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News Release

HP Inc. Reports Fiscal 2023 Full Year and Fourth Quarter Results

PALO ALTO, Calif., Nov. 21, 2023 - (GLOBE NEWSWIRE) – HP (NYSE: HPQ)
• Fiscal 2023 GAAP diluted net earnings per share ("EPS") of $3.26, above the previously provided outlook of
$2.95 to $3.07 per share
• Fiscal 2023 non-GAAP diluted net EPS of $3.28, within the previously provided outlook of $3.23 to $3.35 per
share
• Fiscal 2023 net revenue of $53.7 billion, down 14.6% from the prior-year period
• Fiscal 2023 net cash provided by operating activities of $3.6 billion, free cash flow of $3.1 billion
• Fiscal 2023 returned $1.1 billion to shareholders in the form of dividends and share repurchases
• Fiscal 2023 retired $1.6 billion in long term debt
• Fourth quarter GAAP diluted net EPS was $0.97, above the previously provided outlook of $0.65 to $0.77
per share
• Fourth quarter non-GAAP diluted net EPS of $0.90, within the previously provided outlook of $0.85 to $0.97
• per share
Fourth quarter net revenue of $13.8 billion, down 6.5% from the prior-year period
• Fourth quarter net cash provided by operating activities of $2.0 billion, free cash flow of $1.9 billion
• Fourth quarter returned $0.3 billion to shareholders in the form of dividends

HP Inc.'s fiscal 2023 full-year and fourth quarter financial performance

FY23 FY22 Y/Y Q4 FY23 Q4 FY22 Y/Y
GAAP net revenue ($B) $ 53.7 $ 62.9 (14.6)% $ 13.8 $ 14.8 (6.5)%
GAAP operating margin 6.4 % 7.2 % (0.8) pts 7.3% 5.0% 2.3 pts
GAAP net earnings ($B) $ 3.3 $ 3.1 4% $ 1.0 $ — NM
GAAP diluted net EPS $ 3.26 $ 2.98 9% $ 0.97 $ (0.02) NM
Non-GAAP operating margin 8.5 % 8.5 % 0.0 pts 9.0 % 7.6 % 1.4 pts
Non-GAAP net earnings ($B) $ 3.3 $ 4.2 (22)% $ 0.9 $ 0.8 8%
Non-GAAP diluted net EPS $ 3.28 $ 3.98 (18)% $ 0.90 $ 0.82 10 %
Net cash provided by operating $ 3.6 $ 4.5 $ 2.0 $ 1.9
(20)% 4%
activities ($B)
Free cash flow ($B) $ 3.1 $ 3.9 (20)% $ 1.9 $ 1.8 3%
Notes

Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.
 HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)

Three months ended

October 31, 2023 July 31, 2023 October 31, 2022
Net revenue $ 13,817 $ 13,196 $ 14,774
Costs and expenses:
Cost of revenue 10,832 10,374 12,083
Research and development 411 354 382
Selling, general and administrative 1,327 1,302 1,189
Restructuring and other charges 111 75 70
Acquisition and divestiture charges 34 48 235
Amortization of intangible assets 88 91 74
Total costs and expenses 12,803 12,244 14,033
Earnings from operations 1,014 952 741
Interest and other, net (162) (16) (94)
Earnings before taxes 852 936 647
Benefit from (provision for) taxes 122 (170) (670)
Net earnings (loss) $ 974 $ 766 $ (23)

Net earnings (loss) per share:

Basic $ 0.98 $ 0.77 $ (0.02)
Diluted $ 0.97 $ 0.76 $ (0.02)

Cash dividends declared per share $ — $ 0.52 $ —

Weighted-average shares used to compute net earnings (loss)

per share:
Basic 994 993 998
Diluted 1,004 1,002 1,009
As previously disclosed, HP revised its prior period financial statements for the quarterly and annual periods of fiscal
2021, 2022 and the first two quarters of fiscal 2023, for an accounting correction related to a revenue contract in the
Personal Systems segment. The impact of these revisions were not material to HP’s previously filed financial
statements. See HP’s Form 10-K/A for the fiscal 2022 and Form 10-Q for the third quarter of fiscal 2023 filed with
Securities and Exchange Commission (“SEC”) for detailed information.
 HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)

Twelve months ended

October 31, 2023 October 31, 2022
Net revenue $ 53,718 $ 62,910
Costs and expenses:
Cost of revenue 42,210 50,647
Research and development 1,578 1,653
Selling, general and administrative 5,357 5,264
Restructuring and other charges 527 218
Acquisition and divestiture charges 240 318
Amortization of intangible assets 350 228
Russia exit charges — 23
Total costs and expenses 50,262 58,351
Earnings from operations 3,456 4,559
Interest and other, net (519) (235)
Earnings before taxes 2,937 4,324
Benefit from (provision for) taxes 326 (1,192)
Net earnings $ 3,263 $ 3,132

Net earnings per share:

Basic $ 3.29 $ 3.02
Diluted $ 3.26 $ 2.98

Cash dividends declared per share $ 1.05 $ 1.00

Weighted-average shares used to compute net earnings per share:

Basic 992 1,038
Diluted 1,000 1,050
 HP INC. 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 months ended

October 31, 2023 July 31, 2023 October 31, 2022
Diluted Diluted Diluted
net net net (loss)
Amounts Amounts Amounts
earnings earnings earnings
per share per share per share

GAAP net earnings (loss) $ 974 $ 0.97 $ 766 $ 0.76 $ (23) $ (0.02)
Non-GAAP adjustments:
Restructuring and other charges 111 0.11 75 0.07 70 0.07
Acquisition and divestiture charges 34 0.03 48 0.05 235 0.23
Amortization of intangible assets 88 0.09 91 0.09 74 0.07
Debt extinguishment benefit — — (115) (0.11) — —
Non-operating retirement-related
(11) (0.01) (12) (0.01) (35) (0.03)
credits
Tax adjustments(a) (294) (0.29) 6 0.01 511 0.50
Non-GAAP net earnings $ 902 $ 0.90 $ 859 $ 0.86 $ 832 $ 0.82

GAAP earnings from operations $ 1,014 $ 952 $ 741

Non-GAAP adjustments:
Restructuring and other charges 111 75 70
Acquisition and divestiture charges 34 48 235
Amortization of intangible assets 88 91 74
Non-GAAP earnings from operations $ 1,247 $ 1,166 $ 1,120

GAAP operating margin 7.3 % 7.2 % 5.0 %

Non-GAAP adjustments 1.7 % 1.6 % 2.6 %
Non-GAAP operating margin 9.0 % 8.8 % 7.6 %

(a) Includes tax impact on non-GAAP adjustments.

 HP INC. 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)

Twelve months ended

October 31, 2023 October 31, 2022
Diluted Diluted
Amounts net earnings Amounts net earnings
per share per share
GAAP net earnings $ 3,263 $ 3.26 $ 3,132 $ 2.98
Non-GAAP adjustments:
Restructuring and other charges 527 0.53 218 0.21
Acquisition and divestiture charges 240 0.24 318 0.30
Amortization of intangible assets 350 0.35 228 0.22
Russia exit charges — — 23 0.02
Debt extinguishment benefit (107) (0.11) — —
Non-operating retirement-related credits (46) (0.05) (138) (0.13)
Tax adjustments(a) (950) (0.94) 396 0.38
Non-GAAP net earnings $ 3,277 $ 3.28 $ 4,177 $ 3.98

GAAP earnings from operations $ 3,456 $ 4,559

Non-GAAP adjustments:
Restructuring and other charges 527 218
Acquisition and divestiture charges 240 318
Amortization of intangible assets 350 228
Russia exit charges — 23
Non-GAAP earnings from operations $ 4,573 $ 5,346

GAAP operating margin 6.4 % 7.2 %

Non-GAAP adjustments 2.1 % 1.3 %
Non-GAAP operating margin 8.5 % 8.5 %

(a) Includes tax impact on non-GAAP adjustments.