HPE Reports Fiscal 2020 Fourth Quarter
SAN JOSE, Calif.--(BUSINESS WIRE)--Hewlett Packard Enterprise (NYSE: HPE) today announced financial results for the fourth quarter, ended October 31, 2020.
“Hewlett Packard Enterprise finished the year with a very strong performance,” said Antonio Neri, president and CEO of Hewlett Packard Enterprise. “In Q4 we saw a notable rebound in our overall revenue, with particular acceleration in key growth areas of our business.”
“The global pandemic has forced businesses to rethink everything from remote work and collaboration to business continuity and data insight,” he continued. “Over the last several months, customers have increasingly turned to HPE for our unique capabilities from edge to cloud that help them empower their workforces, deploy resilient new IT solutions and extract insights from critical data, while consuming these solutions more flexibly as a service.”
“Our focused strategy and disciplined execution are delivering results,” said Tarek Robbiati, EVP and CFO of Hewlett Packard Enterprise. “Based on the strong finish to FY20 and increased confidence in profitability going into Q1, we are raising our FY21 EPS guidance.”
Fourth Quarter Fiscal Year 2020 Results
Net revenue of $7.2 billion, flat from the prior-year period. Revenue grew 6% sequentially or 5% when adjusted for currency to pre-pandemic levels as our growth businesses of HPC & MCS and Intelligent Edge executed strongly.
Annualized revenue run-rate (ARR) of $585 million, up 30% from the prior-year period. Based on strong customer demand and recent wins, we are reiterating our 2019 Securities Analyst Meeting ARR guidance of 30-40% Compounded Annual Growth Rate from fiscal year 2019 to fiscal year 2022.
GAAP gross margins of 30.6%, down 260 basis points from the prior-year period and Non-GAAP of 30.6%, down 270 basis points from the prior-year period.
GAAP diluted net earnings per share (“EPS”) was $0.12, compared to $0.36 in the prior-year period and above the previously provided outlook of $0.02 to $0.06 per share.
Non-GAAP diluted net EPS was $0.37, compared to $0.49 in the prior-year period and above the previously provided outlook of $0.32 to $0.36 per share. Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $329 million and $0.25 per diluted share, respectively, primarily related to transformation costs and amortization of purchased intangible assets.
Cash flow from operations of $747 million, down $685 million from the prior-year period.
Free cash flow of $223 million, down $655 million from the prior-year period and in-line with our guidance.
Segment Results
- Intelligent Edge revenue was $786 million, up 6% year over year or 5% when adjusted for currency, with 10.1% operating profit margin, compared to 6.2% from the prior-year period. Revenue grew 15% sequentially or 14% when adjusted for currency. Intelligent Edge best-in-class portfolio was recognized as a leader for the 15th year in the Gartner Magic Quadrant for wired and WLAN access infrastructure. The Company also expects to take share in both campus switching and WLAN.
- High Performance Compute & Mission Critical Systems (HPC & MCS) revenue was $975 million, up 25% year over year, with 12.2% operating profit margin, compared to 10.2% from the prior-year period. Revenue grew 50% sequentially driven by strong performance in Cray, HPC-Apollo and MCS.
- Compute revenue was $3.2 billion, down 5% year over year or down 4% when adjusted for currency, with 6.1% operating profit margin, compared to 13.9% from the prior-year period. Revenue was down 6% sequentially or 7% when adjusted for currency but was up low single-digits when adjusted for backlog conversion.
- Storage revenue was $1.2 billion, down 3% year over year, with 16.7% operating profit margin, compared to 17.4% from the prior-year period. Revenue grew 8% sequentially or 7% when adjusted for currency driven by strong operational execution, reduction of backlog and momentum in key areas of the portfolio.
- Advisory & Professional Services (A&PS) revenue was $245 million, down 9% year over year or 10% when adjusted for currency, with (0.4%) operating profit margin, compared to 0.4% from the prior-year period. Revenue was up 8% sequentially or 6% when adjusted for currency even as COVID-19 impacted consulting activities and chargeability levels of our team members. A&PS is a strategic business that pulls through significant infrastructure and operational services sales.
- Financial Services revenue was $849 million, down 3% year over year or 4% when adjusted for currency. Revenue grew 5% sequentially or 2% when adjusted for currency, with 7.7% operating profit margin, compared to 8.4% from the prior-year period. Net portfolio assets were up 2% year over year and flat sequentially. Financing volume was down 6% year over year and up 8% sequentially or up 6% when adjusted for currency despite the impact of COVID-19. The business delivered return on equity of 12.6%, down 2.7 points from the prior-year period.
Relocating Headquarters
HPE has made the decision to relocate its headquarters from San Jose, California, to Houston, Texas. HPE’s largest U.S. employment hub, Houston is an attractive market to recruit and retain future diverse talent, and is where the company is currently constructing a state-of-the-art new campus. The Bay Area will continue to be a strategic hub for HPE innovation, and the company will consolidate a number of sites in the Bay Area to its San Jose campus. No layoffs are associated with this move.
Dividend
Board of Directors have declared a regular cash dividend of $0.12 per share on the company's common stock. This dividend, the first in Hewlett Packard Enterprise's fiscal year 2021, is payable on January 6, 2021, to stockholders of record as of the close of business on December 9, 2020.
Fiscal 2021 first quarter outlook:
Hewlett Packard Enterprise estimates GAAP diluted net EPS to be in the range of $0.02 to $0.06 and non-GAAP diluted net EPS to be in the range of $0.40 to $0.44. Fiscal 2021 first quarter non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.38 per diluted share, primarily related to transformation costs, stock-based compensation and the amortization of intangible assets.
Fiscal 2021 outlook:
Hewlett Packard Enterprise raises GAAP diluted net earnings per share outlook to $0.38 to $0.56 from $0.34 to $0.54 and non-GAAP diluted net earnings per share outlook to $1.60 to $1.78 from $1.56 to $1.76. Fiscal 2021 non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $1.22 per diluted share, primarily related to transformation costs, stock-based compensation and the amortization of intangible assets.
Reiterates free cash flow1 guidance range of $0.9 to $1.1 billion.
1Hewlett Packard Enterprise provides certain guidance on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results. Refer to the discussion of non-GAAP financial measures below for more information.
About Hewlett Packard Enterprise
Hewlett Packard Enterprise is the global edge-to-cloud platform-as-a-service company that helps organizations accelerate outcomes by unlocking value from all of their data, everywhere. Built on decades of reimagining the future and innovating to advance the way we live and work, HPE delivers unique, open and intelligent technology solutions, with a consistent experience across all clouds and edges, to help customers develop new business models, engage in new ways, and increase operational performance. For more information, visit: www.hpe.com.
Use of non-GAAP financial information
To supplement Hewlett Packard Enterprise’s condensed consolidated financial statement information presented on a generally accepted accounting principles (GAAP) basis, Hewlett Packard Enterprise provides revenue on a constant currency basis as well as non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating profit margin, non-GAAP income tax rate, non-GAAP net earnings, non-GAAP diluted net earnings per share, gross cash, free cash flow, net debt, net cash, operating company net debt and operating company net cash financial measures. Hewlett Packard Enterprise also provides forecasts of non-GAAP diluted net earnings per share and free cash flow. A reconciliation of adjustments to GAAP financial measures for this quarter and prior periods is included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which Hewlett Packard Enterprise’s management uses these non-GAAP measures to evaluate its business, the substance behind Hewlett Packard Enterprise’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which Hewlett Packard Enterprise’s management compensates for those limitations, and the substantive reasons why Hewlett Packard Enterprise’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” further below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for revenue, gross profit, gross profit margin, operating profit (earnings from operations), operating profit margin, net earnings, diluted net earnings per share, cash, cash equivalents and restricted cash, cash flow from operations, investments in property, plant and equipment, or total company debt prepared in accordance with GAAP.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Hewlett Packard Enterprise and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “aim,” “will,” “should” and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the scope and duration of the novel coronavirus pandemic (“COVID-19”) and its impact on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results and the world economy; any projections of revenue, margins, expenses, effective tax rates, the impact of the U.S. Tax Cuts and Jobs Act of 2017, net earnings, net earnings per share, cash flows, backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings, restructuring charges, or other transformation actions; any statements of the plans, strategies and objectives of management for future operations, as well as the execution of corporate transactions or contemplated acquisitions, transformation and restructuring plans and any resulting benefit, cost savings or restructuring charges, revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on Hewlett Packard Enterprise and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements or assumptions underlying any of the foregoing.
Risks, uncertainties and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise’s businesses; the competitive pressures faced by Hewlett Packard Enterprise’s businesses; risks associated with executing Hewlett Packard Enterprise’s strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of Hewlett Packard Enterprise’s products and the delivery of Hewlett Packard Enterprise’s services effectively; the protection of Hewlett Packard Enterprise’s intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise’s international operations (including pandemics and public health problems, such as the COVID-19 pandemic); the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients and partners, including any impact thereon resulting from events such as the COVID-19 pandemic; the hiring and retention of key employees; execution, integration and other risks associated with business combination and investment transactions; the execution, timing and results of any transformation or restructuring plans, including estimates and assumptions related to the costs and anticipated benefits of implementing the transformation and restructuring plans; the effects of the U.S. Tax Cuts and Jobs Act and related guidance and regulations that may be implemented; the resolution of pending investigations, claims and disputes; and other risks that are described in Hewlett Packard Enterprise’s other filings with the Securities and Exchange Commission, including but not limited to the risks described in Hewlett Packard Enterprise’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, Hewlett Packard Enterprise’s Quarterly Reports on Form 10-Q for the fiscal quarters ended January 31, 2020, April 30, 2020, and July 31, 2020, Current Reports on Form 8-K, and in other filings made by Hewlett Packard Enterprise from time to time with the Securities and Exchange Commission.
As in prior periods, the financial information set forth in this press release, including tax-related items, reflects estimates based on information available at this time. While Hewlett Packard Enterprise believes these estimates to be reasonable, these amounts could differ materially from reported amounts in the Hewlett Packard Enterprise Annual Report on Form 10-K for the fiscal year ended October 31, 2020. Hewlett Packard Enterprise assumes no obligation and does not intend to update these forward-looking statements.
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
|
||||||||||||
|
|
|||||||||||
|
Three months ended |
|||||||||||
|
October 31,
|
|
July 31,
|
|
October 31,
|
|||||||
Net revenue |
$ |
7,208 |
|
|
$ |
6,816 |
|
|
$ |
7,215 |
|
|
Costs and expenses: |
|
|
|
|
|
|||||||
Cost of sales |
5,002 |
|
|
4,749 |
|
|
4,822 |
|
||||
Research and development |
484 |
|
|
455 |
|
|
438 |
|
||||
Selling, general and administrative |
1,166 |
|
|
1,131 |
|
|
1,229 |
|
||||
Amortization of intangible assets |
80 |
|
|
95 |
|
|
68 |
|
||||
Transformation costs |
304 |
|
|
357 |
|
|
151 |
|
||||
Disaster charges (a) |
2 |
|
|
2 |
|
|
— |
|
||||
Acquisition, disposition and other related charges |
25 |
|
|
15 |
|
|
47 |
|
||||
Total costs and expenses |
7,063 |
|
|
6,804 |
|
|
6,755 |
|
||||
Earnings from operations |
145 |
|
|
12 |
|
|
460 |
|
||||
Interest and other, net |
(57 |
) |
|
(71 |
) |
|
(38 |
) |
||||
Tax indemnification adjustments |
(15 |
) |
|
(30 |
) |
|
288 |
|
||||
Non-service net periodic benefit credit |
35 |
|
|
28 |
|
|
14 |
|
||||
Earnings (loss) from equity interests |
17 |
|
|
27 |
|
|
(1) |
|
||||
Earnings (loss) before taxes |
125 |
|
|
(34 |
) |
|
723 |
|
||||
(Provision) benefit from taxes |
32 |
|
|
43 |
|
|
(243 |
) |
||||
Net earnings |
$ |
157 |
|
|
$ |
9 |
|
|
$ |
480 |
|
|
Net earnings per share: |
|
|
|
|
|
|||||||
Basic |
$ |
0.12 |
|
|
$ |
0.01 |
|
|
$ |
0.37 |
|
|
Diluted (b) |
$ |
0.12 |
|
|
$ |
0.01 |
|
|
$ |
0.36 |
|
|
Cash dividends declared per share |
$ |
0.1200 |
|
|
$ |
— |
|
|
$ |
0.1200 |
|
|
Weighted-average shares used to compute net earnings per share: |
|
|
|
|
|
|||||||
Basic |
1,293 |
|
|
1,292 |
|
|
1,308 |
|
||||
Diluted (b) |
1,306 |
|
|
1,300 |
|
|
1,323 |
|
||||
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Twelve months ended October 31, |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2020 |
|
2019 |
||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue |
$ |
26,982 |
|
|
$ |
29,135 |
|
||||||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales |
18,513 |
|
|
19,642 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Research and development |
1,874 |
|
|
1,842 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative |
4,624 |
|
|
4,907 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
379 |
|
|
267 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of goodwill (c) |
865 |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Transformation costs |
950 |
|
|
453 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Disaster charges (recovery) (a) |
26 |
|
|
(7 |
) |
||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition, disposition and other related charges |
80 |
|
|
757 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses |
27,311 |
|
|
27,861 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from operations |
(329 |
) |
|
1,274 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other, net |
(215 |
) |
|
(177 |
) |
||||||||||||||||||||||||||||||||||||||||||||||||
Tax indemnification adjustments |
(101 |
) |
|
377 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Non-service net periodic benefit credit |
136 |
|
|
59 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from equity interests |
67 |
|
|
20 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) before taxes |
(442 |
) |
|
1,553 |
|
||||||||||||||||||||||||||||||||||||||||||||||||
(Provision) benefit for taxes |
120 |
|
|
(504 |
) |
||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) |
$ |
(322 |
) |
|
$ |
1,049 |
|
||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) per share: |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ |
(0.25 |
) |
|
$ |
0.78 |
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President, Personal Systems Patel Ketan M converted options into 1,119 shares and covered exercise/tax liability with 447 shares, increasing direct ownership by 2% to 35,244 units (SEC Form 4)
4 - HP INC (0000047217) (Issuer)
SEC Form 4 filed by Interim CEO Broussard Bruce D
4 - HP INC (0000047217) (Issuer)
EVP & CFO Myers Marie exercised 158,391 shares at a strike of $20.39 and covered exercise/tax liability with 62,706 shares, increasing direct ownership by 47% to 298,337 units (SEC Form 4)
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8-K - Hewlett Packard Enterprise Co (0001645590) (Filer)
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8-K - Hewlett Packard Enterprise Co (0001645590) (Filer)
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Amendment: SEC Form SC 13G/A filed by HP Inc.
SC 13G/A - HP INC (0000047217) (Subject)
Amendment: SEC Form SC 13G/A filed by HP Inc.
SC 13G/A - HP INC (0000047217) (Subject)
SEC Form SC 13G filed by HP Inc.
SC 13G - HP INC (0000047217) (Subject)