HP Inc. Reports Fiscal 2023 Full Year and Fourth Quarter Results


 
HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
  Three months ended         Change (%)    
  October 31, 2023  July 31, 2023  October 31, 2022  Q/Q  Y/Y
Net revenue:         
Commercial PS$6,213 $6,201 $7,016  (11)%
Consumer PS 3,185  2,731  3,224 17% (1)%
Personal Systems(a) 9,398  8,932  10,240 5% (8)%
Supplies 2,821  2,768  2,748 2%  3%
Commercial Printing   1,064     974     1,108   9%   (4)%
Consumer Printing   533     521     677   2%   (21)%
Printing   4,418     4,263     4,533   4%   (3)%
Corporate Investments (c)   2     1     1   NM   NM
Total segment net revenue   13,818     13,196     14,774   5%   (6)%
Other (c)   (1)           NM   NM
Total net revenue $ 13,817   $ 13,196   $ 14,774   5%   (6)%
                   
Earnings before taxes: (b)                  
Personal Systems $ 631   $ 592   $ 430        
Printing   836     794     894        
Corporate Investments   (39)     (32)     (46)        
Total segment earnings from operations   1,428     1,354     1,278        
Corporate and unallocated cost and other   (96)     (97)     (88)        
Stock-based compensation expense   (85)     (91)     (70)        
Restructuring and other charges   (111)     (75)     (70)        
Acquisition and divestiture charges   (34)     (48)     (235)        
Amortization of intangible assets   (88)     (91)     (74)        
Interest and other, net   (162)     (16)     (94)        
Total earnings before taxes $ 852   $ 936   $ 647        
 
(a) Effective first quarter of fiscal 2023, HP realigned the Personal Systems business units reporting structure into Commercial PS and Consumer PS to align with its customer market segmentation. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue and segment earnings from operation, consolidated net revenue, net earnings or net earnings per share (“EPS”).
(b) Effective first quarter of fiscal 2023, in connection with organizational realignments, certain costs which were earlier reflected under “Corporate and unallocated cost and other”, have now been reclassified to the Personal Systems and Printing segments. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, net earnings or net EPS.
(c) "NM" represents not meaningful.
 

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