8-KEarnings & ResultsRegulation FDExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Financial Results (Jan 9, 2018)

Filed January 9, 2018For Securities:STX

Summary

This 8-K filing from Seagate Technology plc (STX) primarily addresses a minor correction to preliminary financial information for the fiscal second quarter ended December 29, 2017. An error was identified in the "Preliminary Adjustments to GAAP Operating Expense" table within a press release, specifically regarding non-GAAP adjustments. Seagate clarifies that this error did not impact the reported GAAP or non-GAAP financial figures themselves. The filing also announces the upcoming official earnings release date for the fiscal second quarter of 2018, scheduled for January 29, 2018, which will include a webcast and outlook for the third fiscal quarter. An important piece of information highlighted by the attached press release (Exhibit 99.1) is the completion of a long-term NAND supply agreement with Toshiba Memory Corporation. This agreement is significant for Seagate's future supply chain and ability to meet demand, particularly for products utilizing NAND flash memory. Investors should note that all information provided in this 8-K, including the press release, is "furnished" and not "filed," meaning it does not carry the same liability under Section 18 of the Exchange Act.

Key Highlights

  • 1Correction of a minor error in preliminary Q2 2018 non-GAAP expense adjustments, with no impact on reported GAAP or non-GAAP figures.
  • 2Official release of fiscal second quarter 2018 financial results is scheduled for January 29, 2018.
  • 3A public webcast and conference call will be held on January 29, 2018, to discuss Q2 results and provide a Q3 2018 outlook.
  • 4Seagate completed a long-term NAND supply agreement with Toshiba Memory Corporation.
  • 5The agreement with Toshiba Memory Corporation is expected to secure long-term NAND supply.
  • 6Information furnished in this 8-K is not deemed "filed" for purposes of Section 18 liability.

Frequently Asked Questions

The primary reason for this 8-K filing was to correct a minor error in the preliminary financial information provided for the fiscal second quarter ended December 29, 2017. Specifically, there was an inaccuracy in the "Preliminary Adjustments to GAAP Operating Expense" table regarding non-GAAP adjustments in a previously issued press release. Seagate clarified that this error did not affect the overall reported GAAP or non-GAAP financial results.

The completion of a long-term NAND supply agreement with Toshiba Memory Corporation is a key development. This agreement aims to ensure a stable and long-term supply of NAND flash memory for Seagate, which is crucial for the production of various storage products and for meeting future market demand. This provides greater visibility and security in Seagate's supply chain.

Seagate announced that it will report its fiscal second quarter 2018 financial results before the market opens on January 29, 2018. A webcast will be held on the same day to discuss the results and provide an outlook for the third fiscal quarter of 2018.

The filing notes that the information provided in Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure), along with the attached exhibit, is "furnished" and not "filed" with the SEC. This means it is not subject to the liability provisions of Section 18 of the Securities Exchange Act of 1934, offering a layer of protection regarding the accuracy of the furnished information compared to "filed" information.