Financial Data and Key Metrics - Revenue for Q1 2025 was $2.17 billion, up 15% sequentially and 49% year-over-year [6][15] - Non-GAAP EPS was $1.58, at the high end of the guidance range [6][15] - Non-GAAP gross margin expanded by 240 basis points sequentially to 33.3%, the highest level in over a decade [7][18] - Non-GAAP operating income increased 35% sequentially to $442 million, with a non-GAAP operating margin of 20.4% [15] - Free cash flow generation was $27 million, with expectations for improvement in the December quarter [19] Business Line Data and Key Metrics - HDD exabyte shipments grew 20% sequentially to 128 exabytes, with revenue increasing 16% to $2 billion [15] - Mass capacity revenue grew 21% sequentially to $1.7 billion, driven by strong nearline cloud demand and enterprise sales [15][16] - Mass capacity shipments totaled 128 exabytes, up 23% sequentially, representing a record 93% of total HDD exabyte shipments [16] - Legacy product sales totaled $270 million, representing 12% of total revenue, while other businesses held steady at $164 million [17] Market Data and Key Metrics - Cloud demand for nearline drives remained robust, particularly from U.S. cloud providers, with positive global demand trends [8] - Enterprise and OEM markets saw the first meaningful uptick in nearline demand after a period of stability, with average capacity per enterprise drive reaching a new record high [9] - VIA markets remained stable, with a shift towards higher capacity drives due to longer data retention needs and increased video analytics [10] Company Strategy and Industry Competition - The company is focusing on ramping its final PMR platform, expanding Mozaic adoption, and executing its Mozaic product roadmap to address mass capacity storage needs [12] - HAMR technology is expected to play a vital role in supporting future demand growth, with qualifications progressing well and shipments expected to ramp by mid-2025 [13] - The company is confident in its technology leadership, with plans to extend its HAMR roadmap to 4+ terabytes per disc, further reducing cost per terabyte [14] Management Commentary on Operating Environment and Future Outlook - Management highlighted a favorable demand environment, with strong cloud demand and improving enterprise and OEM markets [6][8] - The company expects significant revenue growth for fiscal 2025, with seasonal demand fluctuations typical for the March quarter [7] - Management expressed confidence in the company's ability to drive profitable growth, supported by its build-to-order model and technology roadmap [7][14] Other Important Information - The company increased its quarterly dividend by nearly 3%, reflecting confidence in future opportunities [7] - Inventory increased to $1.4 billion, with material staged to support improving mass capacity demand [20] - The company closed the quarter with $2.7 billion in available liquidity, including an undrawn revolving credit facility [20] Q&A Session Summary Question: Demand visibility and seasonality for the March quarter [24] - The company has good demand visibility through its build-to-order model, with confidence in bookings for the next year [25] - Seasonality in some markets is expected, but cloud demand remains predictable with low inventory buffers [25] Question: Market share and pricing environment [28] - Market share is seen as an outcome of the company's strategy, with a focus on predictability and profitability rather than pushing for market share [29] - The pricing environment remains positive, with ongoing improvements in gross margin driven by mix and pricing actions [31] Question: Cyclicality and gross margin upside [33] - The company has improved its processes to manage supply and demand, with a focus on cost reduction and aerial density gains to drive gross margin expansion [34] Question: Gross margin expansion in the December quarter [36] - Gross margin expansion is expected to continue, driven by pricing actions and the ramp of the latest PMR products, though the pace may moderate compared to previous quarters [37] Question: HAMR qualification and customer feedback [38] - The company is confident in the progress of HAMR qualifications, with multiple global cloud and enterprise customers now testing the technology [39] - Feedback from customers has reinforced the value proposition of the Mozaic platform [40] Question: Impact of HAMR ramp on gross margins [43] - HAMR is expected to be accretive to gross margins in the near term, with cost per terabyte below that of PMR [45] Question: Operating expenses and share repurchase plans [47] - Operating expenses increased due to variable compensation, with expectations to remain flat through the rest of the fiscal year [47] - The company plans to address debt maturing in January with cash on hand, with share buybacks likely further in the future [47] Question: Capacity outlook and technology transitions [50] - The company plans to expand exabyte capacity through technology transitions, leveraging higher capacity points to drive efficiency and cost reduction [51] Question: Nearline demand visibility and seasonality [53] - Nearline demand visibility extends out to nine months, with mass capacity demand expected to remain strong through the front half of the year [53] - Seasonality is expected in the legacy and VIA markets, with the March quarter typically being weaker [54] Question: Capacity management and component changes [60] - The company is focused on technology transitions rather than adding more units, with aerial density gains allowing for more efficient capacity expansion [61] Question: Unit shipments and idle capacity [63] - The company did not provide specific unit shipment guidance but noted that factories are relatively full, with a focus on transitioning to higher capacity products [64] - Idle capacity is minimal, with high utilization rates in both ads and media fabs [74] Question: Build-to-order visibility and SMR mix [77] - The majority of build-to-order agreements are fully committed by customers, providing strong visibility [79] - SMR is primarily used by a few cloud and client server customers, with the company focusing on maximizing factory utilization [78] Question: AI and PC refresh cycle [72] - The company sees potential for AI-driven PC refresh cycles, particularly for creative professionals, though the timing remains uncertain [73]

Revenue and Earnings Performance - Revenue increased to $2.17 billion in fiscal Q1 2025, up from $1.45 billion in fiscal Q1 2024[1][3] - GAAP diluted EPS of $1.41 and non-GAAP diluted EPS of $1.58 for fiscal Q1 2025[1][3] - Net income of $305 million in fiscal Q1 2025, compared to a net loss of $184 million in fiscal Q1 2024[3][13] - Net income for Q3 2024 was $305 million, compared to a net loss of $184 million in Q3 2023[14] - Non-GAAP net income was $337 million in Q3 2024, compared to a net loss of $46 million in Q3 2023[18] - Non-GAAP diluted EPS was $1.58 in Q3 2024, up from a loss of $0.22 per share in Q3 2023[18] Gross and Operating Margins - Gross margin expanded to 32.9% (GAAP) and 33.3% (non-GAAP), the highest level in over a decade[1][3] - Operating margin improved to 18.6% (GAAP) and 20.4% (non-GAAP) in fiscal Q1 2025, up from (8.9)% and 2.8% respectively in fiscal Q1 2024[3] - Non-GAAP gross profit increased to $723 million in Q3 2024 from $288 million in Q3 2023, with gross margin improving to 33.3% from 19.8%[17] - Non-GAAP operating income rose to $442 million in Q3 2024, up from $40 million in Q3 2023, with operating margin improving to 20.4% from 2.8%[17] Cash Flow and Dividends - Cash flow from operations of $95 million and free cash flow of $27 million in fiscal Q1 2025[1][4] - Quarterly cash dividend increased by approximately 3% to $0.72 per share[1][5] - Free cash flow was $27 million in Q3 2024, down from $57 million in Q3 2023[18] - Free cash flow is defined as net cash from operating activities less acquisition of property, equipment, and leasehold improvements[29] Guidance and Future Outlook - Guidance for fiscal Q2 2025: revenue of $2.30 billion (±$150 million) and non-GAAP diluted EPS of $1.85 (±$0.20)[6] - Seagate is ramping up production of 28-terabyte nearline drives and expanding qualification of HAMR-based Mozaic products with cloud customers[2] Cash and Cash Equivalents - Cash and cash equivalents totaled $1.2 billion as of September 27, 2024[4] Non-GAAP Adjustments and Exclusions - The company uses non-GAAP measures to exclude certain items that are not part of ongoing operations, such as accelerated depreciation and restructuring charges[15][20] - The company excludes gains, losses, and fees from early redemption of debt and termination of interest rate swaps as they are not part of normal operating performance[22] - Purchase order cancellation fees are excluded as they are inconsistent in amount and frequency and not part of normal operating expenses[23] - Restructuring and other costs, including workforce reduction and facility exits, are excluded to provide a supplemental view of operating performance[24] - Share-based compensation expenses are excluded to enhance comparability with peers and assess underlying business performance[25] - Strategic investment gains, losses, and impairment charges are excluded as they are inconsistent and not part of normal operating expenses[26] - IT transformation costs are excluded as they are inconsistent in amount and frequency[27] - Adjusted EBITDA excludes non-core expenses such as impairment charges, restructuring costs, and share-based compensation[30] Special Transactions and Gains - The company recorded a pre-tax net gain of $313 million from the sale of System-on-Chip Operations in April 2024[21] Adjusted EBITDA - Non-GAAP adjusted EBITDA was $498 million in Q3 2024, compared to $404 million in Q2 2024 and $216 million in Q3 2023[19]

Company and Industry Overview * **Company**: Seagate Technology Holdings plc (NASDAQ:STX) * **Industry**: Hard Disk Drive (HDD) manufacturing and storage solutions * **Event**: Citi's 2024 Global TMT Conference, September 4, 2024 Key Points Revenue and Profitability * **Revenue**: Sequential revenue growth of more than 10% expected for Q3 2024, with guidance ranging from $1.05 to $1.40 billion. * **Profitability**: Sequential profit guidance increased from $1.05 to $1.40 billion, with the midpoint of $1.25 billion expected to be surpassed. * **Driver**: Improved mix of 48TB CMR and 28TB SMR drives, along with better pricing than expected. Market Segments * **Cloud**: Cloud segment remains the primary driver of growth, with sequential improvement since September 2023. * **Enterprise OEM**: Enterprise OEM segment starting to improve, driven by server demand and potential AI applications. * **Video Image Application**: Video image application segment expected to contribute to the upcycle in the next few quarters. Demand Drivers * **Data Growth**: Continuous growth in data storage driven by various applications, including AI. * **AI**: AI expected to be a significant demand driver for HDDs, particularly in the long term. * **Capacity**: Focus on profitability and long-term demand, with disciplined capacity management to limit the impact of down cycles. Technology and Product Roadmap * **HAMR**: HAMR technology progressing well, with qualifications in multiple market segments, including enterprise OEM and video image applications. * **Capacity**: HAMR drives expected to achieve 40TB per disk by the end of 2025, with lower cost per terabyte compared to PMR drives. * **Cost**: HAMR drives expected to have similar unit cost as PMR drives, with higher capacity and improved profitability. SSD Cannibalization * **Cloud**: SSD cannibalization not significant in the cloud segment, with HDDs still dominating storage solutions. * **Enterprise**: SSD cannibalization expected to increase in the enterprise space, particularly for low-capacity drives. * **Legacy**: Legacy HDD segments (mission-critical, client, and consumer) expected to decline in importance, with focus shifting to mass capacity and HAMR drives. Capital Allocation * **Debt Reduction**: Focus on reducing debt to approximately $5 billion, with potential share buyback in the future. * **Dividend**: Dividend remains a priority for shareholder return, with protection during the down cycle.

O SEAGATE SUPPLEMENTAL FINANCIAL INFORMATION Q2FY24 JANUARY 24, 2024 Safe Harbor Statement and Use of Non-GAAP Financial Information This document 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 abou ...

O SEAGATE SUPPLEMENTAL FINANCIAL INFORMATION Q3FY24 APRIL 23, 2024 Safe Harbor Statement and Use of Non-GAAP Financial Information This document 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 ...

Financial Performance - Seagate's Q4FY24 revenue reached $1.89 billion, up 14% sequentially and 18% year-over-year[7, 6, 17] - The non-GAAP gross margin was 30.9% in Q4FY24, a sequential increase of 480 bps[6, 7, 17] - Non-GAAP operating income increased 79% sequentially to $327 million in Q4FY24[6] - Non-GAAP EPS was $1.05, exceeding the high end of the guidance range[6, 7] - Adjusted EBITDA improved sequentially by 45% to $404 million[6] - Free cash flow for Q4FY24 was $380 million, including $226 million from the sale of System-on-Chip Operations[6] - Seagate anticipates Q1FY25 revenue of $2.10 billion ± $150 million and non-GAAP EPS of $1.40 ± $0.20[22] Product and Capacity - Total capacity shipped in Q4FY24 was 114 exabytes, a 15% increase quarter-over-quarter[8, 19] - Average capacity per drive increased by 6% quarter-over-quarter to 9.3 TB[8, 19] - Mass Capacity now represents over 90% of total exabyte shipments[12] - Nearline cloud revenue more than doubled year-over-year[12] Debt and Liquidity - Seagate has $2.9 billion in liquidity, including $1.4 billion in cash and $1.5 billion in a revolving credit facility[26] - Total debt is $5.7 billion with a weighted average interest rate of 5.6% and a weighted average maturity of approximately 5 years[26]

Data Growth and Demand - The global datasphere is forecasted to grow at a compound annual growth rate of over 24% to reach 394 zettabytes by 2028, with nearly 76% of the world's data expected to be generated in the core and edge by that time, up from 58% in 2023[35]. - The demand for mass capacity storage solutions is driven by applications such as cloud computing, content delivery, and emerging use cases like generative AI, which require high-capacity, low-cost per terabyte storage[25]. - The demand for data storage products is expected to continue growing due to the increasing creation and consumption of media-rich content and the evolution of the IoT ecosystem[36]. Product Offerings - The company’s Lyve portfolio provides a cost-efficient and secure way to manage massive volumes of data, including a shuttle solution for transferring data from endpoints to the core cloud and a storage-as-a-service offering[21]. - The company’s HDD and SSD product portfolio includes SATA, SAS, and NVMe designs to support a variety of mass capacity and legacy applications[19]. - The company offers high-capacity enterprise HDDs, including HAMR-based Mozaic drives, with capacities of up to 32TB, designed for mass capacity data storage[62]. - Enterprise SSDs are available in capacities up to 15TB, targeting high-performance, hyperscale, and cloud applications[63]. - The company’s NAS drives support small and medium businesses, with HDD capacities up to 24TB and SSD capacities up to 4TB[66]. - The company’s video and image HDDs support high-write workloads with capacities up to 30TB, catering to the growing video imaging market[65]. Manufacturing and R&D - The design and manufacturing of HDDs require significant research and development spending, with a focus on advanced technologies such as heat-assisted magnetic recording (HAMR) and shingled magnetic recording (SMR)[43]. - The company is committed to research and development, focusing on new component technologies and alternative storage technologies to support emerging applications in data use and storage[81]. - The company has approximately 4,000 U.S. patents and 300 patents issued in various non-U.S. jurisdictions, with ongoing efforts to protect its intellectual property[82]. Market Dynamics - The company expects that the demand for higher capacity drives will lead to fewer total HDD units sold but with higher average capacity per drive, reflecting an increase in overall exabyte demand[41]. - The storage industry has experienced periods of imbalance between supply and demand, affecting pricing power and price erosion[42]. - The company has experienced price erosion in the data storage industry, but HDD supply and demand were well balanced for most of fiscal year 2024, leading to flat to higher pricing[77]. - The company’s mass capacity markets are subject to variability of sales, influenced by IT spending timing and cyclical demand from cloud service providers[79]. Operational Strategy - The company has established Singapore as its principal executive office to better align its operational footprint[22]. - The company’s manufacturing efficiency and flexibility are critical to its integrated business strategy, which includes a vertically integrated model to lower costs and improve component functionality[50]. - The company has implemented longer-term demand forecasts and commitments with key global OEM customers to improve supply predictability, which is expected to reduce demand volatility over time[72]. Employee and Community Engagement - As of June 28, 2024, the company employed approximately 30,000 full-time employees worldwide, with about 25,200 located in Asia operations[88]. - The company has established 30 employee resource groups (ERGs) across seven countries to promote diversity and inclusion, including a new ERG for Parents and Caregivers in Asia[89]. - The fiscal year 2023 Diversity, Equity, and Inclusion (DEI) Report was published in January 2024, detailing the company's DEI efforts and workforce demographics[90]. - The company emphasizes health and human services partnerships, including support for food banks and clinics, as part of its community engagement program[98]. Environmental and Compliance - The company has established an environmental management system to ensure compliance with applicable environmental laws and regulations[85]. - The company is subject to various environmental regulations, including the EU's Restriction of Hazardous Substances Directive, which could impact operations if not complied with[87]. - Environmental regulations may impose additional operating costs and capital expenditures, affecting the company's financial condition if compliance is not met[181]. Financial Risks and Challenges - The company has been adversely affected by reduced, delayed, loss of, or canceled purchases by key customers, including large hyperscale data center companies and CSPs, which account for a significant portion of revenue in mass capacity markets[129]. - The company faces intense competition in the data storage industry, particularly from HDD and SSD manufacturers, which may lead to price erosion and affect profitability[125]. - The company must plan investments in products and incur costs before having customer orders, which may lead to excess inventory and higher carrying costs if demand does not materialize[132]. - The company has experienced a slowdown in demand for products, particularly in mass capacity markets, requiring significant reductions in manufacturing production plans and recognition of factory underutilization charges[133]. - The company is dependent on sales to distributors and retailers, which may increase price erosion and sales volatility, adversely affecting revenues[131]. - The company faces risks related to geopolitical uncertainties and macroeconomic conditions, which could materially and adversely affect its results of operations[116]. - The company faces risks related to over-investment or under-investment in manufacturing capacity due to inaccurate demand forecasting, which could lead to excess capacity or impairments[135]. - The company is subject to risks from supply chain disruptions, including increased costs and adverse changes in the availability of raw materials and components[176]. Legal and Regulatory Risks - The company is subject to various legal, regulatory, and compliance risks that may incur significant expenses or adversely impact financial results[179]. - The company has entered a Settlement Agreement with BIS regarding sales of hard disk drives to Huawei, which includes audit requirements and potential penalties for non-compliance[183]. - The company is subject to legal proceedings related to intellectual property, which could incur significant costs and divert management's attention[200]. - Export control laws and regulations may limit the company's ability to sell products internationally, impacting financial performance[187]. Shareholder Considerations - The company has paused its share repurchase program since the December 2022 quarter and it will remain paused through the end of fiscal year 2024[214]. - There are no assurances regarding the resumption of the share repurchase program or the payment of cash dividends at historical levels[214]. - The decision to pay future dividends or resume share repurchases is at the discretion of the Board of Directors, influenced by financial position and market conditions[214]. - Any reduction or discontinuation of cash dividends or share repurchases could lead to a significant decline in the market price of the company's ordinary shares[214].

Seagate Technology Holdings plc (NASDAQ:STX) Q4 2024 Earnings Conference Call July 23, 2024 5:00 PM ET Company Participants Shanye Hudson - Investor Relations Dave Mosley - Chief Executive Officer Gianluca Romano - Chief Financial Officer Conference Call Participants Wamsi Mohan - Bank of America Asiya Merchant - Citigroup Erik Woodring - Morgan Stanley Krish Sankar - TD Cowen Amit Daryanani - Evercore Aaron Rakers - Wells Fargo Timothy Arcuri - UBS Karl Ackerman - BNP Paribas Vijay Rakesh - Mizuho C.J. Mus ...

Exhibit 99.1 Investor Relations Contact: Shanye Hudson, (510) 661-1600 shanye.hudson@seagate.com Media Contact: Agnieszka Zielinska, (503) 380-0948 agnieszka.zielinska@seagate.com SEAGATE TECHNOLOGY REPORTS FISCAL FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS Fiscal Q4 2024 Highlights Fiscal Year 2024 Highlights FREMONT, CA – July 23, 2024 - Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 March 29, 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 PUBLIC LIMIT ...