As in prior periods, the financial information set forth in this release, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2017 and HP’s other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements. HP’s Investor Relations website at www.hp.com/investor/home contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated and new information is posted.
| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts) | |||||||||||
| Three months ended | |||||||||||
|
October 31,
2017 |
July 31,
2017 |
October 31,
2016 | |||||||||
| Net revenue | $ | 13,927 | $ | 13,060 | $ | 12,512 | |||||
| Costs and expenses: | |||||||||||
| Cost of revenue | 11,407 | 10,633 | 10,221 | ||||||||
| Research and development | 291 | 289 | 318 | ||||||||
| Selling, general and administrative | 1,176 | 1,096 | 1,075 | ||||||||
| Restructuring and other charges | 113 | 46 | 49 | ||||||||
| Acquisition-related charges | 49 | 40 | 7 | ||||||||
| Defined benefit plan settlement charges | 1 | 1 | 179 | ||||||||
| Total costs and expenses | 13,037 | 12,105 | 11,849 | ||||||||
| Earnings from continuing operations | 890 | 955 | 663 | ||||||||
| Interest and other, net | (42 | ) | (56 | ) | 347 | ||||||
| Earnings from continuing operations before taxes | 848 | 899 | 1,010 | ||||||||
| Provision for taxes | (188 | ) | (203 | ) | (497 | ) | |||||
| Net earnings from continuing operations | 660 | 696 | 513 | ||||||||
| Net loss from discontinued operations | — | — | (21 | ) | |||||||
| Net earnings | $ | 660 | $ | 696 | $ | 492 | |||||
| Net earnings per share: | |||||||||||
| Basic | |||||||||||
| Continuing operations | $ | 0.40 | $ | 0.41 | $ | 0.30 | |||||
| Discontinued operations | — | — | (0.01 | ) | |||||||
| Total basic net earnings per share | $ | 0.40 | $ | 0.41 | $ | 0.29 | |||||
| Diluted | |||||||||||
| Continuing operations | $ | 0.39 | $ | 0.41 | $ | 0.30 | |||||
| Discontinued operations | — | — | (0.02 | ) | |||||||
| Total diluted net earnings per share | $ | 0.39 | $ | 0.41 | $ | 0.28 | |||||
| Cash dividends declared per share | $ | — | $ | 0.26 | $ | — | |||||
| Weighted-average shares used to compute net earnings per share: | |||||||||||
| Basic | 1,670 | 1,681 | 1,712 | ||||||||
| Diluted | 1,687 | 1,695 | 1,729 | ||||||||
