HP Inc. Reports Fiscal 2018 First Quarter Results

(a) Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of a portion of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

(b) "NM" represents not meaningful.


 
HP INC. AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY DATA
(Unaudited)
 
  Three months ended  Change in Operating Margin (pts)
  January 31,
2018
  October 31,
2017
  January 31,
2017
  Q/Q  Y/Y
Segment operating margin:(a)         
Personal Systems3.6%  3.8%  3.8%  (0.2) pts (0.2) pts
Printing15.8%  16.6%  16.0%  (0.8) pts (0.2) pts
Corporate Investments(b)NM  NM  NM  NM NM
Total segments7.7%  8.1%  7.9%  (0.4) pts (0.2) pts

(a) Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of a portion of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

(b) "NM" represents not meaningful.


  
HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
  Three months ended
  January 31,
2018
  October 31,
2017
  January 31,
2017
Numerator:     
GAAP net earnings$1,938  $660  $611 
Non-GAAP net earnings$803  $749  $646 
      
Denominator:     
Weighted-average shares used to compute basic net earnings per share1,650  1,670  1,704 
Dilutive effect of employee stock plans(a)19  17  17 
Weighted-average shares used to compute diluted net earnings per share1,669  1,687  1,721 
      
GAAP diluted net earnings per share $ 1.16     $ 0.39     $ 0.36  
Non-GAAP diluted net earnings per share $ 0.48     $ 0.44     $ 0.38  
                       

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