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详细说明：惠普财年2019 Q1 分析报告， 很详尽的数据分析。其中，包括笔记本、台式机业务在内的惠普个人系统集团第一财季营收为96.57亿美元，较去年同期的94.40亿美元增长2%，上一财季为100.64亿美元；运营利润率为4.2%。
在个人系统集团内部，笔记本业务营收为59.19亿美元，比去年同期的55.95亿美元增长6%；台式机业务营收为28.57亿美元，比去年同期的29.55亿美元下滑3%；工作站业务营收为5.62亿美元，比去年同期的5.43亿美元增长3%；其他业务的营收为3.19亿美元，比去年同期的3.47亿美元下滑8%。
商业部门营收同比增长3%，个人消费者部门营收同比增长1%。Use of non-gaaP financial information
HP has included non-GAAP financial measures in this presentation to supplement HP's consolidated financial statements presented on a GAAP basis. Definitions of these non-GAAP
financial measures and reconciliations of these non GAAP financial measures to the most directly comparable GAAP financial measures are included elsewhere in this presentation
HP's management uses net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings, and
non-GAAP diluted net earnings per share to evaluate and forecast HP's performance before gains, losses or other charges that are considered by HP's management to be outside of
HP's core business segment operating results. Gross cash, net cash(debt), and free cash flow are liquidity measures that provide useful information to management about the
amount of cash available for investment in HP's businesses, funding acquisitions, repurchasing stock and other purposes. Net cash (debt) provides useful information to
management about the state of HP's consolidated balance sheet
These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HPs results
as reported under GAAP. For example, items such as amortization of intangible assets, though not directly affecting HPs cash position, represent the loss in value of intangible
assets over time. The expense associated with this change in value is not included in non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings, and non-GAAP diluted
net earnings per share and therefore does not reflect the full economic effect of the change in value of those intangible assets. In addition, items such as restructuring and other
charges, acquisition-related charges, non-operating retirement-related credits/(charges), defined benefit plan settlement charges, tax adjustments, and the related tax impact on
these items that are excluded from non-GAAP total operating expense, non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings and non - GAaP diluted net earnings
per share can have a material impact on the equivalent GAAP earnings financial measures and cash flow. HP may not be able to immediately liquidate the short-term and long-term
investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure. In addition, free cash flow, which includes net capital expenditures, does not
represent the total increase or decrease in cash for the period. The non-GAAP financial information that we provide also may differ from the non-GAAP information provided by
other companies
We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financial statements and using non-GAAP financial measures
only supplementally. We also provide robust and detailed reconciliations of each non-GAAP financial measure to the most directly comparable gAAP measure, and we encourage
investors to review those reconciliations carefully
We believe that providing these non-GAAP financial measures in addition to the related gAaP measures provides investors with greater transparency to the information used by
P's management in its financial and operational decision-making and allows investors to see HP's results "through the eyes "of management. We further believe that providing
this information better enables investors to understand HP's operating performance and financial condition and to evaluate the efficacy of the methodology and information used
by HP's management to evaluate and measure such performance and financial condition
Hp'sInvestorRelationswebsiteathttp://www.investor.hp.comcontainsasignificantamountofinformationaboutHp,includingfinancialandotherinformationforinvestors.hp
encourages investors to visit its website from time to time, as information is updated and new information is posted
Q1 FY19 highlights
Net revenue of $14.7 billion, up 1% from the prior-year period
and up 2% in constant currency
Non-GAAP2 diluted net earnings per share of $0.52, within the
previously provided outlook of $0.50 to $0.53 per share
gaaP diluted net earnings per share of $o51, above the
previously provided outlook of $0.46 to $0.49 per share
Free cash flow of $673 million, 3
Returned $969 million to shareholders in the form of share
repurchases and dividends
1. Adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly average exchange rates from the comparative period and excluding any hedging impact recognized in the current period
2. A reconciliation of specific adjustments to GAAP results for the current and prior periods is included on slide 13 and in the GAAP to non-GAAP slides that appear as part of the supplemental slides of this presentation. A description of HP's use of non-GAAP
information is provided on slide 3 under"Use of non-GAAP financial information
9 3. Free cash flow includes net cash provided by operations of $862 million less net investments in and proceeds from sales of property, plant and equipment of $189 milLion
Q1 FY19 results overview
S in millions
Q1 Net
Growth
Growth
Non-GAAP
Non-GAAP
Non-GAAP
Non-GAAP
revenue
/y%
OP S
OP
OP
OP
of rev
s y/y
of rev y/y
Printing
$5,056
(0.4)%
(0.7)%
821
16.2%
$22
0.5 pts
Personal Systems
9,657
2.3%
3.5%
$410
4.2%
$75
0. 7 pts
Corp investments /other
($3)
n
nm
($211
nm
($83)
nm
Total HP
$14,710
1.3%
20%$1,020
69%
$14
0.0 pts
1. CC= constant currency, adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly average exchange rates from the comparative period and excluding any hedging impact
recognized in the current period
2. Not meaningful
3. A reconciliation of specific adjustments to GAAPresults for the current period is included on slide 13 and in the GAAP to non-GAAP slides that appear as part of the supplemental slides of this presentation. A description of HP's use of non-GAAP information
is provided on slide 3 under "Use of non-GAAP financial information
Q1 FY19 mix by segment and region
Net revenue
Non-GAAP operating profit
By key segment and business unit
By key segment
Net revenue by region
Workstations and other
Personal systems
Print-Supplies
6%
22%
Desktops
$1.2 billion
20%
147m
Printing
16.2%
Americas
67%of total OP margin
EMEA
APJ
Commercial
billion
41%36%23
7%
US:33%
Personal Systems.2%
Canada /LA: 8%
Notebooks
↓3%y/y
合3%yy
合8%y/y
40%
33% of total OP margin
Print-Consumer4 HW
↓2%CC5
合2%CC
合11%CC5
5%
Non-US net revenue=67% of total net revenue
Personal Systems=66%
Printing =34%
1. Revenue mix calculated based on total segment revenue, which does not include corporate investments and other
2. A reconciliation of specific adjustments to GAAP results for the current period is included on slide 13 and in the GAAP to non- GAAP slides that appear as part of the supplemental slides of this presentation. A description of HP's use of non-GAAP information is
provided on slide 3 under "Use of non-GAAP financial information
3. Operating profit mix calculated based on total segment operating profit, which does not include corporate investments and other
4. Commercial hardware includes Office Printing Solutions including Samsung-branded commercial products and OEM hardware, Graphics Solutions and 3D Printing, excluding supplies, Consumer hardware includes Home Printing Solutions including Samsung
branded consumer products, excluding supplies
5. CC=constant currency, adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly average exchange rates from the comparative period and excluding any hedging impact
recognized in the current period
Revenue and non-gAaP diluted net eps performance
Revenue(billions)
Non -GAAP diluted net EPS
$18
0.60
Revenue
Non-GAAP diluted net EpS
054
$052
$052
$16
048
$048
050
044
$14
$0430
$040
038
040
$12
030
10
$127
$124
$131
$139
$145
$140
$146
$154
$147
0.20
1017
2Q17
3Q17
4Q17
1018
2Q18
3Q18
4Q18
1019
1. A reconciliation of specific adjustments to GAAP results for the current period is included on slide 13 and in the GAAP to non-GAAP slides that appear as part of the supplemental slides of this presentation. A description of HP's use of non-GAAP information is
provided on side 3 under "Use of non-GAAP financial information
Revenue growth
y/y growth (%)
15%
14.5%
13.1%
11.7%
11.7%
10.9%
12.8%
10.3%
10%
11.3
7.2%
9.8%
9.9%
8.8%
9.4%
4.9%
5%
6.9%
2.0%
3.6%
0%
1.3%
1017
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
o Revenue growth in constant currency
Revenue growth as reported
1. Adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly average exchange rates from the comparative period and excluding any hedging impact recognized in the current period
Regional revenue trends
y/y revenue growth
y/y revenue growth in constant currency%T
Americas
5%
15%
United
(including U.S.
10%
10%
States
7
7
5%
5%
0%
6
B
(5%)
55
(10%)
(10
5%
ilo101720173017401710182018301840181019% growth
illions10172Q173017401710182Q18301840181019% growth
EMEA
$7
25%
20%
Asia
Pacific
$6
15%
10
10%
3
5%
5
5%
0%
(5
(5%
(10%)
billions101720173017401710182018301840181019% growt
billions101720173017401710182018301840181019% growth
1. Adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly average exchange rates from the comparative period and excluding any hedging impact recognized in the current period
Personal systems
Q1 FY19
Revenue
Operating profit
Continued revenue growth y/y across consumer and commercial, with a focus on
innovation and strategic growth areas
9.705410
Key
Consistent and strong operational execution
million messages. Innovation: Numerous CES product launches across modern lifestyles, modern
workplace and gaming
t 2%y/y t 3%CC 4.2% of revenue
Revenue breakdown
Revenue and op trend
Key metrics
In billions
Total units down 3%y/y
5120
6%
5100
5%
Notebooks revenue up 6%y/y,
$8.0
units down 1% y/y
$6.0
3%8
Desktops revenue down 3% y/y,
units down 8%y/
$40
2%
Notebooks
61%
$20
1%
Commercial revenue up 3%y/y
■ Deskto
30%
Workstations
6%
0.0
0%
Consumer revenue up 1% yly
Othe
3%
1. Cc= constant currency, adjusted to exclude the effect of foreign currency exchange Fluctuations calculated by translating current period revenues
using monthly average exchange rates from the comparative period and excluding any hedging impact recognized in the current period
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