HP Inc (NYSE:HPQ) Q3 2016 Earnings Conference Call - Preliminary Transcript

Aug 24, 2016 • 05:00 pm ET

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HP Inc (NYSE:HPQ) Q3 2016 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good afternoon and welcome to the Q3 2016 HP, Inc. earnings conference call. My name is Austin and I'll be your conference moderator for today's call. At this time, all participants will be in listen-only mode. We will be facilitating a question-and-answer session towards the end of the conference. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to your host for today's call, Diana Sroka. Please proceed. Good afternoon. I'm Diana Sroka, Head of Investor Relations for HP, Inc. and I'd like to welcome you to the fiscal 2016 third quarter earnings conference call with Dion Weisler, HP's President and Chief Executive Officer, and Cathie Lesjak, HP's Chief Financial Officer.

Before handing the call over to Dion, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately one year. We posted the earnings release and the accompanying slide presentation on our Investor Relations webpage at www.hp.com.

As always, elements of this presentation are forward-looking and are based on our best view of the world and our businesses as we see them today.

For a more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions.

For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K and Form 10-Q. HP assumes no obligation and does not intend to update any such forward-looking statements.

We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported on HP's Form 10-Q for the fiscal quarter ended July 31, 2016.For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentations accompanying today's earnings release.

And now, I will hand it over to Dion.

Executive
Dion Weisler

Thank you, Diana. Good afternoon, everyone, and thank you for joining us today. I'm pleased with the progress we continue to make. This quarter's results are all about focus and execution. We continued to be disciplined to deliver in our core, gain momentum in our growth segments, and hit strategic milestones in our future initiatives. Let me start with our overall performance in the third quarter. We achieved all of our financial objectives. We delivered non-GAAP net earnings per share of $0.48, above our previously provided outlook range.

We delivered solid free cash flow of $1 billion as a result of strength in Personal Systems and a continued focus on working capital metrics. And we returned nearly $300 million of capital to shareholders through dividends and share repurchases. As we move towards the end of our fiscal year, we are seeing the benefits of the significant productivity initiatives and restructuring actions we put in place at the start