Seagate Technology Public Limited Company (NASDAQ:STX) Q1 2020 Earnings Conference Call - Final Transcript

Nov 01, 2019 • 09:00 am ET


Seagate Technology Public Limited Company (NASDAQ:STX) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Seagate Technology Fiscal First Quarter 2020 Financial Results Conference Call. My name is Denise, and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. Following the prepared remarks, there will be a question-and-answer session. As a reminder, this conference is being recorded for replay purposes.

At this time, I'd like to turn the call over to Shanye Hudson, Vice President, Investor Relations. Please proceed, Shanye.

Shanye Hudson

Thank you. Good morning, everyone and welcome to today's call. Joining me today 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 September 2019 quarter on the Investors Section of our website.

During today's call, we will 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 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, reconciliation to the corresponding GAAP measures is not available without unreasonable efforts.

As a reminder, this call contains forward-looking statements, including our December-quarter financial outlook and expectations about our financial performance, market demand, industry growth trends, planned product introductions, ability to ramp production, future growth opportunities and general market conditions. These statements are based on management's current views and assumptions and should not be relied upon as of any subsequent date.

Actual results may vary materially from today's statements. Information concerning our risks, uncertainties and other factors that could cause results to differ from these forward-looking statements are contained in our most recent Form 10-K filed with the SEC and the supplemental information posted on the Investors Section of our website. Following today's prepared remarks, we will open the call for questions.

And with that, I'll now turn the call over to Dave.

Dave Mosley

Thanks, Shanye. Good morning, everyone. And for those of you here in Europe, good afternoon. Thanks for joining us. I will start today's call by summarizing key highlights from the September quarter, sharing our views on the market on the relevance to Seagate, and outlining the progress we've made on our key priorities. Afterwards Gianluca will provide further details on our financial results and our outlook for the December quarter. Following the prepared remarks, we will open the call for questions.

Seagate had a solid start to the fiscal year, increase in revenue, non-GAAP operating profit, earnings per share, cash flow quarter-over-quarter. Our focus on optimizing profit dollars is driving strong and sustainable operating cash flow to fund our future growth, extend our technology leadership and sustain our strong capital return program. Over the past 12 months, we have returned a total of $2 billion to our shareholders through a combination of dividends and share repurchase -- reflecting our ongoing commitment to enhancing shareholder value.

Our Board approved