HPE Reports Fiscal 2018 Third Quarter Results

The Company reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in: (i) the transfer of net revenue, related eliminations of intersegment revenues and operating profit from the former Servers and Storage business units, the HPE Pointnext and CMS businesses within the former Technology Services business unit and the data center networking business within the former Networking business unit, all of which were previously reported within the former EG segment, to the Hybrid IT segment; (ii) the transfer of net revenue, related eliminations of intersegment revenues and operating profit from the remaining networking products businesses within the former Networking business unit, and Aruba services within the former Technology Services business unit, all of which were previously reported within the former EG segment, to the Intelligent Edge segment; and (iii) the transfer of the operating loss from cloud-related activities previously reported within Corporate Investments to the Hybrid IT segment.

These changes had no impact on Hewlett Packard Enterprise's previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY DATA
(Unaudited)
     
   Three months ended  Change in Operating
Margin (pts)
   July 31, 2018  Q/Q  Y/Y
Segment operating margin:(a)      
Hybrid IT 10.6% 0.3 pts 2.7 pts
Intelligent Edge 11.6% 5.1 pts (3.0) pts
Financial Services 7.9% 0 pts 0.2 pts
Corporate Investments(b) NM NM NM
Total segment operating margin 10.1% 0.7 pts 1.9 pts

(a) Effective at the beginning of the first quarter of fiscal 2018, the Company implemented organizational changes to align its segment financial reporting more closely with its current business structure. These organizational changes primarily include: (i) the transfer of the former Servers and Storage business units, the HPE Pointnext and CMS businesses within the former Technology Services business unit, and the data center networking business within the former Networking business unit, all of which were previously reported within the former EG segment, to the newly formed Hybrid IT segment; (ii) the transfer of the remaining networking products businesses, which include wireless LAN, campus and branch switching and edge compute within the former Networking business unit, and Aruba services within the former Technology Services business unit, all of which were previously reported within the former EG segment, to the newly formed Intelligent Edge segment; and (iii) the transfer of cloud-related activities previously reported within Corporate Investments to the Hybrid IT segment.

The Company reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in: (i) the transfer of net revenue, related eliminations of intersegment revenues and operating profit from the former Servers and Storage business units, the HPE Pointnext and CMS businesses within the former Technology Services business unit and the data center networking business within the former Networking business unit, all of which were previously reported within the former EG segment, to the Hybrid IT segment; (ii) the transfer of net revenue, related eliminations of intersegment revenues and operating profit from the remaining networking products businesses within the former Networking business unit, and Aruba services within the former Technology Services business unit, all of which were previously reported within the former EG segment, to the Intelligent Edge segment; and (iii) the transfer of the operating loss from cloud-related activities previously reported within Corporate Investments to the Hybrid IT segment.

These changes had no impact on Hewlett Packard Enterprise's previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

(b) “NM” represents not meaningful.


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS (LOSS) PER SHARE
(Unaudited)
(In millions, except per share amounts)
  
  Three months ended
  July 31,
 2018
  April 30,
 2018
  July 31,
 2017
Numerator:     
GAAP net earnings from continuing operations$452  $850  $285 
GAAP net loss from discontinued operations$(1) $(72) $(120)
Non-GAAP net earnings from continuing operations$670  $536  $375 
Non-GAAP net earnings from discontinued operations$  $     $ 122  
           
Denominator:          
Weighted-average shares used to compute basic net earnings per share and diluted net earnings (loss) per share 1,513     1,552     1,641  
Dilutive effect of employee stock plans (a) 18     30     26  
Weighted-average shares used to compute diluted net earnings (loss) per share 1,531     1,582     1,667  
           
GAAP net earnings per share from continuing operations          
Basic $ 0.30     $ 0.55     $ 0.17  
Diluted (a) $ 0.29     $ 0.54     $ 0.17  
           
GAAP net loss per share from discontinued operations          
Basic $     $ (0.05 )   $ (0.07 )
Diluted (a) $     $ (0.05 )   $ (0.07 )
           
Non-GAAP net earnings per share from continuing operations          
Basic $ 0.44     $ 0.35     $ 0.23  
Diluted (b) $ 0.44     $ 0.34     $ 0.22  
           
Non-GAAP net earnings per share from discontinued operations          
Basic $     $     $ 0.07  
Diluted (b) $     $     $ 0.08  
           
Total Hewlett Packard Enterprise GAAP basic net earnings per share $ 0.30     $ 0.50     $ 0.10  
Total Hewlett Packard Enterprise GAAP diluted net earnings per share $ 0.29     $ 0.49     $ 0.10  
Total Hewlett Packard Enterprise Non-GAAP basic net earnings per share $ 0.44     $ 0.35     $ 0.30  
Total Hewlett Packard Enterprise Non-GAAP diluted net earnings per share $ 0.44     $ 0.34     $ 0.30  

(a) GAAP diluted net earnings per share reflects any dilutive effect of  restricted stock awards, stock options and performance-based stock awards, but the effect is excluded when there is a net (loss) from continuing operations and discontinued operations because it would be anti-dilutive.

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