HP INC.
Item 2.02. Results of Operations and Financial Condition.
The information contained in this Item 2.02 and in the accompanying
Exhibit 99.1 shall not be deemed"filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or incorporated by reference in any filing under the
Exchange Act or the Securities Act of 1933, as amended (the
"Securities Act"), except as shall be expressly set forth by
specific reference in such filing.
On November 22, 2022 , HP Inc. ("HP")issued a news release relating
to the results of operations for its fiscal quarter and fiscal year
ended October 31, 2022 . A copy of the news release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On November 18, 2022 , the Board of Directors (the "Board") of HP
approved a plan intended to enable digital transformation,
portfolio optimization and operational efficiency (the "Plan"). HP
expects that the Plan will beimplemented through fiscal 2025.
The Plan is intended to generate estimated annualized gross run
rate savings of at least $1.4 billion by the end of fiscal 2025.
In connection with the Plan, HP anticipates incurring approximately
$1.0 billion in restructuring and other charges due to both labor and non-labor actions, approximately$0.8 billion of which is expected to be cash expenditures. Of the$1.0 billion ,HP expects to incur approximately$0.7 billion in labor costs related to workforce reductions of approximately 4,000 - 6,000 employees by the end of fiscal 2025. Item 7.01. Regulation FD Disclosure. The information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the
Exchange Act or the Securities
Act, except as shall be expressly set forth by specific reference
in such filing.
On November 22, 2022 , HP announced that the Board authorized an
increase of 5% in HP 's plannedquarterly cash dividend amount
payable to holders of record of its outstanding common stock,
commencing with the dividend for the first fiscal quarter of fiscal
year 2023, which would result in a
quarterly dividend of
per share. Each future quarterly dividend must be declared by the
Board, or by the Board's Finance, Investment and Technology
Committee pursuant to authority delegated by the Board, out of
legally available sources prior to payment.
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Forward-Looking Statements
This report contains forward-looking statements based on current
expectations and assumptions that involve risks and uncertainties.
If the risks or uncertainties ever materialize or the assumptions
prove incorrect, the results of HP and its consolidated
subsidiaries may differ materially from those expressed or implied
by such forward-looking statements and assumptions. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements, including, but not limited
to, any statements relating to the Plan and any resulting cost
savings, and the estimated costs,timing and charges associated
with the Plan. Risks, uncertainties and assumptions include failure
to achieve anticipated cost savings from the Plan, additional
unexpected costs and charges related to the Plan, disruptions to
execution due to the Plan and theother risks that are described in
HP 's Annual Report on Form 10-K for
the fiscal year ended October
31, 2021 and HP 's other filings with the Securities and Exchange
Commission. The forward-looking statements in this report are made
as of the date of this report and HP assumes no obligation and does
not intend to update these forward-looking statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
99.1 HP Inc. News Release dated November 22, 2022 .
104 Cover Page Interactive Data File, formatted in Inline XBRL.
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