HP Inc (NYSE:HPQ) Q4 2020 Earnings Conference Call - Final Transcript

Nov 24, 2020 • 04:30 pm ET


HP Inc (NYSE:HPQ) Q4 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good day, and welcome to the HP Inc. Fourth Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instruction] After today's presentation, there will be an opportunity to ask questions. [Operator Instruction]

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 fourth quarter 2020 earnings conference call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Marie Myers, HP's Acting Chief Financial Officer.

Before handing the call over to Enrique, let me remind you that this call is being webcast. A replay of this 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 related 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 31st, 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'll turn it over to Enrique.

Enrique Lores

Thank you, Beth, and thank you, everyone, for joining the call today. It remains a difficult time for so many occurs evolved. I hope you and your families are safe and healthy. Today, I will recap our strong Q4 and full-year financial results, and I will discuss the significant progress against our advance, disrupt and transform strategy.

Let me start with the strength of Q4, where we drove improvement relative to the third quarter in revenue, operating profit, non-GAAP EPS and cash flow. We are encouraged by the signs of improvement in our business, but we continued to navigate a dynamic macro-environment. For the quarter, we delivered revenue of $15.3 billion, flat year-over-year in constant currency. Non-GAAP EPS of $0.62, up 3% year-on-year, and we generated free cash flow of $1.8 billion.

For fiscal 2020, despite the pandemic, we delivered on the full-year non-GAAP EPS and cash flow outlook we gave at our Analyst Day last year. For the full fiscal year, we delivered revenue of $56.6 billion and non-GAAP EPS