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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One)
- QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: April 30, 2019
Or
- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from | to |
Commission file number 001-37483 |
_______________________________________________________________________________
HEWLETT PACKARD ENTERPRISE COMPANY
(Exact name of registrant as specified in its charter)
Delaware | 47-3298624 |
(State or other jurisdiction of | (I.R.S. employer |
incorporation or organization) | identification no.) |
6280 America Center Drive, San Jose, California | 95002 |
(Address of principal executive offices) | (Zip code) |
(650) 687-5817 | |
(Registrant's telephone number, including area code) |
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, par value $0.01 per share | HPE | NYSE |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company)
Emerging growth company o
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of May 20, 2019 was 1,339,148,624 shares, par value $0.01.
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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
Form 10-Q
For the Quarterly Period Ended April 30, 2019
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Page | |||
Forward-Looking Statements | 4 | ||
Part I. | Financial Information | ||
Item 1. | Financial Statements and Supplementary Data | 5 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 43 | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 60 | |
Item 4. | Controls and Procedures | 60 | |
Part II. | Other Information | ||
Item 1. | Legal Proceedings | 61 | |
Item 1A. | Risk Factors | 61 | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 61 | |
Item 5. | Other Information | 62 | |
Item 6. | Exhibits | 62 | |
Exhibit Index | 63 | ||
Signature | 68 | ||
3 | |||
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Forward-Looking Statements
This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of Part I, contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Hewlett Packard Enterprise Company and its consolidated subsidiaries ("Hewlett Packard Enterprise") may differ materially from those expressed or implied by such forward-looking statements and assumptions. The words "believe", "expect", "anticipate", "optimistic", "intend", "aim", "will", "should" and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, effective tax rates, the impact of the U.S. Tax Cuts and Jobs Act of 2017, net earnings, net earnings per share, cash flows, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements of the plans, strategies and objectives of management for future operations, as well as the execution of transformation and restructuring plans and any resulting cost savings, revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on Hewlett Packard Enterprise and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of Hewlett Packard Enterprise's products and the delivery of Hewlett Packard Enterprise's services effectively; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former Parent; risks associated with Hewlett Packard Enterprise's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of any transformation or restructuring plans, including estimates and assumptions related to the costs and anticipated benefits of implementing the transformation and restructuring plans; the effects of the U.S. Tax Cuts and Jobs Act and related guidance and regulations that may be implemented; the resolution of pending investigations, claims and disputes; and other risks that are described herein, including but not limited to the items discussed or referenced in "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's reports filed with the Securities and Exchange Commission. Hewlett Packard Enterprise assumes no obligation and does not intend to update these forward-looking statements.
4
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Part I. Financial Information
Item 1. Financial Statements and Supplementary Data.
Index
Page | |
Condensed Consolidated Statements of Earnings for the three and six months ended April 30, 2019 and 2018 (Unaudited) | 6 |
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended April 30, 2019 and 2018 (Unaudited) | 7 |
Condensed Consolidated Balance Sheets as of April 30, 2019 (Unaudited) and October 31, 2018 (Audited) | 8 |
Condensed Consolidated Statements of Cash Flows for the six months ended April 30, 2019 and 2018 (Unaudited) | 9 |
Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended April 30, 2019 and 2018 (Unaudited) | 10 |
Notes to Condensed Consolidated Financial Statements (Unaudited) | 12 |
Note 1: Overview and Summary of Significant Accounting Policies | 12 |
Note 2: Segment Information | 17 |
Note 3: Restructuring | 21 |
Note 4: HPE Next | 22 |
Note 5: Retirement and Post-Retirement Benefit Plans | 23 |
Note 6: Taxes on Earnings | 24 |
Note 7: Balance Sheet Details | 25 |
Note 8: Financing Receivables and Operating Leases | 28 |
Note 9: Goodwill | 30 |
Note 10: Fair Value | 30 |
Note 11: Financial Instruments | 32 |
Note 12: Borrowings | 36 |
Note 13: Stockholders' Equity | 36 |
Note 14: Net Earnings Per Share | 38 |
Note 15: Litigation and Contingencies | 38 |
Note 16: Indemnifications | 42 |
5 | |
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Hewlett Packard Enterprise Co. published this content on 31 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 May 2019 13:08:04 UTC