Exhibit 99.1
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions except per share amounts)
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| Three months ended |
| Twelve months |
| Three months ended |
| Twelve months |
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|
| January 31, |
| April 30, |
| July 31, |
| October 31, |
| October 31, |
| January 31, |
| April 30, |
| July 31, |
| October 31, |
| October 31, |
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Net Revenue |
| $ | 17,877 |
| $ | 17,983 |
| $ | 17,348 |
| $ | 19,853 |
| $ | 73,061 |
| $ | 19,514 |
| $ | 20,113 |
| $ | 18,889 |
| $ | 21,389 |
| $ | 79,905 |
|
Cost of sales (1) |
| 13,269 |
| 13,240 |
| 12,945 |
| 14,939 |
| 54,393 |
| 14,691 |
| 15,182 |
| 14,545 |
| 16,393 |
| 60,811 |
| ||||||||||
Research and development (1) |
| 917 |
| 950 |
| 904 |
| 915 |
| 3,686 |
| 889 |
| 924 |
| 877 |
| 873 |
| 3,563 |
| ||||||||||
Selling, general and administrative (1) |
| 2,588 |
| 2,649 |
| 2,641 |
| 2,564 |
| 10,442 |
| 2,578 |
| 2,665 |
| 2,621 |
| 2,632 |
| 10,496 |
| ||||||||||
Amortization of purchased intangible assets |
| 138 |
| 141 |
| 141 |
| 143 |
| 563 |
| 144 |
| 148 |
| 146 |
| 165 |
| 603 |
| ||||||||||
Restructuring charges |
| — |
| 234 |
| 376 |
| 190 |
| 800 |
| 54 |
| 38 |
| 9 |
| 13 |
| 114 |
| ||||||||||
Acquisition-related charges |
| 86 |
| 126 |
| 40 |
| 28 |
| 280 |
| 15 |
| 9 |
| 6 |
| 24 |
| 54 |
| ||||||||||
In-process research and development charges |
| — |
| — |
| — |
| 1 |
| 1 |
| — |
| 9 |
| 28 |
| — |
| 37 |
| ||||||||||
Total costs and expenses |
| 16,998 |
| 17,340 |
| 17,047 |
| 18,780 |
| 70,165 |
| 18,371 |
| 18,975 |
| 18,232 |
| 20,100 |
| 75,678 |
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Earnings from operations |
| 879 |
| 643 |
| 301 |
| 1,073 |
| 2,896 |
| 1,143 |
| 1,138 |
| 657 |
| 1,289 |
| 4,227 |
| ||||||||||
Operating margin % |
| 4.9 | % | 3.6 | % | 1.7 | % | 5.4 | % | 4.0 | % | 5.9 | % | 5.7 | % | 3.5 | % | 6.0 | % | 5.3 | % | ||||||||||
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Interest and other, net |
| 51 |
| (20 | ) | 10 |
| (20 | ) | 21 |
| 11 |
| 2 |
| 20 |
| 2 |
| 35 |
| ||||||||||
Gains (losses) on investments |
| (5 | ) | (12 | ) | (24 | ) | 12 |
| (29 | ) | 9 |
| (5 | ) | 1 |
| (1 | ) | 4 |
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Dispute settlement |
| — |
| — |
| — |
| — |
| — |
| — |
| (70 | ) | — |
| — |
| (70 | ) | ||||||||||
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Earnings before taxes |
| 925 |
| 611 |
| 287 |
| 1,065 |
| 2,888 |
| 1,163 |
| 1,065 |
| 678 |
| 1,290 |
| 4,196 |
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Provision for (benefit from) taxes |
| 204 |
| (48 | ) | (10 | ) | 203 |
| 349 |
| 227 |
| 181 |
| 92 |
| 199 |
| 699 |
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Net earnings |
| $ | 721 |
| $ | 659 |
| $ | 297 |
| $ | 862 |
| $ | 2,539 |
| $ | 936 |
| $ | 884 |
| $ | 586 |
| $ | 1,091 |
| $ | 3,497 |
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Net earnings per share: |
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Basic |
| $ | 0.24 |
| $ | 0.22 |
| $ | 0.10 |
| $ | 0.28 |
| $ | 0.83 |
| $ | 0.31 |
| $ | 0.29 |
| $ | 0.19 |
| $ | 0.37 |
| $ | 1.16 |
|
Diluted |
| $ | 0.24 |
| $ | 0.22 |
| $ | 0.10 |
| $ | 0.28 |
| $ | 0.83 |
| $ | 0.30 |
| $ | 0.29 |
| $ | 0.19 |
| $ | 0.37 |
| $ | 1.15 |
|
(1) Reflects the reclassification of certain information technology (“IT”) infrastructure costs from selling, general and administrative expenses to cost of sales and research and development expenses as system improvements have allowed for the better alignment of these costs to the functional areas they support.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
|
| Three months ended |
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| Twelve months ended |
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| January 31, 2003 |
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| April 30, |
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| July 31, |
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| October 31, |
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| October 31, |
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Net revenue: (1) |
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Imaging and Printing |
| $ | 5,598 |
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| $ | 5,512 |
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| $ | 5,226 |
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| $ | 6,233 |
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| $ | 22,569 |
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Personal Systems |
| 5,142 |
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| 5,127 |
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| 4,955 |
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| 5,986 |
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| 21,210 |
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Imaging and Personal Systems Group |
| 10,740 |
|
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| 10,639 |
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| 10,181 |
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| 12,219 |
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| 43,779 |
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Enterprise Storage and Servers |
| 3,540 |
|
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| 3,667 |
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| 3,502 |
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| 3,831 |
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| 14,540 |
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Software |
| 184 |
|
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| 182 |
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| 192 |
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| 223 |
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| 781 |
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HP Services |
| 2,982 |
|
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| 3,054 |
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| 3,108 |
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| 3,258 |
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| 12,402 |
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Technology Solutions Group |
| 6,706 |
|
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| 6,903 |
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| 6,802 |
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| 7,312 |
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| 27,723 |
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Financing |
| 517 |
|
|
| 501 |
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| 442 |
|
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| 461 |
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| 1,921 |
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Corporate Investments |
| 77 |
|
|
| 84 |
|
|
| 88 |
|
|
| 96 |
|
|
| 345 |
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Total segments |
| 18,040 |
|
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| 18,127 |
|
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| 17,513 |
|
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| 20,088 |
|
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| 73,768 |
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Eliminations of intersegment net revenue and other |
| (163 | ) |
|
| (144 | ) |
|
| (165 | ) |
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| (235 | ) |
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| (707 | ) |
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Total HP Consolidated |
| $ | 17,877 |
|
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| $ | 17,983 |
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| $ | 17,348 |
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| $ | 19,853 |
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| $ | 73,061 |
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Earnings from operations: (1) |
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| Op | % |
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| Op | % |
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| Op | % |
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| Op | % |
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| Op | % | |||||
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Imaging and Printing |
| $ | 910 |
| 16.3 | % | $ | 924 |
| 16.8 | % | $ | 744 |
| 14.2 | % | $ | 1,013 |
| 16.3 | % | $ | 3,591 |
| 15.9 | % |
Personal Systems |
| 32 |
| 0.6 | % | 22 |
| 0.4 | % | (57 | ) | (1.2 | )% | 21 |
| 0.4 | % | 18 |
| 0.1 | % | |||||
Imaging and Personal Systems Group |
| 942 |
| 8.8 | % | 946 |
| 8.9 | % | 687 |
| 6.7 | % | 1,034 |
| 8.5 | % | 3,609 |
| 8.2 | % | |||||
Enterprise Storage and Servers |
| (25 | ) | (0.7 | )% | 59 |
| 1.6 | % | (19 | ) | (0.5 | )% | 131 |
| 3.4 | % | 146 |
| 1.0 | % | |||||
Software |
| (59 | ) | (32.1 | )% | (67 | ) | (36.8 | )% | (54 | ) | (28.1 | )% | (26 | ) | (11.7 | )% | (206 | ) | (26.4 | )% | |||||
HP Services |
| 339 |
| 11.4 | % | 299 |
| 9.8 | % | 337 |
| 10.8 | % | 394 |
| 12.1 | % | 1,369 |
| 11.0 | % | |||||
Technology Solutions Group |
| 255 |
| 3.8 | % | 291 |
| 4.2 | % | 264 |
| 3.9 | % | 499 |
| 6.8 | % | 1,309 |
| 4.7 | % | |||||
Financing |
| 14 |
| 2.7 | % | 21 |
| 4.2 | % | 18 |
| 4.1 | % | 26 |
| 5.6 | % | 79 |
| 4.1 | % | |||||
Corporate Investments |
| (47 | ) | (61.0 | )% | (44 | ) | (52.4 | )% | (37 | ) | (42.0 | )% | (33 | ) | (34.4 | )% | (161 | ) | (46.7 | )% | |||||
Total segments |
| 1,164 |
| 6.5 | % | 1,214 |
| 6.7 | % | 932 |
| 5.3 | % | 1,526 |
| 7.6 | % | 4,836 |
| 6.6 | % | |||||
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Corporate and unallocated costs and eliminations |
| (61 | ) |
|
| (70 | ) |
|
| (74 | ) |
|
| (91 | ) |
|
| (296 | ) |
|
| |||||
Amortization of purchased intangible assets |
| (138 | ) |
|
| (141 | ) |
|
| (141 | ) |
|
| (143 | ) |
|
| (563 | ) |
|
| |||||
Restructuring charges |
| — |
|
|
| (234 | ) |
|
| (376 | ) |
|
| (190 | ) |
|
| (800 | ) |
|
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Acquisition-related charges |
| (86 | ) |
|
| (126 | ) |
|
| (40 | ) |
|
| (28 | ) |
|
| (280 | ) |
|
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In-process research and development charges |
| — |
|
|
| — |
|
|
| — |
|
|
| (1 | ) |
|
| (1 | ) |
|
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Interest and other, net |
| 51 |
|
|
| (20 | ) |
|
| 10 |
|
|
| (20 | ) |
|
| 21 |
|
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| |||||
(Losses) gains on investments |
| (5 | ) |
|
| (12 | ) |
|
| (24 | ) |
|
| 12 |
|
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| (29 | ) |
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Total HP Consolidated Earnings Before Taxes |
| $ | 925 |
|
|
| $ | 611 |
|
|
| $ | 287 |
|
|
| $ | 1,065 |
|
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| $ | 2,888 |
|
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|
| Three months ended |
|
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| Twelve months ended |
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|
| January 31, 2004 |
|
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| April 30, |
|
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| July 31, |
|
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| October 31, |
|
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| October 31, |
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Net revenue: (1) |
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Imaging and Printing |
| $ | 5,910 |
|
|
| $ | 6,098 |
|
|
| $ | 5,648 |
|
|
| $ | 6,543 |
|
|
| $ | 24,199 |
|
|
|
Personal Systems |
| 6,187 |
|
|
| 5,991 |
|
|
| 5,904 |
|
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| 6,540 |
|
|
| 24,622 |
|
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Imaging and Personal Systems Group |
| 12,097 |
|
|
| 12,089 |
|
|
| 11,552 |
|
|
| 13,083 |
|
|
| 48,821 |
|
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Enterprise Storage and Servers |
| 3,700 |
|
|
| 3,961 |
|
|
| 3,333 |
|
|
| 4,080 |
|
|
| $ | 15,074 |
|
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Software |
| 203 |
|
|
| 225 |
|
|
| 225 |
|
|
| 280 |
|
|
| 933 |
|
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HP Services |
| 3,176 |
|
|
| 3,508 |
|
|
| 3,483 |
|
|
| 3,681 |
|
|
| 13,848 |
|
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Technology Solutions Group |
| 7,079 |
|
|
| 7,694 |
|
|
| 7,041 |
|
|
| 8,041 |
|
|
| 29,855 |
|
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| |||||
Financing |
| 441 |
|
|
| 469 |
|
|
| 488 |
|
|
| 497 |
|
|
| 1,895 |
|
|
| |||||
Corporate Investments |
| 103 |
|
|
| 114 |
|
|
| 113 |
|
|
| 119 |
|
|
| 449 |
|
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| |||||
Total segments |
| 19,720 |
|
|
| 20,366 |
|
|
| 19,194 |
|
|
| 21,740 |
|
|
| 81,020 |
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Eliminations of intersegment net revenue and other |
| (206 | ) |
|
| (253 | ) |
|
| (305 | ) |
|
| (351 | ) |
|
| (1,115 | ) |
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Total HP Consolidated |
| $ | 19,514 |
|
|
| $ | 20,113 |
|
|
| $ | 18,889 |
|
|
| $ | 21,389 |
|
|
| $ | 79,905 |
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Earnings from operations: (1) |
|
|
| Op | % |
|
| Op | % |
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| Op | % |
|
| Op | % |
|
| Op | % | |||||
|
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Imaging and Printing |
| $ | 967 |
| 16.4 | % | $ | 952 |
| 15.6 | % | 836 |
| 14.8 | % | $ | 1,088 |
| 16.6 | % | $ | 3,843 |
| 15.9 | % | |
Personal Systems |
| 61 |
| 1.0 | % | 44 |
| 0.7 | % | 23 |
| 0.4 | % | 77 |
| 1.2 | % | 205 |
| 0.8 | % | |||||
Imaging and Personal Systems Group |
| 1,028 |
| 8.5 | % | 996 |
| 8.2 | % | 859 |
| 7.4 | % | 1,165 |
| 8.9 | % | 4,048 |
| 8.3 | % | |||||
Enterprise Storage and Servers |
| 153 |
| 4.1 | % | 119 |
| 3.0 | % | (211 | ) | (6.3 | )% | 100 |
| 2.5 | % | 161 |
| 1.1 | % | |||||
Software |
| (49 | ) | (24.1 | )% | (52 | ) | (23.1 | )% | (48 | ) | (21.3 | )% | (7 | ) | (2.5 | )% | (156 | ) | (16.7 | )% | |||||
HP Services |
| 261 |
| 8.2 | % | 332 |
| 9.5 | % | 314 |
| 9.0 | % | 375 |
| 10.2 | % | 1,282 |
| 9.3 | % | |||||
Technology Solutions Group |
| 365 |
| 5.2 | % | 399 |
| 5.2 | % | 55 |
| 0.8 | % | 468 |
| 5.8 | % | 1,287 |
| 4.3 | % | |||||
Financing |
| 29 |
| 6.6 | % | 35 |
| 7.5 | % | 42 |
| 8.6 | % | 19 |
| 3.8 | % | 125 |
| 6.6 | % | |||||
Corporate Investments |
| (36 | ) | (35.0 | )% | (48 | ) | (42.1 | )% | (52 | ) | (46.0 | )% | (43 | ) | (36.1 | )% | (179 | ) | (39.9 | )% | |||||
Total segments |
| 1,386 |
| 7.0 | % | 1,382 |
| 6.8 | % | 904 |
| 4.7 | % | 1,609 |
| 7.4 | % | 5,281 |
| 6.5 | % | |||||
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Corporate and unallocated costs and eliminations |
| (30 | ) |
|
| (40 | ) |
|
| (58 | ) |
|
| (118 | ) |
|
| (246 | ) |
|
| |||||
Amortization of purchased intangible assets |
| (144 | ) |
|
| (148 | ) |
|
| (146 | ) |
|
| (165 | ) |
|
| (603 | ) |
|
| |||||
Restructuring charges |
| (54 | ) |
|
| (38 | ) |
|
| (9 | ) |
|
| (13 | ) |
|
| (114 | ) |
|
| |||||
Acquisition-related charges |
| (15 | ) |
|
| (9 | ) |
|
| (6 | ) |
|
| (24 | ) |
|
| (54 | ) |
|
| |||||
In-process research and development charges |
| — |
|
|
| (9 | ) |
|
| (28 | ) |
|
| — |
|
|
| (37 | ) |
|
| |||||
Interest and other, net |
| 11 |
|
|
| 2 |
|
|
| 20 |
|
|
| 2 |
|
|
| 35 |
|
|
| |||||
(Losses) gains on investments |
| 9 |
|
|
| (5 | ) |
|
| 1 |
|
|
| (1 | ) |
|
| 4 |
|
|
| |||||
Dispute settlement |
| — |
|
|
| (70 | ) |
|
| — |
|
|
| — |
|
|
| (70 | ) |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total HP Consolidated Earnings Before Taxes |
| $ | 1,163 |
|
|
| $ | 1,065 |
|
|
| $ | 678 |
|
|
| $ | 1,290 |
|
|
| $ | 4,196 |
|
|
|
(1) Reflects an aggregation of HP’s Personal Systems Group and Imaging and Printing Group to provide a supplementary view of HP’s business. In addition, certain fiscal 2005 organizational realignments on a backward-looking basis provide improved visibility and comparability. In any given quarter, no segment's operating profit changed more than $8 million as a result of these realignments, with typical movements ranging from $3 million to $5 million.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
SEGMENT / BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
|
| Three months ended |
| Twelve months |
| Three months ended |
| Twelve months |
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| January 31, |
| April 30, |
| July 31, |
| October 31, |
| October 31, |
| January 31, |
| April 30, |
| July 31, |
| October 31, |
| October 31, |
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Net revenue: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
| ||||||||||
|
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| ||||||||||
Commercial Hardware |
| 1,529 |
| 1,453 |
| 1,425 |
| 1,608 |
| 6,015 |
| 1,547 |
| 1,591 |
| 1,546 |
| 1,706 |
| 6,390 |
| ||||||||||
Consumer Hardware |
| 1,206 |
| 1,011 |
| 839 |
| 1,310 |
| 4,366 |
| 1,276 |
| 986 |
| 834 |
| 1,239 |
| 4,335 |
| ||||||||||
Supplies |
| 2,815 |
| 3,004 |
| 2,921 |
| 3,264 |
| 12,004 |
| 3,026 |
| 3,451 |
| 3,192 |
| 3,528 |
| 13,197 |
| ||||||||||
Other |
| 48 |
| 44 |
| 41 |
| 51 |
| 184 |
| 61 |
| 70 |
| 76 |
| 70 |
| 277 |
| ||||||||||
Imaging and Printing Group |
| 5,598 |
| 5,512 |
| 5,226 |
| 6,233 |
| 22,569 |
| 5,910 |
| 6,098 |
| 5,648 |
| 6,543 |
| 24,199 |
| ||||||||||
Desktops |
| 3,179 |
| 3,060 |
| 2,726 |
| 3,443 |
| 12,408 |
| 3,516 |
| 3,468 |
| 3,428 |
| 3,619 |
| 14,031 |
| ||||||||||
Notebooks |
| 1,503 |
| 1,601 |
| 1,795 |
| 2,023 |
| 6,922 |
| 2,142 |
| 2,011 |
| 2,003 |
| 2,267 |
| 8,423 |
| ||||||||||
Workstations |
| 204 |
| 233 |
| 226 |
| 260 |
| 923 |
| 235 |
| 262 |
| 248 |
| 273 |
| 1,018 |
| ||||||||||
Handhelds |
| 202 |
| 175 |
| 161 |
| 202 |
| 740 |
| 253 |
| 191 |
| 169 |
| 273 |
| 886 |
| ||||||||||
Other |
| 54 |
| 58 |
| 47 |
| 58 |
| 217 |
| 41 |
| 59 |
| 56 |
| 108 |
| 264 |
| ||||||||||
Personal Systems Group |
| 5,142 |
| 5,127 |
| 4,955 |
| 5,986 |
| 21,210 |
| 6,187 |
| 5,991 |
| 5,904 |
| 6,540 |
| 24,622 |
| ||||||||||
Imaging and Personal Systems Group |
| 10,740 |
| 10,639 |
| 10,181 |
| 12,219 |
| 43,779 |
| 12,097 |
| 12,089 |
| 11,552 |
| 13,083 |
| 48,821 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Business Critical Systems |
| 982 |
| 943 |
| 901 |
| 1,009 |
| 3,835 |
| 915 |
| 972 |
| 828 |
| 1,044 |
| 3,759 |
| ||||||||||
Industry Standard Servers |
| 1,709 |
| 1,831 |
| 1,779 |
| 1,936 |
| 7,255 |
| 1,959 |
| 2,107 |
| 1,815 |
| 2,237 |
| 8,118 |
| ||||||||||
Storage |
| 849 |
| 894 |
| 824 |
| 886 |
| 3,453 |
| 827 |
| 882 |
| 693 |
| 799 |
| 3,201 |
| ||||||||||
Other |
| — |
| (1 | ) | (2 | ) | — |
| (3 | ) | (1 | ) | — |
| (3 | ) | — |
| (4 | ) | ||||||||||
Enterprise Storage and Servers |
| 3,540 |
| 3,667 |
| 3,502 |
| 3,831 |
| 14,540 |
| 3,700 |
| 3,961 |
| 3,333 |
| 4,080 |
| 15,074 |
| ||||||||||
OpenView |
| 122 |
| 117 |
| 115 |
| 132 |
| 486 |
| 133 |
| 135 |
| 145 |
| 172 |
| 585 |
| ||||||||||
OpenCall & Other |
| 62 |
| 65 |
| 77 |
| 91 |
| 295 |
| 70 |
| 90 |
| 80 |
| 108 |
| 348 |
| ||||||||||
Software |
| 184 |
| 182 |
| 192 |
| 223 |
| 781 |
| 203 |
| 225 |
| 225 |
| 280 |
| 933 |
| ||||||||||
Technology Services |
| 1,943 |
| 2,015 |
| 2,089 |
| 2,107 |
| 8,154 |
| 2,090 |
| 2,219 |
| 2,245 |
| 2,332 |
| 8,886 |
| ||||||||||
Managed Services |
| 418 |
| 407 |
| 440 |
| 517 |
| 1,782 |
| 524 |
| 609 |
| 620 |
| 693 |
| 2,446 |
| ||||||||||
Consulting & Integration |
| 621 |
| 632 |
| 579 |
| 634 |
| 2,466 |
| 560 |
| 681 |
| 615 |
| 659 |
| 2,515 |
| ||||||||||
Other |
| — |
| — |
| — |
| — |
| — |
| 2 |
| (1 | ) | 3 |
| (3 | ) | 1 |
| ||||||||||
HP Services |
| 2,982 |
| 3,054 |
| 3,108 |
| 3,258 |
| 12,402 |
| 3,176 |
| 3,508 |
| 3,483 |
| 3,681 |
| 13,848 |
| ||||||||||
Technology Solutions Group |
| 6,706 |
| 6,903 |
| 6,802 |
| 7,312 |
| 27,723 |
| 7,079 |
| 7,694 |
| 7,041 |
| 8,041 |
| 29,855 |
| ||||||||||
Financing |
| 517 |
| 501 |
| 442 |
| 461 |
| 1,921 |
| 441 |
| 469 |
| 488 |
| 497 |
| 1,895 |
| ||||||||||
Corporate Investments |
| 77 |
| 84 |
| 88 |
| 96 |
| 345 |
| 103 |
| 114 |
| 113 |
| 119 |
| 449 |
| ||||||||||
Total segments |
| 18,040 |
| 18,127 |
| 17,513 |
| 20,088 |
| 73,768 |
| 19,720 |
| 20,366 |
| 19,194 |
| 21,740 |
| 81,020 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Eliminations of intersegment net revenue and other |
| (163 | ) | (144 | ) | (165 | ) | (235 | ) | (707 | ) | (206 | ) | (253 | ) | (305 | ) | (351 | ) | (1,115 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total HP Consolidated |
| $ | 17,877 |
| $ | 17,983 |
| $ | 17,348 |
| $ | 19,853 |
| $ | 73,061 |
| $ | 19,514 |
| $ | 20,113 |
| $ | 18,889 |
| $ | 21,389 |
| $ | 79,905 |
|
(1) Reflects an aggregation of HP’s Personal Systems Group and Imaging and Printing Group to provide a supplementary view of HP’s business. In addition, certain fiscal 2005 organizational realignments on a backward-looking basis provide improved visibility and comparability. In any given quarter, no segment's operating profit changed more than $8 million as a result of these realignments, with typical movements ranging from $3 million to $5 million.