HP Inc. Reports Fiscal 2021 First Quarter Results

PALO ALTO, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) --

  • First quarter GAAP diluted net earnings per share ("EPS") of $0.83, above the previously provided outlook of $0.58 to $0.64 per share
  • First quarter non-GAAP diluted net EPS of $0.92, above the previously provided outlook of $0.64 to $0.70 per share
  • First quarter net revenue of $15.6 billion, up 7.0% from the prior-year period
  • First quarter net cash provided by operating activities of $1.0 billion, free cash flow of $0.9 billion
  • First quarter returned $1.6 billion to shareholders in the form of share repurchases and dividends
 HP Inc.'s fiscal 2021 first quarter financial performance
    Q1 FY21   Q1 FY20   Y/Y
GAAP net revenue ($B) $ 15.6   $ 14.6   7.0%
GAAP operating margin   8.4%     5.9%   2.5 pts
GAAP net earnings ($B) $ 1.1   $ 0.7   58%
GAAP diluted net EPS $ 0.83   $ 0.46   80%
Non-GAAP operating margin   9.4%     8.1%   1.3 pts
Non-GAAP net earnings ($B) $ 1.2   $ 1.0   24%
Non-GAAP diluted net EPS $ 0.92   $ 0.65   42%
Net cash provided by operating activities ($B) $ 1.0   $ 1.3   (20)%
Free cash flow ($B) $ 0.9   $ 1.1   (19)%

Notes to table
Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.

Net revenue and EPS results
HP Inc. and its subsidiaries (“HP”) announced fiscal 2021 first quarter net revenue of $15.6 billion, up 7.0% (up 6.6% in constant currency) from the prior-year period.

First quarter GAAP diluted net EPS was $0.83, up from $0.46 in the prior-year period and above the previously provided outlook of $0.58 to $0.64. First quarter non-GAAP diluted net EPS was $0.92, up from $0.65 in the prior-year period and above the previously provided outlook of $0.64 to $0.70. First quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $120 million, or $0.09 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, and tax adjustments.

“It was an exceptional start to the year with strong revenue, profit, and EPS growth. The strength of our portfolio and diversity of our businesses is driving our performance and positioning HP well for the future,” said Enrique Lores, HP President and CEO. “Simply put, we are doing what we said we would do – and our strategy is working.”

Asset management
HP's net cash provided by operating activities in the first quarter of fiscal 2021 was $1.0 billion. Accounts receivable ended the quarter at $5.3 billion, down 2 days quarter over quarter to 30 days. Inventory ended the quarter at $6.7 billion, up 6 days quarter over quarter to 49 days. Accounts payable ended the quarter at $15.0 billion, up 4 days quarter over quarter to 109 days.

HP generated $0.9 billion of free cash flow in the first quarter. Free cash flow includes net cash provided by operating activities of $1.0 billion adjusted for net investments in leases of $17 million and net investments in property, plant and equipment of $131 million.

HP’s dividend payment of $0.1938 per share in the first quarter resulted in cash usage of $250 million. HP also utilized $1,378 million of cash during the quarter to repurchase approximately 60.2 million shares of common stock in the open market. As a result, HP returned 179% of its first quarter free cash flow to shareholders. HP exited the quarter with $4.2 billion in gross cash, which includes cash and cash equivalents.

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