HP Inc. Reports Fiscal 2023 Second Quarter Results


(a)Effective first quarter of fiscal 2023, HP realigned the Personal Systems business units reporting structure into Commercial PS and Consumer PS to align with its customer market segmentation. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue and segment earnings from operation, consolidated net revenue, net earnings or net earnings per share (“EPS”).

(b)Effective first quarter of fiscal 2023, in connection with organizational realignments, certain costs which were earlier reflected under “Corporate and unallocated cost and other”, have now been reclassified to the Personal Systems and Printing segments. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, net earnings or net EPS.

(c)"NM" represents not meaningful.


HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
  Six months ended  Change (%)
  April 30, 2023  April 30, 2022  Y/Y
Net revenue:     
Commercial PS$12,351  $15,674  (21)%
Consumer PS 5,040   8,054  (37)%
Personal Systems(a) 17,391   23,728  (27)%
Supplies 5,863   6,199  (5)%
Commercial Printing 2,145   2,081     3  %
Consumer Printing   1,340       1,514     (11 )%
Printing   9,348       9,794     (5 )%
Corporate Investments (c)   4       1     NM
Total segment net revenue   26,743       33,523     (20 )%
Other (c)   (2 )     (5 )   NM
Total net revenue $ 26,741     $ 33,518     (20 )%
           
Earnings before taxes: (b)          
Personal Systems $ 942     $ 1,748      
Printing   1,769       1,821      
Corporate Investments   (71 )     (126 )    
Total segment earnings from operations   2,640       3,443      
Corporate and unallocated cost and other   (182 )     (297 )    
Stock-based compensation expense   (262 )     (203 )    
Restructuring and other charges   (341 )     (150 )    
Acquisition and divestiture charges   (157 )     (52 )    
Amortization of intangible assets   (171 )     (104 )    
Interest and other, net   (341 )     (71 )    
Total earnings before taxes $ 1,186     $ 2,566      

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