Seagate Technology Holdings plc (NASDAQ:STX) Q4 2023 Earnings Call Transcript

And if all that stuff lines up into good box demand like somebody asked earlier, that means good exabyte growth. That’s what we’re all hoping for.

Vijay Rakesh: Got it. And then on the data center inventory side, any way to kind of gauge how much – how many weeks of inventory is still there? And how that compares to the prior terabyte I guess, in data center inventory or…

Dave Mosley: Right. It’s not an exact science. I would say we have evidence that it’s going down, not only that’s what people are telling us, our customers are telling us, but also we’re not putting any in. So definitely, the Seagate inventory is going down. We’re even managing our owned inventory down as well; I can’t speak for the rest of the industry. But all indications are that things are getting healthier and – but we don’t think that it’s going to be fixed overnight. We think it’s going to take another couple of quarters before the upturn. And that’s something that I’m very cognizant of. We didn’t project originally going into this downturn that this would be this long, but I don’t think it’s going to last forever either. I think it will turn north again here. We just basically said not until the end of the calendar year.

Vijay Rakesh: Got it. Thanks a lot.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Dave Mosley: Thanks, Betsy [ph]. As you heard today, Seagate is continuing to take proactive actions to navigate this tough business environment over the near term. However, we remain excited as ever for the long-term opportunities for mass capacity storage, and it’s brought about by existing and emerging trends that are underpinned by data like AI, like we talked about today. Our leading technology road map positions us really well to address future demand and enhance value for both our customers and for Seagate’s financial performance. I’ll close by thanking all of our stakeholders for their ongoing support. Thanks for joining us today.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.