Press Release: February 24, 2015

HP Reports Fiscal 2015 First Quarter Results

  • First quarter net revenue of $26.8 billion, down 5% from the prior-year period and
    down 2% on a constant currency basis
  • First quarter non-GAAP diluted net earnings per share of $0.92, up 2% from the prioryear
    period and within the previously provided outlook of $0.89 to $0.93 per share
  • First quarter GAAP diluted net earnings per share of $0.73, down 1% from the prioryear
    period and within the previously provided outlook of $0.72 to $0.76 per share
  • First quarter cash flow from operations of $744 million, down 75% from the prior-year
  • Returned $1.9 billion to shareholders in the form of share repurchases and dividends in
    the first quarter

The complete news release is available at:

Forward-looking statements
This news release 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, effective tax rates, net earnings, net earnings per share,
cash flows, benefit plan funding, share repurchases, currency exchange rates or other
financial items; any projections of the amount, timing or impact of cost savings or
restructuring charges; any statements of the plans, strategies and objectives of
management for future operations, including the previously announced separation
transaction and the future performances of the post-separation companies if the
separation is completed, as well as the execution of restructuring plans and any resulting
cost savings or revenue or profitability improvements; any statements concerning the
expected development, performance, market share or competitive performance relating
to products or services; any statements regarding current or future 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 or assumptions underlying any
of the foregoing.

Risks, uncertainties and assumptions include the need to address the many challenges
facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks
associated with executing HP’s strategy, including the planned separation transaction; the
impact of macroeconomic and geopolitical trends and events; the need to manage thirdparty
suppliers and the distribution of HP’s products and the delivery of HP’s services
effectively; the protection of HP’s intellectual property assets, including intellectual
property licensed from third parties; risks associated with HP’s international operations;
the development and transition of new products and services and the enhancement of
existing products and services to meet customer needs and respond to emerging
technological trends; the execution and performance of contracts by HP and its suppliers,
customers and partners; the hiring and retention of key employees; integration and other
risks associated with business combination and investment transactions; the execution,
timing and results of the separation transaction or restructuring plans, including
estimates and assumptions related to the cost (including any possible disruption of HP’s
business) and the anticipated benefits of implementing the separation transaction and
restructuring plans; 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, 2014, and HP’s other filings with the Securities and Exchange

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 reasonable, these amounts could differ materially from reported
amounts in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 31,
2015. HP assumes no obligation and does not intend to update these forward-looking

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