Communiqué de presse: 28. novembre 2008

HP Q4FY08 Earnings – Background for Media

Context amidst macro economic challenges:
• Diverse business mix
o Approximately one-third of our annual revenues and well over half of our profits come from recurring sources such as services and supplies.
o Broadest technology portfolio operating in more than 170 countries.
• Cost Structure
o In fiscal 2009, we expect to save more than $1 billion year over year through the previously announced initiatives relating to EDS and HP’s corporate overhead.
o We expect to tighten discretionary spending given the current economic climate.
• Execution
o IT Transformation – e.g. HP now runs the company on 75 percent fewer applications and 40 percent fewer servers.

Additional detail
• HP delivered 19 percent revenue growth, or $5.3 billion.
Year/Quarter Q1 Q2 Q3 Q4
2004 9% 12% 9% 8%
2005 10% 7% 10% 7%
2006 6% 5% 5% 7%
2007 11% 13% 16% 15%
2008 13% 11% 10% 19%

Use of non-GAAP financial information
To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides certain non-GAAP financial measures, including non-GAAP earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables that accompany HP’s Q408 earnings release, which is available on the HP Investor Relations website under “Company Information” at In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP management’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP management compensates for those limitations, and the substantive reasons why HP management believes that these non-GAAP measures provide useful information to investors is included under “Use of Non-GAAP Financial Measures” after those tables. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for GAAP earnings per share and other information prepared in accordance with GAAP.

Forward-looking statements
This document contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, earnings, tax provisions, cash flows, benefit obligations, share repurchases, acquisition synergies, currency exchange rates or other financial items; any statements of the plans, strategies, and objectives of management for future operations, including execution of cost reduction programs and restructuring and integration plans; any statements concerning the expected development, performance or market share relating to products or services; any statements regarding macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.


Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; execution and performance of contracts by HP and its suppliers, customers and partners; the challenge of managing asset levels, including inventory; the difficulty of aligning expense levels with revenue changes; assumptions related to pension and other post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring and integration plans; the possibility that the expected benefits of business combination transactions may not materialize as expected; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2007 and HP’s other filings with the Securities and Exchange Commission, including HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2008. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2008. In particular, determining HP’s actual tax balances and provisions as of October 31, 2008 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP’s Form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.

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