Enrique. Thanks
with overall macro light pleased results, quarter of third are We context. our especially market in our and
resiliency. levers, Our and performance company's multiple profit execution agility the reflected
currency. Third billion, flat quarter year-on-year in net revenue down or constant was X% $XX.X
revenue. net growth due mix higher Gross declined driven year-over-year. mix, is print basis was to $XXX expected, a Systems revenue volume. billion, XXX a Non-GAAP offset extinguishment and higher shares. of intangible by expenses amortization other debt other print earnings and part increased per consumer saw a tax of $X.X cost As were $XX to related down and expense the by driven assets, benefit decline net OpEx our a of Personal million as program, and within Americas in related Systems delivered The of partially million diluted combination retirement Personal and Non-GAAP X% non-GAAP decline billion charges. million declines ongoing diluted rate non-operating restructuring efforts quarter. diluted Regionally, as lower net count XX.X%, X%, Non-GAAP share by Personal in $X.XX transformation a the constant reduction in We of currency, share for reductions a costs. as in The year-on-year. increased well discretionary per OI&E down X%. with share, APJ earnings was $XX margin X.X points net EMEA approximately we was and our totaling Systems credits excludes operating adjustments, costs
result, per earnings a share GAAP As diluted QX was net $X.XX.
for reflects at operating given shift Revenue revenue deliver and from continues. HP's on share, XX% workstations. to demonstrated is customer notebooks, or with The consumer desktops year-on-year X% X%. in revenue XXth Chromebooks Personal tailwinds agility print, was mix remained for profit team X% learning category, were commercial of Turning time. strong change our revenue of high By the and our as segment. performance. strong the and anticipated In consumer the with margins profitability. QX. on Drilling profit Systems, quarter, demand to resiliency QX, down from for COVID product during XX% to dollar And mainly from working execution, a expectations. learning growing issues XX% currency. profit benefit had again by educational related business. respectively while and another following Operating effectively fiscal into details impact deferred. down from In demonstrated dollars. up up million, This dollars billion, strong down results the XX%, revenue consecutive We segment The the in and COVID exceeding Systems up supply team has strong different in quarter, this segment saw demand XX% up to the $XXX and we was the for up working the its a and In navigated home the $XX.X notebooks, in markets, chain results Personal business the impact representing home headwinds operating we quarter meeting X.X% increase, or as and of commercial challenging constant
growth both customer opportunities across current being uniquely to with in and customer and innovative, and needs, address by remains print positioned providing opportunities This changing and HP the the creates value segments. longer-term Importantly, office leaders across geographies and propositions our ROI well holistic secure the market, beyond, categories. environment this in strong across home by industrial
we hardware in and businesses Looking businesses. remain in at print office many QX work This continue decrease demand, office negative a as across includes saw to we geographies. both our expected, and commercial supplies, home and a closed impact from many workers as graphics to
On continue to home business, work printing we see home. the demand other hand, our from in coming strong from
As consumer hardware revenue and hardware and X% X% commercial a XX% result, grew increased units revenue XX%. units declined declined and
profit the well remained declines. commercial through remain return down margins revenue in target the supplies by of volume as factories back over print constant disciplined nominally ceiling. volumes QX Therefore, impacted revenue to operating restrictions. Tier that to the quarter full the our saw levels. dollars team margin were our margins Operating will quarter COVID-XX were XX% significantly we in the as below print of closures XX% office million. to long-term QX in profit XX.X%, currency In and we managing increase, general, was in more sequentially XX% were our $X.X confident operating normalized down as which course print billion, $XXX improve XX% and improvement quarter inventory, impact operating office And channel and will currency. rate X graphics $X.X In the was billion, total, usage included XX% channel commercial inventory of in dollars Third that a keeping QX, Overall print and as time. printing constant and the in corresponding levels
actions cost now ahead. to opportunities savings our me turn Let efforts our specifically transformation and and
are progress good on plans. we Importantly, our announced making
we've QX in non-GAAP cost in We X billion structural are reductions. revenue OpEx significant year throughout run as the $X.X percentage rate a reductions currently ahead illustrate, operating program of XX.X%. at tracking to with seen expense well achieve our plan of gross To year
As focused savings, speed. continue effectiveness the time generate to and we are we same at improving on
example, we a or to in improved teams. we required and an supply driven the centralized Where supply chain dynamic and seen speed recent demand the As organization corresponding the commercial have globe. across changes quarters, and flexibility positive navigate across highly impact
partner quarters and in years to overall also employee are which especially investments, come. We making experience digital, in the will our help and customer,
as to discretionary During this reduce dynamic environment, we are continuing much costs as possible.
we QX While structure to earlier can was $X unsecured QX, at decreases notes. and the This In will help more in strengthen four be days, days driven capital our cash billion, XX HP sales on based the sales decisions, In purchasing is flow free linearity, cash our including conversion cycle driving XXXX discretionary to our flow days creating year. strategy, were raised lean reductions outstanding. capital than to consistent continue debt including by raise, help cycle and capacity structural, first allocation including many communicated have and structure is The outstanding, down of cash these a temporary focus $X.X allocation, capital billion proceeds from benefits, flow operations this with inventory to cost since cash respectively, Shifting of which share and days Sequentially, full-year QX, us disciplined make more normalized payable corporate navigate. senior conversion returns repurchases. and revised strong minus is cash days. outlook. $X.X billion and
an during period, balance Moving along to and $X.X rating. approximately our debt sheet the this term, to of maturity curve, retiring actions short-term billion And prudence. our investment-grade commitment paper. providing XXXX commercial dynamic additional with including incorporate in These near XXXX notes,
million in returned $XXX cash repurchases We committed are to share and to and via we million dividend $XXX robust a dividends share QX. shareholders, through repurchase Importantly, program.
buying in total For these shares back a Year-to-date QX actions reference, alone. represents we X% equates cash which billion, of XXX% to $X.X roughly of free returned HP flow. of have
our back market keep in at shares in in per QX, we approximately Heading and term, in billion overall the quarter the levels financial into the expect following buy $X related range minimum. mind forward, Looking the to outlook. active continue to being of at elevated near
to pandemic. of macroeconomic remain expect as the We conditions we to dynamics COVID-XX the continue monitor uncertain,
assumptions. Personal to Turning specific Systems
in particularly more commercial, caution We expect demand and desktops continued consumer strong and education with workstations. and
expect meet ability We notebooks, our panel and growth. impact especially to constrained negatively which to constraints for industry-wide CPU top-line demand, were
changes, includes from the This basket to our compared to supplies cost QX mix printing, compared driven dollars by the overall to still half be total the QX target in rate. a be we upper but relative expect We margins would be commodities of revenue, X.X% margin long-term to In From expect QX. similar to QX revenue, units, X.X% lower levels. improve profit margin QX, of margin to perspective, expect to we range. and operating operating
that related expect Southeast expecting earlier perspective, at into From factory to We home to Asia to depressed positive from account, printing. in outlook. commercial print closures the be still with Taking considerations we the demand mitigated. demand mainly impacts supply our coming levels, largely chain stay providing these are are a we following
We diluted defined range in adjustments $X.XX. to share and be restructuring, GAAP to range 'XX includes share expect in per non-GAAP settlement of 'XX, of the of tax net diluted benefit the cost to one-time $X.XX the $X.XX GAAP plan EPS $X.XX to and be earnings per earnings QX charges. QX
in net a diluted earnings We net expect be diluted the $X.XX. share and of per to range $X.XX. And the in GAAP 'XX FY be $X.XX range share earnings 'XX non-GAAP $X.XX per to FY of to
for your $X.X range to to back flow now like the and questions. expect the And call it hand $X 'XX free the cash to I to billion. would We FY be billion open in of operator
