“Demand for data continues to explode, even through this current period of market uncertainty. As a leader in mass data management, Seagate is executing a technology roadmap focused on helping customers put their valuable data to work. We are on track to ship our first HAMR drives for revenue in December, which is an important industry milestone to support the growing need for mass capacity storage. We also have introduced CORTX, an open-source, object-storage software, along with Lyve Rack that together offer enterprises a simple, secure and efficient way to manage massive volumes of data. These developments illustrate our confidence in identifying and capturing future growth opportunities, and we are further underscoring the confidence in our strategy and long-term cash generation abilities with a 3% increase in our quarterly dividend and a $3 billion increase to our existing share repurchase authorization.”
The Company generated $297 million in money stream from operations and $186 million in free money stream through the fiscal first quarter 2021. Seagate maintained a wholesome stability sheet and through the fiscal first quarter 2021, the Company paid money dividends of $167 million and repurchased 1.5 million strange shares for $68 million. Cash and money equivalents totaled $1.7 billion on the finish of the quarter. There had been 258 million strange shares issued and excellent as of the top of the quarter.
All durations introduced exclude share-based compensation from non-GAAP outcomes. For an in depth reconciliation of GAAP to non-GAAP outcomes, see accompanying monetary tables.
Seagate has issued a Supplemental Financial Information doc, which is out there on Seagate’s Investor Relations web site at buyers.seagate.com.
Quarterly Cash Dividend
The Board of Directors of the Company (the “Board”) declared a quarterly money dividend of $0.67 per share, which shall be payable on January 6, 2021 to shareholders of report as of the shut of enterprise on December 23, 2020. The cost of any future quarterly dividends shall be on the discretion of the Board and shall be dependent upon Seagate’s monetary place, outcomes of operations, out there money, money stream, capital necessities, distributable reserves, and different elements deemed related by the Board.
Business Outlook
The enterprise outlook for the fiscal second quarter 2021 is predicated on our present assumptions and expectations; precise outcomes could differ materially, on account of, amongst different issues, the necessary elements mentioned within the Cautionary Note Regarding Forward-Looking Statements part of this launch.
The Company is offering the next steerage for its fiscal second quarter 2021:
- Revenue of $2.55 billion, plus or minus $200 million
- Non-GAAP diluted EPS of $1.10, plus or minus $0.15
Guidance relating to non-GAAP diluted EPS excludes recognized fees associated to amortization of acquired intangible property of $0.01 per share, estimated share-based compensation bills of $0.12 per share and restructuring prices of $0.01 per share.
We haven’t reconciled our non-GAAP diluted EPS steerage for fiscal second quarter 2021 to probably the most straight comparable GAAP measure as a result of materials objects which will affect these measures are out of our management and/or can’t be moderately predicted, together with, however not restricted…
