2018 Q1 Form 10-Q Financial Statement

#000004721718000008 Filed on March 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $14.52B $12.68B
YoY Change 14.45% 3.58%
Cost Of Revenue $11.94B $10.44B
YoY Change 14.36% 4.77%
Gross Profit $2.582B $2.248B
YoY Change 14.86% -1.62%
Gross Profit Margin 17.79% 17.72%
Selling, General & Admin $1.229B $1.017B
YoY Change 20.85% -1.93%
% of Gross Profit 47.6% 45.24%
Research & Development $347.0M $296.0M
YoY Change 17.23% 1.37%
% of Gross Profit 13.44% 13.17%
Depreciation & Amortization $129.0M $84.00M
YoY Change 53.57% 6.33%
% of Gross Profit 5.0% 3.74%
Operating Expenses $1.576B $1.313B
YoY Change 20.03% -1.2%
Operating Profit $913.0M $856.0M
YoY Change 6.66% -7.76%
Interest Expense -$115.0M $1.000M
YoY Change -11600.0% -92.31%
% of Operating Profit -12.6% 0.12%
Other Income/Expense, Net -$8.000M -$81.00M
YoY Change -90.12% -13.83%
Pretax Income $905.0M $775.0M
YoY Change 16.77% -7.07%
Income Tax -$1.033B $164.0M
% Of Pretax Income -114.14% 21.16%
Net Earnings $1.938B $611.0M
YoY Change 217.18% 3.21%
Net Earnings / Revenue 13.35% 4.82%
Basic Earnings Per Share $1.17 $0.36
Diluted Earnings Per Share $1.16 $0.36
COMMON SHARES
Basic Shares Outstanding 1.650B shares 1.704B shares
Diluted Shares Outstanding 1.669B shares 1.721B shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.741B $6.331B
YoY Change 6.48% 71.66%
Cash & Equivalents $5.475B $6.331B
Short-Term Investments $1.266B
Other Short-Term Assets $5.691B $3.411B
YoY Change 66.84% 158.61%
Inventory $5.655B $4.555B
Prepaid Expenses
Receivables $4.396B $3.478B
Other Receivables $3.312B $2.503B
Total Short-Term Assets $21.22B $17.78B
YoY Change 19.36% 17.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.026B $1.730B
YoY Change 17.11% 13.15%
Goodwill $5.935B $5.622B
YoY Change 5.57%
Intangibles
YoY Change
Long-Term Investments $39.00M
YoY Change
Other Assets $6.067B $3.065B
YoY Change 97.94% 41.64%
Total Long-Term Assets $14.03B $10.42B
YoY Change 34.66% 0.53%
TOTAL ASSETS
Total Short-Term Assets $21.22B $17.78B
Total Long-Term Assets $14.03B $10.42B
Total Assets $35.25B $28.19B
YoY Change 25.02% 10.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.85B $10.95B
YoY Change 17.32% 21.13%
Accrued Expenses $7.108B $6.121B
YoY Change 16.12% -5.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.003B $32.00M
YoY Change 3034.38% 10.34%
Long-Term Debt Due $526.0M $68.00M
YoY Change 673.53% 240.0%
Total Short-Term Liabilities $23.35B $18.59B
YoY Change 25.62% 10.89%
LONG-TERM LIABILITIES
Long-Term Debt $6.340B $6.688B
YoY Change -5.2% 0.07%
Other Long-Term Liabilities $8.298B $7.244B
YoY Change 14.55% 44.74%
Total Long-Term Liabilities $8.298B $7.244B
YoY Change 14.55% -38.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.35B $18.59B
Total Long-Term Liabilities $8.298B $7.244B
Total Liabilities $31.65B $25.83B
YoY Change 22.52% -15.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.346B -$3.339B
YoY Change -59.69%
Common Stock $417.0M $664.0M
YoY Change -37.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.742B -$4.327B
YoY Change
Total Liabilities & Shareholders Equity $35.25B $28.19B
YoY Change 25.02% 10.48%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $1.938B $611.0M
YoY Change 217.18% 3.21%
Depreciation, Depletion And Amortization $129.0M $84.00M
YoY Change 53.57% 6.33%
Cash From Operating Activities $996.0M $767.0M
YoY Change 29.86% -851.96%
INVESTING ACTIVITIES
Capital Expenditures -$129.0M -$101.0M
YoY Change 27.72% -15.83%
Acquisitions $1.020B $0.00
YoY Change
Other Investing Activities -$1.594B $15.00M
YoY Change -10726.67% 66.67%
Cash From Investing Activities -$1.723B -$86.00M
YoY Change 1903.49% -22.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $462.0M $386.0M
YoY Change 19.69% -51.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$795.0M -$638.0M
YoY Change 24.61% -95.29%
NET CHANGE
Cash From Operating Activities $996.0M $767.0M
Cash From Investing Activities -$1.723B -$86.00M
Cash From Financing Activities -$795.0M -$638.0M
Net Change In Cash -$1.522B $43.00M
YoY Change -3639.53% -100.31%
FREE CASH FLOW
Cash From Operating Activities $996.0M $767.0M
Capital Expenditures -$129.0M -$101.0M
Free Cash Flow $1.125B $868.0M
YoY Change 29.61% 4722.22%

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3000000 USD
CY2018Q1 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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118000000 USD
CY2017Q1 us-gaap Research And Development Expense
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CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2018Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
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CY2017Q1 us-gaap Restructuring Charges
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CY2016Q4 us-gaap Restructuring Reserve
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58000000 USD
CY2018Q1 us-gaap Restructuring Charges
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18000000 USD
CY2018Q1 us-gaap Share Based Compensation
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85000000 USD
CY2018Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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2000000 USD
CY2018Q1 us-gaap Restructuring Reserve Current
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40000000 USD
CY2018Q1 us-gaap Restructuring Reserve Noncurrent
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1000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q1 us-gaap Revenues
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CY2018Q1 us-gaap Revenues
Revenues
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CY2017Q1 us-gaap Selling General And Administrative Expense
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CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2017Q1 us-gaap Share Based Compensation
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CY2017Q1 us-gaap Restructuring Reserve
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54000000 USD
CY2017Q4 us-gaap Restructuring Reserve
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CY2018Q1 us-gaap Restructuring Reserve
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41000000 USD
CY2017Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
1000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
11156000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
30000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
10000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18067000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
96000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
13
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
122000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
14628000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
13
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y10M24D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y3M18D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y9M18D
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2018Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2000000000 USD
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Shares
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27000000 shares
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
20000000 shares
CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-2742000000 USD
CY2018Q1 us-gaap Treasury Stock Shares Retired
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80000000 shares
CY2018Q1 us-gaap Unrecognized Tax Benefits
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9800000000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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-1000000000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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3400000000 USD
CY2017Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
857000000 USD
CY2018Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
867000000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1721000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1669000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1704000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1650000000 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. HP reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting changes had no impact on previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share (&#8220;EPS&#8221;). See Note 2, &#8220;Segment Information&#8221;, for a further discussion of HP&#8217;s segment and business unit realignments.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in HP&#8217;s Consolidated Condensed Financial Statements and accompanying notes. Actual results could differ materially from those estimates.</font></div></div>

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