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HPE2-E64 - Selling HPE SMB Solutions and Services - Dump Information

Vendor : HP
Exam Code : HPE2-E64
Exam Name : Selling HPE SMB Solutions and Services
Questions and Answers : 81 Q & A
Updated On : June 15, 2018
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HPE2-E64 Selling HPE SMB Solutions and Services

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HPE2-E64 Certification Brain Dumps Source : Selling HPE SMB Solutions and Services

Test Code : HPE2-E64
Test Name : Selling HPE SMB Solutions and Services
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Q&A : 81 Brain Dump Questions

Selling HPE SMB Solutions

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Hewlett Packard enterprise enterprise (HPE) Q2 2018 salary convention call Transcript | killexams.com real questions with brain dumps

Logo of jester cap with thought bubble with words 'Fool Transcripts' below it© The Motley idiot brand of jester cap with thought bubble with words 'fool Transcripts' under it

Hewlett-Packard business business(NYSE: HPE)

Q2 2018 earnings convention name

might also 22, 2018, 5:00 p.m. ET

Hewlett Packard commercial enterprise Co

  • prepared Remarks
  • Questions and answers
  • name members
  • organized Remarks:


    respectable afternoon, every person, and welcome to the second quarter Fiscal 12 months 2018 Hewlett-Packard enterprise income convention name. My name is William and i will be your convention moderator for ultra-modern call. at the present, all participants will be in a hear handiest mode. We may be facilitating a question and answer session toward the end of the conference. if you need counsel throughout the call, please sign a convention expert by way of urgent the * key adopted through 0. As a reminder, this conference is being recorded for replay purposes.

    i'd now like to turn the presentation over to your host for ultra-modern call, Mr. Andrew Simanek, Head of Investor family members. Please proceed.

    Andrew Simanek -- Head of Investor relations 

    first rate afternoon. i am Andy Simanek, Head of Investor members of the family for Hewlett-Packard commercial enterprise. i'd like to welcome you to our Fiscal 2018 2nd quarter profits convention name with Antonio Neri, HPE's President and Chief government Officer, and Tim Stonesifer, HPE's government vice chairman and Chief economic Officer.

    before handing the call over to Antonio, let me remind you that this name is being webcast. A replay of the webcast may be made attainable almost immediately after the demand approximately 365 days. We posted the click release and the slide presentation accompanying state-of-the-art revenue liberate on our HPE investor family members webpage at buyers.hpe.com.

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    As always, points of this presentation are ahead-looking and are in response to our finest view of the area and our corporations as we see them nowadays. For extra distinct advice, please say the disclaimers on the income substances relating to ahead-searching statements that involve dangers, uncertainties, and assumptions. For a discussion of some of these dangers, uncertainties, and assumptions, please confer with HPE's filings with the SEC, including its most recent form 10-k.

    HPE assumes no responsibility and doesn't intend to update this sort of ahead-looking statements. We additionally observe that the financial suggestions discussed on this name displays estimates in accordance with counsel purchasable at the present and will differ materially from the amounts sooner or later reported on HPE's quarterly record on form 10-Q for the fiscal quarter ended April thirtieth, 2018.

    at last, for economic suggestions that has been expressed on a non-GAAP basis, we now have offered reconciliations to the similar GAAP information on our web page. Please consult with the tables and slide presentation accompanying present day revenue free up on our web site for particulars.

    With that, let me turn the name over to Antonio.

    Antonio Neri -- President and Chief government Officer

    Thanks, Andy and first rate afternoon, every person. Thanks for joining us nowadays. Let me start via saying that i am very glad with our potent performance in Q2. We continue to execute smartly throughout all business segments whereas supplying on a few strategic initiatives. salary of $7.5 billion was up 10% from the prior yr period. We skilled solid earnings increase across each and every business phase with certain energy in intelligent aspect, high efficiency compute, storage, hyper converged, and composable infrastructure.

    From a micro perspective, the IT market is still effective. We saw growth in all regions with specific energy in both EMEA and APJ. foreign money was a bigger 12 months over year benefit, presenting a 3-point tailwind this quarter. Given our mighty execution held through a $0.01, we delivered a non-GAAP EPS of $0.34 above our standard range of $0.29 to $$0.33.

    looking at cashflow, our free cashflow turned into -$269 million in Q2. We remain confident in our full 12 months outlook or approximately $1 billion in free cashflow and we will deliver more colour on this in a moment.

    at last, in Q2, we start executing in opposition t our $7 billion capital return plan we announced ultimate quarter. We back $1 billion to shareholders within the variety of share repurchases and dividends and we announced that we are raising our dividend by means of about 50% starting within the existing third quarter.

    searching ahead, on account of our efficiency in Q2 as well because the endured improvement from a lessen tax expense, we are elevating our Fiscal yr 18 non-GAAP EPS outlook to $1.40 to $1.50 from our prior to now offered outlook of $1.35 to $1.forty five. Tim will supply greater particulars in a minute.

    earlier than I flip to the company phase performance, I wish to offer you an update on our development with HP subsequent. As a reminder, HP subsequent is our companywide initiative to rearchitect HPE to bring on our strategy and force a new wave of shareholder price. or not it's all about simplification, execution and innovation. through this initiative, we are simplifying our working model and the manner we work. we're streamlining our choices and business processes and modernizing our IT programs to enhance our execution. we're moving our investments in innovation towards excessive increase and higher margin alternatives.

    Over the primary half of this 12 months, we've performed some gigantic milestones across each of these areas. as an instance, we now have decreased spans and layers between the CEO and the consumer. we have enormous streamline of our structure, empowering the front line to make key additions. And we have dramatically decreased SKUs and structures across our extent and value segments, which simplifies our operation and makes us easier to work with. stepping into the 2nd half of the yr, we'll be concentrating our efforts on the next part of the initiative, together with building out our no contact revenue mannequin and accelerating our IT transformation to stronger service shoppers and companions.

    The alterations we're making via HP next will not only enhance our charge structure, they're going to also supply us a significant long-term aggressive expertise. i am very happy with the work we're doing right here. while the selections we're making are for the lengthy-time period, you already are already starting to see the advantages in our financial consequences. In Q2, we delivered an working margin of eight.6%, up 270 basis features from closing 12 months, due partly to the helpful execution of HP next.

    Turning to our enterprise segments, we noticed solid performance throughout the board while continuing to bring innovation in key areas of our platform. In intelligent facet phase, profits grew 17% yr over year, with strengths in both products and features. wireless LAN income rebounded as anticipated after a softer Q1 and wire switching continues to be robust. whereas, nonetheless, a small element of our typical product income, we noticed powerful client traction IoT methods, including a major win with a worldwide financial capabilities enterprise. These results bode neatly for our future.

    Our consumers inform us they are looking to take skills of exploring the quantity of usable records being created at the side. We heard that. We persevered to make investments to build out our clever area platform. as an example, in Q2, we strengthened our platform with the acquisition of Cape Networks. The Cape acquisition is the latest steps towards our vision of independent infrastructure enabled through artificial intelligence.

    Cape expands Aruba AI vigor networking capabilities with a sense of base community coverage solutions that improves network efficiency, reduces disruption and tremendously offers IT management for our valued clientele. We additionally introduce web perception, an additional complementary AI-based analytics, reduces disruption assurance answer for optimizing network efficiency. net Insights makes use of computer studying to continuously computer screen the network and bring insights within the adventure of anomalies. It additionally recommends how most reliable to optimize the community for today's mobile first and change essential IoT instruments.

    looking ahead, we see big competencies in clever side. this will continue to be a key area of investment for us. Turning to Hybrid IT, revenue became $6 billion, up 7% year over 12 months with solid performance across all phase. Compute grew 6% 12 months over 12 months and 9% in case you exclude tier one. We saw very amazing growth in high-efficiency computing device, composable infrastructure, and hyper convert, offset by means of the persevered decline in our custom-made commodity server sells to tier one carriers, a business we are moving away from.

    Our focus is still on presenting options that carry excessive value differentiation to our purchasers and to our ecocnomic share for HPE. We continue to prioritize funding in these greater margin, bigger growth segments of the market. for instance, simply final week, we announced the acquisition of Plexxi. Plexxi provides imaginitive application-defined networking technology, which we plan to combine into each SimpliVity, our hyper converge offering, and Synergy, our composable infrastructure offering. With Plexxi, we will allow consumers to flow and control their records more right away and simply and additionally enormously cut back CapEx and OpEx through up to 50% in some situations.

    Storage performed very smartly, up 24% year over yr with a nimble acquisition and up 14% organically. All-flash continued to operate neatly, turning out to be 20% 12 months over yr as the market continues to transition and we advantage from our powerful place with each 3PAR and Nimble. And earlier this month, we brought the next generation in storage platform, which is guaranteed to carry the best storage effectivity of any all-flash array available on the market.

    information core's working profits changed into up 2% yr over year with respectable execution within our current installation base. eventually, turning to capabilities, HP Pointnext revenue grew 1% 12 months over 12 months in Q2. We saw it decide upon up in orders in deals that flip from Q1 and strong customer traction from our most recent offering called HP GreenLake. HP GreenLake is a collection of paper use solutions available for high shoppers or masses like massive records, SAP HANA and side Computing. The providing simplifies the IT experience and offers valued clientele option of where workloads should live and the way to flexibly eat them. here's an offering we are able to proceed to extend. seek updates soon.

    And in Q2, we also persevered to strengthen our advisory capabilities, building on our acquisition of cloud technical partners with the acquisition of RedPixie. RedPixie is a UK-based mostly cloud consulting enterprise with deep Microsoft Azure expertise, which completely complements CTP's mighty AWS relationship. we are excited about the capabilities this acquisition brings to HPE and already seeing them open doorways to new and larger offers.

    HP economic services also performed smartly within the quarter, with salary up 5% yr over yr, leading with robust growth in our asset management company. consumers are responding smartly to the actions we are taking, each from an operational and innovation point of view. They consider in our method, within the effective portfolio of items and functions we are constructing. That confidence may also be considered in some recent wins.

    for example, in Q2, we won a tremendous excessive-efficiency compute take care of the USA department of power. this is simply the latest instance of the electricity of HPE's HPC portfolio and the value it brings to the U.S. executive within the nation, in foreign competition over computing energy. We also won a brand new undertaking with Time Warner, where Aruba changed into chosen for the state of the paintings Hudson Yard Digital workplace mission in new york city.

    And we announced a new supercomputer installation at KU Leuven, a Flemish analysis college, at all times ranked as one of the most correct 5 most inventive universities on this planet. we've collaborated with the tuition to develop a installation a brand new supercomputer in particular developed to boost AI workloads. It should be used to construct purposes that pressure scientific breakthroughs, financial growth and innovation in Belgium.

    next month, we are able to host our annual HPE discover convention in Las Vegas, bringing together heaps of customers and companions from all over. we will be making some wonderful announcements at events and that i seem to be forward to seeing lots of you there.

    So, as is declared past, i am very glad with our performance in the first half of Fiscal 12 months 18. All of our company segments operate smartly. We made strong progress on HP subsequent and continue to put money into innovation if you want to extra support and differentiate our company into the longer term.

    looking forward to the rest of the 12 months, as we indicated final quarter, we predict the increase expense to average given more difficult rivals, missing acquisitions, and a smaller foreign money tailwind. whereas we see a extra challenging second half, we now have obtained first rate momentum and i'm confident that we are going to deliver on our annual Fiscal yr 18 outlook.

    With that, i will be able to turn it over to Tim.

    Tim Stonesifer -- government vice chairman and Chief fiscal Officer

    Thanks, Antonio. Our Q2 monetary outcomes were mighty, with amazing revenue boom, vastly improved working margins and enhanced than expected revenue. total salary for the quarter became $7.5 billion, up 10% yr over year and 6% in regular currency. Topline efficiency become pushed by way of first rate market dynamics, solid execution, and both favorable year over year compares and exchange prices.

    From a portfolio mix point of view, we're seeing strong increase in our cost choices and our core volume business is starting to be greater than expected. From a macro perspective, IT spending is still reasonably suit with solid customer demand across all agencies and geographies. The pricing atmosphere continues to be competitive but has endured to be extra purpose and passing via elevated commodities cost.

    DRAM cost raises have also started to flatten. forex drove a 330-foundation aspect tailwind to earnings year over yr. With that noted, costs have moved slightly unfavorably in the final month, so currency are usually not as colossal of a improvement within the 2nd half if these quotes hold. We now predict closer to a 2-factor improvement to salary in Fiscal 12 months 18.

    regionally HPE's efficiency within the Americas proceed to be solid, turning out to be 3% in constant currency. most of the growth got here from the us, Canada, and Brazil with strength in storage and the clever part. salary growth in Europe proceed to be amazing, up 9% in consistent foreign money, with double-digit boom in UK, France, and Italy.

    efficiency in EMEA turned into amazing across all company devices with double-digit boom in compute, storage, in Aruba products and services. Asia Pacific grew 9% in consistent currency with robust in China, Australia, and Singapore.

    Turning to margins, the gross margin of 30.four% changed into up 90 foundation aspects year over yr and 200 foundation points sequentially. Non-GAAP operating income of 8.6% became up 270 basis elements 12 months over year and 90 basis aspects sequentially. We proceed to execute neatly this quarter with HPE subsequent mark downs using most of the growth. DRAM was also less of a power factor as compared to prior quarters and we endured to profit traction on the pricing front.

    Going forward, margin growth may be pushed essentially by way of offering the can charge discounts from HPE next and offering our price portfolio choices, which have bigger margins. Non-GAAP diluted internet earnings per share of $0.34 is barely above the excessive-end of our outdated outlook of $0.29 to $0.33 due to robust operational efficiency and a tax rate advantage of approximately a penny.

    The Q2 non-GAAP tax rate was 9.6%, which is barely below our prior to now supplied tax range of 11% to fifteen% because of a variety of one-time discount rates in non-US tax cost. For the complete 12 months, we now predict our tax cost to be at the reduce end of the 11% to 15% latitude, but we're nonetheless working through many variables associated with tax reform. GAAP diluted net earnings per share changed into $0.49 above our up to now supplied outlook range of $0.10 to $0.14, essentially due to releasing reserves we've got been holding linked to HPQ tax dangers that were part of our separation contract, which has now been settled.

    Now, turning to the company instruments -- in hybrid IT, earnings became up 7% 12 months over yr and four% in constant forex. earnings performance turned into potent and balanced throughout all companies in all regions. operating margins have been 10.3%, up 220 foundation facets 12 months over year and 70 groundwork features sequentially and in keeping with our expectations.

    Compute income was up 6% 12 months over year and 9% except tier one. We proceed to look higher AUPs pushed by means of passing via extra DRAM costs, increasing our Gen10 mix and offering richer tax configurations.

    We noticed endured momentum in our price bass with excessive-performance compute transforming into over 20%, hyper converge up triple digits, and Synergy gaining expanding consumer traction. As outlined previous, earnings boom in our extent business turned into higher than planned, driven with the aid of potent boom in core rack.

    Storage revenue turned into up 24% yr over yr with persisted momentum in the organic business, up 14% 12 months over year. We saw powerful double digit boom and coverage storage driven through nimble and massive facts storage that has turn into a meaningful part of the portfolio. All-flash arrays grew 20% yr over year. while the average storage market remains aggressive, we like our present place and are expecting to take 50 basis facets of share this quarter, which may be the tenth time in the last 12 quarters where we have now won and maintained share.

    statistics center networking income turned into up 2% with respectable execution primarily from our installed base within the Americas. HPE Pointnext income became up 1% year over year with operational growth for the seventh consecutive quarter. normal orders grew 1% with even enhanced growth and operational features, which was pushed by way of our new HPE GreenLake bendy potential offerings. carrier depth remains potent, however attached orders proceed to be under pressure from lessen hardware boom and richer hardware configurations.

    within the clever area, profits turned into up 17% 12 months over yr and 14% in regular foreign money. operating margins of 6.5% were up 360 foundation facets sequentially as a result of the operating leverage from greater profits but have been down one hundred ten basis points year over year due to huge investments in earnings and R&D. Aligned to our strategy of pivoting to the intelligent aspect, now we have been making significant go to market and R&D investments which have given us the leadership place in this high-growth market possibility.

    Aruba product grew 18% with endured powerful increase and campus switching and a rebound in wireless LAN, despite difficult compares in the prior year. we have now also begun to look decent traction in our side compute enterprise. Aruba services became up 10% on installed base boom due to amazing attach of our software platform like ClearPass and Airwave.

    HPE monetary capabilities revenue grew 5% 12 months over year and 1% in regular currency, driven by using potent residual earnings and growth in our direct company that turned into a little bit offset by means of reduce operating unencumber combine. quantity was flat as increase in our direct enterprise turned into offset through the drive in our indirect company. operating profit declined 90 groundwork facets 12 months over 12 months to 7.9% because of one-time gadgets.

    Now, turning to cashflow. Free cashflow changed into -$269 million in Q2. The money conversion cycle turned into based on expectations and reduced sequentially by way of sooner or later to -22 days. both inventory and payables had been multiplied in the quarter as a result of strategic positioning of key commodities and a bit greater pricing. We additionally entered the quarter with an working business net money stability of three.5%. searching ahead, we're nevertheless on track to obtain our free cashflow outlook of about $1 billion in Fiscal 12 months 18as the 2nd half benefits from a couple of items.

    First, we predict money income to ramp, aligned with common seasonality and the can charge mark downs from HPE next. second, working capital can be a source of money versus using cash in the first half with the money conversion cycle improving to the poor-high 20-day range, comparable to our this fall exit range. final, we now have fewer one-time funds and are expecting incremental actual estate earnings towards the end of the year.

    relocating to capital allocation, as part of our $7 billion capital return plan through Fiscal 12 months 19, which we introduced in Q1, we again $1 billion to shareholders during the quarter. This includes $907 million of share repurchases and $116 million of dividend funds. As previously communicated, we raised our quarterly dividend by 50%, which can be payable in July.

    We also introduced today that we'll be redeeming $1.6 billion of our bounds maturing in October on the end of June. The bond redemption is in step with our capital allocation approach, which includes conserving an funding grade credit rating. Going ahead, we intend to run the operating enterprise with web cash impartial to wonderful and we will keep fiscal flexibility through barring means as crucial.

    Now turning to our outlook, consistent with our method in Q1, we are expanding our non-GAAP revenue outlook for Fiscal year 18 via $0.05, as a result of our operational efficiency in Q2 and a positive tax price that we now predict to be on the low conclusion of our eleven% to fifteen% tips for the yr. due to this fact, we are expecting Fiscal year 18 non-GAAP diluted internet income per share of $1.forty to $1.50. We expect our Fiscal 12 months 18 GAAP diluted net revenue per share to be $1.70 to $1.eighty.

    For Q3 18, we expect non-GAAP diluted web salary per share of $0.35 to $0.39 and we are expecting GAAP diluted internet salary per share to be $0.19 to $0.23. So, standard, i am pleased with the performance in the quarter and i'm eager for specializing in providing our full-12 months commitments.

    before we open up the demand questions, as Antonio outlined, I simply desired to remind all and sundry that we now have our IR Summit coming up in June at our find client experience in Las Vegas and that i hope many of you should be in a position to join us.

    Now, let's open it up for questions.

    Questions and solutions:


    thank you. And we can now begin the query and answer session. To ask a question, you may also press * after which 1 for your touchstone mobilephone. if you're the usage of a speakerphone, please opt for up your handset before urgent the keys. To withdraw your question, please press * then 2. We do also request that you just limit yourself to 1 question and a single observe-up question.

    And our first questioner nowadays could be Sherri Scriber with Deutshce financial institution. Please go forward.

    Sherri Scribner  -- Deutsche financial institution -- Analyst

    thank you. I believe Antonio and Tim, you both mentioned that DRAM charge raises have started to flatten. can you remind us how you're feeling about DRAM and NAN as we flow into the 2d half of the year I think once we observed it last quarter, it really is going to be a little bit of a drive on salary. How are you thinking about that as we circulation into the second half?

    Antonio Neri -- President and Chief executive Officer

    sure. Thanks, Sherri. now we have still viewed a knocking down of the DRAM costs. We nonetheless see what I call nominal, low single-digit can charge increases. we are able to flow these alongside for two reasons. One is greater execution in our go to market, more disciplined approach and second, our rivals are becoming extra rational about pricing in ordinary. it's going to be a really low-cost boost and we feel confident to pass these alongside.

    The AUPs, obviously, continue to be multiplied for two causes. One is the DRAM, as we talked before. Two is the richer configurations -- in particular on the compute aspect, the compute facet are using a prosperous configuration of memory, obviously flash, NAN in terms of storage. this is why we see the increased AUPs. these are not going to trade every time soon, also because consumers are attempting to reach more efficiencies in their data centers, in particular to deploy the inner most cloud. The other one is some of these workloads demand that level of configuration, exceptionally as you circulate to AI and information analytics.

    Sherri Scribner  -- Deutsche financial institution -- Analyst

    k. super. Then simply searching on the storage business, it looks like you guys have in reality recovered in that company versus some concerns you had last year. How are you feeling about the storage enterprise as we stream into the second half? Do you suppose these salary growth tiers are sustainable or do you expect them to come back again in a bit? thank you.

    Antonio Neri -- President and Chief government Officer

    sure. Storage performed very smartly, up 24% 12 months over yr with inclusion of Nimble and 14% organically, which is to your factor, we basically carried out means superior than remaining year. ultimate 12 months, we had some execution challenges, specially in North the united states. We believe we have addressed these concerns and after I feel concerning the opportunity in the market, absolutely all flash continue to be a significant probability. This quarter we grew 20%. we're truly enthusiastic about our portfolio.

    The mixture of Nimble and 3Par with the simplicity of our value proposition, with cloud capabilities built into it and most importantly with our AI applied sciences developed into it, each in Nimble and 3Par as a result of now we scaled that answer to 3Par basically is whatever thing it really is resonated with clients. So, as I look ahead, we predict to look solid biological growth in storage, however let's remind ourselves next quarter we're going to have the lapping of the Nimble acquisition to the portfolio. I consider the growth cost can be a little bit greater moderated, but we're very confident about our capability to execute with this portfolio as a result of we now have proper value differentiation.

    Sherri Scribner  -- Deutsche financial institution -- Analyst


    Andrew Simanek -- Head of Investor relations 

    thank you, Sherri. are you able to have the next query, please.


    And our subsequent query might be Katie Huberty with Morgan Stanley. Please go ahead.

    Katie Huberty  -- Morgan Stanley -- Managing Director

    thanks. good afternoon. you will have beat earnings and EPS two quarters in a row. the vast majority of the $0.05 full-year suggestions is tax linked. can you just touch upon why you're no longer assuming robust operational developments continue for the remainder of the 12 months? simply as a related comply with-up to that, should you talk about complicated compares within the again half of the fiscal yr and lapping acquisition, does that end in an organization this is now not growing topline or do you feel the topline can proceed to develop within the back half simply at lower costs?

    Tim Stonesifer -- executive vice chairman and Chief financial Officer

    Yeah. So, as far as the $0.05 goes, i'd say $0.02 of the $0.05 changed into operational. once more, we continue to perform very well, exceptionally in the volume piece of the portfolio. that's becoming faster than we had anticipated. as far as why we don't seem to be passing greater via. once more, we've a quite a bit of of execution left in the 2nd half. We nevertheless have six months to move and we believe or not it's just prudent to flow along the operational efficiency we're seeing and then we're attempting to be as clear as we will on the tax entrance as we're still working via all those alterations.

    so far as the increase goes, yeah, I think we can proceed to develop. if you appear on the 10% boom that we had in Q2, i would say about three.5 aspects of that turned into tailwind from FX. We had a couple of features of tailwind from the compares with Nimble and SimpliVity and then we had 4.5 features of execution. I consider it be in fact a combination as a result of I do believe our go to market action is working improved. I do believe our geo-mannequin we pivoted to this yr is working very well, however we even have better markets. we now have potent consumer demand. we now have a more robust pricing environment. So, that plays into it as neatly.

    As I seem ahead into the 2d half, rates have moved a bit bit unfavorably for us. If these costs hang, we would get much less of a tailwind. We surely lose the favorable compares. The other factor i might make out is we're doing about half of the tier one business within the second half of the 12 months that we did versus the first half. that's about 2.5 aspects of headwind, no margin have an effect on, after which we have more challenging compares standard. I consider moving forward, we will actually grow, but it's undoubtedly now not going to be at that 10% cost given the motive they just laid out.

    Antonio Neri -- President and Chief executive Officer

    Antonio, I want to add a few issues here -- one is if you go again to where we guided, we said zero to 1% boom. it be glaring we will grow faster than that for the 12 months. I consider that's one enviornment. The 2nd is we are very, very assured in our portfolio. I consider as we proceed to contribute from quantity to price, we are able to see also an development there because the growth areas we see are hyper-converged in areas like private cloud, excessive-efficiency compute etc. We accept as true with this enterprise absolutely can develop and truly this 12 months should be above the suggestions we give you for the full 12 months.

    Katie Huberty  -- Morgan Stanley -- Managing Director


    Andrew Simanek -- Head of Investor relations 

    thanks, Katie. can we go to the next query, please?


    Our next questioner nowadays will be Tony Sacconaghi with Bernstein. Please go forward.

    Toni Sacconaghi  -- Bernstein -- Analyst

    thank you. You offered an update on HPE next and some of the accomplishments to date. I feel the target changed into to are attempting and convey $250 million in web discount rates this 12 months and $800 million over the subsequent three years. might you give an update on where you consider you are in terms of the savings catch cost to this point this yr and even if we may still nevertheless be considering a few $250 million rate reductions for the year? I have a comply with up, please.

    Antonio Neri -- President and Chief executive Officer

    sure, Toni, thanks for the query. we're confident we are on the right track to carry $250 million for the years. Now, simply as a reminder, HP next is the initiative I launched to rearchitect the company to deliver on our vision or approach. Our aim with this turned into all about simplification, innovation, and execution. we have made first rate progress on many fronts.

    One is the operating mannequin simplification within the go to market is paying off when it comes to no longer just the savings but definitely increase the execution. second we've reduced already fairly drastically a number of structures and options which interprets in lessen amounts of potential to our clients and partners, which allows for us to stronger plan and execute in our provide chain.

    Then third is the subculture of the company as well. So, from my standpoint, we are on course with what we observed we're going to do. To me, here's going to be the aggressive talents that Hewlett-Packard business can have going ahead. For me, this is now not simply a method to return shareholder price, however in reality to enhance the style we execute our company day by day. The reality is the market is relocating in reality quickly. They should react to those opportunities without delay. Have a lean, imply, conclusion to conclusion price chain is fully standard.

    So, now, we're going to enter the 2d phase of this, which is the transformation within the methods in IT modernization, which actually will supply us the incremental step forward on executing even better and extra with no trouble in front of the market probability. Tim, do you want to add the rest?

    Tim Stonesifer -- executive vp and Chief fiscal Officer

    No, I believe you nailed it.

    Toni Sacconaghi  -- Bernstein -- Analyst

    So, the follow-up -- it nevertheless seems like if we trust Pointnext has about 30% operating margins, which is traditionally where it be been, it still looks like operating margins on servers, storage, and the statistics center networking is within the 1% to 2% range presently. That doubtless means that server margins are bad still.

    How should traders simply consider about what a normalized margin for these companies are or has the entire server market moved to a market the place we is just not thinking about it that means and that we're basically a blended margin between aid and servers are basically fitting the car to selling excessive margin help and we is just not brooding about discreet profitability for each of those.

    Tim Stonesifer -- government vice president and Chief fiscal Officer

    Thanks for the query, Toni. i would say this -- I think your math is suitable. you are in the low single-digit range for the hardware groups. i am no longer really going to comment about the place those are going, however i'll give you color. if you look at our ordinary margin of eight.6%, as we now have stated all yr, we do suppose that continues to enrich over the path of the 12 months and that is the reason in fact a mixture of the accelerated cost discount rates from HPE subsequent. that's a combination of the acquisitions as they develop into further and further accretive as continue to grow those businesses and right dimension those cost envelopes.

    Then to Antonio's point, as we continue to pivot towards the price component of our portfolio, where we've better margins and better connected, that most likely offers us some rate elevate as smartly. we'd predict those to continue through the route of a yr on a normalized, if you will, groundwork, two or three years down the highway, I suppose a couple calls ago, there may be a pair hundred aspects of growth and that i nevertheless think that is real because whilst we exit '18, we're nevertheless going to have HPE next savings and we will continue to pivot towards the value portion of the portfolio.

    Antonio Neri -- President and Chief govt Officer

    The other thing i might add, Toni, if you look at our Q2 efficiency, we more advantageous our Hybrid IT margins with the aid of 20 foundation aspects in that company. and obviously, like I pointed out earlier than, the Russianization of structures and alternatives provide us more suitable profitability on the hardware side.

    it is absolutely that surely a big chunk of our profitability comes from features, however let's remind ourselves that profitability and service business isn't just attached. it be what we name capabilities led alternatives and we pivot that portfolio somewhat significant within the remaining two to 3 years and we see now the momentum and the manner purchasers are looking to eat a greater subscription-primarily based model.

    it truly is why issues like HP GreenLake as well. but to Tim's factor, we can proceed to drive that rigor and self-discipline and our charge structure and eventually the more straightforward we innovate in our portfolio, the simpler it is to go sell it to increase the pull via for functions and as neatly for the rest of the HP portfolio.

    Andrew Simanek -- Head of Investor family members 

    thank you, Toni. will we go to the subsequent query, please?


    The subsequent question will be Simon Leopold with Raymond James. Please go ahead.

    Victor Chu  -- Raymond James -- Analyst

    hi there, guys. this is Victor Chu in for Simon Leopold. i wanted to ask about free cashflow. It looks like FCS appears like it'll have somewhat a sharp step up within the lower back half of the year to get to your $1 billion goal. i used to be hoping you may give us greater color around that, what materials of working capital are you expecting to force the money conversion in the 2d half of the 12 months.

    Tim Stonesifer -- executive vice chairman and Chief monetary Officer

    certain. We're nevertheless confident with $1 billion for Fiscal 12 months 18. Q2 came in at -$269 million, which to be honest with you, was lighter than we anticipated. I suppose on the closing call, I stated Q2 would be flattish. We had an improved mixture of one-time funds and adverse actions that was rated to the VAT taxes. So, these are extra timing than the rest.

    As you understand during this enterprise, free cashflow is very seasonal. in case you seem at the final couple of years, we typically have bad free cashflow within the first half of the year and then we generate a significant volume in the 2nd half of the year and that i don't feel 2018 goes to be any different.

    or not it's definitely pushed by way of four things. first off, you could seem to be on the salary ramp. that's reflected in our EPS e-book. it is a mix of HPE subsequent discount rates as well as customarily seasonality so so that it will certainly generate greater free cash circulation. From working capital standpoint, we definitely had a money utilization in the first half of the 12 months, we're going to generate profit the second half of the year I think the indicator to look at there is our money conversion cycle. As we mentioned within the organized remarks, we'd predict that to conclusion in the negative high-20 day range. We expected that to be very in keeping with the place we exited this fall of 17 and that generates a significant sum of money.

    different belongings and liabilities -- we had some unfavourability within the first half, i might predict that to come lower back in the 2nd half. Nothing has structurally changed in case you consider in regards to the stability sheet. i'll go returned to the VAT examples we should still be amassing on those receivables within the second half of the year.

    Then lastly, we're going to have fewer one time funds. if you look on the SAM presentation that we laid out, we had about $1.1 billion of 1-time cash funds, roughly $800 million of that has been sorted within the first half of the year, so that gives us a tailwind in the again half of the yr after which we can have, to your factor, we are able to have some precise property positive factors in the 2nd half of the 12 months. there's loads of moving parts and free cashflow. that's why or not it's very tricky to forecast on 1 / 4 foundation, but given these comments, we believe truly decent concerning the dollars for Fiscal year 18.

    Victor Chu  -- Raymond James -- Analyst

    thanks. it is very positive.

    Andrew Simanek -- Head of Investor members of the family 

    thank you, Simon. will we go to the subsequent query, please?


    Our next questioner today may be Shannon go with go analysis.

    Shannon move  -- move analysis -- Analyst

    My question is with regard to AI -- i'm simply curious how you see one of the crucial new choices you've launched and some of the new acquisitions fitting into this, above all i'm curious as to how you're going to monetize them as a result of each person focus on AI and what it's going to do to the industry, but i'm wondering how it helps you from a competitive standpoint over time. and i have a follow up.

    Antonio Neri -- President and Chief government Officer

    sure. thank you for the query. i'm basically very excited about AI. We see this every day. I spend 50% speaking to consumers. it be variety of unique because what they are trying to find is to monetize that information faster and attempting to take into account they may still be doing with that statistics from the company viewpoint. So, AI offers you that vehicle to speed up effects from the information standpoint. We already have very amazing offerings both in memory options -- suppose about our Superdome X and as smartly at HP Apollo 6500, which is an AI-designed platform.

    How we monetize is terribly standard. We give capabilities upfront, which is in reality the advisory ability, the way to put into effect AI in their environment and quantity two, how we design and put in force the right answer for them and we already have many, many systems with AI embedded in terms of it in terms of answer development kits their data scientist using whatever thing tools they need, whether it be cloud facts or whatever thing it's.

    So, here is an excellent chance for us and also, we're the use of AI internal our portfolio. So, we speak about the way forward for hybrid IT being adaptive. we're offering AI technologies interior our own utility defined infrastructure. An illustration that, without doubt, is information web page, however you might be going to peer more and more of that embedded at the side in addition to our cloud orchestration capabilities.

    Shannon pass  -- pass research -- Analyst

    Tim, are you able to speak a bit about how we should suppose concerning the model altering as you move to bendy potential or flexible consumption models over time. We sat in application certainly to SaaS and now we're seeing these two devices that carrier over time. Thanks.

    Antonio Neri -- President and Chief executive Officer

    I think you might be asking the question from the company mannequin viewpoint or the monetary point of view? If it be financial, i'll ask Tim right here to remark. What we see is purchasers like the skill to eat on prem in a utility-based mostly model. What that ability is they desire a full integrated solution with the hardware or infrastructure they want, with the utility or services to run it the finest approach. in lots of approaches, we focus on how we deliver that public cloud event and economics on prem and that event comprises the consumption-primarily based mannequin. counting on the dimensions, we will provide the purchasers a very aggressive solution on premises. it's not simply infrastructure as a service but also outcome as a carrier. believe about again half restoration as a carrier, SAP HANA as a provider and so on. We already have those purchasable and we see a big hobby and demanding uptick in service.

    From the fiscal aspect, we have crafted what I think is a very strong and easy options for our shoppers leveraging our fiscal portfolio which deliver that embedded financing but is a services-led company and the way now we have at last handled them is no different than any subscription-based mostly mannequin. Tim, possibly you are looking to touch upon that.

    Tim Stonesifer -- govt vice chairman and Chief economic Officer

    Over time, it'll enhance our routine profits and will additionally enrich our profitability.

    Andrew Simanek -- Head of Investor family members 

    thank you, Shannon. will we movement on to the next question?


    The subsequent questioner should be Jim Suva with Citigroup. Please go forward.

    Jim Suva  -- Citigroup -- Analyst

    thank you very a good deal and good job on the results and execution. I have a question on the Hybrid IT reporting section, notably the Pointnext or the service revenues. If I do the math accurately, it really is up about 1% 12 months over 12 months with foreign money down 1% yr over yr. Why would revenues for Pointnext be down year over year when typical your business outcomes are so robust or how will we bridge the hole between those adjustments?

    Tim Stonesifer -- government vp and Chief economic Officer

    I believe it is a factor of the contracts rolling off and given the indisputable fact that a lot of these are three-yr contracts, you have some timing from a translation and outcomes perspective.

    Jim Suva  -- Citigroup -- Analyst

    ok. So, should we expect Pointnext to be challenged with the timing of context rolling of?

    Antonio Neri -- President and Chief govt Officer

    No. once we book the orders, we ebook it as whatever thing the forex become on the time, however at the equal time, we're reserving our orders with what I call greater favorable currency. The mix of here is going to dictate what the effect is but we're still confident that we will continue to power the boom during this portfolio driven through these new offerings. that's why we are very keen to continue to drive that consumption-based mostly mannequin that Shannon requested the question for because that has grown vastly quicker than what we're poting right here as w gap section.

    Tim Stonesifer -- govt vp and Chief financial Officer

    i might say one more element to look at is services depth. So, provider intensity became up 35% in Q2 so we proceed to have extra connected greenbacks per instruments.

    Jim Suva  -- Citigroup -- Analyst

    thanks so much for the clarification and detail.

    Andrew Simanek -- Head of Investor family members 

    will we move on to the next query please?


    The subsequent question can be Steve Milunovich with UBS. Please go forward.

    Steve Milunovich  -- UBS -- Managing Director

    thank you. first of all, on the tax cost for Fiscal 19 I consider you referred to the tax price would go up this 12 months. We had been thinking possibly 18% however does that come down a pair facets now?

    Tim Stonesifer -- government vp and Chief financial Officer

    we are going to give you guys extra color at SAM because we're nonetheless working in the course of the influence in Fiscal year 18. To your aspect, the final year we guided, we noted 16% to twenty%, so that you're correct in the middle there. i'm not going to provide the guidance right here for 19 but we will give you full transparency in October at SAM.

    Steve Milunovich  -- UBS -- Managing Director

    i'm wondering in case you can intricate greater on your on the tendencies you are seeing? Is Azure stack accessible and some volume? How's your Microsoft relationship? I suppose you really want new servers if an account have been to make use of Azure with yoyr products and speak along with your application offerings. I consider you have some pretty good orchestration application.

    Antonio Neri -- President and Chief govt Officer

    sure. Thanks for the query. We see respectable traction in the private cloud phase. We present a multi-cloud type of answer. absolutely, we now have the VMware. we now have now a extremely effective integration between the VMware stack and our HP Synergy. We see gigantic traction of Synergy with VMware in selected segments just like the economic sector, where they want massive deployments of tremendous VM farms that in the end they could manage a significant amount of workload.

    The other one is Azure Stack. it be nonetheless a little bit early, but we see decent promise. we now have finished a little distinct implementation on that as a result of we have enhanced engineering integration and we already deliver several types of answer, no matter if it be HP reliant or what's now with availability of HP SimpliVity as well with a hyper-primarily based solution.

    And incidentally, with our offering of HP OneSphere, we also supply OpenStack and Coupa ambiance for all these shoppers who need to fully raid deployment of containers. in the conclusion, we have platform known as HP OneView that manages any class of infrastructure, no matter if it's a normal tier three strategy, converge, hyper converge and composable and now with the inclusion of Plexxi, which we introduced that last week, we're really now virtualizing the network completely integrated natively.

    and then with HP OneSphere, we deliver it via cloud in a hybrid IT atmosphere where you deployed a container and even an open source class of solution. We see the traction across them and we wrap all of that with our consumption based mannequin. We discuss HP GreenLake and that's the place the shoppers are very involved to work with us.

    Andrew Simanek -- Head of Investor relations 

    Thanks, Steve. do we go to the next question, please?


    Our next question with be Amanda Bruja with Loop Capital. Please go ahead.

    Ananda Bruja  -- Loop Capital -- Analyst

    Thanks for taking the question. Two if I might and that i'll ask them on the identical time -- the primary is on the topic of long-term aggressive merits, it makes experience how it improves your processes and your get to market, could you talk principally to what you see as one of the competitive merits relative to the industry and your competitors. The 2d query, I consider there become a remark, the 2nd half should be more challenging. i used to be wondering if you could tease out what probably the most challenges you see in the 2d half. Thanks.

    Antonio Neri -- President and Chief govt Officer

    certain. As I talked about before, we in reality consider. I accept as true with that HP next can be a competitive differentiator for us as a result of one of the most drivers we see during this business is the skill to deliver an integrative adventure. With the hard work we've accomplished over the final six and a half years and position of Hewlett-Packard commercial enterprise evidently during this house where we are able to compete and win, we have the opportunity to deliver a whole built-in new adventure.

    it is the opportunity of a lifetime. i have been on the company for 23 years. sadly, i know each system, each method for good or dangerous and i comprehend we have colossal upside, now not simplest to increase our charge structure, but basically enhance our boom through better execution once we've this built-in journey.

    Let me supply an example of that. Now we'll have an easy, much improved built-in experience with configurations. we will have a low contact model for greater of the transactional side, above all as you suppose in regards to the midmarket and SMB. we will have a streamline platform for the give chain, which in fact improves now not simply quote to cash, but the finance side of the execution, but all of this translates into value for our clients and for our shareholders because undoubtedly, we're allowed to make every thing we will in that execution.

    From the boom standpoint, once more, like I noted earlier than, we're confident we are able to beat our guidance we supply as them, which become zero to 1%, but certainly we're going to have more difficult compares. The forex is not going to be as amazing as its tailwind. we have the acquisition now in the full run rate. i am very assured in our biological increase as a result of our portfolio is awfully, very robust. or not it's going to come all the way down to how well we are going to execute and we are executing stronger and where we see the probability when it comes to balancing growth with the profitability which we just multiplied again on EPS.

    Ananda Bruja  -- Loop Capital -- Analyst

    each of these are very useful. Thanks so plenty.

    Andrew Simanek -- Head of Investor relations 

    I consider we now have time for a further question.


    That question will be from Aaron Rakers with Wells Fargo. Please go forward.

    Aaron Rakers  -- Wells Fargo -- Analyst

    thanks. I do have a follow-up as smartly. I wish to go lower back to Tony's past progression with regard to your rate reductions you expect to generate from HP next. i'm curious how an awful lot have you ever realized of the $250 million to this point in the first half of the 12 months and if you study one of the most development of stuff you're going to execute on, going to 1 ERP gadget versus ten, 400 income comp plans all the way down to 25, and many others., i'm just curious can you assist us take into account what has been achieved and what you are planning to execute on within the 2d half. Then I have a follow-up.

    Tim Stonesifer -- government vice chairman and Chief economic Officer

    i could reply the fiscal element then flip it to Fabio. if you appear at the $250 million, i might say that a third of it truly is in the first half and two-thirds could be coming in the lower back-half of the year. As Antonio outlined, we're on target to deliver that.

    Antonio Neri -- President and Chief govt Officer

    when it comes to what has been achieved, we already initiated the platform simplification. We noted 26 structures right down to seven on the volume facet and 27 all the way down to 9, so we are neatly on on our approach. We aren't fully carried out on that but neatly on our approach. when it comes to the manufacturing aspect, we haven't yet initiated the entire transition.

    So, within the returned half of this 12 months, exceptionally within the latter a part of the yr, we're going to implement the brand new SAP instance and with that foundation with a common information grasp, we will move to the simplification of our deliver chain in number of notes, which the substantial majority goes to happen in 2019.

    when it comes to our core plans, we executed lots of that, we achieved 2019 when it comes to income plans, which is also one of the crucial intent we are executing better because you're telling the marketers precisely the place to center of attention and the way they are going to receives a commission and that is the reason a motivator in lots of methods and that's the reason why we have more suitable execution.

    Very assured where we're today, but there is nonetheless a major volume of work to be achieved. it's a event to be laid out for the subsequent three years and tons of this may be based on the IT transformation using, notably on the low touch, no touch, which is going to come in the latter part of 2018 and a good way to improve our execution or go to market in the latter part as we proceed to pivot from volume to extent growth.

    Aaron Rakers  -- Wells Fargo -- Analyst

    that's very advantageous and perhaps this is slightly tied to the comply with up -- as I appear at the cash conversion cycle, one component that stands out is you had forty% yr over year in your stock carried on the stability sheet on this ultimate quarter. Is there strategic purchases being made within the inventory are you conserving more than given these initiatives or what's in fact driving that raise on the stock aspect?

    Tim Stonesifer -- govt vice president and Chief financial Officer

    or not it's a little little bit of each. We had been carrying some extra buffer stock to make certain we had adequate inventory to fulfill consumer demand and then you should remember we now have expanded ERAM fees as well. So, that has significant have an impact on.

    Aaron Rakers  -- Wells Fargo -- Analyst

    thank you very a good deal.

    Andrew Simanek -- Head of Investor relations 

    thanks, Aaron. Thanks everyone for joining us today. With that, we can close out the call.


    ladies and gentlemen, this may conclude our call for today. thanks for attending.

    period: fifty six minutes

    call participants:

    Andrew Simanek -- Head of Investor relations 

    Antonio Neri -- President and Chief govt Officer

    Tim Stonesifer -- executive vp and Chief monetary Officer

    Sherri Scribner  -- Deutsche bank -- Analyst

    Katie Huberty  -- Morgan Stanley -- Managing Director

    Toni Sacconaghi  -- Bernstein -- Analyst

    Victor Chu  -- Raymond James -- Analyst

    Shannon pass  -- cross analysis -- Analyst

    Jim Suva  -- Citigroup -- Analyst

    Steve Milunovich  -- UBS -- Managing Director

    Ananda Bruja  -- Loop Capital -- Analyst

    Aaron Rakers  -- Wells Fargo -- Analyst

    more HPE evaluation

    this text is a transcript of this conference call produced for The Motley fool. whereas we strive for our silly most fulfilling, there could be mistakes, omissions, or inaccuracies during this transcript. as with every our articles, The Motley idiot does not anticipate any responsibility to your use of this content, and we strongly inspire you to do your own analysis, together with listening to the name your self and studying the enterprise's SEC filings. Please see our phrases and prerequisites for extra particulars, including our necessary Capitalized Disclaimers of legal responsibility.

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    Avaya Continues Midmarket Push With New Contact middle offering | killexams.com real questions with brain dumps

    Avaya this week launched a brand new contact core answer that partners say fills a spot within the UC vendor's regularly becoming midmarket portfolio.

    the new Avaya IP workplace Contact center answer, in keeping with Avaya, is goal-built for contact centers with fewer than one hundred agents, offering the identical mighty performance of its average contact middle offerings but at a extra in your price range expense factor and with sooner deployment instances.

    Avaya noted IP office Contact middle base application begins at $2,225.

    [Related: Avaya Revamps Growth Incentives, Intros New Partner Specializations For 2014]

    Avaya IP office Contact middle represents the newest in a collection of strikes made through Avaya aimed toward broadening its footprint within the SMB and midmarket segments. In October, Avaya introduced a scaled-out edition of IP workplace, its flagship collaboration suite for the midmarket.The new version, IP office 9.0, can scale to support as much as 2,000 users, or double that of the prior-era IP office 8.1, which Avaya observed will help each itself and its partners solid a an awful lot wider net when selling into the midmarket.

    Nick Kolintzas, vice chairman of Engineering Operations at Carousel Industries, an Exeter, R.I.-primarily based answer company and Avaya accomplice, stated Avaya IP workplace Contact middle really fills a gap in Avaya's broader midmarket portfolio, which, in the past, failed to include a contact middle answer.

    "There in fact has been a gap," Kolintzas spoke of, noting that he has viewed a large uptick in his Avaya midmarket business. "we might appear outdoor Avaya to construct third-celebration solutions to satisfy that need for contact facilities with a hundred agents and below, so we are ecstatic about this launch."

    bill Xydias, director of advertising at Integration companions, a Lexington, Mass.-primarily based solution issuer and Avaya associate, agreed that there became definitely a necessity for Avaya to roll out a midmarket-focused contact center providing.

    "From an Avaya associate viewpoint, you are becoming the merits of providing what a huge business would use in a smaller kit," Xydias mentioned. "there isn't any magic behind it when it comes to a secret sauce, however [Avaya] is wise to present the identical business performance that a starting to be small- to medium-sized company wants."

    the brand new Avaya IP office Contact center is blanketed inside the IP workplace 9.0 platform, which is obtainable as either a hardware equipment or as a pure utility providing that can run on clients' own dedicated servers. It can also be deployed in VMware vSphere four.x or 5.x environments.

    Mark Monday, vice president and frequent supervisor, Collaboration systems, at Avaya, spoke of that because Avaya IP office Contact core requires shoppers to be operating IP office 9.0, it represents an opportunity for companions to head returned to their existing deploy base and offer improve services to 9.0, in addition to the deployment capabilities around Avaya IP office Contact core.

    "a chance exists right away for [partners] to head returned to their IP office installation base and, despite the fact that they don't seem to be on the latest [9.0] liberate, upgrade them after which carry them these new capabilities," Monday spoke of.

    Avaya IP workplace Contact core presents the equal functionality as Avaya's commercial enterprise-focused contact middle options, together with name recording, analytics and multichannel support, which enables agents to engage with consumers using either voice, e mail or chat functionalities.

    Avaya IP office Contact center can be available beginning Feb. 28.

    posted JAN. 30, 2014

    Hewlett Packard enterprise's (HPE) CEO Meg Whitman on Q3 2016 consequences - salary name Transcript | killexams.com real questions with brain dumps

    Hewlett Packard enterprise enterprise (NYSE:HPE) Q3 2016 salary convention call September 7, 2016 5:00 PM ET


    Andrew Simanek - Head, IR

    Meg Whitman - President & CEO

    Tim Stonesifer - EVP & CFO


    Katy Huberty - Morgan Stanley

    Toni Sacconaghi - Bernstein

    Sherri Scribner - Deutsche bank

    Steve Milunovich - united states of america04a7d3d609129a9296bf7ac0608c2097)

    Maynard Um - Wells Fargo

    Shannon move - cross research

    Jim Suva - Citi


    respectable afternoon and welcome to the Third Quarter 2016 Hewlett Packard commercial enterprise profits convention call. My identify is Aaronson and i’ll be your conference moderator for nowadays. at present, all participants can be in pay attention-best mode. We will be facilitating a question-and-reply session in opposition t the end of the convention. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

    i'd now like to flip the presentation over to your host for nowadays’s name, Mr. Andrew Simanek, Head of Investor relations. Please proceed.

    Andrew Simanek

    first rate afternoon. I’m Andy Simanek, Head of Investor members of the family for Hewlett Packard commercial enterprise. and i’d want to welcome you to our Fiscal 2016 third quarter revenue conference name with Meg Whitman, HPE’s President and Chief govt Officer and Tim Stonesifer, HPE’s government vice president and Chief financial Officer. before handing the name over to Meg, let me remind you that this name is being webcast.

    A replay of the webcast will be made obtainable almost immediately after the call for about one year. We posted the press releases and the slide shows accompanying nowadays’s profits release on our HPE Investor family members webpage at investors.hpe.com.

    As all the time, facets of this presentation are forward-looking and are in response to our optimum view of the area and our agencies as we see them today. For greater distinct counsel, please see the disclaimers on the income and transaction materials relating to forward-searching statements that involve risks, uncertainties and assumptions.

    For a discussion of some of these of hazards, uncertainties and assumptions please confer with HPE’s SEC studies, including its most fresh form 10-okay and kind 10-Q. HPE assumes no responsibility and doesn't intend to update the sort of forward-searching statements. We additionally notice that the financial counsel mentioned on this name reflects estimates based on guidance purchasable at the present and could range materially from the amounts ultimately stated in HPE’s quarterly file on kind 10-Q for the fiscal quarter ended July 31, 2016.

    ultimately, for monetary counsel that has been expressed on a non-GAAP groundwork, we have offered reconciliations to the related GAAP suggestions on our site. right through this conference call all profits boom fees introduced starting with fiscal yr 2015, are adjusted to exclude the influence of divestitures and forex. We believe this strategy helps to supply a much better illustration of HPE’s operational performance given the large divestitures we've lately accomplished together with the sale of 51% of our H3C company in China and TippingPoint amongst a number of others. Please consult with the tables and slide presentation accompanying nowadays’s earnings release on our web site for details.

    With that, let me flip it over to Meg.

    Meg Whitman

    Thanks, Andy. and thanks to everybody for becoming a member of us on the name today. Let me birth with the aid of saying i am completely happy with the progress we made in Q3. usual, we had a powerful quarter. whereas revenue was down just a little on an operational groundwork, we noticed a few areas of increase in key parts of our portfolio together with networking, all-flash storage, excessive-performance compute and know-how functions. Profitability changed into very encouraging as we proceed to deliver margin improvements in commercial enterprise capabilities and focal point on profitable offers within the commercial enterprise neighborhood. Our non-GAAP EPS become $0.forty nine, which even earlier than the influence of a positive tax cost became on the high-conclusion of our in the past guided range.

    Free cash move also enhanced to $1 billion via diligent working capital management and we lower back $1.5 billion to shareholders primarily via share repurchases. Tim will deliver additional colour on the quarter, but i want to take the majority of my time to discuss nowadays’s spin-merge announcement and put it in the context of the strategy, we’ve been executing against for the past a number of years.

    closing November, we launched the new Hewlett Packard commercial enterprise with the imaginative and prescient to turn into the business’ main company hybrid IT with the cozy next technology software defined infrastructure that allows you to run our client’s facts facilities nowadays, bridge them to multi-cloud environments the next day and enable the rising clever adds for you to vigor campus, branch and IoT purposes for many years to come back. We accept as true with this is what our customers are seeking and what we're ultimate qualified to do.

    And most importantly achieving this imaginative and prescient will create a quicker growing to be, larger margin, improved free money circulation company for our shareholders. To understand our imaginative and prescient, we looked at our portfolio and our product roadmaps to verify gaps that we vital to fill after which evaluated how most reliable to accomplish that. Some we crammed via accelerated R&D just like the funding in our lately launched HC 380 Hyper Converged product in other areas we pursue imaginative partnerships just like the ones recently introduced with Docker and Mesosphere. And in some instances acquisitions make experience like Aruba and SGI.

    subsequent, we identified areas of the business that had been no longer aligned with our go ahead method. There we had study how to most fulfilling maximize shareholder cost with these assets. We’ve already made a few decisions including the sale of TippingPoint, the H3C deal in China and naturally the spin-merge of our business functions company with CSC. And nowadays, we announced plans for a spin-off and merger of our non-core utility belongings with Micro center of attention.

    These property consist of our software delivery management, big information, business protection, suggestions administration and governance and IT operations administration groups. This transaction is valued at about eight.8 billion including a 50.1% possession of the new mixed company via HPE shareholders, which is at present valued at $6.3 billion and a $2.5 billion cash charge to HPE. The combined company might be led by way of Kevin Loosemore, existing Micro focus government Chairman and Mike Phillips will function Chief fiscal Officer. After the transaction closes, Micro focal point’s Board of administrators will consist of an HPE Senior government and HP unbiased administrators on the Board.

    the new mixed business is anticipated to have annual revenues of approximately $4.5 billion with potent recurring earnings streams. The company should be smartly varied across product traces and geographies. it will also have a far better go-to-market means with nearly four,000 income individuals global and deep R&D substances to convey most effective-in-class options to consumers and companions. Micro center of attention's strategy to managing each becoming and mature application belongings will be sure greater levels of funding in increase areas like huge facts Analytics and protection while keeping a solid platform for mission vital application products that purchasers rely on.

    For employees Micro center of attention's method will mean each and every product line could have a clear and important role within the usual enterprise performance and personnel may have a high degree of clarity on the strategy for their company. It also ability employees will get to work on long-term client concentrated initiatives and the utility expertise that they love. We agree with the software property that will be part of the spin-merge will deliver more suitable cost to our valued clientele, employees and shareholders as part of a more concentrated application company dedicated to becoming these agencies on a standalone foundation.

    With this announcement, Robert Youngjohns, the present head of our utility company will anticipate the role of government vp, Strategic business construction, reporting to me. during this new function Robert will associate with different participants of the management group to power strategic client and companion initiatives focused on becoming key ingredients of the business. With Robert taking on this new function, Chris Hsu, our Chief working Officer will lead the utility enterprise valuable instantly apart from his latest duties. Chris's track record of using strong performance and knowing market dynamics at HPE and all through his profession making him an excellent fit for this function.

    To be clear both utility and functions are still key enablers of HPE's go ahead strategy. Our newly created software defined and cloud company will build upon key utility belongings like OneView and the Helion Cloud platform to convey application described hybrid IT solutions like synergy. HPE's composable infrastructure providing that permits clients to operate their workloads with remarkable speed and agility. And in services we continue to have an international type potential in our expertise functions neighborhood to be able to represent about 25% of HPE's earnings following both spins that we've introduced.

    ES’ 22,000 service authorities build solutions from the ground up with the consulting and assist our valued clientele need to seriously change their environments and take potential of alternatives in rising areas like campus, department and IoT. once the ES CSC and the utility of Micro center of attention transactions are comprehensive HPE will be an excellent more suitable company, smartly positioned for the future. With approximately $28 billion in annual salary the longer term HPE can have significant scale, a varied world category portfolio and a worldwide footprint to satisfy the evolving needs of our clients and companions. we'll be a market chief each in the facts middle and on the edge with our world category portfolio of application described servers, storage, networking and converged infrastructure.

    we will even have robust recurring earnings streams that account for about 60% of our working income and we will have an enhanced free cash circulate profile. Given our experience with divestitures we're assured in our means to execute and more importantly that we're making the appropriate choices to set each HPE and our customers up for the long run while supplying maximum shareholder cost. The market is already recognizing what we're doing. With these strategic strikes and our persisted effective operational efficiency HPE's market cap has expanded by over $10 billion or forty% considering separation from HPI on November 01, 2015.

    besides the portfolio alterations we additionally made essential leadership and organizational changes this quarter that will make our enterprise more suitable and more productive. as an example, we began the manner of rightsizing our corporate capabilities for the more concentrated standalone HPE. additionally, the enterprise group organizations were simplified and streamlined to improved address market opportunities, enrich cost structure, speed up innovation and make stronger our competitiveness. additionally, all business unit and corporate advertising efforts will be consolidated under our global advertising feature and all earnings can be below a single world chief. ultimately we announced the Hewlett Packard labs would move into the business community so that you can greater align our analysis and go-to-market efforts.

    while there is extra work to do, we're already when you consider that our strategy is working. As a greater concentrated corporation we've got been more advantageous able to allocate components extra without problems and introduce definitely most desirable-in-category solutions. for example, as i mentioned prior, we introduced plans to purchase SGI. high performance compute and large information analytics are wonderful areas for us as shoppers are increasingly searching for methods to profit deeper, a more contextual insights from the ever increasing volumes of statistics. Industries like fiscal features, semiconductors and power are all expanding their HPC investments.

    In Q3, we gained a number of giant automobile deals where high efficiency compute is used for electronic prototype designs, enhancing gas economic climate and enhancing crash worthiness. The SGI acquisition will further toughen our place within the $eleven billion HPC phase as smartly because the excessive boom records analytics section. In storage, we extended our leadership in the all-flash facts middle with enhancements to HPE 3PAR and additionally brought subsequent generation application defined storage to allow a compassable statistics fabric. We also brought commercial enterprise capabilities to the entry storage market with the introduction of StoreVirtual 3200 and in MSA 2040.

    We introduced HPE OneView three.0 to deliver utility defined intelligence throughout HPE’s family of infrastructure solutions. To-date, we now have sold over 500,000 HPE OneView licenses across a whole lot of key verticals akin to healthcare, industrial and monetary features, and we now have a transforming into associate ecosystem including Docker, Shaft, Turbonomic and Self Tech.

    We unveiled the business's first converge methods for the information superhighway-of-things the HPE Edgeline a thousand and 4000 for you to permit precise-time choice making and deliver heavy responsibility analytics on the part by way of integrating information trap, control, compute and storage. We also introduced updates to the HPE Helion cloud portfolio together with HPE Helion cloud Suite, a brand new utility suite enabling shoppers to control their full spectrum of purposes across infrastructure environments and HPE Hellion Cloud gadget 10 a hardware and utility answer to build and set up an business grade private cloud atmosphere. but most of all we're winning with our purchasers and partners.

    Aruba continues to win clients and drive increase with its business main know-how. for instance, we helped Rio's airport handle the massive surge of tourists passing through for the Olympics this summer and residential Depot and foremost purchase are at the moment enforcing Aruba wireless options to provide a better in-keep journey for clients and personnel. keep in mind that deals like this have incredible TS pull via as smartly.

    As found out in June, we introduced a new partnership with GE Digital so as to enable industrial analytics from the edge to the cloud. HPE might be a favored storage and server infrastructure company for GE's Predix Cloud applied sciences and the Predix platform may be a favored software answer for HPE’s industrial linked used situations and opportunities. HPE became additionally instrumental in assisting Dropbox radically change to a hybrid infrastructure to help it meet the becoming bands of its users. Dropbox moved the vast majority of its cloud storage company far from AWS to on-premise information center the use of HPE ProLiant and Cloudline servers all financed by means of HPE fiscal functions.

    We also announced a groundbreaking strategic alliance with Docker to help client seriously change and modernize their facts facilities to benefit from a more agile development ambiance. at the heart of this alliance is HPE's Docker capable server software, entertaining to the server trade which ensures HPE servers are bundled with the Docker engine and aid. And nowadays we announced plans for a commercial partnership with Micro focal point if you want to identify SUSE as HPE's favorite Linux partner and will collect HPEs' Helion OpenStack and Stackato options with SUSE's OpenStack talents to deliver most desirable in classification business grade hybrid cloud offerings for HPE customers.

    So in abstract, i'm pleased with the development we have made this quarter and that i am just as glad with the execution of our approach due to the fact that we separated from HPI. i am additionally excited concerning the alternatives we now have created for shareholders within the spin-mergers of ES and CSC and our software property with Micro focal point. we're setting up HPE for future success whereas unlocking the type of price we believe our shareholders admire.

    On that word, I’ll hand the name over to Tim.

    Tim Stonesifer

    Thanks Meg. overall we carried out neatly within the quarter. whereas profits of $12.2 billion down lower than 1% was not somewhat as mighty as final quarter, margins have been up as we focused on profitable market share. We additionally achieved smartly in view that we faced complex compares throughout the portfolio in an uneven world demand ambiance. As we indicated final quarter, compares grew to be more difficult as we are no longer benefitting from the tremendous Deutsche bank deal we signed in ES remaining yr, and an EG, we're lapping the compares from Aruba and the ramp of Cloudline servers. From a micro standpoint, we did see weak point in Europe, peculiarly in ES from a slowing in the UK public sector business and also in Japan in the commercial enterprise group. The Q3 forex have an effect on to revenue changed into a headwind of 210 foundation points yr-over-12 months that we are expecting to average additional.

    We did have a number of areas of solid growth throughout the portfolio including networking up 12%, all-flash arrays up 70%, bigger efficiency compute up 12%, and our highest margin company technology features returned to increase for the first time when you consider that the 2nd quarter of 2012. To increase increase in the overall portfolio, we're carrying on with to make investments in our greater boom organizations around utility defined, converge and hyper converge. whereas we proceed to increase our go to market efforts that we are expecting will increase boom going forward. common we are nonetheless on course to carry what we observed we would do initially of the year by means of growing to be complete fiscal yr '16 salary adjusted for divestitures and currency.

    Gross margin of 29.three% become up 60 groundwork facets each yr-over-year and sequentially, this changed into basically because of endured advancements in enterprise functions and commercial enterprise neighborhood to a lesser extent. Non-GAAP working income of eight.eight% become up 30 groundwork features year-over-12 months and 90 groundwork points sequentially. Non-GAAP diluted internet income per share of $0.49 changed into above our outlook of $0.forty two to $0.forty six that become basically the influence of tax merits realized to the fresh divestitures, equating to approximately $0.04 per share.

    Non-GAAP EPS basically excludes pre-tax quantities for the benefit on divestitures of H3C of $2.2 billion, restructuring prices of $369 million, amortization of intangible assets of $210 million and separation costs of $a hundred thirty five million. We delivered GAAP diluted net earnings per share of $1.32 above our previously provided outlook latitude of $1.10 to $1.14, basically because of a far better than expecting profit on H3C divestiture, lower separation prices and the up to now outlined tax improvement.

    Now turning to the effects via company. In commercial enterprise neighborhood salary become flat as we concentrated on profitability and delivered encouraging improvements in operating margins, which whereas flat 12 months-over-yr had been up ninety basis features sequentially to 12.6%. The sequential improvement become essentially due to lower discounting, enhanced server choice attach, favorable mix and operational charge improvements as we right measurement the corporation forward of the separation from business capabilities and utility.

    Server earnings declined 2% as strong boom in Tier 1 and excessive efficiency compute turned into offset through pressures in core servers. in the core we did have some market coverage issues that we're addressing via recent income management and go to market alterations with an emphasis on SMB. We also doubled down in the speedy growing to be high efficiency compute market with the acquisition of SGI and continue to put money into workload optimized options like SAP HANA. From a margin standpoint, the crew did a nice job prioritizing profitability over share for shares’ sake expanding margins year-over-12 months. We additionally expect we held server share within the 2nd calendar quarter overall and received share in the Americas virtually optimized in Tier 1.

    Storage revenue declined 5% with persevered declines in the legacy portfolio greater than offsetting boom in converged storage of 1% that changed into impacted via a softer than expected market. Margins extended yr-over-12 months driven by using favorable converge combine and more desirable pricing in all-flash. 3PAR, plus XP, plus CVA become up 5% and all-flash 3PAR earnings endured to force the portfolio turning out to be 70% at list salary ranges. regardless of a difficult market, we estimate we gain share within the second calendar quarter, our 11th consecutive quarter of share positive aspects. And we proceed to predict storage to gain shares through the the rest of the yr.

    Networking revenue grew 12% and encouragingly Aruba boom has accelerated starting to be 20% and is exceeding our inner plan. We once again saw increase throughout all areas as we proceed to look the merits of the mixed Aruba HPE portfolio. Margins superior 12 months-over-yr pushed through both a stronger mix and better margin rates of Aruba.

    TS lower back to growth for the first time given that the second quarter of 2012. earnings became up 1% as the powerful order growth from fiscal year 2015 becomes a larger portion of the portfolio and salary grew in both assist and in consulting. And while orders have been flat, we noticed encouraging performance in non-connected and proactive functions which are growing at double-digit costs and becoming a bigger mixture of the entire portfolio.

    We continue to improve carrier depth our attached dollars per unit which is assisting to offset expanded Tier 1 combine and higher server ASPs. enterprise functions earnings declined 3% as boom in the Americas and APJ become greater than offset by means of weak spot in EMEA as a consequence of a pause in UK public sector spending and a troublesome examine with the Deutsche bank deal within the prior year.

    working profit superior 260 basis elements 12 months-over-yr to eight.three%, the maximum considering the fact that the 2nd quarter of 2011 as the group continues to execute on productivity improvements and delivery in earnings. We additionally benefited from enhancing region mix and new deal profitability. development made on charge advancements, sale energy and normal quarterly seasonality offers us with persisted self assurance that operating margins for the entire 12 months should be approximately 7% at the excessive end of our original outlook.

    income remains anticipated to be down 2% to flat in constant forex even with the Mphasis divestiture. We proceed to song against our long term goal of 60% headcount in good value places and completed the quarter with 49% of our headcount in affordable centers, a six aspect improvement due to the fact the starting of the fiscal year.

    utility salary declined 3% as energy in safety and big records became offset via declines in IT administration. SaaS had a list quarter with 17% revenue growth. The group continues to center of attention on disciplined can charge controls lowering OpEx sixteen% yr-over-12 months. youngsters, income declines finally outpaced working advancements inflicting a 270 basis aspect decline in operating margins to 17.8%.

    HPE economic services revenue grew 2% and delivered the first quarter of as said income increase due to the fact that the first quarter of 2013. operating profit declined 90 foundation points 12 months-over-yr to 9.9% as decrease residual earnings from weaker volume and prior 12 months’s forced margin charges. Financing volume decline four% year-over-year in regular foreign money, on a troublesome compare that noticed Deutsche bank sale leaseback extent in the third quarter of 2015. Return on fairness became down a hundred ninety basis features yr-over-yr to 13.three% and changed into in a similar way pressured with the aid of lessen residual earnings because of lessen volumes in fiscal 12 months ’13 and monetary yr ’14.

    money circulate generation changed into amazing within the quarter as we proceed to optimize working capital management. money circulation from operations was $1.7 billion, up 10% yr-over-year on an adjusted foundation. Free money flow become $971 million, up 15% year-over-year on an adjusted groundwork. When adjusted for the sale of Mphasis, the cash conversion cycle was 19 days, down 5 days, sequentially. Receivables where the biggest contributor to working capital growth because of favorable fee term mix and discounts to aged receivables. Going forward, we are expecting the cash conversion cycle to be within the mid-teens with fiscal year ’sixteen free cash move of $1.7 billion to $1.9 billion.

    Turning to capital allocation. all over the quarter, we repurchased $1.5 billion of inventory all through an accelerated share repurchase program and we paid $91 million as a part of our general dividend. yr-to-date, we now have lower back $2.9 billion of capital to shareholders. primarily via $2.7 billion of share repurchases. With our free money flow era and the contemporary divestitures, we're on pace to come back more than $three billion of money to shareholders within the 12 months, which as a reminder is about three times our customary dedication at first of the yr.

    at last, i would like to talk about the economic affects of the HPE software and Micro focal point transaction. As Meg mentioned, the transaction is expected to convey approximately $eight.8 billion of business value to HPE. This comprises 50.1% of the fairness in the newly fashioned company so one can go to HPE shareholders. Valued at approximately $6.3 billion in line with Micro center of attention’s latest stock expense and receipt of a $2.5 billion fee of onshore money to HPE. HPE Micro focus additionally expect to improve the margins on HPE software assets by way of approximately 20 facets via the conclusion of the third year following the deal shut, while investing in key growth areas like big records and safety.

    As house owners of 50.1% of the equity in the new merged enterprise, HPE shareholders will share within the price of those operational advancements, as well as future growth of earnings. We are expecting this transaction to nearby the end of the 2d half of HPE’s fiscal yr 2017. To recognize this $8.8 million of business price and liberate a extra eye-catching fiscal profile for HPE going forward. we can incur one-time separation cash funds of approximately $seven-hundred million with the tremendous majority happening in fiscal 12 months ’17.

    Following the separation from ES and application Hewlett Packard business could be a sooner growing to be bigger margin, better money move company for our shareholders. simply looking at fiscal year ’sixteen, earnings boom would be about 3 facets greater, working margins can be about 1 factor bigger at simply over 10% and free cash stream as a percentage of income would be roughly 50% better. It’s additionally price noting that we've roughly 30% of revenue ordinary, but most importantly greater than 60% of profitability could be routine that comes from ES and fiscal services.

    HPE will also have a extremely in shape steadiness sheet that at the moment sits at $5.3 billion in operating internet cash. On top of that we simply closed the Mphasis deal receiving approximately $825 million of earlier than tax money proceeds. We proceed to look share repurchase as an excellent use of capital and akin to the H3C transaction plan to purchase again shares with the titanic majority of the Mphasis proceeds. In fiscal year '17 our internet money place will even be further more suitable through over a $1 billion from the cash and debt transfers with CSC and the $2.5 billion cash dividend from Micro center of attention. we'll proceed to carry shareholder cost with these proceeds just as we've completed this 12 months by using following our returns based capital allocation method. This method is presently biased in opposition t share repurchases and we are going to provide extra details on our fiscal yr '17 capital return plan to shareholders at our upcoming Analyst Day.

    With all that in intellect we expect to conclude fiscal year 2016 with non-GAAP diluted internet revenue per share of a $1.90 to $1.95 at the excessive end of our normal outlook for the yr, we predict GAAP diluted web profits per share to be $2.09 to $2.14. before we open it as much as questions a quick reminder that we're keeping our Annual Securities Analyst assembly on October 18th in San Francisco where we'll provide further P&L and money stream particulars on the company as it stands today as well as the go ahead Hewlett Packard commercial enterprise excluding ES and utility.

    Now let's open it up for questions.

    query-and-answer Session


    we are going to now begin the query-and-answer session. [Operator Instructions] Our first question comes from Katy Huberty of Morgan Stanley. Please go ahead.

    Katy Huberty

    The slowdown in storage turned into a bit of of a surprise seeing that most other gamers during this space beat expectations, so just to begin i'm wondering if you could focus on what you think drove that, become it macro or execution? and then I've a observe-up.

    Meg Whitman

    So, the storage efficiency was now not as amazing in Q3 as we noticed closing quarter I suppose as a result of there was a weaker margin -- I imply weaker market, but we also multiplied margins and we are expecting to take a few 0.5 point of share 12 months-over-yr within the 2d quarter. and that i want to remind you this is the 11th straight quarter within the row that we now have taken market share and profits became down 5% 12 months-over-year, adjusted for divestitures and the currency as average declined 12% greater than offsetting the 1% growth in converged.

    So, pay attention, we noticed a softer market and but we have now added our new StoreVirtual 3200, the MSA 2040 that brings the business capabilities at a fantastic cost to the entry market and that has been a drag for us, we have not had a very good competitive providing within the entry market and what you understand concerning the storage market, it be relocating from excessive conclusion to mid to entry very-very quick. So, looking forward I imply listen, we believe the market is going to continue to be gentle, however -- and which will preserve usual market -- our growth muted, however we proceed to benefit share and we're very glad with our HPE 3PAR all-flash performance that grew 70% year-over-yr. So, some work to do there, but we suppose decent about the place we are and on a go forward groundwork I consider you are going to see us return to growth, somewhat more robust growth.

    Katy Huberty

    and thru the July quarter you may have essentially met your objective to come the 100% of free money move plus half of the H3C money to shareholders, how should still we consider concerning the steadiness of additional buyback versus extenuating the Remanco portfolio of products after both spin-merge offers.

    Tim Stonesifer

    So, we did the $1.5 billion within the ASR within the third quarter, so there could be some shares taken out in the fourth quarter as we complete that, as that was a six month program. I suppose looking ahead we can have excellent cash balances in particular as we shut these transactions, so we'll continue to execute our disclaimed ROI based method. We consider it has labored neatly to this point. on the same time, we can accept as true with some acquisitions correct. SGI is an outstanding illustration of complementary technology within the excessive performance compute statistics analytics area that we should advantage from a profitable growth perspective. So at this time we’ll persist with the ROI based mostly strategy and we will undoubtedly share greater particulars with you on 2017 at subsequent month's Analyst meeting.

    Meg Whitman

    americans all the time asked us what sort of acquisitions work well HPE and i consider we’ve obtained the system down which is, what's complementary technology within the HPE strategy of being leading issuer of hybrid IT with secured subsequent technology utility defined infrastructure. And also on the part. So Aruba and SGI are ultimate examples, complementary technology that we will put through our distribution center that in reality -- our distribution mechanism that truly enhances value for clients. So I consider these is a two ideal examples of the sort of deals you could see us do going forward. sadly there aren't that many deals like that, however when they come along we will do them.


    Our next query comes from Toni Sacconaghi of Bernstein. Please go ahead.

    Toni Sacconaghi

    Meg, a year ago you were out on the street reveal speaking about the split of HPE, what is now HPE and HPQ and at that time you talked about money steadiness being an asset and that acquisitions can be a vital part of the strategy, you additionally spoke of HPE being an answer's company and a boom company. less than a 12 months later, it feels like a different story. money return has been absolutely the priority acquisitions had been extremely minimal, arguably divesting utility and services which might be practically constituents to many options looks diverse.

    And so I applaud the flexibleness because the stock fee has performed extremely neatly and or not it's definitely been in the vein of value introduction. but i used to be wondering if you might comment on what perceived to precipitous this alternate in considering from, I feel an influence that seemed distinctive to most from the street reveal a year ago and is there a special conclusion state for Hewlett Packard commercial enterprise going ahead. I imply is that this in reality a viable ongoing hardware centric enterprise going forward or should still we predict greater portfolio clarification? And trust it or not I actually have a comply with-up.

    Meg Whitman

    So, let me take you all the method returned to November 1st of 2015, the place we separated HP Inc from Hewlett Packard enterprise. And we very a good deal laid out the method of beating a leading issuer in hybrid IT each in the average facts center, which by the way remains a strong market, or not it's 85% of the spend in IT today and we are the chief there and we need to proceed to gain share. after which we desired to center of attention on utility described infrastructure which is truly the subsequent generation of the infrastructure that our shoppers want. after which ultimately, construct out our cloud platform and compute storage in networking at the facet.

    And that’s precisely what we've done and as we’ve laid out that approach, we checked out our portfolio, what can we deserve to add to the portfolio both in acquisitions or partnerships, what will we should divest, as a result of those property are non-core to the approach, it doesn’t mean they are bad belongings, they are just now not -- they don't seem to be core to what we're doing.

    So if you take the ES transaction, listen, we're still going to be in the functions enterprise really 25% of the profits of HPE will be features, it simply a different sort of services business than IT outsourcing, enterprise system outsourcing and apps preservation.

    if you suppose about utility, we are nevertheless going to be in the software business, it’s simply not in application application like ITOM, it's device software like OneView and the utility that powers synergy. So it's a portfolio matching to the strategy that we see our competitive talents in.

    so far as, I feel you requested about extra divestitures, so enterprise community as currently configured, should live collectively and that i’ll tell why. My view of the market is everything is moving to converge and we have a differentiated position as a result of we have networking storage and compute and that is no longer -- our two major competitors are lacking a key part of that offering. in order that we believe is essential to keep collectively.

    after which as you think technology capabilities, expertise capabilities is the important thing differentiator for our company. we can assist shoppers assist, maintain counsel and check with throughout the globe and it will be uneconomic to with no trouble assist storage handiest or networking handiest. So TS is absolutely quintessential.

    after which at last, obviously campus, branch and facet is a new boom area for the enterprise, there isn't any rationale that we may still not personal compute with the aspect, there isn't any cause that we shouldn’t own analytics with the side apart from undoubtedly a Aruba. So I consider to a few degree the method has evolved, however really quite in line with what we laid out and a huge part of what we did this previous yr become portfolio optimization from this approach.

    So on a go ahead foundation, I consider as Tim talked about neatly, I suppose which you could search for extra ROI based sensible acquisitions like Aruba, like SJI and so I feel it's absolutely in step with the method that we laid out a year in the past.

    Toni Sacconaghi

    k thank you for that. just as a follow up. each time you divest or acquire certainly -- in this case you say well, could I have executed what others are going to do on my own. So what I imply by this is I can't support thinking that HPE application company is going to be like 75% of Micro center of attention going ahead, you're some distance, some distance, some distance greater than they are from a salary point of view. and that they agree with as a plenty smaller player that they can enhance operating margins 2000 basis facets, 2000 basis aspects on your profits foundation $750 million a year an working method, which at a ten varied, 7.5 billion and you haven't given up the company.

    So I wager the question is if the margin development opportunities are so huge even for a comparatively small player why did you both now not extract a higher rate or why did you not accept as true with that you might have extracted these and created even more cost for shareholders?

    Meg Whitman

    No, I suppose the primary reply is here's what Micro focal point does. they are pure play software enterprise who is knowledgeable at managing mature software belongings. And as Micro center of attention will let you know, most individuals who work within the software enterprise and Silicon Valley are looking to develop property. And in fact some of those assets should in reality be maintained on a sturdy platform that extends the price for purchasers and it’s basically not what we do, it is what they do.

    however then you definitely come to the query of, why did we do a spin-merge as oppose to promote the whole enterprise? And the rationale is, is because our shareholders may be in a position to experience the upside of what Micro focus does. be aware our shareholders will personal 50% of the new company and by the way, I could be a shareholder of that new business given my vested alternatives and my vested RSUs in HPE. and that i can inform you I can be keeping these shares because I feel they're going to do very, very smartly.

    And so this was a higher option than selling the business today on a PE varied working income since you get cash, but you pay taxes after which our shareholders wouldn't get to trip the upside except they went out and took new cash to buy these shares. So we concept that turned into absolutely the right thing to do. and that i ought to let you know Tony in cutting-edge world where know-how is changing at lightning speed I've got to tell you the value of center of attention, i'm seeing it every single day.

    And so whereas may be again within the day it was superb to be a expertise supermarket just like the economic supermarkets of the day gone by. What i'm fairly bound of is the next four or five years is going to be all about velocity, agility and focus and innovation in anything that is a extra narrow focus.


    Our subsequent question comes from Sherri Scribner of Deutsche bank. Please go forward.

    Sherri Scribner

    i wanted to get a bit extra aspect on the utility spend. Will any of the utility apps that live with HPE company or will every thing be spun-off? after which as part of that query, brooding about what you spoke of at the find experience the alternatives in large facts, internet of issues and Analytics. How does HPE improvement from these trends without needing that application enterprise? Thanks.

    Meg Whitman

    sure. So what lives in our software company unit these days is actually spun and merged with Micro focal point. but we still stay in the utility business, it be simply a different type of application business as I pointed out, system software. The utility described infrastructure is all powered by application, but it's not applications application in case you will like ITOM or ADM it's actually gadget utility that powers the infrastructure of our purchasers.

    Now, you say, all correct so how can we capitalize on the huge facts and Analytics? smartly, firstly, we can be the leader in excessive efficiency compute with the acquisition of SGI. So, corporations should method and compute big quantities, ever escalating amounts of records. So really the excessive efficiency compute market which is an $11 billion company turning out to be at 6% to eight% will truly be between HPE now with SGI and Cray, however most of the other opponents like Dell, Lenovo they are not in that high performance compute company. So, as individuals need financial services, power, as they need compute to technique all this big records if you will, we can be the leading player there.

    in case you believe about campus, department and side I suppose here is the subsequent huge boom enviornment. if you consider about self reliant driving motors, jet engines, healthcare sensors in healthcare beds and in instruments, here's a local the place huge quantities of information has to be processed actual time at the part as adversarial to enduring the latency of coming back to a huge datacenter. So we’re going to be capable of capitalize within the IoT fashion with the aid of analytics at the area and be capable of compute and save at the facet.

    so that’s the way we’ll play in those developments, it will be distinct then like Vertica, so they can go to Micro focal point, which is a big common or statistics base that processes big quantities of data on a data base aspect, however we will decide upon-up the ability to process on compete storage and networking on the side.

    Sherri Scribner

    k, thank you. after which just a quick clarification for Tim. On the TS, the technology services side, seems like there's an 8 point change between precise income and the adjusted income. became there anything aside from currency in that number, as a result of that looks like a big delta? Thanks.

    Tim Stonesifer

    The H3C transaction impacted that as well.

    Sherri Scribner


    Meg Whitman

    because H3C had TS in China that went with that deal.

    Sherri Scribner

    ok, remarkable. thank you.


    Our subsequent question comes from Steve Milunovich of UBS. Please go forward.

    Steve Milunovich

    We’ve come a long manner for better collectively here. I offer you loads of credit, since you’re basically creating this very center of attention companies anything laptop Sciences is referred to as and now Micro focus, which I feel does create a lot of shareholder value. but again when all is said and performed, you’re becoming more and more a hardware company and i would suppose your competitors ultimately are going to be basically Cisco and Dell and clearly they’ll use their gigantic measurement in opposition t you and declare they’ve received AI capabilities etc. How do you see matching up in opposition t them when all is said and carried out? And are you going to have a relationship with Micro center of attention that’s variety of favourite relation such as you seem to have with desktop Sciences going ahead?

    Meg Whitman

    sure. The answer of it's fully sure. And really past that, you noticed what we announced today with SUSE, where there should be our preferred associate for Linux, as smartly because the OpenStack Distro. And hear a lot of the application items that are going in the spin-merge may be essential to us going ahead. So there can be a relationship there. So let me simply give you a sense, I suppose we’re in a pretty good place to compete with each Cisco and Dell. So as an instance, in fact the HPE go ahead strategy might be about $28 million company, that’s handiest slightly smaller than HP’s than Dell’s business company and it's greater focus with more desirable improvements.

    I think we should just distinction our strategy with Dell. So we are getting smaller, neatly they’re getting bigger. And this is critical, as a result of I believe pace and agility is critical in innovation and go-to-market. The 2nd is that they’re levering up and we're offering. we now have $5.three billion of net cash on the working enterprise and we’re going to have much more by the point we’re accomplished with these transactions and that gives us dry powder, it also gives us the potential to come money to shareholders.

    and i think it’s complex to be levered as much as Dell is in this atmosphere. after which secondly, we’re leaning into new expertise both via our own innovation, acquisitions or partnerships and we’ve received major concentrated on our aspect. What they’re doing is doubling down in historical expertise and the charge take out play and hear I consider, I might be fairly a success for leadership team there, from a monetary perspective, I’m now not so certain it’s good for customers.

    Steve Milunovich

    k. after which on enterprise group, just need to verify that you just spoke of you do are expecting storage growth sooner or later now that’s suggested or adjusted or some thing. but can also you discuss servers and what went on within the quarter and do you predict that to come back to growth?

    Meg Whitman

    bound. And incidentally I forgot to handle CISCO to your ultimate query. So hear, CISCO is a pretty good competitor, but they're lacking a key factor, which is storage. And as this converges, I suppose as in my ambiance converges and we look at hyper converged and on synergies, we’re innovating definitely nicely now, for the normal statistics middle as smartly as the utility described statistics core and that i bought to tell you a Aruba on the facet is killing it. And a 20% growth expense above our internal plan and we're just profitable offers give up fist there so, we believe definitely good about our skill to compete with CISCO.

    ok, again to servers, so hear what's happening in servers is there is variety of core server growth, then there is Tier 1 servers which is to the huge provider suppliers and then is certainly excessive efficiency compute and the purpose we did the SGI acquisition is to truly stake out a pretty good place in an $11 billion company as I noted before it really is turning out to be 6% to 8%, it really is very ecocnomic for the compute itself, but also there may be very excessive TS attached to excessive performance compute.

    Core servers worldwide are under some pressure presently, but you saw what we did in terms of increasing the margin and we're doubling down on SMB which basically continues to be, there is pockets of boom in that enviornment and we're additionally doing workload specialization -- ok we have the choicest compute on earth to run SAP HANAR, or not it's now not even shut with any person else. So, we're specializing around workloads.

    after which definitely there changed into a troublesome evaluate as a result of Cloudline a 12 months in the past, I suggest we've got simply ramped up business right into a multi-billion dollar business and so it's complicated to compete with those compares, however we are expecting to proceed to profit share in that market profitably. We're not in it for share-for-share stake, we don't want to take unprofitable deal, but as we continue to work on provide chain and the rationalizations we turn into greater competitive there. And we're very aware that in the end there may be chinese language rivals there as well and no matter if they're Huawei or Lenovo, it be not just Dell. So we're very aware of the charge constitution we have to have to continue to compete.

    Steve Milunovich

    Any prediction of boom?

    Meg Whitman

    I believe kind of low single-digits is probably what we'll grow, it's going to rely upon how much Tier 1 provider issuer enterprise we wish to take. however i would say what you noticed 1% to 2% is probably decent estimate going forward.


    Our next query comes from Maynard Um of Wells Fargo. Please go forward.

    Maynard Um

    i was wondering in case you can assist me take note the $seven-hundred million after tax separation can charge, in case you say it'll unlocking a extra alluring financial profile. I wager what exactly does that suggest, these redundant employee restructuring expenses and may that force up easy margins? and that i've a comply with-up.

    Tim Stonesifer

    I believe or not it's truly a mixture of couple of issues, when you -- once we separate the application enterprise and you appear on the final piece of HPE, we'll be -- if you were to extract ES and application from our 2016 financials, in Meg's prior comments, profits growth would be incremental 300 basis features, margins can be up in incremental 100 basis aspects just north of 10% and free cash circulation as a p.c of earnings would be up 50%. if you seem to be at the absolute free cash move, it could be incredibly impartial driven by means of the undeniable fact that software does generate some free cash circulate, however it is offset by way of the drive in ES. So, after we're speakme about the financial profile it be really involving RemainCo.

    Meg Whitman

    and i should say that with our business community truly being now the anchor for RemainCo, we now have been very conscious about making sure that we have bought an overhead can charge constitution it truly is in keeping with the $28 billion company, that we're making adjustments to how enterprise group is geared up internally, there may be discount rates round our OpenStack Distro with our new relationship with SUSE after which at last relocating HP Labs, Hewlett Packard Labs to EG is going to tighten the linkage between downstream building and commercialization which I suppose is something that has to be completed.

    So, we're all about making commercial enterprise group greater least expensive as we drive the RemanCo approach.

    Tim Stonesifer

    and that i would also add on RemanCo bear in mind that ordinary earnings may be above 60%.

    Maynard Um

    remarkable and then it looks like Dell raised pricing in the UK to offset the forex influence from Brexit, i used to be questioning in case you could simply discuss what have an effect on that had in your business each in terms of profits and margin and how we may still consider about that going ahead? Will the hedging offset that to the base line? Thanks.

    Meg Whitman

    Let me let you know what we saw from a requirement standpoint and Tim can speak a bit bit about our broader hedging method. We had been not able to hedge within the quarter for the pound degradation, but what we saw become in fact a pause in deciding to buy within the UK. definitely the uk public sector, but the also the uk and then greater extensively Europe which become, this become unexpected, a large exchange, let's take a pause and choose what we want to do right here. And after we saw in a very market means, what i will be able to say within the remaining couple of weeks we're in fact seeing orders decide upon up once again.

    It became basically like they took a pause and in reality had to take inventory of what became happening after which truly the orders have began to move once again. I suggest we proceed to additionally monitor the pricing, aggressive pricing ambiance that we see and we regulate as integral exceptionally in the channel. So the channel is where we serve SMB and that's the reason the place our ability to variety of move the pricing in response to competitors, we examine that in reality each week sometime varied instances per week.


    Our subsequent question comes from Shannon pass of go research. Please go ahead.

    Shannon move

    I want to speak greater about TS, it was up this quarter for the primary time in a long time and on a sort of internet of divestitures and incessant currency foundation. How can we believe about it as you appear on the placements you've got made over the remaining yr I believe you might have mentioned some advantage from one of the crucial hardware that had been in region, however simply as you look on the mixture of hyper scale and what have you ever that you put obtainable, do you predict this to proceed to grow form of internet of everything, is there an opportunity given with some quarters that it may dip. just how may still we analyze it since it's surely very important from a margin viewpoint?

    Meg Whitman

    So I think a bit understood aspect of HPE is the dramatic transformation that TS has undergone. TS as is and changed into a extremely profitable company that was mostly attached to business essential systems, very profitable very high attach. I mean you didn't in reality sell business crucial programs and not using a TS attach. And when company crucial techniques both from a market standpoint as smartly because the Oracle Itanium circumstance, by means of all appropriate TS should still be down 25%, in case you remember Shannon over the final 4 or 5 years BCS was down 25% like clockwork every single quarter for 4 years as growing to be a bit bit now. but all rights TS should have reduced in size with BCS and it did not. And the reason it did not turned into very impressive new product offering, proactive care.

    other areas where we support clients maintained their datacenters state and so the incontrovertible fact that in as in reality handiest been down a few percent points over the remaining 12 months is a testomony to the leadership team in that enterprise. And now what you are seeing is these new productive offering are beginning to get true traction. Orders were high-quality for the final three or 4 quarters and people orders are translated into growth this quarter, no longer a big quantity of growth, however 1%, we’ll take all of it day long because it is a really-very profitable enterprise.

    So we've extra work to do on technology features, i will be able to tell you what is the benefit of now being a small and extra concentrated company. Antonio Neri and i are going to spend lots of time now on what's the next generation of technology functions and whether that’s bendy capacity functions that permits consumption primarily based mannequin, even if or not it's proactive care, statistics middle care, we are going to spend loads of time there since it is the important thing strategic enabler of RemainCo HPE.

    Shannon pass

    okay after which this is a follow up, i am curious for the core enterprise that you are going to have much less, the can charge structure is comparatively close to the place it has to be, or are there greater opportunities no matter if -- I think you outlined a bit bit in terms of the corporate charge but then just also inside EG, the place you can be in a position to optimize additional time to in all probability offset some force in or combine pricing?

    Tim Stonesifer

    yes, bound I feel from a cost structure standpoint, we spent doubtless within the ultimate 18 months, we have achieved some certain benchmarking mainly in a functional areas as to where the business must be basically cost as a percent of salary. So we are getting nearer to those benchmarks, we are not somewhat there yet, however we're shut and we are there in probably the most services. so as we've performed these divestures or as we're doing these divestures, we definitely contain that into what the brand new charge structure needs to seem like and clearly we deserve to be very aggressive around what we call stranded cost.

    So I think the first rate information is if you happen to seem to be on the HPE-HPI separation we did have some disynergies we name them, we now have worked those throughout the device, with the H3C divesture, we’ve acquired a whole lot more desirable with opting for the stranded can charge and being lots extra proactive in managing them out, we are starting to see these come out. So we are assured that we are able to continue to do this to get to the bench mark we should get to when these transactions are finished.

    Meg Whitman

    I’ll simply add a pair extra things. in the event you are going to take -- we’ve been streamlining the can charge structure of this enterprise for 4 or 5 years, now we're starting to do things otherwise. since you can most effective take out so tons cost, there is just so plenty low striking fruit, you need to do issues differently and whether it's give chain and logistics, even if it's how we are equipped internally with all R&D beneath one R&D leader, whether it is placing our software defined infrastructure and our cloud offering under one chief, whether it's inserting all of our go-to-market below one chief, the place we have constant go to market approach discounting across the board. Frankly, we were a good deal more advantageous at minimizing discounting in APJ and EMEA than we were in the u.s.. we've that self-discipline across the business.

    and then ultimately corporate overhead we bought have a corporate overhead that's designed for $28 million enterprise. And once we began we had a corporate overhead design for $110 billon enterprise after which $50 billion company and now at $28 billion company. and that i must say i am really joyful with our capability to form of right dimension the corporate overhead and be lean and imply, and that contains every thing from HR, Finance, criminal IT things like true estates, methods. So we now have made a lot of growth, however you are going to see more of that benefit I think in '17 and '18.

    Tim Stonesifer

    thanks, Shannon I think we have time for a further query, please.


    Our last question comes from Jim Suva of Citi. Please go forward.

    Jim Suva

    My question is regarding the separation charge, if I bear in mind from the click release I believe it became round seven hundred million, is that proper? and the way should still we feel about that the timing of that and is that each one in charge? and that i sort of additionally take it relative to claim the divestures of the features changed into just 900 million, and while 900 million is 200 million more than 700, it seems want to me that the services changed into a much bigger heavier lifting divestures. So I virtually whether is 700 million kind of why just so an awful lot and never a lot reduce, or is it just so a good deal integrated in Hewlett Packard business, that’s why it can charge so a great deal to escape? thanks.

    Tim Stonesifer

    certain. So yes, $seven-hundred million is the right quantity. once more we think just like the cost that that transaction is riding is exceptional for HPE in addition to its shareholders. however, to realize that price we deserve to make investments and allocate elements to do the separation. so that you can your aspect, software however the activities are similar in nature to the transaction in ES they're discreet and they are no longer necessarily pushed with the aid of profits base or headcount stages.

    So if you happen to study utility it be a world complex company, it has diverse felony entities that have been accrued beyond regular time via a sequence of transactions and since of that if you happen to seem at the tax to finance the felony the working structure it is still very, very advanced. So, with a purpose to separate that there are some tremendous price objects in there, for instance, isolating 650 IT methods throughout the carve out financials translating GAAP to IFRS splitting a 150 criminal entities in 60 nations, making an attempt to work out what we wish to do with 200 real property websites throughout the globe.

    So, there's definitely lots of work that must be finished there. The respectable news is we've achieved this earlier than, so we comprehend how to do it. The team has been very proactive and we're all over it, we now have the work monitors recognized. So, we’re assured we’ll get there after we go for it.

    Meg Whitman

    The other issue, I think it really is important Jim is, we now have come these separations that we now have executed today even if it turned into HP Inc. from Hewlett Packard enterprise, even if its ES from Hewlett Packard enterprise. we have are available on time and truly beneath finances. And so we're really happy with that. And we predict that to happen, I have no idea how plenty, listen seven hundred is what be sure you have for your fashions. If we're on track we should are available a bit lighter than that.

    Tim Stonesifer

    And the other way I feel about it is the benefit of the deal a ways outweighs the cost, correct. So after we get that $2.5 billion cash dividend and that can be on shore money that a ways outweighs the cost of doing the transaction.

    Jim Suva

    thank you for the details and congratulations to you and your crew.

    Meg Whitman

    thanks very a good deal.

    Tim Stonesifer

    admire it. thank you, all and sundry for becoming a member of today.


    ladies and gents this concludes our call for today. thank you. You may additionally now disconnect.

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