HP Reports First Quarter 2013 Results

 

                                                                            
                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                    CONSOLIDATED CONDENSED BALANCE SHEETS                   
                                (In millions)                               
                                                                            
                                                    January 31,  October 31,
                                                       2013         2012    
                                                   ------------ ------------
                                                    (Unaudited)             
ASSETS                                                                      
                                                                            
Current assets:                                                             
  Cash and cash equivalents                        $     12,589 $     11,301
  Accounts receivable                                    14,236       16,407
  Financing receivables                                   3,316        3,252
  Inventory                                               6,374        6,317
  Other current assets                                   13,037       13,360
                                                   ------------ ------------
                                                                            
    Total current assets                                 49,552       50,637
                                                   ------------ ------------
                                                                            
Property, plant and equipment                            11,686       11,954
                                                                            
Long-term financing receivables and other assets         10,249       10,593
                                                                                                                                                       
Goodwill  and  purchased  intangible  assets                                  35,214              35,584
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  assets                                                                              $        106,701  $        108,768
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Notes  payable  and  short-term  borrowings                    $            6,475  $            6,647
    Accounts  payable                                                                              11,660              13,350
    Employee  compensation  and  benefits                                            3,520                4,058
    Taxes  on  earnings                                                                                  851                    846
    Deferred  revenue                                                                                7,603                7,494
    Other  accrued  liabilities                                                            14,277              14,271
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  current  liabilities                                                        44,386              46,666
                                                                                                      ------------  ------------
                                                                                                                                                        
Long-term  debt                                                                                      21,752              21,789
                                                                                                                                                        
Other  liabilities                                                                                17,273              17,480
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    HP  stockholders'  equity                                                                22,895              22,436
    Non-controlling  interests                                                                  395                    397
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  stockholders'  equity                                                      23,290              22,833
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  liabilities  and  stockholders'  equity                  $        106,701  $        108,768
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                          Three  months  ended          
                                                                                                  --------------------------  
                                                                                                    January  31,      January  31,  
                                                                                                          2013                    2012          
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                                      $            1,232    $            1,468  
    Adjustments  to  reconcile  net  earnings  to  net                                                            
      cash  provided  by  operating  activities:                                                                      
        Depreciation  and  amortization                                              1,163                  1,303  
        Stock-based  compensation  expense                                            184                      175  
        Provision  for  bad  debt  and  inventory                                    124                        52  
        Restructuring  charges                                                                  130                        40  
        Deferred  taxes  on  earnings                                                        500                    (110)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                      -                      (11)
        Other,  net                                                                                        167                        44  
                                                                                                                                                        
        Changes  in  operating  assets  and  liabilities:                                                        
            Accounts  and  financing  receivables                                2,246                  2,311  
            Inventory                                                                                    (149)                    180  
            Accounts  payable                                                                  (1,690)              (2,376)
            Taxes  on  earnings                                                                    (423)                    (12)
            Restructuring                                                                            (237)                  (174)
            Other  assets  and  liabilities                                              (685)              (1,697)
                                                                                                  ------------    ------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                          2,562                  1,193  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
        Investment  in  property,  plant  and  equipment                    (633)                  (883)
        Proceeds  from  sale  of  property,  plant  and                                                              
          equipment                                                                                        127                        96  
        Purchases  of  available-for-sale  securities                                                            
          and  other  investments                                                              (299)                        -  
        Maturities  and  sales  of  available-for-sale                                                            
          securities  and  other  investments                                          161                        96  
        Payments  made  in  connection  with  business                                                              
          acquisitions,  net  of  cash  acquired                                          -                    (141)
        Proceeds  from  business  divestiture,  net                                  -                        81  
                                                                                                  ------------    ------------  
                Net  cash  used  in  investing  activities                        (644)                  (751)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
        Repayment  of  commercial  paper  and  notes                                                                  
          payable,  net                                                                                (105)              (2,607)
        Issuance  of  debt                                                                              45                  3,035  
        Payment  of  debt                                                                            (114)                  (100)
        Issuance  of  common  stock  under  employee                                                                  
          stock  plans                                                                                      55                      313  
        Repurchase  of  common  stock                                                      (253)                  (780)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                      -                        11  
        Cash  dividends  paid                                                                    (258)                  (244)
                                                                                                  ------------    ------------  
            Net  cash  used  in  financing  activities                            (630)                  (372)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Increase  in  cash  and  cash  equivalents                                      1,288                        70  
Cash  and  cash  equivalents  at  beginning  of  period              11,301                  8,043  
                                                                                                  ------------    ------------  
Cash  and  cash  equivalents  at  end  of  period              $          12,589    $            8,113  
                                                                                                  ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                                        SEGMENT  INFORMATION                                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                            Three  months  ended                        
                                                                      ----------------------------------------  
                                                                        January  31,      October  31,      January  31,  
                                                                              2013                    2012                    2012          
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                  $            8,204    $            8,727    $            8,892  
    Printing                                                                5,926                  6,080                  6,258  
                                                                      ------------    ------------    ------------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group(b)                                        14,130                14,807                15,150  
    Enterprise  Group                                                6,984                  7,459                  7,282  
    Enterprise  Services                                          5,919                  6,352                  6,371  
    Software                                                                    926                  1,171                      946  
    HP  Financial  Services                                          957                      966                      950  
    Corporate  Investments                                              4                        10                        30  
                                                                      ------------    ------------    ------------  
            Total  segments                                          28,920                30,765                30,729  
    Elimination  of  intersegment  net                                                                                      
      revenue  and  other                                              (561)                  (806)                  (693)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
            Total  HP  consolidated  net                                                                                          
              revenue                                          $          28,359    $          29,959    $          30,036  
                                                                      ============    ============    ============  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                  $                223    $                309    $                459  
    Printing                                                                    953                  1,067                      761  
                                                                      ------------    ------------    ------------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group(b)                                          1,176                  1,376                  1,220  
    Enterprise  Group                                                1,084                  1,229                  1,329  
    Enterprise  Services                                                76                      423                      145  
    Software                                                                    157                      318                      162  
    HP  Financial  Services                                          101                      104                        91  
    Corporate  Investments                                          (65)                    (78)                    (50)
                                                                      ------------    ------------    ------------  
            Total  segment  earnings  from                                                                                      
              operations                                                  2,529                  3,372                  2,897  
                                                                                                                                                        
    Corporate  and  unallocated  costs                                                                                      
      and  eliminations                                                (109)                  (120)                  (153)
    Unallocated  costs  related  to                                                                                            
      stock-based  compensation                                                                                                  
      expense                                                                  (184)                  (140)                  (174)
    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)
    Interest  and  other,  net                                    (179)                  (188)                  (221)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
            Total  HP  consolidated                                                                                                  
              earnings  (loss)  before                                                                                              
              taxes                                              $            1,573    $          (6,676)  $            1,821  
                                                                      ============    ============    ============  
                                                                                                                                                        
(a)  HP  has  implemented  certain  organizational  realignments.  As  a  result  of    
  these  realignments,  HP  has  re-evaluated  its  segment  financial  reporting        
  structure  and,  effective  in  the  first  quarter  of  fiscal  2013,  created  two    
  new  financial  reporting  segments,  the  Enterprise  Group  segment  and  the          
  Enterprise  Services  segment,  and  eliminated  two  other  financial  reporting    
  segments,  the  Enterprise  Servers,  Storage  and  Networking  ("ESSN")  segment    
  and  the  Services  segment.  The  Enterprise  Group  segment  consists  of  the          
  business  units  within  the  former  ESSN  segment  and  most  of  the  services          
  offerings  of  the  Technology  Services  ("TS")  business  unit,  which  was              
  previously  a  part  of  the  former  Services  segment.  The  Enterprise  Services    
  segment  consists  of  the  Applications  and  Business  Services  ("ABS")  and          
  Infrastructure  Technology  Outsourcing  ("ITO")  business  units  from  the            
  former  Services  segment,  along  with  the  end-user  workplace  support                  
  services  business  that  was  previously  a  part  of  the  TS  business  unit.            
  Taking  into  account  these  changes,  HP  has  the  following  seven  financial        
  reporting  segments:  Personal  Systems,  Printing,  the  Enterprise  Group,            
  Enterprise  Services,  Software,  HP  Financial  Services  and  Corporate                  
  Investments.                                                                                                                              
                                                                                                                                                        
Also  as  a  result  of  these  realignments,  the  financial  results  of  the                
  Personal  Systems  commercial  products  support  business,  which  were                    
  previously  reported  as  part  of  the  TS  business  unit,  will  now  be  reported    
  as  part  of  the  Other  business  unit  within  the  Personal  Systems  segment,        
  and  the  financial  results  of  the  portion  of  the  business  intelligence            
  services  business  that  had  continued  to  be  reported  as  part  of  the                  
  Corporate  Investments  segment  following  the  implementation  of  prior                
  realignment  actions  will  now  be  reported  as  part  of  the  ABS  business  unit.  
  In  addition,  the  end-user  workplace  support  services  business,  which,  as      
  noted  above,  was  previously  a  part  of  the  TS  business  unit  and  will  now        
  become  a  part  of  the  Enterprise  Services  segment,  will  be  reported  as  part  
  of  the  ITO  business  unit  within  that  segment.                                                            
                                                                                                                                                        
To  provide  improved  visibility  and  comparability,  HP  has  reflected  these        
  changes  to  its  reporting  structure  in  prior  financial  reporting  periods  on  
  an  as-if  basis,  which  has  resulted  in  the  transfer  of  revenue  and                    
  operating  profit  among  the  Personal  Systems,  the  Enterprise  Group,                  
  Enterprise  Services  and  Corporate  Investments  segments.  These  changes  had    
  no  impact  on  the  previously  reported  financial  results  for  the  Printing,      
  Software  or  HP  Financial  Services  segments.  In  addition,  none  of  these          
  changes  impacted  HP's  previously  reported  consolidated  net  revenue,                
  earnings  from  operations,  net  earnings  or  net  earnings  per  share.                    
                                                                                                                                                        
(b)  The  Personal  Systems  segment  and  the  Printing  segment  are  structured        
  beneath  a  broader  Printing  and  Personal  Systems  Group  ("PPS").  While  PPS      
  is  not  a  financial  reporting  segment,  HP  provides  financial  data                      
  aggregating  the  segments  within  it  in  order  to  provide  a  supplementary          
  view  of  its  business.                                                                                                            
                                                                                                                                                        
                                                                                                                                                        
                                  HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                      
                                        SEGMENT  /  BUSINESS  UNIT  INFORMATION                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                    Three  months  ended              Growth  rate  (%)    
                                                          ----------------------------    ---------------    
                                                            January      October      January                                      
                                                                31,              31,              31,                                          
                                                              2013            2012            2012            Q/Q            Y/Y      
                                                          --------    --------    --------    ------      ------    
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal                                                                                                          
      Systems  Group(b)                                                                                                                  
        Personal  Systems                                                                                                                
            Notebooks                            $    4,128    $    4,572    $    4,942          (10%)        (16%)
            Desktops                                    3,321          3,369          3,206            (1%)            4%  
            Workstations                                535              550              535            (3%)            0%  
            Other                                              220              236              209            (7%)            5%  
                                                          --------    --------    --------                                      
                Total  Personal                                                                                                            
                  Systems                                8,204          8,727          8,892            (6%)          (8%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                    3,893          4,007          4,079            (3%)          (5%)
            Commercial  Hardware              1,354          1,482          1,489            (9%)          (9%)
            Consumer  Hardware                      679              591              690            15%            (2%)
                                                          --------    --------    --------                                      
                Total  Printing                    5,926          6,080          6,258            (3%)          (5%)
                                                          --------    --------    --------                                      
                    Total  Printing  and                                                                                                
                      Personal  Systems                                                                                                  
                      Group                              14,130        14,807        15,150            (5%)          (7%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard                                                                                                          
              Servers                                    2,994          3,137          3,072            (5%)          (3%)
            Technology  Services              2,243          2,340          2,264            (4%)          (1%)
            Storage                                          833              946              955          (12%)        (13%)
            Networking                                    608              635              586            (4%)            4%  
            Business  Critical                                                                                                          
              Systems                                        306              401              405          (24%)        (24%)
                                                          --------    --------    --------                                      
                Total  Enterprise                                                                                                        
                  Group                                    6,984          7,459          7,282            (6%)          (4%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure                                                                                                                
              Technology                                                                                                                      
              Outsourcing                            3,736          3,924          3,980            (5%)          (6%)
            Application  and                                                                                                              
              Business  Services                2,183          2,428          2,391          (10%)          (9%)
                                                          --------    --------    --------                                      
                Total  Enterprise                                                                                                        
                  Services                              5,919          6,352          6,371            (7%)          (7%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Software                                            926          1,171              946          (21%)          (2%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        HP  Financial  Services                  957              966              950            (1%)            1%  
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Corporate  Investments                      4                10                30          (60%)        (87%)
                                                          --------    --------    --------                                      
            Total  segments                      28,920        30,765        30,729            (6%)          (6%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
        Elimination  of                                                                                                                    
          intersegment  net                                                                                                              
          revenue  and  other                      (561)          (806)          (693)        (30%)        (19%)
                                                          --------    --------    --------                                      
                                                                                                                                                        
            Total  HP  consolidated                                                                                                  
              net  revenue                      $  28,359    $  29,959    $  30,036            (5%)          (6%)
                                                          ========    ========    ========                                      
                                                                                                                                                        
(a)  HP  has  implemented  certain  organizational  realignments.  As  a  result  of    
  these  realignments,  HP  has  re-evaluated  its  segment  financial  reporting        
  structure  and,  effective  in  the  first  quarter  of  fiscal  2013,  created  two    
  new  financial  reporting  segments,  the  Enterprise  Group  segment  and  the          
  Enterprise  Services  segment,  and  eliminated  two  other  financial  reporting    
  segments,  the  Enterprise  Servers,  Storage  and  Networking  ("ESSN")  segment    
  and  the  Services  segment.  The  Enterprise  Group  segment  consists  of  the          
  business  units  within  the  former  ESSN  segment  and  most  of  the  services          
  offerings  of  the  Technology  Services  ("TS")  business  unit,  which  was              
  previously  a  part  of  the  former  Services  segment.  The  Enterprise  Services    
  segment  consists  of  the  Applications  and  Business  Services  ("ABS")  and          
  Infrastructure  Technology  Outsourcing  ("ITO")  business  units  from  the            
  former  Services  segment,  along  with  the  end-user  workplace  support                  
  services  business  that  was  previously  a  part  of  the  TS  business  unit.            
  Taking  into  account  these  changes,  HP  has  the  following  seven  financial        
  reporting  segments:  Personal  Systems,  Printing,  the  Enterprise  Group,            
  Enterprise  Services,  Software,  HP  Financial  Services  and  Corporate                  
  Investments.                                                                                                                              
                                                                                                                                                        
Also  as  a  result  of  these  realignments,  the  financial  results  of  the                
  Personal  Systems  commercial  products  support  business,  which  were                    
  previously  reported  as  part  of  the  TS  business  unit,  will  now  be  reported    
  as  part  of  the  Other  business  unit  within  the  Personal  Systems  segment,        
  and  the  financial  results  of  the  portion  of  the  business  intelligence            
  services  business  that  had  continued  to  be  reported  as  part  of  the                  
  Corporate  Investments  segment  following  the  implementation  of  prior                
  realignment  actions  will  now  be  reported  as  part  of  the  ABS  business              
  unit.  In  addition,  the  end-user  workplace  support  services  business,              
  which,  as  noted  above,  was  previously  a  part  of  the  TS  business  unit  and      
  will  now  become  a  part  of  the  Enterprise  Services  segment,  will  be                  
  reported  as  part  of  the  ITO  business  unit  within  that  segment.                          
                                                                                                                                                        
To  provide  improved  visibility  and  comparability,  HP  has  reflected  these        
  changes  to  its  reporting  structure  in  prior  financial  reporting  periods        
  on  an  as-if  basis,  which  has  resulted  in  the  transfer  of  revenue  and              
  operating  profit  among  the  Personal  Systems,  the  Enterprise  Group,                  
  Enterprise  Services  and  Corporate  Investments  segments.  These  changes  had    
  no  impact  on  the  previously  reported  financial  results  for  the  Printing,      
  Software  or  HP  Financial  Services  segments.  In  addition,  none  of  these          
  changes  impacted  HP's  previously  reported  consolidated  net  revenue,                
  earnings  from  operations,  net  earnings  or  net  earnings  per  share.                    
                                                                                                                                                        
(b)  The  Personal  Systems  segment  and  the  Printing  segment  are  structured        
  beneath  a  broader  Printing  and  Personal  Systems  Group  ("PPS").  While  PPS      
  is  not  a  financial  reporting  segment,  HP  provides  financial  data                      
  aggregating  the  segments  within  it  in  order  to  provide  a  supplementary          
  view  of  its  business.                                                                                                            
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                              SEGMENT  NON-GAAP  OPERATING  MARGIN  SUMMARY  DATA                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                              Three  months        Change  in  Operating    
                                                                                      ended                    Margin  (pts)            
                                                                              ------------    ----------------------  
                                                                              January  31,                                                    
                                                                                      2013                    Q/Q                  Y/Y        
                                                                              ------------    ----------    ----------  
                                                                                                                                                        
Non-GAAP  operating  margin:(a)                                                                                              
    Personal  Systems                                                            2.7%      (0.8  pts)      (2.5  pts)
    Printing                                                                          16.1%      (1.4  pts)        3.9  pts  
        Printing  and  Personal  Systems                                                                                      
          Group(b)                                                                      8.3%      (1.0  pts)        0.2  pts  
                                                                                                                                                        
    Enterprise  Group                                                          15.5%      (1.0  pts)      (2.8  pts)
    Enterprise  Services                                                      1.3%      (5.4  pts)      (1.0  pts)
    Software                                                                          17.0%    (10.2  pts)      (0.1  pts)
    HP  Financial  Services                                                10.6%      (0.2  pts)        1.0  pts  
    Corporate  Investments                                                    NM                    NM                    NM  
            Total  segments                                                        8.7%      (2.3  pts)      (0.7  pts)
                                                                                                                                                        
            Total  HP  consolidated  non-GAAP                                                                                
              operating  margin                                                  7.9%      (2.5  pts)      (0.7  pts)
                                                                                                                                                        
                                                                                                                                                        
(a)  HP  has  implemented  certain  organizational  realignments.  As  a  result  of    
  these  realignments,  HP  has  re-evaluated  its  segment  financial  reporting        
  structure  and,  effective  in  the  first  quarter  of  fiscal  2013,  created  two    
  new  financial  reporting  segments,  the  Enterprise  Group  segment  and  the          
  Enterprise  Services  segment,  and  eliminated  two  other  financial  reporting    
  segments,  the  Enterprise  Servers,  Storage  and  Networking  ("ESSN")  segment    
  and  the  Services  segment.  The  Enterprise  Group  segment  consists  of  the          
  business  units  within  the  former  ESSN  segment  and  most  of  the  services          
  offerings  of  the  Technology  Services  ("TS")  business  unit,  which  was              
  previously  a  part  of  the  former  Services  segment.  The  Enterprise  Services    
  segment  consists  of  the  Applications  and  Business  Services  ("ABS")  and          
  Infrastructure  Technology  Outsourcing  ("ITO")  business  units  from  the            
  former  Services  segment,  along  with  the  end-user  workplace  support                  
  services  business  that  was  previously  a  part  of  the  TS  business  unit.            
  Taking  into  account  these  changes,  HP  has  the  following  seven  financial        
  reporting  segments:  Personal  Systems,  Printing,  the  Enterprise  Group,            
  Enterprise  Services,  Software,  HP  Financial  Services  and  Corporate                  
  Investments.                                                                                                                              
                                                                                                                                                        
Also  as  a  result  of  these  realignments,  the  financial  results  of  the                
  Personal  Systems  commercial  products  support  business,  which  were                    
  previously  reported  as  part  of  the  TS  business  unit,  will  now  be  reported    
  as  part  of  the  Other  business  unit  within  the  Personal  Systems  segment,        
  and  the  financial  results  of  the  portion  of  the  business  intelligence            
  services  business  that  had  continued  to  be  reported  as  part  of  the                  
  Corporate  Investments  segment  following  the  implementation  of  prior                
  realignment  actions  will  now  be  reported  as  part  of  the  ABS  business  unit.  
  In  addition,  the  end-user  workplace  support  services  business,  which,  as      
  noted  above,  was  previously  a  part  of  the  TS  business  unit  and  will  now        
  become  a  part  of  the  Enterprise  Services  segment,  will  be  reported  as  part  
  of  the  ITO  business  unit  within  that  segment.                                                            
                                                                                                                                                        
To  provide  improved  visibility  and  comparability,  HP  has  reflected  these        
  changes  to  its  reporting  structure  in  prior  financial  reporting  periods  on  
  an  as-if  basis,  which  has  resulted  in  the  transfer  of  revenue  and                    
  operating  profit  among  the  Personal  Systems,  the  Enterprise  Group,                  
  Enterprise  Services  and  Corporate  Investments  segments.  These  changes  had    
  no  impact  on  the  previously  reported  financial  results  for  the  Printing,      
  Software  or  HP  Financial  Services  segments.  In  addition,  none  of  these          
  changes  impacted  HP's  previously  reported  consolidated  net  revenue,                
  earnings  from  operations,  net  earnings  or  net  earnings  per  share.                    
                                                                                                                                                        
(b)  The  Personal  Systems  segment  and  the  Printing  segment  are  structured        
  beneath  a  broader  Printing  and  Personal  Systems  Group  ("PPS").  While  PPS      
  is  not  a  financial  reporting  segment,  HP  provides  financial  data                      
  aggregating  the  segments  within  it  in  order  to  provide  a  supplementary          
  view  of  its  business.                                                                                                            
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        CALCULATION  OF  NET  EARNINGS  PER  SHARE                                      
                                                                  (Unaudited)                                                                
                                      (In  millions  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                Three  months  ended                    
                                                                          ---------------------------------------
                                                                            January  31,    October  31,      January  31,
                                                                                  2013                  2012                    2012        
                                                                          ------------  ------------    ------------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings  (loss)                      $            1,232  $          (6,854)  $            1,468
                                                                          ============  ============    ============
    Non-GAAP  net  earnings                            $            1,605  $            2,281    $            1,832
                                                                          ============  ============    ============
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  used  to                                                                                      
      compute  basic  net  earnings  (loss)                                                                                
      per  share  and  diluted  net  (loss)                                                                                  
      per  share                                                                1,953                1,964                  1,981
    Dilutive  effect  of  employee  stock                                                                                  
      plans                                                                                3                        3                        17
                                                                          ------------  ------------    ------------
        Weighted-average  shares  used  to                                                                                  
          compute  diluted  net  earnings                                                                                      
          per  share                                                            1,956                1,967                  1,998
                                                                          ============  ============    ============
                                                                                                                                                        
GAAP  net  earnings  (loss)  per  share:                                                                                  
    Basic                                                            $              0.63  $            (3.49)  $              0.74
    Diluted(a)                                                  $              0.63  $            (3.49)  $              0.73
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic                                                            $              0.82  $              1.16    $              0.92
    Diluted(b)                                                  $              0.82  $              1.16    $              0.92
                                                                                                                                                        
(a)  GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of          
  outstanding  stock  options,  performance-based  restricted  units,  restricted    
  stock  units  and  restricted  stock,  but  that  effect  is  excluded  when                  
  calculating  GAAP  diluted  net  (loss)  per  share  because  it  would  be  anti-        
  dilutive.                                                                                                                                    
                                                                                                                                                        
(b)  Non-GAAP  diluted  net  earnings  per  share  reflects  any  dilutive  effect  of  
  outstanding  stock  options,  performance-based  restricted  units,  restricted    
  stock  units  and  restricted  stock.                                                                                    
 

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