Seagate Technology Holdings plc Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance (Q4 FY2023)

  • Revenue: 1.6 billion dollars, flat with prior commentary but down from stronger periods earlier in FY2023.
  • Non-GAAP operating margin: 3.5 percent, improved from recent quarters due to cost controls.
  • Non-GAAP loss per share: 18 cents, slightly better than guidance midpoint.
  • Free cash flow: 168 million dollars for the quarter; 626 million dollars for the fiscal year.
  • HDD revenue: down 14 percent sequentially to 1.4 billion dollars; shipped 91 exabytes total.
  • Mass capacity revenue: down 20 percent sequentially to 1 billion dollars amid cloud weakness.
  • Nearline shipments: 55 exabytes, down 37 percent from March quarter (104 exabytes → 55 exabytes).
  • VIA business: improved sequentially after a weak March quarter.
  • Legacy market revenue: up 8 percent sequentially to 401 million dollars.
  • Non-HDD revenue: down 15 percent sequentially to 218 million dollars.

Full Fiscal Year 2023 Highlights

  • Free cash flow: 626 million dollars.
  • Cost structure lowered by over 350 million dollars annually.
  • Debt reduced by nearly 800 million dollars, largely via asset monetization.
  • Production reduced by 25 percent versus peak volumes to help stabilize pricing and margins.

Market Trends and Business Conditions

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and welcome to the Seagate Technology’s Fourth Quarter and Fiscal Year 2023 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Shanye Hudson, Senior Vice President, Investor Relations. Please go ahead. Shanye Hudson: Thank you. Good afternoon, everyone, and welcome to today’s call. Joining me are Dave Mosley, Seagate’s Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We posted our earnings press release and detailed supplemental information for our June quarter and fiscal year 2023 results on the Investors section of our website. During today’s call, we’ll refer to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and included in our Form 8-K that was filed with the SEC. We’ve not reconciled certain non-GAAP outlook measures because material items that may impact these measures are out of our control and/or cannot be reasonably predicted. Therefore, a reconciliation to the corresponding GAAP measures is not available without unreasonable efforts. Before we begin, I’d like to remind you that today’s call contains forward-looking statements that reflect management’s current views and assumptions based on information available to us as

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional