Seagate Technology Reports Fourth Quarter and Fiscal Year 2022 Financial Results

Seagate Technological innovation Holdings plc (NASDAQ: STX) (the “Enterprise” or “Seagate”) currently documented financial benefits for its fourth quarter and fiscal 12 months finished July 1, 2022. “Our June quarter results mirror steady mass capacity storage demand, offset by the impacts of Covid restrictive steps in Asia and weakening world-wide economic problems on our other end marketplaces. These impacts were most pronounced in our client struggling with Legacy markets,” said Dave Mosley, Seagate’s chief govt officer.

“The confluence of macro-connected problems is continuing into the September quarter. In this atmosphere, we are cutting down our creation ideas to manage offer self-control as our shoppers deal with by macro uncertainty and on-likely non-HDD component shortages, and we are diligently taking care of charges to safeguard profitability. Wanting additional ahead, I stay self-assured that the a number of secular development developments fueling demand from customers for facts and mass capacity storage answers continue to be intact. Seagate is perfectly positioned for macro recovery with a robust merchandise roadmap, deep shopper relationships and tested observe file for disciplined execution.”

The Business created $180 million in hard cash stream from functions and $108 million in free money movement all through the fiscal fourth quarter 2022. For fiscal 12 months 2022, the Firm produced $1.7 billion in funds flow from functions and $1.3 billion in free of charge cash circulation. For the duration of the fiscal fourth quarter, the Corporation compensated money dividends of $152 million and repurchased 6 million normal shares for $486 million. For the full year, the Firm paid out cash dividends of $610 million and utilized $1.8 billion to repurchase 20 million normal shares, or 9% of the outstanding shares. Cash and dollars equivalents totaled $615 million. There were being 210 million ordinary shares issued and excellent as of the finish of the fiscal calendar year.

For a thorough reconciliation of GAAP to non-GAAP success, see accompanying economic tables.

Seagate has issued a Supplemental Fiscal Information doc, which is out there on Seagate’s Investor Relations website at buyers.seagate.com.

Quarterly Money Dividend
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The Board of Administrators of the Corporation (the “Board”) declared a quarterly dollars dividend of $.70 for every share, which will be payable on October 5, 2022 to shareholders of report as of the shut of enterprise on September 21, 2022. The payment of any long run quarterly dividends will be at the discretion of the Board and will be dependent on Seagate’s financial place, effects of functions, available dollars, income stream, cash demands and other elements considered relevant by the Board.

Small business Outlook
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The business enterprise outlook for the fiscal initial quarter 2023 is dependent on our recent assumptions and anticipations precise outcomes may vary materially, as a end result of, among the other matters, the vital variables reviewed in the Cautionary Notice Regarding Forward-On the lookout Statements area of this release.

The Enterprise is offering the pursuing steerage for its fiscal initially quarter 2023:

  • Earnings of $2.5 billion, as well as or minus $150 million
  • Non-GAAP diluted EPS of $1.40, furthermore or minus $.20

Advice with regards to non-GAAP diluted EPS excludes regarded costs related to amortization of acquired intangible belongings of $.01 for every share and estimated share-centered compensation fees of $.19 for every share.

We have not reconciled our non-GAAP diluted EPS guidance for fiscal initially quarter 2023 to the most immediately equivalent GAAP evaluate due to the fact content items that may well influence these steps are out of our management and/or simply cannot be moderately predicted, such as, but not minimal to, accelerated depreciation, impairment and other fees associated to expense preserving attempts, restructuring expenses and other, internet, losses and expenses acknowledged on the modification or early redemption and repurchase of debt, strategic financial investment losses (gains) or impairment recognized, earnings tax changes on these steps, and other costs or added benefits that could arise. The quantities of these actions are not at present offered but may be substance to foreseeable future effects. A reconciliation of the non-GAAP diluted EPS steerage for fiscal initially quarter 2023 to the corresponding GAAP actions is not accessible without unreasonable hard work. A reconciliation of our historic non-GAAP financial measures to their nearest GAAP equal is contained in this launch.

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