HP Inc. Reports Fiscal 2019 Full Year and Fourth Quarter Results

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, business model changes and digital transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution and reseller landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers, 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; 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; 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, clients 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 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 impact of changes in tax laws, including uncertainties related to the interpretation and application of the Tax Cuts and Jobs Act of 2017 on HP's tax obligations and effective tax rate; 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, 2018, and HP’s other filings with the Securities and Exchange Commission.

As in prior periods, the financial information set forth in this release, including any 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 Annual Report on Form 10-K for the fiscal years ended October 31, 2019 and October 31, 2020, Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2020, and HP’s other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements. HP’s Investor Relations website at http://www.investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted.



 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Three months ended
  October 31, 2019  July 31, 2019  October 31, 2018
Net revenue$15,407  $14,603  $15,366 
Costs and expenses:     
Cost of revenue12,483  11,698  12,669 
Research and development389  413  354 
Selling, general and administrative(a)1,405  1,376  1,263 
Restructuring and other charges134   17     40  
Acquisition-related charges (credits) 23     (9 )   26  
Amortization of intangible assets 29     29     20  
Total costs and expenses 14,463     13,524     14,372  
           
Earnings from operations 944     1,079     994  
Interest and other, net (a) (452 )   (831 )   13  
Earnings before taxes 492     248     1,007  
(Provision for) benefit from taxes (104 )   931     444  
Net earnings $ 388     $ 1,179     $ 1,451  
           
Net earnings per share:          
Basic $ 0.26     $ 0.79     $ 0.92  
Diluted $ 0.26     $ 0.78     $ 0.91  
           
Cash dividends declared per share $     $ 0.32     $  
           
Weighted-average shares used to compute net earnings per share:          
Basic 1,476     1,499     1,578  
Diluted 1,486     1,508     1,598  

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