STX - Earnings call transcript Q1 2019 | Seagate Technology Holdings plc

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Operator

Good morning, and welcome to the Seagate Technology fiscal first quarter 2019 financial results conference call. My name is Liz, and I will 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. would Director, turn Investor I to call time, Chen, Jingjing Relations. this like the to over At Please proceed, Jingjing.

Jingjing Chen

Thank you. to today's Good morning, everyone, and welcome call.

Chief from are Scolnick, today executive Chief Executive Mosley, Interim me Kate Officer, Officer. Joining Financial and Seagate's Dave team

earnings our have on detailed supplemental XXXX Relations site at release information We press and our for our September posted Investor quarter seagate.com.

We're highlights December During remarks today's call planning outlook quarter, for quarter, provide to XX then September the go for call, our to permits. we do minutes, for questions. your for will today call and prepared the the questions time following review our the and the accommodate open approximately as company's best we'll

On we note for that will our like is Form to we been figures X-K quarter, in posted non-GAAP to period with refer that our to December earnings furnished GAAP website on will which Non-GAAP GAAP would September call has was December reconciled SEC. the our and figures release XXXX quarter, are a filed on our and today, quiet For XX. measures. our begin on

We measures have that not the material non-GAAP without not cannot and/or these to is available measure predicted. our financial a be non-GAAP impact guidance unreasonable of are control because measures out items corresponding measure measures comparable GAAP directly reasonably reconciled the most of effort. the guidance Accordingly, our GAAP financial reconciliation to

management's developments, expected NAND the our ability maintaining statements trade our an restrictions, continuity to shipments market as long-term our barriers, of return As execute trends; and duties environment; anticipated a ability such agile address XXXX; product growth of to while in supply; demand for footprint; manufacturing demand impact constraints macroeconomic reminder, roadmap our current to for about: our products; operating potential import/export and on company's supply products the investments; industry access and and technology and volume this forward-looking contains performance; new shipments, in call future achieve financial customer cause conference Mosley. and advancements, results and the and as are that in website. tariffs company and would and current Information factors the results not differ views Investors like and and forward-looking from call should may general forward-looking quotas; the uncertainties, from Actual these of These market Please could subsequent risks, upon now to materially our vary conditions. on statements. Dave. assumptions ahead, supplemental today's SEC date. contained filings on relied the go posted to to statements based concerning the Dave company's information other of over any turn section are statements be the I

William David Mosley

will I financial thanks Officer, results the will Thanks, wrap and up offer discuss for Jingjing. Financial us cover Scolnick, today's quarter. from Good our some morning, quarter, Kate our then highlights high-level Interim everyone, with December earnings for Chief the call. the from September will joining commentary. and quarter outlook for market certain and the then I

the our remarks, open Following we call will questions. for prepared

flow from for demand growth and non-GAAP cash growth These Seagate's results mass by global persistent year-over-year For revenue operations. Seagate September XX% delivered data year-over-year XX% storage year-over-year trends the in growth exabyte XX% driven net shipments, growth growth, strong solutions. and were income, XXX% in year-over-year reflecting in quarter,

analytics, Seagate multiple AI, the institutions, inside growth proliferate in applications cities, entrepreneurs the to the companies, big supplier a data As continue other and learning, will for economy, value driving the markets massive data-centric is continue to opportunity that cloud-based exabyte smart and machine are decade. digital architectures. strong trends in critical from global next

the resulted landscape in portfolio in intercept video and our continue. trends in over and delivering analytics, years, these product Additionally, to past a and our to trends to edge represented creation product we best growth expect Developing entertainment several these portfolio value tremendous gaming has consumer the is arenas. strong content exabyte growing

and engineered XX-year storage to innovate, economical industry magnetic in our innovation utilize leveraging precision of and the XX-terabyte data next-generation of deliver introduce capacity new including scheduled portfolio surveillance, center to new NAS, establishing customers performance September, the that points and history to market sets, are shingled and the our customers. desktop we of capacity multi-actuator have in In industry's this reach the advancements, This cloud-specific designs, variance benchmarks hyperscale technology for purpose-built manage, launched meet requirements recording. drive recording effectively feature can calendar digital We marginally time in first all applications. product Consistent for half higher consume, hard to broadest portfolio of drives products security, nearline video, empowers and speed magnetic for conventional efficiently XX-terabyte while over solutions to and and use we capacity forms with will capacity. These XXXX. using more are data

The shown X.XX of square per inch terabit heat-assisted, give progress to the points, As much response platform, using the time focused at the we development what is in shipping leveraging HAMR specific drives today. system always, At requirements workloads. cloud the have optimal and in density is of the level, customer same are varied towards our we or capable technology. density component feature same higher HAMR, XX-terabyte application sets having produced twice now on

XXXX, critical HAMR We expect in of to to drive beyond XXXX. per units calendar early calendar customers ship then grow evaluation terabytes and for in the samples XX

growth the experienced market mass the September NAND turn near-term XXXX, to HDD demand cloud like in product well that cloud I'd by to demand, comment annual and providers. financials, enterprise over XX%. was growth compound FY of rate Relative year-over-year, This on to above recall in exabyte growth environments. industry we strong storage the Before XX% primarily of XX% average HDD X% cloud public led to growth service with the global the demand, nearly

demand good storage and the experienced that OEMs deploying hybrid solutions. private also traditional are We from cloud

introduced opportunities course new of products growth to year, the fiscal we and the Over our effectively the portfolio. last monetized

cloud last accelerate. continues to from As exabyte five providers service over the demonstrated years, public growth the

however, inventory strong see, digestion, of where in build large-scale from intermittent customers proceeding. also dampen periods will before buying patterns through order to We existing

QX cycles last earnest in FY and up digestion is late best in estimate began it these our for of One quarters. to may three that XXXX

are In some addition, enterprise the market. caution spending China in seeing we

For we demand transitions middle of customers numerous for not disruptions the XX-terabyte in executed Seagate, fall our product specifically, these where as and with have we products, wanted. as nearline crisply would have XX-terabyte

we We execution our opportunity for returns. taking will lower-demand in processes stronger improve the that be when positioned the so environment demand this are to

are confident the decreased resume past, driven digestion addressable we this HDD phase, digestion higher at for growth outlook demand as While CSP phase, indications rate the along market other that, a of in market will supply fiscal nearline XXXX, have are chain disruptions with beyond in believe decade, cloud We long-term workloads by unabated creation will rate the and and of top growth a CIOs. remain computing on will in priorities cloud end data front the of data within for managing over productivity the next era secular applications. we evolve that

but remain shipping sequential September market requirements address and as oversupply and from quarter, qualifying in silicon grow environment selected TMC the and this growth have approach some participation products the delivered Now exposure. persist, near-term to opportunities the pricing our In in measures, the and cyclical Along revenue the our market, we business we overhang of of the and caution rest the of headwinds with our to NAND. over committed without sustained are capital turning to fluctuations to taking defensive increased strategic action XXXX we operational customers' market pricing continues year Seagate, to Fiscal market, through the dynamics and demonstrate our for area began believe to strong over we significant a we storage NAND performance our needs in with time. and the grow be execution focused are taking marketplace.

to profitable markets revenue cash control all in strive generation. expenses, continue will and for We opportunities flow growth serve, optimize we the

go to into turn performance. I'll our depth more financial the call Now, on over to Kate

Kate Scolnick

Seagate in revenues over Thank achieved the consistent up sequentially, cost-effective Hard September portfolio over against well drive is year to quarter with demand. strong our and revenues and year, billion, disk storage confident XX% X% were monetize are market We our executed year up XX% $X you, year we positioned expectations. up well that demand. of Dave.

we disk exabytes, drive and the exceeded and over nearline market, quarter last X XX.X we the from per capacity up shipped ago. per years terabytes year over average up enterprise September shipped XX% our year. the up market, exabytes, In hard year XX% XX.X For XX% drive drive, two

resulted per drive we demonstrated saw we XX% addition, terabyte. strong stronger exabyte lower Cloud-based X with the demand portfolio slightly was enterprise over In year-over-year quarter in expected capacity than anticipated storage growth, year-over-year average for but than our mission-critical sequentially. September growth, demand that in

multiple we capacity for grows As over nearline the mass our continued expect for delivers demand years, storage application opportunity different portfolio storage several that capacity next points workloads.

for our XX-terabyte leading sequential nearline be product. in SKU product to continues volume significant XX-terabyte Seagate, achieved and the Our revenue growth and we revenue enterprise nearline

end of September primarily the consolidated where Our gaming, started and products average products remain XX% not application decrease represented over markets, and Non-hard the developing believe highest for the could mission-critical of over markets revenues storage, sub-X-terabyte we were capacity challenges OEM consumer in for the as disk in in are legacy silicon-based supply we September consumer. September The year-over-year verticals, meet and sequentially. shipping per some XX% planned our we some XXK memory XX-terabyte drive year. than portfolio or we products to this quarter, cloud client, year either and life In year active or workloads all including the network-attached quarter. revenue. system increased quarter, XX% surveillance, $XXX cloud due also we've have to capacity nearly had quarter less up the end growth Silicon X% In exabyte edge drive intra-quarter desktops, revenues these million, In products. DVR, our where time year down move were of these chain mature over offerings. will was markets, some and storage, minimizing demand to exposure

in bullish broad-based gaming are market invest and our NVMe, to silicon as opportunities and the about We SAS, recognition consumer, we grow in portfolio a long-term developing markets. revenue

business operating pricing, of overall factories. efficiencies solutions $XXX Expenses quarter, higher-margin over lower was our variable and were the margin X% were margin basis within and EPS million, to sequentially expectations benign expenses with product target a associated mix mass with We than XX% share-based due XX%, year, down managing products and NAND vertically year the and the to sequentially. and Non-GAAP up and mix, revenue for XX% operating our points, reflecting demand X% higher Non-GAAP grow and dynamics, rapid $X.XX, of down are our market year prices. customer lower offset better reflected to The a storage compensation. over operations improved in of long-term $XXX manner. approximately change anticipated benefiting utilization. shift and consistent last in utilization reserve integrated flow and the free are caution Capital NAND to year. our primarily environment the factory XX%. the September range mindful same September in non-GAAP In million was million incremental X% $XXX or margin million the on our storage Cash continue quarter better was to were cash from a pricing $XXX of compared decline expenditures Year-over-year approximately mass gross period quarter with by in flow total from million $XXX revenue. and cash for with was XXX high sequential and competitive basis we September a year non-GAAP

well-managed quarterly with on and we November continues of last and the In within balance our we XXX billion. quarter. low X December staggered quarter $X.X well remaining September conversion be $X.XX adopted equivalents coupled demand with for quarter, statements stock million. our our as award is within given healthy, the accordance dilution, revenue ended accounting power X.X shares I'll the Seagate's in quarter, the offset the September new standard remains demand. Codification applying for to Customers customer quarter final X, sheet and quarter, debt net back billion earnings market call are consolidated times financial housekeeping with board which September not the And the was new XX, of material. outstanding. line September we that to with quarter one cash as outlook. In Modified effective performance Using in condensed dividend the expense recognition model. Accounting execution interest XXX, in company's September ordinary cash financial The has and days, our million our of June for cash company's levels XXXX, reflects with September redeemed we reflecting Standard XXXX. shares the balance million approximately Revenue to $X.X item, payment payable to persistent capabilities September our of The XX-month on cycle the debt solid impact environment the well debt September now EBITDA is expect and from the as for approved January XXXX Retrospective in Contracts rates. The a inventory Our eight policy the as maturities retire quarter be Overall, XXXX Method. financial our and business the the Interest was of turn quarter financial $XXX to leverage a will Dave ratio

William David Mosley

Kate. Thanks,

of are world. earnings to many IT forecast political, recent As other exercising uncertainty and certain the in exchange areas their due reports, regulatory, in foreign we caution immediate noted our companies have around

temporary, will in December fairly to past, quarter. As in in perturbations exabyte be healthy these most demand we and markets see we the still believe the

not we adjusting to of As build and consoles. sequentially earlier, are anticipate uncertainty we our gaming Previously, products cloud will demand these dynamics with consistent due to volume demand in were decline higher QX, in China seasonal immediate providers QX for edge demand consumer be mostly service anticipate I seasonal occur the we HDD enterprise We demand with drops accordingly. marketplace. nearline given market for lower and the and forecasting from outlined most in to plans some

digits, revenues are and revenues our quarter-to-quarter be Our will up be for to double non-HDD systems, SSD flat relatively forecast sequentially.

range quarter of total billion to revenues the to in December the expect billion. in $X.XX $X.X be We

As always, make profitability. intra-quarter long-term we sense our portfolio upside will that opportunities for consider

expense the expect margins we our and Operating actively nearline the of demand be at to gross lower the be sequentially, HDDs. to XX% We for flat, reflecting for incremental will are quarter expenses range, December low end implementing XX% primarily long-term controls. relatively

of XX% range in We remain approximately within of have model at operating our XXXX environment. that product transitions to revenue are XX%, and to beyond. in expenses later controlling support challenging for committed X% long-term will we even this planned to financial expenditures Capital FY

shareholders, we to allocation we we and the X% while X% to For range capital of investors, long-term returns. allocation I remain our Seagate our value it's with few of deliver fiscal a revenue. elements In since framework. committed slightly specifically maximizes expenditures been that are wanted year, below to long-term addressed closing, capital of a remain to strategy targeted the of a forecasting capital key a highlight demonstrated for commitment has and to framework our

Seagate the company to and to for drive The first for for We execution are market existing approved for value to over deliver strong strongly XXXX, and confident Seagate several our leverage thank Seagate's Directors long FY our to share us and quarter as of deep technology and a quarterly through in over I'd open will our billion Board operate FY now XX% shareholders Seagate's to portfolio, addition contributions partners, cash and of long-term growth well maximize employees in believe portfolio doing storage of continue in has increase and our efficiently will flow our opportunities. redeem their the industry team our the in authorization customers, for committed and that ability new up $X free the suppliers, so and still for storage ordinary consistently has beyond. I the alignment to to the as focused investing through reflects shareholders us in to up in to for expertise, redemption cash year. generate today, fiscal creation has efforts our significant trajectory years. quarterly and of on future will redemptions, dividend, call quarter fiscal to enable the cash generate September and the remain have mass stable like put announced new approving we to XXXX results. flow we and success executive shares. The leading dividend our next value share ability over and we confidence cash business while like a term. positioned These And opportunities, authorization efforts questions. I'd success to Liz, innovation board returned the of

Operator

the of first question Ackerman & line from Company. with comes Karl Our Cowen

now is open. line Your

Karl Ackerman

long-term taking purchasing everyone. patterns, In on currently buying have Hi, long given drives? customer customers the patterns, Thanks cloud with context improve morning, the I'm of your particularly for good visibility their enterprise curious. question. you comments What can processes my are lead your just on times for the working that or of your

William David Mosley

times procure. good some lead question. components long even to we that's of of are external and a the Karl, course, of components, internal There have

So I wasn't accounts as systemically, many, demand talk different go before. generally it those fallout ever pretty – And think happened basically we'd the relative quickly, customers, well. seen recent that to This something interlocks with about. many fairly we quickly

So in was these one typical think this I digestion fairly phases, pronounced.

growth the to the can them. for really be. there, is like cycles there points and other long the think want that doing reductions strong, higher we But in come still offer things propositions Are capacity forecast capacity I be cloud will still TCO points ability at very qualification next and so. longer still tactical and not it term think strong the back better higher I term? as those is things where we that to the

comments. Our little a talked fairly bit complex, portfolio and is my in I that about

caught and time. little a bit an we'll And think so a more that the make will this these wasn't simplifying got We of portfolio time. progress flexibility. option the in middle on I transitions, just little that But bit I think allow us next product

Karl Ackerman

Perfect, thank you.

Operator

Research. Longbow with from comes question Wittine next Our Joe

is open. now line Your

Joseph H. Wittine

robust the merely to are this to nearline period past? thank in provide you Today, it digestion context seeing referenced, XXXX the those earnings similar compared play? Thanks. into are growing you by investments season. as also of mentioned see larger it efficiency for of Hi, earlier possible the players you. some periods there techniques that think is in fiscal was in CSPs or I Dave, you one

William David Mosley

talk time. they all the think about I efficiency

will, think I blow some of to probably inventory. little you'll they're accounts I root techniques The was of have returns. digestion of to certain for of component have pattern so of do the quickly, that the that we problem, and there that the really at changes so pricing overbuying, was as a them in component upside-down. changes were those last in lot that because and you I diminishing the some a about problem talked bit largely there last think if that came through phase, had put pricing buying that wait the using strong in builders the

that I think a a read I I different, these Joe. right have the those new components. little through That's right as And as things delay I we're terabytes. supply for quickly one TCO are don't hard think now, now chains well. capacity see gains being XX my drive much of some They those efficiency with little And about terabytes think today. that it's through well. at know from proposition like bit that it to so does many availability actually coming. fairly going They elements do this are do is but to of XX there broken think it get may points and periods

to very those as an industry the last big and our for have we into one come profound, back the our and phases But run-up is baseline one, in that this on that that last financials go previous the than hitting digestion of phase. and than all relative digestion factor is your as growth seen higher things phases. was out then to exactly one so you've is we the we we're prepare we To how higher point So that digestion phase, believe these in.

it factors it. going on smart as through We're that growth at So to prepared things to we and predictability, as the I the could economic far in. think are thing But are be just wish get do phase I when there be for comes. playing the lot other – better of and this digestion a and

Joseph H. Wittine

Got you. it, thank

Operator

Stanley. next from Katy comes Our with question Huberty Morgan

now open. is line Your

Katy L. Huberty

Thank morning. you, good

margins Given do yet normal short there XX% the macro as less And more have the of the uncertainty be a a cloud is some dynamics, down multi-quarter in result? supply digestion, or could risk revenue chain term a the than view could dip March that you to as in to below XX% whether seasonality? range

William David Mosley

I Yeah. about bit My talk may Katy. been is into We've the this I'll digestion take a couple we and phase that. further can little to even very products things let it's March to absorb that, sense, because that But Relative because internally content-rich, Kate a nearline things point, margins, forecasting this out. range. of revenues at a out your may sort be impacted internally lot those quarters of challenging our inside and think to to stay manage point. are

the So we I take cost we're to actions many going as can you...? did think as Kate, range. in to stay

Kate Scolnick

Yes.

I long-term think be to to our what Dave within said, in down, that we be margin gross expect the range. but revenue

Katy L. Huberty

Okay, thank you.

Operator

Our with comes Loop next Ananda question from Baruah Capital.

is Your now line open.

Ananda Baruah

appreciate you I guys. morning, could. good really I two, have I if taking the Hey, question.

sticking Just And least decline able March June, anecdotal I yet, saying, a exabyte gotten in the shipments sounds the hyperscale you cloud from But sense with March. slightly then, guys hyperscalers dynamics, you get do expect any into to you allow have that to somewhat March? you're visibility for around develop to or like a in some or intuition can and them that might what quick context have Thanks. potential in that are to It follow-up. at ourselves? us March guys, maybe share us feedback, an dynamics or quarter, with you

William David Mosley

actually a QX bit into muted be end in very exabyte affect cloud the example, the of saw the Ananda, shipments, going I very that exabyte then, will they started. the think little more And the of shipments. these We periods and Yeah, this through for some push-out so QX. that fact At QX, of transitions strong started. will the

QX. we'll that by necessarily I told Katy, think I like done be with So don't

are segments other growing. Now,

move to to terabytes. X from So impact terabytes there. X to up edge good We continue see X the terabytes segments

have of offset growth segments. watch net-net I going is think demand accordingly periods. adjust to exabyte impacts cloud I other But will our So some through builds to and just we're the by in it be those think

Ananda Baruah

it keep XX% real is, the on margin I a XX%-plus. appreciate the follow-up that. you're sounds quick there's just – gross like Okay, And things to just doing OpEx,

On you signposts the OpEx about if do be Thanks. guys think that? OpEx, yet? what reducing levels, And yet, the for doing would not

William David Mosley

I opportunity of will that year to relative against qualifications much we're would environment say the that for think different so – money, where in I make and or and demand go save we're to money longer spend this we go we'll the sure out everything things. and do opportunity we those don't the demand rewarded going Obviously, some the have product of taking environment, into because we're some sure in to next But taking that make softness two to demand, opportunity years. change too the making term we're term. these doing we're over near decisions get the are

and perspective, normal stay your make sure so costs from higher it through course. get you in this which get get on. might done continued invest high, think, you all the have those and product those demand signal the into I we rewarded helps of Had to for my because and is that we qualifications we can transitions, seen

sure and through and to the to down these now better periods, the swim but swim to of I doing think it's make lanes. money fine that lanes you hunker bottom on There's down are save better the line. it's some can that flow hunk that other

Ananda Baruah

appreciate thanks. Great context. it, I

Operator

Our Research. next question with Fox Cross from comes Steven

line now Your open. is

Steven Fox

good Thanks, question one morning, from just me.

to Given like, going going heads media on as not everything and you you're obviously, sounds it tight said, be forward.

that maintain very supply to discipline shown industry years? do last over how the Thanks order few you the you've manage So in much.

William David Mosley

consistent. demand Steven, continue to want little the content heads a our heads, can. that's up content full. fairly the that really drive. in continues factories question. We ship we the to highest go we to be still staying may and per heads bit, a to very Even for is more interesting demand we down actually be use And want Process though process

anticipate with we'll Media, it final So perspective, through cash drive really very more lot we the because we're we've I period factories. as And watch have our think from a then flexibility. managed footprint. carefully a happy well. heads way inventory, full the we're And watching we

Steven Fox

you. Thank

Operator

question last comes Rakers Wells our with from Aaron And Fargo.

now is line open. Your

Aaron Rakers

quick, if I real questions two can well. as you, Thank

Going curious. the demand dynamics, discussion cloud the on back I'm to just

As can actually an you you or give how that qualitative holding, how base, understand kind I'd visibility you quantitative customer – are within that any how you matter, look And is, also concentrated what you for doing us customer perspective? commentary what of or do at are to like or base? around inventory that diversified from get into they're

William David Mosley

were diversified. was confidence a I us because in strong expressed is some when were it So I ago, things we think – had reason strong couple quarters Aaron, for the that

to think I quantify a would But global account us. as how customers. It's or visibility Karl see that it is set just it the is question is as it Joe asked as far earlier one have this come visibility, at lot across in early. to I two well. to or well. accounts. the not My not and want sense diverse demand now really this as at of right think impactful I say a that don't point. whole that's reductions that the general I projections revenue of this there's you can And

the probably drives capacity come back those We signals as And They haul like four because backed in tight higher with them, in ultimately ago. a are plans. talking I stay is better people pretty those saw they and they be it this I for some before, off see three don't that to looking that don't have then said to their much. centers. coming the of saw demand believe months they'll back. value this and as or that months of going ago I customers. long we are claimed And So data well. the over some conversations that good proposition trust they did their

you're in – put if going in to you data and to you can plug it, years. highest about think you you those the proposition an capacities drives use five find. can the TCO centers, want best those If That's investment make for

manage to ready as to well. here, going to And those then as take have they So little and a for the next align way plug. transitions get pause we I look think, we're that all

Aaron Rakers

as And I'm second question, just curious. a Great.

we anything brings an there the starting revenue have? of drive arrangement the that to How is think today on getting On business, top think going the that of more that And you're really that the supply silicon, on we how forward of margin that, do we stream? you the silicon think front, that? about supply about then supply And appreciable say? that should about should on structure what's

William David Mosley

that about little said had be had I aggressive. take-or-pay, the dynamics to pretty not – a I that to have going right now. it. Obviously, a changed market That's were don't bit. a commented So we think before good way We have

period that NAND some in build channels. in won't and especially of that. enterprise exposed to But too order – inventory consumer-grade products of SSDs, compound on remember, we patient to certain much because bring like to We We'll be we're too So through see not problem. that inventory see as a we'd our things channels, lot we still time. in much largely much see

think and back that So a the on affects who like revenue horse. customers qualifications, customer little our products, they'll continue projections I get But our who to we'll bit. pull, the

foreseeable NAND every which talked revenue future. is – sorry, we year grow ample doubling to the to had have access levels the before, every quarter about to We that for

So from about not worried I'm I'm industry more about dynamics. that the perspective. worried supply

Aaron Rakers

margin? And

William David Mosley

be Seagate it's but goes, good we margins and cash running flexible properly, probably it's little like, margin we till I to it as that far As a a dilutive it's get very very – will really it gross think model.

it. with happy we're So

Aaron Rakers

Okay, thank you.

William David Mosley

Okay. Thanks, of thank quarter. contributions want next Thanks. everyone. our in once to partners to quarter. of all we'll customers, I their business again for and all you the first employees suppliers, talk and And

Operator

and in your conference. have you concludes gentlemen, great and This thank may now today's a Ladies for program you participation day. Everyone, disconnect. the

Seagate Technology (STX) 2 Nov 182019 Q1 Earnings call transcript