As in prior periods, the financial information set forth in this document, 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 Quarterly Reports on Form 10-Q for the fiscal quarters ending April 30, 2023 and July 31, 2023, Annual Report on Form 10-K for the fiscal year ending October 31, 2023, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.
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| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts) | |||||||||||
| Three months ended | |||||||||||
| April 30, 2023 | January 31, 2023 | April 30, 2022 | |||||||||
| Net revenue | $ | 12,913 | $ | 13,828 | $ | 16,490 | |||||
| Costs and expenses: | |||||||||||
| Cost of revenue | 9,984 | 11,019 | 13,157 | ||||||||
| Research and development | 410 | 403 | 425 | ||||||||
| Selling, general and administrative | 1,398 | 1,331 | 1,464 | ||||||||
| Restructuring and other charges | 200 | 141 | 82 | ||||||||
| Acquisition and divestiture charges | 73 | 84 | 32 | ||||||||
| Amortization of intangible assets | 86 | 85 | 52 | ||||||||
| Total costs and expenses | 12,151 | 13,063 | 15,212 | ||||||||
| Earnings from operations | 762 | 765 | 1,278 | ||||||||
| Interest and other, net | (160 | ) | (181 | ) | (39 | ) | |||||
| Earnings before taxes | 602 | 584 | 1,239 | ||||||||
| Benefit from (provision for) taxes | 464 | (97 | ) | (239 | ) | ||||||
| Net earnings | $ | 1,066 | $ | 487 | $ | 1,000 | |||||
| Net earnings per share: | |||||||||||
| Basic | $ | 1.08 | $ | 0.49 | $ | 0.95 | |||||
| Diluted | $ | 1.07 | $ | 0.49 | $ | 0.94 | |||||
| Cash dividends declared per share | $ | — | $ | 0.53 | $ | — | |||||
| Weighted-average shares used to compute net earnings per share: | |||||||||||
| Basic | 991 | 989 | 1,050 | ||||||||
| Diluted | 998 | 996 | 1,062 | ||||||||
