HP Inc. Reports Fiscal 2018 First Quarter Results

(In millions)
  Three months ended
  January 31, 2018  October 31, 2017  January 31, 2017
Net revenue:(a)     
Personal Systems$9,440  $9,067  $8,216 
Printing5,076  4,859  4,464 
Corporate Investments1  1  2 
Total segments14,517  13,927  12,682 
Other    2 
Total net revenue$14,517  $13,927  $12,684 
Earnings from operations before taxes:(a)     
Personal Systems$337  $341  $312 
Printing801  805  714 
Corporate Investments(19) (18) (23)
Total segment earnings from operations1,119  1,128  1,003 
Corporate and unallocated costs and other(23) (54) (25)
Stock-based compensation expense(85) (55) (75)
Restructuring and other charges(31) (113) (63)
Acquisition-related charges(42) (49) (16)
Amortization of intangible assets(20)    
Non-operating retirement-related credits56  34  32 
Defined benefit plan settlement charges(1) (1)  
Interest and other, net(68) (42) (81)
Total earnings before taxes from operations$905  $848  $775 

(a) Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of a portion of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

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