Seagate (STX) Q1 2025 Earnings Call Transcript

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Tuesday, October 22, 2024 astatine 5:00 p.m. ET

• Chief Executive Officer — Dave Mosley

• Chief Financial Officer — Gianluca Romano

Dave Mosley, Seagate's Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We've posted our net property merchandise and elaborate supplemental accusation for our September 4th results connected the Investors conception of our website. During today's call, we volition notation to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures successful the net property merchandise posted connected our website and included successful our Form 8-K. We've not reconciled definite non-GAAP outlook measures due to the fact that worldly items that whitethorn interaction these measures are retired of our power and/or cannot beryllium reasonably predicted. Therefore, a reconciliation to the corresponding GAAP measures is not disposable without unreasonable effort.

Before we begin, I'd similar to punctual you that today's telephone contains forward-looking statements that bespeak management's existent views and assumptions based connected accusation disposable to america arsenic of today, should not beryllium relied upon arsenic of immoderate consequent date. Actual results whitethorn disagree materially from those contained successful oregon implied by these forward-looking statements arsenic they are taxable to risks and uncertainties associated with our business.

To larn much astir the risks, uncertainties and different factors that whitethorn impact our aboriginal concern results, delight notation to the property merchandise issued contiguous and our SEC filings, including our astir caller yearly study connected Form 10-K and quarterly study connected Form 10-Q, arsenic good arsenic the supplemental information, each of which whitethorn beryllium recovered connected the Investors conception of our website. Following our prepared remarks, we'll unfastened the telephone up for questions. In bid to supply each analysts with the accidental to participate, we convey you successful beforehand for asking 1 superior question and past reentering the queue. I'll present manus the telephone implicit to you, Dave.

Dave Mosley: Thank you, Shanye, and hello, everyone. Seagate delivered a beardown commencement to the fiscal twelvemonth with gross increasing astir 50% and non-GAAP gross nett expanding implicit 150% compared with the anterior twelvemonth period. These results show our quality to thrust profitable growth, which is the result of sustained proviso subject and the strategical outgo efficiencies that we person built into our operations. Fiscal archetypal 4th gross came successful astatine $2.17 billion, and non-GAAP EPS was $1.58, some were supra the midpoint of our guidance range, benefiting from a better-than-anticipated wide capableness merchandise premix and an improved pricing environment.