HP Inc. Reports Fiscal 2021 Second Quarter Results

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Reports on Form 10-Q for the fiscal quarters ended April 30, 2021 and July 31, 2021, Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted.  The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

(In millions, except per share amounts)

  Three months ended
  April 30, 2021  January 31, 2021  April 30, 2020
Net revenue$15,877  $15,646  $12,469 
Costs and expenses:        
Cost of revenue12,437  12,322  9,976 
Research and development514  471  338 
Selling, general and administrative1,483  1,376  1,216 
Restructuring and other charges39  121  81 
Acquisition-related charges10  6  3 
Amortization of intangible assets32  29  29 
Total costs and expenses14,515  14,325  11,643 
Earnings from operations1,362  1,321  826 
Interest and other, net(26)  (25)      
Earnings before taxes 1,336     1,296     826  
Provision for taxes (108)     (228)     (62)  
Net earnings $ 1,228     $ 1,068     $ 764  
Net earnings per share:                
Basic $ 1.00     $ 0.83     $ 0.53  
Diluted $ 0.98     $ 0.83     $ 0.53  
Cash dividends declared per share $     $ 0.39     $  
Weighted-average shares used to compute net earnings per share:                
Basic 1,234     1,285     1,435  
Diluted 1,247     1,293     1,440  

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