Hewlett Packard Enterprise Company (NYSE:HPE) Q1 2020 Earnings Conference Call - Final Transcript

Mar 03, 2020 • 05:00 pm ET

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Hewlett Packard Enterprise Company (NYSE:HPE) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, afternoon, and evening, and welcome to the First Quarter 2020 Hewlett Packard Enterprise Earnings Conference Call. My name is Sean, and I'll be your conference moderator for today's call. [Operator Instructions]

I would now like to turn the presentation over to your host for today's call, Mr. Andrew Simanek, Head of Investor Relations. Please proceed.

Executive
Andrew Simanek

Good afternoon. I'm Andrew Simanek, Head of Investor Relations for Hewlett Packard Enterprise. I'd like to welcome you to our fiscal 2020 first quarter earnings conference call with Antonio Neri, HPE's President and Chief Executive Officer; and Tarek Robbiati, HPE's Executive Vice President and Chief Financial Officer.

Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately one year. We posted the press release and the slide presentation accompanying today's earnings release on our HPE Investor Relations webpage at investors.hpe.com.

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today. For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. For a discussion of some of these risks, uncertainties and assumptions, please refer to HPE's filings with the SEC, including its most recent Form 10-K. HPE assumes no obligations and does not intend to update any such forward-looking statements. We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended January 31st, 2020.

Also for financial information that has been expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. Throughout this conference call, all revenue growth rates, unless noted otherwise are presented on a year-over-year basis and are adjusted to exclude the impact of currency.

Finally, please note that after Antonio provides his high level remarks, Tarek will be referencing the slides in our earnings presentation throughout his prepared remarks. As mentioned, the earnings presentation can be found posted to our website and it is also embedded within the webcast player for this earnings call.

With that, let me turn it over to Antonio.

Executive
Antonio Neri

Thanks, Andy. Good afternoon, everyone. Thank you for joining us today.

HPE's first quarter results demonstrate continued progress against our strategic priorities to shift our Company to higher-margin and more recurring revenues against a dynamic market backdrop. I am disappointed that our overall revenue $6.9 billion reflects a 7% decline for the quarter, primarily due to declines in our compute business.

However, I am pleased with the results in several key areas of our business aligned to our strategy. Our pivot to as-a-Service is gaining