HP Inc. Reports Second Quarter Fiscal 2016 Results

"This quarter we delivered strong results and solid progress towards our long term strategy," said Dion Weisler, HP's President and CEO. "We achieved our operational objectives, unleashed truly amazing innovations, and grew in strategic areas of our business, despite tough market conditions. I'm confident in our ability to execute and remain committed to our plan for growth."

Asset management
HP's net cash provided by operating activities in the second quarter was $1.6 billion. Accounts receivable ended the quarter at $3.9 billion, unchanged quarter over quarter at 30 days. Inventory ended the quarter at $3.5 billion, down 3 days quarter over quarter to 34 days. Accounts payable ended the quarter at $9.1 billion, up 6 days quarter over quarter to 88 days. HP's dividend payment of $0.124 per share in the second quarter resulted in cash usage of $0.2 billion. HP also utilized $0.3 billion of cash during the quarter to repurchase approximately 28.7 million shares of common stock in the open market. HP exited the quarter with $4.6 billion in gross cash, which includes cash and cash equivalents, short-term investments, and certain liquid long-term investments.

Fiscal 2016 second quarter segment results

  • Personal Systems net revenue was down 10% year over year (down 5% in constant currency) with a 3.5% operating margin. Commercial net revenue decreased 7% and Consumer net revenue decreased 16%. Total units were down 9% with Notebooks units down 6% and Desktops units down 10%.
  • Printing net revenue was down 16% year over year (down 10% in constant currency) with a 17.3% operating margin. Total hardware units were down 16% with Commercial hardware units down 12% and Consumer hardware units down 18%. Supplies revenue was down 16% (down 10% in constant currency).

Outlook
For the fiscal 2016 third quarter, HP estimates non-GAAP diluted net EPS from continuing operations to be in the range of $0.37 to $0.40 and GAAP diluted net EPS from continuing operations to be in the range of $0.34 to $0.37. Fiscal 2016 third quarter non-GAAP diluted net EPS from continuing operations estimates exclude $0.03 per diluted share, related to restructuring charges, the amortization of intangible assets, non-operating retirement-related credits and tax indemnification amounts.

For fiscal 2016, HP estimates non-GAAP diluted net EPS from continuing operations to be in the range of $1.59 to $1.65 and GAAP diluted net EPS from continuing operations to be in the range of $1.52 to $1.58. Fiscal 2016 non-GAAP diluted net EPS from continuing operations estimates exclude $0.07 per diluted share, related to restructuring charges, the amortization of intangible assets, non-operating retirement-related credits and tax indemnification amounts.

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 FY16 Q2 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2016Q2Webcast.

About HP Inc.
HP Inc. creates technology that makes life better for everyone, everywhere. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze. More information about HP Inc. is available at http://www.hp.com.

Use of non-GAAP financial information
To supplement HP's consolidated condensed financial statements presented on a generally accepted accounting principles (GAAP) basis, HP provides net revenue on a constant currency basis, as well as non-GAAP operating margin from continuing operations, non-GAAP net earnings from continuing operations, non-GAAP diluted net earnings per share from continuing operations and gross cash financial measures. HP also provides forecasts of non-GAAP diluted net earnings per share from continuing operations. 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's management uses these non-GAAP measures to evaluate its business, the substance behind HP'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's management compensates for those limitations, and the substantive reasons why HP's 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 net revenue, operating profit, operating margin, net earnings from continuing operations, diluted net earnings per share from continuing operations or cash and cash equivalents 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 net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred tax assets, 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 the restructuring plans and any resulting cost savings, 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 the delivery of HP's 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, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP's business) and the anticipated benefits of the restructuring plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2015, and HP's other filings with the Securities and Exchange Commission.

As in prior periods, the financial information set forth in this release, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2016. HP assumes no obligation and does not intend to update these forward-looking statements. HP's Investor Relations website at www.hp.com/investor/home contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated and new information is posted.

                                                                            
                          HP INC. AND SUBSIDIARIES                          
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS                       
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                Three  months  ended                    
                                                                            -------------------------------------  
                                                                              April  30,      January  31,      April  30,    
                                                                                    2016                  2016                  2015        
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Net  revenue                                                      $        11,588    $        12,246    $        12,977  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  revenue                                                      9,338                9,961              10,415  
    Research  and  development                                        301                    292                    305  
    Selling,  general  and  administrative              1,002                1,037                1,228  
    Restructuring  charges                                              100                      20                        7  
    Amortization  of  intangible  assets                          6                        8                      25  
                                                                            -----------    -----------    -----------  
        Total  costs  and  expenses                              10,747              11,318              11,980  
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  from  continuing  operations                      841                    928                    997  
                                                                                                                                                        
Interest  and  other,  net                                                (5)                  (94)                  (78)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Earnings  from  continuing  operations                                                                                  
  before  taxes                                                                  836                    834                    919  
                                                                                                                                                        
Provision  for  taxes                                                    (176)                (184)                (186)
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Net  earnings  from  continuing                                                                                                
  operations                                                                      660                    650                    733  
Net  (loss)  earnings  from  discontinued                                                                              
  operations                                                                      (31)                  (58)                  278  
                                                                            -----------    -----------    -----------  
                                                                                                                                                        
Net  earnings                                                    $              629    $              592    $          1,011  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Net  earnings  (loss)  per  share:                                                                                            
Basic                                                                                                                                              
    Continuing  operations                              $            0.38    $            0.37    $            0.41  
    Discontinued  operations                                      (0.01)              (0.04)                0.15  
                                                                            -----------    -----------    -----------  
        Total  basic  net  earnings  per                                                                                        
          share                                                        $            0.37    $            0.33    $            0.56  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Diluted                                                                                                                                          
    Continuing  operations                              $            0.38    $            0.36    $            0.40  
    Discontinued  operations                                      (0.02)              (0.03)                0.15  
                                                                            -----------    -----------    -----------  
        Total  diluted  net  earnings  per                                                                                    
          share                                                        $            0.36    $            0.33    $            0.55  
                                                                            ===========    ===========    ===========  
                                                                                                                                                        
Cash  dividends  declared  per  share          $                  -    $            0.25    $                  -  
                                                                                                                                                        
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  per  share:                                                                                        
    Basic                                                                          1,720                1,776                1,814  
    Diluted                                                                      1,731                1,785                1,836  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    HP  INC.  AND  SUBSIDIARIES                                                    
                              CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS                                
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                                                                  Six  months  ended  April  30,  
                                                                                                  --------------------------  
                                                                                                          2016                    2015          
                                                                                                  ------------    ------------  
                                                                                                                                                        
Net  revenue                                                                            $          23,834    $          26,835  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  revenue                                                                            19,299                21,588  
    Research  and  development                                                                593                      609  
    Selling,  general  and  administrative                                      2,039                  2,450  
    Restructuring  charges                                                                      120                        21  
    Amortization  of  intangible  assets                                                14                        52  
                                                                                                  ------------    ------------  
        Total  costs  and  expenses                                                      22,065                24,720  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Earnings  from  continuing  operations                                          1,769                  2,115  
                                                                                                                                                        
Interest  and  other,  net                                                                      (99)                  (199)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Earnings  from  continuing  operations  before  taxes                1,670                  1,916  
                                                                                                                                                        
Provision  for  taxes                                                                            (360)                  (413)
                                                                                                  ------------    ------------  
                                                                                                                                                        
Net  earnings  from  continuing  operations                                  1,310                  1,503  
Net  (loss)  earnings  from  discontinued  operations                    (89)                    874  
                                                                                                  ------------    ------------  
                                                                                                                                                        
Net  earnings                                                                          $            1,221    $            2,377  
                                                                                                  ============    ============  
                                                                                                                                                        
Net  earnings  (loss)  per  share:                                                                                            
Basic                                                                                                                                              
    Continuing  operations                                                    $              0.75    $              0.82  
    Discontinued  operations                                                              (0.05)                  0.48  
                                                                                                  ------------    ------------  
        Total  basic  net  earnings  per  share                      $              0.70    $              1.30  
                                                                                                  ============    ============  
                                                                                                                                                        
Diluted                                                                                                                                          
    Continuing  operations                                                    $              0.75    $              0.81  
    Discontinued  operations                                                              (0.06)                  0.48  
                                                                                                  ------------    ------------  
        Total  diluted  net  earnings  per  share                  $              0.69    $              1.29  
                                                                                                  ============    ============  
                                                                                                                                                        
Cash  dividends  declared  per  share                                $              0.25    $              0.32  
                                                                                                                                                        
Weighted-average  shares  used  to  compute  net                                                                  
  earnings  per  share:                                                                                                                
    Basic                                                                                                  1,748                  1,824  
    Diluted                                                                                              1,758                  1,848  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    HP  INC.  AND  SUBSIDIARIES                                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                      Three                            Three                              Three                          
                                      months      Diluted      months        Diluted      months        Diluted  
                                      ended            net          ended              net          ended              net      
                                      April      earnings    January      earnings      April        earnings  
                                        30,              per            31,                per            30,                per      
                                        2016          share          2016            share          2015            share    
                                    -------    --------    -------      --------    -------      --------  
                                                                                                                                                        
GAAP  net  earnings                                                                                                                      
  from  continuing                                                                                                                        
  operations              $      660    $      0.38    $      650      $      0.36    $      733      $      0.40  
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
  Restructuring                                                                                                                            
    charges                          100            0.06              20              0.01                7                    -  
  Amortization  of                                                                                                                        
    intangible                                                                                                                                
    assets                                6                  -                8              0.01              25              0.01  
  Non-operating                                                                                                                            
    retirement-                                                                                                                              
    related  credits          (40)        (0.02)          (40)          (0.02)          (58)          (0.03)
  Adjustments  for                                                                                                                        
    taxes                              (16)        (0.01)              7                    -              13              0.01  
  Tax                                                                                                                                                
    indemnification                                                                                                                      
    credits                            (8)                -                -                    -                -                    -  
                                    -------    --------    -------      --------    -------      --------  
Non-GAAP  net                                                                                                                                
  earnings                  $      702    $      0.41    $      645      $      0.36    $      720      $      0.39  
                                    =======    ========    =======      ========    =======      ========  
                                                                                                                                                        
GAAP  earnings                                                                                                                              
  from  continuing                                                                                                                        
  operations              $      841                        $      928                          $      997                        
                                                                                                                                                        
Non-GAAP                                                                                                                                        
  adjustments:                                                                                                                              
  Restructuring                                                                                                                            
    charges                          100                                  20                                      7                        
  Amortization  of                                                                                                                        
    intangible                                                                                                                                
    assets                                6                                    8                                    25                        
Non-GAAP  earnings  $      907                        $      916                          $      971                        
                                    =======                        =======                          =======                        
                                                                                                                                                        
GAAP  operating                                                                                                                            
  margin  from                                                                                                                                
  continuing                                                                                                                                  
  operations                          7%                                  8%                                    8%                      
Non-GAAP                                                                                                                                        
  adjustments                        1%                                (1%)                                (1%)                    
                                    -------                        -------                          -------                        
Non-GAAP                                                                                                                                        
  operating  margin              8%                                  7%                                    7%                      
                                    =======                        =======                          =======                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    HP  INC.  AND  SUBSIDIARIES                                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                                                                                        
                                                    Six  months        Diluted          Six  months        Diluted      
                                                        ended                  net                  ended                  net          
                                                    April  30,          earnings        April  30,        earnings      
                                                          2016            per  share              2015            per  share    
                                                  -----------    -----------    -----------    -----------  
                                                                                                                                                        
GAAP  net  earnings  from                                                                                                            
  continuing  operations      $          1,310    $            0.75    $          1,503    $            0.81  
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Restructuring  charges                    120                  0.07                      21                  0.01  
    Amortization  of                                                                                                                      
      intangible  assets                            14                  0.01                      52                  0.03  
    Non-operating                                                                                                                          
      retirement-related                                                                                                              
      credits                                              (80)              (0.05)                (116)              (0.06)
    Adjustments  for  taxes                      (9)              (0.01)                    25                  0.01  
    Tax  indemnification                                                                                                              
      credits                                                (8)                      -                        -                        -  
                                                  -----------    -----------    -----------    -----------  
Non-GAAP  net  earnings        $          1,347    $            0.77    $          1,485    $            0.80  
                                                  ===========    ===========    ===========    ===========  
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  continuing  operations      $          1,769                              $          2,115                            
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Restructuring  charges                    120                                                21                            
    Amortization  of                                                                                                                      
      intangible  assets                            14                                                52                            
    Non-operating                                                                                                                          
      retirement-related                                                                                                              
      credits                                              (80)                                          (116)                          
                                                  -----------                              -----------                            
Non-GAAP  earnings                $          1,823                              $          2,072                            
                                                  ===========                              ===========                            
                                                                                                                                                        
GAAP  operating  margin                                                                                                              
  from  continuing                                                                                                                        
  operations                                                7%                                                8%                          
Non-GAAP  adjustments                              1%                                                0%                          
                                                  -----------                              -----------                            
Non-GAAP  operating  margin                    8%                                                8%                          
                                                  ===========                              ===========                            
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    HP  INC.  AND  SUBSIDIARIES                                                    
                                        CONSOLIDATED  CONDENSED  BALANCE  SHEETS                                      
                                                                  (Unaudited)                                                                
                                                                (In  millions)                                                              
                                                                                                                                                        
                                                                                                                            As  of                  
                                                                                                        ------------------------
                                                                                                          April  30,      October  31,
                                                                                                                2016                  2015      
                                                                                                        -----------    -----------
                                                                                                                                                        
ASSETS                                                                                                                                            
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                                  $          4,636    $          7,584
    Accounts  receivable                                                                          3,884                4,825
    Inventory                                                                                              3,547                4,288
    Other  current  assets                                                                        3,318                4,498
    Current  assets  of  discontinued  operations                                      -              30,592
                                                                                                        -----------    -----------
                                                                                                                                                        
        Total  current  assets                                                                  15,385              51,787
                                                                                                        -----------    -----------
                                                                                                                                                        
Property,  plant  and  equipment                                                          1,572                1,492
Goodwill                                                                                                    5,672                5,680
Other  non-current  assets                                                                    2,894                1,592
Non-current  assets  of  discontinued  operations                                  -              46,331
                                                                                                        -----------    -----------
                                                                                                                                                        
Total  assets                                                                                $        25,523    $      106,882
                                                                                                        ===========    ===========
                                                                                                                                                        
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Notes  payable  and  short-term  borrowings                      $                64    $          2,194
    Accounts  payable                                                                                9,099              10,194
    Employee  compensation  and  benefits                                                700                    747
    Taxes  on  earnings                                                                                  136                    243
    Deferred  revenue                                                                                    885                1,051
    Other  accrued  liabilities                                                              5,978                6,241
    Current  liabilities  of  discontinued  operations                            -              21,521
                                                                                                        -----------    -----------
                                                                                                                                                        
        Total  current  liabilities                                                        16,862              42,191
                                                                                                        -----------    -----------
                                                                                                                                                        
Long-term  debt                                                                                        6,708                6,677
Other  non-current  liabilities                                                          6,739                7,414
Non-current  liabilities  of  discontinued  operations                        -              22,449
                                                                                                                                                        
Stockholders'  (deficit)  equity:                                                                                          
    HP  stockholders'  (deficit)  equity                                            (4,786)            27,768
    Non-controlling  interests  of  discontinued                                                                  
      operations                                                                                                  -                    383
                                                                                                        -----------    -----------
        Total  stockholders'  (deficit)  equity                                  (4,786)            28,151
                                                                                                        -----------    -----------
                                                                                                                                                        
Total  liabilities  and  stockholders'  equity                    $        25,523    $      106,882
                                                                                                        ===========    ===========
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                    HP  INC.  AND  SUBSIDIARIES                                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                              Three  months  ended  April  30,  
                                                                                              ----------------------------  
                                                                                                        2016                  2015(a)        
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                                  $                  629    $              1,011  
                                                                                                                                                        
    Adjustments  to  reconcile  net  earnings  to  net                                                            
      cash  provided  by  operating  activities:                                                                      
        Depreciation  and  amortization                                                  85                    1,003  
        Stock-based  compensation  expense                                            40                        129  
        Provision  for  doubtful  accounts  and                                                                          
          inventory                                                                                          -                        102  
        Restructuring  charges                                                                100                        255  
        Deferred  taxes  on  earnings                                                        74                        173  
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                  (1)                        (9)
        Other,  net                                                                                      (77)                      159  
                                                                                                                                                        
    Changes  in  operating  assets  and  liabilities                                                              
      (net  of  acquisitions):                                                                                                      
        Accounts  receivable                                                                    190                        (46)
        Financing  receivables                                                                    -                          23  
        Inventory                                                                                        520                        277  
        Accounts  payable                                                                            41                        (40)
        Taxes  on  earnings                                                                          29                      (208)
        Restructuring                                                                                (37)                    (220)
        Other  assets  and  liabilities                                                  (18)                (1,145)
                                                                                              -------------    -------------  
            Net  cash  provided  by  operating  activities                1,575                    1,464  
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
    Investment  in  property,  plant  and  equipment                        (86)                    (779)
    Proceeds  from  sale  of  property,  plant  and                                                                  
      equipment                                                                                              -                          81  
    Purchases  of  available-for-sale  securities                                                                
      and  other  investments                                                                (122)                      (58)
    Maturities  and  sales  of  available-for-sale                                                                
      securities  and  other  investments                                                3                          93  
    Proceeds  from  business  divestiture                                            61                            -  
    Payments  made  in  connection  with  business                                                                  
      acquisitions                                                                                        -                      (138)
                                                                                              -------------    -------------  
        Net  cash  used  in  investing  activities                              (144)                    (801)
                                                                                              -------------    -------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
    Short-term  borrowings  with  original                                                                              
      maturities  less  than  90  days,  net                                            13                    1,781  
    Proceeds  from  debt,  net  of  issuance  costs                                -                    1,288  
    Payment  of  debt                                                                                  (3)                    (984)
    Settlement  of  cash  flow  hedge                                                      17                            -  
    Issuance  of  common  stock  under  employee  stock                                                          
      plans                                                                                                      7                          42  
    Repurchase  of  common  stock                                                        (305)                    (659)
    Excess  tax  benefit  from  stock-based                                                                              
      compensation                                                                                        1                            9  
    Cash  dividends  paid                                                                      (213)                    (291)
                                                                                              -------------    -------------  
        Net  cash  (used  in)  provided  by  financing                                                                
          activities                                                                                  (483)                  1,186  
                                                                                              -------------    -------------  
                                                                                                                                                        
Increase  in  cash  and  cash  equivalents                                        948                    1,849  
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                                3,688                  12,919  
                                                                                              -------------    -------------  
Cash  and  cash  equivalents  at  end  of  period          $              4,636    $            14,768  
                                                                                              =============    =============  
                                                                                                                                                        
(a)  The  consolidated  condensed  statement  of  cash  flows  for  the  three  months  
        ended  April  30,  2015  represents  the  combined  cash  flows  of  HP  prior  to    
        separation,  as  previously  filed,  and  has  not  been  adjusted  to  reflect      
        the  effect  of  the  separation  of  Hewlett  Packard  Enterprise  Company.          
                                                                                                                                                        
                                                                                                                                                        
 

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