Hp Inc 10-Q for FY2023 Q3

Hp Inc (HPQ)

10-Q 2023-09-11 For: 2023-07-31

Added on April 09, 2026

About this 10-Q

Hp Inc filed this 10-Q on September 11, 2023, covering the quarter ended July 31, 2023 (FY2023 Q3).

Headline figures

Quarter ended July 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $13.2B; down 9.9% from $14.65B a year earlier
Net income: $766M; down 31.7% from net income of $1.12B a year earlier
Diluted EPS: $0.76; down 29.6% from $1.08 a year earlier

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(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
July 31, 2023
Or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number
1-4423


Delaware		94-1081436
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)
1501 Page Mill Road		94304
Palo Alto,	California	(Zip code)
(Address of principal executive offices)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	HPQ	New York Stock Exchange


		Page
Forward-Looking Statements		3
Part I. Financial Information
Item 1.	Financial Statements and Supplementary Data	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 4.	Controls and Procedures	57
Part II. Other Information
Item 1.	Legal Proceedings	58
Item 1A.	Risk Factors	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	59

Exhibit Index		60
Signature		68


			Page
Consolidated Condensed Statements of Earnings for the three and nine months ended July 3 1 , 2023 and 2022 (Unaudited)			5
Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended July 3 1 , 2023 and 2022 (Unaudited)			6
Consolidated Condensed Balance Sheets as of July 3 1 , 2023 and October 31, 2022 (Unaudited)			7
Consolidated Condensed Statements of Cash Flows for the ni ne months ended July 3 1 , 2023 and 2022 (Unaudited)			8
Consolidated Condensed Statements of Stockholders’ Deficit (Unaudited)			9
Notes to Consolidated Condensed Financial Statements (Unaudited)			10
Note 1: Basis of Presentation			10
Note 2: Segment Information			11
Note 3: Restructuring and Other Charges			14
Note 4: Retirement and Post-Retirement Benefit Plans			15
Note 5: Taxes on Earnings			17
Note 6: Supplementary Financial Information			18
Note 7: Fair Value			22
Note 8: Financial Instruments			24
Note 9: Borrowings			29
Note 10: Stockholders’ Deficit			30
Note 11: Net Earnings Per Share			33
Note 12: Litigation and Contingencies			33
Note 13: Guarantees, Indemnifications and Warranties			38
Note 14: Revision of Prior Period Financial Statements			39


	Three months ended July 31				Nine months ended July 31
	2023		2022		2023		2022
	In millions, except per share amounts
Net revenue	$	13,196	$	14,648	$	39,901	$	48,136
Costs and expenses:
Cost of revenue	10,374		11,764		31,378		38,564
Research and development	354		368		1,167		1,271
Selling, general and administrative	1,302		1,143		4,031		4,075
Restructuring and other charges	75		13		416		148
Acquisition and divestiture charges	48		31		205		83
Amortization of intangible assets	91		50		262		154
Russia exit charges	—		23		—		23
Total costs and expenses	12,244		13,392		37,459		44,318
Earnings from operations	952		1,256		2,442		3,818
Interest and other, net	(16)		(70)		(357)		(141)
Earnings before taxes	936		1,186		2,085		3,677
(Provision for) benefit from taxes	(170)		(64)		204		(522)
Net earnings	$	766	$	1,122	$	2,289	$	3,155

Net earnings per share:
Basic	$	0.77	$	1.10	$	2.31	$	3.00
Diluted	$	0.76	$	1.08	$	2.29	$	2.97

Weighted-average shares used to compute net earnings per share:
Basic	993		1,024		991		1,052
Diluted	1,002		1,035		999		1,064


	As of
	July 31, 2023		October 31, 2022
	In millions, except par value
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	1,718	$	3,145
Accounts receivable, net of allowance for credit losses of $91 and $107, respectively	4,367		4,546
Inventory	7,197		7,614
Other current assets	4,181		4,431
Total current assets	17,463		19,736
Property, plant and equipment, net	2,783		2,774
Goodwill	8,614		8,541
Other non-current assets	7,772		7,443
Total assets	$	36,632	$	38,494
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Notes payable and short-term borrowings	$	443	$	218
Accounts payable	14,123		15,303
Other current liabilities	10,624		10,668
Total current liabilities	25,190		26,189
Long-term debt	9,236		10,796
Other non-current liabilities	4,451		4,534
Stockholders’ deficit:
Preferred stock, $0.01 par value (300 shares authorized; none issued)	—		—
Common stock, $0.01 par value (9,600 shares authorized; 988 and 980 shares issued and outstanding at July 31, 2023 and October 31, 2022, respectively)	10		10
Additional paid-in capital	1,435		1,172
Accumulated deficit	(3,336)		(4,492)
Accumulated other comprehensive (loss) income	(354)		285
Total stockholders’ deficit	(2,245)		(3,025)
Total liabilities and stockholders’ deficit	$	36,632	$	38,494


	Common Stock			Additional Paid-in Capital				Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Deficit
	Number of Shares	Par Value				Accumulated Deficit
	In millions, except number of shares in thousands
Balance at April 30, 2022	1,033,392	$	10	$	1,081	$	(3,399)	$	348	$	(1,960)
Net earnings						1,122				1,122
Other comprehensive loss, net of taxes								(110)		(110)
Comprehensive income										1,012
Issuance of common stock in connection with employee stock plans and other	1,068			9						9
Repurchases of common stock (Note 10)	(28,522)			(30)		(971)				(1,001)
Cash dividends ($0.50 per common share)						(506)				(506)
Stock-based compensation expense				70						70

Balance at July 31, 2022	1,005,938	$	10	$	1,130	$	(3,754)	$	238	$	(2,376)

Balance at April 30, 2023	985,876	$	10	$	1,344	$	(3,579)	$	(368)	$	(2,593)
Net earnings						766				766
Other comprehensive income, net of taxes								14		14
Comprehensive income										780
Issuance of common stock in connection with employee stock plans and other	2,344			—						—

Cash dividends ($0.52 per common share)						(523)				(523)
Stock-based compensation expense				91						91

Balance at July 31, 2023	988,220	$	10	$	1,435	$	(3,336)	$	(354)	$	(2,245)

	Common Stock			Additional Paid-in Capital				Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Deficit
	Number of Shares	Par Value				Accumulated Deficit
	In millions, except number of shares in thousands
Balance at October 31, 2021	1,092,205	$	11	$	1,060	$	(2,470)	$	(245)	$	(1,644)
Net earnings						3,155				3,155
Other comprehensive income, net of taxes								483		483
Comprehensive income										3,638
Issuance of common stock in connection with employee stock plans and other	11,452			(104)						(104)
Repurchases of common stock (Note 10)	(97,719)	(1)		(99)		(3,399)				(3,499)
Cash dividends ($1.00 per common share)						(1,040)				(1,040)
Stock-based compensation expense				273						273

Balance at July 31, 2022	1,005,938	$	10	$	1,130	$	(3,754)	$	238	$	(2,376)

Balance at October 31, 2022	979,869	$	10	$	1,172	$	(4,492)	$	285	$	(3,025)
Net earnings						2,289				2,289
Other comprehensive loss, net of taxes								(639)		(639)
Comprehensive income										1,650
Issuance of common stock in connection with employee stock plans and other	11,975			(86)						(86)
Repurchases of common stock (Note 10)	(3,624)			(4)		(96)				(100)
Cash dividends ($1.05 per common share)						(1,037)				(1,037)
Stock-based compensation expense				353						353

Balance at July 31, 2023	988,220	$	10	$	1,435	$	(3,336)	$	(354)	$	(2,245)


	Fiscal 2023 Plan
	Severance and EER			Non-labor		Other prior-year plans(1)		Total
	In millions
Accrued balance as of October 31, 2022	$	—		$	—	$	32	$	32
Charges	318			38		3		359
Cash payments	(135)			(15)		(37)		(187)
Non-cash and other adjustments	(141)		(2)	(5)		3		(143)
Accrued balance as of July 31, 2023	$	42		$	18	$	1	$	61
Total costs incurred to date as of July 31, 2023	$	318		$	38	$	868	$	1,224

Reflected in Consolidated Condensed Balance Sheets
Other current liabilities	$	42		$	6	$	1	$	49
Other non-current liabilities	$	—		$	12	$	—	$	12


Accrued balance as of October 31, 2021	$	—		$	—	$	90	$	90
Charges	—			—		136		136
Cash payments	—			—		(170)		(170)
Non-cash and other adjustments	—			—		(36)		(36)
Accrued balance as of July 31, 2022	$	—		$	—	$	20	$	20


	Three months ended July 31
	U.S. Defined Benefit Plans				Non-U.S. Defined Benefit Plans				Post-Retirement Benefit Plans
	2023		2022		2023		2022		2023		2022
	In millions
Service cost	$	—	$	—	$	10	$	14	$	1	$	1
Interest cost	54		41		10		5		4		2
Expected return on plan assets	(65)		(72)		(13)		(12)		(4)		(2)
Amortization and deferrals:
Actuarial loss (gain)	4		1		1		9		(4)		(4)
Prior service cost (credit)	—		—		1		1		(2)		(2)
Net periodic benefit (credit) cost	(7)		(30)		9		17		(5)		(5)

Settlement gain	—		—		—		(1)		—		—

Total periodic benefit (credit) cost	$	(7)	$	(30)	$	9	$	16	$	(5)	$	(5)

	Nine months ended July 31
	U.S. Defined Benefit Plans				Non-U.S. Defined Benefit Plans				Post- Retirement Benefit Plans
	2023		2022		2023		2022		2023		2022
	In millions
Service cost	$	—	$	—	$	30	$	42	$	1	$	1
Interest cost	163		121		30		16		11		6
Expected return on plan assets	(194)		(221)		(39)		(37)		(10)		(6)
Amortization and deferrals:
Actuarial loss (gain)	13		4		3		28		(12)		(12)
Prior service cost (credit)	—		—		4		4		(8)		(8)
Net periodic benefit (credit) cost	(18)		(96)		28		53		(18)		(19)

Settlement gain	—		—		—		(1)		—		—
Special termination benefit cost	105		—		—		—		34		—
Total periodic benefit (credit) cost	$	87	$	(96)	$	28	$	52	$	16	$	(19)


	Nine months ended July 31, 2023
	In millions
Balance at beginning of period	$	107
Benefit of allowance for credit losses	(7)
Deductions, net of recoveries	(9)
Balance at end of period	$	91


	As of July 31, 2023								As of October 31, 2022
	Fair Value Measured Using								Fair Value Measured Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	In millions
Assets:
Cash Equivalents:
Corporate debt	$	—	$	460	$	—	$	460	$	—	$	904	$	—	$	904

Government debt(1)	362		—		—		362		1,289		—		—		1,289
Available-for-Sale Investments:

Financial institution instruments	—		3		—		3		—		5		—		5

Marketable securities and mutual funds	28		48		—		76		17		41		—		58
Derivative Instruments:

Foreign currency contracts	—		248		—		248		—		1,088		—		1,088
Other derivatives	—		6		—		6		—		2		—		2
Total assets	$	390	$	765	$	—	$	1,155	$	1,306	$	2,040	$	—	$	3,346
Liabilities:
Derivative Instruments:
Interest rate contracts	$	—	$	63	$	—	$	63	$	—	$	78	$	—	$	78
Foreign currency contracts	—		341		—		341		—		295		—		295
Other derivatives	—		—		—		—		—		1		—		1
Total liabilities	$	—	$	404	$	—	$	404	$	—	$	374	$	—	$	374


	As of July 31, 2023								As of October 31, 2022
	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	In millions
Cash Equivalents:
Corporate debt	$	460	$	—	$	—	$	460	$	904	$	—	$	—	$	904

Government debt	362		—		—		362		1,289		—		—		1,289
Total cash equivalents	822		—		—		822		2,193		—		—		2,193
Available-for-Sale Investments:

Financial institution instruments	3		—		—		3		5		—		—		5

Marketable securities and mutual funds	41		35		—		76		50		8		—		58
Total available-for-sale investments	44		35		—		79		55		8		—		63
Total cash equivalents and available-for-sale investments	$	866	$	35	$	—	$	901	$	2,248	$	8	$	—	$	2,256


	As of July 31, 2023
	Amortized Cost		Fair Value
	In millions
Due in one year	$	3	$	3


	As of July 31, 2023										As of October 31, 2022
	Outstanding Gross Notional		Other Current Assets		Other Non-Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Outstanding Gross Notional		Other Current Assets		Other Non-Current Assets		Other Current Liabilities		Other Non-Current Liabilities
	In millions
Derivatives designated as hedging instruments
Fair value hedges:
Interest rate contracts	$	750	$	—	$	—	$	—	$	63	$	750	$	—	$	—	$	—	$	78
Cash flow hedges:
Foreign currency contracts	15,492		208		31		251		75		16,014		820		256		206		72

Total derivatives designated as hedging instruments	16,242		208		31		251		138		16,764		820		256		206		150
Derivatives not designated as hedging instruments
Foreign currency contracts	4,309		9		—		15		—		4,554		12		—		17		—
Other derivatives	137		6		—		—		—		122		2		—		1		—
Total derivatives not designated as hedging instruments	4,446		15		—		15		—		4,676		14		—		18		—
Total derivatives	$	20,688	$	223	$	31	$	266	$	138	$	21,440	$	834	$	256	$	224	$	150


	Three months ended July 31				Nine months ended July 31
	2023		2022		2023		2022
	In millions
Net revenue:
Commercial PS	$	6,201	$	6,956	$	18,499	$	22,600
Consumer PS	2,731		3,117		7,787		11,171
Personal Systems	8,932		10,073		26,286		33,771
Supplies	2,768		2,814		8,631		9,013
Commercial Printing	974		1,036		3,119		3,117
Consumer Printing	521		725		1,861		2,239
Printing	4,263		4,575		13,611		14,369
Corporate Investments	1		—		5		1
Total segment net revenue	13,196		14,648		39,902		48,141
Other	—		—		(1)		(5)
Total net revenue	$	13,196	$	14,648	$	39,901	$	48,136

Earnings before taxes:
Personal Systems	$	592	$	673	$	1,498	$	2,331
Printing	794		904		2,563		2,725
Corporate Investments	(32)		(58)		(103)		(184)
Total segment earnings from operations	1,354		1,519		3,958		4,872
Corporate and unallocated costs and other	(97)		(76)		(279)		(373)
Stock-based compensation expense	(91)		(70)		(353)		(273)
Restructuring and other charges	(75)		(13)		(416)		(148)
Acquisition and divestiture charges	(48)		(31)		(206)		(83)
Amortization of intangible assets	(91)		(50)		(262)		(154)

Russia exit charges	—		(23)		—		(23)
Interest and other, net	(16)		(70)		(357)		(141)
Total earnings before taxes	$	936	$	1,186	$	2,085	$	3,677


	As of
	July 31, 2023		October 31, 2022
	In millions
Finished goods	$	4,171	$	4,885
Purchased parts and fabricated assemblies	3,026		2,729
	$	7,197	$	7,614


	As of
	July 31, 2023		October 31, 2022
	In millions
Land, buildings and leasehold improvements	$	2,305	$	2,255
Machinery and equipment, including equipment held for lease	5,385		5,337
	7,690		7,592
Accumulated depreciation	(4,907)		(4,818)
	$	2,783	$	2,774


	As of
	July 31, 2023		October 31, 2022
	In millions
Deferred tax assets	$	3,054	$	2,167
Intangible assets	1,690		1,933
Right-of-use assets	1,171		1,236
Prepaid pension and post-retirement benefit assets	559		642
Deposits and prepaids	470		474
Other	828		991
	$	7,772	$	7,443


	In the Consolidated Condensed Balance Sheets
	(i)		(ii)		(iii) = (i)–(ii)		(iv)		(v)			(vi) = (iii)–(iv)–(v)
							Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented		Derivatives		Financial Collateral			Net Amount
	In millions
As of July 31, 2023
Derivative assets	$	254	$	—	$	254	$	222	$	31	(1)	$	1
Derivative liabilities	$	404	$	—	$	404	$	222	$	149	(2)	$	33
As of October 31, 2022
Derivative assets	$	1,090	$	—	$	1,090	$	290	$	616	(1)	$	184
Derivative liabilities	$	374	$	—	$	374	$	290	$	86	(2)	$	(2)


Derivative Instrument	Hedged Item	Location	Year	Total amounts of income/(expense) line items in the statement of financial performance in which the effects of fair value hedges are recorded		Gain/(loss) recognized in earnings on derivative instruments		Gain/(loss) recognized in earnings on hedged item
				In millions
Three months ended July 31
Interest rate contract	Fixed-rate debt	Interest and other, net	2023	$	(16)	$	(6)	$	6
			2022	$	(70)	$	8	$	(8)
Nine months ended July 31
Interest rate contract	Fixed-rate debt	Interest and other, net	2023	$	(357)	$	15	$	(15)
			2022	$	(141)	$	(34)	$	34


	Total amounts of income/(expense) line items in the statement of financial performance in which the effects of cash flow hedges are recorded								Gain/(loss) reclassified from Accumulated other comprehensive (loss) income into earnings
	Three months ended July 31				Nine months ended July 31				Three months ended July 31				Nine months ended July 31
	2023		2022		2023		2022		2023		2022		2023		2022
	In millions
Net revenue	$	13,196	$	14,648	$	39,901	$	48,136	$	(37)	$	349	$	240	$	548
Cost of revenue	(10,374)		(11,764)		(31,378)		(38,564)		(33)		(23)		(142)		(58)
Other operating expenses	(1,870)		(1,628)		(6,081)		(5,754)		(1)		(1)		(3)		—
Interest and other, net	(16)		(70)		(357)		(141)		3		2		9		1
Total									$	(68)	$	327	$	104	$	491


	As of July 31, 2023				As of October 31, 2022
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions
Commercial Paper	$	200	5.5	%	$	—	—	%
Current portion of long-term debt	178		6.1	%	165		5.4	%
Notes payable to banks, lines of credit and other	65		1.4	%	53		0.6	%
	$	443			$	218


	Nine months ended July 31, 2023
	Net unrealized gains (losses) on available-for-sale debt securities		Net unrealized gains (losses) on cash flow hedges		Unrealized components of defined benefit plans		Change in cumulative translation adjustment		Accumulated other comprehensive income (loss)
	In millions
Balance at beginning of period	$	6	$	648	$	(323)	$	(46)	$	285
Other comprehensive gain (loss) before reclassifications	4		(613)		4		48		(557)
Reclassifications of gain into earnings	—		(82)		—		—		(82)

Balance at end of period	$	10	$	(47)	$	(319)	$	2	$	(354)


	For the three months ended January 31, 2023						For the three months ended January 31, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	13,828	$	(30)	$	13,798	$	17,028	$	(15)	$	17,013

Cost of revenue	$	11,019	$	(8)	$	11,011	$	13,643	$	(21)	$	13,622
Research and development	$	403	$	—	$	403	$	418	$	60	$	478





Total costs and expenses	$	13,063	$	(8)	$	13,055	$	15,669	$	39	$	15,708
Earnings from operations	$	765	$	(22)	$	743	$	1,359	$	(54)	$	1,305
Interest and other, net	$	(181)	$	—	$	(181)	$	(32)	$	2	$	(30)
Earnings before taxes	$	584	$	(22)	$	562	$	1,327	$	(52)	$	1,275
Provision for taxes	$	(97)	$	4	$	(93)	$	(241)	$	18	$	(223)
Net earnings	$	487	$	(18)	$	469	$	1,086	$	(34)	$	1,052

Basic earnings per share	$	0.49	$	(0.02)	$	0.47	$	1.00	$	(0.03)	$	0.97
Diluted earnings per share	$	0.49	$	(0.02)	$	0.47	$	0.99	$	(0.03)	$	0.96


	For the three months ended April 30, 2023						For the six months ended April 30, 2023
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	12,913	$	(6)	$	12,907	$	26,741	$	(36)	$	26,705

Cost of revenue	$	9,984	$	9	$	9,993	$	21,003	$	1	$	21,004






Total costs and expenses	$	12,151	$	9	$	12,160	$	25,214	$	1	$	25,215
Earnings from operations	$	762	$	(15)	$	747	$	1,527	$	(37)	$	1,490

Earnings before taxes	$	602	$	(15)	$	587	$	1,186	$	(37)	$	1,149
Benefit from taxes	$	464	$	3	$	467	$	367	$	7	$	374
Net earnings	$	1,066	$	(12)	$	1,054	$	1,553	$	(30)	$	1,523

Basic earnings per share	$	1.08	$	(0.02)	$	1.06	$	1.57	$	(0.03)	$	1.54
Diluted earnings per share	$	1.07	$	(0.01)	$	1.06	$	1.56	$	(0.03)	$	1.53


	For the three months ended April 30, 2022						For the six months ended April 30, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	16,490	$	(15)	$	16,475	$	33,518	$	(30)	$	33,488

Cost of revenue	$	13,157	$	21	$	13,178	$	26,800	$	—	$	26,800
Research and development	$	425	$	—	$	425	$	843	$	60	$	903

Restructuring and other charges	$	82	$	(15)	$	67	$	150	$	(15)	$	135



Total costs and expenses	$	15,212	$	6	$	15,218	$	30,881	$	45	$	30,926
Earnings from operations	$	1,278	$	(21)	$	1,257	$	2,637	$	(75)	$	2,562
Interest and other, net	$	(39)	$	(2)	$	(41)	$	(71)	$	—	$	(71)
Earnings before taxes	$	1,239	$	(23)	$	1,216	$	2,566	$	(75)	$	2,491
Provision for taxes	$	(239)	$	4	$	(235)	$	(480)	$	22	$	(458)
Net earnings	$	1,000	$	(19)	$	981	$	2,086	$	(53)	$	2,033

Basic earnings per share	$	0.95	$	(0.02)	$	0.93	$	1.96	$	(0.05)	$	1.91
Diluted earnings per share	$	0.94	$	(0.02)	$	0.92	$	1.94	$	(0.05)	$	1.89


	For the three months ended July 31, 2022						For the nine months ended July 31, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	14,664	$	(16)	$	14,648	$	48,182	$	(46)	$	48,136

Research and development	$	368	$	—	$	368	$	1,211	$	60	$	1,271

Restructuring and other charges	$	13	$	—	$	13	$	163	$	(15)	$	148



Total costs and expenses	$	13,392	$	—	$	13,392	$	44,273	$	45	$	44,318
Earnings from operations	$	1,272	$	(16)	$	1,256	$	3,909	$	(91)	$	3,818

Earnings before taxes	$	1,202	$	(16)	$	1,186	$	3,768	$	(91)	$	3,677
Provision for taxes	$	(83)	$	19	$	(64)	$	(563)	$	41	$	(522)
Net earnings	$	1,119	$	3	$	1,122	$	3,205	$	(50)	$	3,155

Basic earnings per share	$	1.09	$	0.01	$	1.10	$	3.05	$	(0.05)	$	3.00
Diluted earnings per share	$	1.08	$	—	$	1.08	$	3.01	$	(0.04)	$	2.97


	For the fiscal years ended October 31
	2022
	As reported		Adjustment		As revised
	In millions

Inventory	$	7,595	$	19	$	7,614
Other current assets	$	4,515	$	(84)	$	4,431
Total current assets	$	19,801	$	(65)	$	19,736
Other non-current assets	$	7,471	$	(28)	$	7,443
Total assets	$	38,587	$	(93)	$	38,494
Accounts payable	$	15,284	$	19	$	15,303
Other current liabilities	$	10,651	$	17	$	10,668
Total current liabilities	$	26,153	$	36	$	26,189
Other non-current liabilities	$	4,556	$	(22)	$	4,534
Accumulated deficit	$	(4,413)	$	(79)	$	(4,492)
Accumulated other comprehensive income	$	313	$	(28)	$	285
Total stockholders’ deficit	$	(2,918)	$	(107)	$	(3,025)
Total liabilities and stockholders’ deficit	$	38,587	$	(93)	$	38,494


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs
	In thousands, except per share amounts
May 2023	—	$	—	—	2,034,564
June 2023	—	$	—	—	2,034,564
July 2023	—	$	—	—	2,034,564
Total	—			—


			HP INC.
			/s/ MARIE MYERS
			Marie Myers Chief Financial Officer (Principal Financial Officer and Authorized Signatory)


						/s/ ENRIQUE LORES
						Enrique Lores President and Chief Executive Officer