Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HP INC | d86365d8k.htm |
| EX-2.6 - EX-2.6 - HP INC | d86365dex26.htm |
| EX-2.5 - EX-2.5 - HP INC | d86365dex25.htm |
| EX-2.1 - EX-2.1 - HP INC | d86365dex21.htm |
| EX-2.3 - EX-2.3 - HP INC | d86365dex23.htm |
| EX-2.7 - EX-2.7 - HP INC | d86365dex27.htm |
| EX-2.2 - EX-2.2 - HP INC | d86365dex22.htm |
| EX-10.1 - EX-10.1 - HP INC | d86365dex101.htm |
| EX-99.1 - EX-99.1 - HP INC | d86365dex991.htm |
| EX-2.4 - EX-2.4 - HP INC | d86365dex24.htm |
Exhibit 99.2
HP INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
On November 1, 2015, HP Inc. (formerly known as “Hewlett-Packard Company”) completed the previously announced separation of its enterprise technology infrastructure, software, services and financing businesses from its personal systems and printing businesses (the “Separation”), which was accomplished by the distribution of one hundred percent (100%) of the outstanding common stock of Hewlett Packard Enterprise to HP Inc. stockholders as of the close of business on October 21, 2015, the record date for the distribution (the “Distribution”). HP Inc. stockholders received one share of Hewlett Packard Enterprise common stock for every one share of HP Inc. common stock held at the close of business on the record date. Hewlett Packard Enterprise is now an independent public company under the symbol “HPE” on the New York Stock Exchange.
The following unaudited pro forma consolidated condensed statements of earnings of HP Inc. for the nine months ended July 31, 2015 and for each of the three fiscal years ended October 31, 2014, 2013, and 2012 reflect HP Inc.’s results of operations as if the Distribution had occurred on November 1, 2011. The following unaudited pro forma consolidated condensed balance sheet of HP Inc. as of July 31, 2015 assumes that the Distribution had occurred on July 31, 2015. Beginning in the first quarter of fiscal 2016, Hewlett Packard Enterprise’s historical financial results for periods prior to the Distribution will be reflected in HP Inc.’s consolidated condensed financial statements as discontinued operations.
The unaudited pro forma consolidated condensed financial statements are presented based on information currently available, are intended for information purposes and, are not intended to represent what HP Inc.’s financial position and results of operations actually would have been had the Distribution occurred on the dates indicated. In addition, the unaudited pro forma consolidated condensed financial statements are not necessarily indicative of HP Inc.’s financial position and results of operations for any future period.
The unaudited pro forma consolidated condensed financial statements and the accompanying notes should be read in conjunction with:
| i. | the audited consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in HP Inc.’s Form 10-K for the fiscal year ended October 31, 2014 and |
| ii. | the unaudited consolidated condensed financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in HP Inc.’s Form 10-Q for the nine months ended July 31, 2015. |
The Historical column in the unaudited pro forma consolidated condensed financial statements reflects HP Inc.’s historical financial statements for the periods presented and does not reflect any adjustments related to the Distribution and related events.
The Hewlett Packard Enterprise Separation column in the unaudited pro forma consolidated condensed financial statements were derived from the unaudited pro forma combined financial statements and the combined financial statements included in Hewlett Packard Enterprise’s Form 10 filed with the Securities and Exchange Commission (“SEC”) on October 7, 2015, adjusted to exclude certain items which are relevant to the continuing operations of HP Inc. and to reflect the retention of the marketing optimization software product group.
The pro forma adjustments are based on available information and assumptions that HP Inc.’s management believes are reasonable, that reflect the impacts of events directly attributable to the Distribution and related transaction agreements that are factually supportable, and for purposes of the statements of earnings, are expected to have a continuing impact on HP Inc. The pro forma adjustments do not reflect future events that may occur after the Distribution, including potential selling, general and administrative dis-synergies and the expected charges or the expected realization of any cost savings or other synergies related to the restructuring plan approved on September 14, 2015.
1/7
HP INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
Nine months ended July 31, 2015
(In millions, except per share amounts)
| Historical | Hewlett Packard Enterprise Separation |
Pro Forma Adjustments |
Notes | Pro Forma HP Inc. |
||||||||||||||||
| Net revenue: |
||||||||||||||||||||
| Products |
$ | 51,940 | $ | (14,150 | ) | $ | — | $ | 37,790 | |||||||||||
| Services |
25,428 | (24,021 | ) | — | 1,407 | |||||||||||||||
| Financing income |
273 | (273 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total net revenue |
77,641 | (38,444 | ) | — | 39,197 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Costs and expenses: |
||||||||||||||||||||
| Cost of products |
40,035 | (9,423 | ) | — | 30,612 | |||||||||||||||
| Cost of services |
19,016 | (18,004 | ) | — | 1,012 | |||||||||||||||
| Financing interest |
182 | (182 | ) | — | — | |||||||||||||||
| Research and development |
2,568 | (1,659 | ) | — | 909 | |||||||||||||||
| Selling, general and administrative |
9,096 | (5,974 | ) | 311 | (A | ) | 3,433 | |||||||||||||
| Amortization of intangible assets |
685 | (609 | ) | — | 76 | |||||||||||||||
| Restructuring charges |
426 | (404 | ) | — | 22 | |||||||||||||||
| Acquisition-related charges |
70 | (69 | ) | — | 1 | |||||||||||||||
| Separation costs |
750 | — | (750 | ) | (B | ) | — | |||||||||||||
| Defined benefit plan settlement |
114 | (178 | ) | — | (64 | ) | ||||||||||||||
| Impairment of data center assets |
136 | (136 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
73,078 | (36,638 | ) | (439 | ) | 36,001 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings from operations |
4,563 | (1,806 | ) | 439 | 3,196 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other, net |
(421 | ) | 44 | 88 | (C | ) | (289 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings before taxes |
4,142 | (1,762 | ) | 527 | 2,907 | |||||||||||||||
| Provision for taxes |
(911 | ) | 478 | (183 | ) | (D | ) | (616 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings |
$ | 3,231 | $ | (1,284 | ) | $ | 344 | $ | 2,291 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings per share: |
||||||||||||||||||||
| Basic |
$ | 1.78 | $ | 1.26 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
$ | 1.75 | $ | 1.24 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Weighted-average shares used to compute net earnings per share: |
||||||||||||||||||||
| Basic |
1,817 | 1,817 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
1,842 | 1,842 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
2/7
HP INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
Fiscal year ended October 31, 2014
(In millions, except per share amounts)
| Historical | Hewlett Packard Enterprise Separation |
Pro Forma Adjustments |
Notes | Pro Forma HP Inc. |
||||||||||||||||
| Net revenue: |
||||||||||||||||||||
| Products |
$ | 73,726 | $ | (19,113 | ) | $ | — | $ | 54,613 | |||||||||||
| Services |
37,327 | (35,289 | ) | — | 2,038 | |||||||||||||||
| Financing income |
401 | (401 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total net revenue |
111,454 | (54,803 | ) | — | 56,651 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Costs and expenses: |
||||||||||||||||||||
| Cost of products |
56,469 | (12,413 | ) | — | 44,056 | |||||||||||||||
| Cost of services |
28,093 | (26,718 | ) | — | 1,375 | |||||||||||||||
| Financing interest |
277 | (277 | ) | — | — | |||||||||||||||
| Research and development |
3,447 | (2,149 | ) | — | 1,298 | |||||||||||||||
| Selling, general and administrative |
13,353 | (8,761 | ) | 637 | (A | ) | 5,229 | |||||||||||||
| Amortization of intangible assets |
1,000 | (871 | ) | — | 129 | |||||||||||||||
| Restructuring charges |
1,619 | (1,443 | ) | — | 176 | |||||||||||||||
| Acquisition-related charges |
11 | (11 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
104,269 | (52,643 | ) | 637 | 52,263 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings from operations |
7,185 | (2,160 | ) | (637 | ) | 4,388 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other, net |
(628 | ) | 103 | 134 | (C | ) | (391 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings before taxes |
6,557 | (2,057 | ) | (503 | ) | 3,997 | ||||||||||||||
| Provision for taxes |
(1,544 | ) | 454 | 183 | (D | ) | (907 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings |
$ | 5,013 | $ | (1,603 | ) | $ | (320 | ) | $ | 3,090 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings per share: |
||||||||||||||||||||
| Basic |
$ | 2.66 | $ | 1.64 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
$ | 2.62 | $ | 1.62 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Weighted-average shares used to compute net earnings per share: |
||||||||||||||||||||
| Basic |
1,882 | 1,882 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
1,912 | 1,912 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
3/7
HP INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
Fiscal year ended October 31, 2013
(In millions, except per share amounts)
| Historical | Hewlett Packard Enterprise Separation |
Pro Forma Adjustments |
Notes | Pro Forma HP Inc. |
||||||||||||||||
| Net revenue: |
||||||||||||||||||||
| Products |
$ | 72,398 | $ | (19,304 | ) | $ | — | $ | 53,094 | |||||||||||
| Services |
39,453 | (37,274 | ) | — | 2,179 | |||||||||||||||
| Financing income |
447 | (447 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total net revenue |
112,298 | (57,025 | ) | — | 55,273 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Costs and expenses: |
||||||||||||||||||||
| Cost of products |
55,632 | (12,463 | ) | — | 43,169 | |||||||||||||||
| Cost of services |
30,436 | (28,851 | ) | — | 1,585 | |||||||||||||||
| Financing interest |
312 | (312 | ) | — | — | |||||||||||||||
| Research and development |
3,135 | (1,926 | ) | — | 1,209 | |||||||||||||||
| Selling, general and administrative |
13,267 | (8,561 | ) | 623 | (A | ) | 5,329 | |||||||||||||
| Amortization of intangible assets |
1,373 | (1,175 | ) | — | 198 | |||||||||||||||
| Restructuring charges |
990 | (822 | ) | — | 168 | |||||||||||||||
| Acquisition-related charges |
22 | (21 | ) | — | 1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
105,167 | (54,131 | ) | 623 | 51,659 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings from operations |
7,131 | (2,894 | ) | (623 | ) | 3,614 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other, net |
(621 | ) | 73 | 89 | (C | ) | (459 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings before taxes |
6,510 | (2,821 | ) | (534 | ) | 3,155 | ||||||||||||||
| Provision for taxes |
(1,397 | ) | 641 | 139 | (D | ) | (617 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings |
$ | 5,113 | $ | (2,180 | ) | $ | (395 | ) | $ | 2,538 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net earnings per share: |
||||||||||||||||||||
| Basic |
$ | 2.64 | $ | 1.31 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
$ | 2.62 | $ | 1.30 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Weighted-average shares used to compute net earnings per share: |
||||||||||||||||||||
| Basic |
1,934 | 1,934 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
1,950 | 1,950 | ||||||||||||||||||
|
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|
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|
|||||||||||||||||
4/7
HP INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
Fiscal year ended October 31, 2012
(In millions, except per share amounts)
| Historical | Hewlett Packard Enterprise Separation |
Pro Forma Adjustments |
Notes | Pro Forma HP Inc. |
||||||||||||||||
| Net revenue: |
||||||||||||||||||||
| Products |
$ | 77,887 | $ | (20,468 | ) | $ | — | $ | 57,419 | |||||||||||
| Services |
42,008 | (39,973 | ) | — | 2,035 | |||||||||||||||
| Financing income |
462 | (462 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total net revenue |
120,357 | (60,903 | ) | — | 59,454 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Costs and expenses: |
||||||||||||||||||||
| Cost of products |
59,468 | (12,376 | ) | — | 47,092 | |||||||||||||||
| Cost of services |
32,600 | (31,305 | ) | — | 1,295 | |||||||||||||||
| Financing interest |
317 | (317 | ) | — | — | |||||||||||||||
| Research and development |
3,399 | (2,111 | ) | — | 1,288 | |||||||||||||||
| Selling, general and administrative |
13,500 | (8,669 | ) | 475 | (A | ) | 5,306 | |||||||||||||
| Amortization of intangible assets |
1,784 | (1,567 | ) | — | 217 | |||||||||||||||
| Impairment of goodwill and intangible assets |
18,035 | (16,808 | ) | — | 1,227 | |||||||||||||||
| Restructuring charges |
2,266 | (1,912 | ) | — | 354 | |||||||||||||||
| Acquisition-related charges |
45 | (35 | ) | — | 10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating expenses |
131,414 | (75,100 | ) | 475 | 56,789 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings from operations |
(11,057 | ) | 14,197 | (475 | ) | 2,665 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest and other, net |
(876 | ) | 171 | 62 | (C | ) | (643 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings before taxes |
(11,933 | ) | 14,368 | (413 | ) | 2,022 | ||||||||||||||
| Provision for taxes |
(717 | ) | 444 | 98 | (D | ) | (175 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net (loss) earnings |
$ | (12,650 | ) | $ | 14,812 | $ | (315 | ) | $ | 1,847 | ||||||||||
|
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|
|
|
|
|
|
|
|||||||||||||
| Net (loss) earnings per share: |
||||||||||||||||||||
| Basic |
$ | (6.41 | ) | $ | 0.94 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
$ | (6.41 | ) | $ | 0.93 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Weighted-average shares used to compute net (loss) earnings per share: |
||||||||||||||||||||
| Basic |
1,974 | 1,974 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Diluted |
1,974 | 1,984 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
5/7
HP INC. AND SUBSIDIARIES
Unaudited Pro Forma Consolidated Condensed Balance Sheet
As of July 31, 2015
(In millions, except par value)
| Historical | Hewlett Packard Enterprise Separation |
Pro Forma Adjustments |
Notes | Pro Forma HP Inc. |
||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current assets: |
||||||||||||||||||||
| Cash and cash equivalents |
$ | 17,171 | $ | (11,500 | ) | $ | 1,129 | (E | ) | $ | 6,800 | |||||||||
| Accounts receivable |
12,753 | (7,927 | ) | — | 4,826 | |||||||||||||||
| Financing receivables |
2,804 | (2,804 | ) | — | — | |||||||||||||||
| Inventory |
6,700 | (2,298 | ) | — | 4,402 | |||||||||||||||
| Other current assets |
12,570 | (6,717 | ) | 63 | (H | ) | 5,916 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current assets |
51,998 | (31,246 | ) | 1,192 | 21,944 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Property, plant and equipment |
11,028 | (9,570 | ) | — | 1,458 | |||||||||||||||
| Long-term financing receivables and other assets |
8,733 | (7,669 | ) | 327 | (F | )(H) | 1,391 | |||||||||||||
| Goodwill |
33,025 | (27,345 | ) | — | 5,680 | |||||||||||||||
| Intangible assets |
2,249 | (2,140 | ) | — | 109 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets |
$ | 107,033 | $ | (77,970 | ) | $ | 1,519 | $ | 30,582 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||
| Notes payable and short-term borrowings |
$ | 11,034 | $ | (752 | ) | $ | (7,243 | ) | (G | ) | $ | 3,039 | ||||||||
| Accounts payable |
15,549 | (4,882 | ) | — | 10,667 | |||||||||||||||
| Employee compensation and benefits |
3,348 | (2,592 | ) | — | 756 | |||||||||||||||
| Taxes on earnings |
629 | (356 | ) | (273 | ) | (H | ) | — | ||||||||||||
| Deferred revenue |
6,277 | (5,260 | ) | — | 1,017 | |||||||||||||||
| Accrued restructuring |
330 | (281 | ) | — | 49 | |||||||||||||||
| Other accrued liabilities |
11,866 | (4,932 | ) | 198 | (H | ) | 7,132 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
49,033 | (19,055 | ) | (7,318 | ) | 22,660 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Long-term debt |
14,468 | (15,093 | ) | 7,243 | (G | ) | 6,618 | |||||||||||||
| Other liabilities |
16,089 | (8,994 | ) | 768 | (F | )(H) | 7,863 | |||||||||||||
| Stockholders’ equity: |
||||||||||||||||||||
| HP stockholders’ equity |
||||||||||||||||||||
| Preferred stock, $0.01 par value (300 shares authorized; none issued) |
— | — | — | — | ||||||||||||||||
| Common stock, $0.01 par value (9,600 shares authorized; 1,801 shares issued and outstanding at July 31, 2015) |
18 | — | — | 18 | ||||||||||||||||
| Additional paid-in capital |
2,101 | — | — | 2,101 | ||||||||||||||||
| Retained earnings / Parent Company investment in Hewlett Packard Enterprise |
30,764 | (39,241 | ) | 826 | (I | ) | (7,651 | ) | ||||||||||||
| Accumulated other comprehensive loss |
(5,848 | ) | 4,821 | — | (1,027 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total HP stockholders’ equity |
27,035 | (34,420 | ) | 826 | (6,559 | ) | ||||||||||||||
| Non-controlling interests |
408 | (408 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total stockholders’ equity |
27,443 | (34,828 | ) | 826 | (6,559 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
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| Total liabilities and stockholders’ equity |
$ | 107,033 | $ | (77,970 | ) | $ | 1,519 | $ | 30,582 | |||||||||||
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HP INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Notes to Unaudited Pro Forma Consolidated Condensed Financial Statements
The unaudited pro forma consolidated condensed statements of earnings for the nine months ended July 31, 2015 and for the fiscal year ended October 31, 2014, 2013 and 2012 and the unaudited pro forma consolidated condensed balance sheet as of July 31, 2015 include the following pro forma adjustments:
| (A) | Reflects general corporate overhead costs which were historically allocated to Hewlett Packard Enterprise. |
| (B) | Reflects the removal of all non-recurring separation costs which are incurred and included in HP Inc.’s historical results of operations for the nine months ended July 31, 2015. These costs were primarily related to third-party consulting, contractor fees and other incremental costs and are not expected to have a continuing impact on HP Inc.’s results of operations following the completion of the Separation. |
| (C) | Represents the allocation of interest to Hewlett Packard Enterprise using the average effective interest rate based on (i) debt assumed by Hewlett Packard Enterprise; and (ii) debt repaid as part of the Separation. |
| (D) | Represents the tax impact of pro forma adjustments at the applicable statutory income tax rates. |
| (E) | In connection with the Separation, the HP Inc. Cash and cash equivalents balance at the Distribution date is to expected to be $6.8 billion. |
| (F) | Represents incremental assets and liabilities related to certain indemnifications between HP Inc. and Hewlett Packard Enterprise. |
| (G) | Represents the change in long-term and short-term portion of the debt pursuant to (i) debt assumed by Hewlett Packard Enterprise; and (ii) debt repaid as part of the Separation. |
| (H) | Reflects certain tax reclassifications and remeasurement and includes the tax effects of the Tax Matters Agreement executed in connection with the Separation. |
| (I) | Retained earnings was adjusted as a result of notes (E), (F) and (H) above. |
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