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Seagate Reported Revenue of $2.58 Billion

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Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) 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.”

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.

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