HP Inc. Reports Fiscal 2018 First Quarter Results

                                                            
HP INC. AND SUBSIDIARIES
FISCAL 2017 SEGMENT INFORMATION (Revised)
(Unaudited)
(In millions)
                                                            
  REVISED AMOUNTS  AMOUNTS AS PREVIOUSLY REPORTED  CHANGE
  Three months ended  Twelve
months
ended
  Three months ended  Twelve
months
ended
  Three months ended  Twelve
months
ended
  Jan 31,
2017
  Apr 30,
2017
  July 31,
2017
  Oct 31,
2017
  Oct 31,
2017
  Jan 31,
2017
  Apr 30,
2017
  July 31,
2017
  Oct 31,
2017
  Oct 31,
2017
  Jan 31,
2017
  Apr 30,
2017
  July 31,
2017
  Oct 31,
2017
  Oct 31,
2017
Net revenue:(a)                                                           
                                                                                                                     
Personal Systems $ 8,216     $ 7,653     $ 8,385     $ 9,067     $ 33,321     $ 8,224     $ 7,662     $ 8,404     $ 9,084     $ 33,374     $ (8 )   $ (9 )   $ (19 )   $ (17 )   $ (53 )
Printing 4,464     4,728     4,677     4,859     18,728     4,483     4,743     4,698     4,877     18,801     (19 )   (15 )   (21 )   (18 )   (73 )
Corporate Investments 2     3     2     1     8     2     3     2     1     8                      
Total segments 12,682     12,384     13,064     13,927     52,057     12,709     12,408     13,104     13,962     52,183     (27 )   (24 )   (40 )   (35 )   (126 )
Other 2     1     (4 )       (1 )   (25 )   (23 )   (44 )   (35 )   (127 )   27     24     40     35     126  
Total net revenue $ 12,684     $ 12,385     $ 13,060     $ 13,927     $ 52,056     $ 12,684     $ 12,385     $ 13,060     $ 13,927     $ 52,056     $     $     $     $     $  
                                                           
Earnings before taxes: (a)                                                          
                                                           
Personal Systems $ 312     $ 244     $ 313     $ 341     $ 1,210     $ 313     $ 244     $ 313     $ 343     $ 1,213     $ (1 )   $     $     $ (2 )   $ (3 )
Printing 714     820     807     805     3,146     716     825     813     807     3,161     (2 )   (5 )   (6 )   (2 )   (15 )
Corporate Investments (23 )   (26 )   (20 )   (18 )   (87 )   (23 )   (26 )   (20 )   (18 )   (87 )                    
Total segments 1,003     1,038     1,100     1,128     4,269     1,006     1,043     1,106     1,132     4,287     (3 )   (5 )   (6 )   (4 )   (18 )
                                                           
Corporate and unallocated costs and other (25 )   (43 )   (46 )   (54 )   (168 )   (28 )   (48 )   (52 )   (58 )   (186 )   3     5     6     4     18  
Stock-based compensation expense (75 )   (48 )   (46 )   (55 )   (224 )   (75 )   (48 )   (46 )   (55 )   (224 )                    
Restructuring and other charges (63 )   (140 )   (46 )   (113 )   (362 )   (63 )   (140 )   (46 )   (113 )   (362 )                    
Acquisition and other related charges (16 )   (20 )   (40 )   (49 )   (125 )   (16 )   (20 )   (40 )   (49 )   (125 )                    
Amortization of intangible assets     (1 )           (1 )       (1 )           (1 )                    
Non-operating retirement-related credits 32     35     34     34     135     32     35     34     34     135                      
Defined benefit plan settlement credits (expense)     (3 )   (1 )   (1 )   (5 )       (3 )   (1 )   (1 )   (5 )                    
Interest and other, net (81 )   (64 )   (56 )   (42 )   (243 )   (81 )   (64 )   (56 )   (42 )   (243 )                    
Total earnings before taxes $ 775     $ 754     $ 899     $ 848     $ 3,276     $ 775     $ 754     $ 899     $ 848     $ 3,276     $     $     $     $     $  
                                                                                                                       

(a) Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of a portion of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis.The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

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