $1.54 $1.03 $1.76 The Company generated $456 million in cash flow from operations and $309 million in free cash flow during the fiscal first quarter 2020. Seagate has a healthy balance sheet and during the fiscal first quarter 2020, the Company paid cash dividends of $170 million and repurchased 9.2 million ordinary shares for $450 million. Cash and cash equivalents totaled $1.8 billion at the end of the quarter. The Company restructured debt, lowering annual interest expense and reducing total debt to $4.1 billion at the end of the quarter. There were 263 million ordinary shares issued and outstanding as of the end of the quarter. All periods presented exclude share-based compensation from non-GAAP results. For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables. Seagate has issued a Supplemental Financial Information document, which is available on Seagate’s Investor Relations website at investors.seagate.com. Quarterly Cash Dividend The Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.65 per share, which will be payable on January 8, 2020 to shareholders of record as of the close of business on December 26, 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 The business outlook for the fiscal second quarter 2020 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 second quarter 2020: Revenue of $2.72 billion, plus or minus 5% Non-GAAP diluted EPS of $1.32, plus or minus 5% Guidance regarding non-GAAP diluted EPS excludes known charges related to amortization of acquired intangible assets and estimated share-based compensation expenses of $0.05 per share and $0.11 per share, respectively. We have not reconciled our non-GAAP diluted EPS 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 or benefits 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 EPS 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 investors.seagate.com. An archived audio webcast of this event will be available on Seagate’s Investor Relations website at investors.seagate.com 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 fiscal second quarter 2020, expectations regarding the Company’s products, our ability to ramp production, storage industry trends and 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 January 3, 2020 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. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 2, 2019, which is available on our investor relations website at investors.seagate.com. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended October 4, 2019. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law. The inclusion of Seagate’s website addresses in this press release are intended to be inactive textual references only and not active hyperlinks. The information contained in, or that can be accessed through, Seagate’s websites and social media channels are not part of this press release. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) October 4, 2019 June 28, 2019 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,784 $ 2,220 Accounts receivable, net 1,065 989 Inventories 1,041 970 Other current assets 141 184 Total current assets 4,031 4,363 Property, equipment and leasehold improvements, net 1,991 1,869 Goodwill 1,237 1,237 Other intangible assets, net 97 111 Deferred income taxes 1,128 1,114 Other assets, net 254 191 Total Assets $ 8,738 $ 8,885 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,750 $ 1,420 Accrued employee compensation 149 169 Accrued warranty 86 91 Accrued expenses 564 552 Total current liabilities 2,549 2,232 Long-term accrued warranty 98 104 Long-term accrued income taxes 3 4 Other non-current liabilities 178 130 Long-term debt 4,140 4,253 Total Liabilities 6,968 6,723 Total Equity 1,770 2,162 Total Liabilities and Equity $ 8,738 $ 8,885 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended October 4, 2019 September 28, 2018 Revenue $ 2,578 $ 2,991 Cost of revenue 1,907 2,078 Product development 255 266 Marketing and administrative 122 115 Amortization of intangibles 4 6 Restructuring and other, net 17 23 Total operating expenses 2,305 2,488 Income from operations 273 503 Interest income 11 24 Interest expense (55) (58) Other, net (31) (1) Other expense, net (75) (35) Income before income taxes 198 468 (Benefit) provision for income taxes (2) 18 Net income $ 200 $ 450 Net income per share: Basic $ 0.75 $ 1.57 Diluted 0.74 1.54 Number of shares used in per share calculations: Basic 266 287 Diluted 270 292 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 October 4, 2019 September 28, 2018 OPERATING ACTIVITIES Net income $ 200 $ 450 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 92 134 Share-based compensation 26 18 Deferred income taxes (12) 2 Other non-cash operating activities, net 44 (18) Changes in operating assets and liabilities: Accounts receivable, net (77) (9) Inventories (65) (66) Accounts payable 281 119 Accrued employee compensation (20) (79) Accrued expenses, income taxes and warranty (7) 45 Other assets and liabilities (6) (9) Net cash provided by operating activities 456 587 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (147) (177) Proceeds from sale of properties previously classified as held for sale — 6 Purchases of strategic investments (4) (5) Net cash used in investing activities (151) (176) FINANCING ACTIVITIES Redemption and repurchase of debt (645) — Dividends to shareholders (170) (181) Repurchases of ordinary shares (450) (150) Taxes paid related to net share settlement of equity awards (37) (27) Net proceeds from issuance of long-term debt 498 — Proceeds from issuance of ordinary shares under employee stock plans 39 32 Net cash used in financing activities (765) (326) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (5) 3 (Decrease) increase in cash, cash equivalents and restricted cash (465) 88 Cash, cash equivalents and restricted cash at the beginning of the period 2,251 1,857 Cash, cash equivalents and restricted cash at the end of the period $ 1,786 $ 1,945 Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, operating expenses, income from operations, net income, diluted EPS, and free cash flow which are adjusted from results based on GAAP to exclude certain benefits, 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 benefits, 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 or replacement 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 October 4, 2019 June 28, 2019(a) September 28, 2018(a) GAAP Revenue $ 2,578 $ 2,371 $ 2,991 Adjustment to discontinued products — — 1 Non-GAAP Revenue $ 2,578 $ 2,371 $ 2,992 GAAP Gross Margin $ 671 $ 624 $ 913 Adjustment to discontinued products — — 1 Amortization of acquired intangible assets 10 12 13 Share-based compensation 7 6 5 Non-GAAP Gross Margin $ 688 $ 642 $ 932 GAAP Gross Margin 26.0 % 26.3 % 30.5 % Non-GAAP Gross Margin 26.7 % 27.1 % 31.1 % GAAP Operating Expenses $ 398 $ 292 $ 410 Accelerated depreciation, impairment and other charges related to cost saving efforts — — (1) Amortization of acquired intangible assets (3) (5) (4) Restructuring and other, net (17) 63 (23) Share-based compensation (19) (20) (13) Non-GAAP Operating Expenses $ 359 $ 330 $ 369 GAAP Income From Operations $ 273 $ 332 $ 503 Adjustment to discontinued products — — 1 Accelerated depreciation, impairment and other charges related to cost saving efforts — — 1 Amortization of acquired intangible assets 13 17 17 Restructuring and other, net 17 (63) 23 Share-based compensation 26 26 18 Non-GAAP Income From Operations $ 329 $ 312 $ 563 GAAP Net Income $ 200 $ 983 $ 450 Adjustment to discontinued products — — 1 Accelerated depreciation, impairment and other charges related to cost saving efforts — — 1 Amortization of acquired intangible assets 13 17 17 Restructuring and other, net 17 (63) 23 Losses recognized on the early redemption and repurchase of debt 30 — — Strategic investment losses or impairment recognized — — 4 Share-based compensation 26 26 18 Other charges — 4 — Income tax adjustments (8) (702) — Non-GAAP Net Income $ 278 $ 265 $ 514 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 October 4, 2019 June 28, 2019(a) September 28, 2018(a) Shares used in diluted net income per share calculation 270 278 292 GAAP Diluted Net Income Per Share $ 0.74 $ 3.54 $ 1.54 Non-GAAP Diluted Net Income Per Share $ 1.03 $ 0.95 $ 1.76 GAAP Net Cash Provided by Operating Activities $ 456 $ 448 $ 587 Acquisition of property, equipment and leasehold improvements 147 151 177 Free Cash Flow $ 309 $ 297 $ 410 (a) In the fiscal first quarter of 2020, the Company began excluding share-based compensation from non-GAAP results. To provide improved visibility and comparability, the Company has reflected this change to its non-GAAP results retrospectively to the earliest date presented. 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 measures 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. Share-based compensation As disclosed in the Company’s fiscal fourth quarter 2019 earnings release, share-based compensation expense is excluded from its non-GAAP results. These expenses consist primarily of expenses for employee share-based compensation. Given the variety of equity awards used by companies, the varying methodologies for determining share-based compensation expense, the subjective assumptions involved in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, the Company believes excluding share-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time and compare it against the Company’s peers, a majority of whom also exclude share-based compensation expense from their non-GAAP results. Other charges The other charges primarily include write-offs 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. 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 investments accounted for under the equity method of accounting or records impairment 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 is 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 or benefit 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. For Q4'19, it also includes impacts from a release of valuation allowance related primarily to the Company's U.S. deferred tax assets. This was driven by improvements in the Company's profitability outlook in the U.S. including the Company's effort to structurally and operationally align its enterprise data solutions business with the rest of the Company. This does not materially change the Company's future worldwide effective tax rate. 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. Help Rebuild The Jedi Order With Seagate's Release Of The Star Wars™ Jedi: Fallen Order-Themed Special Edition Game Drive For Xbox 2019-10-10T00:56:46Z help-rebuild-the-jedi-order-with-seagates-release-of-the-star-warstm-jedi-fallen-order-themed-special-edition-game-drive-for-xbox SYDNEY – Australia – 10 Oct 2019 – In collaboration with Lucasfilm and Microsoft, Seagate today announced the latest addition to its popular line of storage for gamers – “Star Wars Jedi: Fallen Order” themed special edition Game Drive for Xbox®. Available for pre-sale today, the new portable Game Drive for Xbox offers 2TB of extra hard drive capacity. The collectible “Star Wars Jedi: Fallen Order” themed special edition Game Drive for Xbox features the iconic and imposing Purge trooper character – a specialised class of Imperial soldier trained and equipped to assist the Inquisitors in hunting down Jedi and other Force-sensitive beings who threaten the Empire. Helping you jump right into the action, set up of the Game Drive is a snap. Simply plug it into your Xbox One console, and it is instantly recognised and installed through a quick and easy-to-follow setup process. With USB 3.0 speeds, games played from the drive will perform as if they were playing directly from the console’s internal hard drive. Game Drive for Xbox is small enough to slip into a pocket, does not need a separate power cord and can store more than 501 downloaded games plus downloadable add-ons and achievements for continued gameplay on Xbox One, Xbox One S, or Xbox One X consoles2. The “Star Wars Jedi: Fallen Order” themed special edition Game Drive for Xbox from Seagate is available for pre-sale today and officially in retail later this month for $99.99. As with all of Seagate’s Special Edition Game Drives, it will be available in limited quantities, so be sure to grab one of these collectables before they’re gone! In Australia, this drive will be available online only, via Ebay, with an SRP of $129 AUD. About Seagate Seagate crafts the datasphere, helping to maximise 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, and YouTube and subscribe to our blog. Average game capacity of 35-50GB per install. Storage is also required for game save data and downloadable game content. Requires Xbox Live login from original game owner. ### STAR WARS and related properties are trademarks and/or copyrights in the United States and other countries, of Lucasfilm Ltd. and/or its affiliates. © & TM Lucasfilm Ltd. ©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. 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 size, format, features and application software. Seagate reserves the right to change, without notice, product offerings or specifications. Seagate Delivers Stylish Storage For Your Digital Life 2019-10-08T03:22:47Z seagate-delivers-stylish-storage-for-your-digital-life-1 SYDNEY, AUSTRALIA – 8 October, 2019 – Seagate Technology plc (NASDAQ: STX), a world leader in data solutions, today announced the Australian and New Zealand availability of two new ultra-portable SSD storage devices. The sleek and stylish One Touch SSD and One Touch SSD Special Edition are the perfect accessories for today’s on-the-go lifestyle and will be available from leading retailers and online as of the end of October, 2019. The pocket-sized One Touch SSD is wrapped in either white or black woven fabric with a cozy, textured feel, while the One Touch SSD Special Edition features limited-run camo patterns (red, green, blue and white) to make a bold fashion statement. From backing up photo memories to sharing documents and videos, One Touch offers an effortless storage solution for backup wherever and whenever. The digital world is growing exponentially and, 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. More than ever, our on-the-go society needs quick access to their digital data. “We have more ways than ever to instantaneously consume content, driving the need to create, distribute and manage data efficiently,” said Jeff Fochtman, vice president of marketing for Seagate. “Easily accessible, fast, and reliable digital storage is more important than ever, and our new One Touch SSDs deliver style, portability, and effortless performance.” The uniquely stylistic fabric-covered One Touch SSD and camo print-inspired One Touch SSD Special Edition are the latest additions to Seagate’s leading storage portfolio. The drives include Seagate’s premium Toolkit with Sync Plus continuous backup software, feature file transfer speeds of up to 400MB/s (max sequential read/write MB/s) and are compatible with both PC and Mac (exFAT) via USB 3.0 interface (braided USB 3.0 cable included). The drives also include a complimentary two-month subscription to the Adobe Creative Cloud® Photography Plan1 and a one-year subscription to Mylio Create2 and offer a three-year warranty. Available end October, Seagate’s One Touch SSDs retail for MSRPs of AU$119 / NZ $139 (500GB) and AU$229 / NZ $259 (1TB). The One Touch SSD Special Edition will be available in Australia through online retailers such as eBay as of end October, and will retail for an MSRP of AU$119 (500GB). # # # Media Contacts: Richelle Gillett, Einsteinz Communications +61 418 781 610 or + 61 2 8905 0995, richelle@einsteinz.com.au Antoinette Georgopoulos, Einsteinz Communications + 61 414 329 961 or + 61 2 8905 0995, antoinette@einsteinz.com.au About Seagate Seagate crafts the datasphere, helping to maximise 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. Adobe, Creative Cloud, and Adobe Premiere are either registered trademarks or trademarks of Adobe Systems Incorporated 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. 1 Two-month membership to Adobe Creative Photography Plan is redeemable during product registration. Internet connection and Adobe ID required. Available only to users 13 and older. Not available in all countries. See www.adobe.com/legal.html for applicable terms and privacy Policy. 2 Not available in all countries. One-year Mylio Create plan is redeemable during product registration. See www.mylio.com/terms-of-service/ for applicable terms and www.mylio.com/privacy/ for privacy policy. Internet connection required. - ENDS - Seagate Technology and Synology provide charitable support to BBC Media Action 2019-09-16T02:31:37Z seagate-technology-and-synology-provide-charitable-support-to-bbc-media-action-1 SYDNEY, Australia – 16 September, 2019 – Seagate Technology (NASDAQ: STX), a world leader in data storage solutions, is helping the BBC’s international development charity, BBC Media Action, store and deliver content to improve people’s lives around the world. Specifically, the charity’s media and communication efforts reinforce governance, improve people’s health, strengthen the resilience of vulnerable groups and help them survive, and recover from, humanitarian emergencies. To support BBC Media Action’s creative workflow, Seagate is donating 90 10TB and 12 4TB IronWolf Pro hard drives to be installed in Synology NAS servers, helping the charity to store their rushes securely and back up their broadcast content safely. “We create and broadcast content which helps improve people’s lives across the world. High capacity storage solutions, such as those provided by Synology and Seagate through our charity partnership, enable us to manage and store our media far more effectively. We are delighted to be entering into this partnership as it supports us to deliver our vital, often life-saving objectives”, said Caroline Nursey OBE, Chief Executive Officer BBC Media Action. Previously, BBC Media Action stored content across a patchwork of different solutions. Very few of these solutions included RAID-configured devices and fewer still were backed up to secondary storage. Given the challenging environments in which the charity works, this left them particularly vulnerable. For high workloads and collaborative environments such as this, the new set-up with IronWolf Pro and Synology NAS provides 24x7 remote access, backup and file sharing. As the IronWolf drive has been specially made for NAS devices it comes with several features that you wouldn't normally find in a standard internal hard drive. These features allow the IronWolf to perform reliably 24/7 with large amounts of data coming and going, all while keeping power consumption low. “BBC Media Action reaches millions of people around the world with creative content that helps audiences make sense of important events and improve their lives,” Pierre van der Elst, Vice President Sales EMEA, from Seagate said. “With this donation, we are proud to play a role in inspiring people and communities to make a positive change in some of the poorest and remote societies of the world.” ### About Seagate Seagate crafts the datasphere, helping to maximise 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. About BBC Media Action: BBC Media Action is the BBC’s international development charity which delivers innovative media and communication projects to help reduce poverty and contribute to a freer, fairer, safer world. Reaching millions of people in some of the world’s poorest and most fragile countries, the charity helps people have their say, understand their rights, responsibilities and each other, and take action to transform their own lives. As an independent charity, BBC Media Action is not funded by the BBC licence fee and instead relies upon the support of generous donors and partners to deliver its life-saving and life-changing work. Media Contact: Richelle Gillett Einsteinz Communications +61 418 781 610 richelle@einsteinz.com.au Pricing Correction | Seagate's Game Drive For Xbox “Gears 5” Special Edition 2019-08-13T03:44:16Z pricing-correction-seagates-game-drive-for-xbox-gears-5-special-edition Regarding the media alert for the SEAGATE GAME DRIVE FOR XBOX “GEARS 5” SPECIAL EDITION distributed today, please note the following correction relevant to Australian pricing. The final paragraph should have read: Game Drive for Xbox “Gears 5” Special Edition is available in Australia via eBay and New Zealand through JBHIFI and PB Tech on 20th August for an MSRP of AU$129 and NZ$149. It will be available in limited quantities, so be sure to grab one before they’re gone! Seagate Technology Reports Fourth Quarter Fiscal Year 2019 Financial Results 2019-08-05T01:40:00Z seagate-technology-reports-fourth-quarter-fiscal-year-2019-financial-results Fiscal Q4 2019 Highlights Revenue of $2.37 billion GAAP diluted earnings per share (EPS) of $3.54; reflects a one-time deferred tax benefit of $702 million Non-GAAP diluted EPS of $0.86 Cash flow from operations of $448 million and free cash flow of $297 million Repurchased 7.8 million shares for $350 million Declared cash dividend of $0.63 per share Fiscal Year 2019 Highlights Revenue of $10.4 billion GAAP diluted EPS of $7.06 Non-GAAP diluted EPS of $4.82 Cash flow from operations of $1.8 billion and free cash flow of $1.2 billion Returned $1.7 billion to shareholders through dividends and share repurchases CUPERTINO, CA – August 2, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal fourth quarter and fiscal year ended June 28, 2019. “We continued to execute well in the June quarter in the midst of an uncertain global environment. We once again delivered on all of our financial expectations, while driving higher operating profit and earnings per share quarter-over-quarter, and demonstrating our ongoing focus on optimizing free cash flow,” said Dave Mosley, Seagate’s chief executive officer. “As we enter our next fiscal year, global industry conditions have started to improve, particularly among cloud and hyperscale customers. Seagate is in a strong strategic position to address growing demand for mass storage. In March, we began shipping the industry’s highest capacity 16 terabyte drives. Qualifications are progressing well and we remain on track to ramp production in order to meet future demand. We have also begun to qualify our dual-actuator technology with multiple customers, which doubles drive performance while maintaining the same capacity. Seagate’s strong technology pipeline continues to deliver efficient and cost-effective solutions for customers to manage ever-increasing amounts of data.” Quarterly Financial Results GAAP Non-GAAP FQ4 2019 FQ4 2018 FQ4 2019 FQ4 2018 Revenue ($M) $2,371 $2,835 $2,371 $2,835 Gross Margin 26.3% 31.9% 26.8% 32.4% Net Income ($M) $983 $461 $239 $475 Diluted Earnings Per Share $3.54 $1.57 $0.86 $1.62 Annual Financial Results GAAP Non-GAAP FY 2019 FY 2018 FY 2019 FY 2018 Revenue ($M) $10,390 $11,184 $10,391 $11,178 Gross Margin 28.2% 30.1% 28.7% 30.7% Net Income ($M) $2,012 $1,182 $1,375 $1,609 Diluted Earnings Per Share $7.06 $4.05 $4.82 $5.51 In the fiscal fourth quarter, the Company recognized a one-time deferred tax benefit of $702 million resulting from a release of a valuation allowance related primarily to our U.S. deferred tax assets, which is reflected in GAAP Net Income, but excluded from Non-GAAP Net Income. This was driven by improvements in the Company’s profitability outlook in the U.S. including our efforts to structurally and operationally align our enterprise data solutions business with the rest of the Company. This does not materially change our future worldwide effective tax rate. The Company generated $448 million in cash flow from operations and $297 million in free cash flow during the fiscal fourth quarter. For fiscal year 2019, the Company generated $1.8 billion in cash flow from operations and $1.2 billion in free cash flow. Seagate’s balance sheet is healthy and during the fiscal fourth quarter, the Company paid cash dividends of $174 million and repurchased 7.8 million ordinary shares for $350 million. For the full year, the Company paid cash dividends of $713 million and repurchased 21 million ordinary shares for $963 million. Cash and cash equivalents totaled $2.2 billion at the end of the quarter. There were 269 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 Investor Relations website at investors.seagate.com. 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 October 9, 2019 to shareholders of record as of the close of business on September 25, 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 The business outlook for the fiscal first quarter of 2020 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. Starting in the fiscal first quarter of 2020 share-based compensation will be excluded from the Company’s non-GAAP results. Given the variety of equity awards used by companies, the varying methodologies for determining share-based compensation expense, the subjective assumptions involved in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, the Company believes excluding share-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time and compare it against the Company’s peers, a majority of whom also exclude share-based compensation expense from their non-GAAP results. This is consistent with the majority of our industry peers. The Company is providing the following guidance for its 14-week fiscal first quarter 2020: Revenue of $2.55 billion, plus or minus 5% Non-GAAP diluted EPS of $0.90, plus or minus 5% Guidance regarding non-GAAP diluted EPS excludes known charges related to amortization of acquired intangible assets and estimated share-based compensation expenses of $0.05 per share and $0.12 per share, respectively. We have not reconciled our non-GAAP diluted EPS 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 or benefits 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 EPS 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 investors.seagate.com. An archived audio webcast of this event will be available on Seagate’s Investor Relations website at investors.seagate.com 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 first quarter of fiscal 2020, expectations regarding the Company’s products, our ability to ramp production, storage industry trends and 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 October 4, 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 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 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 press release; 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 or regulatory actions, 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) June 28, 2019 June 29, 2018(a) ASSETS Current assets: Cash and cash equivalents $ 2,220 $ 1,853 Accounts receivable, net 989 1,184 Inventories 970 1,053 Other current assets 184 220 Total current assets 4,363 4,310 Property, equipment and leasehold improvements, net 1,869 1,792 Investment in debt security — 1,275 Goodwill 1,237 1,237 Other intangible assets, net 111 188 Deferred income taxes 1,114 417 Other assets, net 191 191 Total Assets $ 8,885 $ 9,410 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,420 $ 1,728 Accrued employee compensation 169 253 Accrued warranty 91 112 Current portion of long-term debt — 499 Accrued expenses 552 598 Total current liabilities 2,232 3,190 Long-term accrued warranty 104 125 Long-term accrued income taxes 4 10 Other non-current liabilities 130 100 Long-term debt, less current portion 4,253 4,320 Total Liabilities 6,723 7,745 Total Equity 2,162 1,665 Total Liabilities and Equity $ 8,885 $ 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 Fiscal Years Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 (a) Revenue $ 2,371 $ 2,835 $ 10,390 $ 11,184 Cost of revenue 1,747 1,931 7,458 7,820 Product development 241 259 991 1,026 Marketing and administrative 108 140 453 562 Amortization of intangibles 6 6 23 53 Restructuring and other, net (63) (6) (22) 89 Total operating expenses 2,039 2,330 8,903 9,550 Income from operations 332 505 1,487 1,634 Interest income 17 15 84 38 Interest expense (55) (54) (224) (236) Other, net (3) — 25 (18) Other expense, net (41) (39) (115) (216) Income before income taxes 291 466 1,372 1,418 (Benefit) provision for income taxes (692) 5 (640) 236 Net income $ 983 $ 461 $ 2,012 $ 1,182 Net income per share: Basic $ 3.57 $ 1.61 $ 7.13 $ 4.10 Diluted 3.54 1.57 7.06 4.05 Number of shares used in per share calculations: Basic 275 287 282 288 Diluted 278 293 285 292 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 29, 2018. SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Fiscal Years Ended June 28, 2019 June 29, 2018 (a) OPERATING ACTIVITIES Net income $ 2,012 $ 1,182 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 541 598 Share-based compensation 99 112 Impairment of assets 3 — Deferred income taxes (690) 193 Other non-cash operating activities, net (97) (11) Changes in operating assets and liabilities: Accounts receivable, net 204 16 Inventories 80 (71) Accounts payable (268) 65 Accrued employee compensation (84) 16 Accrued expenses, income taxes and warranty (81) (46) Other assets and liabilities 42 59 Net cash provided by operating activities 1,761 2,113 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (602) (366) Proceeds from the sale of assets 144 71 Proceeds from settlement of foreign currency forward exchange contracts 29 — Purchase of debt security — (1,279) Proceeds from redemption of debt security 1,283 — Purchases of strategic investments (18) — Proceeds from sale of strategic investments 10 — Other investing activities, net — (14) Net cash provided by (used in) investing activities 846 (1,588) FINANCING ACTIVITIES Redemption and repurchase of debt (819) (214) Dividends to shareholders (713) (726) Repurchases of ordinary shares (963) (361) Taxes paid related to net share settlement of equity awards (31) (23) Net proceeds from issuance of long-term debt 245 — Proceeds from issuance of ordinary shares under employee stock plans 69 113 Net cash used in financing activities (2,212) (1,211) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (1 ) — Increase (decrease) in cash, cash equivalents and restricted cash 394 (686) Cash, cash equivalents and restricted cash at the beginning of the year 1,857 2,543 Cash, cash equivalents and restricted cash at the end of the year $ 2,251 $ 1,857 (a) The information in this column was derived from the Company’s audited Consolidated Statement of Cash Flows for the year ended June 29, 2018. Use of non-GAAP financial information The Company uses non-GAAP measures of adjusted revenue, gross margin, net income, diluted EPS and operating expenses which are adjusted from results based on GAAP to exclude certain benefits, 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 benefits, 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 RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts and gross margin) (Unaudited) For the Three Months Ended For the Twelve Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 GAAP Revenue $ 2,371 $ 2,835 $ 10,390 $ 11,184 Adjustment to discontinued products — — 1 (6) Non-GAAP Revenue $ 2,371 $ 2,835 $ 10,391 $ 11,178 GAAP Gross Margin $ 624 $ 904 $ 2,932 $ 3,364 Adjustment to discontinued products — — 1 (6) Accelerated depreciation, impairment and other charges related to cost saving efforts — — — 2 Amortization of acquired intangible assets 12 14 52 57 Other charges — — (1) 11 Non-GAAP Gross Margin $ 636 $ 918 $ 2,984 $ 3,428 GAAP Gross Margin 26.3 % 31.9 % 28.2 % 30.1 % Non-GAAP Gross Margin 26.8 % 32.4 % 28.7 % 30.7 % GAAP Operating Expenses $ 292 $ 399 $ 1,445 $ 1,730 Accelerated depreciation, impairment and other charges related to cost saving efforts — — (2) (6) Amortization of acquired intangible assets (5) (5) (19) (48) Restructuring and other, net 63 6 22 (89) Other charges — (1) — (5) Non-GAAP Operating Expenses $ 350 $ 399 $ 1,446 $ 1,582 GAAP Net Income $ 983 $ 461 $ 2,012 $ 1,182 Adjustment to discontinued products — — 1 (6) Accelerated depreciation, impairment and other charges related to cost saving efforts — — 2 8 Amortization of acquired intangible assets 17 19 71 105 Restructuring and other, net (63) (6) (22) 89 Losses recognized on the early redemption and repurchase of debt — — — 4 Strategic investment losses or impairment recognized — 8 2 11 Other charges 4 1 3 16 Income tax adjustments (702) (8) (694) 200 Non-GAAP Net Income $ 239 $ 475 $ 1,375 $ 1,609 Shares used in diluted net income per share calculation 278 293 285 292 GAAP Diluted Net Income Per Share $ 3.54 $ 1.57 $ 7.06 $ 4.05 Non-GAAP Diluted Net Income Per Share $ 0.86 $ 1.62 $ 4.82 $ 5.51 GAAP Net Cash Provided by Operating Activities $ 448 $ 468 $ 1,761 $ 2,113 Acquisition of property, equipment and leasehold improvements 151 96 602 366 Free Cash Flow $ 297 $ 372 $ 1,159 $ 1,747 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. 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 gains or losses 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 Benefit or provision for income taxes represents the tax effect of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction. For fiscal year 2019, it also includes impacts from a release of valuation allowance related primarily to the Company’s U.S. deferred tax assets. This was driven by improvements in the Company’s profitability outlook in the U.S. including the Company’s effort to structurally and operationally align its enterprise data solutions business with the rest of the Company. This does not materially change the Company’s future worldwide effective tax rate. For fiscal year 2018, it includes impacts from 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 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.