HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation



HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)

  Twelve months ended
  October 31, 2022  October 31, 2021
Net revenue$62,983  $63,487 
Costs and expenses:   
Cost of revenue 50,648   50,070 
Research and development 1,593   1,907 
Selling, general and administrative 5,264   5,741 
Restructuring and other charges 233   245 
Acquisition and divestiture charges 318   68 
Amortization of intangible assets 228   154 
Russia exit charges 23    
Total costs and expenses  58,307       58,185  
Earnings from operations   4,676       5,302  
Interest and other, net (a)   (235 )     2,209  
Earnings before taxes   4,441       7,511  
Provision for taxes (a)   (1,238 )     (1,008 )
Net earnings $ 3,203     $ 6,503  
       
Net earnings per share:      
Basic $ 3.09     $ 5.38  
Diluted $ 3.05     $ 5.33  
       
Cash dividends declared per share $ 1.00     $ 0.78  
       
Weighted-average shares used to compute net earnings per share:      
Basic   1,038       1,208  
Diluted   1,050       1,220  

(a)      Interest and other, net and Provision for taxes includes a gain and corresponding tax expense, respectively, from the one time Oracle litigation proceeds for the twelve months ended October 31, 2021.

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