HP Reports First Quarter 2013 Results

More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.

HP's Q1 FY13 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2013Q1webcast.

About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com.

Use of non-GAAP financial information
To supplement HP's consolidated condensed financial statements presented on a GAAP basis, HP provides non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share, gross cash, free cash flow, net debt and operating company net debt. HP also provides forecasts of non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP management's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP management compensates for those limitations, and the substantive reasons why HP management believes that these non-GAAP measures provide useful information to investors is included under "Use of Non-GAAP Financial Measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for operating profit, operating margin, net earnings, diluted earnings per share, cash and cash equivalents, cash flow from operations or total company debt prepared in accordance with GAAP.

Forward-looking statements
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, earnings, earnings per share, tax provisions, cash flows, benefit obligations, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements of the plans, strategies and objectives of management for future operations, including the execution of restructuring plans and any resulting cost savings or revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP's businesses; the competitive pressures faced by HP's businesses; risks associated with executing HP's strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP's products and services effectively; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; risks associated with HP's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; the resolution of pending investigations, claims and; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2012 and HP's other filings with the Securities and Exchange Commission. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HP's Form 10-Q for the fiscal quarter ended January 31, 2013. In particular, determining HP's actual tax balances and provisions as of January 31, 2013 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP's Form 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.

 

                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS                
                                (Unaudited)                                 
                   (In millions except per share amounts)                   
                                                                            
                                                Three months ended          
                                      ------------------------------------- 
                                      January 31,  October 31,  January 31, 
                                          2013         2012         2012    
                                      -----------  -----------  ----------- 
                                                                                                                     
Net  revenue                                                      $        28,359    $        29,959    $        30,036  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  sales                                                        22,029              22,711              23,313  
    Research  and  development                                        794                    909                    786  
    Selling,  general  and  administrative              3,300                3,227                3,367  
    Amortization  of  purchased                                                                                                  
      intangible  assets                                                    350                    372                    466  
    Impairment  of  goodwill  and                                                                                                
      purchased  intangible  assets                                    -                8,847                        -  
    Restructuring  charges                                              130                    378                      40  
    Acquisition-related  charges                                      4                        3                      22  
                                                                            -----------    -----------    -----------  
        Total  costs  and  expenses                              26,607              36,447              27,994  
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  (loss)  from  operations                          1,752              (6,488)              2,042  
                                                                                                                                                        
Interest  and  other,  net                                            (179)                (188)                (221)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  (loss)  before  taxes                                1,573              (6,676)              1,821  
                                                                                                                                                        
Provision  for  taxes                                                    (341)                (178)                (353)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Net  earnings  (loss)                                      $          1,232    $        (6,854)  $          1,468  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Net  earnings  (loss)  per  share:                                                                                            
    Basic                                                              $            0.63    $          (3.49)  $            0.74  
    Diluted                                                          $            0.63    $          (3.49)  $            0.73  
                                                                                                                                                        
Cash  dividends  declared  per  share          $            0.26    $                  -    $            0.24  
                                                                                                                                                        
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  (loss)  per                                                                                        
  share:                                                                                                                                          
    Basic                                                                          1,953                1,964                1,981  
    Diluted                                                                      1,956                1,964                1,998  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                                    OPERATING  MARGIN  AND  EARNINGS  PER  SHARE                                      
                                                                (Unaudited)                                                                  
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                        Three                            Three                              Three                        
                                        months                          months                            months                      
                                        ended        Diluted      ended          Diluted      ended        Diluted  
                                      January    earnings    October      earnings    January    earnings  
                                          31,              per            31,                per            31,              per      
                                          2013          share          2012            share          2012          share    
                                      -------    --------    -------      --------    -------    --------  
                                                                                                                                                        
GAAP  net  earnings                                                                                                                      
  (loss)                        $  1,232    $      0.63    $(6,854)    $    (3.49)  $  1,468    $      0.73  
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets                            350            0.18            372              0.19            466            0.24  
    Impairment  of                                                                                                                          
      goodwill  and                                                                                                                          
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets(a)                          -                  -        8,847              4.51                -                  -  
    Restructuring                                                                                                                          
      charges                          130            0.07            378              0.19              40            0.02  
    Acquisition-                                                                                                                            
      related  charges                                                                                                                    
      in  earnings                                                                                                                            
      from  operations              4                  -                3                    -              22            0.01  
    Adjustments  for                                                                                                                      
      taxes(b)                      (111)        (0.06)        (465)          (0.24)        (164)        (0.08)
                                      -------    --------    -------      --------    -------    --------  
Non-GAAP  net                                                                                                                                
  earnings                    $  1,605    $      0.82    $  2,281      $      1.16    $  1,832    $      0.92  
                                      =======    ========    =======      ========    =======    ========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings                                                                                                                              
  (loss)  from                                                                                                                                
  operations                $  1,752                        $(6,488)                        $  2,042                      
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
    Amortization  of                                                                                                                      
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets                            350                                372                                  466                      
    Impairment  of                                                                                                                          
      goodwill  and                                                                                                                          
      purchased                                                                                                                                
      intangible                                                                                                                              
      assets(a)                          -                            8,847                                      -                      
    Restructuring                                                                                                                          
      charges                          130                                378                                    40                      
    Acquisition-                                                                                                                            
      related  charges                                                                                                                    
      in  earnings                                                                                                                            
      from  operations              4                                    3                                    22                      
                                      -------                        -------                          -------                      
Non-GAAP  earnings                                                                                                                      
  from  operations      $  2,236                        $  3,112                          $  2,570                      
                                      =======                        =======                          =======                      
                                                                                                                                                        
GAAP  operating                                                                                                                            
  margin                                    6%                              (22%)                                  7%                    
Non-GAAP                                                                                                                                        
  adjustments                          2%                                32%                                    2%                    
                                      -------                        -------                          -------                      
Non-GAAP  operating                                                                                                                    
  margin                                    8%                                10%                                    9%                    
                                      =======                        =======                          =======                      
                                                                                                                                                        
                                                                                                                                                        
(a)  For  the  period  ended  October  31,  2012,  represents  a  goodwill  and                
  intangible  asset  impairment  charge  of  $8.8  billion  associated  with  the          
  Autonomy  reporting  unit  within  the  Software  segment.                                              
                                                                                                                                                        
(b)  For  the  period  ended  October  31,  2012,  the  adjustment  for  taxes  is  net    
  of  valuation  allowances  of  $0.5  billion  provided  for  certain  deferred  tax    
  assets.                                                                                                                                        
 

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