Seagate Technology is one of the leading provider of data storage technology and solutions. Its principal products are hard disk drives, commonly referred to as disk drives, hard drives, or HDD and also, they produce a broad range of data storage products including solid state drives (“SSDs”), solid state hybrid drives(“SSHDs”), storage subsystems, as well as a scalable edge-to-cloud mass data platform that includes data transfer shuttles and a storage-as-a-service cloud.
Its HDD products are designed for mass capacity storage and legacy markets. Mass capacity storage involves use cases such as hyperscale data centers and public clouds and emerging use cases. Legacy markets are the markets it continues to service but do not plan to invest insignificantly. Its HDD and SSD product portfolio includes Serial Advanced Technology Attachment (“SATA”), Serial Attached SCSI (“SAS”) and Non-Volatile Memory Express (“NVMe”) based designs that support a wide variety of mass capacity and legacy applications.
Mass Capacity Storage Markets supports high capacity, low-cost per terabyte (“TB”) storage applications, including nearline, video and image applications and network-attached storage (“NAS”) and edge-to-cloud data storage infrastructures. Legacy markets include desktop, notebook, consumer, DVR (Digital Video Recorder), and gaming applications.
Seagate continued to incur certain supply chain and demand disruptions in FY2021, as well as higher logistics and operational costs and demand across certain markets due to the COVID-19 pandemic, which it expects to continue in FY2022.
Product development expenses for FY2021 decreased to $903 million as compared to FY2020 primarily due to a $42 million decrease in compensation and other employee benefits from the reduction in headcount because of the June 2020 restructuring plan and amortization of assets for FY2021 decreased by $2 million, as compared to FY2020, due to intangible assets that reached the end of their useful lives. The overall operating expenses amounted to $1,425 million.
In FY2021, the Seagate shipped 417 exabytes worth of storage in hard disk drives (HDD) in mass capacity and 118 exabytes in legacy which totaled to 535 exabytes shipped during the year as compared to 442 exabytes shipped in FY2020 YoY. The revenue during FY2021 increased by 2%, or $172 million, from FY2020, primarily due to an increase in mass capacity exabytes shipped, which was partially offset by price erosion and a decrease in legacy exabytes shipped.
Note: - Exabytes refers to a unit of information equal to one quintillion (1018) or, 260 bytes
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