HP’s Profit Falls 91%, but It Beats Expectations



                                                                            
                  HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
  ADJUSTMENTS TO GAAP NET REVENUE, NET EARNINGS, EARNINGS FROM OPERATIONS,  
                  OPERATING MARGIN AND EARNINGS PER SHARE                   
                                (Unaudited)                                 
                   (In millions except per share amounts)                   
                                                                            
                                                                            
                            Twelve                    Twelve                
                            months                    months                
                            ended       Diluted       ended       Diluted   
                         October 31,    earnings   October 31,    earnings  
                             2011      per share       2010      per share  
                         -----------  -----------  -----------  ----------- 
                                                                            
GAAP net revenue         $   127,245               $   126,033              
                                                                            
Non GAAP adjustment:                                                        
  WebOS device contra                                                       
   revenue, net(a)               142                         -              
                         -----------               -----------              
Non GAAP net revenue     $   127,387               $   126,033              
                         ===========               ===========              
                                                                            
                                                                            
GAAP net earnings        $     7,074  $      3.32  $     8,761  $      3.69 
                                                                                                            
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      purchased  intangible                                                                                                          
      assets                                            1,607                  0.75                1,484                  0.63  
    Restructuring  charges                    645                  0.30                1,144                  0.48  
    Acquisition-related                                                                                                              
      charges  in  earnings                                                                                                            
      from  operations                              182                  0.09                    293                  0.12  
    Impairment  of  goodwill                                                                                                        
      and  purchased                                                                                                                        
      intangible  assets(b)                    885                  0.42                        -                        -  
    Wind  down  of  the  WebOS                                                                                                        
      device  business(c)                        755                  0.35                        -                        -  
    Acquisition-related                                                                                                              
      charges  in  interest                                                                                                            
      and  other,  net(d)                          276                  0.13                        -                        -  
    Adjustments  for  taxes              (1,045)              (0.48)                (816)              (0.34)
                                                  -----------    -----------    -----------    -----------  
Non-GAAP  net  earnings        $        10,379    $            4.88    $        10,866    $            4.58  
                                                  ===========    ===========    ===========    ===========  
                                                                                                                                                        
                                                                                                                                                        
GAAP  earnings  from                                                                                                                    
  operations                            $          9,677                              $        11,479                            
                                                                                                                                                        
Non-GAAP  adjustments:                                                                                                              
    Amortization  of                                                                                                                      
      purchased  intangible                                                                                                          
      assets                                            1,607                                          1,484                            
    Restructuring  charges                    645                                          1,144                            
    Acquisition-related                                                                                                              
      charges  in  earnings                                                                                                            
      from  operations                              182                                              293                            
    Impairment  of  goodwill                                                                                                        
      and  purchased                                                                                                                        
      intangible  assets(b)                    885                                                  -                            
    Wind  down  of  the  WebOS                                                                                                        
      device  business(c)                        755                                                  -                            
                                                  -----------                              -----------                            
Non-GAAP  earnings  from                                                                                                            
  operations                            $        13,751                              $        14,400                            
                                                  ===========                              ===========                            
                                                                                                                                                        
GAAP  operating  margin                            8%                                                9%                          
Non-GAAP  adjustments                              3%                                                2%                          
                                                  -----------                              -----------                            
                                                                                                                                                        
Non-GAAP  operating                                                                                                                    
  margin                                                      11%                                              11%                          
                                                  ===========                              ===========                            
                                                                                                                                                        
                                                                                                                                                        
(a)  Includes  contra  revenue  primarily  associated  with  sales  incentive              
        programs  to  wind  down  the  webOS  device  business,  net  of  current  quarter  
        webOS  device  revenue.                                                                                                      
                                                                                                                                                        
(b)  Includes  impairment  charges  to  goodwill  and  purchased  intangible  assets  
        associated  with  the  acquisition  of  Palm  Inc.  on  July  1,2010  recorded  as  
        a  result  of  the  decision  announced  on  August  18,2011  to  wind  down  the      
        webOS  device  business.                                                                                                    
                                                                                                                                                        
(c)  Includes  primarily  expenses  for  supplier-related  obligations  and  contra  
        revenue  associated  with  sales  incentive  programs  related  to  winding  down
        the  webOS  device  business.                                                                                            
                                                                                                                                                        
(d)  Includes  primarily  the  cost  of  the  British  pound  options  bought  to  limit
        foreign  exchange  rate  risk  in  connection  with  the  Autonomy  acquisition.  
                                                                                                                                                        
                                                                                                                                                        
 

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