HP Reports Fiscal 2014 Full-Year and Fourth Quarter Results

Fiscal 2014 fourth quarter segment results

  • Personal Systems revenue was up 4% year over year with a 4.0% operating margin. Commercial revenue increased 7% and Consumer revenue decreased 2%. Total units were up 5% with Desktops units down 2% and Notebooks units up 8%.
  • Printing revenue was down 5% year over year with an 18.1% operating margin. Total hardware units were down 1% with Commercial hardware units up 5% and Consumer hardware units down 4%. Supplies revenue was down 7%.
  • Enterprise Group revenue was down 4% year over year with a 14.8% operating margin. Industry Standard Servers revenue was down 2%, Storage revenue was down 8%, Business Critical Systems revenue was down 29%, Networking revenue was up 2% and Technology Services revenue was down 3%.
  • Enterprise Services revenue was down 7% year over year with a 6.8% operating margin. Application and Business Services revenue was down 6% and Infrastructure Technology Outsourcing revenue declined 7%.
  • Software revenue was down 1% year over year with a 31.1% operating margin. License revenue was up 2%, support revenue was down 1%, professional services revenue was down 5% and software-as-a-service (SaaS) revenue was flat.
  • HP Financial Services revenue was down 1% year over year with a 1% decrease in net portfolio assets and a 15% increase in financing volume. The business delivered an operating margin of 12.1%.

More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.

HP's Q4 FY14 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2014Q4webcast.

About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. With the broadest technology portfolio spanning printing, personal systems, software, services and IT infrastructure, HP delivers solutions for customers' most complex challenges in every region of the world. More information about HP is available at http://www.hp.com.

Use of non-GAAP financial information
To supplement HP's consolidated condensed financial statements presented on a generally accepted accounting principles (GAAP) basis, HP provides revenue on a constant currency basis, non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted net earnings per share, gross cash, free cash flow, net capital expenditures, net debt, net cash, operating company net debt and operating company net cash. HP also provides forecasts of non-GAAP diluted net earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and full year and prior periods is included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP's management uses these non-GAAP measures to evaluate its business, the substance behind HP's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP's management compensates for those limitations, and the substantive reasons why HP's management believes that these non-GAAP measures provide useful information to investors is included under "Use of non-GAAP financial measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for revenue, operating profit, operating margin, net earnings, diluted net earnings per share, cash and cash equivalents, cash flow from operations, capital expenditures, or total company debt prepared in accordance with GAAP.

Forward-looking statements
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements of the plans, strategies and objectives of management for future operations, including the previously announced separation transaction and the future performances of the post-separation companies if the separation is completed, as well as the execution of restructuring plans and any resulting cost savings or revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP's businesses; the competitive pressures faced by HP's businesses; risks associated with executing HP's strategy, including the planned separation transaction; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP's products and the delivery of HP's services effectively; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; risks associated with HP's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of the separation transaction or restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP's business) and the anticipated benefits of implementing the separation transaction and restructuring plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2013, and HP's other filings with the Securities and Exchange Commission, including HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2014. As in prior periods, the financial information set forth in this release, including 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, 2014. In particular, determining HP's tax balances and provisions as of October 31, 2014 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP's Annual Report on Form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.

                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
               CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS                
                                (Unaudited)                                 
                  (In millions, except per share amounts)                   
                                                                                                                                       
                                                                                            Three  months  ended                        
                                                                      ----------------------------------------  
                                                                        October  31,        July  31,          October  31,  
                                                                              2014                    2014                    2013          
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Net  revenue                                                $          28,406    $          27,585    $          29,131  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  sales                                                    21,425                20,974                22,437  
    Research  and  development                                    876                      887                      729  
    Selling,  general  and                                                                                                            
      administrative                                                  3,364                  3,388                  3,351  
    Amortization  of  intangible                                                                                                
      assets                                                                      226                      227                      317  
    Restructuring  charges                                          604                      649                      371  
    Acquisition-related  charges                                  3                          2                          3  
                                                                      ------------    ------------    ------------  
        Total  costs  and  expenses                          26,498                26,127                27,208  
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Earnings  from  operations                                    1,908                  1,458                  1,923  
                                                                                                                                                        
Interest  and  other,  net                                        (146)                  (145)                  (103)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Earnings  before  taxes                                          1,762                  1,313                  1,820  
                                                                                                                                                        
Provision  for  taxes                                                (432)                  (328)                  (406)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
Net  earnings                                              $            1,330    $                985    $            1,414  
                                                                      ============    ============    ============  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                        $              0.71    $              0.53    $              0.74  
    Diluted                                                    $              0.70    $              0.52    $              0.73  
                                                                                                                                                        
Cash  dividends  declared  per  share    $                    -    $              0.32    $                    -  
                                                                                                                                                        
                                                                                                                                                        
Weighted-average  shares  used  to                                                                                          
  compute  net  earnings  per  share:                                                                                        
    Basic                                                                      1,862                  1,870                  1,918  
    Diluted                                                                  1,896                  1,899                  1,940  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                              CONSOLIDATED  CONDENSED  STATEMENTS  OF  EARNINGS                                
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                        Twelve  months  ended  October  31,  
                                                                                      --------------------------------  
                                                                                                  2014                          2013            
                                                                                      ---------------    ---------------  
                                                                                          (Unaudited)                                        
                                                                                                                                                        
Net  revenue                                                                $              111,454    $              112,298  
                                                                                                                                                        
Costs  and  expenses:                                                                                                                  
    Cost  of  sales                                                                          84,839                      86,380  
    Research  and  development                                                      3,447                        3,135  
    Selling,  general  and  administrative                              13,353                      13,267  
    Amortization  of  intangible  assets                                    1,000                        1,373  
    Restructuring  charges                                                            1,619                            990  
    Acquisition-related  charges                                                      11                              22  
                                                                                      ---------------    ---------------  
        Total  costs  and  expenses                                              104,269                    105,167  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Earnings  from  operations                                                          7,185                        7,131  
                                                                                                                                                        
Interest  and  other,  net                                                              (628)                        (621)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Earnings  before  taxes                                                                6,557                        6,510  
                                                                                                                                                        
Provision  for  taxes                                                                  (1,544)                    (1,397)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Net  earnings                                                              $                  5,013    $                  5,113  
                                                                                      ===============    ===============  
                                                                                                                                                        
Net  earnings  per  share:                                                                                                          
    Basic                                                                        $                    2.66    $                    2.64  
    Diluted                                                                    $                    2.62    $                    2.62  
                                                                                                                                                        
Cash  dividends  declared  per  share                    $                    0.61    $                    0.55  
                                                                                                                                                        
                                                                                                                                                        
Weighted-average  shares  used  to  compute                                                                          
  net  earnings  per  share:                                                                                                        
    Basic                                                                                            1,882                        1,934  
    Diluted                                                                                        1,912                        1,950  
                                                                                                                                                        
 
                                                                                                                                                         
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                Three      Diluted      Three      Diluted      Three      Diluted  
                                              months          net        months          net        months          net      
                                                ended    earnings      ended    earnings      ended    earnings  
                                              October        per          July            per        October        per      
                                            31,  2014      share      31,  014      share    31,  2013      share    
                                            --------  --------  --------  --------  --------  --------  
                                                                                                                                                        
GAAP  net  earnings          $    1,330  $      0.70  $        985  $      0.52  $    1,414  $      0.73  
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      intangible  assets              226          0.12            227          0.12            317          0.16  
    Restructuring                                                                                                                          
      charges                                  604          0.32            649          0.34            371          0.19  
    Acquisition-related                                                                                                              
      charges                                      3                -                2                -                3                -  
    Adjustments  for                                                                                                                      
      taxes                                    (149)      (0.08)        (165)      (0.09)        (146)      (0.07)
                                            --------  --------  --------  --------  --------  --------  
Non-GAAP  net  earnings  $    2,014  $      1.06  $    1,698  $      0.89  $    1,959  $      1.01  
                                            ========  ========  ========  ========  ========  ========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  operations                      $    1,908                    $    1,458                    $    1,923                    
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      intangible  assets              226                              227                              317                    
    Restructuring                                                                                                                          
      charges                                  604                              649                              371                    
    Acquisition-related                                                                                                              
      charges                                      3                                  2                                  3                    
                                            --------                    --------                    --------                    
Non-GAAP  earnings                                                                                                                      
  from  operations            $    2,741                    $    2,336                    $    2,614                    
                                            ========                    ========                    ========                    
                                                                                                                                                        
GAAP  operating  margin                7%                                5%                                7%                  
Non-GAAP  adjustments                  3%                                3%                                2%                  
                                            --------                    --------                    --------                    
Non-GAAP  operating                                                                                                                    
  margin                                          10%                                8%                                9%                  
                                            ========                    ========                    ========                    
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                ADJUSTMENTS  TO  GAAP  NET  EARNINGS,  EARNINGS  FROM  OPERATIONS,                  
                        OPERATING  MARGIN  AND  DILUTED  NET  EARNINGS  PER  SHARE                          
                                                                (Unaudited)                                                                  
                                    (In  millions,  except  per  share  amounts)                                      
                                                                                                                                                        
                                                                                  Diluted                                      Diluted    
                                                  Twelve  months          net          Twelve  months          net        
                                                          ended              earnings            ended              earnings  
                                                    October  31,            per            October  31,            per        
                                                            2014                share                  2013                share      
                                                  -------------    ---------    -------------    ---------  
GAAP  net  earnings                $              5,013    $        2.62    $              5,113    $        2.62  
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      intangible  assets                          1,000              0.52                    1,373              0.70  
    Restructuring  charges                    1,619              0.85                        990              0.51  
    Acquisition-related                                                                                                              
      charges                                                    11              0.01                          22              0.01  
    Adjustments  for  taxes                      (498)          (0.26)                    (560)          (0.28)
                                                  -------------    ---------    -------------    ---------  
Non-GAAP  net  earnings        $              7,145    $        3.74    $              6,938    $        3.56  
                                                  =============    =========    =============    =========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  operations                            $              7,185                          $              7,131                        
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      intangible  assets                          1,000                                          1,373                        
    Restructuring  charges                    1,619                                              990                        
    Acquisition-related                                                                                                              
      charges                                                    11                                                22                        
                                                  -------------                          -------------                        
Non-GAAP  earnings  from                                                                                                            
  operations                            $              9,815                          $              9,516                        
                                                  =============                          =============                        
                                                                                                                                                        
GAAP  operating  margin                                6%                                                6%                      
Non-GAAP  adjustments                                  3%                                                2%                      
                                                  -------------                          -------------                        
Non-GAAP  operating                                                                                                                    
  margin                                                            9%                                                8%                      
                                                  =============                          =============                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        CONSOLIDATED  CONDENSED  BALANCE  SHEETS                                      
                                                                (In  millions)                                                              
                                                                                                                                                        
                                                                                                              As  of  October  31,        
                                                                                                      -------------------------
                                                                                                              2014                  2013        
                                                                                                      ------------  ------------
                                                                                                        (Unaudited)                          
ASSETS                                                                                                                                            
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                                $          15,133  $          12,163
    Accounts  receivable                                                                        13,832              15,876
    Financing  receivables                                                                      2,946                3,144
    Inventory                                                                                              6,415                6,046
    Other  current  assets                                                                      11,819              13,135
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  current  assets                                                                  50,145              50,364
                                                                                                      ------------  ------------
                                                                                                                                                        
Property,  plant  and  equipment                                                        11,340              11,463
                                                                                                                                                        
Long-term  financing  receivables  and  other  assets                    8,454                9,556
                                                                                                                                                        
Goodwill  and  intangible  assets                                                      33,267              34,293
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  assets                                                                              $        103,206  $        105,676
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Notes  payable  and  short-term  borrowings                    $            3,486  $            5,979
    Accounts  payable                                                                              15,903              14,019
    Employee  compensation  and  benefits                                            4,209                4,436
    Taxes  on  earnings                                                                              1,017                1,203
    Deferred  revenue                                                                                6,143                6,477
    Other  accrued  liabilities                                                            12,977              13,407
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  current  liabilities                                                        43,735              45,521
                                                                                                      ------------  ------------
                                                                                                                                                        
Long-term  debt                                                                                      16,039              16,608
                                                                                                                                                        
Other  liabilities                                                                                16,305              15,891
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    HP  stockholders'  equity                                                                26,731              27,269
    Non-controlling  interests                                                                  396                    387
                                                                                                      ------------  ------------
                                                                                                                                                        
        Total  stockholders'  equity                                                      27,127              27,656
                                                                                                      ------------  ------------
                                                                                                                                                        
Total  liabilities  and  stockholders'  equity                  $        103,206  $        105,676
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                          Three  months  ended  October  31,  
                                                                                          ------------------------------  
                                                                                                    2014                        2013            
                                                                                          --------------    --------------  
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                              $                1,330    $                1,414  
    Adjustments  to  reconcile  net  earnings  to                                                                    
      net  cash  provided  by  operating                                                                                      
      activities:                                                                                                                            
        Depreciation  and  amortization                                          1,075                      1,120  
        Stock-based  compensation  expense                                        128                          102  
        Provision  for  doubtful  accounts  and                                                                          
          inventory                                                                                      62                            71  
        Restructuring  charges                                                              604                          371  
        Deferred  taxes  on  earnings                                                      95                        (952)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                (9)                          (1)
        Other,  net                                                                                      16                          100  
                                                                                                                                                        
        Changes  in  operating  assets  and                                                                                  
          liabilities  (net  of  acquisitions):                                                                          
            Accounts  receivable                                                              355                    (1,542)
            Financing  receivables                                                            80                          (84)
            Inventory                                                                                (211)                        441  
            Accounts  payable                                                                    716                          611  
            Taxes  on  earnings                                                                    18                          937  
            Restructuring                                                                        (456)                      (260)
            Other  assets  and  liabilities                                      (1,102)                        488  
                                                                                          --------------    --------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                      2,701                      2,816  
                                                                                          --------------    --------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
        Investment  in  property,  plant  and                                                                              
          equipment                                                                                  (956)                      (919)
        Proceeds  from  sale  of  property,  plant                                                                      
          and  equipment                                                                            141                          146  
        Purchases  of  available-for-sale                                                                                  
          securities  and  other  investments                                      (79)                      (450)
        Maturities  and  sales  of  available-for-                                                                    
          sale  securities  and  other  investments                            123                          279  
        Payments  made  in  connection  with                                                                                
          business  acquisitions                                                            (29)                            -  
        Proceeds  from  business  diverstiture,  net                            6                              -  
                                                                                          --------------    --------------  
                Net  cash  used  in  investing                                                                                    
                  activities                                                                        (794)                      (944)
                                                                                          --------------    --------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
        Short-term  borrowings  with  original                                                                          
          maturities  less  than  90  days,  net                                      59                            16  
        Issuance  of  debt                                                                        272                            25  
        Payment  of  debt                                                                        (583)                  (2,248)
        Issuance  of  common  stock  under  employee                                                                  
          stock  plans                                                                                  54                              9  
        Repurchase  of  common  stock                                                  (750)                      (479)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                                  9                              1  
        Cash  dividends  paid                                                                (309)                      (284)
                                                                                          --------------    --------------  
                Net  cash  used  in  financing                                                                                    
                  activities                                                                    (1,248)                  (2,960)
                                                                                          --------------    --------------  
                                                                                                                                                        
Increase  (decrease)  in  cash  and  cash                                                                                
  equivalents                                                                                        659                    (1,088)
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                            14,474                    13,251  
                                                                                          --------------    --------------  
Cash  and  cash  equivalents  at  end  of  period      $              15,133    $              12,163  
                                                                                          ==============    ==============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                            CONSOLIDATED  CONDENSED  STATEMENTS  OF  CASH  FLOWS                              
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                        Twelve  months  ended  October  31,  
                                                                                      --------------------------------  
                                                                                                  2014                          2013            
                                                                                      ---------------    ---------------  
                                                                                          (Unaudited)                                        
Cash  flows  from  operating  activities:                                                                              
    Net  earnings                                                          $                  5,013    $                  5,113  
    Adjustments  to  reconcile  net  earnings  to                                                                    
      net  cash  provided  by  operating                                                                                      
      activities:                                                                                                                            
        Depreciation  and  amortization                                        4,334                        4,611  
        Stock-based  compensation  expense                                      560                            500  
        Provision  for  doubtful  accounts  and                                                                          
          inventory                                                                                  266                            336  
        Restructuring  charges                                                        1,619                            990  
        Deferred  taxes  on  earnings                                                  (34)                        (410)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                            (58)                            (2)
        Other,  net                                                                                    81                            443  
                                                                                                                                                        
        Changes  in  operating  assets  and                                                                                  
          liabilities  (net  of  acquisitions):                                                                          
            Accounts  receivable                                                        2,017                            530  
            Financing  receivables                                                        420                            484  
            Inventory                                                                              (580)                            (4)
            Accounts  payable                                                              1,912                            541  
            Taxes  on  earnings                                                                310                            417  
            Restructuring                                                                  (1,506)                        (904)
            Other  assets  and  liabilities                                    (2,021)                    (1,037)
                                                                                      ---------------    ---------------  
                Net  cash  provided  by  operating                                                                            
                  activities                                                                  12,333                      11,608  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
        Investment  in  property,  plant  and                                                                              
          equipment                                                                            (3,853)                    (3,199)
        Proceeds  from  sale  of  property,  plant                                                                      
          and  equipment                                                                          843                            653  
        Purchases  of  available-for-sale                                                                                  
          securities  and  other  investments                              (1,086)                    (1,243)
        Maturities  and  sales  of  available-for-                                                                    
          sale  securities  and  other  investments                      1,347                        1,153  
        Payments  made  in  connection  with                                                                                
          business  acquisitions                                                          (49)                        (167)
        Proceeds  from  business  diverstiture,                                                                        
          net                                                                                                  6                                -  
                                                                                      ---------------    ---------------  
                Net  cash  used  in  investing                                                                                    
                  activities                                                                  (2,792)                    (2,803)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
        Short-term  borrowings  with  original                                                                          
          maturities  less  than  90  days,  net                                  148                          (154)
        Issuance  of  debt                                                                  2,875                            279  
        Payment  of  debt                                                                  (6,037)                    (5,721)
        Issuance  of  common  stock  under                                                                                    
          employee  stock  plans                                                            297                            288  
        Repurchase  of  common  stock                                            (2,728)                    (1,532)
        Excess  tax  benefit  from  stock-based                                                                          
          compensation                                                                              58                                2  
        Cash  dividends  paid                                                          (1,184)                    (1,105)
                                                                                      ---------------    ---------------  
                Net  cash  used  in  financing                                                                                    
                  activities                                                                  (6,571)                    (7,943)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
Increase  in  cash  and  cash  equivalents                                2,970                            862  
Cash  and  cash  equivalents  at  beginning  of                                                                      
  period                                                                                          12,163                      11,301  
                                                                                      ---------------    ---------------  
Cash  and  cash  equivalents  at  end  of  period  $                15,133    $                12,163  
                                                                                      ===============    ===============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                                        SEGMENT  INFORMATION                                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                            Three  months  ended                        
                                                                      ----------------------------------------  
                                                                        October  31,        July  31,          October  31,  
                                                                              2014                    2014                    2013          
                                                                      ------------    ------------    ------------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                  $            8,948    $            8,649    $            8,604  
    Printing                                                                5,740                  5,590                  6,047  
                                                                      ------------    ------------    ------------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group                                              14,688                14,239                14,651  
    Enterprise  Group                                                7,270                  6,894                  7,575  
    Enterprise  Services                                          5,511                  5,590                  5,918  
    Software                                                                1,087                      959                  1,093  
    HP  Financial  Services                                          906                      855                      912  
    Corporate  Investments                                              5                          3                          5  
                                                                      ------------    ------------    ------------  
        Total  segments                                              29,467                28,540                30,154  
    Elimination  of  intersegment  net                                                                                      
      revenue  and  other                                          (1,061)                  (955)              (1,023)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
        Total  HP  consolidated  net                                                                                              
          revenue                                              $          28,406    $          27,585    $          29,131  
                                                                      ============    ============    ============  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                  $                355    $                346    $                265  
    Printing                                                                1,040                  1,026                  1,081  
                                                                      ------------    ------------    ------------  
        Total  Printing  and  Personal                                                                                          
          Systems  Group                                                1,395                  1,372                  1,346  
    Enterprise  Group                                                1,075                      966                  1,092  
    Enterprise  Services                                              374                      228                      255  
    Software                                                                    338                      203                      330  
    HP  Financial  Services                                          110                        79                      102  
    Corporate  Investments                                        (107)                  (115)                    (86)
                                                                      ------------    ------------    ------------  
        Total  segment  earnings  from                                                                                          
          operations                                                      3,185                  2,733                  3,039  
                                                                                                                                                        
    Corporate  and  unallocated  costs                                                                                      
      and  eliminations                                                (316)                  (265)                  (323)
    Stock-based  compensation  expense                  (128)                  (132)                  (102)
    Amortization  of  intangible                                                                                                
      assets                                                                    (226)                  (227)                  (317)
    Restructuring  charges                                        (604)                  (649)                  (371)
    Acquisition-related  charges                                (3)                      (2)                      (3)
    Interest  and  other,  net                                    (146)                  (145)                  (103)
                                                                      ------------    ------------    ------------  
                                                                                                                                                        
        Total  HP  consolidated  earnings                                                                                    
          before  taxes                                    $            1,762    $            1,313    $            1,820  
                                                                      ============    ============    ============  
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP          
          implemented  certain  organizational  changes  to  align  its  segment                
          financial  reporting  more  closely  with  its  current  business  structure.    
          These  organizational  changes  include  (i)  transferring  the  HP  Exstream    
          business  from  the  Commercial  Hardware  business  unit  within  the  Printing
          segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems
          trade  and  warranty  support  business  from  the  Technology  Services              
          business  unit  within  the  Enterprise  Group  segment  to  the  Other  business
          unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare  
          and  replacement  parts  business  supporting  the  Personal  Systems  and          
          Printing  segments  from  the  Technology  Services  business  unit  within  the
          Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal
          Systems  segment  and  the  Commercial  Hardware  business  unit  within  the      
          Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-      
          related  incubation  activities  previously  reported  in  Corporate  and          
          unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment  
          to  the  Corporate  Investments  segment.  In  addition,  HP  transferred            
          certain  intrasegment  eliminations  from  the  Enterprise  Services  segment  
          and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue          
          eliminations.                                                                                                                    
                                                                                                                                                        
          HP  reflected  these  changes  to  its  segment  information  in  prior                  
          reporting  periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  
          revenue  among  the  Personal  Systems,  Printing,  the  Enterprise  Group,        
          Enterprise  Services  and  Software  segments.  These  changes  also  resulted  
          in  the  transfer  of  operating  profit  among  the  Personal  Systems,                
          Printing,  the  Enterprise  Group,  Software  and  Corporate  Investments          
          segments.  These  changes  had  no  impact  on  HP's  previously  reported            
          consolidated  net  revenue,  earnings  from  operations,  net  earnings  or  net
          earnings  per  share.                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                                        SEGMENT  INFORMATION                                                          
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                        Twelve  months  ended  October  31,  
                                                                                      --------------------------------  
                                                                                                  2014                          2013            
                                                                                      ---------------    ---------------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Personal  Systems                                                  $                34,303    $                32,179  
    Printing                                                                                    22,979                      23,896  
                                                                                      ---------------    ---------------  
        Total  Printing  and  Personal  Systems                                                                          
          Group                                                                                    57,282                      56,075  
    Enterprise  Group                                                                    27,814                      28,081  
    Enterprise  Services                                                              22,398                      24,061  
    Software                                                                                      3,933                        4,021  
    HP  Financial  Services                                                            3,498                        3,629  
    Corporate  Investments                                                                302                              24  
                                                                                      ---------------    ---------------  
        Total  segments                                                                  115,227                    115,891  
    Elimination  of  intersegment  net  revenue                                                                      
      and  other                                                                                (3,773)                    (3,593)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Total  HP  consolidated  net  revenue            $              111,454    $              112,298  
                                                                                      ===============    ===============  
                                                                                                                                                        
Earnings  before  taxes:(a)                                                                                                      
                                                                                                                                                        
    Personal  Systems                                                  $                  1,270    $                      980  
    Printing                                                                                      4,185                        3,933  
                                                                                      ---------------    ---------------  
        Total  Printing  and  Personal  Systems                                                                          
          Group                                                                                      5,455                        4,913  
    Enterprise  Group                                                                      4,008                        4,259  
    Enterprise  Services                                                                    803                            679  
    Software                                                                                          872                            868  
    HP  Financial  Services                                                                389                            399  
    Corporate  Investments                                                              (199)                        (316)
                                                                                      ---------------    ---------------  
        Total  segment  earnings  from  operations                    11,328                      10,802  
                                                                                                                                                        
    Corporate  and  unallocated  costs  and                                                                              
      eliminations                                                                              (953)                        (786)
    Stock-based  compensation  expense                                        (560)                        (500)
    Amortization  of  intangible  assets                                  (1,000)                    (1,373)
    Restructuring  charges                                                          (1,619)                        (990)
    Acquisition-related  charges                                                    (11)                          (22)
    Interest  and  other,  net                                                          (628)                        (621)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Total  HP  consolidated  earnings  before                                                                      
          taxes                                                                  $                  6,557    $                  6,510  
                                                                                      ===============    ===============  
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP          
          implemented  certain  organizational  changes  to  align  its  segment                
          financial  reporting  more  closely  with  its  current  business  structure.    
          These  organizational  changes  include  (i)  transferring  the  HP  Exstream    
          business  from  the  Commercial  Hardware  business  unit  within  the  Printing
          segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems
          trade  and  warranty  support  business  from  the  Technology  Services              
          business  unit  within  the  Enterprise  Group  segment  to  the  Other  business
          unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare  
          and  replacement  parts  business  supporting  the  Personal  Systems  and          
          Printing  segments  from  the  Technology  Services  business  unit  within  the
          Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal
          Systems  segment  and  the  Commercial  Hardware  business  unit  within  the      
          Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-      
          related  incubation  activities  previously  reported  in  Corporate  and          
          unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment  
          to  the  Corporate  Investments  segment.  In  addition,  HP  transferred            
          certain  intrasegment  eliminations  from  the  Enterprise  Services  segment  
          and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue          
          eliminations.                                                                                                                    
                                                                                                                                                        
          HP  reflected  these  changes  to  its  segment  information  in  prior                  
          reporting  periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  
          revenue  among  the  Personal  Systems,  Printing,  the  Enterprise  Group,        
          Enterprise  Services  and  Software  segments.  These  changes  also  resulted  
          in  the  transfer  of  operating  profit  among  the  Personal  Systems,                
          Printing,  the  Enterprise  Group,  Software  and  Corporate  Investments          
          segments.  These  changes  had  no  impact  on  HP's  previously  reported            
          consolidated  net  revenue,  earnings  from  operations,  net  earnings  or  net
          earnings  per  share.                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                  HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                      
                                          SEGMENT/BUSINESS  UNIT  INFORMATION                                            
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                                                                      Change      
                                                                        Three  months  ended                            (%)          
                                                    -------------------------------------    ---------    
                                                    October  31,        July  31,      October  31,                          
                                                            2014                  2014                  2013          Q/Q      Y/Y    
                                                    -----------    -----------    -----------    ---      ---    
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal                                                                                                          
      Systems  Group                                                                                                                        
        Personal  Systems                                                                                                                
            Notebooks                      $          4,869    $          4,359    $          4,461      12%        9%  
            Desktops                                    3,185                3,395                3,273      (6%)    (3%)
            Workstations                                558                    579                    554      (4%)      1%  
            Other                                              336                    316                    316        6%        6%  
                                                    -----------    -----------    -----------                          
                Total  Personal                                                                                                            
                  Systems                                8,948                8,649                8,604        3%        4%  
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                    3,596                3,660                3,862      (2%)    (7%)
            Commercial  Hardware              1,567                1,401                1,554      12%        1%  
            Consumer  Hardware                      577                    529                    631        9%      (9%)
                                                    -----------    -----------    -----------                          
                Total  Printing                    5,740                5,590                6,047        3%      (5%)
                                                    -----------    -----------    -----------                          
                    Total  Printing                                                                                                        
                      and  Personal                                                                                                          
                      Systems  Group              14,688              14,239              14,651        3%        0%  
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard                                                                                                          
              Servers                                    3,370                3,097                3,451        9%      (2%)
            Technology  Services              2,115                2,096                2,182        1%      (3%)
            Storage                                          878                    796                    952      10%      (8%)
            Networking                                    669                    672                    656        0%        2%  
            Business  Critical                                                                                                          
              Systems                                        238                    233                    334        2%    (29%)
                                                    -----------    -----------    -----------                          
                Total  Enterprise                                                                                                        
                  Group                                    7,270                6,894                7,575        5%      (4%)
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure                                                                                                                
              Technology                                                                                                                      
              Outsourcing                            3,446                3,494                3,722      (1%)    (7%)
            Application  and                                                                                                              
              Business  Services                2,065                2,096                2,196      (1%)    (6%)
                                                    -----------    -----------    -----------                          
                Total  Enterprise                                                                                                        
                  Services                              5,511                5,590                5,918      (1%)    (7%)
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Software                                        1,087                    959                1,093      13%      (1%)
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        HP  Financial  Services                  906                    855                    912        6%      (1%)
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Corporate  Investments                      5                        3                        5      67%        0%  
                                                    -----------    -----------    -----------                          
                Total  segments                  29,467              28,540              30,154        3%      (2%)
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
        Elimination  of                                                                                                                    
          intersegment  net                                                                                                              
          revenue  and  other                  (1,061)                (955)            (1,023)    11%        4%  
                                                    -----------    -----------    -----------                          
                                                                                                                                                        
            Total  HP                                                                                                                            
              consolidated  net                                                                                                          
              revenue                        $        28,406    $        27,585    $        29,131        3%      (2%)
                                                    ===========    ===========    ===========                          
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP          
          implemented  certain  organizational  changes  to  align  its  segment                
          financial  reporting  more  closely  with  its  current  business  structure.    
          These  organizational  changes  include  (i)  transferring  the  HP  Exstream    
          business  from  the  Commercial  Hardware  business  unit  within  the  Printing
          segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems
          trade  and  warranty  support  business  from  the  Technology  Services              
          business  unit  within  the  Enterprise  Group  segment  to  the  Other  business
          unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare  
          and  replacement  parts  business  supporting  the  Personal  Systems  and          
          Printing  segments  from  the  Technology  Services  business  unit  within  the
          Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal
          Systems  segment  and  the  Commercial  Hardware  business  unit  within  the      
          Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-      
          related  incubation  activities  previously  reported  in  Corporate  and          
          unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment  
          to  the  Corporate  Investments  segment.  In  addition,  HP  transferred            
          certain  intrasegment  eliminations  from  the  Enterprise  Services  segment  
          and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue          
          eliminations.                                                                                                                    
                                                                                                                                                        
          HP  reflected  these  changes  to  its  segment  information  in  prior                  
          reporting  periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  
          revenue  among  the  Personal  Systems,  Printing,  the  Enterprise  Group,        
          Enterprise  Services  and  Software  segments.  These  changes  had  no  impact  
          on  HP's  previously  reported  consolidated  net  revenue,  earnings  from        
          operations,  net  earnings  or  net  earnings  per  share.                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                          SEGMENT/BUSINESS  UNIT  INFORMATION                                            
                                                                (Unaudited)                                                                  
                                                              (In  millions)                                                                
                                                                                                                                                        
                                                                                        Twelve  months  ended  October  31,  
                                                                                      --------------------------------  
                                                                                                  2014                          2013            
                                                                                      ---------------    ---------------  
Net  revenue:(a)                                                                                                                          
                                                                                                                                                        
    Printing  and  Personal  Systems  Group                                                                              
        Personal  Systems                                                                                                                
            Notebooks                                                        $                17,540    $                16,029  
            Desktops                                                                            13,197                      12,844  
            Workstations                                                                      2,218                        2,147  
            Other                                                                                    1,348                        1,159  
                                                                                      ---------------    ---------------  
                Total  Personal  Systems                                            34,303                      32,179  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Printing                                                                                                                                
            Supplies                                                                            14,917                      15,716  
            Commercial  Hardware                                                        5,717                        5,744  
            Consumer  Hardware                                                            2,345                        2,436  
                                                                                      ---------------    ---------------  
                Total  Printing                                                            22,979                      23,896  
                                                                                      ---------------    ---------------  
                    Total  Printing  and  Personal                                                                              
                      Systems  Group                                                        57,282                      56,075  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Enterprise  Group                                                                                                                
            Industry  Standard  Servers                                          12,474                      12,102  
            Technology  Services                                                        8,466                        8,788  
            Storage                                                                                3,316                        3,475  
            Networking                                                                          2,629                        2,526  
            Business  Critical  Systems                                                929                        1,190  
                                                                                      ---------------    ---------------  
                Total  Enterprise  Group                                            27,814                      28,081  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Enterprise  Services                                                                                                          
            Infrastructure  Technology                                                                                          
              Outsourcing                                                                    14,038                      15,223  
            Application  and  Business  Services                            8,360                        8,838  
                                                                                      ---------------    ---------------  
                Total  Enterprise  Services                                      22,398                      24,061  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Software                                                                                  3,933                        4,021  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        HP  Financial  Services                                                        3,498                        3,629  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Corporate  Investments                                                            302                              24  
                                                                                      ---------------    ---------------  
                Total  segments                                                          115,227                    115,891  
                                                                                      ---------------    ---------------  
                                                                                                                                                        
        Elimination  of  intersegment  net                                                                                  
          revenue  and  other                                                            (3,773)                    (3,593)
                                                                                      ---------------    ---------------  
                                                                                                                                                        
            Total  HP  consolidated  net  revenue        $              111,454    $              112,298  
                                                                                      ===============    ===============  
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP          
          implemented  certain  organizational  changes  to  align  its  segment                
          financial  reporting  more  closely  with  its  current  business  structure.    
          These  organizational  changes  include  (i)  transferring  the  HP  Exstream    
          business  from  the  Commercial  Hardware  business  unit  within  the  Printing
          segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems
          trade  and  warranty  support  business  from  the  Technology  Services              
          business  unit  within  the  Enterprise  Group  segment  to  the  Other  business
          unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare  
          and  replacement  parts  business  supporting  the  Personal  Systems  and          
          Printing  segments  from  the  Technology  Services  business  unit  within  the
          Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal
          Systems  segment  and  the  Commercial  Hardware  business  unit  within  the      
          Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-      
          related  incubation  activities  previously  reported  in  Corporate  and          
          unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment  
          to  the  Corporate  Investments  segment.  In  addition,  HP  transferred            
          certain  intrasegment  eliminations  from  the  Enterprise  Services  segment  
          and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue          
          eliminations.                                                                                                                    
                                                                                                                                                        
          HP  reflected  these  changes  to  its  segment  information  in  prior                  
          reporting  periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  
          revenue  among  the  Personal  Systems,  Printing,  the  Enterprise  Group,        
          Enterprise  Services  and  Software  segments.  These  changes  had  no  impact  
          on  HP's  previously  reported  consolidated  net  revenue,  earnings  from        
          operations,  net  earnings  or  net  earnings  per  share.                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                        SEGMENT  OPERATING  MARGIN  SUMMARY  DATA                                      
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                        Three                                                      
                                                                                        months            Change  in  Operating  
                                                                                        ended                    Margin  (pts)          
                                                                                  -----------    ----------------------
                                                                                  October  31,                                                
                                                                                          2014                  Q/Q                  Y/Y      
                                                                                  -----------    ----------    ----------
                                                                                                                                                        
Segment  operating  margin:(a)                                                                                                
    Personal  Systems                                                              4.0%        0.0  pts          0.9  pts
    Printing                                                                            18.1%      (0.3  pts)        0.2  pts
        Printing  and  Personal  Systems  Group                    9.5%      (0.1  pts)        0.3  pts
                                                                                                                                                        
    Enterprise  Group                                                            14.8%        0.8  pts          0.4  pts
    Enterprise  Services                                                        6.8%        2.7  pts          2.5  pts
    Software                                                                            31.1%        9.9  pts          0.9  pts
    HP  Financial  Services                                                  12.1%        2.9  pts          0.9  pts
    Corporate  Investments(b)                                                NM                    NM                    NM
        Total  segments                                                            10.8%        1.2  pts          0.7  pts
                                                                                                                                                        
(a)    Effective  at  the  beginning  of  its  first  quarter  of  fiscal  2014,  HP          
          implemented  certain  organizational  changes  to  align  its  segment                
          financial  reporting  more  closely  with  its  current  business  structure.    
          These  organizational  changes  include  (i)  transferring  the  HP  Exstream    
          business  from  the  Commercial  Hardware  business  unit  within  the  Printing
          segment  to  the  Software  segment;  (ii)  transferring  the  Personal  Systems
          trade  and  warranty  support  business  from  the  Technology  Services              
          business  unit  within  the  Enterprise  Group  segment  to  the  Other  business
          unit  within  the  Personal  Systems  segment;  (iii)  transferring  the  spare  
          and  replacement  parts  business  supporting  the  Personal  Systems  and          
          Printing  segments  from  the  Technology  Services  business  unit  within  the
          Enterprise  Group  segment  to  the  Other  business  unit  within  the  Personal
          Systems  segment  and  the  Commercial  Hardware  business  unit  within  the      
          Printing  segment,  respectively;  and  (iv)  transferring  certain  cloud-      
          related  incubation  activities  previously  reported  in  Corporate  and          
          unallocated  costs  and  eliminations  and  in  the  Enterprise  Group  segment  
          to  the  Corporate  Investments  segment.  In  addition,  HP  transferred            
          certain  intrasegment  eliminations  from  the  Enterprise  Services  segment  
          and  the  Enterprise  Group  segment  to  corporate  intersegment  revenue          
          eliminations.                                                                                                                    
                                                                                                                                                        
          HP  reflected  these  changes  to  its  segment  information  in  prior                  
          reporting  periods  on  an  as-if  basis,  which  resulted  in  the  transfer  of  
          revenue  among  the  Personal  Systems,  Printing,  the  Enterprise  Group,        
          Enterprise  Services  and  Software  segments.  These  changes  also  resulted  
          in  the  transfer  of  operating  profit  among  the  Personal  Systems,                
          Printing,  the  Enterprise  Group,  Software  and  Corporate  Investments          
          segments.  These  changes  had  no  impact  on  HP's  previously  reported            
          consolidated  net  revenue,  earnings  from  operations,  net  earnings  or  net
          earnings  per  share.                                                                                                        
                                                                                                                                                        
(b)    "NM"  represents  not  meaningful.                                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                CALCULATION  OF  DILUTED  NET  EARNINGS  PER  SHARE                              
                                                                  (Unaudited)                                                                
                                      (In  millions,  except  per  share  amounts)                                    
                                                                                                                                                        
                                                                                                Three  months  ended                    
                                                                            --------------------------------------
                                                                              October  31,      July  31,        October  31,
                                                                                    2014                  2014                  2013        
                                                                            ------------  ------------  ------------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings                                      $            1,330  $                985  $            1,414
                                                                            ============  ============  ============
    Non-GAAP  net  earnings                              $            2,014  $            1,698  $            1,959
                                                                            ============  ============  ============
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  shares  outstanding                                                                              
      during  the  reporting  period                              1,862                1,870                1,918
    Dilutive  effect  of  employee  stock                                                                                  
      plans(a)                                                                          34                      29                      22
                                                                            ------------  ------------  ------------
        Weighted-average  number  of  shares                                                                              
          used  to  compute  diluted  net                                                                                        
          earnings  per  share                                            1,896                1,899                1,940
                                                                            ============  ============  ============
                                                                                                                                                        
GAAP  diluted  net  earnings  per  share      $              0.70  $              0.52  $              0.73
                                                                            ============  ============  ============
Non-GAAP  diluted  net  earnings  per                                                                                      
  share                                                                $              1.06  $              0.89  $              1.01
                                                                            ============  ============  ============
                                                                                                                                                        
(a)    Includes  any  dilutive  effect  of  restricted  stock  units,  restricted          
          stock,  stock  options  and  performance-based  restricted  stock  units.          
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                    HEWLETT-PACKARD  COMPANY  AND  SUBSIDIARIES                                    
                                CALCULATION  OF  DILUTED  NET  EARNINGS  PER  SHARE                              
                                                                  (Unaudited)                                                                
                                      (In  millions,  except  per  share  amounts)                                    
                                                                                                                                                        
                                                                                          Twelve  months  ended  October  31,
                                                                                          -------------------------------
                                                                                                      2014                        2013          
                                                                                          ---------------  ---------------
                                                                                                                                                        
Numerator:                                                                                                                                    
    GAAP  net  earnings                                                    $                  5,013  $                  5,113
                                                                                          ===============  ===============
    Non-GAAP  net  earnings                                            $                  7,145  $                  6,938
                                                                                          ===============  ===============
                                                                                                                                                        
Denominator:                                                                                                                                
    Weighted-average  number  of  shares                                                                                  
      outstanding  during  the  reporting  period                          1,882                      1,934
    Dilutive  effect  of  employee  stock  plans(a)                            30                            16
                                                                                          ---------------  ---------------
        Weighted-average  number  of  shares  used                                                                    
          to  compute  diluted  net  earnings  per                                                                        
          share                                                                                          1,912                      1,950
                                                                                          ===============  ===============
                                                                                                                                                        
GAAP  diluted  net  earnings  per  share                    $                    2.62  $                    2.62
                                                                                          ===============  ===============
Non-GAAP  diluted  net  earnings  per  share            $                    3.74  $                    3.56
                                                                                          ===============  ===============
                                                                                                                                                        
(a)    Includes  any  dilutive  effect  of  restricted  stock  units,  restricted          
          stock,  stock  options  and  performance-based  restricted  stock  units.          
                                                                                                                                                        
                                                                                                                                                        
 

« Previous Page 1 | 2 | 3 | 4  Next Page »



Review Article Be the first to review this article



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise