HP Inc. Reports Fiscal 2017 Third Quarter Results

(a) Effective at the beginning of its first quarter of fiscal year 2017, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in transfer of a portion of LaserJet printers from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in reclassification of revenues between the Commercial and Consumer business units of Printing. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from continuing operations, net earnings or net earnings per share.

(b) "NM"- Not Meaningful.

       
HP INC. AND SUBSIDIARIES
SEGMENT OPERATING MARGIN SUMMARY DATA
(Unaudited)
       
    Three months ended   Change in Operating Margin (pts)
    July 31,
2017
   April 30,
2017
   July 31,
2016
   Q/Q   Y/Y
Segment operating margin:(a)               
Personal Systems  3.7%  3.2%  4.4%  0.5 pts  (0.7) pts
Printing  17.3%  17.4%  20.4%  (0.1) pts  (3.1) pts
Corporate Investments(b)  NM   NM   NM   NM  NM
Total segments  8.4%  8.4%  10.1%    (1.7) pts

(a) Effective at the beginning of its first quarter of fiscal year 2017, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in transfer of a portion of LaserJet printers from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in reclassification of revenues between the Commercial and Consumer business units of Printing. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from continuing operations, net earnings or net earnings per share.

(b) "NM"- Not Meaningful.

    
HP INC. AND SUBSIDIARIES
CALCULATION OF DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
    
    Three months ended
    July 31,
2017
   April 30,
2017
   July 31,
2016
Numerator:         
GAAP net earnings from continuing operations  $696   $559   $843 
Non-GAAP net earnings  $735   $685    $ 826  
                   
Denominator:                  
Weighted-average shares used to compute basic net earnings per share     1,681       1,688       1,711  
Dilutive effect of employee stock plans (a)     14       21       14  
Weighted-average shares used to compute diluted net earnings per share     1,695       1,709       1,725  
                   
GAAP diluted net earnings per share from continuing operations     $ 0.41       $ 0.33       $ 0.49  
Non-GAAP diluted net earnings per share     $ 0.43       $ 0.40       $ 0.48  

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