HP Inc. Reports Fiscal 2023 Second Quarter Results

PALO ALTO, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)

  • Second quarter GAAP diluted net earnings per share ("EPS") of $1.07, above the previously provided outlook of $0.40 to $0.50 per share
  • Second quarter non-GAAP diluted net EPS of $0.80, within the previously provided outlook of $0.73 to $0.83 per share
  • Second quarter net revenue of $12.9 billion, down 21.7% from the prior-year period
  • Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billion
  • Second quarter returned $0.3 billion to shareholders in the form of dividends
HP Inc.'s fiscal 2023 second quarter financial performance
 Q2 FY23Q2 FY22Y/Y
GAAP net revenue ($B)$12.9$16.5(21.7)%
GAAP operating margin 5.9% 7.8%(1.9) pts
GAAP net earnings ($B)$1.1$1.07%
GAAP diluted net EPS$1.07$0.9414%
Non-GAAP operating margin 8.7% 8.8%(0.1) pts
Non-GAAP net earnings ($B)$0.8$1.2(31)%
Non-GAAP diluted net EPS$0.80$1.08(26)%
Net cash provided by operating activities ($B)$0.6$0.525%
Free cash flow ($B)$0.5$0.454%

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 2023 second quarter net revenue of $12.9 billion, down 21.7% (down 18.0% in constant currency) from the prior-year period.

“Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS at the high-end of our target in Q2,” said Enrique Lores, HP President and CEO. “We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”

Second quarter GAAP diluted net EPS was $1.07, up from $0.94 in the prior-year period and above the previously provided outlook of $0.40 to $0.50. Second quarter non-GAAP diluted net EPS was $0.80, down from $1.08 in the prior-year period and within the previously provided outlook of $0.73 to $0.83. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $(269) million, or $(0.27) per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.

Asset management

HP's net cash provided by operating activities in the second quarter of fiscal 2023 was $0.6 billion. Accounts receivable ended the quarter at $4.1 billion, up 1 day quarter over quarter to 29 days. Inventory ended the quarter at $7.2 billion, up 5 days quarter over quarter to 65 days. Accounts payable ended the quarter at $13.3 billion, up 10 days quarter over quarter to 120 days.

HP generated $0.5 billion of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $0.6 billion adjusted for net investments in leases of $35 million and net investments in property, plant and equipment of $130 million.

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