HP Inc (NYSE:HPQ) Q1 2019 Earnings Conference Call - Final Transcript

Feb 27, 2019 • 05:00 pm ET


HP Inc (NYSE:HPQ) Q1 2019 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to the First Quarter 2019 HP, Inc. Earnings Conference Call. My name is William and I will 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 call is being recorded for replay purposes.

And I would now like to turn the call over to Beth Howe, Head of Investor Relations. Please go ahead.

Beth Howe

Good afternoon. I'm Beth Howe, Head of Investor Relations for HP, Inc. and I'd like to welcome you to the fiscal 2019 first quarter earnings conference call with Dion Weisler, HP's President and Chief Executive Officer; and Steve Fieler, 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 on our website shortly after the call for approximately one year. We posted the earnings release and 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 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. 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 now and could differ materially from the amounts ultimately reported in HP's Form 10-Q for the fiscal quarter ended January 31, 2019 and HP's other SEC filings. During this webcast unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. 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 presentation accompanying today's earnings release for those reconciliations.

And now I'll turn it over to Dion.

Dion J. Weisler

Thanks, Beth. Good afternoon and thank you for joining us. In Q1, we once again delivered top and bottom line growth. We continued to demonstrate our ability to deliver on our EPS, generate free cash flow and we remained focused on positioning the company for long-term sustainable growth. While this quarter had many areas of strength and progress against our plan, there was an unexpected challenge in supplies and we have more work to do there.

First, let me cover the highlights for the quarter and then talk about the business more broadly. In quarter one, we delivered revenue of $14.7 billion, up 1% or up 2% in constant currency, non-GAAP earnings per share of $0.52, an increase of 8% and in line with our outlook, and we generated strong free