HP Inc. today announced Hewlett-Packard Company financial results for fiscal 2015 and the fourth quarter ended October 31, 2015. These results include Hewlett Packard Enterprise Company ("Hewlett Packard Enterprise"), Hewlett-Packard Company's former enterprise technology infrastructure, software, services and financing businesses, which separated from Hewlett-Packard Company on November 1, 2015. In connection with this separation, Hewlett-Packard Company changed its name to HP Inc. effective as of October 31, 2015. Accordingly, references to "HP" in this news release refer to Hewlett-Packard Company with respect to events occurring on or prior to October 31, 2015, and to HP Inc. with respect to events occurring after October 31, 2015.
- Fiscal 2015 net revenue of $103.4 billion, down 7% from the prior-year period and down 2% on a constant currency basis
- Fiscal 2015 non-GAAP diluted net earnings per share of $3.59, within the previously provided outlook of $3.59 to $3.65 per share
- Fiscal 2015 GAAP diluted net earnings per share of $2.48, above the previously provided outlook of $1.87 to $1.93 per share
- Fiscal 2015 cash flow from operations of $6.5 billion, down 47% from the prior-year period
- Returned $4.1 billion to shareholders in the form of share repurchases and dividends in fiscal 2015, which was in excess of 100% of fiscal 2015 free cash flow
- Fourth quarter net revenue of $25.7 billion, down 9% from the prior-year period and down 3% on a constant currency basis
- Fourth quarter non-GAAP diluted net earnings per share of $0.93, within the previously provided outlook of $0.92 to $0.98 per share
- Fourth quarter GAAP diluted net earnings per share of $0.73, above the previously provided outlook of $0.12 to $0.18 per share
- Fourth quarter cash flow from operations of $2.6 billion, down 3% from the prior-year period
- Returned $0.6 billion to shareholders in the form of share repurchases and dividends in the fourth quarter
- Operating company net cash of $3.1 billion, a sequential improvement of $1.2 billion
HP fiscal 2015 full-year and fourth quarter financial performance
FY15 FY14 Y/Y Q4 FY15 Q4 FY14 Y/Y
GAAP net revenue ($B) $103.4 $111.5 (7%) $25.7 $28.4 (9%)
GAAP operating margin 5.3% 6.4% (1.1 pts.) 3.4% 6.7% (3.3 pts.)
GAAP net earnings ($B) $4.6 $5.0 (9%) $1.3 $1.3 (1%)
GAAP diluted net
earnings per share $2.48 $2.62 (5%) $0.73 $0.70 4%
Non-GAAP operating
margin 8.8% 8.8% 0.0 pts. 9.1% 9.6% (0.5 pts.)
Non-GAAP net earnings
($B) $6.6 $7.1 (8%) $1.7 $2.0 (16%)
Non-GAAP diluted net
earnings per share $3.59 $3.74 (4%) $0.93 $1.06 (12%)
Cash flow from
operations ($B) $6.5 $12.3 (47%) $2.6 $2.7 (3%)
Information about HP's use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.
Fiscal 2015 net revenue of $103.4 billion was down 7% from the prior-year period and down 2% on a constant currency basis.
Fiscal 2015 GAAP diluted net earnings per share (EPS) was $2.48, down from $2.62 in the prior-year period and above the previously provided outlook of $1.87 to $1.93 per share. Fiscal 2015 non-GAAP diluted net EPS was $3.59, down from $3.74 in the prior-year period and within the previously provided outlook of $3.59 to $3.65 per share. Fiscal 2015 non-GAAP net earnings and non-GAAP diluted net EPS exclude (i) net income tax benefits of $0.8 billion and $0.44 per diluted share, respectively, related to one-time, non-cash entries comprised of a number of different tax items, including the reversal of a previously recorded US tax valuation allowance and (ii) after-tax costs of $2.8 billion and $1.55 per diluted share, respectively, related primarily to separation costs, restructuring charges and the amortization of intangible assets.
