Three months ended Change (%)
------------------------------- -----------
January October January
31, 2017 31, 2016 31, 2016 Q/Q Y/Y
--------- --------- --------- ---- ----
Net revenue:(a)
Personal Systems
Notebooks $ 4,890 $ 4,636 $ 4,205 5% 16%
Desktops 2,534 2,572 2,527 (1)% --
Workstations 491 489 444 -- 11%
Other 309 321 291 (4)% 6%
--------- --------- ---------
Total Personal Systems 8,224 8,018 7,467 3% 10%
--------- --------- ---------
Printing
Supplies 3,007 2,835 3,101 6% (3)%
Commercial Hardware 886 1,107 964 (20)% (8)%
Consumer Hardware 590 616 577 (4)% 2%
--------- --------- ---------
Total Printing 4,483 4,558 4,642 (2)% (3)%
--------- --------- ---------
Corporate Investments 2 1 3 100% (33)%
--------- --------- ---------
Total segments 12,709 12,577 12,112 1% 5%
--------- --------- ---------
Intersegment net revenue
eliminations and other(b) (25) (65) 134 NM NM
--------- --------- ---------
Total net revenue $ 12,684 $ 12,512 $ 12,246 1% 4%
========= ========= =========
(a) Effective at the beginning of its first quarter of fiscal year 2017, HP
implemented an organizational change to align its business unit
financial reporting more closely with its current business structure.
The organizational change resulted in transfer of a portion of LaserJet
printers from commercial to consumer within the Printing segment. HP
reflected this change to its business unit information in prior
reporting periods on an as-if basis which resulted in reclassification
of revenues between the commercial and consumer business units of
Printing. The reporting change had no impact to previously reported
segment net revenue, consolidated net revenue, earnings from continuing
operations, net earnings or net earnings per share.
(b) "NM"- Not Meaningful.
HP INC. AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY DATA
(Unaudited)
Change in Operating
Three months ended Margin (pts)
---------------------------- -------------------
January October January
31, 2017 31, 2016 31, 2016 Q/Q Y/Y
-------- -------- -------- ---------- --------
Segment operating
margin:(a)
Personal Systems 3.8% 4.3% 3.1% (0.5) pts 0.7 pts
Printing (1.0)
16.0% 14.0% 17.0% 2.0 pts pts
Corporate Investments(b) NM NM NM NM NM
Total segments (0.3)
7.9% 7.6% 8.2% 0.3 pts pts
(a) Effective at the beginning of its first quarter of fiscal year 2017, HP
implemented an organizational change to align its business unit
financial reporting more closely with its current business structure.
The organizational change resulted in transfer of a portion of LaserJet
printers from commercial to consumer within the Printing segment. HP
reflected this change to its business unit information in prior
reporting periods on an as-if basis which resulted in reclassification
of revenues between the commercial and consumer business units of
Printing. The reporting change had no impact to previously reported
segment net revenue, consolidated net revenue, earnings from continuing
operations, net earnings or net earnings per share.
(b) "NM"- Not Meaningful.
HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
Three months ended
--------------------------
January October January
31, 2017 31, 2016 31, 2016
-------- -------- --------
Numerator:
GAAP net earnings from continuing operations $ 611 $ 513 $ 650
======== ======== ========
Non-GAAP net earnings $ 646 $ 614 $ 645
======== ======== ========
Denominator:
Weighted-average shares used to compute basic
net earnings per share 1,704 1,712 1,776
Dilutive effect of employee stock plans(a) 17 17 9
-------- -------- --------
Weighted-average shares used to compute diluted
net earnings per share 1,721 1,729 1,785
======== ======== ========
GAAP diluted net earnings per share from
continuing operations $ 0.36 $ 0.30 $ 0.36
======== ======== ========
Non-GAAP diluted net earnings per share $ 0.38 $ 0.36 $ 0.36
======== ======== ========
(a) Includes any dilutive effect of restricted stock units, stock options
and performance-based awards.
HP Inc. Reports Fiscal 2017 First Quarter Results
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