HP Inc. Reports Fiscal 2018 Third Quarter Results


 
HP INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
 
  Nine months ended July 31,
  2018  2017
Net revenue:(a)   
Personal Systems$27,597  $24,254 
Printing15,505  13,869 
Corporate Investments3  7 
Total segments43,105  38,130 
Other1  (1)
  Total net revenue$43,106  $38,129 
    
Earnings before taxes:(a)   
Personal Systems$1,033  $869 
Printing2,472  2,341 
Corporate Investments(62) (69)
Total segment earnings from operations3,443  3,141 
Corporate and unallocated costs and other(137) (114)
Stock-based compensation expense(203) (169)
Restructuring and other charges(92) (249)
Acquisition-related charges(97) (76)
Amortization of intangible assets(60) (1)
Non-operating retirement-related credits165  101 
Defined benefit plan settlement charges(2) (4)
Interest and other, net(1,011) (201)
Total earnings before taxes$2,006  $2,428 
        


(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 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.
   


 
HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
  Three months ended  Change (%)
  July 31, 2018  April 30, 2018  July 31, 2017  Q/Q  Y/Y
Net revenue:(a)         
Personal Systems                
  Notebooks $ 5,634     $ 5,153     $ 5,008     9%   13%
Desktops 2,869     2,752     2,566     4%   12%
Workstations 588     538     530     9%   11%
Other 304     319     281     (5)%   8%
Total Personal Systems 9,395     8,762     8,385     7%   12%
Printing                  
Supplies 3,405     3,434     3,145     (1)%   8%
Commercial Hardware 1,170     1,186     940     (1)%   24%
Consumer Hardware 613     621     592     (1)%   4%
Total Printing 5,188     5,241     4,677     (1)%   11%
Corporate Investments 1     1     2     —%   (50)%
Total segments 14,584     14,004     13,064     4%   12%
Other (b) 2     (1 )   (4 )   NM   NM
Total net revenue $ 14,586     $ 14,003     $ 13,060     4%   12%
                               

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