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 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 OPERATING MARGIN SUMMARY
(Unaudited)
 
  Three months ended  Change (pts)
  April 30, 2023  January 31, 2023  April 30, 2022  Q/Q  Y/Y
Segment operating margin:(a)         
Personal Systems5.4% 5.4% 6.9% — pts (1.5) pts
Printing19.0% 18.9% 19.1% 0.1 pts (0.1) pts
Corporate Investments(b)NM NM NM NM NM
Total segment10.1% 9.6% 10.3% 0.5 pts (0.2) pts


(a)Effective at the beginning of the 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.

(b)"NM" represents not meaningful.


HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
  Three months ended
  April 30, 2023   January 31, 2023   April 30, 2022
Numerator:          
GAAP net earnings $ 1,066   $ 487   $ 1,000
Non-GAAP net earnings $ 797   $ 749   $ 1,152
           
Denominator:          
Weighted-average shares used to compute basic net earnings per share   991     989     1,050
Dilutive effect of employee stock plans (a)   7     7     12
Weighted-average shares used to compute diluted net earnings per share   998     996     1,062
           
GAAP diluted net earnings per share $ 1.07   $ 0.49   $ 0.94
Non-GAAP diluted net earnings per share $ 0.80   $ 0.75   $ 1.08

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