Seagate Technology Holdings plc Conference Call Summary Company Overview - **Company**: Seagate Technology Holdings plc (NASDAQ: STX) - **Event**: Barclays 22nd Annual Global Technology Conference - **Date**: December 11, 2024 Key Points Industry and Technology Updates - Seagate has successfully qualified its Heat-Assisted Magnetic Recording (HAMR) technology for cloud applications, dispelling previous doubts about its suitability for this segment [4][10] - The company anticipates a significant ramp-up in HAMR production starting mid-calendar 2025, with several high-volume customers expected to be qualified [9][10] Financial Performance and Projections - Seagate reported a strong demand in the nearline segment, with sales increasing from 55 exabytes to 110 exabytes year-over-year [6] - The March quarter is projected to experience a $200 million impact due to lower work-in-progress (WIP) at the beginning of the manufacturing line, although this will not affect future quarters [7][19] - Despite the anticipated impact on production volume, Seagate expects gross margins to improve in the March quarter due to a favorable product mix and increased HAMR volume [19][44] Capacity and Production Strategy - The company does not plan to increase manufacturing capacity but aims to optimize existing equipment to produce more exabytes through a better mix of products [16][30] - Seagate is focused on producing higher-capacity drives, with expectations to move from 30 terabytes to 40 terabytes per disk in the future [21][23] Market Dynamics and Pricing Strategy - The demand for cloud storage remains robust, allowing Seagate to maintain a pricing strategy that includes gradual price increases rather than abrupt hikes [25][27] - The company is confident in its ability to negotiate higher prices as it continues to provide increasing value to customers [26][28] AI and Data Storage Trends - AI is expected to drive significant data growth, leading to longer data retention periods and increased demand for storage solutions [31][33] - Seagate sees potential for growth in both cloud and enterprise sectors as businesses increasingly adopt AI technologies [34][35] Segment Performance - The Via image application segment has shown improvement, particularly in China, although it is expected to experience seasonal declines in March [41][42] - The company anticipates sequential growth in this segment over the next few years, driven by smart city projects [42] Shareholder Returns and Capital Management - Seagate is focused on reducing its debt from $5.7 billion to approximately $5 billion before resuming share buybacks [48] - The company has a stable dividend policy, increasing dividends during upcycles and protecting them during downcycles [47] Additional Insights - Seagate's strategy emphasizes leveraging existing technology and optimizing production processes to meet growing demand without significantly increasing capital expenditures [16][30] - The company is well-positioned to capitalize on the growing data storage needs driven by AI and cloud computing, with a clear roadmap for product development and customer qualification [31][34]

Seagate Technology Holdings plc (NASDAQ:STX) Barclays 22nd Annual Global Technology Conference December 11, 2024 12:15 PM ET Company Participants Gianluca Romano - CFO Conference Call Participants Thomas O'Malley - Barclays Thomas O'Malley Can kick us off now on the clock, so we know. But welcome back, everyone. I'm Tom O'Malley, semi and semi-cap analyst here at Barclays. A pleasure to have Gianluca Romano here, CFO at Seagate. Thank you very much for joining us. Gianluca Romano Thank you for inviting us. ...

Summary of Seagate Technology Holdings plc Conference Call Company Overview - **Company**: Seagate Technology Holdings plc (NASDAQ: STX) - **Event**: Wells Fargo 8th Annual TMT Summit Conference - **Date**: December 4, 2024 - **Participants**: Gianluca Romano (CFO), Aaron Rakers (Wells Fargo Analyst) Key Points Discussed Industry and Product Developments - Seagate announced the qualification of its HAMR (Heat-Assisted Magnetic Recording) product for the cloud segment, which is a significant milestone for the company [3] - The qualification process took longer than anticipated, but the current configuration is described as "very, very strong" for cloud applications [3] - The company plans to qualify additional customers for the HAMR product in the upcoming quarters, aiming for a ramp-up in volume by mid-calendar year 2025 [3] Financial Outlook and Market Dynamics - There was a mention of some trepidation regarding market dynamics for the next quarter, indicating potential challenges ahead [2] - The CFO emphasized the importance of understanding the risks associated with forward-looking statements, suggesting a cautious approach to future projections [2] Additional Considerations - The conference call included a focus on investor inquiries regarding recent announcements, highlighting the company's commitment to transparency and communication with stakeholders [2] - The emphasis on cloud segment developments indicates a strategic focus on expanding Seagate's presence in a growing market, which could present future investment opportunities [3]

Seagate Technology Holdings plc (NASDAQ:STX) UBS Global Technology and AI Conference December 3, 2024 3:35 PM ET Company Participants Dave Mosley - CEO Conference Call Participants Timothy Arcuri - UBS Securities LLC Timothy Arcuri Okay, we're going to start. I'm Tim Arcuri. I'm the Semiconductor Analyst here at UBS. Very happy to have Seagate with us, and we have Dave Mosley with us. Thanks, Dave. Dave is the CEO from Seagate. Dave Mosley Thanks Tim. We've got some just forward looking statements. Check ou ...

Seagate Technology Holdings plc (NASDAQ:STX) UBS Global Technology and AI Conference December 3, 2024 3:35 PM ET Company Participants Dave Mosley - CEO Conference Call Participants Timothy Arcuri - UBS Securities LLC Timothy Arcuri Okay, we're going to start. I'm Tim Arcuri. I'm the Semiconductor Analyst here at UBS. Very happy to have Seagate with us, and we have Dave Mosley with us. Thanks, Dave. Dave is the CEO from Seagate. Dave Mosley Thanks Tim. We've got some just forward looking statements. Check ou ...

Core Viewpoint - Seagate's recent earnings report shows significant improvements in both revenue and earnings, driven by strong demand for mass-capacity products, particularly in the cloud sector, despite a recent decline in share price [1][2][3]. Financial Performance - Seagate reported Q1 fiscal 2025 non-GAAP earnings of $1.58 per share, exceeding estimates by 6.8% and showing a substantial improvement from a non-GAAP loss of 22 cents per share in the same quarter last year [2]. - Non-GAAP revenues reached $2.168 billion, surpassing estimates by 2.4%, and reflecting a 49% year-over-year increase and a 15% sequential increase [3]. - Total HDD revenues accounted for 92.4% of total revenues, rising 55% year-over-year to $2.004 billion, with a sequential increase of 16% [10]. Product and Market Dynamics - Mass capacity revenues surged 70% year-over-year to $1.733 billion, driven by strong nearline cloud demand and increasing enterprise sales [4]. - Nearline cloud demand was primarily fueled by cloud service providers in the U.S., with positive trends observed globally [5]. - Seagate shipped 137.5 exabytes of HDD storage, marking a 54% year-over-year increase and a 20% sequential increase [6]. Margin and Cost Structure - Non-GAAP gross margin improved to 33.3% from 19.8% in the prior year, attributed to price adjustments and a favorable product mix [11]. - Non-GAAP operating income rose to $442 million from $40 million a year ago, with operating margin increasing to 20.4% from 2.8% [12]. Cash Flow and Balance Sheet - As of September 27, 2024, cash and cash equivalents were $1.239 billion, down from $1.358 billion as of June 28 [13]. - Cash flow from operations was $95 million, significantly lower than $434 million in the previous quarter, reflecting efforts to normalize working capital [14]. Future Outlook - Management anticipates Q2 fiscal 2025 revenues to be around $2.3 billion, with continued improvements expected in mass capacity due to strengthening demand from global cloud customers [16]. - Non-GAAP earnings are projected to be $1.85 per share, with operating expenses expected to rise slightly to $285 million [18]. - The company expects margin performance to benefit from a higher mix of mass capacity revenues and ongoing pricing actions [17].

Seagate Technology Holdings plc (STX) shares have been performing well on the trading front, with the stock gaining 33.7% in the past year compared with the sub-industry’s growth of 32.7%.The uptrend is driven by Seagate’s impressive top-line performance in the past few quarters. The company is witnessing an increasing demand for its mass capacity solutions. STX’s earnings beat estimates in all of the last four quarters, delivering an average surprise of 85.1%.One-Year Price PerformanceImage Source: Zacks I ...

Core Insights - Öhlins Racing has launched its first front fork specifically designed for Harley-Davidson motorcycles, named the American V-Twin 48 Blackline front fork, alongside the new STX Pro Blackline shock absorber, both aimed at enhancing ride comfort and experience for Harley-Davidson enthusiasts [1][7]. Product Details - The American V-Twin 48 Blackline fork features a weight- and stress-optimized design, incorporating Öhlins' 30-mm NIX damping system for improved precision and stability, and is treated with a titanium nitrate coating to reduce friction [3][4]. - The STX Pro Blackline shock offers enhancements over its predecessor, featuring a sleek all-black design with gold details, and is available in 12" and 13" dimensions, designed for late-model Harley-Davidsons [5][6][7]. Market Introduction - These new products will be showcased at the EICMA Motorcycle Show from November 5-10, 2024, providing an opportunity for riders and industry insiders to experience the latest advancements in suspension technology for the American V-Twin segment [2][8]. - The estimated launch date for the American V-Twin 48 Blackline fork is mid-December 2024, while the STX Pro Blackline shock is already available through authorized dealers [7]. Company Background - Öhlins Racing has over 45 years of experience in the motorsport and automotive industries, focusing on high-quality suspension products and services [9].

Seagate Technology Today STX Seagate Technology $101.32 -1.69 (-1.64%) 52-Week Range $66.93 ▼ $115.32 Dividend Yield 2.84% P/E Ratio 26.45 Price Target $118.83 Add to Watchlist Seagate Technology Holdings PLC NASDAQ: STX is the world's largest manufacturer of hard disk drives (HDDs), competing with Western Digital Co. NASDAQ: WDC, one of the largest makers of flash solid state drives (SSDs). After eight consecutive quarters of declining revenue facing normalization from the industry inventory glut, Seagate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 27, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number 001-31560 _______________________________________ SEAGATE TECHNOLOGY HOLDINGS PUBLI ...