0000047217-16-000062.txt : 20160224 0000047217-16-000062.hdr.sgml : 20160224 20160224161359 ACCESSION NUMBER: 0000047217-16-000062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20160224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160224 DATE AS OF CHANGE: 20160224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HP INC CENTRAL INDEX KEY: 0000047217 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER & OFFICE EQUIPMENT [3570] IRS NUMBER: 941081436 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04423 FILM NUMBER: 161452114 BUSINESS ADDRESS: STREET 1: 1501 PAGE MILL ROAD CITY: PALO ALTO STATE: CA ZIP: 94304 BUSINESS PHONE: 6508571501 MAIL ADDRESS: STREET 1: 1501 PAGE MILL ROAD CITY: PALO ALTO STATE: CA ZIP: 94304 FORMER COMPANY: FORMER CONFORMED NAME: HEWLETT PACKARD CO DATE OF NAME CHANGE: 19920703 8-K 1 q1form8-k_22016.htm Q116 FORM 8-K
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
 
February 24, 2016
Date of Report (Date of Earliest Event Reported)
 
 
 
HP Inc.
(Exact name of registrant as specified in its charter)



DELAWARE
1-4423
94-1081436
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
1501 PAGE MILL ROAD, PALO ALTO, CA
94304
(Address of principal executive offices) 
(Zip code)
 
 
 
 
 
 
(650) 857-1501
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
 
 
 
 
           The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the“Exchange Act”), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
On February 24, 2016, HP Inc. (the “Company”) issued a press release relating to segment results for its fiscal quarter ended January 31, 2016. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.
Financial Statements and Exhibits.
 
 
Exhibit Number
Description
 
 
Exhibit 99.1
HP Inc. Press Release dated February 24, 2016.
 
 

 

2
 
 
 
 
SIGNATURE
 
 
          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
HP Inc.
 
 
 
 
 
 
DATE:  February 24, 2016
By:
  /s/ Ruairidh Ross
 
 
Name:
Ruairidh Ross
 
Title:
Deputy General Counsel
and Assistant Secretary
 
 
 
3
 
 
 
 
 
EXHIBIT INDEX
 
 
Exhibit Number
Description
 
 
Exhibit 99.1
HP Inc. Press Release dated February 24, 2016.
 
 
   


 
4
 EX-99.1 2 q1ex99-1_22016.htm EXHIBIT 99.1
 
 
 
 
     EXHIBIT 99.1
     
 
 
HP Inc.
1501 Page Mill Road
Palo Alto, CA 94304

hp.com
  
     
  News Release  
  HP Inc. Reports First Quarter 2016 Results
 
Editorial Contacts
 PALO ALTO, CA — (Marketwired) – Feb 24, 2016 – HP (NYSE:HPQ)
     
     
HP Inc. Media Relations
MediaRelations@hp.com
 
HP Inc. Investor Relations
investorrelations@hp.com
 
 
 
●
First quarter net revenue of $12.2 billion, down 12% from the prior-year period and down 5% in constant currency
 
●
First quarter non-GAAP diluted net earnings per share from contining operations of $0.36 – within the previously provided outlook of $0.33 to $0.38 per share 
 
●
First quarter GAAP diluted net earnings per share from continuing operations of $0.36 – above the previously provided outlook of $0.27 to $0.32 per share 
 
●
First quarter returned more than $1.0 billion to shareholders in the form of share repurchases and dividends
  
●
First quarter net cash used in operating activities was ($108) million 
 
 
Page 1 of 17
 
 
 
  HP Inc's fiscal 2016 first quarter financial performance
     
Q1 FY16
Q1 FY15
Y/Y
 
 
 
GAAP net revenue ($B)
   $12.2
$13.9
 (12%)  
 
GAAP operating margin from continuing operations
   7.6%
8.1%
(0.5 pts.)
   .
 
GAAP net earnings from continuing operations ($B)
  
$0.7
$0.8
 (16%)    
 
GAAP diluted net earnings per share from continuing operations
 $0.36
$0.41
 (12%)  
 
Non-GAAP operating margin from continuing operations
   7.5%
7.9%
 (0.4pts.)   .
 
Non-GAAP net earnings from continuing operations ($B)
   $0.6
$0.8
 (16%)  
 
Non-GAAP diluted net earnings per share from continuing operations
 $0.36
$0.41
 (12%)  
  Net Cash (used in) / provided by operating activities ($M)(1)   ($108) $744 N/M  
 
  Notes to table
  Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.
 
  (1) The consolidated condensed statement of cash flows for the three months ended January 31, 2015 represents the combined cash flows of HP prior to separation, as previously filed, and has not been adjusted to reflect the effect at the separation of Hewlett Packard Enterprise Company.
  N/M Not meaningful
 
   
 
HP Inc. (HP) announced first quarter net revenue of $12.2 billion, down 12% from the prior-year period and down 5% in constant currency.

First quarter GAAP diluted net earnings per share (EPS) from continuing operations was $0.36, down from $0.41 in the prior-year period and above the previously provided outlook of $0.27 to $0.32. First quarter non-GAAP diluted net EPS from continuing operations was $0.36, down from $0.41 in the prior-year period and within its previously provided outlook of $0.33 to $0.38. First quarter non-GAAP net earnings from continuing operations and non-GAAP diluted net EPS from continuing operations exclude after-tax costs of $5 million, rounding to $0.00 per diluted share, respectively, related to non-operating retirement-related credits, restructuring charges, and the amortization of intangible assets.

“We have a clear strategy that leverages our strengths, and we are focused on execution, taking cost out of the business and delivering innovations that will
 
 
 
Page 2 of 17
 
 
 
  amaze our customers and partners," said Dion Weisler, HP’s President and CEO. "Although we have some tough quarters ahead, I am confident in the future.”
   
  Asset management
  HP’s net cash used in operating activities in the first quarter was $108 million. Inventory ended the quarter at $4.1 billion, down 2 days quarter over quarter to 37 days. Accounts receivable ended the quarter at $4.1 billion, down 5 days quarter over quarter to 30 days. Accounts payable ended the quarter at $9.0 billion, down 11 days quarter over quarter to 82 days. HP’s dividend payment of $0.124 per share in the first quarter resulted in cash usage of $0.2 billion. HP also utilized $0.8 billion of cash during the quarter to repurchase approximately 67.0 million shares of common stock in the open market. HP exited the quarter with $3.7 billion in gross cash.
   
  Fiscal 2016 first quarter segment results
   
  ● Personal Systems net revenue was down 13% year over year (down 6% in constant currency) with a 3.1% operating margin. Commercial net revenue decreased 11% and Consumer net revenue decreased 16%. Total units were down 13% with Notebooks units down 8% and Desktops units down 13%.
  ● Printing net revenue was down 17% year over year (down 11% in constant currency) with a 17.0% operating margin. Total hardware units were down 20% with Commercial hardware units down 15% and Consumer hardware units down 23%. Supplies revenue was down 14% (down 8% in constant currency).
     
  Outlook
 
For the fiscal 2016 second quarter, HP estimates non-GAAP diluted net EPS from continuing operations to be in the range of $0.35 to $0.40 and GAAP diluted net EPS from continuing operations to be in the range of $0.33 to $0.38. Fiscal 2016 second quarter non-GAAP diluted net EPS from continuing operations estimates exclude $0.02 per diluted share, respectively related to non-operating retirement-related credits, restructuring charges, and the amortization of intangible assets.

For fiscal 2016, HP estimates non-GAAP diluted net EPS from continuing operations to be in the range of $1.59 to $1.69 and GAAP diluted net EPS from continuing operations to be in the range of $1.52 to $1.62. Fiscal 2016 non-GAAP diluted net EPS from continuing operations estimates exclude $0.07 per diluted share, respectively, related to non-operating retirement-related credits, restructuring charges, and the amortization of intangible assets. 
   
 
 
Page 3 of 17
 
 
 
More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.
   
  HP's FY16 Q1 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2016Q1Webcast.
   
 
About 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 Inc. (NYSE: HPQ) is available at http://www.hp.com.
 
Use of non-GAAP financial information
To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (GAAP) basis, HP provides net revenue on a constant currency basis, as well as non-GAAP operating margin from continuing operations, non-GAAP net earnings from continuing operations, non-GAAP diluted net earnings per share from continuing operations and gross cash financial measures. HP also provides forecasts of non-GAAP diluted net earnings per share from continuing operations. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating profit, operating margin, net earnings from continuing operations, diluted net earnings per share from continuing operations or cash and cash equivalents prepared in accordance with GAAP.
 
Forward-looking statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions.
 
All statements other than statements of historical fact are forward-looking statements, including but not limited to any projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows,
   
 
 
Page 4 of 17
 
 
 
 
benefit plan funding, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements of the plans, strategies and objectives of management for future operations, as well as the execution of the restructuring plan and any resulting cost savings or revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements or assumptions underlying any of the foregoing.

Risks, uncertainties and assumptions include the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP’s products and the delivery of HP’s services effectively; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plan, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plan; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, and HP’s other filings with the Securities and Exchange Commission.

As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2016. HP assumes no obligation and does not intend to update these forward-looking statements. HP’s Investor Relations website at www.hp.com/investor/home contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit our website from time to time, as information is updated and new information is posted.
   
 
 
 
Page 5 of 17
 
 
 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
             
   
Three months ended   
   
January 31,
2016 
  
October 31,
2015
  
January 31,
2015
             
Net revenue
  
$
12,246
    
$
12,266
    
$
13,858
  
                         
Costs and expenses:
                        
         Cost of products and services
    
9,961
      
9,900
      
11,173
  
         Research and development
    
292
      
282
      
304
  
         Selling, general and administrative
    
1,037
      
1,212
      
1,222
  
         Amortization of intangible assets
    
8
      
26
      
27
  
         Restructuring charges
    
20
      
41
      
14
  
         Defined benefit plan settlement charges
    
-
      
7
      
-
  
                Total costs and expenses
    
11,318
      
11,468
      
12,740
  
                         
Earnings from continuing operations before interest and taxes
    
928
      
798
      
1,118
  
                         
Interest and other, net
    
(94
)
    
(99
)
    
(121
)
                         
Earnings from continuing operations before taxes
    
834
      
699
      
997
  
                         
(Provision) benefit for taxes
    
(184
)
    
816
      
(227
)
                         
Earnings from continuing operations
    
650
      
1,515
      
770
  
(Loss) earnings from discontinued operations, net of taxes
    
(58
)
    
(192
)
    
596
  
                         
Net earnings
  
$
592
    
$
1,323
    
$
1,366
  
                         
Net earnings (loss) per share:
                        
Basic
                        
         Continuing operations
  
$
0.37
    
$
0.84
    
$
0.42
  
         Discontinued operations
  
 
(0.04
 )  
 
(0.11
)
  
 
0.33
  
               Total basic net earnings per share
  
$
0.33
    
$
0.73
    
$
0.75
  
                         
Diluted 
                       
         Continuing operations
  
$
0.36
    
$
0.83
    
$
0.41
  
         Discontinued operations
  
 
(0.03
)
  
 
(0.10
)
  
 
0.32
  
               Total diluted net earnings per share
  
$
0.33
    
$
0.73
    
$
0.73
  
                         
Cash dividends declared per share
  
$
0.25
    
$
-
    
$
0.32
  
                         
Weighted-average shares used to compute net earnings per share:
                  
         Basic
    
1,776
      
1,802
      
1,833
  
         Diluted
    
1,785
      
1,821
      
1,861
  
 
 
Page 6 of 17
 
 
 
HP INC. AND SUBSIDIARIES
ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
                         
    
Three months ended
January 31, 2016
  
Diluted net earnings per share
  
Three months ended
October 31, 2015
  
Diluted net earnings per share
  
Three months ended
January 31, 2015
  
Diluted
net earnings per share
                         
GAAP net earnings from continuing operations
  
$
650
    
$
0.36
    
$
1,515
    
$
0.83
    
$
770
    
$
0.41
  
                                                 
Non-GAAP adjustments:
                                                
    Amortization of intangible assets
    
8
      
0.01
      
26
      
0.01
      
27
      
0.01
  
    Restructuring charges     20       0.01       41       0.02       14      
0.01
  
    Non-operating retirement-related credits
    
(40
)
    
(0.02
)
    
(58
)
    
(0.03
)
    
(58
)
    
(0.03
)
    Defined benefit plan settlement charges
    
-
      
-
      
7
      
-
      
-
      
-
  
    Adjustments for taxes
    
7
      
-
      
9
      
0.01
      
12
      
0.01
  
    Valuation allowances, net and separation taxes and adjustments
  
-
      
-
      
(992
)
    
(0.54
)
    
-
      
-
  
Non-GAAP net earnings from continuing operations 
$
645
    
$
0.36
    
$
548
    
$
0.30
    
$
765
    
$
0.41
  
                                                 
                                                 
GAAP earnings from continuing operations before interest and taxes 
$
928
            
$
798
            
$
1,118
          
                                                 
Non-GAAP adjustments:
                                                
    Amortization of intangible assets
    
8
              
26
              
27
          
    Restructuring charges    
20
              
41
              
14
          
    Non-operating retirement-related credits
    
(40
)
            
(58
)
            
(58
)
        
    Defined benefit plan settlement charges
    
-
              
7
              
-
          
Non-GAAP earnings from continuing operations before interest and taxes 
$
916
            
$
814
            
$
1,101
          
                                                 
GAAP operating margin from continuing operations
    
8
%
            
7
%
            
8
%
        
Non-GAAP adjustments
    
(1
%)
            
0
%
            
0
%
        
Non-GAAP operating margin from continuing operations
    
7
%
            
7
%
            
8
%
        
 
 
Page 7 of 17
 
 
 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
 
   
As of   
   
January 31, 2016
  
October 31, 2015 
             
ASSETS
        
         
Current assets:
        
        Cash and cash equivalents
  
$
3,688
    
$
7,584
  
        Accounts receivable
    
4,114
      
4,825
  
        Inventory
    
4,052
      
4,288
  
        Other current assets
    
3,301
      
4,498
  
        Current assets of discontinued operations
    
-
      
30,592
  
                 
             Total current assets
    
15,155
      
51,787
  
                 
Property, plant and equipment
    
1,529
      
1,492
  
Other non-current assets
    
3,873
      
1,508
  
Goodwill and intangible assets
    
5,756
      
5,764
  
Non-current assets of discontinued operations
    
-
      
46,331
  
                 
Total assets
  
$
26,313
    
$
106,882
  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities:
                
        Notes payable and short-term borrowings
  
$
49
    
$
2,194
  
        Accounts payable
    
9,041
      
10,194
  
        Employee compensation and benefits
    
553
      
747
  
        Taxes on earnings
    
182
      
243
  
        Deferred revenue
    
863
      
1,051
  
        Other accrued liabilities
    
6,073
      
6,241
  
        Current liabilities of discontinued operations
    
-
      
21,521
  
                 
             Total current liabilities
    
16,761
      
42,191
  
                 
Long-term debt
    
6,683
      
6,677
  
Other non-current liabilities
    
8,644
      
7,414
  
Non-current liabilities of discontinued operations
    
-
      
22,449
  
                 
Stockholders' (deficit) equity:
                
        HP stockholders' (deficit) equity
    
(5,775
)
    
27,768
  
        Non-controlling interests
    
-
      
383
  
             Total stockholders' (deficit) equity
    
(5,775
)
    
28,151
  
                 
Total liabilities and stockholders'  equity
  
$
26,313
    
$
106,882
  
 
 
Page 8 of 17
 
 
 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
         
   
Three months ended January 31, 
   
2016
  
2015(a)
             
Cash flows from operating activities:
        
      Net earnings
  
$
592
    
$
1,366
  
      Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
  
          Depreciation and amortization
    
79
      
1,028
  
          Stock-based compensation expense
    
61
      
187
  
          Provision for doubtful accounts and inventory
    
45
      
62
  
          Restructuring charges
    
20
      
146
  
          Deferred taxes on earnings
    
526
      
(173
)
          Excess tax benefit from stock-based compensation
    
(1
)
    
(109
)
          Other, net
    
(18
)
    
138
  
                 
          Changes in operating assets and liabilities (net of acquisitions):
                
              Accounts receivable
    
704
      
1,540
  
              Financing receivable     -       222  
              Inventory
    
202
      
(224
)
              Accounts payable
    
(1,104
)
    
(852
)
              Taxes on earnings
    
(534
)
    
293
  
              Restructuring
    
(31
)
    
(483
)
              Other assets and liabilities
    
(649
)
    
(2,397
)
                 Net cash (used in) provided by operating activities
    
(108
)
    
744
  
                 
Cash flows from investing activities:
                
         Investment in property, plant and equipment
    
(120
)
    
(947
)
         Proceeds from sale of property, plant and equipment
    
-
      
130
  
         Purchases of available-for-sale securities and other investments
    
-
      
(50
)
         Maturities and sales of available-for-sale securities and other investments
    
9
      
30
  
         Payments made in connection with business acquisitions     -       (1 )
              Net cash used in investing activities
    
(111
)
    
(838
)
                 
Cash flows from financing activities:
                
         Short-term borrowings with original maturities less than 90 days, net
    
26
      
77
  
         Proceeds from debt, net of issuance costs
    
4
      
299
  
         Payment of debt
    
(2,155
)
    
(911
)
         Settlement of cash flow hedge
    
(11
)
    
-
  
         Net transfer of cash and cash equivalents to Hewlett Packard Enterprise Company
    
(10,375
)
    
-
  
         Issuance of common stock under employee stock plans
    
2
      
181
  
         Repurchase of common stock
    
(797
)
    
(1,571
)
         Excess tax benefit from stock-based compensation
    
1
      
109
  
         Cash dividends paid
    
(221
)
    
(304
)
               Net cash used in financing activities
    
(13,526
)
    
(2,120
)
                 
Decrease in cash and cash equivalents
    
(13,745
)
    
(2,214
)
Cash and cash equivalents at beginning of period
    
17,433
      
15,133
  
Cash and cash equivalents at end of period   $ 3,688      $ 12,919  
 
(a)
The consolidated condensed statement of cash flows for the three months ended January 31, 2015 represents the combined cash flows of HP prior to separation, as previously filed, and has not been adjusted to reflect the effect of the separation of Hewlett Packard Enterprise Company.
 
 
 
Page 9 of 17
 
 
 
HP INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
 
             
   
Three months ended
   
January 31,
2016
  
October 31,
2015
  
January 31,
2015
                   
Net revenue:(a)
            
             
Personal Systems
  
$
7,467
    
$
7,694
    
$
8,562
  
Printing
    
4,642
      
4,965
      
5,596
  
Corporate Investments
    
3
      
4
      
12
  
       Total segments
    
12,112
      
12,663
      
14,170
  
Intersegment net revenue eliminations and other
    
134
      
(397
)
    
(312
)
                         
       Total net revenue
  
$
12,246
    
$
12,266
    
$
13,858
  
                         
Earnings from continuing operations before taxes:(a)
                        
                         
Personal Systems
  
$
229
    
$
281
    
$
303
  
Printing
    
787
      
837
      
1,050
  
Corporate Investments
    
(23
)
    
(11
)
    
(5
)
       Total segment earnings from operations
    
993
      
1,107
      
1,348
  
                         
Corporate and unallocated costs and eliminations
    
(16
)
    
(223
)
    
(196
 ) 
Stock-based compensation expense
    
(61
)
    
(70
)
    
(51
)
Amortization of intangible assets
    
(8
)
    
(26
)
    
(27
)
Restructuring charges
    
(20
)
    
(41
)
    
(14
)
Non-operating retirement-related credits(a)
    
40
      
58
 
    
58
 
Defined benefit plan settlement charges
    
-
      
(7
)
    
-
  
Interest and other, net
    
(94
)
    
(99
)
    
(121
)
                         
       Total earnings from continuing operations before taxes
  
$
834
    
$
699
    
$
997
  
 
(a)
Effective at the beginning of its first quarter of fiscal 2016, HP implemented an organizational change to align its segment financial reporting more closely with its current business structure. In addition, HP implemented a reporting change to provide better transparency to its segment operating results. This reporting change resulted in the exclusion of certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains/losses, and impacts from other market-related factors related to its defined benefit pension and post-retirement benefit plans from its segment operating results (“Non-operating retirement-related credits”). This change also resulted in the exclusion of certain plan curtailments, settlements and special termination benefits related to its defined benefit pension and post-retirement benefit plans from HP’s segment operating results. Segment operating results will continue to include service costs and amortization of prior service costs associated with HP’s defined benefit pension and post-retirement benefit plans. The organizational and reporting changes had an immaterial impact to previously reported segment net revenue and earnings from operations. These changes also had no impact on HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
 
 
 
Page 10 of 17
 
 
HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
                     
   
Three months ended  
  
Change (%)
   
January 31,
2016
  
October 31,
2015
  
January 31,
2015
    
Q/Q
    
Y/Y
                                   
Net revenue:(a)
                            
                             
         Personal Systems
                            
             Notebooks
  
$
4,205
    
$
4,384
    
$
4,724
      
(4
%)
    
(11
%)
             Desktops
    
2,527
      
2,530
      
2,949
      
0
%
    
(14
%)
             Workstations
    
444
      
472
      
526
      
(6
%)
    
(16
%)
             Other
    
291
      
308
      
363
      
(6
%)
    
(20
%)
                    Total Personal Systems
    
7,467
      
7,694
      
8,562
      
(3
%)
    
(13
%)
                                         
         Printing
                                        
             Supplies
    
3,101
      
3,239
      
3,601
      
(4
%)
    
(14
%)
             Commercial Hardware
    
1,219
      
1,366
      
1,394
      
(11
%)
    
(13
%)
             Consumer Hardware
    
322
      
360
      
601
      
(11
%)
    
(46
%)
                    Total Printing
    
4,642
      
4,965
      
5,596
      
(7
%)
    
(17
%)
                                         
         Corporate Investments
    
3
      
4
      
12
      
(25
%)
    
(75
%)
                    Total segments
    
12,112
      
12,663
      
14,170
      
(4
%)
    
(15
%)
                                         
         Intersegment net revenue eliminations and other(b)
  
134
      
(397
)
    
(312
)
    
NM
 
    
NM
 
                                         
           Total net revenue
  
$
12,246
    
$
12,266
    
$
13,858
      
(0
%)
    
(12
%)
 
(a)
Effective at the beginning of its first quarter of fiscal 2016, HP implemented an organizational change to align its segment financial reporting more closely with its current business structure. This organizational change had an immaterial impact to previously reported segment net revenue and operating profit and HP has reflected this change to its segment information retrospectively to the earliest period presented. This change had no impact on HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net EPS.
   
(b) "NM" represents not meaningful.
 
 
 
Page 11 of 17
 
 
 
HP INC. AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY DATA
(Unaudited)
 
         
    
Three months ended 
  
Change in Operating Margin (pts) 
    
January 31,
2016
    
Q/Q
    
Y/Y
              
Segment operating margin:(a)
                        
     Personal Systems
    
3.1
%
  
(0.6 pts
 )  
(0.4 pts
 )
     Printing
    
17.0
%
  
0.1 pts
    
(1.8 pts
 )
     Corporate Investments(b)
  
NM
    
NM
    
NM
  
             Total segments
    
8.2
%
  
(0.5 pts
 )  
(1.3 pts
 )
 
(a)
Effective at the beginning of its first quarter of fiscal 2016, HP implemented an organizational change to align its segment financial reporting more closely with its current business structure. In addition, HP implemented a reporting change to provide better transparency to its segment operating results. This reporting change resulted in the exclusion of certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains/losses, and impacts from other market-related factors related to its defined benefit pension and post-retirement benefit plans from its segment operating results (“Non-operating retirement-related credits”). This change also resulted in the exclusion of certain plan curtailments, settlements and special termination benefits related to its defined benefit pension and post-retirement benefit plans from HP’s segment operating results. Segment operating results will continue to include service costs and amortization of prior service costs associated with HP’s defined benefit pension and post-retirement benefit plans. The organizational and reporting changes had an immaterial impact to previously reported segment net revenue and earnings from operations. These changes also had no impact on HP’s previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
(b)
"NM" represents not meaningful.
               
 
 
Page 12 of 17
 
 
 
HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
             
    
Three months ended   
    
January 31,
2016
  
October 31,
2015
  
January 31,
2015
             
Numerator:
            
    GAAP net earnings from continuing operations
  
$
650
    
$
1,515
    
$
770
  
    Non-GAAP net earnings from continuing operations
  
$
645
    
$
548
    
$
765
  
                         
Denominator:
                        
    Weighted-average shares outstanding during the reporting period
    
1,776
      
1,802
      
1,833
  
    Dilutive effect of employee stock plans(a)
    
9
      
19
      
28
  
       Weighted-average shares used to compute diluted net earnings per share 
  
1,785
      
1,821
      
1,861
  
                         
GAAP diluted net earnings per share from continuing operations
  
$
0.36
    
$
0.83
    
$
0.41
  
Non-GAAP diluted net earnings per share from continuing operations
  
$
0.36
    
$
0.30
    
$
0.41
  
 
(a)
Includes any dilutive effect of restricted stock units, restricted stock, stock options and performance-based awards.
               
 
 
 
Page 13 of 17
 
 
 
 
 
 
 
 
  Use of non-GAAP financial measures
 
To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP operating margin from continuing operations, non-GAAP net earnings, non-GAAP diluted net earnings per share and gross cash. HP also provides forecasts of non-GAAP diluted net earnings per share from continuing operations.
 
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, generally accepted accounting principles in the United States. Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
   
 
Use and economic substance of non-GAAP financial measures
Net revenue on a constant currency basis assumes no change in the foreign exchange rate from the prior-year period. Non-GAAP operating margin from continuing operations is defined to exclude the effects of any charges relating to amortization of intangible assets, restructuring charges, defined benefit plan settlement charges and non-operating retirement-related credits. Non-GAAP net earnings from continuing operations and non-GAAP diluted net earnings per share from continuing operations consist of net earnings from continuing operations or diluted net earnings per share from continuing operations excluding those same charges. In addition, non-GAAP net earnings from continuing operations and non-GAAP diluted net earnings per share from continuing operations are adjusted by the amount of additional taxes or tax benefits associated with each non-GAAP item and other tax benefits or charges as a consequence of the separation transaction. HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above from these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:
 
  ● HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings from operations, operating margin, net earnings from continuing operations and diluted net earnings per share from continuing operations. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges
 
 
 
Page 14 of 17
 
 
 
  for purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to HP’s operating performance in other periods. 
 
  ●  Restructuring charges are costs associated with a formal restructuring plan and are primarily related to (i) employee termination costs and benefits and (ii) costs to vacate duplicative facilities. HP excludes these restructuring costs (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because it believes that these historical costs do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of HP’s current operating performance or comparisons to HP’s operating performance in other periods.
     
  ●  Non-operating retirement-related credits includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains/losses, and impacts from other market-related factors associated with our defined benefit pension and post-retirement benefit plans. The market-driven retirement-related costs are primarily due to the changes in pension plan assets and liabilities which are tied to financial market performance and the company considers these costs to be outside the operational performance of the business. Non-operating retirement-related charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such costs for purposes of calculating non-GAAP measures facilitates a more meaningful evaluation of HP's current operating performance and provides better transparency into the segment operating results.
     
  ●  HP incurred defined benefit plan settlement charges relating to U.S. HP pension plan. The charges are associated with the net settlement and remeasurement resulting from voluntary lump sum payments offered to certain terminated vested participants. HP excludes these charges for the purpose of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to HP’s operating performance in other periods.
 
  ●  As part of separation, HP recorded several separation related items including: the reversal of a previously recorded valuation allowance, the write-off of specific deferred taxes providing no continued benefit to HP and the entry of certain separation related deferred tax expense.  HP believes that eliminating these amounts for purposes of calculating non-GAAP net earnings facilitates a more meaningful comparison of HP’s net
 
 
 
 
 
Page 15 of 17
 
 
 
    earnings to other periods, as HP’s management does not believe that the excluded items are reflective of ongoing operating results.
 
 
Gross cash is a non-GAAP measure that is defined as cash and cash equivalents plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP's management uses gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in GAAP cash and cash equivalents, HP believes that gross cash provides a helpful assessment of HP’s liquidity.
 
Material limitations associated with use of non-GAAP financial measures
These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:
     
  ● Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this loss in value is not included in non-GAAP operating  margin from continuing operations, non-GAAP net earnings from continuing operations or non-GAAP diluted net earnings per share from continuing operations, and therefore does not reflect the full economic effect of the loss in value of those intangible assets.
     
  ● Items such as restructuring charges, defined benefit plan settlement charges and non-operating retirement-related credits that are excluded from non-GAAP operating margin from continuing operations, non-GAAP net earnings from continuing operations and non-GAAP diluted net earnings per share from continuing operations can have a material impact on the equivalent GAAP earnings measure and cash flows.
     
  ●  HP may not be able to immediately liquidate the short-term and long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.
 
  ● Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.
 
 
 
Page 16 of 17
 
 
 
     
 
Compensation for limitations associated with use of non-GAAP financial measures
HP compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides robust and detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review carefully those reconciliations.

Usefulness of non-GAAP financial measures to investors
HP believes that providing net revenue on a constant currency basis, non-GAAP operating margin from continuing operations, non-GAAP net earnings from continuing operations, non-GAAP diluted net earnings per share from continuing operations and gross cash to investors in addition to the related GAAP measures provides investors with greater transparency to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
 

 
© 2015 HP Inc. The information contained herein is subject to change without notice. The only warranties for HP Inc. products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP Inc. shall not be liable for technical or editorial errors or omissions contained herein.
   
 
 
 
 
 
 
Page 17 of 17
 GRAPHIC 3 greylogo.jpg begin 644 greylogo.jpg M_]C_X 02D9)1@ ! 0$ 0P!# #_X0"J17AI9@ 34T *@ @ "0$: 4 M ! >@$; 4 ! @@$H , ! ( $Q ( 0 B@,! M 4 ! F@,# $ ! @ %$0 $ ! 0 %$1 0 ! * M3E$2 0 ! *3@ 06] #Z !!;T /H4&%I;G0N3D54('8U M+C P !AJ +&/_]L 0P ! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_]L 0P$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$!_\ $0@ / !# P$B (1 0,1 ?_$ !\ $% 0$! M 0$! ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" M P $$042(3%!!A-180'EZ@X2% MAH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ M ! @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,082 M05$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3 ME)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+C MY.7FY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ _OXHHHH **^(/VMOVY/A MQ^RY9+HTD0\8_$[4+3[3I7@JPN5A%G!)D0:EXDO@LO\ 95A(W,$0CDOKT*3! M"L6ZX3SG]D[]I'XJ^//@5\6OVG/C=J&E:?X7LY-9N/!?AK2].AT[2M+T;PO9 M2O=SB=S+J6H/JNI/#:0W-Y>R ^4ZQK'N^5V=KVT'9]C]):*_C\;]LW]IY/%& MK>*M-^-WQ(LI-4U6_P!4@TJ?Q-J&H:-IT-Y=RW,%A;:+?37&E16UG%(EO' E MJ(E2, +BOT"_9S_X*T>+M*U*P\._M%:9;>(= G>.W;QYX>L(K'7=+#;5^U:M MHUHL=AJELO+S'3X+*ZC3'])\5 M>%-7L=>\.Z[90ZAI.KZ;.EQ9WMI.NZ.6&5#CU5T8+)%(K1RHDB,HWJ@D**** M "OG_P#::^/&A?LZ_"'Q-\1=7DA?4+>UFL/"NF2L5_MKQ3=6T[:3IP.#A'EB M,TY_AMXI3UQ7T!7X>?\ !9KQ->0Z=\"_!REAI^I7WC+Q+,H)VM=Z-;Z+IEL6 M&<$K%KMSMR#C)P1GEI7:0TKM(_%?7=<\9?%[Q_=:QK=]=^(/&_C_ ,11">[E M\R::[U;6;N.V@CBCRS);6[2QPVUM'\EO:0I%& J"OZ2OCU^S5\49?V-O!7[, M_P #[/11=I8^'=(\77&I:Q;Z1"=-LD&I:ZL)D5A>'5];+(Z#++ VXLP%?D1_ MP3.^$'_"T?VF] UJ^M!<>'_A=93>-]0:2+?#_:D#"T\/1$M^[9_[2F29XF#, M88F8+@$C]!-.U;5_VFO^"F%]#9:KJ;?#/]G+2E%Q;65]=Q:7>ZYIK&/,\<,J M6UVEUXANS%+%*I(33B"KJ#5RW7]W7\5I;3RZ[%R>MMN7_@;+^NI^,_Q?_9Q^ M+'P.\?Z+\-O'^@1VGB/Q(M@_AS^S[N'4;#7$U&^33;=M/NX&*N1?R+:S1R". M2&4CS% (-?5:?\$K/VL6CC=M-\$1&5$81R^+;-)%+J&\ME9 ?,0MM=5!^8$# M/&?MJ55_:H_X*=H !J'@']F;2 &/,UHVM:<^_8;D/\#::>7VY- M^XU34_VFO^"F<>CV6I7[_#C]G'20^H06=_<1Z;=ZUIC!WBNX[>1(9_M/B.\ MBBNW;T[^O^7F[]@-/BW^R_P#%?5OV M4OC@AL;7QGH+^.?A8(+^#4]$:]T^2=?$EKI5Y$S;/M\ %R]CMB\JZTV\F:/= M<%V_9:OYZ/VCOV@+SQ'_ ,%+?A0OA^[\S3/A9X^\%_#2S:*0&-[S6]:ATSQ: M.W]"]3*^C?5$M/1M;_ -= HHHJ1!7XS_\ !8KX?7FK M^ /A5\1[.TFN4\(^(-:T#4Y(8V<66G^)K*VNTNIR,[+?[;H5O TA^57FC!(# M5^S%<7\1/ 7AWXH>"/$_@#Q79K>Z!XKT>]T?48BH+I%>0O$+B!C_ *NYMG99 M[>5<,DJ*0::=FGYC3LTS\B/V'=/LOV8/V'OBE^T;X@@%KK/B^TU7Q!I@E7R[ MF;3=(AFT7PE;0[_WH>_UB:YE\E HF00RKD;66W^Q/&?V??V-_C'^U/XS^7Q3 M\0CXA\9Q7,XQ#H6\SPA+<:IJ4GA3Q'X>@G+Z=>6%F\QT])K;*K>6*QK)I M]Z'7RU1HG?RGPG=?$7XC:IX3^$5AXI\47VG^)];T?PUIGAQ]:U";28C>7J1Q MF'3'G:T5+)9)KM$6':AC9E )-:6;3UW:O;LORMK^&VI?*VKW7GZ6^5G]Q^\W M_!-CX=^+?#G[.GQ)^-\6EC5_B?\ &74?$?B#08KJXBMSJ"V0O4T13>WC)##9 MZGKDUS=NTSE$3!W=JM?LU?#7Q-^Q1\!/V@?CE\>.O$UHNG>(_&?BKQ!8B9)DL=8U[4]3M?/7(21;:ZN98S*,D(P0L,_+S2 M22$HMJ_GN_P _^'['T1^R%X:UOXR?M<_"Y[W[3?7UU\0D^(7B M"]8F1X4T"\D\57%U41 MM.T8_7JID[O39"D[O39:+0****DD**** /+?BY\&/AM\<_"EQX-^)OABR\1Z M/*6DMFF4PZCI5V5*+?:1J,6V[TZ\0'B6WD42*/+F26(E#\'?!'_@F3X-^!WQ M^T/XMZ-XYU#Q#X9\.0ZK/HOA37M+@;4[#6;R$V]A>MK=M-'#=IIL^/?AYX>\#FTT[0_"] MJT_B'4M7EU+/Z3V-]X@LX+;P[I5TFTK GRAPHIC 4 prlogo1.jpg begin 644 prlogo1.jpg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
C7!\4:R"NZ/[%HC1W$$,HQ@I>:FUA9LI^\D[]@:_<" MOPSQ?SB\\MR.E+2"EF.+2>G-+FH82+MUC%8F;3Z5*.'N2CG/%%:& MM:4^,/$_B#Q5J))O?$.KW^K M3@G/E?;+AY8K=?2.VA,=O&HX6.)5'2OU6_;3\=_\(S\*T\,6LWEZEX[U%-+* MJP$@T73S'?ZO(.^V1ELK!^,-'?.O3-?D37J^$>4?5\LQNA1117Z\?SN%%%% !1110 5^@W[(/[0DFGW5C\)/&E\SZ==N+ M?P1JMU)N-A=N?D\-W,SG/V2Z8D:,[$_9[G_B7#,,]HMO^?-.1WC=)(W>*2-E M>.2-BDD+G^1X/B'+:^6XV/NU%ST*ZBG4PN( MBG[+$4K_ &H-M2C=*I3E.G)J,V?3<(\4YCP?G>%SG+I-NFU3Q>&9>$1DZ=K>T=%U2WC8S$<#4+>]50J",'Z.K^1\RR_$Y3C\5EV,AR8C"5I4J MBUY96UA4@].:G5@XU*P% -VU>B6K;Z'YL_MU?$AY;SP]\+=.N"(;6./Q/XD6-B ]Q+YL&AV,N, M?ZF(7.H21ME6,]A+C**:_.^N]^*/B^7QY\1/&/BV1V>/6==O9;+<2?+TNWD- MGI4(ST6+3K>V3'3()ZDFN"K^P.%09;EZBHU84(UL4[:RQE=*KB7)[RY M:DG2BWK[.G".T4?YW\>\15.*.+,XS9U'/#SQ4\/@%=N,,!A6Z.%45M'GIP5: M:6CJU:DM7)ME%%6["PN]5O['2[")I[[4KRUT^RA09::[O9X[:VC4>KS2HOXU M[[:BG*348I-RE)V44M6VWHDEJWT1\C"$JDXTX1,+T*T'A_1[S4%BWM5P<[IAC MFOY!S_,*W$G$>-Q5)2JRQ^.5#!4_M.BI1PV"II;*3I1I)[)S4*,,JRQXG,:K^&-=PGC,QK-ZMPC6E6<6[M4XQ70P/'GP;^'/Q-O M+"_\;^'5URYTNVEL[!I-2U:T2V@FE\Z94AL+ZUA+2R!2\K(TC!(U+[44#@_^ M&3_@#_T(%O\ ^#KQ'_\ +>OC0?MY_$K SX-\#YQS@:]U[_\ ,5K[P^ _CSQ7 M\3/A[8^-/%FE:5H\^L7M\=*L])2]6%M(M9?LD-U,;ZYN93+KR4L/0K))6C4J2<8J M*:;;YGK\GDG$'ACQYG%?#X')E73^!!>>#_ !!'$[V(:_O-2T2YF524M[^V MOY+JZABE8*AN;*X1X,F4P7./*;\J=7TG4-!U74M$U:V>SU32+^ZTW4+63!>W MO+*9[>XB)'#!9$;:ZY5UVNI*L#7]$]?A-\?M3L=8^-'Q)O\ 32CV;^)[RV22 M/!CEET^.'3[J9".&66[M9W#C(?=NR595UAJ?+2IU,/.$82E2A#VBQ"]IS.,&O+]*TN] MUO5--T738C-J&KZA9Z98PJ,F2[O[B.UMTZ'K+*N3C@9)X%?LCIG[)'P,M=-T M^UO_ 9%J-];V5K!>ZA)J^OQR7UW% B7%X\<.J111MB2QT:(_[<9:\U"/)X>Q4XZ5 M^P-&P2:K5Z,<13J1BZ M^)J3HRE%+/$>A>&-,\%^"'O]?U:PTFU&W7R$DO M;B. S/C5>(X$9IY6Z+'&['@&OG\NROQ$S/+:>;8;.,QC@:D*M6-6OGV(HOV5 M"7][X5BN8+?6=*U%UN;W0OM MJD9N]->YDCMI5N$^U6DDT#&:YB>1H/UA&<#<06P,D# )QR0,G )Z M#)QZFO!OVG=3L=+^!7Q">_9 M[I$>EVD;XS+?ZC>VMM9K&#]Z2.5Q<<Q4X( M(Y! (K]Y/@EXR;Q[\*O!/B>602WEYHEO;:FVQ%?7^+^3QA4RW/*4+.MS9=BVE:\X1=;"3=EK)TUB*;D]>2E2CLD?GGT>>(Y MU:&<<+UZCE]6YM6E9.3;]4HHHK\3/Z M8"O+_C7K[^&/A+\0];B;9/:>%-7CMGY!2ZOK9K"U8$$'1\P%>H5\T M_M=W.;Q'I3./^!+&5/L>M>OP_AXXO/SA4Q=*,T_6+9X'%>+E@.%^(\;!N-3"Y'FN(IR6C52E@:\Z;3Z/G4=>A M^+@& !Z #\J6BBO[)/\ -X*^K?V.O O_ EWQ>L]8N8?,TSP-9R>(9F8?(VJ M.39:)%G!_>+_V+_ G_ BWPH'B.ZA,>I>.]0DU@E@ MXT>SWV&C1GC.R14N[^/)^9+]6'7GXGQ"S?\ LCAC'.$N7$9A;+W MDNJ<,+&NXR7PU.3571^G^$'#W^L''&6*I3Y\)E/-G&+NKQM@Y0^JPE?1JIC9 MX92@_BI^TT:3/KVO@G]NOQW_ &=X5\-?#VTFQ<^)+]M;U9%)W#2-&8+:12#. M/+N]5E25<@Y;3'QC!K[VK\.OVD/'?_"P?B_XKU6";SM+TJY'AG12I+1G3]#: M2V>:(Y/R7FH&^O5(P"MPO;%?C7ACE']I<24\54C?#Y12>-DVO=>(;]EA(WZ3 M524L1#_L'?8_I#QNXA_L7@NO@J4^7%Y_6CEM-)VFL+;VV/FEU@Z,(X6?_84C MR3P]H=]XGU[1?#>F(9-0U[5;#2+-0"?W]_&C2E'M]8FCYWZ/O#WU+( M@)K\$WDDD=Y97:261WDEE M:4&]N MCU^6TLEN+EST"Q$FOLO#'+:>4\,U\WQ5J4LQJ5<74J25O9X#!QG"DY=;)QQ- M=/K3JP9^<^-^:O'*(4-2 MC--]%^KO[&_@3_A$OA':ZW4? M'_QW_P *[^$WB[Q!#*(M2DL&T?1#G#G5]9_T&TDCZ9>T$LM^1D?):.>U?AN+ MK8KB?B*K5@F\3G&91A1@[OD5>K&EAZ;?\M"E[.#>RA"^R/ZAR_#8'@GA'#T* MDHQP?#V3.>)J1T]I+"T)5L762?V\3756HH]:E2R6J1^2O[0WCK_A87Q<\6ZW M#-YVF6=Z?#^B%3F/^R]$+6:2Q"=,*VCLF4.O:XLMI;X+<%K;34U&4D M')+;M\N0:^*>@Y.<#DGJ?4G MW/4FOVE_90\!_P#"#_!S09+F#R=6\6L_BS4MR%90FII&-*ASGXC$GBS6XD?@NWG:=H<,JCH5']J7)1\Y#6\@7[ MK5^C\DB11O+*ZQQQHTDDCD*B(@+.[,%>4?7^()9A4C>A ME%!UDVKQ>+Q'-1PT7YQA]8K1?V9T8O>Q^T>._$/]E<(PRFC4Y,5Q!BHX=I.T MOJ&$<,3C))[I2J?5O/??#3Q)H,C;CX?\62RPCG*6 MNLV%K(M,0G\W6OIVO&/VB-'DUWX)?$G3XD,DB^&KK4415+,6T:6'6/ ME RUPW6CA^(B6MOYMS(3PJ1,3P*_H#T?2K/0M)TS1-.B$&GZ1I M]GIEE"H $=I8V\=M;IP /EBB4$XY/-?EQ^PWX$_MKQ[K7CF[AW6?@[3?L6GN MZY4ZYKJR0[T)&"UKI45X&QRAO86SDC'ZL5_._BUG'UK.,+E%.=Z65T/:5DGI M];QBA4:E;1^SPT^H<-XW/ZU.V(SS%NGAY-:_V?E[G M2C*/6/M<7+%2';6=6/V# M3VC P6:VEG^VL ?]5;2'M7X19/)8DGDLS')8GEF8GJ2222:_0W]O#QWY M]_X2^'%G/F.RBD\5:W&C$C[3<":PT6&0 X#Q0#4KDJV?EN;=P.AKXJ^&G@Z? MX@^/O"G@Z -C7=8M;:[= 28-,B)N=5N> 2/L^G0W,H/'S*HR"17W/AKE]+)> M%:V;8K]V\>ZV85JC5G# X2$XT>;R485\1%WUC76Q^7^-.;U^)>.\+P]@/WT< MJ6'RK#TXNZJYIF%2E/$\O:?//#82:Z3PS/UC_9'\"?\ "%_!W1[NY@\K5?&4 MTGBJ^+*1(MM>I'%H\#$X.Q-*AMK@*0-LMU-QEC7TXS*BLS$*J@LS,0JJH&2S M$X R2> .34-K;065M;V=K$D%K:00VUM#&-J0P01K%#$@'1(XT5%'8 "O"_ MVF/'A\ ?![Q3J%O-Y.JZU /#&C$$"3[=K:R6\LT9)R'M-.%]>JPR5>W7ZU^% MU9XOBCB*4DG]:SG,E&"=Y*DL364*<6_^?>'I.,;[1IT[[(_J6A3P/!'"-.$F ME@N',FO4E'W76>#P[G5FE_S]Q=92DE:\JM6R5W8_);XV>.6^(OQ1\8>*4E:6 MPN-4DL=&RZVL<\,,@ZA[335L;-E))5X'Z$FOWCQ!QM+A_ M@^&583]V\7##Y1AHK24<)1IQ>(EI:Z="DJ%1]\0F]7<_E7PBRS$<7>(E;/\ M,$ZL88BM+ZG!/7EE'$U7B::_EPC5[*S]]K\R_V[_'?VO6? M"?PZM)LQ:3;R>)]9C5C@WU^)++2(91T$EO9)?7 '/R7\3<<5^EUS<06EO/=W M,J0VUK#+<7$TAVQPP0HTDLKL>%2.-6=B>@!-?@1\3_&<_P 0OB!XL\8S%RFM MZQGDZ;;VR$# WAFQEC7YWX4Y1]=SZKF52-Z.48=S@V MKIXO%*=&BM='RT5B:B>KC.%-Z.S/U_QZXA_LSA2CDU&?+B>(,4J4XIVE_9^" M<,1B6K:KGKO"4G?2=.=6.NJ)?A7X+F^(?Q$\)>#HU=HM8UBW34&0$F'2+7=> MZO-QT\O3K>XVDD#S"@SD@']\X(8K:&&VMXTA@MXHX(8HUVI%#$@CCC11PJ(B MJJ@< "OS6_8/\""XU/Q;\1[N',>GPQ^%M%=E.W[5="*_P!9FC)XWPVRZ?;; MAD[;N=..17Z74O%;-_KN?T\MIRO0RB@H22=U];Q2A6KM?X:2P])K>,Z=1=RO M ;A[^R^$ZN<5J?+B>(,5*M!M6DL!@W/#X6+OJN>M];K)Z*5.I2E9Z-_/'[4? MCS_A _@YXEGMY_)U;Q&B^%-(*L%D$^LI)'>S1_Q!K;28[^=74?)*D7()%?B< M. .@X'X5]Q?MR>._P"V?'FB>!;2;=9^#]-^W:@B,"IUS75CE".!U:UTJ*S* M9Y0WTRXR37P[7Z?X:91_9G#.'KU(?7G ^N$;\J_/*OU"_8(T=[?P;X[UUD(35?$MCIT3E2 MXT;3!,^UCU"R:N5.. P(Z]-_$FM&EP=FL7O7E@:,%WD\?AJCMYJ%*;^1S>"V M'G7\19:ZA9W-CCV]W"]O,A_WHY&'XUC(ZL.#6$3@$GH.37VG^VU\/7\._$2R\<6(=(BCMKE6QPK7NG?8KE"<-++%>-SM./G7X0>")/B+\2O"/A$1L]KJ.K0 MS:L5!_=Z+IX-_JSL> N;*WEA0L0#++&G)8 _V#E.>X;'<.X7/JLU&A_9[Q6+ MDMJ4\/3E]=C_ -PJM*M%=^5=S_._/^%<9EG&6,X4HTI3Q#S>.!P$7>]>EC*T M?[/J7L]*U"M1FWK:[WLS]9_V6_ A\!_!SPW#<0>3JOB17\5ZL&4+()=82.2Q MA?\ B!MM)CL(61C\DJR\ DU]"3316\,L\\BQ0P1O--*Y"I'%&I>21V/"JB*6 M8G@ $FDC$,4:11"..*)%CCC3:J(B*%1%48"JJ@*H P !7SI^U7X]'@?X.>( M/LMP(M6\5;/">E[) LH.J))_:'+ LN?Y92Q?%'$*6OU MG.',ET^RZ_U/#*U]_WV+K) M=W*M6[R/R:^+'C67XB?$;Q=XP=V:#5M7G_LU6))BT>SQ9:1$ >FW3[>W9@ ! MYC.<TCD@L/\ $7:4,#A80=>W>/ MLJ=+#3TU6(\S^5_!O*J_%''^(X@S"]998\3G6)JRC>-3,\;5G'"I[\L_;5:V M+IVVEA=^_M5?EI^W3X[_ +5\8^'? %I-NM?"VGG5]412-IUC6U46L<@!)+VN ME11RID#:-2<#J:_3W4=2LM*T^_U2^G2"QTVSN;^\G8C;#:V<+W%Q*W/2.*-V M/TK\ /'7BN[\<^,O$WB^]W>?XAUF]U)48Y\BVEE*V-J.3\MI9);VR#/"Q"O@ MO";*/K>=8C-:D;TLJP]J3:T>+QBG2AOH^3#K$-VUC*5*6FE_U?Q]XA_L_AC" M9'1J6Q&?8I.M&+U_L_ .G7J7MJE4Q4L)&-])QA5CJE)'3_!7P,WQ&^*'A#PJ MT1DL;K5([W6< [5T72P;_4@YZ*)X(#:(3UEN(U'+"OWE55151%"HH"JJ@*JJ MHPJJHP !@#@5^='[!W@3;%XO^)%Y#S*\?A/1)&7_ )9Q>3J&MS1D]GE. MF6P=>\%PA/45^C%*KJ-;$R7FE[&A)=)4& MCN\"N'O[(X/_ +4K4^7%\08F6+;:M)8'#.6'P4&NTFL3B8/K#$Q9X/\ M)7O MBN'X2^(],\%Z'K6O:_XE6+P[#!H=C@LHX+ 'T) I-Z_WE_,?XUY_# M''>)X6P-7!83+<'B/;XB6)K5Z\ZRJ3DX4Z<8?NY12A3A3]U:^].% MF!XZS2AF6/SK,,(L+A(8.AA<-2P\J-.*J3JSJ7J)R=2K.I[[_EC3C]E'DGP) M\!GX;_"OPEX9GA\G4TT]=2UQ2N'_ +;U4_;M0CE]7M9)A8@_\\[6,#@5Z9J^ MJV>AZ5J>M:C*(-/TFPO-2O9FX$5I8V\ES<.'I5JWM,37G)^["-.,I>SC)KFER4H)RE&+^BSO-\G\/^$^>5:C0H93E MD,'E>&J3BJN,KX;#*C@\-2IIJ=6I5G&G[64$^2#J5ZCC",YK\Z/&/B>]\:>* M_$7BS4"3=^(=8OM5D4G/DI=3L]O;+Z):VWDVT8' 2)0.!7-T45_7%*E3H4J= M&E%0I4:<*5*$?AA3IQ4(0CV48I17DC_/C$5ZV*KU\37G*K7Q%:I7K5):RJ5: MLW4J3D^LI3DY/S8$XY/05^W?[,7A)_!WP4\%V5Q$8K[5K.3Q+?*PVOYVO2M? MP!QU#QZ?)90L#R#%@XQBOR-^$/@.X^)?Q&\+>$(T=K6_U&.?6)$!_P!'T.P( MN]6F9NBEK2)[>$L0&N)X4Y+@']ZX88K>&*W@C6*""-(88D&U(XHE"1QHHX"H MBA5 X %?C/B_FT8T,LR6G+WZE268XF*>L:=-3P^%3[JI.>)E;O2B^Q_2GT= M\@G+$9WQ-5@U3ITH9/@Y-:3J594\5C91\Z4*>$A?72O)::WDHHHK\)/ZF"BB MB@#R/XW_ QMOBS\.]:\*L(H]4"#4_#MW( !9Z]8J[V+,Y^Y#=!I;"Z;G;:W M\(V>^:*)!XYTRUCR\L$*".+Q-!$@R[V\2I M!K(49-LD-_C]S>R-^M^%_%4,OQ,\@Q]50P>/J\^"J3?N4<=)1@Z,F](T\7&, M8Q>T:\8*W[Z4E_/_ (X<"5LXP5+BO*:4IYEE-%T\QHTD_:8G+8.515X*.LJV M E*$7^<_P#:.H_]!'4/_ ZZ_P#CU12W5U\N71E/!5E:4JRD<%2""."*KHDDKI%$C22RNL<4: L\DLC!(XT47XW,*R2HX+#5L3-+3F]E!R4%;[5225.'5RDDM M6>IDN6XK/LXRS**#E*OF.-P^#IRE>2I^WJQA*I+72%*+E4F[I*,6V]#]9_@] MX'C^'/PU\(^$0BI=:;I,,FJL 9-9OLWVK2$@G=_I]Q.B$DGRDC7.% KL?$> MNV/AC0-:\1ZFXCT_0M+OM6O&+!?W%A;27,BJ6XWN(]D8Y+2,J@$D [5?&'[; M?CO_ (1[X:67A"UFV:AXYU-;>=5?$@T+1VBOM08@?,%GNSIMHJY3K9KF#JXJHKW5.I4EB,966_\.BJM1+^ZD?Z 9YF&#X* MX0QF+HQC3PV0Y1&C@:4OA=2C1AA,NH/:_M*[H4F[?:;L?ESX@\6:YXDU[6O$ M-_J%\+W7-4OM6N52\N51);ZYDN#%&HE 6.$.(HU 6-%4 5D?VCJ/_ $$= M0_\ ZZ_^/53HK^O84:5.$*=.G"$*<8PA&,4E&$$HQBE;1)))>2/\\:N+Q-> MK4K5:]6=6K4G5J3E.3E.&[F*;6YV#(NLWB;98/#MJ_&_SQMEU61#FVL#Y>Y)[NV-<. M9YEA,HP.)S''552PV&INK5FU3IPNN:KD629AQ'FN M#R?*Z+K8S&U53@M5"G#>K7K22?)0H4U*K5G9\L(MI-V3^O\ ]BWX1OX6\*W7 MQ'UJU,6M^,X$AT:.9-LUEX6CD$L4N" R/K=RBWA!'-E;Z>X/[UQ7V_4<444$ M44$$4<,$,:10PQ(L<444:A(XXXT 5(T0!410%50% %25_(N>YQB<^S7%YI MBM)XFI>%--N-"A!*%"A%]J5*,8WLN>7--KFDS_0KA?A[!\+9%EV1X+WJ6"HJ M-2LXVEB<3-NIB<3-:^]6K2G-1N_9P<:<7RPB%%%%>0>^%%%% !371)4>.1%D MCD5DDC=0Z.C@JR.K JRLI*LK @@D$$&G447!ZZ-73T:?4_*S]IC]ERZ\(7%_ MX^^'6GR77A&9Y+O6_#]I&TEQX8D=B\UW80H"\V@,27>) TFD?-D-IX#6OPUF MOZ-R P*L RL"&4C(((P00>""."#P17PG\XOO# M$V+?0-5F8EY)=.D7Y=$O96_Y8A#I&/$7@_59]#\4:-J&A:M;DB2R MU&W>"1ER0)8'.8KJW?&8[FVDF@D7YDD8'-85?ME.I3JPA5I3A5IU(J<*E.2G M"<9*\90G%N,HM:IIM-:IG\R5J-;#5:E#$4:M"O2DX5:-:G.E5ISB[2A4IS49 MPE%Z.,DFGHT%?JK^PUX$_L;P)K7CJ[AVWGC'4OLFGNZD,-#T)I;=7C)_@NM4 MDOR^.'6U@;)P*_+K2=*O==U73-$TV)IM1UC4+/2[&%029+N_N([6W4 GF25 M'?"FG*HL_#^D6.EQ,HQYIM8$CEN&'_ #TN9A)< M2D\M)*Q/)K\J\6[22N[L>Y)KYWPARCVF+S'. MZL+QPU-8#"R:T]O6Y:N(G'M*E1C3AYQQ,D?9?2%XA]AEV4<,T9VJ8ZM+-,;& M+LUA<+S4<)":ZPK8F=6I;^?!Q9#1117[T?R>%%2P03W4\-K;0S7-S<2+#;VU MO%)/<3RN0J10PQ*\LLCL0JI&K,Q( !K[D^"W[&>O>(WM/$'Q3%SX;T#Y)X?# M$;>7XAU1000FHNI/]AVD@^_'EM5=)GB_=Q MJ,.^G:2)!LO=6F3@*-T%BKK<7AP88+C]G/"/A+0/ WA[3/"WAC3XM-T;2H!! M:V\?+,22TUS<"_H>AZ/X:TJRT/0--M-)TC3H% MM[+3[&%8+>")!T5%'S.QR\LKEI9I&:65WD=F.K7\T<7\98[BG$I-2PV68>;E MA,$I7]ZSC]8Q,E95<1*+:7V*,9.%/652I5_M?P]\.4+V#-Q:NPP9;*\C,=Y938Q^]M)X M7.,%B.*^'_'G["%A.\UY\-_%DFGEMSIH?BA'O+53C(C@UFS07<29X475E>N M1OG.,U^AU%>_DW%&>Y"_^$S,*U&E>\L-/EKX63;NV\/64Z492V]-GYI?L^?LP> M/_!WQ?L-=\?:-:6^C>&+&\U33;^TU&SU"RU'6G LK".(0R"ZC>U6XN-0'VJV M@*O;0\%F6OTMHHI<0\19AQ+C:>.S!48U:6'IX:$,/"<*,80E.;DH3J56IU)S ME.;YK-M))122OA'A#*>"\MJY7E'UB5"MC*V-J5,7.G5Q$JE6%.FHRJ4Z5%.% M.G2A"FG"Z2;;D=I:W%RY],)#&[<]N.:_HCGT_ M3[J3S;FQL[B4*$$D]K#-)L!)"[Y$9MH))"YP"2<2X?*L/D3KU*,^),5GN+XH^J4:L*%##X*GE+KO#8?#THPC2C6EF-)2R2]I6E:-DD?A/X<^!'QB\5-'_8_P\\2F*1@%N]2L3HEESCYC=ZPUC"5 M()*LW':OISP1^PEXIOWBN?'_ (HT[0+7(:33/#ZG5]48=XWOKA+?3K5C_?BC MU)1_=/?]0J*SS+Q7XBQ<94\%2P65PEISTJ3Q&(2=K_O,2YTD_P"]'#QDKZ-: M6UR;P$X.R^<*N95_D7PW^! M?PT^%B*_A;P]#_:NS9+X@U0C4M=F!&&Q?3+_ **CCAX=/BM(&'6(UZ[117YS MB\9B\?7EB<;B:^+Q$_BK8BK.K4?9'PE&G0I1[RY*<8ISE:\IN\I/63;U"BBBN8[0HHHH **** /_9 end