UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 |
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||||||
Date of Report (Date of Earliest Event Reported) |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 August 30, 2022, HP Inc. issued a news release relating to the results of operations for its fiscal quarter ended July 31, 2022. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. | ||||||||
The information contained in this Item 2.02 and in the accompanying Exhibit 99.1, excluding the section entitled "Outlook", shall update the offering memorandum and consent solicitation statement dated June 27, 2022 (as amended from time to time, the “Offering Memorandum and Consent Solicitation Statement”) and is incorporated by reference into and deemed to be a part of the Offering Memorandum and Consent Solicitation Statement. | ||||||||
Item 9.01. | Financial Statements and Exhibits. | |||||||
(d) | Exhibits | |||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL. |
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: August 30, 2022 | By: | /s/ Rick Hansen | |||||||||
Name: | Rick Hansen | ||||||||||
Title: | Deputy General Counsel, Corporate and Corporate Secretary |
1501 Page Mill Road Palo Alto, CA 94304 hp.com Editorial contacts HP Inc. Media Relations MediaRelations@hp.com HP Inc. Investor Relations InvestorRelations@hp.com | EXHIBIT 99.1 | ||||
News Release | |||||
HP Inc. Reports Fiscal 2022 Third Quarter Results |
PALO ALTO, CA – (GlobeNewswire) – August 30, 2022 – HP (NYSE: HPQ) | |||||
•Third quarter GAAP diluted net earnings per share ("EPS") of $1.08, above the previously provided outlook of $0.91 to $0.96 per share | |||||
•Third quarter non-GAAP diluted net EPS of $1.04, within the previously provided outlook of $1.03 to $1.08 per share | |||||
•Third quarter net revenue of $14.7 billion, down 4.1% from the prior-year period | |||||
•Third quarter net cash provided by operating activities of $0.4 billion, free cash flow of $0.3 billion | |||||
•Third quarter returned $1.3 billion to shareholders in the form of share repurchases and dividends |
HP Inc.'s fiscal 2022 third quarter financial performance | |||||||||||||||||||||||||||||
Q3 FY22 | Q3 FY21 | Y/Y | |||||||||||||||||||||||||||
GAAP net revenue ($B) | $ | 14.7 | $ | 15.3 | (4.1)% | ||||||||||||||||||||||||
GAAP operating margin | 8.7% | 9.0% | (0.3) pts | ||||||||||||||||||||||||||
GAAP net earnings ($B) | $ | 1.1 | $ | 1.1 | 1% | ||||||||||||||||||||||||
GAAP diluted net EPS | $ | 1.08 | $ | 0.92 | 17% | ||||||||||||||||||||||||
Non-GAAP operating margin | 9.5% | 9.8% | (0.3) pts | ||||||||||||||||||||||||||
Non-GAAP net earnings ($B) | $ | 1.1 | $ | 1.2 | (10)% | ||||||||||||||||||||||||
Non-GAAP diluted net EPS | $ | 1.04 | $ | 1.00 | 4% | ||||||||||||||||||||||||
Net cash provided by operating activities ($B) | $ | 0.4 | $ | 1.1 | (64)% | ||||||||||||||||||||||||
Free cash flow ($B) | $ | 0.3 | $ | 1.0 | (72)% |
HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts) |
Three months ended | |||||||||||||||||
July 31, 2022 | April 30, 2022 | July 31, 2021 | |||||||||||||||
Net revenue | $ | 14,664 | $ | 16,490 | $ | 15,289 | |||||||||||
Costs and expenses: | |||||||||||||||||
Cost of revenue | 11,764 | 13,157 | 11,901 | ||||||||||||||
Research and development | 368 | 425 | 477 | ||||||||||||||
Selling, general and administrative | 1,143 | 1,464 | 1,408 | ||||||||||||||
Restructuring and other charges | 13 | 82 | 56 | ||||||||||||||
Acquisition-related charges | 31 | 32 | 24 | ||||||||||||||
Amortization of intangible assets | 50 | 52 | 42 | ||||||||||||||
Russia exit charges | 23 | — | — | ||||||||||||||
Total costs and expenses | 13,392 | 15,212 | 13,908 | ||||||||||||||
Earnings from operations | 1,272 | 1,278 | 1,381 | ||||||||||||||
Interest and other, net | (70) | (39) | (55) | ||||||||||||||
Earnings before taxes | 1,202 | 1,239 | 1,326 | ||||||||||||||
Provision for taxes | (83) | (239) | (218) | ||||||||||||||
Net earnings | $ | 1,119 | $ | 1,000 | $ | 1,108 | |||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 1.09 | $ | 0.95 | $ | 0.94 | |||||||||||
Diluted | $ | 1.08 | $ | 0.94 | $ | 0.92 | |||||||||||
Cash dividends declared per share | $ | 0.50 | $ | — | $ | 0.39 | |||||||||||
Weighted-average shares used to compute net earnings per share: | |||||||||||||||||
Basic | 1,024 | 1,050 | 1,185 | ||||||||||||||
Diluted | 1,035 | 1,062 | 1,199 |
HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts) |
Nine months ended | |||||||||||
July 31, 2022 | July 31, 2021 | ||||||||||
Net revenue | $ | 48,182 | $ | 46,812 | |||||||
Costs and expenses: | |||||||||||
Cost of revenue | 38,564 | 36,660 | |||||||||
Research and development | 1,211 | 1,462 | |||||||||
Selling, general and administrative | 4,075 | 4,267 | |||||||||
Restructuring and other charges | 163 | 216 | |||||||||
Acquisition-related charges | 83 | 40 | |||||||||
Amortization of intangible assets | 154 | 103 | |||||||||
Russia exit charges | 23 | — | |||||||||
Total costs and expenses | 44,273 | 42,748 | |||||||||
Earnings from operations | 3,909 | 4,064 | |||||||||
Interest and other, net | (141) | (106) | |||||||||
Earnings before taxes | 3,768 | 3,958 | |||||||||
Provision for taxes | (563) | (554) | |||||||||
Net earnings | $ | 3,205 | $ | 3,404 | |||||||
Net earnings per share: | |||||||||||
Basic | $ | 3.05 | $ | 2.76 | |||||||
Diluted | $ | 3.01 | $ | 2.73 | |||||||
Cash dividends declared per share | $ | 1.00 | $ | 0.78 | |||||||
Weighted-average shares used to compute net earnings per share: | |||||||||||
Basic | 1,052 | 1,235 | |||||||||
Diluted | 1,064 | 1,247 |
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 | |||||||||||||||||||||||||||||||||||
July 31, 2022 | April 30, 2022 | July 31, 2021 | |||||||||||||||||||||||||||||||||
Amounts | Diluted net earnings per share | Amounts | Diluted net earnings per share | Amounts | Diluted net earnings per share | ||||||||||||||||||||||||||||||
GAAP net earnings | $ | 1,119 | $ | 1.08 | $ | 1,000 | $ | 0.94 | $ | 1,108 | $ | 0.92 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring and other charges | 13 | 0.01 | 82 | 0.07 | 56 | 0.04 | |||||||||||||||||||||||||||||
Acquisition-related charges | 31 | 0.03 | 32 | 0.03 | 24 | 0.02 | |||||||||||||||||||||||||||||
Amortization of intangible assets | 50 | 0.05 | 52 | 0.05 | 42 | 0.04 | |||||||||||||||||||||||||||||
Russia exit charges | 23 | 0.02 | — | — | — | — | |||||||||||||||||||||||||||||
Debt extinguishment costs | — | — | — | — | 16 | 0.01 | |||||||||||||||||||||||||||||
Non-operating retirement-related credits | (33) | (0.03) | (35) | (0.03) | (39) | (0.03) | |||||||||||||||||||||||||||||
Tax adjustments(a) | (124) | (0.12) | 21 | 0.02 | (9) | — | |||||||||||||||||||||||||||||
Non-GAAP net earnings | $ | 1,079 | $ | 1.04 | $ | 1,152 | $ | 1.08 | $ | 1,198 | $ | 1.00 | |||||||||||||||||||||||
GAAP earnings from operations | $ | 1,272 | $ | 1,278 | $ | 1,381 | |||||||||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring and other charges | 13 | 82 | 56 | ||||||||||||||||||||||||||||||||
Acquisition-related charges | 31 | 32 | 24 | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 50 | 52 | 42 | ||||||||||||||||||||||||||||||||
Russia exit charges | 23 | — | — | ||||||||||||||||||||||||||||||||
Non-GAAP earnings from operations | $ | 1,389 | $ | 1,444 | $ | 1,503 | |||||||||||||||||||||||||||||
GAAP operating margin | 8.7 | % | 7.8 | % | 9.0 | % | |||||||||||||||||||||||||||||
Non-GAAP adjustments | 0.8 | % | 1.0 | % | 0.8 | % | |||||||||||||||||||||||||||||
Non-GAAP operating margin | 9.5 | % | 8.8 | % | 9.8 | % |
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) |
Nine months ended | |||||||||||||||||||||||
July 31, 2022 | July 31, 2021 | ||||||||||||||||||||||
Amounts | Diluted net earnings per share | Amounts | Diluted net earnings per share | ||||||||||||||||||||
GAAP net earnings | $ | 3,205 | $ | 3.01 | $ | 3,404 | $ | 2.73 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring and other charges | 163 | 0.16 | 216 | 0.18 | |||||||||||||||||||
Acquisition-related charges | 83 | 0.08 | 40 | 0.03 | |||||||||||||||||||
Amortization of intangible assets | 154 | 0.14 | 103 | 0.08 | |||||||||||||||||||
Russia exit charges | 23 | 0.02 | — | — | |||||||||||||||||||
Debt extinguishment costs | — | — | 16 | 0.01 | |||||||||||||||||||
Non-operating retirement-related credits | (102) | (0.10) | (115) | (0.09) | |||||||||||||||||||
Tax adjustments(a) | (92) | (0.08) | (120) | (0.10) | |||||||||||||||||||
Non-GAAP net earnings | $ | 3,434 | $ | 3.23 | $ | 3,544 | $ | 2.84 | |||||||||||||||
GAAP earnings from operations | $ | 3,909 | $ | 4,064 | |||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring and other charges | 163 | 216 | |||||||||||||||||||||
Acquisition-related charges | 83 | 40 | |||||||||||||||||||||
Amortization of intangible assets | 154 | 103 | |||||||||||||||||||||
Russia exit charges | 23 | — | |||||||||||||||||||||
Non-GAAP earnings from operations | $ | 4,332 | $ | 4,423 | |||||||||||||||||||
GAAP operating margin | 8.1 | % | 8.7 | % | |||||||||||||||||||
Non-GAAP adjustments | 0.9 | % | 0.7 | % | |||||||||||||||||||
Non-GAAP operating margin | 9.0 | % | 9.4 | % |
HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) |
As of | |||||||||||
July 31, 2022 | October 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 5,386 | $ | 4,299 | |||||||
Accounts receivable, net | 4,427 | 5,511 | |||||||||
Inventory | 8,192 | 7,930 | |||||||||
Other current assets | 4,991 | 4,430 | |||||||||
Total current assets | 22,996 | 22,170 | |||||||||
Property, plant and equipment, net | 2,626 | 2,546 | |||||||||
Goodwill | 6,809 | 6,803 | |||||||||
Other non-current assets | 6,816 | 7,091 | |||||||||
Total assets | $ | 39,247 | $ | 38,610 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Notes payable and short-term borrowings | $ | 705 | $ | 1,106 | |||||||
Accounts payable | 15,514 | 16,075 | |||||||||
Other current liabilities | 10,590 | 11,915 | |||||||||
Total current liabilities | 26,809 | 29,096 | |||||||||
Long-term debt | 10,294 | 6,386 | |||||||||
Other non-current liabilities | 4,462 | 4,778 | |||||||||
Stockholders' deficit | (2,318) | (1,650) | |||||||||
Total liabilities and stockholders' deficit | $ | 39,247 | $ | 38,610 |
HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
Three months ended | |||||||||||
July 31, 2022 | July 31, 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 1,119 | $ | 1,108 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 181 | 196 | |||||||||
Stock-based compensation expense | 70 | 69 | |||||||||
Restructuring and other charges | 13 | 56 | |||||||||
Deferred taxes on earnings | 52 | (143) | |||||||||
Other, net | 57 | 153 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 985 | 168 | |||||||||
Inventory | 700 | (670) | |||||||||
Accounts payable | (1,472) | 625 | |||||||||
Net investment in leases | (53) | (40) | |||||||||
Taxes on earnings | (97) | 118 | |||||||||
Restructuring and other | (39) | (51) | |||||||||
Other assets and liabilities | (1,122) | (496) | |||||||||
Net cash provided by operating activities | 394 | 1,093 | |||||||||
Cash flows from investing activities: | |||||||||||
Investment in property, plant and equipment | (195) | (158) | |||||||||
Proceeds from the sale of property, plant and equipment | 25 | — | |||||||||
Purchases of available-for-sale securities and other investments | (42) | (11) | |||||||||
Maturities and sales of available-for-sale securities and other investments | 1 | 9 | |||||||||
Collateral posted for derivative instruments | — | 275 | |||||||||
Payment made in connection with business acquisition, net of cash acquired | — | (412) | |||||||||
Net cash used in investing activities | (211) | (297) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from debt, net of issuance costs | 2,026 | 2,014 | |||||||||
Payment of debt | (45) | (1,066) | |||||||||
Stock-based award activities and others | 9 | 8 | |||||||||
Repurchase of common stock | (1,029) | (1,507) | |||||||||
Cash dividends paid | (255) | (230) | |||||||||
Settlement of cash flow hedges | 20 | — | |||||||||
Net cash provided by (used in) financing activities | 726 | (781) | |||||||||
Increase in cash and cash equivalent | 909 | 15 | |||||||||
Cash and cash equivalents at beginning of period | 4,477 | 3,424 | |||||||||
Cash and cash equivalents at end of period | $ | 5,386 | $ | 3,439 |
HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
Nine months ended | |||||||||||
July 31, 2022 | July 31, 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 3,205 | $ | 3,404 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 571 | 585 | |||||||||
Stock-based compensation expense | 273 | 260 | |||||||||
Restructuring and other charges | 163 | 216 | |||||||||
Deferred taxes on earnings | 47 | (93) | |||||||||
Other, net | 361 | 254 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 1,076 | 503 | |||||||||
Inventory | (570) | (2,225) | |||||||||
Accounts payable | (491) | 1,140 | |||||||||
Net investment in leases | (94) | (78) | |||||||||
Taxes on earnings | (120) | 19 | |||||||||
Restructuring and other | (185) | (166) | |||||||||
Other assets and liabilities | (1,677) | (258) | |||||||||
Net cash provided by operating activities | 2,559 | 3,561 | |||||||||
Cash flows from investing activities: | |||||||||||
Investment in property, plant and equipment | (647) | (410) | |||||||||
Proceeds from the sale of property, plant and equipment | 26 | — | |||||||||
Purchases of available-for-sale securities and other investments | (50) | (24) | |||||||||
Maturities and sales of available-for-sale securities and other investments | 8 | 283 | |||||||||
Collateral posted for derivative instruments | 14 | 121 | |||||||||
Payment made in connection with business acquisitions, net of cash acquired | (24) | (582) | |||||||||
Net cash used in investing activities | (673) | (612) | |||||||||
Cash flows from financing activities: | |||||||||||
Payment of short-term borrowings with original maturities less than 90 days, net | (400) | — | |||||||||
Proceeds from debt, net of issuance costs | 4,086 | 2,074 | |||||||||
Payment of debt | (141) | (1,192) | |||||||||
Stock-based award activities and others | (88) | (42) | |||||||||
Repurchase of common stock | (3,547) | (4,495) | |||||||||
Cash dividends paid | (788) | (719) | |||||||||
Settlement of cash flow hedges | 79 | — | |||||||||
Net cash used in financing activities | (799) | (4,374) | |||||||||
Increase (decrease) in cash and cash equivalent | 1,087 | (1,425) | |||||||||
Cash and cash equivalents at beginning of period | 4,299 | 4,864 | |||||||||
Cash and cash equivalents at end of period | $ | 5,386 | $ | 3,439 |
HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions) |
Three months ended | Change (%) | ||||||||||||||||||||||||||||
July 31, 2022 | April 30, 2022 | July 31, 2021 | Q/Q | Y/Y | |||||||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||||||||
Notebooks | $ | 6,574 | $ | 7,734 | $ | 7,328 | (15) | % | (10) | % | |||||||||||||||||||
Desktops | 2,537 | 2,855 | 2,246 | (11) | % | 13 | % | ||||||||||||||||||||||
Workstations | 537 | 494 | 388 | 9 | % | 38 | % | ||||||||||||||||||||||
Other | 441 | 449 | 444 | (2) | % | (1) | % | ||||||||||||||||||||||
Personal Systems | 10,089 | 11,532 | 10,406 | (13) | % | (3) | % | ||||||||||||||||||||||
Supplies | 2,814 | 3,131 | 3,092 | (10) | % | (9) | % | ||||||||||||||||||||||
Commercial | 1,036 | 1,042 | 1,070 | (1) | % | (3) | % | ||||||||||||||||||||||
Consumer | 725 | 790 | 720 | (8) | % | 1 | % | ||||||||||||||||||||||
Printing | 4,575 | 4,963 | 4,882 | (8) | % | (6) | % | ||||||||||||||||||||||
Corporate Investments(a) | — | — | — | NM | NM | ||||||||||||||||||||||||
Total segment net revenue | 14,664 | 16,495 | 15,288 | (11) | % | (4) | % | ||||||||||||||||||||||
Other(a) | — | (5) | 1 | NM | NM | ||||||||||||||||||||||||
Total net revenue | $ | 14,664 | $ | 16,490 | $ | 15,289 | (11) | % | (4) | % | |||||||||||||||||||
Earnings before taxes: | |||||||||||||||||||||||||||||
Personal Systems | $ | 695 | $ | 798 | $ | 869 | |||||||||||||||||||||||
Printing | 911 | 958 | 857 | ||||||||||||||||||||||||||
Corporate Investments | (58) | (52) | (20) | ||||||||||||||||||||||||||
Total segment earnings from operations | 1,548 | 1,704 | 1,706 | ||||||||||||||||||||||||||
Corporate and unallocated cost and other | (89) | (190) | (134) | ||||||||||||||||||||||||||
Stock-based compensation expense | (70) | (70) | (69) | ||||||||||||||||||||||||||
Restructuring and other charges | (13) | (82) | (56) | ||||||||||||||||||||||||||
Acquisition-related charges | (31) | (32) | (24) | ||||||||||||||||||||||||||
Amortization of intangible assets | (50) | (52) | (42) | ||||||||||||||||||||||||||
Russia exit charges | (23) | — | — | ||||||||||||||||||||||||||
Interest and other, net | (70) | (39) | (55) | ||||||||||||||||||||||||||
Total earnings before taxes | $ | 1,202 | $ | 1,239 | $ | 1,326 |
HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions) |
Nine months ended | Change (%) | ||||||||||||||||
July 31, 2022 | July 31, 2021 | Y/Y | |||||||||||||||
Net revenue: | |||||||||||||||||
Notebooks | $ | 22,729 | $ | 22,183 | 2 | % | |||||||||||
Desktops | 8,199 | 6,871 | 19 | % | |||||||||||||
Workstations | 1,565 | 1,177 | 33 | % | |||||||||||||
Other | 1,324 | 1,333 | (1) | % | |||||||||||||
Personal Systems | 33,817 | 31,564 | 7 | % | |||||||||||||
Supplies | 9,013 | 9,575 | (6) | % | |||||||||||||
Commercial | 3,117 | 3,112 | — | % | |||||||||||||
Consumer | 2,239 | 2,562 | (13) | % | |||||||||||||
Printing | 14,369 | 15,249 | (6) | % | |||||||||||||
Corporate Investments(a) | 1 | 1 | NM | ||||||||||||||
Total segment | 48,187 | 46,814 | 3 | % | |||||||||||||
Other(a) | (5) | (2) | NM | ||||||||||||||
Total net revenue | $ | 48,182 | $ | 46,812 | 3 | % | |||||||||||
Earnings before taxes: | |||||||||||||||||
Personal Systems | $ | 2,450 | $ | 2,337 | |||||||||||||
Printing | 2,748 | 2,806 | |||||||||||||||
Corporate Investments | (184) | (82) | |||||||||||||||
Total segment earnings from operations | 5,014 | 5,061 | |||||||||||||||
Corporate and unallocated cost and other | (409) | (378) | |||||||||||||||
Stock-based compensation expense | (273) | (260) | |||||||||||||||
Restructuring and other charges | (163) | (216) | |||||||||||||||
Acquisition-related charges | (83) | (40) | |||||||||||||||
Amortization of intangible assets | (154) | (103) | |||||||||||||||
Russia exit charges | (23) | — | |||||||||||||||
Interest and other, net | (141) | (106) | |||||||||||||||
Total earnings before taxes | $ | 3,768 | $ | 3,958 |
HP INC. AND SUBSIDIARIES SEGMENT OPERATING MARGIN SUMMARY (Unaudited) |
Three months ended | Change (pts) | ||||||||||||||||||||||||||||
July 31, 2022 | April 30, 2022 | July 31, 2021 | Q/Q | Y/Y | |||||||||||||||||||||||||
Segment operating margin: | |||||||||||||||||||||||||||||
Personal Systems | 6.9 | % | 6.9 | % | 8.4 | % | — | (1.5) | pts | ||||||||||||||||||||
Printing | 19.9 | % | 19.3 | % | 17.6 | % | 0.6 | pts | 2.3 | pts | |||||||||||||||||||
Corporate Investments(a) | NM | NM | NM | NM | NM | ||||||||||||||||||||||||
Total segment | 10.6 | % | 10.3 | % | 11.2 | % | 0.3 | pts | (0.6) | pts |
HP INC. AND SUBSIDIARIES CALCULATION OF DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts) |
Three months ended | |||||||||||||||||
July 31, 2022 | April 30, 2022 | July 31, 2021 | |||||||||||||||
Numerator: | |||||||||||||||||
GAAP net earnings | $ | 1,119 | $ | 1,000 | $ | 1,108 | |||||||||||
Non-GAAP net earnings | $ | 1,079 | $ | 1,152 | $ | 1,198 | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average shares used to compute basic net earnings per share | 1,024 | 1,050 | 1,185 | ||||||||||||||
Dilutive effect of employee stock plans(a) | 11 | 12 | 14 | ||||||||||||||
Weighted-average shares used to compute diluted net earnings per share | 1,035 | 1,062 | 1,199 | ||||||||||||||
GAAP diluted net earnings per share | $ | 1.08 | $ | 0.94 | $ | 0.92 | |||||||||||
Non-GAAP diluted net earnings per share | $ | 1.04 | $ | 1.08 | $ | 1.00 |
HP INC. AND SUBSIDIARIES CALCULATION OF DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts) |
Nine months ended | |||||||||||
July 31, 2022 | July 31, 2021 | ||||||||||
Numerator: | |||||||||||
GAAP net earnings | $ | 3,205 | $ | 3,404 | |||||||
Non-GAAP net earnings | $ | 3,434 | $ | 3,544 | |||||||
Denominator: | |||||||||||
Weighted-average shares used to compute basic net earnings per share | 1,052 | 1,235 | |||||||||
Dilutive effect of employee stock plans(a) | 12 | 12 | |||||||||
Weighted-average shares used to compute diluted net earnings per share | 1,064 | 1,247 | |||||||||
GAAP diluted net earnings per share | $ | 3.01 | $ | 2.73 | |||||||
Non-GAAP diluted net earnings per share | $ | 3.23 | $ | 2.84 |
4?
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Cover Page |
Aug. 30, 2022 |
---|---|
Cover [Abstract] | |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | HPQ |
Security Exchange Name | NYSE |
Document Type | 8-K |
Document Period End Date | Aug. 30, 2022 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-4423 |
Entity Tax Identification Number | 94-1081436 |
Entity Address, Address Line One | 1501 Page Mill Road, |
Entity Address, City or Town | Palo Alto, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94304 |
City Area Code | 650 |
Local Phone Number | 857-1501 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000047217 |
Entity Registrant Name | HP Inc. |
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