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Displaying articles for: August 2011

HP transformation: frequently asked questions about Autonomy and webOS

Yesterday, we announced a plan to transform HP for the future and position the company as the leader in the evolving information economy.  We issued four different press releases during the announcement, so head over to the HP Newsroom for the original sources (or just read our summary blog post).

 

We’ve also pulled together answers to a few of the most frequently asked questions about what we’re doing and why.  We’ll continue updating you here and on Twitter as new information becomes available, so stay tuned to Data Central for more.  As always, we encourage your comments as well.

 

Finally, for more insight into the future of technology, check out two articles published today: Internet pioneer (and HP board member) Marc Andreessen’s essay “Why Software Is Eating the World” in the Wall Street Journal and webOS chief Stephen DeWitt’s interview in Engadget.

 

What can you tell me about Autonomy?

Autonomy presents an opportunity to accelerate our strategic vision and help customers manage the explosion of information.

 

After closing the transaction with Autonomy, HP plans to reinvent how unstructured and structured data is processed, analyzed, optimized, automated and protected.

 

Autonomy also has an attractive business model, including a strong cloud-based solution.

 

We believe this bold action will squarely position HP in software and information to create the next-generation Information Platform, and thereby, create significant value for our shareholders.

 

The acquisition of Autonomy is expected to be completed by the end of calendar year 2011.

 

From a customer perspective, what is the status of webOS?

We’ll continue to take care of our existing customers, but HP has reached the difficult but necessary decision to discontinue webOS hardware development.  For more on the future of webOS software, read today’s post on the HP webOS blog. 

 

From a developer perspective, what is the status of webOS?

As webOS VP Richard Kerris (@richardkerris) posted in a blog entry earlier today, “We will continue to support, innovate and develop the webOS App Catalog.  Our intent is to enhance our merchandising and presentation of your great products and to continue to build our webOS app ecosystem.”

 

To hear more from Richard, head over to the webOS Developer Relations blog.

 

Labels: Financial

HP transformation: reference guide to today’s news and 3Q11 earnings report

Along with third quarter 2011 financial results, HP today announced a transformation designed to better position the company for the future by narrowing its focus on its strategic priorities of cloud, solutions, and software.

 

First, we are making a strategic investment in innovation by way of a recommended all-cash offer for the issued and to be issued shares of Autonomy Corporation plc, a leading global software business headquartered in Cambridge, UK and San Francisco, USA.

 

Second, we will focus HP on fewer fronts to further concentrate on the markets that offer the best opportunities for profitable growth and shareholder returns.  As part of this effort, HP has decided to discontinue webOS hardware device operations.  We will explore options for the webOS software platform.

 

Third, HP has authorized the exploration of strategic alternatives for its Personal Systems Group, which may include, among others, a full or partial separation of PSG from HP through a spin-off or other transaction.

 

“HP is taking bold, transformative steps to position the company as the leader in the evolving information economy,” said HP CEO Léo Apotheker.  “Today's announced plan will allow HP to drive creation of long-term shareholder value through a focus on fewer fronts, thereby improving its ability to execute, invest in innovation and drive a higher-margin business mix."

 

HP also announced the promotion of John Visentin to become the new head of its Enterprise Services division, which delivers technology infrastructure, applications, and business services.  Visentin will report to the CEO.

 

HP held a live audio webcast of its conference call to review its financial results and the company transformation on Thursday, Aug. 18 at 5 p.m. ET/2 p.m. PT.  A replay will be available at http://www.hp.com/investor/2011Q3webcast.

 

Stay updated with further news as it becomes available by following @hpnews on Twitter, the HP.com Newsroom, and our investor relations website.

 

 

Use of non-GAAP financial information

To supplement HP's consolidated condensed financial statements presented on a GAAP basis, HP provides non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash. HP also provides forecasts of non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below. In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP management's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP management compensates for those limitations, and the substantive reasons why HP management believes that these non-GAAP measures provide useful information to investors is included under "Use of Non-GAAP Financial Measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for operating profit, operating margin, net earnings, diluted earnings per share, or cash and cash equivalents prepared in accordance with GAAP.

 

Forward-looking statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP 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 projections of revenue, margins, expenses, earnings, tax provisions, cash flows, benefit obligations, share repurchases, currency exchange rates, the impact of acquisitions or other financial items; any statements of the plans, strategies and objectives of management for future operations, the exploration of strategic options for HERMES and the execution of cost reduction programs and restructuring and integration plans; any statements concerning the expected development, performance or market share relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending business combination transactions; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the impact of macroeconomic and geopolitical trends and events; the competitive pressures faced by HP's businesses; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; assumptions related to pension and other post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring and integration plans; the possibility that the expected benefits of pending business combination transactions may not materialize as expected or that the transactions may not be timely completed; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2010 and HP's other filings with the Securities and Exchange Commission, including HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2011. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HP's Form 10-Q for the quarter ended July 31, 2011. In particular, determining HP's actual tax balances and provisions as of July 31, 2011 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP's Form 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.

Labels: Financial

HP Q3 earnings quick reference guide for Thursday, August 18, 2011

HP (NYSE: HPQ) will present its third quarter earnings results tomorrow, August 18, 2011, after the market closes.  We will post links to the news release, financials, and other information as it becomes available here at Data Central and on Twitter/Stocktwits at @hpnews.

 

HP will also hold a live audio webcast of its conference call to review its financial results.  The call is scheduled for Thursday, Aug. 18 at 5 p.m. ET/2 p.m. PT and will be available at http://www.hp.com/investor/2011Q3webcast.

 

You’ll also be able to follow the news on our investor relations website, the HP.com newsroom, Business Wire, and Facebook.

 

Related resources:

All HPQ SEC filings

HP on SlideShare

Labels: Financial
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