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HPQ · HP

50 filings

10-Q

HPQ 10-Q Quarterly Reports

HP - 50 quarterly reports

Filing record · 2016–202610-K1310-Q338-K140

HPQ filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 140 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Sep ’17Sep ’17
  2. Restructuring8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. FY2025 annual report10-K · Dec ’25Dec ’25
  1. 2026-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2026

    HP Inc. reported third-quarter fiscal 2026 results (three months ended July 31, 2026) with net revenue of $15.68 billion, up from $13.93 billion a year earlier, driven mainly by products revenue from pricing actions to offset higher commodity costs in Personal Systems and favorable currency impacts. Net earnings were $661 million, down from $763 million, and diluted EPS was $0.71 versus $0.80. For the nine months, net revenue was $44.52 billion and net earnings were $1.66 billion, or $1.79 diluted EPS. Gross margin declined to 18.8% in the quarter from 20.5%, reflecting higher commodity costs and unfavorable mix toward Personal Systems, partly offset by IEEPA tariff refunds. Cash flow from operations improved to $3.04 billion for the nine months from $2.07 billion, mainly from working capital changes. HP returned $1.5 billion to shareholders over the nine months through $0.8 billion of dividends and $0.7 billion of share repurchases, and $7.7 billion remained under its repurchase authorization. Total debt was $9.16 billion at July 31, 2026, against $9.67 billion at October 31, 2025, and stockholders' deficit narrowed to $(92) million. The filing also details the Fiscal 2026 Plan, approved November 25, 2025, which targets a reduction of 4,000 to 6,000 employees and about $650 million in pre-tax charges, with $547 million recognized year to date. Two legal matters are notable: a U.K. High Court judgment of $1.24 billion in damages against the Lynch estate in the Autonomy matter, which is subject to a limited appeal and would be shared equally with Hewlett Packard Enterprise if recovered, and a June 29, 2026 Indian Customs Tribunal decision that overturned several duty and penalty findings in the DRI matter, with a damages ruling expected no earlier than September 2026.

    Aug 27, 2026
  2. 2026-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2026

    HP Inc. reported net revenue of $14.41 billion for the three months ended April 30, 2026, up from $13.22 billion a year earlier, and $28.85 billion for the six months, up from $26.72 billion. Net earnings were $450 million for the quarter (diluted EPS $0.49, versus $0.42 a year earlier) and $995 million for the six months (diluted EPS $1.07). Earnings from operations fell to $612 million from $654 million in the quarter, as restructuring and other charges rose to $365 million, driven by the Fiscal 2026 Plan and an enhanced early retirement program that included a $280 million special termination benefit. Personal Systems drove growth, with segment net revenue up 13.2% for the quarter on a 22.3% increase in average selling prices, while PC unit volume fell 7.0%. Printing was flat for the quarter at $4.20 billion, with printer units down 6.6%. Operating cash flow for the six months was $1.31 billion, compared with $412 million a year earlier, and the company returned $1.0 billion to shareholders through repurchases ($425 million) and dividends ($551 million). Balance sheet items remained steady: cash of $3.70 billion, total debt of $9.67 billion, and a stockholders' deficit of $144 million. The company disclosed a $1.24 billion judgment in its Autonomy-related proceedings, which it has not recorded in its financial statements, and it has approximately $8.0 billion remaining under its share repurchase authorization.

    May 28, 2026
  3. 2026-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2026

    HP Inc. reported net revenue of $14.44 billion for the three months ended January 31, 2026, up from $13.50 billion a year earlier, driven by products revenue from increased Personal Systems units, partially offset by demand softness in Printing. Gross margin declined, with gross profit of $2.84 billion roughly flat year over year. Earnings from operations fell to $759 million from $845 million, and net earnings were $545 million, or $0.58 diluted EPS, compared with $565 million, or $0.59, in the prior-year period. The filing attributes the margin pressure mainly to higher commodity and trade-related costs and unfavorable mix shifts, partially offset by pricing actions and cost management. Cash flow from operations was $383 million, roughly flat versus $374 million. HP returned $0.6 billion to shareholders in the quarter through $325 million of share repurchases and $277 million of cash dividends. Cash, cash equivalents and restricted cash fell to $3.15 billion, and total debt was $9.70 billion. Stockholders' deficit widened to $766 million, and accumulated other comprehensive loss increased to $654 million, largely reflecting cash flow hedge losses. The company is executing its Fiscal 2026 Plan, approved November 25, 2025, which targets a reduction of approximately 4,000 to 6,000 employees and pre-tax charges of about $650 million, with implementation through fiscal 2028. Restructuring and other charges were $126 million in the quarter. The filing notes that the U.S. Supreme Court held on February 20, 2026 that IEEPA tariffs were not authorized, and HP is assessing the potential recovery of tariffs previously paid. Management also flagged higher memory and storage costs and potential supply constraints in Personal Systems.

    Feb 25, 2026
  4. 2025-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2025

    HP Inc. reported net revenue of $13.93 billion for the three months ended July 31, 2025, up from $13.52 billion a year earlier, and net earnings of $763 million, or $0.80 per diluted share, compared with $640 million, or $0.65 per diluted share, in the prior-year quarter. For the nine months, net revenue was $40.66 billion and net earnings were $1.73 billion, or $1.82 per diluted share, down from $1.87 billion in the prior-year period. Gross margin declined to 20.5% in the quarter from 21.5% a year earlier, which the company attributes mainly to higher tariff costs, mix shifts toward Personal Systems and unfavorable currency impacts. Earnings from operations fell to $716 million from $940 million. The filing discloses a material weakness in internal control over financial reporting that was not remediated as of July 31, 2025, tied to IT general controls over certain software solutions. As a result, management concluded that disclosure controls and procedures were not effective. Balance sheet metrics show total stockholders' deficit of $901 million, cash, cash equivalents and restricted cash of $2.87 billion, and total debt of $9.60 billion. During the nine months, HP returned $1.2 billion to shareholders through $0.8 billion in dividends and $0.4 billion in share repurchases. Legal matters include a pending Autonomy-related damages ruling in which the court found the Lynch estate owed approximately 740 million pounds, with any recovery to be shared equally with Hewlett Packard Enterprise, and a securities class action for which the parties executed a binding term sheet for a proposed settlement on July 28, 2025. HP also faces new Wi-Fi 6 patent suits in the Eastern District of Texas and in Germany, and the Fiscal 2023 Plan was amended to add an expected $150 million in restructuring and other charges.

    Aug 28, 2025
  5. 2025-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2025

    HP Inc. reported net revenue of $13.22 billion for the three months ended April 30, 2025, up from $12.80 billion a year earlier, while net earnings fell to $406 million from $607 million. For the six months, net revenue was $26.72 billion versus $25.99 billion and net earnings were $971 million versus $1.23 billion. Gross margin declined to 20.7% of net revenue in the quarter from 23.6%, which the company attributes primarily to higher commodity and tariff costs, mix shifts toward Personal Systems and unfavorable currency impacts, partially offset by disciplined pricing actions. Personal Systems net revenue grew 7.1% in the quarter, driven by a 6.3% increase in PC unit volume led by Commercial PS, while Printing net revenue fell 4.3%, with Supplies down 4.9%. Printing and Personal Systems earnings from operations were $814 million and $409 million, respectively, in the quarter. Cash flow from operations was $412 million for the six months, down from $702 million, and the company returned $0.7 billion to shareholders through dividends and buybacks. Total debt rose to $10.74 billion from $9.67 billion after a $1.0 billion senior notes issuance in April 2025. The filing states that HP's disclosure controls were not effective as of April 30, 2025 because a previously reported material weakness in IT general controls had not been remediated. Stockholders' deficit was $1.28 billion at period end. The Fiscal 2023 Plan was amended in February 2025 to increase expected workforce reductions, with an additional $150 million of restructuring charges anticipated.

    May 29, 2025
  6. 2025-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2025

    HP Inc. reported net revenue of $13.50 billion for the three months ended January 31, 2025, up from $13.19 billion a year earlier, with net earnings of $565 million versus $622 million, and diluted EPS of $0.59 compared with $0.62. Earnings from operations were $845 million versus $935 million, and gross profit was $2.84 billion versus $2.89 billion. The filing attributes the revenue increase to Commercial PS and disciplined pricing, partly offset by unfavorable currency impacts, and cites higher commodity costs and currency effects for the gross margin decline of 0.9 percentage points. Cash flow from operations improved to $374 million from $121 million, driven by a favorable cash conversion cycle. Share repurchases were $100 million versus $500 million in the prior-year quarter, and cash dividends paid were $273 million. Total stockholders' deficit was $1.07 billion at January 31, 2025, and total debt was $9.69 billion. Management reported that the Fiscal 2023 Plan (Future Ready) was amended on February 27, 2025 to increase expected workforce reductions by 1,000 to 2,000 employees, with an additional $150 million in restructuring and other charges anticipated. The filing also discloses that disclosure controls were not effective as of January 31, 2025 due to an unremediated material weakness in internal control over financial reporting related to IT general controls, which the company states did not result in a material misstatement. Ongoing litigation includes a Wilus/Sisvel Wi-Fi 6 patent dispute, the York County securities class action, and an Autonomy-related damages proceeding in which claimants seek $4 billion, with no recovery recorded.

    Feb 28, 2025
  7. 2024-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2024

    HP Inc. reported net revenue of $13.52 billion for the three months ended July 31, 2024, up 2.4% (3.0% on a constant currency basis) from $13.20 billion a year earlier. Net earnings were $640 million, or $0.65 per diluted share, versus $766 million, or $0.76 per diluted share, in the prior-year quarter. For the nine months, net revenue decreased 1.0% to $39.50 billion, and net earnings fell to $1.87 billion, or $1.88 per diluted share, from $2.29 billion, or $2.29 per diluted share. Personal Systems revenue grew 4.9% in the quarter, led by Commercial PS, while Printing revenue fell 2.8%, reflecting demand softness and competitive pricing. Operating cash flow improved to $2.13 billion for the nine months from $1.60 billion, and the company returned $2.0 billion to shareholders through $1.2 billion of share repurchases and $0.8 billion of dividends. The balance sheet shows a stockholders' deficit of $1.39 billion at July 31, 2024. Total debt was $9.6 billion, and the company entered a new $5.0 billion revolving credit facility on August 1, 2024. On August 27, 2024, the Board increased the share repurchase authorization to $10.0 billion in total, against approximately $0.8 billion remaining at quarter end. Management concluded that disclosure controls were not effective because of a material weakness in internal control over financial reporting tied to information technology general controls for software affecting net revenue. Remediation is ongoing. The filing also describes several significant legal matters, including patent litigation with Nokia and Access Advance pool members, a dispute with R2 Semiconductor over an adverse German judgment, and the Autonomy-related proceedings in which HP seeks damages exceeding $5 billion from former Autonomy management, with the amount ultimately awarded not yet determined and no adjustment recorded. The company states that it does not believe any of these matters is reasonably likely to result in a material loss in excess of amounts already recognized.

    Aug 29, 2024
  8. 2024-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2024

    HP Inc. reported net revenue of $12.80 billion for the three months ended April 30, 2024, down from $12.91 billion a year earlier, and $25.99 billion for the six months, down from $26.71 billion. Net earnings were $607 million for the quarter (diluted EPS $0.61) versus $1.054 billion (diluted EPS $1.06) a year earlier, and $1.23 billion for the six months (diluted EPS $1.23) versus $1.52 billion. Earnings from operations rose to $952 million from $747 million in the quarter, with gross margin up to 23.6% of net revenue from 22.6%, driven mainly by lower commodity and logistics costs, favorable foreign currency impacts and Future Ready transformation savings. Prior-year results included a $105 million special termination benefit and a favorable tax benefit of $636 million in the three months ended April 30, 2023, which largely explain the lower reported net earnings this period. Personal Systems net revenue rose 3.1% in the quarter, with PC unit volume up 6.9%, while Printing net revenue fell 7.8%, with printer unit volume down 17.1%. Cash, cash equivalents and restricted cash was $2.52 billion at April 30, 2024, down from $3.23 billion at October 31, 2023, and total debt was $9.59 billion. The company returned $1.1 billion to shareholders in the six months through cash dividends ($0.5 billion) and share repurchases ($0.6 billion), with approximately $1.4 billion remaining under repurchase authorizations. Management disclosed that disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting related to information technology general controls over software solutions that affect net revenue. Management states the weakness did not result in a material misstatement and is being remediated, and the filing notes that the company is a defendant in several significant patent, securities and other legal matters, including Nokia and Access Advance video codec patent suits and the Autonomy-related proceedings, in which HP states it cannot reasonably estimate potential losses for certain matters.

    May 30, 2024
  9. 2024-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2024

    HP Inc. reported net revenue of $13,185 million for the three months ended January 31, 2024, down from $13,798 million a year earlier, a decrease of 4.4% that the filing attributes mainly to demand softness and competitive pricing in products. Despite lower revenue, net earnings rose to $622 million from $469 million, and diluted earnings per share were $0.62 compared with $0.47. Gross margin increased to $2,888 million, or 21.9% of net revenue versus 20.2%, which management attributes to lower commodity and logistics costs, favorable foreign currency impacts and cost savings. Earnings from operations were $935 million versus $743 million. Personal Systems segment revenue was $8,809 million and Printing was $4,375 million, with Personal Systems earnings from operations of $537 million and Printing earnings from operations of $872 million. Cash flow and the balance sheet show a mixed picture. Net cash provided by operating activities was $121 million, compared with a use of $16 million in the prior-year quarter. Cash, cash equivalents and restricted cash fell to $2,417 million from $3,232 million at October 31, 2023, after $500 million of share repurchases and $275 million of cash dividends paid. Total debt was $9,660 million, and total stockholders' deficit widened to $(1,640) million from $(1,069) million. Management concluded that disclosure controls and procedures were not effective because of a material weakness in internal control over financial reporting related to information technology general controls over software solutions that affect net revenue. The filing also details ongoing litigation and contingencies, including patent disputes with Nokia, Access Advance pool members, Philips and Caltech, and an adverse February 7, 2024 judgment in Germany in the R2 Semiconductor case, which HP has appealed. HP states it is unable to reasonably estimate potential losses in several of these matters. The Fiscal 2023 Plan, under which HP expects to reduce global headcount by approximately 4,000 to 6,000 employees and incur pre-tax charges of approximately $1.0 billion, remains on track according to management.

    Feb 28, 2024
  10. 2023-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2023

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $13.20 billion for the three months ended July 31, 2023, down from $14.65 billion a year earlier, and net earnings of $766 million versus $1.12 billion. For the nine months, net revenue was $39.90 billion (versus $48.14 billion) and net earnings were $2.29 billion (versus $3.16 billion). The filing attributes the revenue decline primarily to lower average selling prices and demand softness in Personal Systems and Printing, along with foreign currency impacts. Net cash provided by operating activities for the nine months was $1.60 billion, compared with $2.56 billion a year earlier, and cash, cash equivalents and restricted cash fell to $1.72 billion from $3.15 billion at October 31, 2022. The company is executing its Future Ready Plan (Fiscal 2023 Plan), which it expects to cost approximately $1.0 billion in pre-tax charges and reduce global headcount by 4,000 to 6,000 employees. Restructuring and other charges were $416 million for the nine months. Total debt was $9.68 billion at July 31, 2023, down from $11.01 billion, after a tender offer that produced a $115 million net gain on debt extinguishment. The Poly acquisition contributed to revenue and to higher operating expenses. Stockholders' deficit improved to $(2.25) billion from $(3.03) billion. Most notably for investors, management concluded that disclosure controls and procedures were not effective due to two material weaknesses in internal control over financial reporting, one involving revenue recognition for a Personal Systems customer's third-party financing transactions and one involving reliance on a payment application for EMEA sales incentive programs. The company revised prior period financial statements to correct a revenue contract error and other immaterial errors, which the filing says would be material to the three and nine months ended July 31, 2023.

    Sep 11, 2023
  11. 2023-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2023

    HP Inc. reported a sharp revenue decline for its fiscal 2023 second quarter ended April 30, 2023. Net revenue was $12.91 billion for the three months, down 21.7% (18.0% on a constant currency basis) from $16.49 billion a year earlier. Net revenue for the six months was $26.74 billion, down 20.2% from $33.52 billion. The decline was driven mainly by demand softness across Personal Systems, Consumer Printing and Supplies, along with foreign currency impacts. Commercial Printing partly offset the decline. Earnings from operations fell to $762 million for the quarter from $1.28 billion, while net earnings rose to $1.07 billion, or $1.07 per diluted share, from $1.00 billion, or $0.94 per diluted share. The filing states that net earnings benefited from income tax benefits of $636 million in discrete items for the quarter, mainly from tax effects of internal reorganization. Costs tied to the Future Ready Plan (the Fiscal 2023 Plan) remained significant. Restructuring and other charges were $200 million for the quarter and $341 million for the six months. HP expects the plan to reduce global headcount by about 4,000 to 6,000 employees and to carry pre-tax charges of approximately $1.0 billion through fiscal 2025. The company also recorded a $105 million special termination benefit and a $34 million health care incentive related to its voluntary early retirement program. Cash generation weakened: net cash provided by operating activities was $620 million for the six months, compared with $2.17 billion a year earlier, mainly due to lower net earnings and unfavorable working capital changes. The balance sheet shows cash, cash equivalents and restricted cash of $1.94 billion and total debt of $10.6 billion as of April 30, 2023, with a total stockholders' deficit of $2.48 billion. HP made no share repurchases during the quarter and had approximately $2.0 billion remaining under its repurchase authorizations. Cash dividends paid were $518 million for the six months. The company also disclosed ongoing litigation, including Autonomy-related matters in which HP seeks damages in excess of $5 billion from former Autonomy management, though no amount has been recorded for that potential recovery.

    May 31, 2023
  12. 2023-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2023

    HP Inc. (HPQ) reported net revenue of $13.83 billion for the first quarter of fiscal 2023 (three months ended January 31, 2023), down from $17.03 billion a year earlier, a decrease the filing describes as 18.8%. Net earnings fell to $487 million from $1.09 billion, and diluted EPS was $0.49 versus $0.99. The filing attributes the revenue decline primarily to demand softness across Personal Systems and Supplies, along with foreign currency impacts, partially offset by growth in Commercial Printing. Gross margin rose 0.4 percentage points to 20.3%, helped by lower commodity costs and a mix shift toward Printing. Cash flow was weak in the quarter. Net cash used in operating activities was $16 million, compared with $1.66 billion provided a year earlier, mainly due to unfavorable working capital changes and lower net earnings. Total debt decreased to $10.76 billion from $11.01 billion, and the company returned $0.4 billion to shareholders through $0.1 billion of share repurchases and $0.3 billion of cash dividends. Stockholders' deficit widened to $3.73 billion from $2.92 billion, and about $2.0 billion remained under repurchase authorizations. The company is executing its Fiscal 2023 Plan, which it expects to cost approximately $1.0 billion in pre-tax charges and reduce headcount by approximately 4,000 to 6,000 employees through fiscal 2025. Management expects both Personal Systems and Printing markets to decline in fiscal 2023 compared with fiscal 2022. The filing also describes ongoing litigation, including the Philips and Caltech patent cases and securities class actions, and notes that a settlement in principle had been reached in one securities matter.

    Mar 1, 2023
  13. 2022-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2022

    HP Inc. reported net revenue of $14.66 billion for the three months ended July 31, 2022, down from $15.29 billion a year earlier, while net earnings rose to $1.12 billion from $1.11 billion. For the nine months, net revenue was $48.18 billion versus $46.81 billion, and net earnings were $3.21 billion versus $3.40 billion. Diluted EPS for the nine months was $3.01, compared with $2.73 a year earlier, helped by a smaller share count after repurchases. Earnings from operations for the nine months were $3.91 billion, down from $4.06 billion, and the effective tax rate was 15.0% for the nine months and 7.0% for the quarter. Balance sheet and capital allocation moved notably. Total debt rose to $11.0 billion from $7.5 billion at October 31, 2021, following $2.0 billion of senior unsecured notes issued in March 2022 and $2.0 billion issued in June 2022. Stockholders' deficit widened to $2.32 billion. Cash and cash equivalents were $5.4 billion. During the nine months HP returned $4.3 billion to shareholders through $3.5 billion of share repurchases and $0.8 billion of dividends, with about $2.9 billion remaining under repurchase authorizations. Operating cash flow was $2.56 billion, down from $3.56 billion. Subsequent to the quarter, HP completed the acquisition of Plantronics, Inc. ("Poly") on August 29, 2022 for $40 per share, implying a total enterprise value of $3.3 billion, funded through a combination of cash and new debt. HP also disclosed a wind-down of its Russian operations, with $23 million of exit charges in the quarter. Russia contributed approximately $1.0 billion of total net revenue in fiscal 2021.

    Sep 2, 2022
  14. 2022-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2022

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $16.49 billion for the three months ended April 30, 2022, up from $15.88 billion a year earlier, while net earnings fell to $1.00 billion from $1.23 billion. Diluted EPS was $0.94 versus $0.98. For the six months ended April 30, 2022, net revenue was $33.52 billion and net earnings were $2.09 billion, compared with $31.52 billion and $2.30 billion in the prior-year period. The filing attributes the revenue increase primarily to higher average selling prices from favorable pricing and mix shifts, partially offset by lower unit volumes in Personal Systems and Printing due to supply chain constraints. Liquidity shifted over the six months. Cash and cash equivalents rose to $4.48 billion from $4.30 billion at October 31, 2021, while total debt increased to $9.0 billion from $7.5 billion after HP issued $2.0 billion of senior unsecured notes in March 2022. Shareholders' deficit was $1.90 billion at April 30, 2022. HP returned $3.1 billion to shareholders in the period through $2.5 billion of share repurchases and $533 million of cash dividends, and it had about $3.9 billion remaining under its repurchase authorizations. HP also agreed on March 25, 2022 to acquire Plantronics, Inc. (Poly) for $40 per share, implying a total enterprise value of $3.3 billion, to be funded with cash and new debt. The filing also reports that HP announced on May 31, 2022 it would wind down its Russian business, which contributed approximately $1.0 billion of fiscal 2021 net revenue, and that the Oracle judgment was finally resolved when the U.S. Supreme Court denied Oracle's petition on May 16, 2022.

    Jun 3, 2022
  15. 2022-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2022

    HP Inc. (HPQ) reported results for the first quarter of fiscal 2022, the three months ended January 31, 2022. Net revenue rose to $17.03 billion from $15.65 billion, and net earnings were $1.09 billion, or $0.99 per diluted share, compared with $1.07 billion, or $0.83 per diluted share, a year earlier. Gross margin declined to 19.9% of net revenue from 21.2%, which management attributed mainly to a mix shift toward Personal Systems, higher commodity and supply chain costs, partly offset by favorable pricing and foreign currency. Personal Systems revenue grew 15.0% to $12.20 billion, while Printing revenue fell 4.2% to $4.83 billion. Cash flow and capital returns were the other focus. Net cash provided by operating activities was $1.66 billion, up from $1.02 billion, mainly on favorable working capital changes. Cash and cash equivalents fell to $3.39 billion, and total debt declined to $7.1 billion from $7.5 billion after a $400 million commercial paper repayment. The company returned $1.8 billion to shareholders through $1.5 billion of share repurchases and $0.3 billion of dividends, and about $4.9 billion remained under repurchase authorizations. Stockholders' deficit widened to $(2.33) billion. The filing says the company expects to repurchase at least $4.0 billion of shares in fiscal 2022. Management stated that component shortages, manufacturing disruptions and logistics challenges will continue to affect revenue and margins, and that the Russian invasion of Ukraine is expected to have an unfavorable impact on the business. Litigation disclosures include the Oracle judgment, which Oracle has petitioned the U.S. Supreme Court to review, and a March 3, 2022 dismissal of the York County securities class action.

    Mar 7, 2022
  16. 2021-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2021

    HP Inc. reported strong results for the three and nine months ended July 31, 2021. Net revenue for the quarter was $15.29 billion, up from $14.29 billion a year earlier, and net earnings rose to $1.11 billion from $734 million. For the nine months, net revenue was $46.81 billion versus $41.38 billion, and net earnings were $3.40 billion versus $2.18 billion. Diluted EPS was $0.92 for the quarter and $2.73 for the nine months, compared with $0.52 and $1.51 a year earlier. Growth was led by Printing, where segment revenue rose 24.1% in the quarter, and by Personal Systems, where nine-month unit volume grew 17.4%. Management cited component shortages and supply chain constraints as continuing limits on revenue, and the COVID-19 pandemic remains a source of uncertainty. Balance sheet and capital allocation shifted during the period. Cash and cash equivalents fell to $3.44 billion from $4.86 billion at October 31, 2020, and inventory rose to $8.17 billion from $5.96 billion, which management attributed largely to strategic buys in Personal Systems. Total debt increased to $7.1 billion, and HP issued $2.0 billion of senior notes in June 2021. Stockholders' deficit widened to $3.94 billion. HP repurchased $4.5 billion of common stock and paid $719 million in dividends in the nine months. The company also completed the HyperX acquisition and agreed to acquire Teradici for $275 million. The filing also covers several legal and regulatory matters. Oracle's appeal court affirmed a judgment of approximately $3.0 billion in HP's favor, and Oracle has petitioned the California Supreme Court for review; no amount has been recorded for that potential award. Philips and Caltech patent cases are pending, and the ITC is expected to issue an initial determination in the Philips matter by October 22, 2021. HP also agreed in August 2021 to transfer approximately $5.2 billion of U.S. pension obligations to Prudential, with a settlement gain of about $40 million expected in the fourth quarter of fiscal 2021.

    Sep 3, 2021
  17. 2021-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2021

    HP Inc. reported a strong second quarter of fiscal 2021 for the three months ended April 30, 2021, with net revenue of $15.88 billion, up 27.3% from $12.47 billion a year earlier, and net earnings of $1.23 billion, or $0.98 per diluted share, versus $764 million, or $0.53 per diluted share, in the prior-year period. Growth was driven mainly by Notebooks, Supplies, and Consumer and Commercial Printing, with management citing strong demand from work from home and remote learning. Gross margin rose 1.7 percentage points, and earnings from operations increased to $1.36 billion from $826 million. Personal Systems revenue rose 27.0% to $10.56 billion, and Printing revenue rose 28.0% to $5.32 billion, with Printing earnings from operations reaching $951 million. For the six months ended April 30, 2021, net revenue was $31.52 billion, up 16.4%, and net earnings were $2.30 billion, or $1.81 per diluted share. Cash provided by operating activities was $2.47 billion, compared with $775 million a year earlier. HP returned $3.5 billion to shareholders through $3.0 billion of share repurchases and $0.5 billion of dividends, and about $9.7 billion remained under its repurchase authorizations. Total debt was $6.1 billion, and the company entered a new $5.0 billion sustainability-linked revolving credit facility on May 26, 2021. The filing also highlights ongoing risks, including COVID-19 resurgence in India and Southeast Asia, component constraints, and several pending litigation matters such as the Oracle damages appeal, the Philips and Caltech patent suits, and securities class actions. Inventory rose to $7.50 billion from $5.96 billion, partly due to strategic buys in Personal Systems. Subsequent to the quarter, HP made a $411 million cash payment for the HyperX gaming division acquisition.

    Jun 4, 2021
  18. 2021-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2021

    HP Inc. reported net revenue of $15.65 billion for the three months ended January 31, 2021, up from $14.62 billion a year earlier, with net earnings of $1.07 billion versus $678 million, and diluted earnings per share of $0.83 compared with $0.46. Earnings from operations rose to $1.32 billion from $865 million. Management attributed the growth primarily to strong demand from work-from-home and remote-learning trends, with notebooks, consumer printing and supplies leading gains while desktops and workstations declined. Personal Systems revenue rose to $10.60 billion and Printing to $5.04 billion, with Printing earnings from operations reaching $998 million. Cash flow was weaker than the prior year. Net cash provided by operating activities was $1.02 billion, down from $1.29 billion, mainly due to lower cash from working capital. HP repurchased $1.38 billion of common stock and paid $250 million in cash dividends during the quarter. Cash and cash equivalents fell to $4.16 billion from $4.86 billion at October 31, 2020, and total stockholders' deficit widened to $3.24 billion. Total borrowings were $6.2 billion, and management stated it expects share repurchases of at least $1.0 billion per quarter. The filing also details ongoing litigation, including the Hewlett-Packard Company v. Oracle appeal, in which HP was previously awarded approximately $3.0 billion in damages, though no amount has been recorded. Several consumer and patent suits involving Dynamic Security, Philips and Caltech remain pending, and the Italian competition authority imposed fines totaling €10 million, which HP has appealed. Management also disclosed a definitive agreement to acquire HyperX for $425 million, expected to close in the second quarter of calendar 2021.

    Mar 5, 2021
  19. 2020-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2020

    HP Inc. (HPQ) reported a 10-Q for the quarter ended July 31, 2020, showing net revenue of $14.29 billion for the three months, down from $14.60 billion a year earlier, and net earnings of $734 million, or $0.52 per diluted share, versus $1.18 billion and $0.78 a year earlier. For the nine months, net revenue was $41.38 billion and net earnings were $2.18 billion, or $1.51 per diluted share. The three-month decline was driven by Printing, where revenue fell 19.9% to $3.93 billion, while Personal Systems revenue rose 6.9% to $10.36 billion on strong Notebook demand. The filing attributes demand weakness in Printing and Commercial PCs to COVID-19, which also caused supply chain disruptions in Asia. Year-over-year earnings comparisons were distorted by a $764 million tax indemnification adjustment recorded in the prior-year quarter. Balance sheet and cash flow data show cash and equivalents of $4.68 billion and total stockholders' deficit of $1.99 billion at July 31, 2020. Operating cash flow for the nine months was $2.44 billion, down from $4.07 billion. In June 2020 the company issued $3.0 billion of senior notes and used roughly $1.6 billion of the proceeds to tender for and redeem 2020 and 2021 notes. Share repurchases for the nine months totaled $1.77 billion, and cash dividends paid were $759 million. Long-term debt rose to $5.98 billion from $4.78 billion. The company is pursuing a Fiscal 2020 Plan targeting a reduction of 7,000 to 9,000 employees and about $1.0 billion in pre-tax charges, with $431 million of restructuring and other charges recorded in the nine months. The filing also discloses an understanding in principle to settle an SEC investigation for a $6 million civil penalty, subject to SEC approval, and reports that the Neodron patent litigation was settled on July 31, 2020.

    Sep 4, 2020
  20. 2020-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2020

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $12.47 billion for the three months ended April 30, 2020, down from $14.04 billion a year earlier, and net earnings of $764 million, or $0.53 per diluted share, versus $782 million and $0.51 a year earlier. For the six months ended April 30, 2020, net revenue was $27.09 billion and net earnings were $1.44 billion, or $0.99 per diluted share. The filing attributes the revenue decline primarily to lower Printing demand as businesses closed and office workers worked from home, along with manufacturing and supply chain disruptions tied to COVID-19. Personal Systems revenue fell 6.8% in the quarter, while Printing revenue fell 18.7%, and Printing earnings from operations declined to $548 million from $839 million. Cash flow weakened: net cash provided by operating activities was $775 million for the six months ended April 30, 2020, compared with $1.72 billion a year earlier, and management said COVID-19 negatively affected operating cash flow in the quarter. Total assets were $33.77 billion at April 30, 2020, with cash and cash equivalents of $4.05 billion, and total stockholders' deficit was $743 million. Total borrowings were $5.5 billion. The company repurchased $814 million of common stock in the six months and paid $508 million in dividends. Share repurchase authorization was increased to $15.0 billion in February 2020, and approximately $15.0 billion remained available at April 30, 2020. The filing also covers the Fiscal 2020 Plan, a restructuring program expected to reduce headcount by 7,000 to 9,000 employees with pre-tax charges of about $1.0 billion, and restructuring and other charges of $372 million in the six months. Management noted an unsolicited exchange offer from Xerox Holdings Corporation, which was terminated in March 2020, and that HP incurred significant costs responding to it. Ongoing litigation includes the Oracle damages case, in which a jury awarded HP approximately $3.0 billion in 2016 with no amount recorded, and various Dynamic Security and printer-supply matters.

    Jun 5, 2020
  21. 2020-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2020

    HP Inc. reported net revenue of $14.62 billion for the three months ended January 31, 2020, down from $14.71 billion a year earlier, and net earnings of $678 million, compared with $803 million in the prior-year quarter. Diluted earnings per share were $0.46, versus $0.51 a year earlier. Earnings from operations fell to $865 million from $926 million, with restructuring and other charges rising to $291 million from $55 million, mainly tied to the Fiscal 2020 Plan, which targets a headcount reduction of roughly 7,000 to 9,000 employees and approximately $1.0 billion of pre-tax charges. Personal Systems revenue rose 2.4% to $9.89 billion and its earnings from operations increased to $662 million, while Printing revenue fell 6.6% to $4.72 billion, with Supplies down 4.5 points of weighted contribution. Cash flow from operations was $1.29 billion, up from $862 million, driven largely by working capital management. Cash and cash equivalents ended the quarter at $4.21 billion, and stockholders' deficit widened to $1.63 billion. The company repurchased 34 million shares for $0.7 billion and paid $256 million in cash dividends. Total long-term debt was $3.93 billion, and total borrowings were about $4.9 billion. The filing also discloses an unsolicited exchange offer from Xerox Holdings Corporation, launched March 2, 2020, at $18.40 in cash plus 0.149 Xerox shares per HP share, which the Board recommended that stockholders reject. Xerox has also nominated 11 director candidates for the 2020 annual meeting. HP adopted a shareholder rights plan on February 20, 2020, and on February 22, 2020, raised its share repurchase authorization to $15.0 billion, with a plan to return about $16.0 billion to shareholders over fiscal 2020 to 2022.

    Mar 5, 2020
  22. 2019-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2019

    HP Inc. reported net revenue of $14.60 billion for the three months ended July 31, 2019, essentially flat versus $14.59 billion a year earlier, and $43.35 billion for the nine months, up from $43.11 billion. Net earnings were $1.18 billion for the quarter versus $880 million in the prior-year quarter, but nine-month net earnings fell to $2.76 billion from $3.88 billion. The quarter's results were boosted by a large non-operating item: interest and other, net was an expense of $831 million, driven by a $764 million adjustment reflecting the reversal of tax indemnification receivables from Hewlett Packard Enterprise tied to various tax resolutions, while the quarter also included a $1.1 billion net discrete tax benefit. Earnings from operations rose to $1.08 billion from $1.02 billion for the quarter and $2.93 billion from $2.84 billion for the nine months. Segment results show Personal Systems driving growth, with quarterly net revenue up 3.1% to $9.69 billion and earnings from operations up 51.1% to $547 million, reflecting higher Commercial and Desktop volumes. Printing net revenue fell 5.3% to $4.91 billion for the quarter, led by a 4.6% decline in Supplies, and its operating earnings dropped 7.7% to $765 million. The company adopted the new revenue recognition standard (ASC 606) in the first quarter of fiscal 2019, which increased accumulated deficit by $212 million, and it reported total stockholders' deficit of $1.13 billion at July 31, 2019. Liquidity remained solid, with cash and cash equivalents of $4.92 billion, operating cash flow of $4.07 billion for the nine months, and share repurchases of $1.94 billion. Dividends paid totaled $734 million, and approximately $2.0 billion remained under repurchase authorizations. Total borrowings were $5.1 billion, and the company noted a $6.9 billion decrease in gross unrecognized tax benefits during the nine months, primarily from audit resolutions.

    Aug 29, 2019
  23. 2019-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2019

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $14.04 billion for the three months ended April 30, 2019, essentially flat versus $14.00 billion in the prior-year period, and net earnings of $782 million, or $0.51 per diluted share, compared with $1.06 billion ($0.64 per diluted share) a year earlier. The prior-year quarter was inflated by a large tax benefit and reversal of indemnification receivables from Hewlett Packard Enterprise, so the year-over-year decline in net earnings largely reflects those non-recurring items. Earnings from operations rose to $928 million from $906 million. For the six months, net revenue was $28.75 billion and net earnings were $1.59 billion, or $1.02 per diluted share. By segment, Personal Systems net revenue grew 1.8% to $8.92 billion in the quarter, with Desktops and Notebooks driving growth, and segment earnings from operations rose 17.0% to $385 million. Printing net revenue declined 2.4% to $5.12 billion, pressured by lower Supplies and Consumer Hardware sales, though earnings from operations were roughly flat at $839 million. The balance sheet shows total stockholders' deficit of $1.49 billion, cash and cash equivalents of $3.56 billion, and long-term debt of $4.75 billion. Net cash provided by operating activities for the six months was $1.72 billion, and the company repurchased $1.41 billion of common stock. The filing also adopted the new revenue recognition standard (ASC 606) on November 1, 2018, which increased accumulated deficit by $212 million, and disclosed a sanctions-related matter involving the recently acquired Apogee group, with transactions totaling £72.49 ($92.78) with Bank Sepah International plc that were terminated and are being disclosed to authorities. Ongoing litigation includes the Oracle damages appeal, in which HP expects the appeals process could take several years, and the Autonomy-related civil proceedings, which began trial on March 25, 2019.

    May 30, 2019
  24. 2019-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2019

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $14.71 billion for the three months ended January 31, 2019, up from $14.52 billion a year earlier, with earnings from operations of $926 million versus $913 million. Net earnings fell sharply to $803 million, or $0.51 diluted EPS, from $1.94 billion ($1.16 diluted EPS) in the prior-year quarter, which had benefited from $1.1 billion of net discrete tax benefits tied to U.S. tax reform. Results reflect the adoption of ASC Topic 606 on November 1, 2018, which reduced accumulated deficit by $212 million on adoption and lowered first-quarter net revenue by $36 million. Cash generation and capital returns were a focus. Net cash provided by operating activities was $862 million, against $996 million a year earlier, and the company repurchased $720 million of common stock and paid $249 million in dividends. Cash and cash equivalents declined to $3.37 billion from $5.17 billion at October 31, 2018, and total borrowings fell to $5.0 billion from $6.0 billion. Stockholders' deficit widened to $1.84 billion. The company had approximately $3.2 billion remaining under its share repurchase authorizations. Segment results were mixed. Personal Systems revenue rose 2.3% to $9.66 billion with earnings from operations of $410 million, while Printing revenue declined 0.4% to $5.06 billion, with Supplies down 2.5%, though Printing earnings from operations rose to $821 million. The filing also discloses ongoing litigation, including a $3.0 billion judgment HP obtained against Oracle that remains under appeal and is not recorded in the financial statements, and a Section 13(r) disclosure concerning small service calls for a sanctioned bank by a newly acquired UK subsidiary.

    Mar 5, 2019
  25. 2018-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2018

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $14.59 billion for the three months ended July 31, 2018, up from $13.06 billion a year earlier, and $43.11 billion for the nine months, up from $38.13 billion. Net earnings were $880 million for the quarter (diluted EPS $0.54) versus $696 million (diluted EPS $0.41) in the prior-year quarter. For the nine months, net earnings were $3.88 billion, compared with $1.87 billion, and this period includes a net income tax benefit of $1.87 billion, largely reflecting the Tax Cuts and Jobs Act provisional estimates and $1.5 billion of tax benefits from audit settlements. Interest and other, net expense rose to $1.01 billion for the nine months, driven by a $676 million indemnification receivable adjustment and a $126 million loss on debt extinguishment. Segment results show Personal Systems net revenue of $9.40 billion for the quarter and Printing net revenue of $5.19 billion, with Printing earnings from operations of $832 million. Management attributes revenue growth primarily to Notebooks, Desktops, Commercial Printing Hardware and Supplies, along with favorable foreign currency impacts. Operating expenses rose, with research and development up 20.1% and selling, general and administrative expense up 11.9% for the quarter, largely reflecting the Samsung printer business acquisition completed November 1, 2017. Balance sheet and cash flow highlights include cash and cash equivalents of $6.20 billion, total debt reduced to $7.2 billion from $7.8 billion after a roughly $1.85 billion tender offer, and stockholders' deficit improving to $(1.77) billion. Operating cash flow was $3.56 billion for the nine months, and the company repurchased $1.96 billion of common stock during that period. The company also disclosed a definitive agreement announced August 1, 2018 to acquire Apogee Corporation for approximately £380 million.

    Aug 28, 2018
  26. 2018-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2018

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $14.00 billion for the three months ended April 30, 2018, up from $12.39 billion a year earlier, and $28.52 billion for the six months, up from $25.07 billion. Net earnings were $1.06 billion for the quarter (diluted EPS $0.64) versus $559 million (diluted EPS $0.33) a year earlier, and $3.00 billion for the six months (diluted EPS $1.81). Earnings were heavily affected by U.S. tax reform: the company recorded a net tax benefit of $1.4 billion from audit settlements and resolution of tax litigation in the quarter, a $379 million provisional charge on remeasured U.S. deferred tax assets, and interest and other, net expense of $881 million, which included a $671 million adjustment to a tax indemnification receivable from Hewlett Packard Enterprise and a $126 million loss on debt extinguishment. Operating results improved. Earnings from operations were $964 million for the quarter versus $818 million, with Personal Systems earnings from operations of $331 million (versus $244 million) and Printing earnings from operations of $839 million (versus $820 million). The Printing segment includes the Samsung printer business acquired on November 1, 2017, for total fair value of consideration of $1.02 billion. Cash and cash equivalents fell to $4.25 billion from $7.00 billion at October 31, 2017, largely reflecting $1.02 billion paid for the Samsung acquisition, $1.26 billion in share repurchases and $2.03 billion in debt payments. Total borrowings declined to about $6.1 billion, and the company repurchased about $1.85 billion of Global Notes in a March 2018 tender offer. The filing also details the provisional $3.1 billion deemed repatriation tax under the Tax Cuts and Jobs Act, which the company expects to reduce by more than half through tax attributes, and states that the accounting for the TCJA is not yet complete. Stockholders' deficit improved to $1.86 billion from $3.41 billion. The restructuring Fiscal 2017 Plan was amended in May 2018 with total expected pre-tax charges of approximately $700 million, up from $500 million.

    Jun 5, 2018
  27. 2018-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2018

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $14.52 billion for the first quarter of fiscal 2018 ended January 31, 2018, up from $12.68 billion a year earlier, with net revenue increasing 14% (13% on a constant currency basis). Net earnings rose to $1.94 billion, or $1.16 diluted EPS, from $611 million ($0.36 diluted) in the prior-year period. The results were heavily influenced by the Tax Cuts and Jobs Act: the company recorded a net discrete tax benefit of $1.1 billion, comprising a $5.5 billion benefit from remeasuring its deferred tax liability on unremitted foreign earnings, partly offset by a provisional $3.2 billion repatriation tax and $1.2 billion of deferred tax asset remeasurement expense. Management describes these amounts as provisional under SAB 118. The effective tax rate was (114.1%) versus 21.2% a year earlier. Operating performance was solid. Earnings from operations rose to $973 million from $856 million, and Personal Systems and Printing both grew revenue, with Printing benefiting from the Samsung printer business acquisition completed November 1, 2017. Cash flow from operations was $996 million, while investing outflows of $1.72 billion included the $1.02 billion Samsung payment. Cash and cash equivalents fell to $5.48 billion from $7.00 billion at October 31, 2017. Stockholders' deficit narrowed to $(2.74) billion from $(3.41) billion, and the company repurchased $462 million of stock during the quarter, with about $2.0 billion remaining under authorizations. Investors should note the large provisional tax items, which may change as the company finalizes its TCJA accounting, and the company's disclosed exposure to uncertain tax positions of $9.8 billion in unrecognized tax benefits. Ongoing litigation includes the Oracle damages award of approximately $3.0 billion, which HP has not recorded, and several other matters described in the filing.

    Mar 1, 2018
  28. 2017-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2017

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $13.06 billion for the three months ended July 31, 2017, up from $11.89 billion a year earlier, and $38.13 billion for the nine months, up from $35.73 billion. Net earnings were $696 million for the quarter, compared with $783 million in the prior-year quarter, and $1.87 billion for the nine months, compared with $2.00 billion. Diluted EPS from net earnings was $0.41 for the quarter and $1.09 for the nine months. Personal Systems net revenue rose 11.9% in the quarter, while Printing net revenue rose 6.2%, with Printing earnings from operations falling to $813 million from $903 million. Cash and cash equivalents stood at $6.97 billion at July 31, 2017, and net cash provided by operating activities for the nine months was $2.99 billion. The company repurchased $911 million of common stock in the nine months and paid $673 million in dividends. Total stockholders' deficit was $4.34 billion, and short-term borrowings and long-term debt totaled about $7.8 billion. Management also disclosed a definitive agreement to acquire Samsung Electronics' printer business for $1.05 billion, expected to close in the fourth quarter of calendar 2017, and noted that the Oracle litigation judgment of roughly $3.0 billion remains under appeal with no amount recorded. The Fiscal 2017 restructuring plan is expected to carry aggregate pre-tax charges of $350 million to $500 million through fiscal 2019, and the nine-month restructuring and other charges were $249 million. Management stated that the company has not had material changes in its risk factors since its Form 10-K for the fiscal year ended October 31, 2016.

    Aug 31, 2017
  29. 2017-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2017

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $12.39 billion for the three months ended April 30, 2017, up from $11.59 billion in the prior-year period, and $25.07 billion for the six months, up from $23.83 billion. Net earnings were $559 million for the quarter versus $629 million a year earlier, and diluted EPS was $0.33 versus $0.36. For the six months, net earnings were $1.17 billion ($0.68 diluted EPS) compared with $1.22 billion ($0.69) in the prior year. The filing states that the increase in net revenue was primarily driven by growth in Notebooks and Workstations and higher printer unit volume, partially offset by unfavorable foreign currency impacts. Gross margin declined 0.2 and 0.5 percentage points for the three and six months, respectively, and restructuring and other charges rose to $140 million for the quarter from $100 million. Segment results show Personal Systems net revenue of $7.66 billion for the quarter (up 9.6%) with earnings from operations of $244 million, while Printing net revenue was $4.74 billion (up 2.3%) with earnings from operations of $825 million. Cash and cash equivalents were $6.22 billion at April 30, 2017, and net cash provided by operating activities for the six months was $1.22 billion. Total borrowings were $6.8 billion, and the company repurchased 39 million shares for the six months, with approximately $3.3 billion remaining under repurchase authorizations. Stockholders' deficit was $3.96 billion. The filing also details significant legal matters, including the Oracle damages verdict of approximately $3.0 billion in HP's favor, which is on appeal and not recorded in the financial statements, along with ongoing Autonomy-related litigation and a Fiscal 2017 Plan restructuring with expected pre-tax charges of $350 million to $500 million. HP also agreed to acquire Samsung Electronics Co., Ltd.'s printer business for $1.05 billion, expected to close in the second half of 2017.

    Jun 1, 2017
  30. 2017-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2017

    HP Inc. (formerly Hewlett-Packard Company) reported net revenue of $12.68 billion for the three months ended January 31, 2017, up from $12.25 billion a year earlier, with net revenue increasing 3.6% on a reported basis and 4.9% on a constant currency basis. Net earnings rose to $611 million, or $0.36 per diluted share, compared with $592 million, or $0.33 per diluted share, in the prior-year period, which included $58 million of losses from discontinued operations. Earnings from continuing operations before interest and taxes declined to $856 million from $928 million, and gross margin decreased 1.0 percentage points, driven by unfavorable segment mix, higher commodity prices in Personal Systems and unfavorable foreign currency impacts. Personal Systems net revenue rose 10.1% to $8.22 billion, with unit volume up 8.0%, while Printing net revenue fell 3.4% to $4.48 billion, with Supplies down 2.0 percentage points of weighted change. Operating cash flow improved to $767 million from negative $102 million, mainly from working capital management, and the company repurchased $386 million of common stock and paid $227 million in dividends during the quarter. Cash and cash equivalents stood at $6.33 billion, and total borrowings were $6.8 billion, with approximately $3.5 billion remaining under share repurchase authorizations. Stockholders' deficit widened to $4.33 billion at January 31, 2017 from $3.89 billion at October 31, 2016, reflecting accumulated other comprehensive loss of $1.67 billion. The filing also discloses a pending $1.05 billion agreement to acquire Samsung Electronics' printer business, expected to close in the second half of 2017, and a $3.0 billion jury award in HP's favor against Oracle, which Oracle has appealed and which is not reflected in the financial statements.

    Mar 2, 2017
  31. 2016-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2016

    HP Inc. (formerly Hewlett-Packard Company) reported results for the three and nine months ended July 31, 2016, the first full quarters following the November 1, 2015 separation of Hewlett Packard Enterprise. Net revenue for the quarter was $11.89 billion, down from $12.36 billion a year earlier, and net earnings were $783 million ($0.45 diluted EPS), compared with $854 million in the prior-year quarter. Results from continuing operations improved: net earnings from continuing operations were $843 million versus $700 million, and earnings from operations rose to $1.12 billion from $1.01 billion, supported by a $280 million gain on the divestiture of software assets to Open Text Corporation and lower SG&A. For the nine months, net revenue fell to $35.73 billion from $39.20 billion, and net earnings were $2.00 billion. The balance sheet changed substantially after the Separation. Total assets fell to $27.22 billion from $106.88 billion, cash and cash equivalents declined to $5.64 billion from $7.58 billion, and HP stockholders' deficit was $3.93 billion. Long-term debt was $6.76 billion, and total debt was about $6.8 billion, down from $8.9 billion. Cash flow from operations was $2.53 billion for the nine months, and the company repurchased $1.16 billion of common stock and paid $646 million in dividends. Segment results showed Printing earnings from operations of $903 million on $4.42 billion of net revenue for the quarter, while Personal Systems earned $333 million on $7.51 billion of net revenue. Litigation was a notable development. On June 30, 2016, a jury awarded HP approximately $3.0 billion in damages against Oracle Corporation, though the court had not yet entered judgment and Oracle has said it will appeal. Under the separation agreement, HP and Hewlett Packard Enterprise would share equally in any recovery. The filing also discloses a $1.1 billion net tax indemnification receivable from Hewlett Packard Enterprise and $9.6 billion of unrecognized tax benefits, of which up to $3.4 billion would affect the effective tax rate.

    Sep 1, 2016
  32. 2016-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2016

    HP Inc. (formerly Hewlett-Packard Company) reported results for the second quarter and first six months of fiscal 2016, ended April 30, 2016, following the November 1, 2015 separation of Hewlett Packard Enterprise. Because the enterprise businesses are now reported as discontinued operations, continuing-operations figures are not directly comparable to the prior year. For the three months ended April 30, 2016, net revenue was $11.59 billion, down 10.7% from $12.98 billion (down 5.4% on a constant currency basis), and net earnings were $629 million, or $0.36 per diluted share, compared with $1.01 billion a year earlier. For the six months, net revenue was $23.83 billion and net earnings were $1.22 billion, or $0.69 per diluted share. Management attributed the revenue decline to unfavorable currency impacts, weak market demand and a competitive pricing environment, and expects continued market headwinds in Personal Systems for the next several quarters. Balance sheet and cash flow changes reflect the separation. Cash and cash equivalents fell to $4.64 billion from $7.58 billion at October 31, 2015, after a $10.38 billion net cash transfer to Hewlett Packard Enterprise during the six months. Total stockholders' deficit was $4.79 billion at April 30, 2016, compared with equity of $28.15 billion at year-end. Outstanding borrowings were $6.8 billion, and the company repurchased $1.10 billion of common stock in the six months. Operating cash flow was $1.47 billion for the six months. Segment results were weaker in Printing and Personal Systems. Personal Systems revenue fell 9.9% to $6.99 billion for the quarter, with earnings from operations of $242 million. Printing revenue fell 15.8% to $4.64 billion, with earnings from operations of $801 million. Restructuring charges rose to $100 million in the quarter under the Fiscal 2015 Plan.

    Jun 3, 2016
  33. 2016-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2016

    HP Inc. (formerly Hewlett-Packard Company) reported results for the three months ended January 31, 2016, the first quarter of fiscal 2016, following the November 1, 2015 separation of Hewlett Packard Enterprise, whose business is now reported as discontinued operations. Total net revenue was $12.25 billion, down from $13.86 billion a year earlier, with net revenue declining across all regions. Earnings from continuing operations were $650 million ($0.36 diluted EPS), versus $770 million a year earlier. After a $58 million loss from discontinued operations, net earnings were $592 million ($0.33 diluted EPS), compared with $1.37 billion in the prior-year period, which included $596 million of discontinued-operations earnings. The balance sheet changed sharply because of the separation. Total assets fell to $25.52 billion from $106.88 billion at October 31, 2015, and total stockholders' deficit was $4.91 billion, compared with equity of $28.15 billion at year-end. Cash and cash equivalents declined to $3.69 billion from $7.58 billion, reflecting a $10.38 billion net cash transfer to Hewlett Packard Enterprise and $2.16 billion of debt repayment. Long-term debt was $6.68 billion, and the company repurchased $797 million of common stock during the quarter. Operating cash flow was negative $108 million. Segment results showed Personal Systems revenue of $7.47 billion (down 12.8%) with earnings from operations of $229 million, and Printing revenue of $4.64 billion (down 17.0%) with earnings from operations of $787 million. Management cited weak PC and printing demand, unfavorable currency movements, and competitive pricing. The company also announced an acceleration of its Fiscal 2015 cost-saving plan, with about $300 million of expected future cash payments through fiscal 2016.

    Mar 3, 2016
  34. 2015-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2015

    Hewlett-Packard Company (now HP Inc.) reported a quarterly report for the three and nine months ended July 31, 2015. Net revenue for the three months was $25.35 billion, down from $27.59 billion, and for the nine months was $77.64 billion, down from $83.05 billion. Net earnings were $854 million for the quarter, versus $985 million a year earlier, and $3.23 billion for the nine months, versus $3.68 billion. Diluted EPS was $0.47 for the quarter and $1.75 for the nine months. The filing attributes the revenue decline mainly to unfavorable currency impacts, weaker Personal Systems and Printing demand, and revenue runoff in Enterprise Services, partly offset by growth in Enterprise Group, driven by Industry Standard Servers and the Aruba acquisition. The company is in the process of separating into two independent public companies: Hewlett Packard Enterprise and HP Inc. Separation costs were $401 million in the quarter and $750 million for the nine months, and the company expects total separation charges and net foreign tax expenses of about $2.6 billion across fiscal 2015 and 2016. Cash flow from operations fell to $3.88 billion for the nine months from $9.63 billion, and total borrowings rose to $25.5 billion, including a $3.5 billion term loan drawn in the quarter. Moody's downgraded HP to Baa2 in August 2015. Other items for investors include a $1.8 billion goodwill addition and $628 million of intangible assets from the Aruba acquisition, $136 million of data center impairment charges, a $114 million pension settlement charge, and unrecognized tax benefits of $11.1 billion. The company also recorded a $2.6 billion net increase in tax-related liabilities tied to intercompany royalty timing, and it has $2.3 billion of share repurchase authorization remaining.

    Sep 8, 2015
  35. 2015-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2015

    Hewlett-Packard Company reported net revenue of $25.45 billion for the three months ended April 30, 2015, down 6.8% from $27.31 billion a year earlier (down 2.2% on a constant currency basis). Net earnings were $1.01 billion, or $0.55 per diluted share, versus $1.27 billion, or $0.66 per diluted share, in the prior-year quarter. For the six months, net revenue was $52.29 billion, down 5.7%, and net earnings were $2.38 billion, or $1.29 per diluted share. The filing attributes the revenue decline mainly to unfavorable currency impacts, key account runoff and soft demand in Enterprise Services' Infrastructure Technology Outsourcing business, lower desktop sales in Personal Systems and lower Printing supplies volume, partly offset by growth in Industry Standard Servers and notebooks. Separation costs of $269 million in the quarter and $349 million for the six months relate to the planned split into Hewlett Packard Enterprise and HP Inc. Balance sheet and liquidity: cash and cash equivalents were $14.77 billion at April 30, 2015, and total borrowings were $21.1 billion. Operating cash flow was $2.21 billion for the six months, versus $5.99 billion a year earlier, and the company repurchased $2.23 billion of common stock. HP entered into a $5.0 billion delayed-draw term loan on April 30, 2015, and borrowed $2.5 billion of it on May 15, 2015. Subsequent to quarter end, HP completed its acquisition of Aruba Networks, reported at an equity value of about $3.0 billion, and agreed to a transaction in which Unisplendour will acquire 51% of a new H3C business for about $2.3 billion. The filing also discloses an unrecognized tax benefit balance of $4.2 billion and a proposed foreign tax assessment of about $680 million that HP is contesting, along with several legal matters including copyright levies in Europe, FLSA employment litigation and securities class actions.

    Jun 8, 2015
  36. 2015-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2015

    Hewlett-Packard Company reported net revenue of $26.84 billion for the three months ended January 31, 2015, down from $28.15 billion a year earlier, a decline of 4.7% (2.5% on a constant currency basis). Net earnings were $1.37 billion, compared with $1.43 billion, and diluted EPS was $0.73 versus $0.74. Earnings from operations were $1.92 billion, flat at 7.1% of revenue. Results reflected weakness in Enterprise Services (revenue down 10.8%) and Printing supplies, partly offset by growth in Personal Systems notebooks and Enterprise Group Industry Standard Servers. Printing and Personal Systems Group earnings from operations rose, with Printing's margin increasing to 19.2%. Cash flow was weaker. Net cash from operating activities was $744 million versus $2.99 billion in the prior-year quarter, and cash and cash equivalents fell to $12.9 billion from $15.1 billion at October 31, 2014. The company repurchased $1.6 billion of stock and paid $304 million in dividends. Separation costs of $80 million were recorded as the company prepares to split into Hewlett-Packard Enterprise and HP Inc., a transaction targeted for completion by the end of fiscal 2015. The filing also discloses a definitive agreement announced March 2, 2015 to acquire Aruba Networks for $24.67 per share in cash, with an equity value of about $3.0 billion and roughly $2.7 billion net of cash and debt. The filing also details significant legal and tax exposures, including ongoing copyright levy proceedings in Europe, Indian customs duty proceedings seeking about $370 million plus penalties, a foreign tax assessment of approximately $680 million that HP is contesting, and $4.2 billion of unrecognized tax benefits. Management stated it believes adequate reserves are recorded for these matters.

    Mar 11, 2015
  37. 2014-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2014

    Hewlett-Packard Company reported net revenue of $27.59 billion for the three months ended July 31, 2014, up 1.3% from $27.23 billion a year earlier, and net revenue of $83.05 billion for the nine months, down 0.1%. Net earnings were $985 million for the quarter (diluted EPS $0.52) versus $1.39 billion (diluted EPS $0.71) a year earlier, and $3.68 billion for the nine months (diluted EPS $1.93). The decline in quarterly profit was driven largely by restructuring charges of $649 million in the quarter (versus $81 million), tied primarily to the Fiscal 2012 Plan, which was increased in May 2014 by 11,000 to 16,000 positions, bringing the total to an estimated 45,000 to 50,000 positions and aggregate charges of about $4.5 billion. Segment performance was mixed. Personal Systems revenue grew 11.8% in the quarter on notebook and desktop strength, and Printing revenue declined 3.8% on lower supplies volume. Enterprise Services revenue fell 6.4% amid key account runoff, and Software revenue declined 5.0%. Cash flow from operations was $9.63 billion for the nine months, and cash and cash equivalents rose to $14.47 billion at July 31, 2014. HP repurchased $1.98 billion of stock in the nine months and paid $875 million in dividends, with $5.7 billion of repurchase authorization remaining. The filing also details ongoing legal matters, including copyright levy proceedings in Europe, FCPA-related resolutions (about $31 million paid to the SEC and about $77 million to be paid to the DOJ), a South Carolina contract dispute seeking roughly $275 million, an Indian customs proceeding of about $370 million plus penalties, and multiple securities and derivative suits related to the Autonomy acquisition. HP stated it does not believe a material loss is reasonably possible beyond amounts already recognized.

    Sep 9, 2014
  38. 2014-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2014

    Hewlett-Packard Company reported net revenue of $27.31 billion for the three months ended April 30, 2014, down 1.0% from $27.58 billion a year earlier, and $55.46 billion for the six months, down 0.9%. Net earnings rose to $1.27 billion ($0.66 diluted EPS) for the quarter from $1.08 billion ($0.55 diluted EPS), and to $2.70 billion ($1.40 diluted EPS) for the six months from $2.31 billion ($1.18 diluted EPS). Earnings from operations were $1.82 billion for the quarter, up from $1.60 billion, with operating margin rising 0.9 percentage points to 6.7%. Gross margin improved 0.5 percentage points, driven mainly by Printing, though pricing pressure persisted in Enterprise Group and Personal Systems. Segment results were mixed. Personal Systems grew 7.4% in the quarter, led by commercial clients, while Printing (-4.3%), Enterprise Services (-7.0%) and Enterprise Group (-2.0%) declined. The filing attributes ES weakness to key account runoff and weak public-sector spending. Cash flow from operations was $5.99 billion for the six months, and the company repurchased $1.4 billion of stock, paid $576 million in dividends, and had $15.1 billion of cash and cash equivalents at April 30, 2014. Total debt was $22.6 billion, and the company disclosed a 2012 restructuring plan with an expected increase of 11,000 to 16,000 eliminated positions, an additional charge of about $500 million, and resolution of the DOJ and SEC FCPA investigations for approximately $108 million. The filing also notes ongoing risks, including Autonomy-related investigations and stockholder litigation, copyright levy proceedings in Europe, a South Carolina contract dispute seeking about $275 million, and an India customs matter seeking about $370 million plus penalties. Credit ratings were BBB+ (S&P), Baa1 (Moody's) and A- (Fitch), with Moody's outlook negative.

    Jun 9, 2014
  39. 2014-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2014

    Hewlett-Packard Company (now HP Inc.) reported net revenue of $28.15 billion for the three months ended January 31, 2014, down 0.7% from $28.36 billion a year earlier (up 0.3% on a constant currency basis). Net earnings rose to $1.43 billion from $1.23 billion, and diluted EPS was $0.74 versus $0.63. The filing attributes the revenue decline mainly to key account revenue runoff in Enterprise Services and unfavorable currency impacts, partly offset by growth in Personal Systems commercial PCs and a one-time sale of intellectual property benefiting Corporate Investments. Earnings from operations increased to $2.00 billion from $1.75 billion, with gross margin up 0.5 percentage points on the IP sale, favorable Printing currency effects, and service delivery efficiencies. Cash flow was strong, with $2.99 billion of operating cash flow. During the quarter HP issued $2.0 billion of U.S. Dollar Global Notes, repurchased $565 million of common stock, and paid $278 million in dividends. Cash and cash equivalents rose to $16.17 billion from $12.16 billion at October 31, 2013. Total borrowings increased to $24.6 billion. Management described continuing challenges in Personal Systems from the shift to tablets, competitive pricing pressure in Printing and Enterprise Group, and ongoing turnaround efforts in Enterprise Services. The filing also details numerous ongoing legal matters, including FCPA investigations, Autonomy-related litigation, copyright levy proceedings in Europe, and a South Carolina contract dispute. The company's remaining share repurchase authorization was $7.1 billion as of January 31, 2014. Credit ratings were BBB+ (S&P), Baa1 (Moody's) and A- (Fitch), and management noted the earlier downgrades raised borrowing costs.

    Mar 11, 2014
  40. 2013-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2013

    Hewlett-Packard Company's Form 10-Q for the quarter ended July 31, 2013 reports net revenue of $27.23 billion for the three months, down from $29.67 billion a year earlier, and $83.17 billion for the nine months versus $90.40 billion. Earnings from operations were $1.86 billion for the quarter, compared with a loss of $8.83 billion in the prior-year period, which included a $9.19 billion goodwill and intangible impairment and $1.80 billion of restructuring charges. Net earnings were $1.39 billion, or $0.71 per diluted share, versus a net loss of $8.86 billion in the prior-year quarter. For the nine months, net earnings were $3.70 billion, or $1.89 per diluted share, and operating cash flow was $8.79 billion. The filing attributes the revenue decline primarily to weak Personal Systems demand, particularly in consumer and notebook products due to the market shift toward tablets, along with soft enterprise spending and weak demand in EMEA. Personal Systems net revenue fell 10.8% for the quarter and Enterprise Group fell 9.4%, while Software revenue rose 0.9%. Cash and cash equivalents rose to $13.25 billion, and total borrowings fell to $24.7 billion from $28.4 billion at October 31, 2012. The company repurchased only $3 million of stock in the quarter and had $8.1 billion remaining under its repurchase authorization. The filing also details significant legal and regulatory exposure, including the South Carolina Department of Social Services contract termination with claimed damages of about $200 million, India customs duty proceedings seeking approximately $370 million plus penalties, ongoing U.S. Department of Justice and SEC FCPA investigations, Autonomy-related investigations by three agencies, and multiple securities and derivative suits. Moody's rating outlook remains negative, with the long-term rating at Baa1.

    Sep 9, 2013
  41. 2013-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2013

    Hewlett-Packard Company reported net revenue of $27.58 billion for the three months ended April 30, 2013, down from $30.69 billion a year earlier, and net earnings of $1.08 billion ($0.55 diluted EPS) versus $1.59 billion ($0.80) in the prior-year quarter. For the six months ended April 30, 2013, net revenue was $55.94 billion and net earnings were $2.31 billion ($1.18 diluted EPS). Results were pressured by a continued decline in Personal Systems, weak macroeconomic demand particularly in EMEA, and competitive pricing. Restructuring charges rose to $408 million in the quarter and $538 million for the six months, driven by the fiscal 2012 restructuring plan, which the filing says is expected to eliminate approximately 29,000 positions through fiscal 2014 with total expected charges of approximately $3.6 billion. Cash and cash equivalents increased to $13.24 billion at April 30, 2013 from $11.30 billion at October 31, 2012, as the company generated $6.12 billion in operating cash flow for the six months. Total borrowings declined to $26.8 billion from $28.4 billion, and the company repurchased $1.05 billion of common stock in the six months, with $8.1 billion of remaining repurchase authorization. Moody's downgraded HP's long-term debt to Baa1 in November 2012 and maintains a negative outlook. The filing also details significant legal exposures, including the India customs duty proceedings (approximately $370 million sought in the show cause notices), the Russia GPO investigations under the FCPA, the ECT Brazil proceedings, copyright levy litigation in Europe, and securities and derivative litigation tied to the Autonomy acquisition, where the U.S. Department of Justice, the SEC and the U.K. Serious Fraud Office are investigating.

    Jun 6, 2013
  42. 2013-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2013

    Hewlett-Packard Company reported net revenue of $28.36 billion for the first quarter of fiscal 2013 (three months ended January 31, 2013), down from $30.04 billion a year earlier, a 5.6% decrease. Net earnings were $1.23 billion, or $0.63 per diluted share, compared with $1.47 billion, or $0.73 per diluted share, in the prior-year quarter. Earnings from operations fell to $1.75 billion from $2.04 billion. Management attributes the revenue decline to weak macroeconomic demand, particularly in Europe, the Middle East and Africa, and a deterioration in Personal Systems, especially notebooks. Restructuring charges rose to $130 million, including $290 million related to the fiscal 2012 Plan, partly offset by a $160 million reversal of accruals from prior plans. Cash flow improved markedly. Net cash provided by operating activities was $2.56 billion, versus $1.19 billion a year earlier, and cash and cash equivalents rose to $12.59 billion from $11.30 billion at October 31, 2012. Total debt outstanding was $28.2 billion, and HP repurchased $253 million of stock during the quarter, leaving $8.9 billion of authorization. Moody's downgraded HP's long-term debt to Baa1 in November 2012 and maintains a negative outlook. The filing also describes numerous pending litigation matters, including Autonomy-related stockholder suits, U.S. Department of Justice and SEC investigations, and an Indian customs duty dispute involving roughly $370 million in claimed duties and penalties.

    Mar 11, 2013
  43. 2012-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2012

    Hewlett-Packard Company reported a net loss of $8.86 billion for the three months ended July 31, 2012, compared with net earnings of $1.93 billion in the prior-year quarter, and a net loss of $5.80 billion for the nine months, compared with net earnings of $6.84 billion a year earlier. The loss was driven primarily by a $9.19 billion impairment of goodwill and purchased intangible assets, including an $8.0 billion goodwill charge tied to the Enterprise Services reporting unit within the Services segment and a $1.2 billion charge on the "Compaq" trade name. Restructuring charges rose to $1.80 billion for the quarter following the May 2012 restructuring plan, which the company expects to eliminate approximately 29,000 positions through fiscal 2014 with aggregate charges of approximately $3.7 billion. Total net revenue declined 4.9% to $29.67 billion for the quarter and 5.0% to $90.40 billion for the nine months, with the company attributing the decline to soft demand and contractual rate declines in Services. Balance sheet and cash flow data show cash and cash equivalents of $9.51 billion at July 31, 2012, up from $8.04 billion at October 31, 2011, and net cash provided by operating activities of $6.51 billion for the nine months, down from $10.24 billion a year earlier. Goodwill fell to $36.81 billion from $44.55 billion, and total stockholders' equity fell to $32.01 billion from $39.00 billion. Total borrowings were $29.7 billion, and the company noted that its credit ratings were downgraded by all three agencies in late 2011 and early 2012, with Fitch's outlook remaining negative. The company also disclosed a $1.5 billion share repurchase during the nine months and $9.3 billion of remaining repurchase authorization. The filing also details ongoing legal and regulatory matters, including a U.S. Department of Justice and SEC investigation into the Russia GPO transaction under the Foreign Corrupt Practices Act, India customs duty proceedings with potential deposits of up to approximately $377 million for the products appeal, and various stockholder and securities class actions. The company reports that it believes it has adequate provisions for these matters.

    Sep 10, 2012
  44. 2012-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2012

    Hewlett-Packard Company reported net revenue of $30.69 billion for the three months ended April 30, 2012, down from $31.63 billion a year earlier, and $60.73 billion for the six months, versus $63.93 billion. Earnings from operations fell to $2.22 billion for the quarter from $2.97 billion, and net earnings were $1.59 billion, or $0.80 per diluted share, compared with $2.30 billion, or $1.05 per diluted share, in the prior-year quarter. The filing attributes the revenue decline mainly to volume declines in IPG supplies and hardware, HDD supply constraints affecting ESSN, and lower rates on renewed Services contracts. Gross margin fell 1.4 percentage points for the quarter, and interest and other, net expense rose to $243 million from $76 million, driven by higher average debt balances and currency transaction losses. Balance sheet and cash flow show cash and equivalents of $8.31 billion at April 30, 2012, and net cash provided by operating activities of $3.67 billion for the six months, down from $7.03 billion. Total borrowings were $30.1 billion, and the company repurchased $1.13 billion of stock in the first half, with $9.7 billion of remaining repurchase authorization. Credit ratings were downgraded by S&P, Fitch and Moody's in late 2011 and early 2012, and Fitch's outlook remains negative. Subsequent events disclosed in the filing include a restructuring plan adopted May 23, 2012, expected to lead to about 27,000 employee exits by the end of fiscal 2014 and aggregate pre-tax charges of roughly $3.5 billion. HP also expects an impairment charge of approximately $1.2 billion on the Compaq trade name in its third fiscal quarter of 2012.

    Jun 8, 2012
  45. 2012-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2012

    Hewlett-Packard Company reported net revenue of $30.04 billion for the first quarter of fiscal 2012 (three months ended January 31, 2012), down from $32.30 billion a year earlier, with net revenue decreasing 7.0% year over year. Net earnings fell to $1.47 billion from $2.61 billion, and diluted EPS was $0.73 compared with $1.17. Earnings from operations were $2.04 billion (6.8% of net revenue) versus $3.39 billion (10.5%) a year earlier. The filing attributes the revenue decline primarily to volume declines in the Personal Systems Group and Enterprise Servers, Storage and Networking segments, with more than half of those declines linked to hard disk drive supply constraints from flooding in Thailand, alongside macroeconomic uncertainty. Gross margin fell 2.1 percentage points, and the company cited unfavorable currency impacts, competitive pricing and continued pressure in Services. Cash flow and balance sheet items moved in the other direction. Net cash provided by operating activities was $1.19 billion, down from $3.07 billion, and cash and cash equivalents ended at $8.11 billion. Total borrowings rose to $30.9 billion from $30.6 billion, and the company issued $3.0 billion of U.S. Dollar Global Notes during the quarter, with a further $2.0 billion issued on March 12, 2012. Standard & Poor's, Fitch and Moody's all downgraded the company's ratings between November 2011 and January 2012, and the filing notes higher borrowing costs and reduced commercial paper market capacity as a result. Shareholder returns continued, with $780 million of common stock repurchased in the quarter and $10.0 billion of repurchase authorization remaining. Dividends declared were $0.24 per share, up from $0.16. The filing also discloses ongoing legal and regulatory matters, including Foreign Corrupt Practices Act investigations related to the Russia GPO deal, a German copyright levy dispute, a India customs duty matter with claims of approximately $370 million plus penalties, and several securities and fiduciary duty lawsuits.

    Mar 12, 2012
  46. 2011-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2011

    Hewlett-Packard Company reported net revenue of $31.19 billion for the third quarter of fiscal 2011 (quarter ended July 31, 2011), up from $30.73 billion a year earlier, and net earnings of $1.93 billion, or $0.93 per diluted share, compared with $1.77 billion and $0.75 a year earlier. For the nine months, net revenue was $95.12 billion and net earnings $6.84 billion ($3.16 diluted EPS). Earnings from operations were $2.52 billion for the quarter. Results varied by segment: Enterprise Servers, Storage and Networking grew net revenue 7.5% in the quarter, with HP Networking and Industry Standard Servers leading growth, while Personal Systems Group revenue declined 3.3% on consumer PC softness and Imaging and Printing Group revenue fell 1.3%. Corporate Investments posted a $332 million operating loss in the quarter, including a $143 million charge tied to HP TouchPad and other WebOS devices. Capital allocation was active: HP repurchased $9.6 billion of common stock in the nine months, and its board authorized an additional $10.0 billion in July 2011, leaving $11.3 billion available. Cash and cash equivalents rose to $12.95 billion, while long-term debt increased to $19.03 billion from $15.26 billion. Management noted that all three credit rating agencies lowered their outlooks in August 2011, though ratings were maintained. Subsequent events were significant. In August 2011, HP agreed to a recommended cash offer for Autonomy Corporation plc at £25.50 per share, representing an enterprise value of approximately $11 billion, funded by cash and debt, including a £5 billion ($8.2 billion) bridge facility. HP also announced it would discontinue WebOS hardware, expecting a charge of approximately $1 billion in its fourth fiscal quarter, and began evaluating strategic alternatives for its PC business, with a preference for a spin-off or other separation.

    Sep 9, 2011
  47. 2011-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2011

    Hewlett-Packard Company's quarterly report for the period ended April 30, 2011 shows net revenue of $31.63 billion for the three months, up from $30.85 billion a year earlier, and $63.93 billion for the six months versus $62.03 billion. Net earnings were $2.30 billion for the quarter (diluted EPS $1.05, versus $0.91) and $4.91 billion for the six months (diluted EPS $2.23, versus $1.84). Earnings from operations rose to $2.97 billion for the quarter from $2.86 billion. Growth was led by the HP Enterprise Business, where Enterprise Servers, Storage and Networking revenue rose 14.9% in the quarter, aided by the 3Com and 3PAR acquisitions, while Personal Systems Group revenue fell 5.4% on softer consumer PC demand. Cash and cash equivalents were $12.74 billion at April 30, 2011, up from $10.93 billion at October 31, 2010. Operating cash flow for the six months was $7.03 billion, and the company repurchased $4.98 billion of common stock during the period. Remaining share repurchase authorization was $5.9 billion. Total outstanding borrowings were $22.9 billion, and the company issued $5.0 billion of Global Notes on May 31, 2011, after the period end. The filing also discloses ongoing litigation and investigations, including the Russia GPO matter under review by the U.S. Department of Justice and the SEC for possible Foreign Corrupt Practices Act violations, several printer and inkjet class actions, and India customs duty show cause notices seeking about $370 million plus penalties. The company states that it believes it has adequate provisions and that it was not reasonably possible that an additional material loss had been incurred beyond amounts already recognized.

    Jun 8, 2011
  48. 2011-Q1

    HP Quarterly Report for Q1 Ended Jan 31, 2011

    Hewlett-Packard Company reported net revenue of $32.30 billion for the first quarter of fiscal 2011 (three months ended January 31, 2011), up from $31.18 billion a year earlier, with the filing stating a 3.6% year-over-year increase. Earnings from operations were $3.39 billion, compared with $3.00 billion, and net earnings were $2.61 billion, or $1.17 per diluted share, versus $2.25 billion and $0.93 a year earlier. Growth was led by the Enterprise Servers, Storage and Networking segment, where net revenue rose 22.2% to $5.63 billion, while Services revenue declined 2.1% to $8.61 billion and Personal Systems Group revenue fell 1.3% to $10.45 billion. Cash and cash equivalents fell by $995 million to $9.93 billion during the quarter. Operating cash flow was $3.07 billion, while the company repurchased $2.29 billion of common stock and reduced total borrowings to $20.4 billion from $22.3 billion at October 31, 2010, largely by repaying commercial paper. The company had $8.6 billion of remaining share repurchase authorization at quarter end. The filing also details ongoing restructuring, including a fiscal 2010 Enterprise Services plan with an expected total cost of about $1.0 billion, and numerous legal matters, including copyright levy proceedings in Europe, inkjet printer class actions, India customs duty show cause notices totaling approximately $370 million plus penalties, and an FCPA-related investigation tied to the Russia GPO deal, with shareholder derivative suits filed in connection with it.

    Mar 11, 2011
  49. 2010-Q3

    HP Quarterly Report for Q3 Ended Jul 31, 2010

    Hewlett-Packard Company reported net revenue of $30.73 billion for the third quarter ended July 31, 2010, up from $27.59 billion a year earlier, with net earnings of $1.77 billion ($0.75 diluted EPS) versus $1.67 billion ($0.69) in the prior-year quarter. For the nine months, net revenue was $92.76 billion and net earnings were $6.22 billion ($2.60 diluted EPS), compared with $83.78 billion and $5.25 billion a year earlier. Growth was led by the Personal Systems Group, where revenue rose 17.5% in the quarter, and Enterprise Storage and Servers, where revenue rose 19.1%, while Services revenue grew only 1.0%. The company's cash position strengthened to $14.72 billion, but borrowings rose to $20.0 billion from $15.8 billion at October 31, 2009, largely to fund acquisitions. Cash used for business acquisitions was $4.02 billion in the first nine months, mainly for 3Com and Palm, and HP repurchased $7.08 billion of common stock. Restructuring charges were $598 million in the quarter, including $520 million related to a new enterprise services plan announced in June 2010 with total expected cost of approximately $1 billion. Subsequent to quarter end, HP agreed on September 2, 2010 to acquire 3PAR Inc. for $33.00 per share (enterprise value of about $2.3 billion), began a $3 billion Global Notes offering on September 8, 2010, and settled the Russia GPO-related DOJ/SEC investigations are ongoing while a $55 million False Claims Act settlement was reached on August 30, 2010. The filing also notes the company is searching for a permanent chief executive officer.

    Sep 9, 2010
  50. 2010-Q2

    HP Quarterly Report for Q2 Ended Apr 30, 2010

    Hewlett-Packard Company's Form 10-Q for the quarterly period ended April 30, 2010 reports second-quarter net revenue of $30.85 billion, up from $27.38 billion, and net earnings of $2.20 billion ($0.91 diluted EPS), versus $1.72 billion ($0.71 diluted EPS) a year earlier. For the six months, net revenue was $62.03 billion and net earnings were $4.45 billion ($1.84 diluted EPS). The filing states that total HP net revenue grew 12.7% in the quarter (8.4% on a constant currency basis), with Personal Systems Group (up 21.3%) and Enterprise Storage and Servers (up 31.4%) as the largest contributors. Gross margin was flat for the quarter and declined 0.2 percentage points for the first half, with the company attributing the pressure to strong growth in lower-margin PC and printer hardware. Cash and cash equivalents rose to $14.13 billion, with $5.50 billion of operating cash flow for the first half. Cash was used for $2.51 billion of business acquisitions, mainly 3Com, which closed April 12, 2010 at roughly $3.3 billion. HP repurchased $4.51 billion of stock in the first half and had $7.4 billion of remaining repurchase authorization. Total borrowings rose to $17.7 billion from $15.8 billion, and the company's long-term debt ratings were A (S&P), A2 (Moody's) and A+ (Fitch). The filing also discloses a June 1, 2010 plan to restructure the enterprise services business, targeting roughly $1 billion of restructuring charges through fiscal 2013, and a pending $1.2 billion acquisition of Palm, Inc. expected to close in the third fiscal quarter of 2010. Litigation disclosures include a settlement of the EDS-related Sky litigation at £318 million, a $75 million settlement of the Cornell patent case, and a India customs notice seeking about $370 million plus penalties, which HP intends to contest.

    Jun 8, 2010