HP Inc. Reports Fiscal 2016 Full-Year and Fourth Quarter Results

PALO ALTO, CA -- (Marketwired) -- Nov 22, 2016 -- HP (NYSE: HPQ)

  • Fiscal 2016 GAAP diluted net earnings per share from continuing operations of $1.53, above the previously provided outlook of $1.46 to $1.49 per share
  • Fiscal 2016 non-GAAP diluted net earnings per share of $1.60, within the previously provided outlook of $1.59 to $1.62 per share
  • Fiscal 2016 net revenue of $48.2 billion, down 6% (down 2% in constant currency) from the prior-year period
  • Fiscal 2016 net cash provided by operating activities of $3.2 billion
  • Fiscal 2016 returned $2.0 billion to shareholders in the form of share repurchases and dividends
  • Fourth quarter GAAP diluted net earnings per share from continuing operations of $0.30, above the previously provided outlook of $0.22 to $0.25 per share
  • Fourth quarter non-GAAP diluted net earnings per share of $0.36, within the previously provided outlook of $0.34 to $0.37 per share
  • Fourth quarter net revenue of $12.5 billion, up 2% (up 4% in constant currency) from the prior-year period
  • Fourth quarter net cash provided by operating activities of $0.7 billion
  • Fourth quarter returned $214 million to shareholders in the form of share repurchases and dividends

                                                                            
HP Inc.'s fiscal 2016 full-year and fourth quarter financial performance    
                                FY16    FY15     Y/Y Q4 FY16 Q4 FY15     Y/Y
----------------------------------------------------------------------------
GAAP net revenue ($B)          $48.2   $51.5    (6)%   $12.5   $12.3      2%
GAAP operating margin from                      (0.2                    (1.2
 continuing operations          7.4%    7.6%    pts)    5.3%    6.5%    pts)
GAAP net earnings from                                                      
 continuing operations ($B)     $2.7    $3.7   (28)%    $0.5    $1.5   (66)%
GAAP diluted net earnings                                                   
 per share from continuing                                                  
 operations                    $1.53   $2.02   (24)%   $0.30   $0.83   (64)%
Non-GAAP operating margin       7.9%    7.4% 0.5 pts    7.0%    6.6% 0.4 pts
Non-GAAP net earnings ($B)      $2.8    $2.7      4%    $0.6    $0.5     12%
Non-GAAP diluted net                                                        
 earnings per share            $1.60   $1.46     10%   $0.36   $0.30     20%
Net cash provided by                                                        
 operating activities                                                       
 ($B)(1)                        $3.2    $6.5   (50)%    $0.7    $2.6   (73)%
                                                                            

Notes to table
Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.

(1)  The consolidated condensed statement of cash flows for the twelve      
     months ended October 31, 2015 and the three months ended October 31,   
     2015 represents the combined cash flows of Hewlett-Packard Company     
     prior to the separation of Hewlett Packard Enterprise Company (the     
     "Separation"), as previously filed, and have not been adjusted to      
     reflect the effect of the Separation.                                  

Net revenue and EPS results
HP Inc. ("HP") announced fiscal 2016 net revenue of $48.2 billion, down 6% (down 2% in constant currency) from the prior-year period.

Fiscal 2016 GAAP diluted net earnings per share ("EPS") from continuing operations was $1.53, down from $2.02 in the prior-year period and above the previously provided outlook of $1.46 to $1.49. Fiscal 2016 non-GAAP diluted net EPS was $1.60, up from $1.46 in the prior-year period and within the previously provided outlook of $1.59 to $1.62. Fiscal 2016 non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $121 million, or $0.07 per share, related to restructuring and other charges, acquisition and other related charges, defined benefit plan settlement charges, amortization of intangible assets, non-operating retirement-related charges/(credits) and net tax indemnification amounts.

Fourth quarter net revenue was $12.5 billion, up 2% (up 4% in constant currency) from the prior-year period.

Fourth quarter GAAP diluted net EPS from continuing operations was $0.30, down from $0.83 in the prior-year period and above the previously provided outlook of $0.22 to $0.25. Fourth quarter non-GAAP diluted net EPS was $0.36, up from $0.30 in the prior-year period and within the previously provided outlook of $0.34 to $0.37. Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $101 million, or $0.06 per share, related to defined benefit plan settlement charges, acquisition and other related charges, restructuring and other charges, non-operating retirement-related charges/(credits) and net tax indemnification amounts.

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