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.
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HP Reports Fiscal 2014 Full-Year and Fourth Quarter Results
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