HP Inc (NYSE:HPQ) Q3 2020 Earnings Conference Call - Final Transcript

Aug 27, 2020 • 04:30 pm ET


HP Inc (NYSE:HPQ) Q3 2020 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to the Third Quarter 2020 HP Inc. Earnings Conference Call. My name is Cole, and I'll be your conference moderator for today's call. [Operator Instructions] I would now like to turn the conference over to Beth Howe, Head of Investor Relations. Please go ahead.

Beth Howe

Good afternoon, everyone, and welcome to HP's third quarter 2020 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Steve Fieler, HP's Chief Financial Officer. Before handing the call over to Enrique, 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 the accompanying slide presentation on our Investor Relations webpage at investor.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 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 now and could differ materially from the amounts ultimately reported in HP's Form 10-K for the year ended October 31, 2020 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 will turn it over to Enrique.

Enrique Lores

Thank you, Beth, and thank you, everyone, for joining the call today. I truly hope you and your families are safe and well. Our strong Q3 results in the face of unprecedented uncertainty reflect the agility of our team and the strength of our portfolio. Our people have done a tremendous job, rapidly adapting to changing market conditions and driving disciplined execution and cost management. As a result, for the quarter, we delivered beyond our expectations on revenue, earnings and cash flow. And we repurchased $1 billion of share, well ahead of prior levels. Importantly, we are navigating the environment well and capitalizing on new opportunities.

We are positioning ourselves to meet the evolving needs of our customers from the essential role of the PC in an era of dispersed workforces and classrooms to the rise of subscription-based business model and more personalized solutions. I consistently tell our teams that times like these are when strong companies get stronger. This quarter's results give me confidence in where we are headed. The strength of our strategy and