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Exam Code: HP0-M77 Practice test 2022 by Killexams.com team
HP0-M77 HP BSM Operations Manager i 10.x Software

Read this chapter for a high-level overview of BSM Operations Management, and how it enables you to Strengthen the efficiency of your IT services and infrastructure. This chapter includes an architectural overview, shows how BSM Operations Management fits into an HP Business Service Management (BSM) solution, and describes the underlying concepts.
- Licensing Structure
- Operations Bridge for a Complete BSM Solution
- Consolidated Event and Performance Management
- Structured Problem Solving
- Managing Content with Content Packs
- Scalable Architecture with Multiple Servers
- Integration Interfaces
- User Roles and Responsibilities

BSM Operations Management is the event management foundation for a complete BSM monitoring solution. As the operations bridge, it consolidates all IT infrastructure monitoring in a central event console, and relates the events to the IT services that depend on that infrastructure. Users benefit from a common structured event management model that applies the same processes to both business service management and IT infrastructure management.
BSM Operations Management links infrastructure management with application and business service management. It combines events from HP Business Service Management components, such as Business Process Monitor (BPM), Real User Monitor (RUM), and Service Level Management (SLM), with events from the operations management components of the BSM solution, such as HP Operations Manager (HPOM) and HP Network Node Manager i (NNMi). This enables you to keep track of all the events that occur in your monitored environment.
Figure 1 shows a typical deployment example where BSM Operations Management is the operations bridge in a BSM solution. BSM Operations Management provides automated monitoring and integration of multiple external applications, and runs within the BSM platform using the common Run-Time Service Model (RTSM) database.

Sharing the RTSM with other BSM applications means that there is always immediate access to the very latest data stored in the RTSM. For example, IT Operations System Administrators have no additional work to maintain topology data in the RTSM. All event and performance management originating from servers, networks, applications, storage, and other IT silos in your infrastructure, are consolidated into a single event stream in an advanced, central event console. The console displays monitoring alerts to the appropriate team of operators.
You can quickly identify, monitor, troubleshoot, report on, and resolve problems in your distributed IT environment. These abilities make it possible for you to Strengthen the performance and availability of the infrastructure and services in your monitored environment, adding to the efficiency and productivity of your business. BSM Operations Management helps you to locate and solve event-related issues before business service quality degrades. It offers the tools that help operators solve problems without involving a subject matter expert. This frees subject matter experts to focus on strategic activities.

HP BSM Operations Manager i 10.x Software
HP Operations benefits
Killexams : HP Operations benefits - BingNews https://killexams.com/pass4sure/exam-detail/HP0-M77 Search results Killexams : HP Operations benefits - BingNews https://killexams.com/pass4sure/exam-detail/HP0-M77 https://killexams.com/exam_list/HP Killexams : Climate Action for Suppliers Helps Make HP's Supply Chain More Sustainable

Published 07-15-22

Submitted by HP Inc.

James McCall, Chief Sustainability Officer

HP Inc.

By James McCall, Chief Sustainability Officer

In 2021, HP announced a range of ambitious climate action targets, including a commitment to be net zero by 2040 — a full decade ahead of the Paris Agreement. We’ve published our Sustainable Impact Report for over 20 years and have actively worked to reduce our footprint for decades. That’s because it’s in our company’s DNA to push toward the goal of being the most sustainable and just tech company in the world.

We’ve had many successes. Last year HP was one of only 14 companies worldwide, and the sole tech firm, to receive a prestigious Triple A rating in Climate, Water, and Forest benchmarks from the not-for-profit Carbon Disclosure Project (CDP) — our third year in a row. And because consumers care about their footprint and want their purchases to have a positive impact, whether they’re buying a new computer, printer, or coffee machine, sales related to our sustainability efforts have more than tripled, hitting $3.5 billion in fiscal year 2021.

But we realize there is more to be done to reach our goal of cutting our absolute greenhouse gas emissions 50% by 2030, which means minimizing Scope 1, 2, and 3 emissions across our end-to-end value chain.

Scope 1 emissions are from HP’s direct operations. Scope 2 are indirect emissions, such as the electricity that powers our operations. Scope 3 relates to activities not controlled by HP, such as “upstream” emissions from our supply chain and “downstream” emissions from customer use of our products. Together, Scopes 1, 2, and 3 represent the cradle-to-grave emissions of our products, and nearly all our emissions (99%) are Scope 3, with almost 70% of those coming from our supply chain and 30% from customer use.

Tackling Scope 3 emissions

With our supply chain representing over two-thirds of our emissions, our mandate was clear: To reduce the footprint of our printers, computers, and monitors, we had to reduce the footprint of the components, manufacturing, assembly, and transportation of those items. We have hundreds of suppliers, so we needed to take a data-based approach to this problem. We examined our supply chain data and found that our 30 largest partners were responsible for nearly 80% of the Scope 3 emissions from our directly-contracted-suppliers operations. If we could assist those 30 companies in becoming more eco-friendly, the results would be far-reaching. To help these suppliers reach the next level of success, we leaned into the philosophy of “If you supply a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.” Not only would helping the suppliers help HP, but it would benefit their bottom line, other customers, the communities where they operate, and the planet as a whole. So we got to work.

Sharing knowledge

Because HP has stressed responsible sourcing, human rights, and sustainability as part of our provider selection, many of our partners already had a strong base but needed extra support. Building off our real-world learnings within HP, we partnered with them to create environments where they could adopt long-lasting environmentally conscious approaches that would be best for their unique businesses.

Over the last two years, HP has brought in top-tier environmental groups such as the CDP and World Wildlife Fund (WWF) to host virtual workshops for those 30 suppliers. Participants learned about energy efficiency, renewable energy, setting science-based targets, external reporting, and more.

At the same time, we asked our partners to disclose their footprint using CDP Supply Chain reporting tools. Nearly 200 suppliers (representing over 95% of our yearly spending) are currently doing so. This transparency helps HP better understand our footprint and informs the broader tech industry utilizing this supply chain.

Tackling the rest

The results have been incredible: Twenty of our top 30 suppliers have formally committed to setting meaningful greenhouse gas reduction targets following the Science Based Targets Initiative. We are also proud that 100% renewable electricity now powers the final assembly of over 95% of our worldwide PC and display products. HP and our supply chain partners are making substantial progress, but there’s still much more to do. It’s vital that we address the “upstream” supply chain adding to our footprint. However, we cannot reach net zero without also tackling the 30% of our emissions generated during the ongoing customer use of our products. The good news is that customers are actively seeking sustainable choices on shelves, online, or as part of enterprise purchase for printers, computers, and monitors. Our goal is to help them do just that—to make the home, office, or hybrid work setup of the future the most sustainable ever.

How HP is building a sustainable and ethical supply chain

Hundreds of suppliers make up HP’s supply chain — one of the largest in the IT industry — and the company’s commitment to make ethical, sustainable, and resilient products protects its business and brand, strengthens customer relationships, and creates opportunities to innovate.

Raw materials

HP works with peers across the IT industry to engage the entire supply chain in efforts to eradicate minerals that directly or indirectly support armed groups and to promote responsible sourcing of minerals regardless of origin. In the European Union, for example, we support the Conflict Minerals Regulation, which focuses on responsible smelter sourcing regardless of country of mineral origin, including conflict-affected and high-risk areas (CAHRAs) worldwide.

Components

We summarize provider performance using Sustainability Scorecards, designed to incentivize suppliers and drive ongoing improvement through consistent, comprehensive, and actionable feedback. The results contribute to a supplier’s overall procurement score, which impacts their relationship with HP and ongoing business.

Final assembly

In collaboration with NGO partners and other external organizations, we provide programs designed to help suppliers continually Strengthen along their sustainability journey. These programs focus on areas such as worker well-being, rights and responsibilities, and environmental, health, and safety (EHS) awareness. In 2021, there was a 114% increase in factory participation in HP’s Supply Chain Sustainability Programs.

Logistics

We partner with logistics suppliers that have the same environmental mindset as HP to provide solutions to reduce CO2 impact, such as biofuels for ocean freight and electric vehicles for road freight. We are also investigating Sustainable Aviation Fuel for air freight. Additionally, in the United States, HP is a Gold Level Sponsor of Truckers Against Trafficking (TAT), which helps combat human trafficking by educating and mobilizing our trucking provider network, in coordination with law enforcement agencies.

Distributors

Our Amplify Impact program invites partners to help drive meaningful change across the global IT industry. Partners that pledge will tap into our extensive knowledge, training, and resources to assess and work to Strengthen their own sustainability performance. To date, 1,400 channel partners have been trained, educated, and empowered through HP Amplify Impact.

Retail sale / Customer use

HP Planet Partners is the company’s return-and recycling program for computer equipment and printing supplies. HP ink and LaserJet cartridges returned through HP Planet Partners go through a multiphase “closed loop” recycling process. Recycled plastic from empty cartridges is used to create new Original HP cartridges and other everyday products.

Post-sale / End-of-use

We develop services that aim to keep products in use longer, offer service-based solutions, and recapture products and materials at end of use. For instance, through our HP Device Recovery Service we buy used devices securely to supply them new purpose, extend their life spans, and reduce negative environmental impact. Customers receive reverse logistics, data sanitization with a certificate, a sustainability benefit report, and the fair-market value of the device.

HP Inc. logo

HP Inc.

HP Inc.

HP Inc. creates technology that makes life better for everyone, everywhere. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze. More information about HP (NYSE: HPQ) is available at www.hp.com.

Sustainable Impact at HP, Inc.

Sustainable Impact is our commitment to create positive, lasting change for the planet, its people and our communities. Click here for more information on HP’s Sustainable Impact initiatives, goals and progress.

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Fri, 15 Jul 2022 19:42:00 -0500 en text/html https://www.csrwire.com/press_releases/749841-climate-action-suppliers-helps-make-hps-supply-chain-more-sustainable
Killexams : HP Announces Extension of the Expiration Date for Exchange Offer for Plantronics Notes

PALO ALTO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today that it has extended the expiration date of the previously announced offer to exchange (the “Exchange Offer”) any and all outstanding notes (the “Poly Notes”) of Plantronics, Inc. (NYSE: POLY) (“Poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company (the “HP Notes”). HP hereby extends such expiration date from 11:59 p.m., New York City time, on August 1, 2022, to 5:00 p.m., New York City time, on August 15, 2022 (as the same may be further extended, the “Expiration Date”).

At 5:00 p.m., New York City time, on July 18, 2022 (the “Early Participation Date”), the previously announced solicitation of consents to adopt certain proposed amendments (the “Amendments”) to the indenture governing the Poly Notes (the “Poly Indenture”) expired. The requisite consents were received to adopt the Amendments with respect to all outstanding Poly Notes at the Early Participation Date, and Poly executed the supplemental indenture to the Poly Indenture with respect to the Amendments on July 25, 2022. The Amendments will become operative only upon the settlement of the Exchange Offer.

The Exchange Offer is being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated June 27, 2022 (as amended from time to time prior to the date hereof, the “Offering Memorandum and Consent Solicitation Statement”), and is conditioned upon the closing of the Company’s acquisition of Poly (the “Acquisition”), which condition may not be waived by HP, and certain other conditions that may be waived by HP.

The settlement date for the Exchange Offer will be promptly after the Expiration Date and is expected to occur no earlier than the closing date of the Acquisition, which is expected to be completed by the end of the calendar year 2022, subject to customary closing conditions, including regulatory approvals.

Except as described in this press release, all other terms of the Exchange Offer remain unchanged.

As of 5:00 p.m., New York City time, on August 1, 2022, holders validly tendered $490,556,000 in aggregate principal amount of Poly Notes pursuant to the Exchange Offer. Tenders of Poly Notes made pursuant to the Exchange Offer may be validly withdrawn at or prior to the Expiration Date.

Documents relating to the Exchange Offer will only be distributed to eligible holders of Poly Notes who complete and return an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement). The complete terms and conditions of the Exchange Offer are described in the Offering Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer, at (888) 605-1956 (toll-free) or (212) 269-5550 (banks and brokers), or by email at hp@dfking.com. The eligibility certificate is available electronically at: www.dfking.com/hp and is also available by contacting D.F. King & Co., Inc.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer is being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law.

The HP Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the HP Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.

About HP Inc.

HP Inc. (NYSE: HPQ) is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.

Forward-looking statements

This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the consummation of the Acquisition; the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; margins, expenses, effective tax rates, net earnings, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

Risks, uncertainties and assumptions include factors relating to the consummation of the Acquisition and HP’s ability to meet expectations regarding the accounting and tax treatments of the Acquisition; the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may supply rise to or amplify the risks associated with many of these factors listed here; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and its regional and global ramifications and the effects of inflation; risks associated with HP’s international operations; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described (i) in “Risk Factors” in the Offering Memorandum and Consent Solicitation Statement and (ii) in our filings with the SEC, including but not limited to the risks described under the caption “Risk Factors” contained in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, as well as in Item 1A of Part II of our Quarterly Reports on Form 10-Q for the fiscal quarter ended January 31, 2022 and the fiscal quarter ended April 30, 2022. HP does not assume any obligation or intend to update these forward-looking statements.

 

Mon, 01 Aug 2022 10:57:00 -0500 en text/html https://apnews.com/press-release/GlobeNewswire/covid-health-new-york-city-ab6771c2bbaac6347136d2708acfa5dd
Killexams : Using Smart Video Analytics to Strengthen Operations in Healthcare Facilities No result found, try new keyword!The Internet of Things (IoT) has reached many areas of our economy and is developing fast. Through advances in technology, hospitals and healthcare facilities can utilize the benefits of a ... Wed, 03 Aug 2022 22:20:00 -0500 text/html https://www.sourcesecurity.com/white-papers/using-smart-video-analytics-to-improve-operations-in-healthcare-facilities.html?ref=tta-hp Killexams : Three essential reasons to upgrade your access control technology in 2022 No result found, try new keyword!For example, the global pandemic expanded the mission of security operations to include mitigating health threats ... In this eBook, HID Global offers expert perspectives and advice on the key ... Wed, 03 Aug 2022 18:28:00 -0500 text/html https://www.sourcesecurity.com/white-papers/three-essential-reasons-to-upgrade-your-access-control-technology-in-2022.html?ref=hp Killexams : Family Still Matters: CEOs Who Support America's Most Important Institution
This month, we honor those CEOs and companies that are doing their part to not just endorse and support the family, but to actively engage and strengthen those families. iStock

Last year when we first set out to honor the family as an integral part of capitalism and those who practice it the way it was intended -- by helping people to be the best they can be -- we knew we were onto something.

But something happened that we didn't necessarily expect.

It turned out to be one of our most-read articles of the year. Wow! We truly believed in the potential of the article when we wrote it, but we were happily surprised that it ranked so high.

Maybe we shouldn't have been. Because it's no secret that capitalism done right and respect for the family are inseparable. And a free economic system that is not completely dependent upon government support works only when the family support system is alive and well. So, companies that support family are crucial to the survival of capitalism. And apparently our business-savvy readers totally understand that.

But as we said last year, don't just take our word for it. One of the basic tenets of Marxism is that in a communist society, the family must be abolished because it is one of the biggest proponents of capitalism -- the system that communism aims to rid the world of.

Most people are aware of the communistic aim to rid the world of private property, but few are aware of its disdain for this other institution: family. Marxists believe the nuclear family acts as a unit of consumption and teaches us to accept hierarchy -- another totally human trait they don't like. And it also promotes passing down private property to children, something they believe produced class inequality.

Writes Karl Marx in his famous manifesto, "On what foundation is the present family, the bourgeois family, based? On capital, on private gain. In its completely developed form, this family exists only among the bourgeoisie. The bourgeois family will vanish as a matter of course when its complement vanishes, and both will vanish with the vanishing of capital."

Of course, we at IBT's Social Capital are fighting the good fight to make sure this never happens. We need capitalism to continue to help the world grow and prosper in order to create the greatest good for the greatest number, and we need families in order to have capitalism.

Any companies that do not get that -- really do not get capitalism.

We need capitalists who respect people, and you cannot do that without respecting the most important human institution the world has ever known: family.

So, this month once again we honor those CEOs and companies that are doing their part to not just endorse and support the family, but to actively engage and strengthen those families and the institution itself.

Jasmine Jirele, Allianz Life Insurance Company

Allianz Life Insurance Company of North America promotes itself to customers as providing peace of mind through the financial security of annuities and life insurance products. But what recommended the company to us for this Social Capital section is its commitment to providing peace of mind to its employees in their family life – and extending that from the individual employee to the employee's family. Part of respecting their families is helping employees with their worries and concerns for their families, and Allianz Life bends over backward to make that happen.

"Our values-based culture empowers employees to do the right thing to support our customers, our business partners, and our community," says Walter White, whom we honored last year as Allianz Life CEO. "Our focus is helping our customers secure their future, and this recognition is validation of our strong ethical foundation that enables us to fulfill this mission."

Although the company's top leadership undergoes the periodic changes that may be expected in large organizations, the CEO always brings a clear understanding of Allianz Life's corporate culture. White, who retired as CEO at the end of last year and is staying with the company as a director, served as Allianz Life's chief administrative officer, leading Operations, IT, Compliance, Suitability and the Central Project Office before assuming his position as CEO. And Jasmine Jirele, who's been at the helm since January, previously served as Allianz Life's chief growth officer since 2018, where she was responsible for defining the company's growth strategy, including its expansion into new markets, and leading product innovation, marketing, communications, Allianz Ventures and enterprise agile.

A true Social Capital CEO, Jasmine says, "Work is only one part of life for our employees, and we know that. What we have found is that when we supply employees space, flexibility and resources to manage their whole lives, it translates to happier, more engaged employees. But we also know it's more than just implementing the policies. It only truly works when it is represented in the actions and behaviors of all of us – particularly leaders – in respecting time, priorities and boundaries. Employees are their best when they have balance in their lives and care for themselves and their families first."

A hybrid work and flexible schedules as well as onsite daycare, health clinic, and health club facilities are employee favorites among a comprehensive list of Allianz's benefits. Parental and adoption leave is also an important policy, and feedback highlights how much it is appreciated. And Allianz's financial and employee assistance programs allow its employees and their families access to several additional programs and services that help them in many aspects of life.

"We know the past few years have been challenging for our employees and we have paid particular attention to the mental health of both employees and their families," Jasmine tells us. In furtherance of that, Allianz this year launched its "Learn to Live" resource for mental health, providing employees and their family members (age 13 and older) access to self-paced online programs and resources for stress, anxiety, depression, insomnia, substance abuse and more at no cost to employees or family member.

"Additionally, as part of our Employee Assistance Program, we announced that all employees are able to access eight free counseling sessions to help with work/life balance, legal guidance, or financial management."

Recognizing the importance of family and committed to Allianz Life's family-friendly culture as part of a successful business, Jasmine is leading in what we feel is the spirit of Social Capital.

Joe Ucuzoglu, Deloitte US

This huge company has a giant heart for families, and a whole lot of other human concerns, and its altruistic-minded CEO has a whole lot to do with it.

Deloitte US is a member of one of the world's largest professional services organizations, which provides audit, advisory, tax and consulting services. In other words, it is pretty big! And so often, we identify these giant corporations with having a less-than-caring approach to their employee's personal lives.

Yet year after year, Deloitte has been honored by family-focused publications like Working Mother and Parenting as a top company to work at. That's because it offers an incredibly vast and generous family-friendly culture that runs that reaches into so many levels of the work environment, from alternative schedules and remote jobs to an incredible maternity leave program that provides 16 weeks off to bond with a birthed or adopted child, as well as a similar benefit to care for a seriously ill child. Generous adoption and surrogacy programs offer employees up to $50,000 reimbursement of expenses.

Deloitte also provides an emergency back-up dependent care program if regular childcare is unavailable that covers infants through teenage children for up to 30 days per year.

Add to that an accepting attitude of personal family issues and concerns that makes it abundantly clear that your family is the most important part of your life, and they want to do everything they can to support that.

Why do business this way? Well, if there is one big reason for it, it's the deeply devoted beliefs of its CEO who believes wholeheartedly in our Social Capital approach to doing business.

"If we embrace the obligation to serve a broad cross-section of constituents, we do right by our employees, we do right by the communities where we live and work. By virtue of doing right by those constituents, profits will be an outcome, not the initial or primary objective," declares CEO Joe Ucuzoglu, "They're a natural long-term outcome."

All in all, it comes back to his belief, and ours, that people are the point of profits and not the other way around. And he believes wholeheartedly, like we do, that this philosophy is authentic, effective and will win out over archaic bottom-line thinking.

"On one end, there's some skepticism as to whether this is virtue signaling," explains Joe. "On the other end, there's some lingering debate about whether this broader focus on stakeholders detracts from shareholder returns. If you cut through all the noise, what we're seeing is actually a huge convergence of interests. This is core to sustaining a vibrant capitalist system. If you take a long-term view, the only way that you're going to deliver sustainable shareholder returns is to take really good care of all of those constituents."

We couldn't agree more Joe. And welcome to the movement.

Antonio Neri, Hewlett Packard Enterprise Company

Hewlett Packard Enterprise provides technology solutions that help customers rebuild and reshape their business and operational models in order to increase performance. But it's for how it helps families with its operational model and performance that we are honoring it.

With the company's whopping 26-week paid parental leave program and up to 36 months to transition back to full-time after a child is born, it's no wonder employees are big fans. HPE's incredibly family-friendly policy pays 100% of an employees' salary and is available to both mothers and fathers. The company even allows new parents to work part time for up to three years afterward as they transition back to work. That's how much the company values its employees and their dedication to their families.

It's the kind of thing that dreams are made of for new parents, but it's an everyday reality for the more than 60,000 HPE employees that is just one part of their "Work That Fits Your Life" program initiative designed to enrich the personal wellbeing and work-life balance of their employees through workplace flexibility, family leave and very helpful return to work options.

Any employee who has been at HPE for a year is eligible for the leave, which can be taken at any time within the first 12 months after the birth or adoption of a child.

Then, when the parent is ready to return, HPE's "Parental Transition Support" offers a flexible work arrangement policy that allows new parents the opportunity -- as mentioned above -- to work part time for up to 36 months after their child's arrival. That's three years of family flexibility!

Another big family favorite is "Wellness Fridays," which allows employees to leave work three hours early one Friday a month, plus something called "Career Reboot," which offers job opportunities and training for employees who may have been forced to put their careers on hold for a while to raise a child.

And for HPE's CEO Antonio Neri, all of it is part of an overall respect and push for inclusivity for all employees.

"At Hewlett Packard Enterprise, we are only as successful as our people," says Neri. "That's why we put them first and care so deeply about fostering a workplace that is unconditionally inclusive, extending all team members an equal opportunity to succeed with a sense of belonging."

Chris Todd, UKG

"If work is your No. 1 priority, you've got your priorities mixed up. Your No. 1 priority should always be family." This is the belief – long held and oft reiterated -- of Aron Ain, whom we honored last year as CEO and chairman of Ultimate Kronos Group. Now, the company continues that culture under the leadership of new CEO, Chris Todd.

"Everyone has a different purpose. My No. 1 job as CEO is to help create opportunities for U Krewers (our employees) so they can fulfill that purpose, whether that's inside or outside of work," Chris says. He believes that employees who are happy and inspired create a positive butterfly effect that starts with the customers and reverberates beyond work to help those employees Strengthen the lives of their families, friends, and those in need. "The thought of this butterfly effect originating from our 15,000 employees is what gets me out of bed each morning."

Many businesses proudly proclaim the "family atmosphere" they strive to create in their workplaces. But often, that refers to a congenial atmosphere at work. Ultimate Software, whose tagline was "People first," brought to its merger with Kronos an exemplary record of proving its regard for its employees' "whole life" with perks for their families. The merged entity, Ultimate Kronos Group, has a similar tagline: "Our Purpose is People," and earned recognition from Great Places to Work for committing to no layoffs during the pandemic, adding more employees, investing more into its employee benefits and continuing its philanthropic efforts.

But as the old adage says, "Charity begins at home." UKG lives this, extending its caring into the homes and families of its employees.

The extensive list of benefits UKG offers its employees includes many items that are found at other companies as well. But, under Ain's leadership, the sheer volume of benefits takes it to a rarefied level. UKG purposely strives to be one of the world's greatest people companies, and we honor it as a leader in Social Capital.

Proudly referring to the company's tagline mentioned above, Chris says that tagline works so well because of the duality of it. "If we do a really great job servicing our customers' people, we can do great things for our own people -- and that naturally extends to their families and communities around the world where we live and work." That's a Social Capital attitude, and we couldn't have said it better ourselves.

Chris notes that UKG's benefits program aligns with the company's purpose, culture values and business strategy, and credits the HR team for doing an excellent job of identifying and implementing programs that impact people across various stages of life.

UKG's Chris Todd notes the company's benefits program aligns with their purpose, culture values and business strategy, and credits the HR team for doing an excellent job of identifying and implementing programs that impact people across various stages of life. iStock

"Our family-friendly benefits align with this stage-of-life focus," Chris says. These include fertility-treatment coverage and adoption financial benefits for those looking to start a family, a UKG Kids stipend to help cover the cost of extracurricular activities, free Tutor.com access for children of employees, and virtual exercise and wellness classes, including family yoga.

"One of my favorite family-focused benefits is our global UKG Scholarship Program, which awards 30 different scholarships for dependents of employees attending college or university." UKG extended this program in 2022, adding 10 new scholarships directly tied to its employee resource groups to recognize and reward students who demonstrate a drive to support belonging, diversity, equity, and inclusion.

Chris also points to the PeopleInspired Giving Foundation, a 501(c)(3) dedicated to providing financial assistance to UKG employees and their families who are physically, economically, emotionally, or otherwise adversely impacted by tragedy. "Many U Krewers around the world have thankfully used this foundation to receive financial support during trying times."

Penny Pennington, Edward Jones

Edward Jones has been known for tempering long work hours with rewards that help employees relax and have fun – with family.

"Family is so tied to an individual's well-being," Penny told us in an exclusive interview last year, sharing her personal experience. "I'm happy when my family is happy. And when they're healthy and their well-being is in place and they're thriving, I'm able to do two things: I'm able to come to work better [and] … I'm not thinking about them. My emotions can go to being the best that I can be at work."

The positive reviews we cited last year from job site Glassdoor by Edward Jones employees supports that reputation: "They very much value their employees. Maternity leave and time off is amazing." "Flexible working schedule, manage your own time." "Edward Jones is a fantastic place to work. The value associates and listen and respond to feedback to improve. As a LP they don't have to make decisions with shareholders in mind and can lead the business in a way that best fits the client AND associate."

Putting this philosophy into practice has earned Edward Jones a designation as a "Best Place to Work" and recognition here – last year and again this year -- for contributing to the Social Capital movement.

"I've found in my own personal and professional life that when I'm at my best in my purpose-driven work that I do at Edward Jones, that when I go home to my family, I'm teaching them values that are really, really important to the rest of their lives," Penny shares. "I have two adult daughters and my children both say, 'It was so important for me to see you doing something that you loved, that was making a difference for other people, and that showed us that that's the sort of thing that we should want to do.' And that makes for a healthy life."

That attitude continues to underscore Penny's leadership. "We recognize that the foundation of our success is our people. That includes the people we serve, the people we serve alongside, and the people who support us at home," she says. "Having the love and encouragement that our families provide is important to everything we do – our associates' families are, by extension, a part of the Edward Jones family. The pandemic served as an opportunity for many people to re-evaluate what's most important to them, and for a lot of people, family is more important than it's ever been."

Among the benefits Penny cites is a parental leave program she calls out as outstanding – it includes 16 weeks of full salary for primary caregivers and two weeks for secondary caregivers, and particularly noteworthy is the fact that using this leave doesn't impact the employee's vacation time at all.

Edward Jones also has a generous sick leave policy that allows associates to use it to care for sick family members, not just for an illness of their own. The newly instituted flexible work model in the company's home office locations preserves choice for most associates around where and when they work, allowing people the flexibility to integrate work with family time. And the enhanced wellness program offerings now include increased wellness seminars and enhanced mental health resources, to help associates be their best and live their lives to the fullest.

"Those are just a few of our most family-friendly benefits," Penny says, emphasizing the importance she and the company place on that area. And she eagerly brings up a notable, decades-long company tradition and event for Edward Jones's financial advisors: a multi-day summer regional meeting for each of the company's 313 regions across North America.

Admittedly not a benefit in the usual sense of the term, "The experience is part pep rally, part business meeting, and part family reunion," Penny says, "because families are included in everything we do. The multi-generational opportunity to bond with and learn alongside one another is a hallmark of our culture."

And that's a Social Capital value of the first order.

Jim Goodnight, SAS

As we revealed last year when we honored SAS for its family values the first time, the culture of SAS honors the importance of family, work/life balance and enjoyment of the workplace, and its amazingly extensive and varied menu of perks for employees serves as constant affirmation of how much they are valued at this software analytics company.

And they return that favor to the company with their loyalty. SAS's turnover rate is one-tenth of the industry average of above 20%. With the cost of turnover a tremendous financial loss to businesses, those statistics alone are concrete proof of the value of Social Capital. SAS is committed to helping employees, their families and retirees achieve balance in their lives by providing problem-solving, coaching, resources and referrals, and educational programs.

So, it is no wonder why ultra-practical CEO Jim Goodnight says the policies make estimable business sense as well. "My chief assets drive out the gate every day," says Goodnight. "My job is to make sure they come back."

And they do. The SAS employee sticks around for 10 years, and about 300 employees have worked 25 or more.

A few of their most-loved perks include generous vacation and volunteer time off. SAS starts you out with three weeks of vacation, plus an extra week off for winter break at the end of each year so you have plenty of time to celebrate with your family. Unlimited sick days, paid maternity and paternity leave plus adoption assistance and tuition assistance add to the overall appeal.

Unlimited sick days, paid maternity and paternity leave plus adoption assistance and tuition assistance add to the overall appeal of working at SAS. iStock

But that's not all -- not by a long shot. College-bound kids of employees at this analytics software company can take advantage of a scholarship program. The campus is home to a healthcare center and a recreation and fitness facility -- including family swim days and virtual interactive kid-friendly events. It even has a summer camp for school-age children. A work/life center offers resources and counseling on syllabus like parenting teens. Subsidized childcare and elder care round out the family-friendly perks.

SAS provides innovative software and service to empower its customers to transform data into intelligence, and its founder, Jim Goodnight, was one of the first business leaders to practice what we are now spotlighting as Social Capital, since co-founding the company back in 1976. Goodnight believes that "what makes my organization work are the new ideas that come out of my employees' brains," and, operating from that conviction, he both respects his employees and cares about their happiness.

He consistently nurtures SAS's corporate culture of trust, believing that workers who consistently respect the organization's management will put forth their greatest commitment and contribution. And it is not a top-down approach to running the company, as feedback is solicited from employees to ensure SAS maintains that high level of trust -- and also on how they are being treated as human beings.

Building into the corporate leadership this regard for people as people, only those who demonstrate a natural inclination to support and help people are considered for any management position. In fact, SAS operates from the belief that the primary responsibility of its leaders is to facilitate the career success of other employees, not their own.

That is about as Social Capital-esque as you can get.

Tim Ryan, PricewaterhouseCoopers

PricewaterhouseCoopers demonstrates its care for family in its comprehensive, flexible and competitive employee benefits program. It provides access to programs that can be tailored to meet the personal health and financial well-being needs of its partners, staff and, notably, their families. It also provides resources and programs to help staff pursue their professional goals and support their personal and family needs.

U.S. Chair and Senior Partner Tim Ryan is responsible for the setting the strategy and the tone on quality as well as leading the culture for the firm's 55,000 employees and partners.

In that spirit, he shares, "I am so proud to announce that PwC is launching a reimagined people experience, called My+, that is centered around choice and flexibility, and tailor-made to further support development, well-being, purpose and personal ambitions. It's our biggest and boldest reimagination of our people experience, and over the next three years, we'll invest $2.4B to bring this personalized experience to life. My+ will provide our people the power to build personalized careers, from choosing the types of assignments they work on, to the hours they work, to where they work and the benefits they need. Our commitment, the largest in professional services to date, lays the foundation for a future where our people can make customer-like choices, supported by consumer-grade technology, to build a personalized career experience at every stage of their life."

It's a first-of-its-kind people strategy that recognizes a fundamental workforce shift that extends beyond the conversations about whether people work in-office, remote or in a hybrid arrangement. "People are seeking opportunities that allow them to live their lives how they want to, including meeting the needs of their families" among other needs, Tim says.

Many of the employee benefits PwC has introduced in recent years aim specifically to support the family of the employee, and in the first year of the My+ transformation, the company is expanding parental leave for all parents from eight to 12 weeks, giving them additional time to bond with their newborn, newly adopted or foster care child. PwC also offers a two-week pre-birth benefit and a six-week post-birth disability benefit, which, when combined with the company's paid parental leave, allows birthing parents 20 weeks of paid leave.

PwC offers a two-week pre-birth benefit and a six-week post-birth disability benefit, which, when combined with the company’s paid parental leave, allows birthing parents 20 weeks of paid leave. iStock

Additional family-focused support includes access to emergency childcare backup centers, care reimbursements up to $2,000 annually and discounts on nanny and tutoring services; and in the very hot area of mental health, PwC continues to offer mental health resources and sessions to its people and their families at no cost, including access to free mental health coaching, therapy sessions, meditation resources and more.

Certainly, PwC's care for employees is evidenced in a veritable cornucopia of benefits and corporate culture enhancements, but for the scope of its support for family -- which extends to infertility, donor, freezing and surrogacy services – we are shining this month's Social Capital "family friendly" spotlight on PwC and Tim Ryan.

Chuck Robbins, Cisco

As the pandemic began easing, Cisco CEO Chuck Robbins expressed his belief that a new era was upon us in which business leaders would need to be more understanding of individual employees' needs, and that could not simply be a momentary trend.

"If we've learned anything over the last 18 months, it's that you have to be empathetic to the person's individual circumstances, and I don't think that's going to change," Robbins says.

And he has put his policies where his mouth is.

"We champion every family," the company proudly declares. "Every family has a unique story -- and we have benefits to support them all."

Let's start with paid time off to bond with a new child that is not dependent on gender but on the employee's care-giving role. Even grandparents are eligible if they are the primary caretaker for the child.

It's what Cisco calls "Our People Deal," and rather than a cookie-cutter approach, the amount of time off depends on whether the employee functions in a main or supporting caregiver role. The company provides a minimum of 13 weeks of paid time off for the main caregiver, although it may be longer. For a supporting caregiver, the company provides four paid weeks, to be taken within the first six months of the child's birth or adoption. Even Cisco grandparents can take up to three paid days off within one year of the arrival of a new grandchild.

Then there is $20,000 in financial assistance for adoption and surrogacy per child, and up to US$50,000 for family-planning expenses.

Support for parents of children with developmental disabilities comes through Rethink, a program to support Cisco parents of children with learning, social or behavioral challenges, or a developmental disability such as autism, Down syndrome or ADHD.

But the company's support of families doesn't stop there but continues throughout the life process with on-site children's learning centers. And back-up caregiver support available at affordable rates for children and adults.

Cisco also offers support for employees caring for a loved one who has suffered an accident or health issue, and for employees who are assisting aging relatives.

You say it's your birthday? All employees can take a paid day off within 10 days of their birthday to celebrate with their loved one.

Finally, Cisco's Critical Time Off (CTO) programs allow employees dealing with a death, illness or a natural disaster in their family to take care of the business of their families, allowing them to take time off at full pay -- without using their regular paid time off. And this benefit is extended to help "family," which is defined as anyone that employee "might rely on or who rely on them -- so they can be there for the people closest to them."

Sounds like a pretty good understanding of the value of family, but let's leave it to them to say it succinctly. Which they did: "We understand that our employees are also parents, colleagues and community members," proudly declares the company on its website. "We make it easier for our people to support and help the people they love."

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Killexams : Here is why Hewlett Packard Enterprise Company (HPE) recent weekly performance of 3.89% shouldn’t bother you at All

For the readers interested in the stock health of Hewlett Packard Enterprise Company (HPE). It is currently valued at $14.42. When the transactions were called off in the previous session, Stock hit the highs of $14.44, after setting-off with the price of $14.11. Company’s stock value dipped to $14.10 during the trading on the day. When the trading was stopped its value was $14.24.Recently in News on July 26, 2022, Aruba Helps Network Teams Overcome Scarce Staff Resources with First AIOps Solution that Combines Network and Security Insights for Improved IT Efficiency. New AI-based Insights Leverage the Largest Integrated Network Data Lake to Enhance Visibility, Operations, and the User Experience – All from a Unified, Cloud-based Management Solution. You can read further details here

Hewlett Packard Enterprise Company had a pretty Dodgy run when it comes to the market performance. The 1-year high price for the company’s stock is recorded $17.76 on 02/10/22, with the lowest value was $12.40 for the same time period, recorded on 07/05/22.

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Hewlett Packard Enterprise Company (HPE) full year performance was -0.55%

Price records that include history of low and high prices in the period of 52 weeks can tell a lot about the stock’s existing status and the future performance. Presently, Hewlett Packard Enterprise Company shares are logging -18.81% during the 52-week period from high price, and 16.29% higher than the lowest price point for the same timeframe. The stock’s price range for the 52-week period managed to maintain the performance between $12.40 and $17.76.

The company’s shares, operating in the sector of Technology managed to top a trading volume set approximately around 7393619 for the day, which was evidently lower, when compared to the average daily volumes of the shares.

When it comes to the year-to-date metrics, the Hewlett Packard Enterprise Company (HPE) recorded performance in the market was -8.56%, having the revenues showcasing -6.42% on a quarterly basis in comparison with the same period year before. At the time of this writing, the total market value of the company is set at 18.41B, as it employees total of 60400 workers.

The Analysts eye on Hewlett Packard Enterprise Company (HPE)

During the last month, 5 analysts gave the Hewlett Packard Enterprise Company a BUY rating, 5 of the polled analysts branded the stock as an OVERWEIGHT, 8 analysts were recommending to HOLD this stock, 0 of them gave the stock UNDERWEIGHT rating, and 3 of the polled analysts provided SELL rating.

According to the data provided on Barchart.com, the moving average of the company in the 100-day period was set at 15.11, with a change in the price was noted -1.67. In a similar fashion, Hewlett Packard Enterprise Company posted a movement of -10.38% for the period of last 100 days, recording 10,616,931 in trading volumes.

Total Debt to Equity Ratio (D/E) can also provide valuable insight into the company’s financial health and market status. The debt to equity ratio can be calculated by dividing the present total liabilities of a company by shareholders’ equity. Debt to Equity thus makes a valuable metrics that describes the debt, company is using in order to support assets, correlating with the value of shareholders’ equity The total Debt to Equity ratio for HPE is recording 0.66 at the time of this writing. In addition, long term Debt to Equity ratio is set at 0.43.

Technical rundown of Hewlett Packard Enterprise Company (HPE)

Raw Stochastic average of Hewlett Packard Enterprise Company in the period of last 50 days is set at 55.65%. The result represents downgrade in oppose to Raw Stochastic average for the period of the last 20 days, recording 99.02%. In the last 20 days, the company’s Stochastic %K was 96.60% and its Stochastic %D was recorded 93.30%.

Considering, the past performance of Hewlett Packard Enterprise Company, multiple moving trends are noted. Year-to-date Price performance of the company’s stock appears to be encouraging, given the fact the metric is recording -8.56%. Additionally, trading for the stock in the period of the last six months notably deteriorated by -10.60%, alongside a downfall of -0.55% for the period of the last 12 months. The shares increased approximately by 3.89% in the 7-day charts and went down by 8.75% in the period of the last 30 days. Common stock shares were lifted by -6.42% during last recorded quarter.

Mon, 01 Aug 2022 23:31:00 -0500 en-US text/html https://investchronicle.com/2022/08/02/here-is-why-hewlett-packard-enterprise-company-hpe-recent-weekly-performance-of-3-89-shouldnt-bother-you-at-all/
Killexams : HPE’s Antonio Neri: A Drive To Go ‘Further And Faster’

Cloud News

Steven Burke

No one better exemplifies the drive to go further and faster than HPE President and CEO Antonio Neri, CRN’s No. 1 Most Influential Executive. Over the last four years, Neri has transformed the legacy infrastructure product provider into an on-premises cloud services powerhouse that is going head to head against Amazon Web Services, Microsoft Azure and Google Cloud.

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PKA Technologies CEO Felise Katz was initially “very skeptical” in 2019 when she first heard Hewlett Packard Enter­prise President and CEO Antonio Neri lay out his bold vision to move the company and its partners to a full HPE GreenLake Everything-as-a-Service model by 2022.

However, once Katz looked into how the change would drive a tighter and more strategic relationship with customers and in the process move PKA to a recurring revenue model that sharpened the focus on PKASolveIT managed services, she was all in.

Three years into the journey of reinventing what Katz calls her 26-year-old startup, she could not be more thrilled at what the change has meant to Montvale, N.J.-based PKA and its customers.

[RELATED: The 25 Most Influential Executives Of 2022]

“GreenLake is really resonating with customers at this point,” said Katz. “They are looking at things through a different lens. It has enabled customers to be much more efficient, to keep costs under control and to keep their data secure. Everything GreenLake has promised to do it has certainly done for our customers. We have a huge pipeline of opportunities.”

That huge pipeline is due in no small part to the bold vision of Neri, who made a big bet on Everything as a Service as far back as four years ago. That bet has put HPE far ahead of legacy infrastructure providers like Dell Technologies and Cisco Systems in the rapidly emerging Everything-as-a-Service contest. It has also forever changed the channel landscape, with HPE partners moving from selling infrastructure products in a capital expen­diture transactional model to selling on-premises cloud services in a consumption model that pits HPE GreenLake head to head against Amazon Web Services, Microsoft Azure and Google Cloud.

Most remarkably, Neri this year delivered on his pledge made at the HPE Global Partner Summit three years ago to move HPE and its partners to the cloud consumption model. At the time, Neri told partners: “Three years from now, this company will become consumption-driven and everything we do—whether it is at the edge, the core, the cloud business—software or infrastructure and services will be available to you and to our customers as a service.”

Now that pledge—which at the time seemed like a pipe dream— is a reality. Neri’s success bringing HPE and its partners into the consumption-based cloud services market has earned him the No. 1 Most Influential Executive on CRN ’s 2022 Top 100 Executives List.

For PKA itself, which has had to undergo a massive cultural transformation, including three major changes to its compensation plan to drive pay-per-use GreenLake on-premises cloud services consumption, the change has led to a financially stronger company that is now acting as a strategic service provider to customers with its PKASolveIT suite of managed services, said Katz. “We could not be more pleased about the outcome for us and for our customers. We have a different relationship with our customers now. Our conversations are now with the C-suite—the CFOs and the owners and principals of companies. It’s a financial and a technical conversation at the same time. The future is brilliant. It’s a great story,” she said.

That great story began with Neri—who started his career at HPE in 1995 in an HPE call center in Amsterdam—taking the helm of HPE on Feb. 1, 2018. On his first day on the job, Neri pledged to bring an innovator’s heart, a customer-first and customer-last ethos and a drive to go “further and faster” —accelerating “what’s next” for customers and partners.

Today, Neri’s commitment to go further and faster has trans­formed HPE from a bits and bytes-focused hardware provider to a cloud services powerhouse. And he did it by putting partners at the very center of that software and services transformation.

Anatomy Of A Transformation

First off, Neri has done what many believed was impossible: moving the complete HPE product portfolio in just three years to a seamless and cohesive edge-to-cloud pay-per-use platform for both cloud-native and legacy workloads. In the process, Neri has made HPE GreenLake a compelling alternative to AWS, Microsoft Azure and Google Cloud.

HPE GreenLake now has more than 70 cloud services that run the gamut, starting at the edge with connectivity from Aruba to a complex ERP offering like SAP and breakthrough artificial intelligence, machine learning and analytics services. GreenLake is now on track to deliver $1 billion in annualized revenue run rate (ARR) this year with a three-year compound annual growth rate projection of 35 percent to 45 percent for ARR.

At the same time, GreenLake is driving higher margins, with the ARR percentage of software and services set to soar from 61 percent in fiscal year 2021 to 77 percent in fiscal year 2024.

To power the Everything-as-a-Service transformation, Neri rebuilt HPE from the ground up, starting with a big investment in 2018 to modernize HPE’s own IT systems, putting the company on a single ERP system. From there, Neri put in place the ARR metric on the HPE balance sheet so investors and partners could track HPE’s as-a-service evolution.

At the same time he was making those changes, Neri was liter­ally transforming the culture and character of HPE into a software and services organization. The company is now being viewed by customers and partners as a cloud powerhouse. Case in point: HPE now has 8,500-plus software engineers.

Customers have voted by moving their data and workloads to HPE GreenLake, Neri said. The edge-to-cloud GreenLake pay-per-use platform now has 65,000 customers and 120,000 users with 1 exabyte of data under management.

GreenLake’s total contract value has more than doubled from $3.1 billion in 2019 to $7.1 billion in the most recent quarter.

The channel has also voted for GreenLake, driving 155 percent sales growth on the platform in the most recent quarter, the second consecutive triple-digit growth quarter. More than 900 partners are now selling GreenLake, up 60 percent year over year. What’s more, the number of partners selling multiple deals is up 2.5 times year over year.

Neri told CRN that the key to the evolution of the $27.8 billion infrastructure provider was a matter of having “the courage” to do the right thing. He ran headfirst into that leadership lesson when he made his first big move to modernize HPE’s IT systems.

“No one wanted to do that,” said Neri. “No one wanted to do it because it was an enormous amount of work and money to reset the entire operations of the company and close the techni­cal debt that we were not able to address because of the spins and splits [we went through]. That was a foundation [for the HPE transformation]. The second piece of this was, ‘OK, let’s establish who we want to be and stick to it.”

Sticking to it is something Neri is good at. One of his leadership maxims is never procrastinate and always look at “what you are going to do today that you could have done yesterday.”

For help making tough decisions, Neri credits HPE CFO Tarek Robbiati for knowing how to drive HPE to go “further and faster” with a sound capital allocation strategy. That rebalancing of resources has led to bigger investments in HPE research and development, from $1.7 billion in fiscal year 2018 to $2 billion in fiscal year 2021. “We had to rebalance resources,” said Neri. “We looked at it through the financial lens as well as through the innovation lens. We married the two and said this is where we are going to double down—as-a-service is obviously one example.”

Neri has also doubled down on HPE’s culture, investing in new benefits like six months of paid parental leave and retirement transition support. Neri told CRN that a “pivotal moment” dur­ing his tenure as CEO came from a “who we are, what we stand for and how we operate” commitment that arose in conversations with HPE Executive Vice President and Chief Communications Officer Jennifer Temple.

Another top HPE executive who has made a big difference in overcoming obstacles in the transformation, said Neri, is HPE Executive Vice President and COO John Schultz.

Shultz, whose role has expanded recently with what HPE calls “increased responsibilities and a broader role in driving the company’s edge-to-cloud transformation,” has helped HPE “cross the chasm” by making sure it brings top talent into the organization, said Neri.

“One of the things that I really agree with [former HPE CEO and Neri mentor] Meg [Whitman] on is having the right person in the right job at the right time with the best attitude. Even though they may not have all the skill sets, I will take that over a perfect engineer that has no [emotional intelligence] to collaborate or understand the bigger picture,” said Neri. “It is phenomenal to do this thing [you may want to do], but I need people to think about the bigger picture, including partners.”

Another pivotal moment propelling Neri’s vison for a single unified edge-to-cloud platform came in the midst of the pandemic under a tent at HPE’s then-Santa Clara, Calif., headquarters. That led to the establishment of a team of 30 leaders to drive the cultural shift deep into the organization.

So just how radical is Neri’s view of the software and services transformation at HPE? “I think long term the vison is very simple: The infrastructure piece of this is nothing more than the cost of sales,” he said. “There is revenue, there is margin and a cost of sales. The majority of the margin will be services and software. The hardware piece, if you want see it that way, is a cost of goods sold.”

A Big Bold Vision Come To Life

HPE North America Managing Director Paul Hunter, who was previously HPE worldwide channel chief and chief of staff to Whitman, credits Neri for making a “really bold statement” to move the complete HPE portfolio to Everything as a Service and then getting the entire company of 60,000 employees on board.

“We knew we had to move quicker than we have moved before, and everything we needed to do was to serve that purpose,” said Hunter. “We knew we had to be working as hard as we possibly could to help us move our teams, our partners, our proposition, everything to be as-a-service such that when 2022 arrived every­thing was as-a-service-enabled.”

Hunter saw first-hand at the recent HPE Discover how trans­formative the move to GreenLake has been for partners. “The change I see is those partners have got religion,” he said. “They believe. The nature of their relationship with the customers has completely changed. They are much more important and relevant to customers and are having conversations they never had before.”

But it has been “hard work” for partners that have committed to GreenLake, said Hunter. “You have to be tenacious, you have to be committed to winning in the cloud-as-a-service world, and that is longer, harder and more complicated than it is in a ‘let me just refresh your environment’ world,” he said. “But the benefits are so much greater to the partner and us and the client. So partner perseverance is really rewarded.”

Hunter sees HPE GreenLake as a pivotal moment for all part­ners. “This is the lifeblood of the future for a healthy partner ecosystem,” he said. “We are in the process of partners reinventing themselves into companies that can really help their customers with problems that are business-related rather than feature- and technology-related. I think it is going to be invigorating. I think our companies are going to grow. The market continues to be very healthy. They and we have a path to being much more relevant to our customers in five years’ time than we were 10 years ago.”

Neri has been critical to driving sales growth because of his abil­ity to handle everything from technology architecture and vision to support issues in front of customers and partners, said Hunter. “Antonio has basically worked in every part of the company and remembers all the processes and policies associated with it, so he knows the genuine plumbing of the business,” he said.

HPE Worldwide Channel Chief and Head of Partner Sales George Hope calls Neri the “industry’s biggest partner advocate” and most “partner-forward” CEO in the business. Nowhere is that more evident than with GreenLake, which was designed from the ground up to “grow with and through partners.” That includes an open API that allows partners to layer in their services on top of the GreenLake platform. “The partners see some of the other vendors bolting on channel after the fact,” said Hope. “They see us as baking in channel with the original recipe. That is a result of Antonio’s leadership in general for the channel. As he has put this [Everything-as-a-Service] vision forward and we have executed it, there has always been a channel weaved into the design and the conversation. That is a testament to his leadership.”

Solving Public Cloud Pain Points

A momentous bet on GreenLake three years ago has paid off in significant consumption-based sales growth for Milestone Technologies, Castle Rock, Colo., which was just named HPE GreenLake U.S. Partner of the Year. “We are seeing tremendous growth,” said Andy Johnson, director of enterprise solutions at Milestone.

Milestone has five customers that it has outfitted with Green­Lake and just signed another two, said Johnson. “Customers are really jumping on board because it really addresses a lot of their pain points,” he said. Those pain points—which have become increasingly prevalent in public cloud—include concerns about the high cost, security issues and even scalability, said Johnson.

Customers are starting to realize that public cloud is not all that it was made out to be and that if “they are not looking at a GreenLake secure private cloud solution then they are doing their company or agency a huge disservice because it really does solve a lot of the [cloud] pain points,” said Johnson.

“When customers start to realize their costs are out of control with the ingress and egress fees [of public cloud] and band­width restrictions, and that they are sharing the [public cloud] with other customers and that there are security issues and downtime, they look at it differently,” he said. “The timing is right because cus­tomers had to experience what public cloud was of­fering. … Once customers go through those pain points, they realize that there are a lot of advantages that GreenLake provides them.”

One Milestone government GreenLake customer moved away from public cloud because the “costs were outrageous,” said Johnson. That customer had issues with billing, with multiple fees in a disaster recovery environment, he said. “When we talk to customers about GreenLake, we show them up front what their costs are going to be for the next four years if it is a 48-month deal,” he said. “If you take a look at where supply chain is and where it is going, this is giving customers a predictable cost model that is not going to change for four years. Customers love that.”

One of the keys to Milestone’s success with GreenLake has been to accurately size the GreenLake on-premises pay-per-use cloud service environments for customers, said Johnson. Often customers are overprovisioning, he said.

“When you start taking a look at the cost model and what customers actually need, there is a big delta between what they think they need and what they really do need,” said Johnson. “That is where we come in and show them real data.” That has led to big cost savings for customers and instilled customer “trust” and confidence in Milestone, said Johnson.

The GreenLake model has opened the door for customers to easily grow their IT environments with the “ease of billing” and “simplicity” to grow their own pay-per-use platform, said John­son. Customers also like that there is a growing ecosystem of third-party vendors like Cohesity, Commvault and VMware that can be integrated into GreenLake. “Customers are really digging that because it is a much easier model for them to adopt and to integrate into their current [IT] environment,” he said.

Security issues and the ability to ensure regulatory compliance have also been big differentiators, said Johnson. One state law enforcement agency that manages Criminal Justice Information Systems—a mandate for security compliance—turned to Green­Lake in the wake of the pandemic after running into trouble certifying that the public cloud would be a “safe location” for its data, said Johnson.

“When COVID hit, all of a sudden work-from-home and VDI were a big deal; they had this explosion of storage growth im­mediately and they had no idea how to handle it,” he said. “That was one of our first key wins with Green­Lake. … It was a great use case for them. They knew the security issues would go away with GreenLake because it is in their en­vironment. They are the only ones touching it. It is secure, and they don’t have to worry about shar­ing workloads.”

Milestone is doubling down on its investment in GreenLake as it sees the payback for customers with the as-a-service model, said Johnson.

A ‘Tremendous Visionary’ And The Road Ahead

PKA’s Katz credits Neri with being a “tremendous visionary” who had the foresight to look into the future and move HPE and its partners to the edge-to-cloud Platform-as-a-Service model.

“Antonio had to look at what the iconic Hewlett Packard Enterprise brand was going to look like in the future,” she said. “That required a lot of inner searching. Then to be able to shift and translate that back to HPE partners is quite incredible. An­tonio and HPE have made a huge commitment to make a stand for partners on Everything as a Service. HPE has always led with the partner community, but now this opens up that partnership tremendously so we are able to really provide all of these services and benefits to customers. At the end of the day, that is what we are all about.”

Katz sees PKA in the next several years continuing to build out its PKASolveIT managed services on top of the GreenLake edge-to-cloud platform with HPE APIs. “We are adding more and more solutions under the GreenLake portfolio that will continue to enable our customers to be better at what they have to do every single day,” she said. “We are adding more and more services every day.

We are a true edge-to-cloud provider. That is clearly becoming more and more of a differentiator for PKA.”

Katz, in fact, said the direction PKA is going with HPE is leading to success. “It is a great journey,” she said. “I couldn’t be more excited to be an HPE partner at this point. I think only greater things are yet to come.”

Neri is also “excited” about what’s coming next for partners like PKA now that “big aspects” of the transformation have been completed. He sees a future for HPE and its partners that goes far beyond the role of an infrastructure product provider.

“I think the partners—together with us, obviously—have a huge opportunity to become the service providers for their customers,” said Neri. “When you become the service provider, you become way more relevant than just reselling someone else’s cloud offers. At the core of that, you need to be comfortable with the transformation of your business and the culture. We bring to the table the technology and the portfolio that partners need to compete and win in becoming a service provider.”

That move to a full-fledged strategic service provider makes partners “more relevant” and “way more profitable because the infrastructure comes with it and all the service consumption comes on top of it,” said Neri. “Then you add your own services.”

For Neri, making the big bold bet to transform was a matter of letting go of the past. Partners, he said, must do the same thing. “If you don’t want to move forward and let the past go,” he said, then “you are going to be less and less relevant. And our job is to make partners relevant.”

Sun, 31 Jul 2022 22:00:00 -0500 en text/html https://www.crn.com/news/cloud/hpe-s-antonio-neri-a-drive-to-go-further-and-faster-
Killexams : Helmerich & Payne, Inc. (HP) CEO John Lindsay on Q3 2022 Results - Earnings Call Transcript

Helmerich & Payne, Inc. (NYSE:HP) Q3 2022 Earnings Conference Call July 28, 2022 11:00 AM ET

Company Participants

Dave Wilson - Vice President of Investor Relations

John Lindsay - President & Chief Executive Officer

Mark Smith - Chief Financial Officer

Conference Call Participants

Derek Podhaizer - Barclays

Douglas Becker - Benchmark Research

Keith Mackey - RBC

Andrew Herring - JP Morgan

Tom Carstairs - Stifel Research

John Daniel - Daniel Energy Partners

Operator

Good day, everyone and welcome to today's Helmerich & Payne Fiscal Third Quarter Earnings Call. At this time all participants are in a listen only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded and I will be sending by should you need any assistance.

It is now my pleasure to turn today's call over to Vice President of Investor Relations, Dave Wilson, please go ahead.

Dave Wilson

Thank you, Ashley, and welcome everyone to Helmerich & Payne Conference Call Webcast for the Third Quarter of Fiscal Year 2022. With us today are John Lindsey, President and CEO; and Mark Smith, Senior Vice President and CFO. Both John, and Mark will be sharing some comments with us afterwards, we'll open the call for questions. Before we begin our prepared remarks today, I'll remind everyone that this call will include forward looking statements as defined under the securities laws. Such statements are based upon current information and management's expectations as of this date, and they're not guaranteed the future performance.

Reporting statements involve certain risks, uncertainties and assumptions that are difficult to predict. As such are genuine outcomes and results could differ materially. You can learn more about these risks in our annual report on Form 10-K, or quarterly reports on Form 10-Q and or other SEC filings. You should not place undue reliance on forward looking statements and we undertake no obligation to publicly update these forward-looking statements. We will also make reference to certain non-GAAP financial measures such as segment direct margin and other operating statistics. You'll find the GAAP reconciliation, comments and calculations in yesterday's press release.

With that said, I'll now turn the call over to John Lindsay.

John Lindsay

Thank you, Dave. Good morning, everyone. And thank you for joining our call today. I'm pleased with our performance during the quarter. The operational and financial results continue to reflect the benefits of our strategic initiatives we've been working on for several years now. In particular, the efforts by our sales and operations teams to Strengthen pricing and margin growth in our North America solutions segment. On our earnings call last February, and again in April, we discussed how rig pricing needed to reach $30,000 per day. And in our third fiscal quarter, we had roughly 20% of our fleet average revenue per day at or above that level.

This is a great start. But we also recognize that pricing needs to move further to achieve gross margins of 50% or greater to generate returns that fully reflect the value we deliver to customers with our flex fleet rigs complementary technology solutions. As intended, we saw a modest growth in rig count and exited the quarter with 175 rigs contracted in our North American solution segment. Fiscal discipline and contractual churn allowed us to re contract rigs without incurring additional reactivation costs and to redeploy them at significantly higher rates.

Our rapidly improving contract economics are driven by both H&P’s value proposition to customers as well as a market that's very tight for available super spec rigs. We believe the drilling solutions and outcomes we provide are increasingly being recognized and coveted by customers. It's encouraging to seek capital discipline in our industry. And when combined with the supply chain and labor constraints, we expect this could put a damper on the industry's ability to reactivate idled super spec rigs at significant scale during the buying season.

By the last two years that has been in calendar Q4, and Q1. This will likely perpetuate the supply demand tightness for super spec rigs and provide momentum for future improvements and contract economics. We are already seeing some customers inquiring about rig availability for the fourth calendar quarter of this year. They are realizing that the market for readily available H&P flex rigs is extremely tight. We're seeing some customers looking to add incremental rigs for 2023. The needs are typically in the range of one to four rigs. And there are some looking to replace a lower performing regular to flex rigs. But we are unable to comment on the number of rigs that we can add specifically today. It is important to underscore that going forward, we will apply the same discipline focus on financial returns and we're receiving commensurate compensation for the value we are providing.

Along those lines march -- mark will provide some high-level remarks on our fiscal 2023 CapEx response to potential future demand for our rigs in our idle super spec electrically. We continue to hear about the benefits our customers experience from our digital technology solutions, especially when combined with our uniform flex rigs fleet. As horizontal wells continue to trend toward greater complexity and longer lateral length, drilling efficiency and reliability are important factors that differentiate our premium super spec service offering.

On the international front activity is taking higher with further improvements in our South American operations and the potential for more activity in coming quarters. In the Middle East, preparations are underway to export some of our super spec capacity as part of our hubs strategy. Current plans have one rig moving overseas in the coming months with additional risks possible, depending on the speed of the opportunities that developed in the Middle East, compared to other competing international locations. Establishing our Middle East hub is an important step and expanding our presence in that region as part of a longer-term growth strategy.

Our scale and digital technology not only enhanced profitability in our North American solution segment, but we believe these are also crucial elements in our goal to grow internationally. There is a scarcity of digital solutions being applied in key energy producing regions around the globe, and developing ways to integrate new technologies will ultimately lead to Strengthen economic returns for all our stakeholders over time. In our offshore Gulf of Mexico segment, our people continue to deliver great value for our customers. As mentioned on the last call, we are implementing pricing improvements offshore and have made significant progress. We expect the margin contribution to continue to Strengthen going forward at moderately higher levels.

In closing, it is encouraging to see the industry rebound. But it should also remind us of past cycles driven by elevated commodity price was and how the drilling industry repeatedly responded by adding capacity, which then led to an oversupplied market. So far, the cycle seems different from both an operator and a service industry perspective. The plan at H&P is straightforward safety above all, value creation for customers and margin growth, getting paid for the value we provide. I'm encouraged by the achievements through the dedication of our employees, their passion and their service attitude they bring to the company. We all strive to deliver excellence each day to enhance the value we provide to our customers and our shareholders. As we move forward, I'm confident our shared values and commitments will endure and enable the company to maintain its leadership position within the oil service industry.

And now I'll turn the call over to Mark.

Mark Smith

Thanks, John. Today, I will review our fiscal third quarter 2022. operating results provide guidance for the fourth quarter of a full fiscal year ‘22 guidance is appropriate. Look forward a bit to fiscal year 2023. And comment on our financial position. Let me start with highlights for the recently completed third quarter ended June 30 2022. The company generated quarterly revenues of $550 million versus $468 million in the previous quarter. As expected, the quarterly increase in revenue was due primarily to increase revenue per day in North America solutions segment. As we have continued to increase pricing for drilling activity.

Total direct operating costs incurred were $377 million for the third quarter versus $341 million for the previous quarter. The sequential increase is attributable in part to the higher average North American solutions segment to recap and compare it to the second quarter. General and Administrative expenses totaled approximately $45 million for the third quarter, lower than our previous quarter but still in line with our expectations. During the third quarter, we incurred losses of $17 million related to the fair market value of our add non drilling investment, which is reported as a part of gains and losses on investment securities in our consolidated statement of operations. Our fiscal year to date gains on the NOC investment are approximately $48 million.

To summarize this quarter's results, due in part to the execution of our strategies to align pricing with value delivered, as well as disciplined cost management we had our first positive net income quarter in 10 quarters. Agency earned a profit of $0.16 per diluted share versus incurring a loss of $0.05 in the previous quarter. Third quarter earnings per share were negatively impacted by net $0.11 per share of select items as highlighted in our press release, including the loss on investment securities that I just mentioned. Absent the select items adjusted diluted earnings per share was $0.27 in the third fiscal quarter versus an adjusted loss of $0.17.

During the second fiscal quarter, capital expenditures for the third quarter of fiscal ‘22 or $70 million sequentially ahead of last quarter is $60 million. This is lower than our expectations for the third quarter. But we are still comfortable with the annual range of $250 million to $270 million that was previously provided. H&P generated approximately $98 million in operating cash flow during the third quarter, which is up over $70 million on a sequential basis from the $23 million in the previous quarter. I'll have additional comments about our cash flows and working capital later in these remarks.

Starting to our free segments beginning with the North America solutions segment, we averaged 174 contracted flex rigs during the third quarter up from an average of 164 flex rigs in fiscal Q2. We exited the third fiscal quarter with 175 contracted rigs which was in line with our previous guidance. We added four rigs to our active rig count in the third quarter, including three walking flex rig, drilling rig conversions that were completed in fiscal Q3. Revenues were sequentially higher by $77 million due to pricing increases for our flex rigs in the spot market as John mentioned, and as we discussed on the second fiscal quarter call. Segment direct margin was $168 million and just above the top end of our April guidances coincidently higher than second quarter fiscal ‘20 to $114 million.

Overall effects from the North America solutions segment increase in a sequential basis due primarily to the increase in average rig count. In addition, reactivation costs of 6.5 million were incurred during Q3 compared to $14.2 million in the prior quarter. Roughly half of these reactivation costs were for the three walking rigs conversions added this quarter for the balance related to additional reactivation costs for rigs deployed at the end of the March quarter. Total segment per day expenses, excluding reconditioning costs and excluding reimbursable decreased to 15,490 per day in the third quarter from 50,030 per day in the second quarter.

Looking ahead to the fourth quarter of fiscal ‘22 for North American solutions, as of today's call, we have 176 flex rigs contracted, and we expect to continue at that level through the end of the fourth fiscal quarter of 2022. As we stated last quarter, and much like our competitors are doing and we intend to maintain, remain within our CapEx budget for the fiscal year which translates to holding the line on rig reactivations. Our current revenue backlog from our North America solutions fleet is roughly $629 million for rigs under term contract. Approximately 65% of the US active fleet is on a term contract. And we added approximately 10 rigs to our term roster early in the quarter which had previously been under negotiation for some time. Between now in calendar year in we have over 60 rigs rolling off of term contracts, which we expect to reprice in the current market.

The tight super spec rig supply dynamic is eating pricing momentum, and we expect the percentage of the US fleet on term to decrease to between 50% and 60%. During the next few quarters. As I mentioned last quarter significant inflationary pressures in calendar 2022, together with supply chain constraints are increasing consumable inventory costs. Such increases are included in our fourth guidance. Note that these costs for consumption and materials and supplies inventory did they make up less than 25% of the daily operating cost on a rig with a balance, primarily driven by labor.

In addition to the inflationary pressures on costs, constraints on supply chain capacity are increasing. In regard to supply chain access to parts and materials, we continue to utilize our proactive approach of detailed inventory planning, scale leverage, and healthy vendor partner relationships to alleviate supply chain challenges. In order to avoid a material impact or ongoing operations. We remain in close communication with our suppliers and have placed advanced orders for items in higher risk categories.

Approximately 70% to 75% of our daily costs are labor related. We implemented a wage rate increase in December 2021. Our turnover rates remain consistent with our historical turnover rates. To date, we have not experienced any loss of drilling time nor lost contracts due to crewing issues. We are monitoring and field labor rates as well as job required out of pocket expenditures. And as needed we'll respond to market conditions to assist in talent retention and attraction. As a reminder, our contracts are structured the past three labor related increases over a 5% threshold. We have commenced some early reactivation activities for rigs to deploy in fiscal year 2023 to minimize supply chain constraints where possible and are for planning.

Specifically, we are incurring costs already components of some of the rigs expected to be deployed in the first quarter of fiscal 2023. Reactivation costs will continue to increase to supply an inflation but also because the average idle super seconds is stacked for two plus years. Our expectation is that reactivation effects costs will approximate well approximately $1 million per rig moving forward. In the North America solution segment, we expect direct margins range between 185 million to 205 million inclusive of the effect of about 6 million in early reactivation costs for the fourth fiscal quarter.

Regarding our international solutions segment, international solutions business activity increased to nine active rigs at the end of the third fiscal quarter. As expected, we added two rigs in the Vaca Muerta region of Argentina this quarter in and of the second rig in Colombia. Also as expected, we incurred expenses associated with the rig startups that I just mentioned as well as investments made to establish our Middle East hub. As we look forward to the fourth quarter of fiscal ’22, for international, we expect to add two more rigs in the Vaca Muerta region of Argentina this quarter as well as a third rig in Colombia. These additions will bring our total active international rig count to 12 at the end of the fourth fiscal quarter if the projected startup timing is adhered to. We also expect to incur more expenses as we further develop our Middle East, inclusive of preparation to export a super spec flex rig that will be targeted at regional drilling opportunities.

Aside from any foreign exchange impacts, we expect to have between 4 million to 7 million direct margin contribution in the fourth quarter, due in part to sequentially higher average activity, reduce startup expenses and read rate increases. Turning to our Gulf of Mexico, offshore Gulf of Mexico segment, we still have four of our seven offshore platform rigs contracted and two of our three management contracts on customer owned rigs are still unfilled drilling rates. Offshore generated direct margin of about 8.7 million very the quarter which was toward the high end of our expectations. As we look toward the fourth quarter of fiscal ’22, for the offshore segment, we expected total offshore that we expect that offshore will generate between 9 million to 11 million of direct margin. A sequential increase resulting from contractual pricing increases on our active Gulf of Mexico platform rigs and management contracts as John mentioned earlier.

Now, let me look forward to the fourth fiscal quarter update full fiscal year ‘22 guidance as appropriate and look ahead to fiscal ‘23 planning. As mentioned, we still expect capital expenditures for the full fiscal year drains between $250 million to $270 million with remaining spend and approximately 85 million at the midpoint to be incurred in the last fiscal quarter. As a reminder, the timing of some spending has pushed in the second half of the fiscal year as key suppliers continue to rebuild capacity that was taken offline during COVID restrictions and the coinciding energy downturn.

Looking forward to our fiscal 2023, which begins October 1, while our budget process is still at an early stage, we have done some preliminary work to help frame up expectations going forward. With that said, you should think about our North America solutions segment CapEx three buckets, maintenance, reactivation and conversion. Our bucket of maintenance capex costs will likely push to the high end of our historical range of 750,000 to a million proactive rig due to inflationary costs increases. The rig specific reactivation CapEx budget and the emergence for 2023 as we get deeper into the idled stack of rigs. Here one-time capital expenditures will be incurred to overhaul componentry that we optimally utilize in the protracted downturn.

For example, to delay an overhaul expenditure we swapped out like equipment from idle rigs during the downturn that had more time remaining before an overhaul was required. This was done in an effort in an effort to save capital and defend their conservative balance sheet. Such discreet reactivation CapEx could range from $1 million to $4 million for each rig reactivation fiscal 2023 depending on the particular componentry involved. Over the next few months, we will refine our planning for next fiscal year with the intent of only reactivating rigs for pricing in terms and ensure return on the significant effects and CapEx investments required to bring the rigs back online. The final bucket one should consider is a conversion bucket which relates to the continuation of our walking reconversion program. Consistent with how we have been converting rigs to walking route capability depending on customer demand and projected returns, we will likely do so in fiscal 2023 at a pace of approximately one per month. Our expectations for general and administrative expenses for the full fiscal ‘22 year are still expected to be just over $180 million.

Items impacting your tax provision and income are at levels that result in the wide variability in the estimated effective tax rate, and therefore the effective tax rate for upcoming quarters may be volatile. With that being said the US statutory rate for fiscal year ‘21 is 21%. In addition, we are expecting incremental state and foreign income taxes in permanent both the tax differences to impact our provision. There is no change to the previously guided range of anticipated cash tax of 5 million to 20 million for this fiscal year. Now looking at our financial position, homework and pain had cash and short-term investments of approximately 333 million in June 30 2022 versus an equivalent 350 million in March 31 ‘22.

The expected sequential decrease was largely attributable to our investment in Galileo and the quarter for 33 million as mentioned during the previous quarter call. Including a revolving credit facility availability, liquidity was approximately 1.1 billion at June 30. Our debt to capital at quarter end was about 17%. And our net debt was 209 million approximately. We currently expect our trailing 12 months of gross leverage churn to reach our goal of less than two times outstanding debt by September 30 2022. Following our resumption as positive cash flow generation from operations in fiscal Q2, the growth of that generation in the third quarter stems primarily from a result of the good pricing work discussed earlier.

And also due to less reactivation expenditures as recounts remained relatively steady in North America solutions segment as planning on the working capital front. Our accounts receivable in March 31, the 330 million grew by 68 million to approximately 398 million to June 30. The preponderance of our AR today continues to be less than 60 days outstanding from billing date. Although absolutely Della receivables are up primarily for price increases in North America solutions. Several additional international rigs working and Gene pricing increases in the offshore segments.

During the third fiscal quarter, we had a couple of significant cash related transactions. First, as mentioned in last quarters call, we invested approximately 33 million in Galileo. Second, we build our legacy Schlumberger stock for approximately 22 million in pretax proceeds, we still expect to in the fiscal year with between 350 million and 400 million of cash and short-term investments on hand. Although we expect to be toward the bottom half of that range due in part to some working capital lockup from accounts receivables as I mentioned. As we expected, the growth in account early in the fiscal year provided a platform for cash generation in the second half of the year. To that point in the recently completed third quarter, we fully covered our maintenance CapEx with cash flow from operations as well as funded our regular dividend.

Further, our disciplined capital planning and operational execution excellence sets the stage for cash increasing going forward. Cash returns to shareholders remains a top priority with our existing dividend, and we have a desire to augment these returns in the future. Additional returns are not yet determined by our board of directors but could consist of an assessment of our long-standing regular dividend, a potential variable type dividend, and opportunistic share buybacks. As mentioned in the press release, their financial stewardship compels us to take a measured approach in balance our maintenance CapEx requirements, growth capital opportunities for both us reactivations and international expansion and potential additional shareholder returns. More to come on this for fiscal 2023, in the coming quarters call.

Note, this concludes our prepared comments for the third fiscal quarter. Let me now turn the call over to Ashley for questions.

Question-and-Answer Session

Operator

[Operator Instructions] And we'll take our first question from Derek Podhaizer with Barclays. Please go ahead Your line is open.

Derek Podhaizer

Hey, good morning, guys. Just wanted to get more of a sense on how many rigs you could add to the market next year. I know your conversations with your customers. You mentioned in the skidding to walking conversion program in the breakdown of the CapEx about one per month call that 12. Just what else do you think you can add to the market just based on your conversations and based on the demand that they're all within keeping in your framework of generating the returns based on the amount of CapEx and OpEx needs to be to deploy to player. I just love a little more color on that.

John Lindsay

Yes, Derek. I can supply you some sense of that, as Mark said, we're really not in a position other than to just mentioned the 12 walking conversions, assuming the demand and the margins returns are there. One way to think about it is what you expect the rig count to do and the super spec space. Next year and really, I would say starting in calendar Q4 of this year, because again, as I said earlier, that that's kind of been the buying season over the last two years. So if you think about if you make an assumption that 75 rigs to 100 rigs get added over, that 12 month period starting in Q4, if you look at our 25% market share, that would be a reasonable range to think about. But again, I think the main point I want to get across is we're not making decisions based on market share. We're making decisions based on the returns that we can generate from these rigs and just making certain that we're getting reasonable rates of returns over a long period of time. So Derek, that answer your question?

Derek Podhaizer

Yes, no, that's helpful. And then the -- you mentioned that 30,000 per day at or above that level 20% of your fleets on that. Based on the visibility you had and the rigs coming up on term in the contract turn, how can we double that to 40%? Explain that just cadence and how long it would take to get the whole fleet up to that 30 at 30 or above on our blog day rate?

John Lindsay

Yes. And if it's not clear in, in prepared remarks, but that 20% was effective the end of our fiscal Q3, that's not where we are today, necessarily. So that's our Q3 fiscal Q3 number, we don't have we have pretty, pretty clear insight into that it does take, a couple of quarters to get there. And so, I don't think they've really said anything about what that timing would be. I think, reasonably speaking over, two or three, two or three quarter, probably process wise wouldn't would enable us to get to that, to that level of pricing, low, low 30 pricing.

I think that's exactly right, couple more quarters, because as you said, that was in June 30, number you gave in prepared remarks. And in here, we are not far beyond that. And we're already seeing meaningful accretion to that number a month later.

Derek Podhaizer

Got it. That's very helpful. Appreciate the color guys sort of back.

John Lindsay

Thanks, Derek.

Operator

And we'll pick a next question from the Douglas Becker with Benchmark Research. Please go ahead. Your line is open.

Douglas Becker

Thanks. John, wanted to get your thoughts on a conceptual question. Investors historically have thought about gain rates reaching a soft ceiling, when it comes back to reactivation costs or upgrade costs? It seems like spot rates are getting above some of those levels. We've done a leading-edge basis, but just want to get your thoughts on, is that a still a relevant framework to think about pricing? Or have we moved into a different dynamic?

John Lindsay

Yes, I think the historical pricing the context there. It's really different today for a lot of reasons. But, I think, when you consider the investments that we have in specifically in the super spec capacity fleet. I think most people want to compare today versus a 2014 time period, as an example. And as we said, in our previous call that was last time we had 50% gross margins, but we didn't have 230 super spec rigs in the fleet at that time. So it's a much, much different situation.

Mark Smith

Yes, John, I would just add to that. Doug, that as I mentioned, in 2014, we didn't have a super spec rig. So going into ‘16 and beyond, we invested a lot of money in this the upgrading of the fleet resulting in the industry's largest supersonic fleet, and also resulting in a lot of benefits for our customers. Along the way, we add in a very oftentimes, what we would consider to be sub optimal returns on invested capital compared to what are working or what our weighted average cost of capital is. So as we were just trying to get back to numbers that makes sense financially, and this 50% margin is what will get us there, we're on the journey to get to that.

Separately, simultaneously, the rigs we built back then $20 million in fees, or even seven 20 million in 2014. Today, rough estimates say that somewhere between 30 million to 35 million. So a lot of capital still to be deployed to the idle assets that have been there two and a half, two years plus, which means that we get to the buying season at the end of this calendar year. At the beginning of calendar ’23, they've been sitting there two and a half years. So a lot of capital deployed for what we estimate to be nearly 150 super spec rigs in that two and a half year idle tenure by the time we get to the end of this calendar year. Have that else done.

Douglas Becker

Now that provides some good context, maybe more succinctly. It doesn't sound like you expect a meaningful increase in capacity if spot rates are 35,000 a day or higher because of the framework you've just laid out. Is that fair to say?

John Lindsay

Then again, [indiscernible].

Mark Smith

Sure, just trying to gauge it. rectification if we see $37,000 a day spa day rate? Do we see a big influx of capacity coming into the market?

John Lindsay

Yes, I think the capacity that is that is out there, as we described, we're estimating around 130 super spec rigs. We know, there's other drillers that are looking at doing some upgrades to SER tech rigs. And in order to satisfy demand. Guy, I would be surprised personally to see all of those rigs reactivated in 2023 for a number of reasons that we've already talked about related to just the supply chain and the capability to be able to provide the equipment sets required to get those rigs back into working back to working condition, because we as an industry we've utilized equipment sets off of those rigs that have been idle now, as Mark said, rover will be for over two and a half years. And so I, personally, I don't think there's going to be a response we've had some people ask about new bills. And I just think that, based on what Mark just said in terms of a $30 million to $35 million price tag for a new rig. I don't think that's going to be the case, either.

Douglas Becker

Yes, take midpoint $32.5 million, if you're making $15 a day margin, that's a six-year payback. Or if you're making 20,000 a day margin, that's a four-and-a-half-year payback. And then with the customer base today, that has little appetite to contract up beyond their fiscal budget year. So yes, I think the supply chain thing, as John mentioned is actually a significant hurdle. For any, we're working with our scale and leverage with our suppliers to make sure that we can put rigs back to work and also keep the active fleet in good working condition. And that's an effort that's a lot different today than it was at any time over the last 10 years.

John Lindsay

Great. And Doug, it really goes back to just to capital discipline, we've talked about that that's really the rallying cry within the industry. Our customers are demonstrating it. The service industry is displaying that and there's no reason to rush, even if the supply chain was there, there's no reason to rush to try to capture all this, any additional market share that you might be able to capture, one of the things that that we experienced in this last quarter, and you heard us talk about churn, we actually had 18 rigs that were given back to us for various reasons. Customers, going through their budget too fast, acreage position, the list goes on and on. 18 rigs that were, 18 points of demand, that historically speaking as an industry, we would have tried to satisfy that demand for reactivating something. And so, last quarter, we said, we're going to 175. And in Q3, we're going to finish the year at 176, we're within our capital budget, that wouldn't have been the case in previous cycles, we would have continued to try to capture additional share. So I think that's a really distinct difference in our industry, which I think is really healthy, it's healthy on the operator side and healthy on the overall services side as well.

Douglas Becker

Thank you very much.

John Lindsay

Thank you.

Operator

Next question is from the line of Keith Mackey with RBC, please go ahead. Your line is open.

Keith Mackey

Hi, good morning, and thanks for taking my questions. Just wanted to maybe start out with the contracting nature. Are you seeing any increased appetite for longer term contracts from customers that are not necessarily associated with conversion or upgrade or those hot rigs or whatever you'd like to call them still on shorter term durations?

John Lindsay

Keith, I would say it's a mix. We have customers that are that are interested in terming up rigs or a portion of their fleet, particularly larger customers that may have 10 rigs or 15 rigs running. I'm making this up 10 rigs or 15 rigs running. They don't necessarily want to turn up every rig but they may want to turn up summary. From our perspective, as Mark said, we've got 60 rigs approximately that are rolling off term. Next couple of scholars. And, we'll be looking at those very, very closely in terms of whether those remain in term or rollover into spot, I would say most of those rigs are going to probably go into more of a spot, spot type market. But I think it's really a mix that we see customers across the board, some that want to lock up on term, some that would prefer to play the spot market.

Keith Mackey

Got it? Thanks for that.

John Lindsay

I would just add for us at this time, with the upward momentum and pricing and the supply demand dynamics of the sector, trying to get to the returns that we have been discussing. Putting more of our market into the upward mobility of the spot pricing makes sense.

Keith Mackey

Got it, that's helpful. Just curious if you can supply us a little bit more detail on the number of rigs you have that could be reactivated within that one to 4 million CapEx range. And maybe just your little more on your confidence in being able to get additional rigs to the market in early fiscal or calendar 2023 given the supply chain?

Mark Smith

Well, we have from a reactivation standpoint, when we got into some of the supply chain work that we're doing in this fourth quarter to get ready for putting some rigs back to work. But it's too soon to know definitively how many will put into the market. As John mentioned, we're being very cognizant about capital discipline, one and two, we're not going to try to meet every demand point that comes our way because we know there will be the existence of churn in the market. In other words, rigs freeing up for whatever reason, whatever reason, it may be a contractor. I mean, an H&P running out of budget and the H&P running out of acreage. Many dynamics, we will meet every single demand for me to that makes sense. So we're still trying to balance. I don't know the last two years in the buying season at the end of the calendar year Q4 before the calendar Q1, 40 rigs and 44 rigs, these are the last two buying seasons for us to be at and we don't see that level of addition coming. You have to remember that in those two seasons, we were coming off from substantially low bottom through both the OPEC price change and the pandemic that began in March of 2020. So a substantial bottom to come back up from we're approaching numbers from March 1, 2020. Today from an activity level standpoint, so don't see the quantum of additions. So differently do not see the quantum of additions coming, that we had the last few buying seasons. So I don't know specifically what that'll be yet. We are working, though, to know what every single one of our approximately 54 remaining is in perspective takes. But not ready to comment on delineating the numbers for all for those.

Keith Mackey

Got it? No, that's helpful. Thanks very much. I'll turn it back.

Mark Smith

Thank you.

Operator

And we'll take our next question from Andrew Herring with JP Morgan, please go ahead.

Andrew Herring

Thank you. Good morning. So I'm going to turn to the international outlook. So it sounds like in the near term, you're reactivating a few rigs or adding a few rigs in Argentina, and Colombia, and then transferring one into the Middle East. As many of you can comment on the outlook on some Middle East growth in activity. Do you think customers are looking for more demand before the end of calendar ‘22? And initial insights into what we might expect in 2023?

Mark Smith

I'll start, John, if you want to chime in. I think little as we think about it, we're looking more over the next two to three years in our planning horizon. So if you think about we're always looking at a five year planning horizon, we consider the Middle East scale to be more mid cycle in that horizon. So we're preparing really our Middle East hub, which is to be able to if you just simply have an operating presence in the structure and the Gulf Coast countries so that we can respond to demand points that we see coming in at midcycle horizon. We are excited about several opportunities we have part and parcel to the brand presence that we that we've benefited from after the addenda I can bet in the last year. We're participating in many bid tenders in the region with NRCS and IOCs. alike. So it's a little too early to say if we might be successful in one of those tenders. And if we are, that sort of thing is say three rigs to six rigs per for bidding effort. So if we were fortunate enough to win to that might be 6 rigs to 12 rigs in the next couple of years is that the way to think about it. And in particular, the flex rigs that we have, are with our we've drilled more shale wells than anyone else has globally, frankly. And taking that expertise, especially in some of the burgeoning gas plays in the region, is a really good way to help the customer achieve their goals. So those are the sorts of things we're interested in. John, any, any other comments?

John Lindsay

No, I think I think we've talked about unconventional opportunity for really, we've talked about it internationally for many years. We're starting to see evidence that we're hoping is going to come to fruition. So I would just add to that. And I think our fleet is really designed for unconventional work. The performance, reliability, and the technology solutions that we have all of those are really complementary to that opportunity set.

Andrew Herring

Great, thank you. That's very helpful. And as a follow up, then on the economics internationally, understanding it might be a little early to comment on the Middle East. But assuming these will be more creative contracts, you're talking about comparing the US to prior cycle. To what extent is that helpful in our modeling for internationally comparing to prior year margins you've been able to achieve on these risks? With a higher technology, can we see that exceed those levels, just any common you could, help us kind of gauge where we can see margins tend to be helpful?

John Lindsay

Well, each one of these dinners, for example that were participating in the economics have to be to be right for us. Our own history over the last couple of years International is not a we're not looking to that as any sort of guidance because of the crazy volatility and actually a wind down to zero rigs working because of the pandemic. But as we move forward, these things have to be accretive and we look at the financial returns through time. We also look though, at the ability to build scale. So if we want an initial bid with three rigs, we will be looking beyond that singular bid as an as a potential new entry point for a new customer for H&P. And looking to see what the potential might be for that customer to scale that up. And, and really get better absorption rates like we do here in the US through our scale. So we're looking at a lot of different components. But I think, easy to say that it would have to be financially free.

Andrew Herring

Thanks. That’s all for me. I’ll turn in back.

Operator

Hi, we'll take our next question from Tom Carstairs with Stifel Research, please go ahead. Your line is open.

Tom Carstairs

Good morning. I want to know when it comes to the remaining inventory of ITIL and redeploy able, super separating said, fleet of 54. There's been a lot of emphasis placed on what you're trying to achieve with regards to converting the psychology around pricing, hitting new levels for leading edge day rate and the associated gross margin. But on the terms and conditions side. Are you now expecting or do you think he might be able to get some minimal term or take or pay conditions may be an early termination provision, just wondering how good the remainder of the reactivation contracts might be that we could say?

Mark Smith

Well, in the US, we will. As I mentioned earlier, we see a movement down from 65% to 40% to 50% to 60% range for term. And for everything we enter into in the US on in term, Tom, we do get that taker pay cancellation provision. Having said that, where we are today, financially is much different than where we were coming out of a couple of two or three of the more recent downturns. What I mean by that we have one death is due in 2031. We have a base dividend at 65 versus low lower than it was going into the pandemic. We have an substantial amount of cash on hand and look to a creep. So our capital structure requirements for such taker paper visions are less necessary than they might have been in prior cycles. But we still always like to have some defensiveness, which is why we're still going to remain within that 50% to 60% target range. But supply up some term to try to capitalize on the supply demand dynamic that is creating this push up in pricing and therefore margins for us. John, any other.

John Lindsay

Yes, it's always about balance. There will be some of our walking conversions, or probably most of our walking conversions that that we will have a term contract commitment. But as I said earlier, Mark mentioned we're going to have 60 rigs rolling off of term contract over the next couple of quarters. And I would imagine most of those are going to roll into a spot market. So we will have some certainty on returns on a larger recommission are the conversions. But as Mark said we're positioned really well to be able to manage through that.

Tom Carstairs

Got it helpful. Clarifications. And then I just wanted to get supply us an update on auto slide, that the percentage of your average active rig fleet for the quarter of 174 rigs, what percentage of that count, used auto slide at any point over the course of the quarter?

John Lindsay

I think we're around 25%. I believe that I believe that's right. And, we continue to have had uptake, it's been really well received in terms of providing automated directional drilling capacity. And as the rig count grows, it's even more important because we're bringing a lot of directional drillers back into the space. And obviously, they don't have, they don't have the experience that that a lot of operators would like to have. But just being able to automate that process, directional drilling processes is a huge win. And then we were also able to tie that into a commercial performance-based model. That's really a win, win situation for each, H&P, and for our customer.

Tom Carstairs

And would you say that the 25% that used auto side at some point. Does that 25% contain the entirety of the 20% of the fleet for the quarter that realize average revenue per day 30,000 or greater?

John Lindsay

We don't have. That's a great question. I don't have that that data. I do know that there is a portion of that is included in that. But I don't have the data for if it's only 20%, or some subset of that.

Tom Carstairs

Right. I assume the overlap would be high. It's not a perfect Eclipse. But okay, thanks for taking my questions.

Operator

Another question from John Daniel of Daniel Energy Partners, please go ahead.

John Daniel

Guys, thanks for including me. John, and Mark, I think most of us have talked ourselves into believing this is a multi-year upcycle. And assuming and hoping that's right. I'm just curious as you look at the pricing, we keep hearing about the low mid 30s in terms of leading edge. But the rig count, if we actually, as an industry add, call it 50 to 100 range over the next 12 months. Where does pricing go to?

John Lindsay

Well, John, obviously there's pricing has moved very, very quickly. It needed to move very, very quickly. There was a huge disconnect and in the value proposition that we provide the investments that we have and the margin generation. And if you just look at previous cycles, obviously we since 2014, we have not been able to get back to that. So, right now we're seeing leading edge mid-30s. Our goal, as we've already said, is to get to the get to the low 30s. And that's really our focus right now on getting to 50% gross margin. It's really hard to say past that, that John, I mean, we all read the same materials after that And, there's a lot of people that are surmising where it's going. And obviously, we've got a pretty good glimpse into that. But right now, we're just we're just sticking to, to, to the goals that we've laid out there. And we'll see. We'll see where it lands.

John Daniel

At this point, have you had any shareholders that have advocated pushing activity over price?

John Lindsay

No, we haven't been unanimous.

John Daniel

Yes, got it.

John Lindsay

We, I think there's some that, haven't didn't completely follow from our last call that we said, hey, we're recounts, going to be at the most 176 rigs this fiscal year. And that was called a quarter ago. And, but again, we're really pleased because at the beginning of the year, we thought that same 250 million to 270 million was 160 rigs, we're able to get 176 out of it. So created some great efficiencies there. But, expect to continue to see that from us. And I think that's what shareholders want. That's what investors want. Very much like, what are our customers are doing.

John Daniel

I got two quick ones. And I'll wrap up if you said this, I apologize, but kind of you have a range of where you might exit calendar Q4 in terms of a contracted read count calendar Q4.

John Lindsay

Now, as we said, we're working on reactivations, it's a little too far out to know the definitive demand points. And as we alluded to earlier, we will not meet every one of them.

John Daniel

Right.

John Lindsay

So still too early, John,

John Daniel

Fair enough, that you would expect to be above 176, I presume? And calendar Q4.

Mark Smith

We would be. And it's again I think going back to the question as John a minute ago, I think some folks who were maybe not heard the 176 for the September 30 goal in holding rigs tight, in CapEx tight which is helping the dynamics of supply demand and helping pricing. I think that was more on the analyst side. But when we speak to investors and long-term investors, there's not a single one of them that we've talked to you that with any sort of share, over margin. So we're going to be very cognizant of that theme, as we think about your last question and figuring out how many rigs to put in the market and in our first fiscal quarter, to get to a 1231.

John Daniel

Yes. Okay. Well, I'm glad your shareholders are thinking wisely. You've been very generous with your time. It's coming up on the end of the hour, and I'll turn it over for anyone else and follow up with David afterwards. Thanks. Thank you.

John Lindsay

Thanks, John.

Operator

No further questions, at this time. I'll turn the call back over to John Lindsay for any closing remarks.

John Lindsay

Thank you, Ashley. And thanks to all of you for joining us today. We know there are a lot of earnings calls going on today, and we really appreciate your time. I will tell you the H&P team, we've already said it we're laser focused on delivering value to customers and to shareholders. We aim to deliver value to customers through top tier performance, safety and reliability and to our shareholders, continued improvement in our margin growth and our return. So thank you again for your time and have a great day.

Operator

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect your lines.

Thu, 28 Jul 2022 10:46:00 -0500 en text/html https://seekingalpha.com/article/4527172-helmerich-and-payne-inc-hp-ceo-john-lindsay-on-q3-2022-results-earnings-call-transcript
Killexams : HP Announces Extension of the Expiration Date for Exchange Offer for Plantronics Notes

PALO ALTO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today that it has extended the expiration date of the previously announced offer to exchange (the “Exchange Offer”) any and all outstanding notes (the “Poly Notes”) of Plantronics, Inc. (NYSE: POLY) (“Poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company (the “HP Notes”). HP hereby extends such expiration date from 11:59 p.m., New York City time, on August 1, 2022, to 5:00 p.m., New York City time, on August 15, 2022 (as the same may be further extended, the “Expiration Date”).

At 5:00 p.m., New York City time, on July 18, 2022 (the “Early Participation Date”), the previously announced solicitation of consents to adopt certain proposed amendments (the “Amendments”) to the indenture governing the Poly Notes (the “Poly Indenture”) expired. The requisite consents were received to adopt the Amendments with respect to all outstanding Poly Notes at the Early Participation Date, and Poly executed the supplemental indenture to the Poly Indenture with respect to the Amendments on July 25, 2022. The Amendments will become operative only upon the settlement of the Exchange Offer.

The Exchange Offer is being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated June 27, 2022 (as amended from time to time prior to the date hereof, the “Offering Memorandum and Consent Solicitation Statement”), and is conditioned upon the closing of the Company’s acquisition of Poly (the “Acquisition”), which condition may not be waived by HP, and certain other conditions that may be waived by HP.

The settlement date for the Exchange Offer will be promptly after the Expiration Date and is expected to occur no earlier than the closing date of the Acquisition, which is expected to be completed by the end of the calendar year 2022, subject to customary closing conditions, including regulatory approvals.

Except as described in this press release, all other terms of the Exchange Offer remain unchanged.

As of 5:00 p.m., New York City time, on August 1, 2022, holders validly tendered $490,556,000 in aggregate principal amount of Poly Notes pursuant to the Exchange Offer. Tenders of Poly Notes made pursuant to the Exchange Offer may be validly withdrawn at or prior to the Expiration Date.

Documents relating to the Exchange Offer will only be distributed to eligible holders of Poly Notes who complete and return an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement). The complete terms and conditions of the Exchange Offer are described in the Offering Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer, at (888) 605-1956 (toll-free) or (212) 269-5550 (banks and brokers), or by email at hp@dfking.com. The eligibility certificate is available electronically at: www.dfking.com/hp and is also available by contacting D.F. King & Co., Inc.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer is being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law.

The HP Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the HP Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.

About HP Inc.

HP Inc. (NYSE: HPQ) is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.

Forward-looking statements

This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the consummation of the Acquisition; the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; margins, expenses, effective tax rates, net earnings, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

Risks, uncertainties and assumptions include factors relating to the consummation of the Acquisition and HP’s ability to meet expectations regarding the accounting and tax treatments of the Acquisition; the effects of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation, the effects of which may supply rise to or amplify the risks associated with many of these factors listed here; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plan, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and its regional and global ramifications and the effects of inflation; risks associated with HP’s international operations; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and other risks that are described (i) in “Risk Factors” in the Offering Memorandum and Consent Solicitation Statement and (ii) in our filings with the SEC, including but not limited to the risks described under the caption “Risk Factors” contained in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, as well as in Item 1A of Part II of our Quarterly Reports on Form 10-Q for the fiscal quarter ended January 31, 2022 and the fiscal quarter ended April 30, 2022. HP does not assume any obligation or intend to update these forward-looking statements.

Mon, 01 Aug 2022 12:36:00 -0500 en text/html https://www.bakersfield.com/ap/news/hp-announces-extension-of-the-expiration-date-for-exchange-offer-for-plantronics-notes/article_2556cc8c-bed3-5001-a53a-fffc29822ec8.html
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