Seagate(US:STX)2024-08-26 04:00Financial 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]