HP Inc. Reports Fiscal 2023 Third Quarter Results

(a)   Effective first quarter of fiscal 2023, HP realigned the Personal Systems business units reporting structure into Commercial PS and Consumer PS to align with its customer market segmentation. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue and segment earnings from operation, consolidated net revenue, net earnings or net earnings per share (“EPS”).

(b)   Effective first quarter of fiscal 2023, in connection with organizational realignments, certain costs which were earlier reflected under “Corporate and unallocated cost and other”, have now been reclassified to the Personal Systems and Printing segments. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, net earnings or net EPS.

(c)   "NM" represents not meaningful.


 
HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
  Nine months ended  Change (%)
  July 31, 2023  July 31, 2022  Y/Y
Net revenue:     
Commercial PS$18,499  $22,600  (18)%
Consumer PS 7,787   11,171  (30)%
Personal Systems(a) 26,286   33,771  (22)%
Supplies 8,631   9,013  (4 )%
Commercial Printing   3,119       3,117     %
Consumer Printing   1,861       2,239     (17 )%
Printing   13,611       14,369     (5 )%
Corporate Investments (c)   5       1     NM
Total segment net revenue   39,902       48,141     (17 )%
Other (c)   (1 )     (5 )   NM
   Total net revenue $ 39,901     $ 48,136     (17 )%
           
Earnings before taxes: (b)          
Personal Systems $ 1,498     $ 2,332      
Printing   2,563       2,725      
Corporate Investments   (103 )     (184 )    
Total segment earnings from operations   3,958       4,873      
Corporate and unallocated cost and other   (279 )     (373 )    
Stock-based compensation expense   (353 )     (273 )    
Restructuring and other charges   (416 )     (148 )    
Acquisition and divestiture charges   (206 )     (84 )    
Amortization of intangible assets   (262 )     (154 )    
Russia exit charges         (23 )    
Interest and other, net   (357 )     (141 )    
   Total earnings before taxes $ 2,085     $ 3,677      
 

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